Irdai crowdsources names for insurance policies

Regulator Irdai has invited the public to come up with names for three insurance policies keeping in view the needs and aspirations of the target group.

The Insurance Regulatory and Development Authority of India (Irdai) has sought names for standard products for dwellings and small businesses in the segment of ‘Standard Fire and Special Perils’.

It has announced an award of Rs 10,000 each and a citation for suggesting appropriate names. The names should convey the objective of the policy which is to provide a protective shield to dwelling units and small businesses from catastrophic events, largely floods.

“Recognising the importance of having appropriate names for the proposed standard products that would appeal to the targeted individuals/entities, the Authority…invites suggestions from the public for suitable names for the products. “While suggesting names, relevance, simplicity and ease of recall may be kept in mind in addition to the Pan-India usage,” it said.

The three policies for which names are being sought are — policy covering dwellings for any sum insured; policy covering micro commercial entities having value at risk at any one location not exceeding Rs 5 crore; and policy covering small commercial entities that have value at risk not exceeding Rs 50 crore across all insurable asset classes at any one location.

Participants are required to send their entries to Irdai by July 10. Earlier this week, it named the policy relating to the treatment of COVID-19 as ‘Corona Kavach Policy’.

Meanwhile, Irdai has issued an advisory on COVID 19-related phishing attack campaigns. Phishing refers to data theft by internet attackers posing as accredited entities.

The Indian Computer Emergency Response Team (CERT-In) had recently issued an advisory to guard against large-scale phishing attacks against Indian individuals and businesses. All insurers and regulated entities are advised to alert their staff to exercise extreme caution to prevent any such malicious activities, Irdai said.

Source: Financial Express