Open House of IRDAI for Insurtech and Fintech Entities

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Open House of IRDAI for Insurtech and Fintech Entities

The insurance industry of India is evolving with the technology, now it uses Blockchain, machine learning for automated claim management, and personalised insurance pricing through the Internet of Things (IoT). To continue the development process of the insurance industry, IRDAI is coming up with a new initiative called Open House.

This step is taken to get ideas from Insurtech and Fintech companies to improve the services of the insurance industry. In the past year, many steps were taken such as a 100% cashless claim settlement, adding riders, and choosing nominees and tenure as per your requirements. Below, complete information is provided related to the Open House of IRDAI.

What is an Open House of IRDAI?

The Insurance Regulatory and Development Authority of India (IRDAI) conduct an Open House tentatively on the 15th of every month. This open house is for InsurTech and FinTech entities whose aim is to drive technological innovation and foster dialogues among the various domains of the insurance industry. 

The Open House will be conducted at the Head Office of IRDAI from 11 AM to 1 PM on the 15th of every month. If the 15th will be a holiday then the open house will be conducted on the next working day. In the absence of the Chairperson of IRDAI, the senior most whole-time member and the senior official of IRDAI will be present.

All interested Insurtech or Fintech entities can reach out to IRDAI at insurtech-mission@irdai.gov.in. Send mail with the subject “Open House for InsurTech/FinTech Entities” by the 10th of every month.You can also download the pdf file of official press release for IRDAI open house. Download PDF

What is Insurtech?

The word insurtech is made from two words: insurance and technology. The insurtech companies use technology to provide insurance services to policyholders to match up with the demand of the current market. Examples of Insurtech companies are PolicyBazaar, Acko General Insurance, InsuranceDekho, RenewBuy, and others. Are you also trying to open an Insuretech Company, if yes Apply for IRDAI License now. 

An insurtech works best for large companies and opens new ways to sell policies to policyholders. The dynamic insurance products, and their pricing, can be done without much effort. Also, with insurtech entities buying customized policies is possible.

Customers can access their insurance from smart devices and can pay the premium monthly, or yearly. Different options are available and the insured can choose any option as per their requirements. A separate dashboard is provided to check any updates or changes in policy. All of this is available in one place.

What is Fintech?

The Fintech word is made with two different words first is finance and another is technology. The fintech industry includes new technologies in products and services of the financial industry. 

This industry is serving both consumers and businesses in different ways. Work of industry includes mobile banking, cryptocurrency, investment apps, insurance and the list is endless. Some advancements are also used such as machine learning algorithms, blockchain, and data science.

Types of Fintech Companies

The following are the types of fintech companies:

• Consumer banking and investing
• Mobile payments
• Insurance tech
• Digital lending and leasing
• Budgeting apps

In the past years, the fintech industry has seen highs of growth and this is because it adopts new technologies. With the open house, IRDAI is doing the same, it is looking for suggestions to include in the industry and can make it more technology-oriented.

Objectives of Open House

The open house invites InsurTech or FinTech entities to provide solutions or ideas on various insurance-related activities. These ideas/ solutions help insurance companies to enhance the services provided to policyholders. This ultimately leads to a better customer experience.

Next, the objective is to increase insurance penetration in the country by implementing these solutions. With the use of technology, it becomes easy for companies to work on their other targets. So they can pay more attention to penetrating insurance in rural areas.

Open house provides an opportunity for Insurtech and Fintech entities to share their thoughts, and opinions on how to bring change in the insurance industry as per the new age. With the change in the industry, companies will provide better insurance services to policyholders across the nation. 

Conclusion

To conclude, the insurance industry is growing rapidly and technology is evolving within the industry. It is important for insurers to adopt these changes in the digital era. The government is also contributing to the penetration of insurance products across the country. The Ayushman Bharat Pradhan Mantri Yojana is an example of the government’s contribution. The aim of the scheme is to provide health services in every corner of the country. So, it is advisable for insurtech and fintech companies to contribute their suggestions and ideas in the open house.

People Also Read: Roles and Functions of IRDA in the Insurance Sector

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