2 months ago
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Insurance Regulatory and Development Authority of India (IRDAI) is proposing a Public Insurance Registry to consolidate security information crossed stakeholders, trim accusation asymmetry, amended fraud detection and alteration data-driven regulatory oversight.
The projected PIR is an important measurement towards modernising accusation architecture of the security sector, Chairman Ajay Seth told a stakeholders treatment connected PIR and e-marketplace Bima Sugam organised by IRDAI successful Delhi connected Tuesday.
IRDAI said the PIR is envisioned arsenic a consent-driven, legally compliant integer infrastructure covering the full argumentation lifecycle from issuance to claims, grievance redressal and quality resolution. It volition beryllium a structured, interoperable accusation infrastructure.
Whole Time Member Deepak Sood spoke connected the economical and concern lawsuit of the PIR and the worth proposition for each stakeholders.
Besides elder enactment from security companies, invited stakeholders from the security ecosystem attended the meeting. Key expectations from the security assemblage were discussed, including compliance readiness, information governance standards, cybersecurity safeguards and the relation of interoperable integer infrastructure successful modernising the security ecosystem, IRDAI said successful a merchandise connected the meeting.
The request for alignment betwixt the PIR and Bima Sugam to alteration seamless entree to security policies, heighten work delivery, and redefine the wide lawsuit acquisition was besides discussed.
