Business insurance

Reliance General Insurance obtains IRDAI approval to test 9 products

Reliance General Insurance Company will soon launch nine sandbox products to meet the rapidly changing needs of customers in the insurance industry.

Company received sandbox approval for all nine products from Insurance Regulatory and Development Authority of India (IRDAI) in one go in 2nd cohort, 4th largest private sector general insurer said .

The announcement is in line with the company’s long-term goal of re-innovating and redefining the insurance industry to meet the expectations of rapidly changing customers in the digital age, he said in a statement. communicated.

The company said three of those products came from the telematics segment. The remainder of the offerings come from the company’s innovative product line designed to meet current and future customer requirements.

Reliance General Insurance Company is one of the most tech-driven companies and aims to introduce these pioneering product offerings to provide holistic insurance coverage from a futuristic perspective, the company said.

Rakesh Jain, CEO of Reliance General Insurance Company Ltd., said: “The high approval rates of our IRDAI sandbox applications are a testament to the regulator’s confidence in RGICL’s innovation to meet the requirements. constantly evolving in terms of insurance. “

The pandemic has transformed the insurance landscape and raised customer expectations. The nine approved sandbox products are designed to meet customer expectations through personalized offerings, Jain said.

“They are also modeled to meet current and futuristic customer needs. We intend to take the customer experience to the next level with these new-age offerings,” he said.

Regulatory sandbox (RS) generally refers to live testing of new products or services in a controlled regulatory / testing environment for which regulators may (or may not) allow certain relaxations for the limited purpose of testing.

SR enables the regulator, innovators, financial service providers and customers to conduct field tests to gather evidence on the benefits and risks of new financial products and services.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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