IRDAI organises hackathon, invites innovative solutions for insurance sector

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 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”.