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Government e Marketplace (GeM), the biggest e-marketplace for public procurement in India, achieves yet another service delivery milestone in FY 24–25. GeM has effectively facilitated the insurance of over 1.3 crore people with policies covering health, life, and personal accident insurance, in addition to supporting the hiring of one million manpower resources in FY 24–25.
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In order to further improvise the efficiency, transparency, and affordability of obtaining insurance policies, GeM introduced the Insurance Services category in the month of January in 2022. Only service providers authorized by the Insurance Regulatory and Development Authority of India are onboarded on the platform.
A dependable and trustworthy method for obtaining insurance services has been introduced by GeM. Many beneficiaries can benefit from financial security by using this platform that enables easy purchase of Group Mediclaim, Personal Accident, and Term Insurance plans.
Commenting on this achievement, GeM CEO Shri Ajay Bhadoo said, “GeM remains committed to continuously enhancing its platform to provide seamless, secure and cost-effective procurement solutions. The milestone of 1.3 crore insured persons reflects the growing confidence of government organizations in leveraging GeM for their insurance needs, reaffirming its role as a transformative force in public procurement.”
The fact that GeM's insurance services allow for direct transactions between government purchasers and insurance providers (without middlemen) is one of its main advantages. This simple method has guaranteed cost savings for government agencies by greatly hasting up the procedure and lowering the prices of insurance policies.
In addition to life and health insurance, the platform now offers a variety of insurance services. GeM now includes asset insurance, transit and marine insurance, liability insurance, livestock insurance, auto insurance, crop insurance, and cyber insurance too. All these services guarantee that a single, transparent, and effective platform satisfies different insurance requirements. It improves government buyers' accessibility and cost-effectiveness when obtaining insurance services.
Source: PIB
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