Standardisation of products not against innovation, says Irdai Chairman

Irdai chairman further said that these standard products will not be frozen in time

Standardisation of products is not against innovation, rather it will cater to the common needs of the customers, said Subhash Chandra Khuntia, chairman, Insurance Regulatory and Development Authority of India (Irdai), thereby allaying concerns expressed by some sections of the industry.

“We have come out with some standard products in the life and general insurance space. Some people feel that standardisation is against innovation, but let me tell you these standardised products are required to cater to the common needs of the customers”, he said, speaking at the National Insurance Academy Swiss Re Seminar.

He further said that these standard products will