|
In an effort to make the insurance sector more transparent and accessible, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed a Public Insurance Registry (PIR), a digital public infrastructure, to create a more connected and efficient insurance ecosystem.
According to the regulator, the PIR is expected to reduce information gaps and foster greater competition, allowing insurers and other market participants to compete through innovative products, competitive pricing, better services and improved customer experience. This is in furtherance to the objectives of the Sabka Bima Sabki Raksha Act,2025, the IRDAI noted in a release on Tuesday. As per the IRDAI, the PIR intends to strengthen consumer protection, improve market efficiency and expand insurance coverage, while supporting the next phase of insurance-sector reforms. "The proposed PIR represents a significant step towards building a more connected, transparent, efficient and resilient insurance ecosystem, with trusted information serving as a foundation for better protection, innovation and public value," the insurance regulator noted, adding that the framework draws on lessons from digital public infrastructure developed in other sectors of the Indian economy. Apart from this, the consultation paper follows a "user-centric approach" and aims to enable simple, data-driven insurance processes and decision-making. As of now, the proposed use cases are currently at the conceptual stage and will be developed into detailed functional and technical specifications as the PIR moves towards implementation. Described as a population-scale, interoperable and non-exclusionary digital public infrastructure, the PIR aims to promote affordability and financial sustainability in insurance. "PIR will adopt a DPI-based approach using technology, governance and market to support the societal goal of wider and deeper financial resilience. Regulatory guardrails will guide market-based risk pooling and leveraging competitive private innovation in public interest," it further added, as per the release. The regulator has invited comments and suggestions from the public and stakeholders on the proposed framework, covering areas such as its objectives, use cases, data architecture and standards, privacy and consent safeguards, confidentiality, governance, implementation and transition plans. (ANI)
|
