From Health to Cyber Insurance: GeM Facilitates Coverage for 1.3 Crore People in FY 2024–25

The Government e Marketplace (GeM), India’s premier online procurement platform for public sector buyers, has achieved a notable milestone in the financial year 2024–25. It successfully enabled the insurance of over 1.3 crore individuals, in addition to facilitating the hiring of 1 million manpower resources. This feat underscores GeM’s evolution from a procurement portal to a comprehensive platform delivering diverse government services.

Insurance Services Launched to Foster Transparency

GeM introduced its Insurance Services category in January 2022, aiming to streamline the public procurement of insurance policies. By ensuring that only IRDAI-approved insurance providers are onboarded, the platform has built a transparent and efficient procurement mechanism for government bodies.

Buyers can now directly procure various group insurance products, including Health, Personal Accident, and Term Insurance policies, delivering financial protection to a large pool of public sector employees and beneficiaries.

Milestone Reflects Growing Government Trust

Commenting on the achievement, Shri Ajay Bhadoo, CEO of GeM, stated “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 organisations in leveraging GeM for their insurance needs, reaffirming its role as a transformative force in public procurement.”

Cost-Effective and Direct Procurement

One of the standout features of GeM’s insurance offering is its direct-to-insurer model, which removes intermediaries from the procurement chain. This direct approach not only speeds up the transaction process but also contributes to lower insurance premiums, thus creating significant cost savings for government institutions.

Broadened Coverage: From Livestock to Cyber Insurance

While initially focused on life and health coverage, GeM has progressively expanded its insurance offerings. Today, the platform provides access to a comprehensive range of insurance products, including:

• Asset Insurance

• Transit and Marine Insurance

• Liability Insurance

• Livestock Insurance

• Motor Insurance

• Crop Insurance

• Cyber Insurance

This broad spectrum of coverage ensures that government buyers can address a variety of insurance needs through a single, unified and transparent platform.

Conclusion

GeM’s success in facilitating insurance for over 1.3 crore individuals in a single financial year marks a significant achievement in digital governance. By making insurance services more accessible, cost-effective and transparent, the platform is not only delivering value to public sector entities but also contributing to the larger vision of financial inclusion and efficient service delivery.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.