Irdai plans public insurance registry to bridge data gaps, widen coverage

The Insurance Regulatory and Development Authority of India (Irdai) on Tuesday released a consultation paper to create a public insurance registry (PIR) — a population-scale digital infrastructure designed to bridge information gaps, reduce systemic friction among insurers, intermediaries, reinsurers, financial institutions, government agencies and policyholders, and accelerate financial inclusion across the country.

In March this year, Irdai had proposed setting up a PIR — a consent-driven, legally compliant digital infrastructure covering the entire policy lifecycle, from issuance to claims, grievance redress and dispute resolution.

Envisaged under the broader vision of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, the new framework marks a shift towards creating an integrated and transparent insurance ecosystem.

The proposed public insurance registry will operate as an interoperable access layer rather than a single centralised data repository.

Under the proposed design, underlying data will securely reside with original source institutions, while the registry will provide a verified and consistent single source of truth for authorised participants. This structural arrangement is intended to reduce information barriers, foster fair market competition, and enable insurers to differentiate themselves through tailored product offerings, sharper risk pricing, and improved customer service.

“By creating a trusted digital framework for information sharing, subject to appropriate safeguards, the initiative has the potential to improve customer experience, strengthen efficiency, enable innovation, and enhance the overall delivery of insurance services,” said Amit Jain, executive director and chief compliance officer, Iffco-Tokio General Insurance.

For individual policyholders and prospective buyers, the registry promises to address several persistent pain points in the retail insurance journey. Citizens will gain access to a single-window interface where they can easily discover and compare coverage, verify licensed insurers and intermediaries, track active policies across multiple carriers, streamline claims processing, and locate forgotten or unclaimed amounts.

The infrastructure aims to make direct purchase and policy maintenance more cost-efficient for everyday consumers by curtailing paper-heavy verification requirements and reducing onboarding steps.

The proposed registry is also structured to deliver operational efficiencies across the entire financial services value chain. Insurers can leverage the data standard to refine underwriting models, optimise claims servicing, and reduce regulatory reporting burdens.

Reinsurers will gain access to standardised exposure and catastrophe insights to enhance capital allocation and risk-transfer capabilities. Simultaneously, financial institutions can instantly verify policy ownership and collateral coverage, allowing lenders to incorporate clear insurance signals into their credit-risk and portfolio-assessment workflows.

Intermediaries will be able to compare product information, use verified data for faster onboarding and servicing, and improve suitability, conduct, sales quality, and research. Research institutions will receive approved, anonymised datasets to conduct deep-dive market studies and support evidence-based policymaking.

From a regulatory standpoint, the system provides early-warning supervision mechanisms and granular visibility into nationwide protection gaps, helping state agencies refine social security schemes and public resilience planning.

Irdai has invited detailed feedback from industry players, technology architects, and the public on the registry’s core architecture, data privacy controls, consent frameworks, and transition timelines. Stakeholders can submit their responses to the regulator by September 30.