Mumbai: To make a debut in a few months with the government-supported digital insurance market, Bima Sugam, industry leaders hope that it will be a game-changer for an important field that is very low in India.
In Mumbai on Friday in the MINT BFSI Summit and Awards 2025, industry officials underlined the transformational capacity of BIMA Sugam, hoping that it would help both new age and traditional insurers to take both their products to remote corners of the country.
Bima Sugam “will definitely help to raise awareness about digital insurance, which will benefit all the Insurtech players of the country”, said Rajiv Gupta, Chairman of PB Fintech Limited, the original company of the online insurance marketplace policy, PB Fintech Limited.
Bima Sugam will instill very essential consumers in online insurance purchase, he said.
Vishal Gupta, Chief Executive Officer of PhonePe Insurance, echoed the spirit of Rajiv Gupta, drawn similarities amid the transformational success of Bima Sugam and UPI- widely used integrated payment interface that enables real-time bank transfer.
Bima Easy “can enable the entire ecosystem and expand the insurance market”, Vishal Gupta said, saying that platform can empower a diverse range of players, from online disruptives to traditional offline agents.
A trust issue
Mayank Bathwal, CEO of Aditya Birla Health Insurance, highlighted the capacity of Bima Sugam to address the important issue of trust in the insurance industry.
He said, “As an independent entity, Bima can play an important role in raising easy awareness, considering driving and uninterrupted fulfillment for consumers,” he said that the transparency and reliableness of the platform would be important towards achieving the government’s ambition by 2047 by 2047.
Rajiv Gupta of PB Fintech also emphasized the ability to streamline the processes of the forum, empower agents and bring very important transparency in the system. He said, “A centralized platform like Bima Sugam will remove Silo and coordinate challenges, which are facing customers today, making it easier to file claims and manage policies,” he said.
Vishal Gupta said that if Bima can “enable innovation and reach various interfaces and geographicals, it will be a game-changer”.
Bathwal highlighted the capacity of the platform to eliminate information disparity and reduce distribution costs, eventually benefiting consumers. “Bima Sugam can help us make more personal and skilled offerings, as it will have access to valuable data and consent-based information,” he said.
Reach up to rural areas
Discussion at the Mint BFSI Summit also went deeply over the role of technology in increasing insurance services.
While Rajiv Gupta of PB Fintech said that technical-powered capabilities can lead to more individual products and better financial literacy, especially in undersked areas, Vishal Gupta of Phonpe Insurance emphasized the transformative ability of artificial intelligence in improving distribution, reaching “missing middle”, and enabling error-free value.
In insurance, the “missing middle” refers to the population that does not fall under the category of low -income people covered under various government schemes or those who can buy their insurance.
On concerns about the accession and efficiency of the Bima Sugam for rural customers, Vishal Gupta said that digital platforms had already proved their ability to reach Tier to and Tier Three Cities, which referred to the data figures of Phonepes.
