Government e Marketplace (GEM) has provided insurance facilities to more than 1.3 crore people during the financial year 2024-25. This includes health, life and personal accident policy cover. This information has been given by the government.
Government e Marketplace (GEM) has provided insurance facilities to more than 1.3 crore people during the financial year 2024-25. This includes health, life and personal accident policy covers. The Ministry of Commerce and Industry gave this information on Wednesday. The Insurance Services category was introduced on GeM in January 2022 to bring more efficiency, transparency and cost-effectiveness in the purchase of insurance policies.
In a statement issued by the ministry, it was said that it has been ensured on GEM that service providers recognized by the Insurance Regulatory and Development Authority of India (IRDAI) are onboarded. Also, GEM has established a reliable and trustworthy mechanism for providing insurance services. The statement further said that through this platform, buyer organizations can easily purchase group mediclaim, personal accident and term insurance policies, providing financial security to a large number of beneficiaries.
According to the government, a major advantage of GeM’s insurance services is that it facilitates direct transactions between government buyers and insurance companies without intermediaries. This has also speeded up the insurance process to a great extent and has also reduced the insurance premium, which has helped government organizations save.
Ajay Bhadu, CEO, GeM, said, “GeM is committed to constantly improving its platform to provide seamless, secure and cost-effective procurement solutions. The achievement of 1.3 crore insured individuals reflects the growing trust of government organizations on GeM for their insurance needs, confirming its role as a transformative force in public procurement.” Apart from life and health insurance, other types of insurance can also be purchased on this platform, including assets insurance, transit and marine insurance, liability insurance, motor insurance, crop insurance and cyber insurance.
