Hydearabad:
Even as the regulator IRDAI has approved 33 proposals out of 173 projects related to Health, Motor and Intermediaries under its innovative regulatory sandbox project, ICICI Lombard General Insurance has bagged the maximum projects- five- in the scheme.
All approved products have been filed by filed by 14 general insurers and Audatex Audatex, an automotive claims and collision repair estimation platform.
An eight-member evaluation committee headed by IIT Bangalore director S Sadagopan was in charge of scrutinizing these applications., has chosen the proposals.
According to the Sandbox guidelines, the products by the insurers will be launched only as a pilot and the period for launch and completion is from February 1, 2020 to 31st July 2020.
ICICI Lombard General Insurance has the largest number of its regulatory sandbox proposals relating to Health, Motor approved In health segment, the insurer’s APP Monitored Diabetes Mellitus Wellness Program and APP monitored Dyslipidemia Management Program have been approved,
In distribution, Audatex Solutions P has bagged all the three projects.
Solutions ranging from Wearable Fitness Tracker to Usage-based Motor insurance and even the use of AI for automatic claim settlements were chosen by the IRDAI.
Some of the other general insurers who have received regulatory approvals for their regulatory sandbox projects are- Religare Health Insurance, Bharti Axa General Insurance Co Ltd, Kotak Mahindra General Insurance, TATA AIG General Insurance, SBI General Insurance, Acko General Insurance Ltd, Liberty General Insurance Ltd, Reliance General Insurance Co, Edelweiss General Insurance.
Bajaj Allianz General Insurance has bagged two products:Co-Pay model in health insurnace category and Usage based Motor insurance)Pay as you Drive _ Private Car Policy_ Own Damage Section)
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “We welcome the approval from IRDAI on our proposals related to ‘co-pay’ under health insurance and ‘pay as you consume’ for motor insurance.Under the co-pay model, we are associating with GOQii wherein based on the engagement level of insured on the health platform offered by GOQii the percentage of their co-pay will be decided.
Additionally,in India the premium for a motor insurance policy for the own damage(OD) part is based on the age, make and model of the vehicle. ‘Pay as you consume’ model will help us change this and charge premium based on kilometres utilised by the insured or the amount of time they intend to drive the car. This will encourage more people to opt for Motor OD insurance since majority of the vehicles only have Third Party Liability policy as mandated by law.
Under sandbox guidelines, Reliance General Insurance has also introduced the all new IRDAI approved ‘Motor Floater Policy’.The Motor Floater enables coverage of multiple vehicles owned by a customer under a single policy. The sum insured will be defined according to the value of the higher sum insured vehicle and the customers will also have the option to add or delete vehicles under this policy.
With focus on customer centricity is the product offers to make the customer’s life simpler and more convenient.The motor floater policy entails documentation for multiple policies under one umbrella policy, which helps save time, reduces hassle and paperwork for policyholders.The single floater policy also provides ease of usage to policyholders as all communication and personal details can be clubbed under this one policy.
Any information can be changed any time in one go if the need arises. Additionally, policyholders can choose to enter or exit the policy as per needs and their will.
Commenting on this announcement, Rakesh Jain, CEO, Reliance General Insurance said, “A multi-motor floater coverage model has the potential to achieve mass penetration of motor insurance in India. It enables the policyholder to manage multiple policies with just a single cover and is therefore, easy and convenient to use.”
Regulatory sandbox (RS) usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing.The RS approach can be used to carve out a safe and conducive environment to experiment with innovative approaches (including Fin-Tech solutions), and where the consequences of failure, if any, can be contained, the regulator said.
For the IRDAI sandbox, an applicant should have a net worth of Rs 10 lakh and a proven financial record of at least one year.