Reliance General Insurance will soon introduce nine sandbox products to meet the rapidly shifting customer requirements of the insurance industry.
The company has secured the protection fund approval for the nine products from the Insurance Regulatory and Development Authority of India (IRDAI) in one go in the second batch, according to the fourth largest general insurer in the private sector.
The announcement was in line with the company’s long-term goal of reinventing and redefining the insurance industry to meet the expectations of customers in the rapidly shifting digital age.
Three of these products are from the information technology sector, the company said. The rest of the offerings are from the company’s innovative product line designed to meet the current and future policy requirements of customers.
The company said Reliance General Insurance is one of the most technology-driven and aims to offer these ground-breaking product offerings to provide comprehensive insurance coverage from a forward-looking perspective.
Rakesh Jain, CEO of Reliance General Insurance Company Ltd. , “The high approval rates for IRDAI security applications are a testament to the regulator’s confidence in RGICL’s innovation to meet evolving insurance requirements.”
The pandemic has changed the insurance landscape and raised customer expectations. Jin said the nine approved sandbox products are designed to meet customer expectations through personalized offerings.
“It has also been designed to meet current and future customer requirements,” he said. “We intend to take customer experiences to the next level with these new age offerings.”
Regulatory sandboxing (RS) usually refers to the direct testing of new products or services in a controlled/tested regulatory environment which may (or may not allow) regulators some relaxation for the limited purpose of testing.
RS allows the regulator, innovators, financial service providers, and customers to conduct field tests to gather evidence about the benefits and risks of new financial products and services.
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