Over 1.3 Crore Individuals Secured Insurance via GeM in 2024-25
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Synopsis
The Government e Marketplace (GeM) has successfully insured over 1.3 crore individuals in the fiscal year 2024-25, covering various insurance types, as highlighted by the Commerce and Industry Ministry. This achievement underscores GeM's commitment to enhancing public procurement efficiency.
Key Takeaways
- Over 1.3 crore individuals insured through GeM.
- Expanded insurance services include various policies.
- Direct transactions eliminate intermediaries.
- Cost savings achieved for government organisations.
- GeM continues to enhance its platform for better services.
New Delhi, April 16 (NationPress) The Government e Marketplace (GeM) has effectively enabled the insurance coverage of over 1.3 crore individuals, encompassing health, life, and personal accident insurance policies throughout the financial year 2024-25, as reported by the Commerce and Industry Ministry on Wednesday.
This insurance service is in addition to GeM's facilitation of employment for one million individuals during FY 24-25, the statement indicated.
The Insurance Services category was launched on GeM in January 2022 to enhance efficiency, transparency, and cost-effectiveness in the procurement of insurance policies.
By ensuring that only providers approved by the Insurance Regulatory and Development Authority of India (IRDAI) are featured, GeM has created a reliable and trusted system for accessing insurance services. This platform allows buyer organisations to easily procure Group Mediclaim, Personal Accident, and Term Insurance policies, thus providing financial security to a vast number of beneficiaries, the statement clarified.
A significant benefit of GeM’s insurance offerings is that they allow for direct transactions between government buyers and insurance providers, eliminating intermediaries. This streamlined method has notably accelerated the process while lowering insurance premiums, ensuring cost savings for governmental bodies, as stated.
In addition to Life and Health Insurance, the platform has broadened its insurance services to encompass a wide array of options like Asset Insurance, Transit and Marine Insurance, Liability Insurance, Livestock Insurance, Motor Insurance, Crop Insurance, and Cyber Insurance. This extensive range of services guarantees that diverse insurance requirements are fulfilled through a single, transparent, and efficient platform, enhancing accessibility and cost-effectiveness for government buyers.
GeM CEO Ajay Bhadoo stated, “GeM is dedicated to continually improving its platform to deliver seamless, secure, and cost-effective procurement solutions. The landmark of 1.3 crore insured individuals showcases the increasing trust of government organisations in utilizing GeM for their insurance needs, reaffirming its position as a transformative catalyst in public procurement.”
