Mumbai — Rakesh Joshi, former Member (Finance & Investment) at the Insurance Regulatory and Development Authority of India (IRDAI), has been appointed Chairman of Bima Sugam India Federation (BSIF), the nonprofit entity behind two transformative e-insurance platforms — Bima Sugam and Bima Vistaar. The move signals renewed momentum in the rollout of these initiatives, widely seen as game-changers for India’s insurance landscape.
Joshi, who served on the IRDAI board from March 2022 to December 2023, was closely associated with the development of both platforms under the chairmanship of Debasish Panda. His appointment was followed by a key board meeting on Tuesday, underscoring his central role in the platforms’ operationalization.
BSIF, the organization overseeing the initiatives, is a Section 8 nonprofit company, with Prasun Sikdar as its CEO. Other notable board members include top executives from leading insurers like SBI Life, Kotak Life, ICICI Prudential Life, and Bajaj Allianz General Insurance.
Protean eGov to Develop ₹100 Crore Bima Sugam Marketplace
BSIF has awarded a ₹100 crore contract to Protean eGov Technologies Ltd., formerly NSDL e-Governance, to build the Bima Sugam Marketplace. The contract covers end-to-end development, implementation, integration, and ongoing maintenance of the technology backbone required for India’s first universal insurance digital platform.
The Bima Sugam platform aims to create a one-stop solution for insurance policy issuance, servicing, claim settlement, and portability. With backing from most private insurers and major industry stakeholders, the platform has already raised an initial capital base of around ₹350 crore. However, three major PSU insurers — United India Insurance, Oriental Insurance, and National Insurance — along with GIC Re, have not yet contributed to the corpus.
BSIF has recently rented office space in Mumbai, signaling that operational infrastructure is now in place to fast-track the next phase of execution.
Bima Vistaar: A Low-Cost, All-in-One Insurance Product Nearing Launch
Alongside the tech-heavy Bima Sugam, the more consumer-facing Bima Vistaar is also inching toward rollout. Designed as a unified insurance product covering life, health, personal accident, and property, Bima Vistaar will be offered at an affordable premium of just ₹1,500 per annum. It is specifically designed for the rural and underserved population, making comprehensive insurance coverage more accessible.
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Initially slated for launch in April 2025, Bima Vistaar faced delays following the sudden exit of Debasish Panda from his role as IRDAI Chairman. However, renewed interest and strategic backing from current IRDAI members — including Swaminathan Iyer (Member, Life) — suggest that both platforms are back on track.
“We are progressing steadily. You’ll hear more about them soon,” said Iyer on Wednesday, reassuring the industry about the timelines.
India’s Insurance Sector on the Brink of a Digital Revolution
The dual rollout of Bima Sugam and Bima Vistaar promises to transform India’s insurance delivery system by boosting transparency, reducing costs, and increasing reach. With Rakesh Joshi now at the helm, the initiative benefits from regulatory continuity and insider expertise, critical to navigating complex industry dynamics.
The collaboration between top private insurers and technology partners like Protean eGov marks a new chapter in India’s digital public infrastructure in insurance, drawing parallels to the success of platforms like UPI and DigiLocker. As the regulatory and technological frameworks converge, these platforms may well redefine how millions of Indians access and manage insurance in the digital age.