The Insurance Regulatory and Development Authority (IRDAI) is ready to adopt, enable and encourage technological innovations to protect the interest of policyholders and provide insurance services to people living in the hinterland, said chairperson Debasish Panda.
Addressing a press conference here on Monday, he said the insurance sector was at an inflection point and IRDAI was ready to travel together with innovators and the insurtech ecosystem in the country. “Using technology as extended arms to serve the needs of the low-income population, vulnerable sections, calamity-prone regions, MSMEs and millennials is the need of the hour,” Mr. Panda said.
IRDAI had already initiated steps like revamping the regulatory sandbox to make it vibrant on a continuous basis, he said further.
As part of this move, the boundary lines/conditions of life insurance products may be expanded to a few more years because life cannot be for a short period, Mr. Panda said. “We have proposed to expand the boundary of life products to a few more years as life typically can’t be for a short period. We are also taking a comprehensive review of non-life products to decide what should be the period,” he added.
IRDAI hosted the InsurTech conference here which was attended by more than 300 innovators, tech experts and insurtech platforms.