Insurance Regulatory and Development Authority of India (IRDAI) is in process of digitizing the whole product filing and approval process. This will bring a huge sigh of relief to the Product Managers and Underwriters of Insurance companies.
As a rule, most of the insurance products have to be filed with the regulator and can be launched in the market once the regulator approves it. This process of filing the product is usually a lengthy process as there are several exchanges between the regulator and the insurance company. By taking the process online, the lag between these exchanges is expected to reduce considerably.
As per the regulator’s existing product approval process, the insurers file the new products in form of physical copies and any queries/concerns pertaining to the new product is replied offline. The new online process might reduce the to and fro between the insurer and regulator and help to expedite the product approval. Another purpose behind this digitalization is to track the product approval process real time. The whole process has been tested internally by the regulator and is expected go live in 3-6 months from now.
With the new online approval process, both parties will be aware with whom the product is lying and what action needs to be taken. The Regulator had conducted a training program to impart the new process and invited few officials from the insurance industry to attend the training program.
