India’s insurance sector is moving towards a more connected digital ecosystem as regulators push Bima Sugam and a proposed Public Insurance Registry (PIR). The initiatives aim to simplify policy buying, servicing and claims while improving access to verified insurance information.
The Insurance Regulatory and Development Authority of India (IRDAI) has positioned Bima Sugam as a digital marketplace that can bring insurers, intermediaries and customers onto a common platform. IRDAI Chairman Ajay Seth said in June that initial motor, health and term insurance products could become available on the platform by the end of September 2026.
Bima Sugam Aims to Simplify Insurance
Bima Sugam seeks to create a single digital interface where customers can compare and purchase insurance policies, manage services and eventually handle claims. The platform forms part of IRDAI’s wider digital transformation agenda and could reduce friction across the insurance journey.
The industry has often compared the platform with UPI because of its proposed role as shared digital infrastructure. However, Bima Sugam will focus on insurance transactions and services rather than payments.
IRDAI has also worked with insurers to develop standardised products for the platform. Earlier plans prioritised motor, health and life insurance, with insurers working on technology integration and standardised APIs.
Public Insurance Registry Adds a Data Layer
The digital push gained another major component this month. On September 1, IRDAI released a consultation paper proposing a Public Insurance Registry.
The proposed PIR would create an interoperable access layer for verified insurance information while keeping the underlying records with the institutions that hold them. Customers could access their own information, while insurers could obtain relevant data with customer consent.
The registry could connect information covering insurance policies, claims, intermediaries, grievances and other relevant records. For insurers, standardised information could support underwriting, pricing, product development and claims management. Customers could benefit from easier policy discovery, consolidated records and reduced documentation.
Privacy and Data Security Remain Important
IRDAI has proposed safeguards including purpose-based access, role-based controls, data masking and audit trails. The regulator has also said consent should remain specific, informed, revocable and auditable.
The PIR remains at the consultation stage, with IRDAI inviting comments until September 30, 2026. Industry participants have previously raised questions around data ownership, consent, access and cybersecurity during discussions on the registry.
Together, Bima Sugam and PIR could give India’s insurance ecosystem a more interoperable digital foundation. Their eventual impact will depend on technology integration, data standards, privacy safeguards and adoption across insurers and intermediaries.
Also Read: Life Insurers Push Digital-First Insurance Distribution
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