Reliance General Insurance Company Ltd. (RGICL)-a part of Reliance Capital, announced it is soon coming out with 9 sandbox products to meet evolving consumer needs.
The Company has already received sandbox approval for the 9 products from Insurance Regulatory and Development Authority of India (IRDAI) in one go in the second cohort. The announcement is in line with the Company’s long-term goal of re-innovating and redefining the insurance sector to cater to the fast-transforming customer expectations in the digital age, according to a company statement.
Three out of the nine products are from the telematics segment, while the rest of the offerings are from the Company’s product line designed to address customers’ current and future policy requirements.
With 75 percent sandbox applications being approved in the first cohort and 50 percent in the second cohort by the regulator, RGICL is amongst the few companies with highest sandbox approval rates in the country, strengthening its position as an innovator of the industry, it said.
Rakesh Jain, CEO, Reliance General Insurance Company Ltd., said, “The approved nine sandbox products are designed to meet customer expectations through personalised offerings. They are also modelled to address customers' current and futuristic requirements. We intend to take the customer experiences to the next level with these new-age offerings.”
