Reliance General Insurance gets IRDAI approval to test 9 products

Reliance General Insurance Company will soon roll out nine sandbox products to cater to the fast transforming customer requirement in the insurance sector.

The company has received sandbox approval for the nine products from the Insurance Regulatory and Development Authority of India (IRDAI) in one go in the 2nd cohort, the 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 sector to cater to the fast-transforming customer expectations in the digital age, it said in a release.

The company said three of these products are from the telematics segment. Rest of the offerings are from the company's innovative product line designed to address customers' current and future policy requirements.

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

Rakesh Jain, CEO, Reliance General Insurance Company Ltd., said, "The high approval rates on our sandbox applications from IRDAI is testament to the regulatory body's confidence in RGICL's innovation to address the evolving insurance requirements."

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

"They are also modelled to address customers' current and futuristic requirements. We intend to take the customer experiences to the next level with these new-age offerings," he said.

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