Insurance sector regulator IRDAI has formed a special working group that will be revisiting or analysing the product structures of engineering tariffs pertinent for the retail category keeping the continuous technological advancement in mind.
As directed by IRDAI, the nine member panel has been asked to revisit the product structures of the earlier engineering tariffs relevant for the retail category and make relevant recommendations for refurbishing them.
The regulator noted that in view of the continuous tech advancements, engineering insurance requirements are evolving simultaneously and therefore, Customer expectations pertaining to insurance are also changing significantly.
“There is a need to modify the current products under the engineering retail segment in line with the changing needs and demand,” said IRDAI in an order.
It further said, ”To revisit the engineering products (which are as per the erstwhile tariffs) for the retail segment”.
The panel has been recommended by the regulator to suggest appropriate standard products in alignment with advancements in technology for the retail segment.
The working group, chaired by R Chandrasekaran, former secretary general of GI Council, will be submitting its report within three months.