Bima Sugam India Federation Appoints Prasun Sikdar As Its First MD & CEO

In a landmark move for the Indian insurance sector, the Bima Sugam India Federation has recently announced the appointment of Prasun Sikdar as its first Managing Director & Chief Executive Officer for a three-year term. This announcement marks a significant step forward in the development and implementation of the Bima Sugam project, a transformative initiative set to revolutionize the Indian insurance industry.

The Nomination and Remuneration Committee of the Bima Sugam India Federation, over the last few months, carried out an extensive search process and shortlisted various candidates for this critical position of leading the Bima Sugam project. Upon the completion of the selection process, the Board of Bima Sugam India Federation unanimously chose Sikdar as the ideal fit for this role. As per the IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024, the appointment of the MD & CEO of the Bima Sugam Federation required prior approval from IRDAI, which has been duly obtained.

Sikdar, who currently serves as the MD and CEO of Manipal Cigna Health Insurance, has extensive experience in the Indian financial services sector. He has been instrumental in shaping the Bima Sugam project and is perfectly suited to lead this transformative initiative.

Bima Sugam is an ambitious platform aimed at democratizing insurance in India, potentially becoming the first of its kind globally. This single-window digital platform will serve as a comprehensive marketplace where consumers can compare, purchase, and manage insurance policies across life, health, and general insurance sectors. The platform is designed to offer unparalleled convenience, transparency, and access to insurance products, empowering millions of Indians with easy-to-understand and affordable insurance solutions.

Speaking on the appointment, Tapan Singhel, Founding Director & Chairman of the Nomination and Remuneration Committee of the Bima Sugam India Federation, said, “Bima Sugam is poised to revolutionize the Indian insurance sector. It promises to reshape how insurance is perceived and consumed in the country, making protection and financial security available at the fingertips of every Indian. The initiative aims to transform the insurance landscape by enhancing the accessibility, affordability, and availability of insurance products for every Indian citizen. Sikdar’s deep industry knowledge and leadership skills will be instrumental in driving this revolutionary initiative to success. I am confident that under his guidance, Bima Sugam will pave the way for a more inclusive and secure future for all Indians.”

Sharing his perspective, Prasun Sikdar said, “After having served close to 25 years in the insurance industry, I am honoured to lead this revolutionary initiative of Bima Sugam. Bima Sugam will enable and empower all its stakeholders – customers, distributors, and insurers. This progressive platform will likely be one of the first initiatives of its kind globally. I am truly excited about the journey ahead and the potential to democratise and universalise insurance in Bharat. Our commitment to enhancing affordability, accessibility, and availability is crucial as we explore new initiatives, innovations, and strategies. The vision of 'Insurance for All' deeply resonates with me, and I am profoundly committed to working alongside the regulator and my industry colleagues to make this vision a reality.”

Bima Sugam’s core objective is to bring about inclusivity in the insurance ecosystem by leveraging technology to reduce complexities, streamline processes, and make insurance accessible to all, particularly in underserved regions. The platform will facilitate a seamless experience for policyholders, offering real-time claim settlements, grievance redressal, and other value-added services. By doing so, it aims to break barriers and significantly enhance insurance penetration across the country.