Insurance sector revamp: IRDAI invites ideas for automated death claim settlement

Insurance regulator IRDAI has invited entities to develop technology-driven innovative solutions for automated death claim settlement, curtail miss-selling, and other areas of the insurance ecosystem, with an aim to protect the interest 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 -- with the theme 'Innovation in Insurance'.

"The hackathon invites participants to identify and develop solutions that have the potential to make the insurance available to every individual in a seamless and swift manner with the use of technology and protecting the interests of the policyholders," the regulator said in a statement.

IRDAI has sought innovative ideas/solutions for automated death claim settlement using technology and tech-based solution to curtail miss-selling of insurance products

The regulator is also looking for technology-enabled solutions to identify uninsured motor vehicles and ensure issuance of mandatory motor third party insurance, and technology-based distribution of insurance products, including micro insurance in "difficult terrains and less penetrable areas".

Fraud mitigation/ prevention in motor insurance by using technology is another area identified for Bima Manthan 2022.
IRDAI said the participants of Bima Manthan 2022 will get an opportunity to exhibit their innovative solutions before an eminent jury and win exciting prizes.

Bima Manthan also provides an opportunity to the winner for direct entry into the IRDAI Regulatory Sandbox regime; demo-day in front of insurers/intermediaries and other stakeholders; or collaboration with insurer(s) on the winning project/platform.

Registration for the hackathon starts from Tuesday, the regulator said.