An IRDAI working group on InsurTech has indicated support for the use of technology that aids in more scientific pricing of insurance policies and facilitates ease of business for both the insurer and the insured.
On the use of wearable and portable devices, the group said the devices must be first tested in a sandbox environment or on a pilot basis. Product pricing and premium review, the report said, could be based on inputs from data captured through the devices. The report favoured portability of data, which was obtained by consent, if the customer moves to another insurer.