IRDAI Proposes Public Insurance Registry (PIR) as Digital Public Infrastructure to Transform Sector
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed establishing a Public Insurance Registry (PIR) as a Digital Public Infrastructure (DPI) to enhance transparency, efficiency, accessibility, and resilience within the insurance sector.
Key Aspects of the Proposed Registry:
-
Legislative Context: The initiative forms part of the regulatory body’s consultation paper released to advance the objectives of the Sabka Bima Sabki Raksha Act, 2025.
-
Core Architecture: The PIR is designed as a population-scale, interoperable, and non-exclusionary digital ecosystem aimed at driving financial inclusion, affordability, and institutional trust.
-
Problem Solving: It targets existing information and data interoperability gaps by establishing a consistent, authoritative repository of insurance records while ensuring sensitive data remains securely retained at the source institutions.
Benefits for Stakeholders:
-
For Consumers: Enables effortless product discovery and comparison, offers a unified, single-window view of all policies held across different insurers, reduces documentation burdens, streamlines policy servicing and claims settlement, and helps track unclaimed amounts.
-
For the Industry: Serves eight distinct stakeholder groups to improve operational efficiencies, enhance risk assessment, and support broader insurance penetration across the country.
