India’s upcoming unified insurance marketplace, Bima Sugam, will have product rankings based on metrics that go beyond pricing, such as claim settlement ratio, claim recognition ratio, and quality of customer servicing, in addition to premiums, said Deepak Rajoo, CIO, Royal Sundaram Insurance.
This is set to change how consumers evaluate and buy insurance, he said, speaking to Moneycontrol on the sidelines of the Global Fintech Fest event here on October 7.
The idea is to help consumers make informed decisions based on the reliability and performance of insurers, not just on affordability.
The platform’s architecture will use artificial intelligence (AI) to process large datasets and generate composite rankings that reflect how efficiently insurers handle claims, respond to grievances, and service policyholders.
However, Rajoo said, there is no clarity on data standardisation challenges that may come up, ensuring transparency in how rankings are calculated, as smaller or newer insurers could face difficulties in securing high rankings due to limited operational history.
Rajoo added, as the website is still being conceptualised, there is also no clarity on how the rankings will work across different lines of business such as life, health and general, as different companies calculate their metrics differently.
"We will have to wait and watch till we hear it from the horse's mouth," he told Moneycontrol.
Currently, most online insurance aggregators allow users to compare products primarily by premiums and coverage.
Bima Sugam, set to launch later this financial year, is reportedly expected to be rolled out in phases will serve as a one-stop digital marketplace for all insurance products such as life, health, motor, and general, bringing together insurers, intermediaries, and policyholders on a single platform.
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