To safeguard policyholder interests, the insurance industry’s regulatory body, IRDAI, has issued an invitation to companies to provide technologically advanced new solutions for automated death claim settlement, reducing miss-selling, and other components of the insurance ecosystem.
The Insurance Regulatory and Development Authority of India (IRDAI) is accepting applications for Bima Manthan 2022, its first hackathon, with the topic “Innovation in Insurance.” The regulator stated in a statement that the hackathon “invites participants to explore and develop ideas that have the potential to make insurance available to every individual in a seamless and quick way with the use of technology and protecting the interests of the policyholders.
In order to stop the miss-selling of insurance products, IRDAI has looked for creative ideas and tech-based solutions for automating death claim settlement. The regulator is also seeking technologically enabled solutions to identify uninsured motor vehicles, assure the issuing of necessary motor third party insurance, and technology-based distribution of insurance products, including microinsurance in “difficult terrains and less penetrable areas.”
Another area chosen for Bima Manthan 2022 is the use of technology to reduce or prevent fraud in motor insurance. Participants in Bima Manthan 2022 will get the chance to showcase their creative solutions in front of a distinguished jury and compete for enticing rewards, according to IRDAI.
In addition, Bima Manthan offers the winner the chance to work with an insurer (or insurers) on the winning project/platform, demo-day in front of insurers/intermediaries and other stakeholders, or direct entry into the IRDAI Regulatory Sandbox regime. The regulator said that registration for the hackathon begins on Tuesday.