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IRDAI Approves Products Under Regulatory Sandbox

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IRDAI Approves Products Under Regulatory Sandbox
Nirmala Konjengbam - 01 February 2020

Mumbai: Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has approved the proposal for health, motor and intermediaries department under the regulatory sandbox.

Edelweiss General Insurance has received a nod from the IRDAI for an app-based multi-vehicle, usage-based floater policy for motor own damage. ICICI Lombard, Reliance General and Edelweiss General have received approvals for motor floater proposals.

IRDAI received 173 proposals, out of which it approved 33 health and motor insurance proposals . As per the sandbox guidelines the product can be launched only as a pilot and the period for launch and completion is from 1 February 2020 to 31 July 2020, as per IRDAI operational guidelines.

“As India’s first cloud native insurer, Edelweiss General Insurance believes in the potential of technology. Thus, we are happy to have received a nod from the IRDAI for our app-based multi-vehicle, usage-based floater policy for motor own damage”, says Shanai Ghosh, CEO and Executive Director, Edelweiss General Insurance.

The product is an innovative concept that allows you to cover any damage to one’s vehicles via a floater policy. The policy will cover all risk for all vehicles and the cover can be switched on or off as per the requirement of the customer with the flexibility of adding and deleting vehicles as required.

Some Key Features Include the Following

Environment Friendly – It is an end-to-end app-based product and thus, 100 per cent paperless

Power of Choice – One can choose the vehicle to be insured, every time you use it.

Faster Claim Settlement – The app allows for claims to be settled through live video, uploaded either by you or your garage. As well as other services embedded in the app

“The emerging era of shared mobility, makes it a very relevant product, for vehicle owners today where they can pay as per the usage of the vehicle and/or driving behaviour. Further, as the policy covers multiple vehicles in one, it saves you time and any hassle involved with buying multiple policies for multiple vehicles. It has always been our aim to create simple, yet compelling products accompanied with meaningful services, that offer contextual value to the customer”, adds Ghosh.

On the other hand, IRDAI has also approved SBI General Insurance’s 'Shagun- gift an insurance' product under the regulatory sandbox.

“This is a concept whereby a proposer can gift an insurance policy to any member of their extended family ( spouse, children, parents, parents-in-law, siblings, cousins, grandparents, grandchildren). It consists of a personal accident cover along with the option to select emergency medical services, ambulance cover. Traditionally in India, cash is given on auspicious occasions such as festivals by way of shagun”, opines Subramanyam Brahmajosyula, Head,Underwriting and Reinsurance, SBI General Insurance.

Insurers strongly believe that these types of innovative products will help to increase insurance penetration.

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