Imagine having to hunt through old emails, policy documents and messages from different agents just to find out which insurance policies you hold, when they need to be renewed or whether you have an unclaimed benefit.
That fragmentation is one of the problems IRDAI’s proposed Public Insurance Registry (PIR) is seeking to address.
The regulator has proposed the PIR as a digital public infrastructure for the insurance sector. The idea is to create a more connected system where trusted insurance information can be accessed more easily, while simplifying processes for consumers and other participants in the insurance ecosystem.
But what could that actually mean for policyholders?
Insurance Samadhan co-founder and COO Shilpa Arora said the biggest potential benefit could be convenience, as people today often have their insurance information spread across insurers, agents and documents.
Here are some of the ways the proposed registry could change the experience of managing insurance.
ALL YOUR POLICIES IN ONE PLACE
One of the most immediate benefits could be simply knowing what insurance you already have.
Shilpa Arora, Co-Founder and COO of Insurance Samadhan, said policyholders today often have their insurance details scattered across insurers, agents and documents.
“The biggest benefit of a Public Insurance Registry will be convenience,” Arora said.
A single interoperable system could give people a clearer view of their policies, including coverage, renewal dates, claims and unclaimed benefits, she said.
This could be particularly useful for consumers who have bought different policies over the years and may not have a consolidated view of their insurance portfolio.
The registry could also make switching or porting policies easier by allowing important information to remain accessible, Arora said. This could help consumers retain continuity benefits when they move from one policy or insurer to another.
COULD IT HELP CUT MIS-SELLING?
The potential benefit goes beyond convenience.
A major problem in insurance is that customers may not always have a complete understanding of what they are buying, particularly when information is largely conveyed by an agent or intermediary at the point of sale.
A system that gives policyholders easier access to reliable policy information could help change that dynamic.
“With easier access to policy information, customers can make better-informed decisions about what they are buying, rather than relying entirely on what is explained to them at the point of sale,” Arora said.
She added that this could help reduce mis-selling and give consumers a clearer understanding of their coverage and exclusions.
For policyholders, that could mean being able to check what a policy actually covers before making a purchase or deciding whether an existing policy is adequate.
CLAIMS COULD INVOLVE LESS RUNNING AROUND
The usefulness of a centralised insurance system could become even more apparent when a policyholder needs to use the insurance.
Claims and grievances can involve multiple rounds of documentation and communication with insurers or intermediaries. If relevant information can be accessed across a connected system, some of that duplication could potentially be reduced.
“Policyholders may not have to repeatedly submit the same documents or chase different entities for information during a claim or grievance,” Arora said.
A more connected system could make verification, claims and grievance tracking simpler and faster, she added.
The eventual impact, however, would depend on which use cases are actually implemented and how different entities are connected to the registry.
INSURERS COULD ALSO GET A BETTER PICTURE
The registry is not intended only to benefit consumers.
With the customer’s consent and appropriate safeguards, insurers could potentially get a better view of existing policies and claims history.
That could help insurers make more informed underwriting decisions and potentially reduce the chances of customers being sold unsuitable or duplicate policies, Arora said.
This could also improve the efficiency of the insurance ecosystem by reducing information gaps between policyholders, insurers and intermediaries.
COULD THIS MAKE INSURANCE MORE AFFORDABLE?
Sarbvir Singh, Joint Group CEO of PB Fintech, sees the proposed registry as a broader structural change for the insurance sector.
“Policybazaar welcomes IRDAI’s initiative to establish a public insurance registry as a significant and forward-looking step for the sector,” Singh said.
He said insurance information has traditionally remained fragmented and asymmetric, spread across insurers, intermediaries and policyholders without a unified and accessible framework.
Singh pointed to three broad objectives outlined in the consultation paper — growth and inclusion, trust and transparency, and affordability and financial sustainability — and said a centralised registry could help enable all three.
For consumers, one potential benefit could be easier access to insurance products and onboarding.
“Reliable, unified data will support more inclusive product design and easier onboarding, especially in underserved segments,” Singh said.
Greater efficiency could also help contain costs across the ecosystem, potentially supporting long-term affordability and market sustainability, he added.
WHEN WILL PIR START?
The PIR is still at the proposal and consultation stage.
IRDAI has described potential use cases in its consultation paper, but these remain conceptual for now. Detailed functional and technical specifications are expected to be developed as the project progresses.
The regulator is seeking comments from stakeholders and the public on the proposed framework, including its objectives, use cases, technical standards, privacy safeguards, governance and implementation plans.
So, for consumers, the idea is not yet a ready-to-use insurance dashboard.
But if implemented as envisaged, the Public Insurance Registry could change how people find, understand and manage their insurance— from keeping track of multiple policies and renewals to navigating claims, grievances and policy switching.
And that is ultimately where the proposal could have its biggest impact: making insurance information less fragmented and putting more of it within the policyholder’s reach.
– Ends
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