Friday, March 5

Of 173 applications, IRDAI selects just 23 for sandbox project

Mumbai: Insurance Regulatory and Development Authority of India (IRDAI) has rejected 150 of the 173 applications it had received for its regulatory sandbox project.

Of the 23 applications that got the nod, 19 are in health insurance sector, 2 are in non-life and 3 in distribution, the list released by IRDAI on Tuesday showed.

An eight-member evaluation committee headed by IIIT Bangalore director S Sadagopan was in charge of scrutinizing these applications. ET had earlier reported that the rejection rates for these applications would be on the higher side due to the high-risk factor of testing these products on a live audience.

Max Bupa, Tata AIA, Bajaj Allianz, Kotak General Insurance and Acko were among the companies whose applications were accepted by IRDAI. Solutions ranging from Wearable Fitness Tracker to Usage-based Motor insurance and even the use of AI for automatic claim settlements were chosen.

The insurance sandbox project will allow insurers and technology companies to collaboratively experiment with new products and technology on a live audience under the supervision of the regulators.

The exercise has been designed primarily to help the regulator gauge real-life implications of the commercial use of new technologies before giving them the regulatory nod for commercial launch.

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