IRDAI plans a public insurance registry to consolidate policy information
India's insurance regulator, IRDAI, is planning a Public Insurance Registry (PIR): think of it as a one-stop digital hub where you can easily check all your policy details, from claims and coverage to nominees and unclaimed benefits.
The idea is to make insurance info clearer and simpler for everyone, while still keeping your data safe with the original companies.
Anonymized claims data and intermediary transparency
With PIR, insurers get access to anonymized claims data and tools like an Insurance Risk Score that may enable underwriting, while also reducing investigation efforts for high-value claims and improving recoveries in stolen-vehicle cases.
For policyholders, there's more transparency on how intermediaries perform or if they've been blacklisted, making it easier to pick who you trust.
IRDAI is asking for public feedback on this proposal.