India Proposes Public Insurance Registry
The Insurance Regulatory and Development Authority of India has invited comments on a proposed Public Insurance Registry to improve transparency and data sharing, with a deadline of September 30, 2026
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed a Public Insurance Registry (PIR) to reshape the industry by facilitating data sharing and improving transparency. The PIR aims to enable a consolidated view of policies, reduce documentation, and improve servicing and claims experiences.
The proposal is in line with the objectives of the Sabka Bima Sabki Raksha Act, 2025, and seeks to facilitate growth and inclusion, building trust and transparency, and promoting affordability and financial sustainability. The IRDAI has invited comments and feedback on the proposal until September 30, 2026.
The PIR would enable sharing of data including standardized details of approved insurance products, consolidated policyholder and policy information, and customer grievance and resolution records. It could also set up periodic and structured alerts on unusual spikes or concentration of losses and claims across parts of the country, segments and sectors.
The PIR may enable an Insurance Risk Score (IRS), a unified, consent-based score synthesizing insurance history from the Insurance Information Bureau, Credit Information Companies and other permitted external data sources. This would provide a more comprehensive view of a policyholder's insurance history and help insurers to better assess risk.
## What it means for policyholders The PIR would enable easier product discovery and comparison, a consolidated view of policies across insurers, reduced documentation, improved servicing and claims experiences, and easier identification of unclaimed amounts. Policyholders would be able to see their policies across insurers, including policy status, benefits, premium payments, claims, and nominee details.
## Why it matters The proposed Public Insurance Registry is a significant step towards building a more connected, transparent, efficient, and resilient insurance ecosystem. It has the potential to lower information barriers, promote competition, and enable market participants to differentiate through product innovation, pricing, service quality, and customer experience. The PIR could also help to address information and interoperability gaps by establishing a consistent and authoritative view of insurance records.
The IRDAI's initiative has been welcomed by industry stakeholders, who see it as a positive step towards improving transparency and data sharing in the insurance industry. With the deadline for comments and feedback set at September 30, 2026, the IRDAI is expected to receive a wide range of inputs from stakeholders before finalizing the proposal.
