IRDAI Bima Manthan 2022

“Bima Manthan 2022” is being organised by ‘Insurance Regulatory and Development Authority of India (IRDAI)’. This is the first hackathon and is being organised under theme- “Innovation in Insurance”. The hackathon has called participants to identify and develop solutions having potential to make insurance available to every individual swiftly and seamlessly.

In the Bima Manthan 2022, IRDAI has called for technology driven innovative ideas or solutions to solve the understated problems in Insurance sector;

• Automated Death Claim settlement using technology.
• Tech-based solution to curb mis-selling of Insurance products.
• Tech enabled solution to identify uninsured motor vehicles as well as to ensure mandatory issuance of Motor Third Party Insurance.
• Distribution of insurance products in difficult terrains and less penetrable areas of country, by using technology.
• Prevention or mitigation of Fraud in motor insurance by using technology.

Participants of Bima Manthan 2022 will get an opportunity to present their innovative solutions to eminent jury and win prizes. It will also provide an opportunity for the Winner to:

• Directly enter into IRDAI Regulatory Sandbox regime
• Present demo to Insurers or Intermediaries and other Stakeholders
• Collaborate with Insurer on the winning project or platform.

Winner of the Bima Manthan 2022 will receive Rs 20 Lakh, 1^st Runner-up will get Rs 15 lakh while 2^nd Runner-up will get Rs 10 Lakh.

Month: Current Affairs - August, 2022

Category: Important Days & Events Current Affairs