Insurance Regulatory and Development Authority of India's (Irdai) Regulatory Sandbox Project has provided the insurance industry with the flexibility to explore new products and services that suit today's technology and data driven world.
ICICI Lombard on Wednesday said it has received Irdai’s approval to pilot five innovative applications and programs in its health and motor portfolio under the Sandbox Project.
Insurance Regulatory and Development Authority of India’s (Irdai) Regulatory Sandbox Project has provided the insurance industry with the flexibility to explore new products and services that suit today’s technology and data driven world.
“This is the highest number given to any company under the Irdai-introduced project. ICICI Lombard is to pilot the five proposals from February 1, 2020 to July 31, 2020,” ICICI Lombard said in a statement.
The insurer has secured approval for APP Monitored Diabetes Mellitus Wellness Program, APP Monitored Dyslipidaemia Management Program under the health insurance portfolio, Pay As You Use (PAYU) policies for Private Car, Pay How You Use (PHYU) policies for Private Car and Single owner multiple vehicle (Motor floater policy).
“The Sandbox route is a progressive step by the regulator to facilitate innovation in the insurance sector……We look forward to offer consumer differentiated and convenient experience through this new-age offerings,” said Sanjay Datta, Chief – Underwritings, Claims and Reinsurance, with the company.
This methodology allows insurers to launch and test a product with a select group of people for a period of six months, after which, on the basis of the results of the pilot run and the feedback, it will be launched commercially for the public.