IRDAI Approves GOQii, Motor Floater Under Regulatory Sandbox

Mumbai, January 17: Insurance Regulatory and Development Authority of India (IRDAI) received 173 proposal during September and October 2019 and the regulator has approved 33 proposals under the Regulatory Sandbox. The approved products could be launched as pilot from 1 February, 2020 to 31 July, 2020 as per the IRDAI’s guidelines. 

GOQii is a smart-tech enabled, integrated preventive healthcare that provides an end-to-end healthcare and wellness experience for users. It offers a wearable fitness band with a mobile-app, and personalised remote coaching. 

Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance said, “I believe that healthy lifestyle individuals with health insurance increases the life expectancy of a person. Under the co-pay model, we are associating with GOQii wherein based on the engagement level of insured on the health platform offered by GOQii the percentage of their co-pay will be decided”.

For instance, Max Bupa Health Insurance has entered into an exclusive three-way partnership with fitness technology player GOQii and global reinsurance giant Swiss Re is an attempt towards creating a health and fitness brand that offers digitally enabled and holistic wellness solutions, tailor-made to meet the evolving health needs of digital savvy customers. 

The regulator also approved pay as you drive and motor floater. In India the premium for a motor insurance policy for the own damage part is based on the age, make and model of the vehicle.

“Pay as you consume, model will help us change this and charge premium based on kilometres utilised by the insured or the amount of time they intend to drive the car. This will encourage more people to opt for motor own damaged insurance since majority of the vehicles only have third party liability policy as mandated by law,” added Singhel.

List Of Approved Products Under The Regulatory Sandbox