“The hackathon invites participants to identify and develop solutions that have the potential to make the insurance available to every individual in a seamless and swift manner with the use of technology and protecting the interests of the policyholders,” the regulator said in a statement.
IRDAI has sought innovative ideas/solutions for automated death claim settlement using technology and tech-based solution to curtail miss-selling of insurance products
The regulator is also looking for technology-enabled solutions to identify uninsured motor vehicles and ensure issuance of mandatory motor third party insurance, and technology-based distribution of insurance products, including micro insurance in “difficult terrains and less penetrable areas”.
Fraud mitigation/ prevention in motor insurance by using technology is another area identified for Bima Manthan 2022.
IRDAI said the participants of Bima Manthan 2022 will get an opportunity to exhibit their innovative solutions before an eminent jury and win exciting prizes.
Bima Manthan also provides an opportunity to the winner for direct entry into the IRDAI Regulatory Sandbox regime; demo-day in front of insurers/intermediaries and other stakeholders; or collaboration with insurer(s) on the winning project/platform.
Registration for the hackathon starts from Tuesday, the regulator said.