New Delhi, April 16 : Government e Marketplace (GeM) has successfully facilitated the insurance of more than 1.3 crore individuals covering health, life and personal accident insurance policies during the financial year 2024-25, according to a statement issued by the Commerce and Industry Ministry on Wednesday.

The insurance service provided comes apart from GeM facilitating the hiring of one million people during FY 24-25, the statement said.

The Insurance Services category was introduced on GeM in January 2022 to bring greater efficiency, transparency and cost-effectiveness in procuring insurance policies.

By ensuring that only Insurance Regulatory and Development Authority of India (IRDAI) -approved service providers are onboarded, GeM has established a reliable and trusted mechanism for availing insurance services. Through this platform, buyer organisations can seamlessly procure Group Mediclaim, Personal Accident and Term Insurance policies, thereby offering financial security to a vast number of beneficiaries, the statement explained.

A key advantage of GeM's insurance services is that they facilitate direct transactions between government buyers and insurance providers without intermediaries. This streamlined approach has significantly expedited the process while also reducing insurance premiums, thereby ensuring cost savings for government organisations, the statement said.

Beyond Life and Health insurance, the platform has expanded its insurance offerings to include a comprehensive range of insurance services such as Asset Insurance, Transit and Marine Insurance, Liability Insurance, Livestock Insurance, Motor Insurance, Crop Insurance and Cyber Insurance. Such a broad spectrum of services ensures that various insurance needs are met through a single, transparent and efficient platform to enhance accessibility and cost-effectiveness in availing Insurance services by the Government Buyers.

GeM CEO 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 organisations in leveraging GeM for their insurance needs, reaffirming its role as a transformative force in public procurement.'

/IANS