IRDAI approves ICICI Lombard to pilot five projects under Sandbox
ICICI Lombard has received approval from Insurance Regulatory and Development Authority of India’s (IRDAI) to pilot five innovative applications and programs in its health and motor portfolio under the Sandbox Project. ICICI Lombard is to pilot the five proposals from February 1, 2020 to July 31, 2020. This is the highest number given to any company under the IRDAI introduced project.
The insurer has secured approval for APP Monitored Diabetes Mellitus Wellness Program, APP Monitored Dyslipidaemia Management Program under the health insurance portfolio, Pay As You Use (PAYU) policies for Private Car, Pay How You Use (PHYU) policies for Private Car and Single owner multiple vehicle (Motor floater policy).
This methodology allows insurers to launch and test a product with a select group of people for a period of six months, after which, on the basis of the results of the pilot run and the feedback, it will be launched commercially for the public.