- Insurance Regulatory and Development Authority of India (IRDAI) invited entities to develop technology-driven innovative solutions for automated death claim settlement, curtail miss-selling, and other areas in the insurance sector.
- The application for the innovative solutions has been invited as part of IRDAIs first hackathon- Bima Manthan 2022 with the theme 'Innovation in Insurance'.
- IRDAI is looking for technology-enabled solutions for identifying uninsured motor vehicles and ensuring the issuance of mandatory third-party insurance and technology-based distribution of insurance products including micro insurance in less penetrable areas.
- Another area identified for Bima Manthan 2022 is fraud mitigation/prevention in motor insurance using technology. The participants in the hackathon will get a chance to exhibit their innovative solutions before an eminent jury and will receive exciting prizes.
- The winners of the hackathon will get an opportunity for direct entry into the IRDAI Regulatory Sandbox regime.
- Static Knowledge:
- IRDAI Chairperson - Debasish Panda
- IRDAI headquarters - Hyderabad
- IRDAI was formed - in 1999
Question:
Q.1 Which organization has launched its first hackathon called 'Bima Manthan-2022'?
a. SEBI
b. LIC
c. RBI
a. SEBI
b. LIC
c. RBI
d. IRDAI
