NEW DELHI, Feb 17: An expert panel has suggested to insurance regulator IRDAI to set up a core ‘Sandbox Committee’ to promote digital innovation in the sector while safeguarding the interest of policyholders.
Loosely defined, a sandbox approach means experimenting and learning before finally adopting a technology or system. This approach helps in containing the impact of failures.
The Insurance Regulatory and Development Authority of India (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 of the expert panel. (PTI)
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