IRDAI gives approval to set up insurance e-marketplace

Mar22,2024


Mumbai: The insurance regulator has announced the creation of an electronic market like ONDC – insurance easy – who will serve as a digital public infrastructure,
The market is expected to be owned by insurance companies. Apart from providing a platform for products, companies and distributors, Bima Sugam will allot insurance account numbers to customers and enable them to port their policies from one company to another.
IRDAI Chairman Debashish Panda had earlier said that Bima Sugam would be a UPI-like moment for the insurance industry. Apart from buying and selling insurance, insurance companies will also be able to plug into the platform through API (Application Programming Interface) to service claims. The aim is not to drive online distributors out of business as they can also be part of the platform.

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“This marketplace acts as a one-stop solution for all insurance stakeholders including customers, insurers, intermediaries and agents, thereby promoting transparency, efficiency and collaboration across the entire insurance value chain,” Irdai said in a statement. “
Industry experts said insurance will be like Sugam ondc (Open Network for Digital Commerce), which democratizes e-commerce by allowing both small shops and e-commerce giants to sell on a single platform. Small businesses are assisted by service providers for logistics and other needs.
The IRDAI board this week changed 34 rules by six and also approved the setting up of Galaxy Health and Allied Insurance Company by a former promoter of Star Health. Galaxy Health is the sixth insurance registration to be granted by the regulator in almost a year and takes the total number of standalone health insurers to seven. Earlier this year, the regulator had given in-principle approval to Narayana Health to set up health insurance business in India.
As per the Insurance Act, 1938, two old rules regarding minimum professional duties of insurers in rural, social sector and motor third-party sectors have now been combined. Changes have been made to the way these obligations are measured: for rural duties, it is now measured by the Gram Panchayat, the social sector includes cardholders and scheme beneficiaries, and motor third-party obligations are measured by insurance renewal for certain vehicles. Is measured.
The new rules cover rural, social sector and motor third-party liabilities, establish insurance-enabled digital marketplaces, streamline insurer registration, governance and product offerings, regulate foreign reinsurers, and prioritize policyholder protection. Increase the actuarial and financial functions done.



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