Public Insurance Registry (PIR): IRDAI’s Digital Reform for India’s Insurance Sector

Source: Economic Times

Context:

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed the creation of a Public Insurance Registry (PIR) to modernise India’s insurance data infrastructure.

The proposal was discussed at a stakeholder meeting chaired by IRDAI Chairman Ajay Seth in New Delhi, signalling a major step toward digital transformation of the insurance ecosystem.

What is the Public Insurance Registry (PIR)?

The Public Insurance Registry (PIR) is a proposed consent-driven and legally compliant digital platform designed to consolidate insurance-related data across India.

It aims to act as a centralised, interoperable database covering the entire lifecycle of insurance policies.

Coverage of PIR (Insurance Lifecycle Integration)

The PIR will integrate all stages of an insurance policy:

• Policy issuance
• Policy servicing
• Claims settlement
• Grievance redressal
• Dispute resolution

This end-to-end integration will create a comprehensive insurance information system.

Key Features of PIR

Consent-Driven Framework

• Data sharing will be based on user consent
• Ensures privacy and data protection compliance

Interoperable Digital Infrastructure

• Seamless data exchange between:
  • Insurers
  • Regulators
  • Other stakeholders

Centralised Insurance Database

• Single source of truth for all insurance-related data

Objectives of Public Insurance Registry (PIR)

Reducing Information Asymmetry

• Provides a unified and transparent database
• Enables stakeholders to access reliable information

Improving Fraud Detection

• Helps identify:
  • Duplicate policies
  • Fraudulent claims
• Enhances trust in the insurance sector

Data-Driven Regulation

• Supports IRDAI in:
  • Policy formulation
  • Risk assessment
  • Regulatory oversight

Enhancing Customer Experience

• Simplifies access to insurance information
• Reduces claim processing delays
• Improves service delivery

Integration with Bima Sugam

The PIR is expected to work in alignment with Bima Sugam, a proposed digital insurance marketplace.

Purpose of Integration

• Provide seamless access to insurance products
• Enable efficient policy management
• Improve customer onboarding and servicing

Expected Impact

• End-to-end digital insurance ecosystem
• Greater accessibility and transparency
• Improved efficiency in service delivery