Regulatory sandbox will promote digital innovation in the industry: IRDAI Chairman

Insurance Regulatory and Development Authority of India (IRDAI) Chairman Subhash Chandra Khuntia stressed on the importance of digital innovation in the insurance sector, while addressing a seminar on “Digital Disruption: Embracing digital innovation in (Re)Insurance Business”.

He said the recent changes that the regulator has brought including regulatory sandbox is to encourage and embrace digital innovation in the insurance industry.

In the seminar, which was organised by the National Insurance Academy along with Swiss Re, Khuntia said that the use of digital processors has helped in reduction of cost, increasing efficiency of the industry and fast settlement of claims.

Noting that digital disruption will lead to release of huge data, which can be exposed to risk, Khuntia said that IRDAI has taken several measures in this area such as electronic storage of policies in repositories.

“There are around 50 lakh policies in the repositories,” he noted.