Bharat Panchal has taken charge as Chief Risk, Security, and Stakeholder Management Officer of Bima Sugam India Federation.
Bima Sugam India Federation is working to create a digital insurance marketplace in India.
India is the 10th largest insurance market in the world, and it’s poised to be 6th largest insurance market in the world by 2032, ahead of Germany, Canada, Italy, and South Korea. Given the push by regulator on insurance penetration and a lot of regulatory reforms, it is expected that there will be a need for rapid adoption of technology to drive wider accessibility and democratization of insurance.
The recent initiative by IRDAI Bima Sugam will be a big game changer and a revolutionary step with ambitions of becoming the largest online market for insurance products and services which has not been practiced anywhere in the world. For the diversity and the size of India’s population, it will facilitate convergence of all stakeholders and insurance services in a single place.
“As a visionary project, Bima Sugam aims at democratizing and universalizing insurance in India, and…
