Sandbox Insurance: How this regulatory reform would benefit customers

The insurance regulator has proposed the regulatory changes for encouraging the use of new technology as a part of the insurance sector.

The draft regulations for the creation of a regulatory sandbox was taken by the Insurance Regulatory & Development Authority of India (IRDAI) on May 18, 2019, to allow a conducive environment for insurtech and fintech companies to carry innovation in the insurance space.

The insurance regulator has proposed the regulatory changes for encouraging the use of new technology as a part of the insurance sector. The IRDAI has also constituted regulatory reforms for examining innovations in the use of wearable /portable devices in the insurance sector.