IRDAI gives nod to Motor Floater Under Regulatory Sandbox

Between September and October 2019, IRDAI has invited applications for the regulatory Sandbox. The regulator received 173 proposals of which it has approved 33, amongst them which stands out is the proposal to bring motor floater policy. ICICI Lombard General Insurance Co. Ltd, Reliance General Insurance and Edelweiss General Insurance likely to plan this product soon. Edelweiss General Insurance’s sandbox product is an innovative app-based floater policy, which would let policyholders to cover any damage to their vehicles based on usage, said Shanai Ghosh, CEO and executive director, Edelweiss General Insurance Co Ltd. The policy would cover multiple vehicles in one, which saves time and any hassle involved in buying multiple policies for multiple vehicles. “Premiums will be charged as per usage. This simply means that the customer has the flexibility of adding and deleting vehicles as required on the app. The insurance cover can be switched on or off as per the requirement of the customer,” added Ghosh.