Insurance regulator IRDAI Invites entities to develop technology-driven innovative solutions for automatic death claim settlement, mis-selling, and other areas of the insurance ecosystem with the aim of protecting the interests of policyholders. Applications are invited by the Insurance Regulatory and Development Authority of India (IRDAI) as part of its first hackathon organized , insurance brainstorming 2022 – with the theme ‘Innovation in Insurance’.

“The hackathon invites participants to identify and develop solutions that have the potential to make insurance available to everyone with the use of technology and protect the interests of policyholders,” the regulator said in a statement.

IRDAI has sought innovative ideas/solutions for automatic death claim settlement using technology and technology-based solutions to reduce mis-selling of insurance products.

The regulator is also exploring technology-enabled solutions to ensure the identification and issuance of uninsured motor vehicles Mandatory Motor Third party insurance, and the technology-based distribution of insurance products, including micro-insurance in “hard-to-reach areas and less penetrable areas”.

Fraud mitigation/prevention in motor insurance using technology is another area identified for Bima Manthan 2022.

IRDAI said that the participants of Bima Manthan 2022 will get an opportunity to showcase their innovative solutions before an eminent jury and win exciting prizes.

Bima Manthan also provides an opportunity to the winner to enter directly into the IRDAI regulatory sandbox regime; Demo-day in front of insurers/intermediaries and other stakeholders; or collaboration with the insurer(s) on the winning project/platform.

The regulator said that the registration for the hackathon will start from Tuesday.