IRDAI has proposed the creation of a Public Insurance Registry (PIR), a digital public infrastructure aimed at enabling secure data sharing across insurers, intermediaries, reinsurers, financial institutions, government agencies and policyholders.
The proposed registry is expected to create a common information layer to support better underwriting, pricing and insurance services. The Insurance Regulatory and Development Authority of India (IRDAI) outlined the proposal in a consultation paper issued earlier.
Under the proposed federated data architecture, information would remain with the institution where it was collected, while common protocols and standards would allow access and exchange of data for specified purposes.
Public Insurance Registry to Improve Data Access
The PIR would enable insurers to access verified cross-industry information, including policy details, claims data and other relevant records to improve underwriting decisions. The registry would support sharing of standardised information on approved insurance products, policy coverage, status, nominees, claim history and customer grievance records.
Policyholders would be able to view their insurance policies across insurers, including details such as policy status, benefits, premium payments, claims and nominee information. The system could also help customers discover unclaimed amounts and make common service requests across multiple insurers.
The proposed infrastructure would also provide consent-based access to external data sources, including credit history, weather and health data, along with regulatory and supervisory information.
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Registry May Support Risk Analysis and Transparency
IRDAI has proposed that PIR could enable an Insurance Risk Score (IRS), a unified consent-based score that combines insurance history from sources such as the Insurance Information Bureau, Credit Information Companies and other permitted external databases.
For insurers, the registry could provide access to anonymised, industry-wide claims and loss data. The proposal states that PIR could support collection, aggregation and analysis of anonymised loss and claim information from insurers and provide actionable insights.
The registry may also help identify unusual spikes or concentrations of losses and claims across regions, segments and sectors through periodic and structured alerts.
PIR Could Help Improve Insurance Services
The proposed registry is also aimed at improving transparency among distributors and intermediaries. Customers could access information about insurance agents and intermediaries, including details related to sales quality, complaints, mis-selling, disciplinary action and blacklisting.
For motor insurance, PIR could provide data from the Electronic Detailed Accident Report (e-DAR) and support analysis of settlement patterns and timelines across Motor Accident Claims Tribunals and Lok Adalats.
In life insurance, the regulator noted that access to cross-insurer policy and claim information could help reduce investigation efforts and improve claim settlement efficiency. The registry could also connect with relevant databases to provide asset-recovery signals for stolen vehicles and help insurers improve recoveries.
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