The regulator believes PIR could address one of the insurance sector’s most persistent challenges: fragmented data scattered across insurers, making it difficult for policyholders to access their records seamlessly and for regulators to obtain a comprehensive view of the market.
Hyderabad:Insurance regulator IRDAI has kickstarted the formation of a Public Insurance Registry (PIR), a consent-based digital infrastructure for the Indian insurance sector by roping in a retired IAS officer Prakash Kumar as a senior advisor to the project.
Prakash Kumar has been appointed a senior advisor on June 15 for 2 years which can further be extended further, with a Rs 33 lakh package.
The regulator believes PIR could address one of the insurance sector’s most persistent challenges: fragmented data scattered across insurers, making it difficult for policyholders to access their records seamlessly and for regulators to obtain a comprehensive view of the market.
The proposed PIR aims to centralise insurance-related information, creating a single source of truth that follows policyholders throughout their lives. The registry is envisaged to capture the entire lifecycle of an insurance contract—from policy issuance to claims history, grievances and dispute resolution.
Today, such information resides separately with individual insurers. As customers switch insurers or hold multiple policies, their records remain fragmented, often resulting in delays, information gaps and inefficiencies. PIR seeks to eliminate these frictions by allowing customers to access all their insurance information from a single platform, subject to their consent.
The benefits extend beyond consumers. A consolidated database would enable insurers to verify information more efficiently, speed up claim settlements and improve fraud detection.
For the regulator, it would provide deeper insights into industry trends, risk patterns and premium movements, strengthening supervisory oversight.
“The proposed Public Insurance Registry represents an important step towards modernising the information architecture of the insurance sector,” Ajay Seth, chairman, IRDAI had said earlier.
“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,” he highlighted.
He added that the reform is intended to create a more accountable, efficient and data-driven insurance ecosystem capable of supporting sustainable growth in insurance inclusion, in line with the vision of Sabka Bima Sabki Raksha.
PIR is also expected to play a pivotal role in powering Bima Sugam, IRDAI’s ambitious digital insurance marketplace. Bima Sugam is being designed as a one-stop platform where consumers can compare insurance products, purchase policies and manage their insurance portfolios digitally.
IRDAI has emphasised that the success of Bima Sugam hinges on the creation of PIR. Without a common and standardised data infrastructure, the marketplace would be unable to offer seamless customer experiences or interoperable services across insurers.
Recognising the significance of these initiatives, IRDAI convened a meeting with insurers and other stakeholders in New Delhi on March 17, 2026, to discuss the vision, design and implementation roadmap of both PIR and Bima Sugam.
The broader objective is to build a digital public infrastructure for insurance—one that enhances transparency, strengthens consumer protection and improves efficiency across the sector.
If implemented successfully, PIR could transform the way insurance is bought, managed and regulated in India, creating an ecosystem where data belongs to the policyholder and travels with them, rather than remaining locked within the systems of individual insurers.