Set up core ‘sandbox committee’ to promote digi innovations: IRDAI panel

An expert panel has suggested the Insurance Regulatory and Development Authority of India (IRDAI) to set up a core ‘Sandbox Committee’ to promote digital innovation in the sector while safeguarding the interest of policyholders. A sandbox approach means experimenting and learning before finally adopting a technology or system. This helps in containing the impact of failures.
Set up core ‘sandbox committee’ to promote digi innovations: IRDAI panel

New Delhi

The IRDAI had set up the 10-member expert panel to come out with a consultation paper on regulatory sandbox approach to enable testing of products in a controlled environment so that the industry could keep pace with the fast-evolving financial technology (fintech).

“IRDAI should create a core Sandbox Committee having dedicated personnel to monitor and supervise the digital innovation activities, and provide support and advisory to the applicants as envisaged in the draft guidelines,” said the report.

The core sandbox committee would facilitate roll-out of the experiments and seek to provide the ecosystem required for the experimentation. The purpose of the regulatory sandbox is to foster growth and increase the pace of the most innovative companies, in a way that provides InsurTech (technology-led insurance firms) in particular and the fintech sector as a whole with flexibility in dealing with regulatory requirements and at the same time focussing on policyholder protection, the report said.

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