The Government e-Marketplace (GeM) has successfully facilitated insurance coverage for over 1.3 crore individuals under Health, Life, and Personal Accident Insurance policies. In addition, the platform enabled the hiring of 1 million manpower resources across government departments and organizations.
The Insurance Services category was introduced on GeM in January 2022 with the objective of streamlining the procurement of insurance products while ensuring transparency, cost-effectiveness, and regulatory compliance. Only service providers approved by the Insurance Regulatory and Development Authority of India (IRDAI) are onboarded on the platform, ensuring that buyer organizations can avail the trusted insurance services with ease.
Buyer organizations have utilized GeM to procure Group Mediclaim, Personal Accident, and Term Insurance policies, thereby extending financial protection to a large number of beneficiaries. Speaking on the achievement, CEO-GeM 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.”
One of the key advantages of GeM’s insurance services is the elimination of intermediaries, allowing direct transactions between government buyers and insurance providers. This approach has not only expedited the procurement process but also led to significant cost savings by reducing insurance premiums.
Expanding its footprint beyond Life and Health insurance, GeM now offers a comprehensive range of insurance services including Asset Insurance, Transit and Marine Insurance, Liability Insurance, Livestock Insurance, Motor Insurance, Crop Insurance, and Cyber Insurance. This broad suite of offerings ensures that diverse insurance requirements of government departments are met through a single, efficient, and transparent digital platform.
