India’s insurance regulator is working on a centralised digital registry that could fundamentally change how policyholders access, manage and use their insurance data.
The Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday discussed the proposed Public Insurance Registry (PIR) with industry stakeholders, outlining a system that would bring together policy-related information across insurers into a single, consent-based platform.
The registry is envisioned as a unified digital infrastructure covering the entire lifecycle of an insurance policy, from issuance and servicing to claims, grievance redressal and dispute resolution.
WHAT IT MEANS FOR POLICYHOLDERS
For policyholders, the most immediate impact would be visibility. Insurance information today is often fragmented across multiple companies and intermediaries, leaving customers dependent on insurers or agents for basic details.
Lost documents, unclaimed policies and delays in claims processing remain persistent problems.
The proposed registry seeks to address this by creating a single, structured view of a customer’s insurance data, accessible across entities with user consent.
If implemented effectively, this could make it easier for individuals to track their policies, access claim histories and retrieve key documents without navigating multiple systems.
It could also reduce the risk of policies being forgotten or going unclaimed, while potentially speeding up claims processing by ensuring that relevant data is readily available.
A central aim of the PIR is to reduce information asymmetry in the insurance market, where insurers typically have far greater access to data than customers.
By enabling standardised and interoperable access to insurance information, the registry is expected to give policyholders more control and improve their ability to compare products and make informed decisions.
The changes could also be felt in claims and dispute resolution. With policy and claims data available in a structured format, insurers may be able to process claims more efficiently, reducing delays and paperwork.
The inclusion of grievance redressal and dispute resolution within the registry framework could further streamline complaint handling and offer customers clearer visibility into how their cases are being handled.
WHAT ABOUT YOUR CONSENT?
IRDAI has emphasised that the registry will be consent-driven and legally compliant, meaning policyholder data will be shared only with user approval. However, the effectiveness of such safeguards will depend on how consent mechanisms are designed and implemented.
In large digital systems, there are concerns that consent can become procedural rather than informed, particularly if users are not fully aware of how their data is being accessed and used.
The creation of a centralised repository of insurance data also raises questions around data security and privacy. Insurance records often include sensitive financial and health information, making the system a high-value target for cyber threats. Ensuring robust cybersecurity frameworks and governance standards will be critical to building trust among users.
The Public Insurance Registry forms part of IRDAI’s broader push to modernise the insurance ecosystem and expand coverage under its “Sabka Bima Sabki Raksha” vision. The regulator has indicated that the registry will align with other digital initiatives such as Bima Sugam, aimed at improving access to insurance products and services.
For now, the PIR remains at the discussion stage, with IRDAI seeking industry feedback on its design and implementation roadmap.
While the proposal promises greater transparency and ease of access for policyholders, its success will depend on how effectively it is executed, particularly in balancing accessibility with privacy, security and meaningful user consent.
