IRDAI upgrades health insurance business analytics platform to streamline reporting
Business
IRDAI, the insurance regulator, has upgraded its Business Analytics Platform (BAP) for health insurance, with effect from November 2, making regulatory reporting smoother and keeping track of health insurance products easier for insurers.
IRDAI's BAP module centralizes product management
The new BAP comes with a dedicated health module so insurers can quickly generate unique IDs for new products, modifications to existing health covers, and handle product withdrawals, all in one place.
IRDAI wants all insurers concerned to switch over to this platform.