About - Sandbox IRA-UG

ABOUT SANDBOX

The IRA Insurance Regulatory Sandbox is a dynamic and pioneering platform that was created in December 2020, to provide a controlled environment that encourages experimentation, while safeguarding consumer protection and regulatory compliance.

It recognizes the transformative potential of emerging technologies and is committed to promoting a thriving ecosystem of innovation within the insurance sector, and aims to serve as a catalyst for the development and testing of groundbreaking concepts, products, and services, empowering insurance entities to explore uncharted territories and unearth new possibilities.

FUNCTIONS OF THE IRA INSURANCE REGULATORY SANDBOX

To provide insurance incubator services.
To provide insurance accelerator programs.
To review and approve solutions, products and services for testing in the insurance market.
To carry out or undertake trainings and other mentorship programs for innovator.
To make recommendations to the Authority product approval committee for approval of an insurance product or an innovation which has been in the sandbox.
To identify and recruit innovative entrepreneurs.

KEY OBJECTIVES OF THE IRA INSURANCE REGULATORY SANDBOX

To provide a controlled environment that encourages experimentation, while safeguarding consumer protection and regulatory compliance.
To foster a culture of innovation, collaboration, and inclusion.
To create an ecosystem that not only drives economic growth but also enhances the resilience and inclusivity of insurance services for all stakeholders.
To generate Products/Solutions that bridge the relevant gaps in the market.
To produce thought leadership around insurance innovation and Inclusion.
To provide an ecosystem that is supportive for market growth and Innovation.