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You must be taking some insurance for your family every year. So, you can still get a policy from Hogogo or any agent by visiting the company's website, but in the near future you will get rid of this system. Insurance regulators IRDAI and ONDC have announced the creation of an electronic market place. Insurance will be a simple insurance framework where information related to all companies will be easily available. Insurance companies will run it.
Apart from providing a platform for insurance companies and distributors, 'Bima Sugam' will distribute insurance account numbers to customers. With this you will be able to easily port your policy from one company to another. Regarding Bima Sugam, IRDAI Chairman Debashish Panda said that it will be a change like UPI for the insurance industry. Apart from buying and selling insurance, insurance companies will also be able to provide claim related services by connecting to the platform through API.
Its purpose is not to eliminate online distributors but they will also be able to become a part of it. IRDAI said this marketplace acts as a one-stop solution for all insurance stockholders including customers, insurance companies, intermediaries and agents.
Along with buying and selling insurance, you will also get the facility to make claims through the Bima Sugam platform. Apart from this, online distributors will also be able to become a part of this platform. In the statement given by IRDAI, it has been said that this market place will be for all the stakeholders of the insurance sector. Customers, insurance sellers, agents will all be present on one platform. This will bring transparency in the system and provide convenience to the customers.
This week IRDAI has reduced 34 rules to 6. Also, the establishment of Halexy Health and Allied Insurance Company by the former promoter of Star Health has also been approved. Galaxy Health is the sixth insurance registration to be granted by the regulator this year, taking the total number of standalone health insurers to 7. Earlier this year, the regulator had given in-principle approval to Narayana Health to set up health insurance business in the country.