Bharti AXA Sandbox project gets IRDAI nod

The company said its two proposed products – usage-based motor insurance in the non-life category and short-term health insurance in the health segment – have been short-listed by the regulator for its Sandbox project.

Notably, the IRDAI has selected only 33 out of 173 applications under health, non-life and distribution segments for the Sandbox project, which allows insurers and technology companies to collaboratively experiment with new products along with unique customer proposition on a live audience under the supervision of the regulator. Sanjeev Srinivasan, MD-CEO, Bharti AXA General Insurance said: “As customers’ needs are ever-evolving, there has always been a demand for flexible and ‘Do It Yourself’ coverages from partners and customers alike. We are cognizant of this and always put their needs at the forefront of our innovations.”

“Our proposed products for the project cater to this need, and they are recent examples of our commitment towards customer centricity. With the launch of Sandbox, we would like to congratulate the IRDAI for the commendable momentum demonstrated towards this initiative.”.