Irdai to hold open house for Insurtech, Fintech companies on the 15th of every month

24 May 2023 , 09:34 AM

Every 15th of the month, the regulator Irdai will host an open house for insurtech and fintech businesses to explore bringing in additional innovation ideas for the insurance industry. 

According to the announcement, the open house aims to solicit their views and proposals for practical and smooth answers to a variety of insurance-related problems. This will enable insurance companies to offer policyholders better services.

The Insurance Regulatory and Development Authority of India (Irdai) issued a statement saying, ‘It is anticipated that the solutions and ideas would help in increasing the insurance penetration in the country.’

Every month on the 15th, from 11 AM to 1 PM, the Irdai Head Office in Hyderabad would host an open house. If the 15th falls on a holiday, the open house would take place the following day.

The regulator further mentioned that senior officials and Irdai’s Chairperson (or, in his/her absence, the senior most Whole-Time Member) would be present during the open house.

It has urged the insurtech and fintech companies to take advantage of the initiative and offer workable solutions for the smooth provision of insurance services to customers.

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