India plans common insurance data registry; beta targeted for January 2028
What Happened
IRDAI Chairman Ajay Seth said the regulator is targeting January 2028 for the beta launch of its proposed Public Insurance Registry (PIR). The platform aims to standardise how insurance information is collected, stored and exchanged, making data more accessible to customers and financial institutions. The Insurance Information Bureau is proposed to be transformed into a not-for-profit company that would host the registry.
Key Takeaways
Seth said IRDAI has identified eight potential use cases for the registry, with six requiring participation from the Account Aggregator ecosystem. These include premium financing, assessing insurance needs, using insurance history for lending decisions and supporting surety bonds as alternatives to bank guarantees.