Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
The Insurance Regulatory and Development Authority of India (IRDAI) will start receiving applications for regulatory sandbox from September 15, giving an opportunity to insurers and insuretech firms to experiment more with technology.
“The regulatory sandbox will be opened from September 15 for 30 days till October 14. Its purpose is to introduce a ‘test and use process’ and help manage risk better for insurers,” said Sujay Banarji, Member, IRDAI, on Friday.
Addressing a CII conference, Banarji said the IRDAI is also testing applications to allow companies apply online.
A regulatory sandbox will have a number of benefits, including best-in-class service to customers, reducing the time to market products at potentially lower costs, better access to finance, more innovative products, regulatory clarity, and limited failure consequences, he noted.
“Regulatory sandbox will foster collaboration and further the interests of all stakeholders, that is regulator, insurance companies, start-ups, and end consumers,” Banarji stressed.
Meanwhile, addressing the conference, Randip Singh Jagpal, Chief General Manager, IRDAI, said that using the sandbox, innovation is expected both in products and services as well as technology. “In terms of technology, this is expected in mobile technology, data analytics, blockchain, API integration, machine learning, and AI in designing and rating of products,” he said, adding that in products and services, innovations are expected in terms of digital KYC, smart contracts, cyber security, and developments around marketplaces.
According to the IRDAI notification, insurers, intermediaries, any person other than an individual with a net worth of at least ₹10 lakh for the last financial year, can individually or jointly seek permission from the IRDAI to participate in the regulatory sandbox.
The regulations will remain in force for two years.
“The objectives of these regulations are to strike a balance between orderly development of insurance sector on one hand and protection of interests of policyholders on the other, while at the same time facilitating innovation, and to facilitate creation of regulatory sandbox environment and to relax such provisions of any existing regulations framed by the authority for a limited scope and limited duration, if such a relaxation is needed,” the IRDAI had said in the notification.
The categories of application include insurance solicitation or distribution, insurance products, underwriting and policy, and claims servicing.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
Slew of factors are building a good foundation for the bulls to work their way up
It assumes significance in the backdrop of some expected changes in the structure
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
On the eve of his 86th birthday, a peek into an interview-based book that reveals the actor’s many moods, ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor