PhonePe Insurance Broking Services is gearing up to embrace the Insurance Regulatory and Development Authority of India’s (IRDAI) ‘Bima Trinity’ initiative, particularly the Bima Sugam platform.

The company believes that Bima Sugam could revolutionise how insurance is sold, serviced, and claimed in India, driving affordability, accessibility, and transparency across the board.

“Bima Sugam has the potential to do for insurance what UPI did for payments—create a seamless, real-time, and interoperable digital platform that benefits customers, insurers, and intermediaries alike,” said Vishal Gupta, CEO of PhonePe Insurance Broking Services.

Bima Sugam, part of the IRDAI’s broader Bima Trinity framework, aims to be a unified, open digital marketplace where customers can buy, manage, and claim insurance across all insurers.

Announced during the 9th Bima Manthan event, the Bima Trinity also includes Bima Vistaar, a composite product covering life, health, and general insurance, and Bima Vahaak, a women-led distribution force to deepen insurance penetration in rural India.

For policyholders, Gupta said Bima Sugam promises “faster claim settlements, better transparency, and a hassle-free experience.”

Insurers and intermediaries, he added, will benefit from real-time API access, enabling innovation in customer servicing and wider reach, especially in underserved tier 2 and tier 3 cities.

PhonePe plans to integrate Bima Sugam’s APIs directly into its insurance platform.

The goal is to simplify insurance journeys for users by offering real-time updates, unified views of policies, claim tracking, and instant support—all within a digital-first, mobile interface.

“We will leverage our mobile and payments platform to solve accessibility challenges and penetrate all segments and demographics within India,” Gupta said.

“Standardised processes and automated updates will lead to faster claim settlements, less paperwork, and improved customer satisfaction.”

PhonePe also emphasised that affordability is a key pillar in its strategy.

Gupta pointed to innovations like UPI mandates—enabled by the National Payments Corporation of India (NPCI)—which have allowed PhonePe to offer monthly premium payment options for health insurance.

This flexibility not only improves affordability but also encourages broader adoption and deeper coverage.

By integrating into Bima Sugam, PhonePe believes it can drive more inclusive insurance growth while offering a smoother and more empowering experience for consumers.

“Embracing digital disruption will significantly reduce inefficiencies and make insurance more affordable. That’s how we increase adoption and ensure better protection for every Indian,” Gupta noted.