Daijiworld Media Network - New Delhi

New Delhi, Sep 17: The Insurance Regulatory and Development Authority of India (IRDAI) expressed confidence on Wednesday that the ambitious goal of achieving “Insurance for All by 2047,” a key element of the Prime Minister’s ‘Viksit Bharat 2047’ vision, is well within reach. IRDAI Chairman Ajay Seth made the remarks during the launch of the official website of the Bima Sugam India Federation (BSIF) at the authority’s headquarters in Hyderabad.

Describing Bima Sugam as a vital pillar in building India’s digital public infrastructure for insurance, Seth said the platform would empower policyholders, ensure transparency and fairness, and play a crucial role in deepening insurance penetration across the country. He called the launch an important milestone and emphasised that collective commitment from the entire insurance industry would be essential to realise the national vision.

Bima Sugam, a digital platform backed by IRDAI, is being designed to bring together all insurance stakeholders—policyholders, insurers, intermediaries, repositories, and data partners—on a single interface. The platform will cover a wide range of insurance services including life, health, motor, and travel, and enable users to manage their policies and claims seamlessly in a fully digital environment.

Over time, Bima Sugam is expected to evolve into a unified insurance marketplace, a centralised digital policy repository, an e-KYC and consent utility, and a real-time claims servicing platform. Officials believe this will significantly enhance customer experience while streamlining backend operations for insurers.

Rakesh Joshi, chairperson of BSIF, noted that the website launch marked the beginning of an inclusive, tech-driven insurance ecosystem in India. BSIF MD and CEO Prasun Sikdar added that Bima Sugam would serve as the authentic digital interface for both industry stakeholders and consumers.

The platform will be rolled out in phases, with core marketplace features and transactional capabilities going live once insurers and technology partners complete necessary integrations. Authorities confirmed that the development roadmap will prioritise data security, regulatory compliance, and the scalability required to accommodate future adoption at scale.