The Insurance Regulatory and Development Authority of India (IRDAI) is operating on the guidelines for ‘sandbox’ method that shall allow insurance ompanies to test their products in a particular geography or among a set of few policyholders before they are made available in the market for policy holders.
Industry participants suppose that the move will further lead to innovation in many insurance products. Along with this, Insurance regulator have also asked insurance companies to emerge with long term health insurance policies, which are presently available in two wheeler and four wheeler insurance.
The regulator has also permitted LIC to increase its stake up to 51% in the bank on provision that it should safeguard policy holder’s interest. But according to the rules, insurers cannot hold more than 15% stake in any listed entity.
Insurance industry in India is only 3.69% of the gross domestic product (GDP) as against the global average of 6.2%. Expressing concern over this lower penetration of insurance industry in the country, the regulator advised the industry to further spread awareness among the general public about the significant importance of insurance, especially among younger generation.
At present, there are about 780 life insurance and over 1,000 general insurance products that are being sold in the market for individuals and for groups. This will definitely help companies to achieve a better success rate with their products. According to industry estimates, at present two out of every 10 new products that are filed, fail to make their mark in market.
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