Indian government's e-marketplace facilitated insurance of more than 13m individuals covering health, life and personal accident insurance policies in the financial year 2024-25.
The insurance services category was introduced on the government e-market in January 2022 to bring greater efficiency, transparency and cost-effectiveness in procuring insurance policies.
The e-market ensures that only Insurance Regulatory and Development Authority of India approved service providers are onboarded, thus it has established a reliable and trusted mechanism for availing insurance services.
Through this platform, buyer organisations can also seamlessly procure group Mediclaim, personal accident and term insurance policies for their employees, thereby offering financial security to a vast number of beneficiaries.
The main advantage of the government e-market place insurance services is that it facilitates direct transactions between government buyers and insurance providers without intermediaries. This streamlined approach has significantly expedited the process while also reducing insurance premiums thereby ensuring cost savings for government organisations.
Beyond life and health insurance, the platform has also added insurance covers to include a comprehensive range of insurance services such as asset insurance, transit and marine insurance, liability insurance, livestock insurance, motor insurance, crop insurance and cyber insurance.
The broad spectrum of services ensures that various insurance needs are met through a single, transparent and efficient platform to enhance accessibility and cost-effectiveness in availing insurance services.