The Insurance Regulatory and Development Authority of India (IRDAI) will host an Industry Stakeholders Discussion on Tuesday in New Delhi, bringing together CEOs of insurance companies and senior industry representatives to deliberate on the rollout of the Public Insurance Registry (PIR) and the Bima Sugam digital marketplace.
The meeting is expected to focus on the development of a centralised insurance data infrastructure through the Public Insurance Registry, which is aimed at improving transparency, efficiency and policy tracking across the insurance ecosystem. Global consulting firm Kearney will present the vision, purpose and roadmap for the proposed registry and seek feedback from insurers on the implementation approach and operational framework.
The session will also review the progress of Bima Sugam, a digital marketplace envisioned as a one-stop platform for customers to compare, purchase and service insurance policies. The CEO of Bima Sugam will present an update on the platform’s development and discuss the rollout of insurance products through the marketplace. Senior officials, including the IRDAI Chairman and Member (Non-Life), are expected to outline the regulator’s broader reform agenda and emphasise the importance of a collaborative digital ecosystem to enhance insurance penetration in India.
“The Public Insurance Registry is expected to create a unified data infrastructure that will improve transparency and efficiency in the insurance sector while supporting the next phase of digital transformation,” said a senior insurance industry executive familiar with the discussions.
Another industry official said the Bima Sugam platform could significantly simplify policy purchase and servicing for customers, while also improving distribution efficiency for insurers.
In the second half of the day, non-life insurers will meet hospital representatives to discuss operational challenges in health insurance. Insurers are expected to push for a common hospital empanelment system with uniform treatment rates across insurers, a move aimed at streamlining hospital networks, reducing disputes over treatment costs and improving the overall customer experience in health insurance claims.
