Insurance regulator IRDAI has invited entities to develop innovative technology-driven solutions for automated claims settlement in the event of death, reduction of missed sales and other areas of the insurance ecosystem, in the purpose of protecting the interests of policyholders.
Applications have been invited by the Insurance Regulatory and Development Authority of India (IRDAI) as part of its first hackathon – Bima Manthan 2022 – themed “Innovation in Insurance”.
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“The hackathon invites participants to identify and develop solutions that can make insurance accessible to every individual in a transparent and timely manner through the use of technology and the protection of the interests of policyholders,” the regulator said. in a press release.
IRDAI researched innovative ideas/solutions for automated claims settlement in the event of death using technology and a technology-based solution to reduce the missed sale of insurance products and distribution based on the insurance product technology, including microinsurance in “difficult terrain and less penetrable areas”.
Mitigating/preventing auto insurance fraud using technology is another area identified for Bima Manthan 2022.
IRDAI said attendees of Bima Manthan 2022 will have the opportunity to showcase their innovative solutions in front of a distinguished jury and win exciting prizes.
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Bima Manthan also offers the winner the opportunity to enter directly into the IRDAI Regulatory Sandbox regime; demonstration day in front of insurers/intermediaries and other stakeholders; or collaboration with the insurer(s) on the winning project/platform.
Registration for the hackathon begins from Tuesday, the regulator said.