Irdai to hold open house for insurtech, fintech on 15th of every month

Regulator Irdai will hold an open house for the insurtech and fintech companies on 15th of every month to look at bringing in more innovation ideas for the insurance sector.

The open house is intended to invite suggestions from them to provide effective and seamless solutions and ideas to various insurance related activities, which would help insurance companies to provide better services to policyholders, it said.

"It is expected that the solutions/ideas would help in increasing the insurance penetration in the country," the Insurance Regulatory and Development Authority of India (Irdai) said in a statement.

The open house would be held at the Head Office of Irdai in Hyderabad from 11.00 AM to 1.00 PM on 15th of every month, it said, adding that if 15th happens to be a holiday, the open house will be held on the next working day.

Further, the regulator said Irdai's Chairperson (in his/her absence, the senior most Whole-time Member) along with senior officials will be present at the open house.

It has asked the insurtech/fintech entities to make use of the initiative and bring in innovative and pragmatic solutions for seamless delivery of insurance services to the policyholders.