What is Bima Sugam, the new portal hailed as a ‘UPI moment’ for insurance sector?
[ad_1]
When the Unified Payments Interface (UPI) was officially launched by RBI in 2016, it became a pivotal moment in the digital finance sector. It brought the unbanked sector of the population under the banking umbrella and allowed them an option to digitally transact and not lean heavily on physical currency. Now, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed a new platform called Bima Sugam, which it claims will bring about the same revolution UPI did, and will spark a revolution in the insurance sector with its own ‘UPI moment'. Let us take a look.“The recent initiative by IRDAI Bima Sugam is perceived to be a big game changer in the general insurance market development. It is a revolutionary step with ambitions of becoming the largest online mar...