GeM Revolutionizes Public Procurement with Expansive Insurance Services

The Government e-Marketplace (GeM) in India has covered over 1.3 crore individuals with Health, Life, and Personal Accident Insurance. Additionally, GeM has facilitated one million manpower hires in FY 24-25. It offers a variety of insurance options directly from IRDAI-approved providers, providing transparency and cost savings for government procurement.

The Indian Government's e-Marketplace (GeM) has marked a significant milestone by providing insurance coverage to more than 1.3 crore individuals, covering Health, Life, and Personal Accident policies, according to a statement by the Ministry of Commerce & Industry on Wednesday. The platform has also facilitated the hiring of one million manpower resources in the fiscal year 24-25.

Since its introduction in January 2022, the Insurance Services category on GeM aimed to enhance efficiency, transparency, and cost-effectiveness in acquiring insurance policies. By collaborating solely with Insurance Regulatory and Development Authority of India (IRDAI)-approved service providers, GeM ensures a credible and trusted avenue for insurance procurement.

Government organizations can seamlessly secure Group Mediclaim, Personal Accident, and Term Insurance policies through GeM, contributing to the financial security of numerous beneficiaries. CEO-GeM Ajay Bhadoo emphasized that the success of insuring 1.3 crore persons illustrates the government's growing reliance on GeM, highlighting its transformative impact on public procurement.

GeM's model facilitates direct transactions between government entities and insurance providers, eliminating intermediaries. This approach has not only accelerated processes but also minimized insurance premiums, leading to financial savings for the government.

Besides essential Life and Health insurance, GeM has broadened its spectrum to include Asset, Transit, Marine, Liability, Livestock, Motor, Crop, and Cyber Insurance. This diverse range ensures that varying insurance needs are efficiently met under one transparent and cost-effective platform, as noted by the ministry.

(With inputs from agencies.)