Ajay Seth, chairman, IRDAI
`By enabling standardised, consent-based access to structured insurance data, the Public Insurance Registry seeks to enhance transparency, strengthen consumer confidence, and support more effective regulatory oversight. This reform is intended to build a more ccountable, efficient and data-driven insurance ecosystem that can support sustainable growth in insurance inclusion, as envisaged in ‘Sabka Bima Sabki Raksha’ vision.” Ajay Seth, chairman, IRDAI
New Delhi:Ajay Seth, chairman, IRDAI, on Tuesday, said the proposed Public Insurance Registry represents an important step towards modernising the information architecture of the insurance sector.
The PIR is envisioned by the IRDAI as a consent-driven, legally compliant digital infrastructure covering the entire policy lifecycle from issuance to claims, grievance redressal, and dispute resolution.
“By enabling standardised, consent-based access to structured insurance data, the initiative seeks to enhance transparency, strengthen consumer confidence, and support more effective regulatory oversight. This reform is intended to build a more ccountable, efficient and data-driven insurance ecosystem that can support sustainable growth in insurance inclusion, as envisaged in ‘Sabka Bima Sabki Raksha’ vision.” said Seth while adressing an Industry Stakeholders’ Discussion on the proposed Public Insurance Registry (PIR) and Bima Sugam organsied by the IRDAI on Tuesaday at the India International Centre, New Delhi.
Seth highlighted the broader reform context and the importance of strengthening transparency, accountability, and trust in the insurance ecosystem.
He also emphasised on strategic significance of strengthening governance architecture and enabling data-driven development of the insurance market.
Deepak Sood, member,Non-Life, IRDAI, in his address brought out the economic and business case of the PIR and the value proposition for all stakeholders, with a focus on the public good.
As a structured, interoperable information infrastructure. it will empower consumers by bridging the knowledge gap between different participants and bringing more transparency in the entire insurance value chain.
International consultant AT Kearney had given a detailed presentation on PIR to the Indian insurers.
The meeting brought together senior leadership from insurance companies and other invited stakeholders from the insurance ecosystem to deliberate on the vision, design, and implementation roadmap of Public Insurance Registry, the digital public insurance infrastructure, aimed at enhancing transparency, consumer protection, and market efficiency in the sector.
The platform is envisaged to consolidate structured insurance data across stakeholders, reduce information asymmetry, improve fraud detection, and enable data-driven regulatory oversight.
Key expectations from the insurance sector were also discussed including compliance readiness, data governance standards, cybersecurity safeguards, and the role of interoperable digital infrastructure in modernising the insurance ecosystem.
An open forum enabled industry participants to share feedback and suggest practical approaches for smooth implementation.
Bima Sugam
The programme also featured a dedicated session on Bima Sugam, which included a presentation by Prasun Sikdar, CEO, Bima Sugam India Federation.
It is expected that Bim Sugam, in making for the last two years, will launch its products in the next few moths,
The session provided an overview of the platform’s vision, objectives, and its role in transforming insurance accessibility in India.
This was followed by remarks from IRDAI leadership on the way forward and highlighting the importance of industry-wide collaboration to strengthen digital insurance infrastructure.
The discussion underscored the need for alignment between the PIR and Bima Sugam to enable seamless access to insurance policies, enhance service delivery, and redefine the overall customer experience