In a landmark move aimed at transforming India’s insurance landscape, Mr. Ajay Seth, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), officially launched the website of Bima Sugam India Federation (BSIF) at the IRDAI headquarters in Hyderabad. The launch event was attended by senior officials from IRDAI, industry CEOs, and the leadership team of Bima Sugam.
India’s First Digital Public Infrastructure for Insurance
The launch of the BSIF website marks the first visible milestone in the creation of India’s first Digital Public Infrastructure (DPI) for insurance. This initiative aligns closely with the national vision of “Insurance for All by 2047”, a key pillar of the Viksit Bharat 2047 mission outlined by the Hon’ble Prime Minister.
Bima Sugam aims to serve as a unified digital platform that brings together policyholders, insurers, and intermediaries—enabling seamless, secure, and transparent insurance access for every Indian citizen.
Empowering Policyholders and Strengthening Trust
Speaking on the occasion, Mr. Ajay Seth remarked:
“Bima Sugam represents a critical step towards creating India’s Digital Public Infrastructure for insurance. This initiative will empower policyholders, deepen insurance penetration, and ensure transparency and fairness across the value chain.”
He further emphasized that the website launch is not just a symbolic event, but a strategic milestone that will pave the way for future-ready, tech-driven reforms in the sector. Mr. Seth expressed strong confidence that with collective industry collaboration, the goal of universal insurance coverage by 2047 will be achieved.
Industry-Wide Commitment to a Shared Mission
The BSIF leadership also reiterated their commitment to building a technology-led, inclusive, and robust insurance ecosystem.
Mr. Rakesh Joshi, Chairperson of BSIF, expressed gratitude to IRDAI:
“With this website, we take the first visible step towards building an inclusive, seamless, and technology-driven insurance ecosystem for the country. Our heartfelt thanks to IRDAI for their unwavering support and guidance.”
Mr. Prasun Sikdar, MD & CEO of BSIF, added:
“The Bima Sugam website is our authentic gateway to the public and the industry. It brings customers, insurers, and intermediaries together on a common platform and clearly outlines our vision, governance, and roadmap. This is just the beginning of a transformative journey.”
Phased Rollout with Security and Compliance at its Core
The Bima Sugam platform will follow a phased rollout approach, ensuring:
- Top-tier data security
- Full regulatory compliance
- Scalable architecture to handle future growth
As insurance companies and ecosystem partners complete technical integrations in the coming months, real-time marketplace functionalities will progressively go live—marking the true operational launch of the platform.
A Vision for Every Indian Household
Bima Sugam’s launch is more than a digital milestone—it represents a national mission to make insurance simple, transparent, and accessible to every Indian household. With strong support from IRDAI and active participation from the insurance industry, this initiative is set to reshape India’s insurance ecosystem and lay the foundation for a secure and resilient India by 2047.