To promote technological innovation in the insurance industry, the Insurance Regulatory and Development Authority of India (IRDAI) has announced the launch of an Open House for InsurTech/FinTech entities, according to a press release issued by IRDAI on Tuesday. The objective is to encourage dialogue and collaboration, seeking effective and seamless solutions that will enhance various insurance-related activities and improve services for policyholders.
Platform For Collaboration & Leveraging Technology
The Open House invites suggestions from InsurTech/FinTech entities to address challenges in the insurance sector and explore innovative ideas. The aim is to leverage technology to boost insurance penetration in the country and ultimately provide better services to policyholders.
Scheduled to take place from 11 am to 1.00 pm on the 15th of every month at the IRDAI head office, the Open House will serve as a platform for industry experts and stakeholders to share their insights. In case the 15th falls on a holiday, the event will be held on the next working day, ensuring maximum participation.
The IRDAI chairperson or in its absence, the senior most whole-time member, along with senior officials of the organisation, will participate in the Open House to facilitate discussions and collaborations. This presents a unique opportunity for InsurTech/FinTech entities to engage directly with the regulatory body and contribute to the advancement of the insurance sector.
All InsurTech/FinTech entities are encouraged to seize this initiative and bring forth innovative and pragmatic solutions for the seamless delivery of insurance services to policyholders. By leveraging the power of technology, these entities can play a pivotal role in transforming the insurance landscape and enhancing customer experience.
Says Shilpa Arora, co-founder and chief operations officer (COO), Insurance Samadhan, an online portal for the resolution of insurance-related issues: “We welcome the initiative taken by IRDAI to hold an open house for insurance technology and financial technology companies on the 15th of every month. This step reflects the regulatory body's commitment to fostering innovation and collaboration within the insurance industry. Such open forums provide an excellent opportunity for insurtech and fintech companies like ours to engage directly with IRDAI, share insights, and address any regulatory challenges we may face."
Participation & Registration
To participate in the Open House, interested entities are required to register their interest by emailing insurtech-mission@irdai.gov.in. The subject of the email should be “Open House for InsurTech/FinTech Entities.” The deadline for registration is the 10th of every month, ensuring ample time for entities to express their interest and prepare for the event.
The Open House represents a significant step toward fostering collaboration between InsurTech/FinTech entities and the IRDAI. By working together, these stakeholders can harness technological innovation to tackle industry challenges and drive the growth of the insurance sector. The Open House initiative highlights the regulatory authority's commitment to staying at the forefront of advancements and ensuring a favourable environment for innovation and development.
As the insurance industry continues to evolve rapidly, embracing technology and encouraging partnerships with InsurTech/FinTech entities will be crucial for insurers to thrive in the digital age. The Open House provides an ideal platform for collaboration and dialogue, enabling the industry to unlock new opportunities and deliver enhanced services to policyholders across the nation.
