ICICI Lombard has received the final clearance from Insurance Regulatory and Development Authority (IRDAI) for five innovative applications and programmes in its health and motor portfolio under the Sandbox Project.
This is the highest number of proposal clearance given to any company under the Insurance Regulatory and Development Authority (IRDAI) introduced project. ICICI Lombard will pilot the five proposals during February 1 to July 31. ICICI Lombard General Insurance is the only insurer to bag approvals on the features aimed on diabetes and cholesterol. This ensures a more comprehensive plan proposition for health insurance consumers, it said in a statement.
A customer who opts for these programmes will now be offered a disease management application along with a nutritionist counselling for diet as well. The programme permits tech-based mobile application and monitoring services to bring out the best of an insured individual.
A customer who shows a good behaviour by following a diet and a fitness regime will now be rewarded by wellness points and this entire process will be monitored through the mobile application.
In the case of Pay-As-You-Use (PAYU) and Pay-How-You-Use (PHYU) policies meant for private cars, the insured will get an option to pay their premiums on the basis of distance covered during whole driving or by computing the driving behaviour.
The Motor Floater policy will be offered with an option for customers to have a single policy for multiple vehicles by having different sub-limits for each vehicle.
“The Sandbox route is a progressive step by the regulator to facilitate innovation in the insurance sector,” said Sanjay Datta, chief of underwritings, claims and reinsurance with ICICI Lombard General Insurance.
“We look forward to offer consumer differentiated and convenient experience through these new-age offerings.”