IRDAI moots public insurance registry

Insurance Regulatory and Development Authority of India (IRDAI) is proposing a Public Insurance Registry to consolidate insurance data across stakeholders, reduce information asymmetry, improve fraud detection and enable data-driven regulatory oversight.

The proposed PIR is an important step towards modernising information architecture of the insurance sector, Chairman Ajay Seth told a stakeholders discussion on PIR and e-marketplace Bima Sugam organised by IRDAI in Delhi on Tuesday.

IRDAI said the PIR is envisioned as a consent-driven, legally compliant digital infrastructure covering the entire policy lifecycle from issuance to claims, grievance redressal and dispute resolution. It will be a structured, interoperable information infrastructure.

Whole Time Member Deepak Sood spoke on the economic and business case of the PIR and the value proposition for all stakeholders.

Besides senior leadership from insurance companies, invited stakeholders from the insurance ecosystem attended the meeting. Key expectations from the insurance sector were discussed, including compliance readiness, data governance standards, cybersecurity safeguards and the role of interoperable digital infrastructure in modernising the insurance ecosystem, IRDAI said in a release on the meeting.

The need for alignment between the PIR and Bima Sugam to enable seamless access to insurance policies, enhance service delivery, and redefine the overall customer experience was also discussed.