The IRDAI has recently stated that it will soon give its customers the access to innovative and tech-driven insurance products. “We will announce the list of approved proposals received in response to our ‘regulatory sandbox’ model in about a month,’’ Subhash Chandra Khuntia, Chairman, IRDAI.
The main purpose behind this approach of IRDAI is to figure out innovative ideas to foster growth in the insurance sector.
The IRDAI had set up a panel in order to review the applications by general and life insurers, which received in the month of October.
“We have received a fabulous response. As of now, 125 proposals based on digital and tech-driven innovations are being scrutinised,’’ Khuntia said.
The regulator further said, “They cover a wide range of aspects from change in the process of underwriting, policy wording, riders and interaction with policyholders, among others.’’
