9 sandbox approved products soon to be launched by Reliance General Insurance
To accommodate changing consumer expectations, Reliance General Insurance Company Ltd. (RGICL) has announced the launch of nine sandbox products.
In the second batch, the company gained sandbox clearance for nine products in one go from the Insurance Regulatory and Development Authority of India (IRDAI).
According to a press release, the news is in keeping with the company’s long-term mission of re-innovating and reinventing the insurance business to meet rapidly changing client expectations in the digital era.
Three of the nine items are from the telematics category, while the rest are from the Company’s unique product line, which is geared to meet clients’ present and future policy needs. RGICL, being one of the most technologically advanced insurance organisations, intends to launch these ground-breaking product solutions in order to provide comprehensive insurance coverage from a future standpoint.
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.”
RGICL is one of the few firms in the country with the highest sandbox approval rates, with 75 percent in the first cohort and 50 percent in the second cohort being allowed by the regulator, bolstering its position as an industry pioneer.
The insurance sector has experienced a major shift, leading in a higher need for tailored and innovative products, as well as a quick response time. RGICL is poised to satisfy these needs by revolutionising the insurance sector with its services.
