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IRDAI hosts its inaugural hackathon, Bima Manthan 2022

IRDAI, the insurance regulator, in order to safeguard the interests of policyholders, has asked organisations to provide technologically advanced new solutions for automated death claim settlement, reducing miss-selling, and other components of the insurance ecosystem. The Insurance Regulatory and Development Authority of India (IRDAI) is accepting applications for Bima Manthan 2022, its inaugural hackathon, with the topic “Innovation in Insurance.”

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IRDAI Hackathon: Highlights

  • IRDAI in a statement, the hackathon invites participants to explore and develop ideas that have the potential to make insurance available to every individual in a seamless and quick way with the use of technology and defending the interests of the policyholders.
  • IRDAI, in order to stop the mis-selling of insurance products, has looked for creative ideas and tech-based solutions for automating death claim settlement.
  • IRDAI is also seeking technologically enabled solutions to identify uninsured motor vehicles, assure the issuing of necessary motor third party insurance, and technology-based distribution of insurance products, including microinsurance in “difficult terrains and less penetrable places.”

IRDAI: About Bima Manthan

  • Another subject chosen for Bima Manthan 2022 is the use of technology to reduce or prevent fraud in automobile insurance.
  • According to IRDAI, participants in Bima Manthan 2022 will get the chance to showcase their creative solutions in front of a distinguished jury and compete for enticing rewards.
  • Bima Manthan 2022 offers the winner the chance to work with an insurer (or insurers) on the winning project/platform, demo-day in front of insurers/intermediaries and other stakeholders, or direct admittance into the IRDAI Regulatory Sandbox regime.

Important takeaways for all competitive exams: 

  • IRDAI Founded: 1999;
  • IRDAI Headquarters: Hyderabad;
  • IRDAI Chairperson: Debasish Panda.

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