Bima Sugam India Federation Names Prasun Sikdar as First MD and CEO

Mumbai, 15th October 2024: In a transformative development for the Indian insurance landscape, the Bima Sugam India Federation has appointed Prasun Sikdar as its inaugural Managing Director and Chief Executive Officer for a three-year tenure. This significant decision is a crucial milestone in the rollout of the Bima Sugam project, an initiative designed to revolutionize the insurance sector in India.

After a thorough search process conducted by the Nomination and Remuneration Committee over the past few months, the board unanimously selected Sikdar as the ideal candidate for this pivotal role. This appointment aligns with the IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024, which required prior approval from the Insurance Regulatory and Development Authority of India (IRDAI), now secured.

Prasun Sikdar, who previously held the position of MD and CEO at Manipal Cigna Health Insurance, brings a wealth of experience from the Indian financial services sector. His significant contributions to the Bima Sugam project position him as the right leader for this ambitious initiative.

Bima Sugam aims to democratize insurance in India, potentially becoming the first platform of its kind worldwide. This comprehensive digital marketplace will allow consumers to compare, purchase, and manage insurance policies spanning life, health, and general insurance. The goal is to provide unparalleled convenience and transparency, empowering millions of Indians with easily accessible and affordable insurance options.

Tapan Singhel, Founding Director and Chairman of the Nomination and Remuneration Committee of the Bima Sugam India Federation, commented on the appointment, saying, “Bima Sugam is set to transform the Indian insurance landscape. It will change how insurance is perceived and accessed, putting protection and financial security within reach of every Indian. This initiative will improve the accessibility, affordability, and availability of insurance products nationwide. Sikdar’s extensive industry experience and leadership will be vital in guiding this revolutionary project toward success. I am confident that under his leadership, Bima Sugam will foster a more inclusive and secure future for all.”

Expressing his enthusiasm, Prasun Sikdar stated, “With nearly 25 years in the insurance industry, I am honored to spearhead the Bima Sugam initiative. This platform aims to empower all stakeholders—customers, distributors, and insurers alike. It is likely to be one of the first initiatives of its kind globally. I am excited about the journey ahead and the potential to democratize insurance across Bharat. Our focus on making insurance more affordable, accessible, and available is crucial as we pursue new innovations and strategies. The vision of ‘Insurance for All’ resonates deeply with me, and I am committed to collaborating with regulators and industry peers to realize this vision.”

The primary objective of Bima Sugam is to foster inclusivity within the insurance ecosystem by leveraging technology to simplify processes, reduce complexities, and enhance accessibility, especially in underserved areas. The platform aims to provide a seamless experience for policyholders, ensuring real-time claim settlements, grievance redressal, and a host of value-added services. By doing so, it seeks to break down barriers and significantly increase insurance penetration throughout the country.