New Delhi: Reliance General Insurance Company Will soon introduce nine sandbox products to meet the rapidly changing needs of customers in the insurance sector.
The company has received sandbox approval for nine products from the Insurance Regulatory and Development Authority of India (irdai) in the second group at once, said the fourth-largest private sector general insurer.
The announcement is in line with the company’s long-term goal of re-innovating and redefining the insurance sector to meet the rapidly changing customer expectations in the digital age, it said in a release.
The company said that three of these products are from the telematics segment. The rest of the offering is from the company’s innovative product line which is designed to meet the current and future policy requirements of the customers.
Reliance General Insurance Company is one of the most technology driven companies and aims to introduce these pioneering product offerings to provide holistic insurance cover with a futuristic outlook, the company said.
Rakesh Jain, CEO, Reliance General Insurance “The high approval rate on our sandbox applications from Irdai is a testimony to the regulatory body’s confidence in RGICL’s innovation to meet the emerging insurance needs,” the company said.
The pandemic has changed the insurance landscape and raised customer expectations. Jain said the approved nine sandbox products are designed to meet customer expectations through personalized offerings.
“They are also tailored to meet the current and future requirements of the customers. We intend to take the customer experience to the next level with these new age offerings,” he added.
Regulatory sandbox (RS) usually refers to the live testing of new products or services in a controlled/tested regulatory environment for which the regulator may (or may not) allow some leeway for the limited purpose of testing.
RS allows regulators, innovators, financial service providers and customers to conduct field tests to gather evidence on the benefits and risks of new financial products and services.
The company has received sandbox approval for nine products from the Insurance Regulatory and Development Authority of India (irdai) in the second group at once, said the fourth-largest private sector general insurer.
The announcement is in line with the company’s long-term goal of re-innovating and redefining the insurance sector to meet the rapidly changing customer expectations in the digital age, it said in a release.
The company said that three of these products are from the telematics segment. The rest of the offering is from the company’s innovative product line which is designed to meet the current and future policy requirements of the customers.
Reliance General Insurance Company is one of the most technology driven companies and aims to introduce these pioneering product offerings to provide holistic insurance cover with a futuristic outlook, the company said.
Rakesh Jain, CEO, Reliance General Insurance “The high approval rate on our sandbox applications from Irdai is a testimony to the regulatory body’s confidence in RGICL’s innovation to meet the emerging insurance needs,” the company said.
The pandemic has changed the insurance landscape and raised customer expectations. Jain said the approved nine sandbox products are designed to meet customer expectations through personalized offerings.
“They are also tailored to meet the current and future requirements of the customers. We intend to take the customer experience to the next level with these new age offerings,” he added.
Regulatory sandbox (RS) usually refers to the live testing of new products or services in a controlled/tested regulatory environment for which the regulator may (or may not) allow some leeway for the limited purpose of testing.
RS allows regulators, innovators, financial service providers and customers to conduct field tests to gather evidence on the benefits and risks of new financial products and services.
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