A year after mandating three-hour cashless claim settlement, the Insurance Regulatory and Development Authority of India (IRDAI) still struggles to make digital reform a reality. The contrast with SEBI’s embrace of technology for the development of India’s capital markets could not be starker.

The Global Benchmark: Across advanced jurisdictions, insurance regulators have made technology the backbone of modern supervision. The US National Association of Insurance Commissioners uses predictive analytics for fraud detection and real-time claim tracking. The EU’s Solvency II and upcoming AI Act blend innovation with consumer fairness. The UK’s Financial Conduct Authority Sandbox has turned the country into an insurtech testbed, while Singapore’s Monetary Authority deploys real-time supervisor

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