Reliance General Insurance Company Ltd. (RGICL), 4th largest private general insurance company in the country, announced that 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 2nd cohort. The announcement is in line with the Company’s long-term goal of re-innovating & redefining the insurance sector to cater to the fast-transforming customer expectations in the digital age.
Three out of the nine products are from the telematics segment, while the rest of the offerings are from the Company’s innovative product line designed to address customers’ current and future policy requirements. Being one of the most tech-driven insurance companies, RGICL aims to introduce these pioneering product offerings to provide holistic insurance cover from a futuristic perspective.
With 75% sandbox applications being approved in the 1st cohort and 50% in the 2nd 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.
On the announcement occasion, Rakesh Jain, CEO, Reliance General Insurance Company Ltd., said, “The high approval rates on our sandbox applications from IRDAI is testament to the regulatory body’s confidence in RGICL’s innovation to address the evolving insurance requirements. The pandemic has transformed the insurance landscape and elevated customer expectations. 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.”
The insurance industry has undergone a significant transformation, resulting in an increased demand for customised & sachet products and an instantaneous approach. RGICL, with its offerings, is all set to meet these requirements by redefining the insurance industry.