Rel Insurance gets IRDAI nod to test 9 products

New Delhi: Reliance General Insurance Company will soon roll out nine sandbox products to cater to the fast transforming customer requirement in the insurance sector.

The company has received sandbox approval for the nine products from the Insurance Regulatory and Development Authority of India (IRDAI) in one go in the 2nd cohort, the 4th largest private sector general insurer said.

The announcement is in line with the company's long-term goal of re-innovating and redefining the insurance sector to cater to the fast-transforming customer expectations in the digital age, it said in a release. The company said three of these products are from the telematics segment. Rest of the offerings are from the company's innovative product line designed to address customers' current and future policy requirements.

Reliance General Insurance Company is one of the most tech driven companies and it aims to introduce these pioneering product offerings to provide holistic insurance cover from a futuristic perspective, the company said.

Rakesh Jain, CEO, Reliance General Insurance Company Ltd., said: "The high approval rates on our sandbox applications from IRDAI is testament to the regulatory body's confidence in RGICL's innovation to address the evolving insurance requirements."

The pandemic has transformed the insurance landscape and elevated customer expectations. The approved nine sandbox products are designed to meet customer expectations through personalised offerings, Jain said.