IRDAI proposes public insurance registry to centralize insurance data
Business
India's insurance regulator, IRDAI, has proposed the Public Insurance Registry (PIR), a registry aiming to make insurance much more transparent and user-friendly.
PIR will pull together information on products, insurers, distributors and customer outcomes in one place, and could eventually allow insurers to move beyond a largely volume-driven commission system.
PIR lets customers compare policies
With PIR, you will be able to easily compare things like premiums, benefits, claims records, and complaints across companies, so picking the right policy should get much simpler.
IRDAI Chairman Ajay Seth says the goal is to turn insurance data into a public resource for everyone's benefit.
In addition, lower distribution costs could mean cheaper policies down the line.