The insurance regulator, IRDAI has formed committee on Wednesday headed by Randip Singh Jagpal, chief general manager, IRDAI to look into the concept of a regulatory sandbox and developing an environment where fintech solutions can be experimented. 

A "Regulatory Sandbox Approach" can be used to carve out a safe and conducive space to experiment with Fin-Tech solutions, and where the consequences of failure can be contained, said S C Khuntia, chairman,IRDAI. 

In the recent past, new corner insurance companies and insurance intermediaries have been applying technological innovations in their products and services. 

The IRDAI encourages the companies to develop and apply new technologies into the financial ecosystem to enhance value for customers, increase efficiency, manage risks better, create new opportunities and improve people's lives.

Against the backdrop of a fast evolving financial technology ("Fin-Tech") landscape where Fin-Tech solutions are becoming more common and sophisticated, a responsive and forward-looking regulatory approach will further enhance the ability of promising Fin-Tech innovations to develop and flourish. 

Some of the members of the committee are Yegna Priya Bharat, Chief General Manager, IRDAI, Mayank Bathwal, CEO, Aditya Birla Health Insurance, Subrat Mohanty, COO, HDFC Standard Life Insurance, Chirag Bhojani, VP Business Intelligence, ICICI Lombard General Insurance