In a remarkable achievement, the Government e Marketplace (GeM) has successfully facilitated insurance coverage for over 1.3 crore individuals across India in FY25. This includes comprehensive coverage in Health, Life, and Personal Accident Insurance categories. GeM, which serves as India's largest online procurement platform for public sector organizations, continues to drive transparency, cost-efficiency, and accessibility within the government procurement sector.

Key Highlights of GeM's Insurance Milestone:

Launched in January 2022, the Insurance Services category on GeM aims to simplify the procurement process for public sector organizations. The platform is exclusively designed to ensure that procurement is conducted only from IRDAI-approved providers. This ensures that buyers have access to genuine and reliable insurance services, maintaining high standards of quality. The system is built around a direct, intermediary-free process, which accelerates policy issuance and leads to reduced premium costs, benefiting government organizations and policyholders alike.

With over 1.3 crore insured individuals, the Government e Marketplace has demonstrated its expanding role in offering affordable, transparent, and accessible insurance solutions for a variety of sectors. The platform’s growth reflects a significant increase in trust from government organizations, with GeM becoming an indispensable tool for effective public procurement across various industries.

Range of Insurance Services Offered:

The platform now offers a wide variety of insurance products catering to different needs, including asset, transit, and marine insurance, as well as liability, livestock, motor, crop, and cyber insurance. These offerings ensure that government buyers have access to a diverse set of insurance services, facilitating greater compliance, security, and risk management across sectors.

Simplification and Cost-Efficiency:

GeM’s streamlined and transparent process, coupled with its commitment to cost-effective insurance solutions, has reduced the overhead traditionally associated with insurance procurement. By eliminating intermediaries, the platform ensures faster turnaround times for policy issuance and reduces the administrative burden, thus lowering the overall cost of insurance. This has allowed government organizations to direct more resources towards core functions, rather than getting caught up in time-consuming procurement processes.

CEO’s Statement on GeM’s Growth:

In a statement, Mr. Ajay Bhadoo, CEO of GeM, expressed his satisfaction with the platform's growth in FY25. He emphasized that the trust shown by government organizations reflects GeM’s growing influence in public procurement and its ability to meet evolving needs across various sectors. Mr. Bhadoo highlighted that this achievement demonstrates the platform’s commitment to delivering secure, scalable, and economical solutions that are in line with the government’s larger goals of promoting efficiency and sustainability in public sector operations.

GeM’s expansion into insurance services signifies its broader mission to optimize public procurement and enhance the efficiency of government organizations, reinforcing the platform's role as a key player in the Indian public procurement ecosystem.

The Way Forward:

With the success of its insurance services category, GeM plans to further expand its offerings and enhance the user experience for both buyers and insurers. The platform aims to continue evolving with the changing needs of government buyers, ensuring that it remains at the forefront of public procurement innovation. This marks just one of the many strides GeM is making to create a more transparent, efficient, and cost-effective procurement environment for all.

In conclusion, the achievement of insuring over 1.3 crore individuals in FY25 is a significant milestone in GeM's journey, reflecting its growth and the trust it has earned within the public procurement ecosystem. This is only the beginning, and the platform is poised to deliver even more value in the years to come.

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