From health profile-based pricing, use of wearable devices to ‘pay-as-you-drive’ and usage-based motor insurance as well as an Artificial Intelligence (AI)-driven automotive claims and collision estimation system, the Insurance Regulatory and Development Authority of India (IRDAI) has approved as many as 33 proposals to be implemented under a regulatory sandbox approach.
The approvals are time bound, for six months beginning February 1. The selection follow the regulator inviting proposals in September and receiving 173 proposals. An Evaluation Committee had evaluated the proposals related to health and motor insurance and from intermediaries and made recommendations to IRDAI.
“Under the powers granted to Chairman, IRDAI under Reg 6... , the Authority approves the following proposals under the Regulatory Sandbox,” a release on Tuesday said.
Among the health insurers proposals approved are a comprehensive wellness programme with wearable device; short-term and need-based insurance; and an app-monitored diabetes mellitus wellness programme. In the non-life segment, eight proposals pertain to a pay-as-you-drive under the private car policy own damage segment.
Audatex Solutions’ proposals for online salvage auction platform and automotive claims and collision estimation system, including on AI based have been approved.
Last year, announcing the formation of the evaluation committee, IRDAI had said the objective behind taking the regulatory sandbox route is to “recognise innovative ideas to foster growth in insurance sector, in a way that provides flexibility in dealing with regulatory requirements and at the same time ensuring policyholder protection.”
