The Insurance Regulatory and Development Authority of India (IRDAI) has set in motion the process of inviting applications for the second cohort under its regulatory sandbox approach.

An initiative to foster innovative ideas in the insurance space while providing flexibility in dealing with regulatory requirements and at the same time focussing on policyholder protection, the regulatory sandbox approach was initiated by IRDAI last year.

Stating that the approach is used to carve out a safe and conducive environment to experiment with innovative approaches, including fin-tech solutions, where the consequences of failure, if any, can be contained, IRDAI said the window for filing of applications will open on September 15 and close on October 14.

The regulator said the applicants are advised not to file products existing in the market; clearly bring out the innovation and protection of policyholder’s interest; and furnish the implementation approach and methodology. They also need to identify success metrics and methodology to measure the success parameters in an independent, demonstrable and verifiable manner.

Earlier this year, IRDAI had approved 33 product proposals of insurers under the regulatory sandbox approach. These include those on health profile based pricing, use of wearable devices to ‘pay as you drive’ and usage-based motor insurance as well as an AI driven automotive claims and collision estimation system.

You have reached your limit for free articles this month.

To get full access, please subscribe.

Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages

Move smoothly between articles as our pages load instantly.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations

A select list of articles that match your interests and tastes.

Briefing

We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here