Bharat Panchal Joins Bima Sugam India Federation

Bharat Panchal has been joined as the Chief Risk, Security, and Stakeholder Management Officer at Bima Sugam India Federation. His role is expected to enhance the federation's focus on risk management, security protocols, and stakeholder engagement, vital for its ambitious goals in the insurance sector.

Bima Sugam, a digital platform that aims to make insurance more accessible to all in India. It will allow consumers to compare, purchase, and manage insurance policies for life, health, and general insurance. 

Bima Sugam India Federation aims to democratize and universalize insurance in India, positioning itself as a pioneering initiative globally. Bharat Panchal, in his new role, will focus on overseeing risk management, cybersecurity, privacy, and stakeholder management, collaborating with regulators, industry players, fintech, and associations to enhance the insurance ecosystem.

Last month Bima Sugam India Federation has appointed Prasun Sikdar as its managing director and CEO for three years. Previously, he served as the MD and CEO of ManipalCigna Health Insurance. The selection process involved a thorough search, and the board unanimously identified Sikdar as the best candidate for this pivotal role, emphasizing the importance of strong leadership in driving the federation's initiatives.

India's insurance market is set to rise from the 10th largest globally to the 6th by 2032, propelled by regulatory reforms and economic growth exceeding 7%. Despite the current low penetration rate of 1%, initiatives like IRDAI's Bima Sugam aim to enhance accessibility and efficiency in the insurance sector. The focus on innovative products, sustainable pricing, and improved claims management is fostering a more customer-friendly environment, paving the way for significant growth in both retail and corporate insurance segments.

The platform may also lead to lower premiums for consumers. As insurance companies start selling plans directly through Bima Sugam, commissions paid to intermediaries are expected to drop. The IRDAI may also offer discounts on policies purchased through the platform