IRDAI proposes unified insurance registry to consolidate customer data

The Insurance Regulatory and Development Authority of India (IRDAI) has unveiled its vision for a unified insurance registry that would consolidate critical industry data across multiple touchpoints, marking a significant shift toward greater transparency and coordination in India's insurance sector.

Under the regulator's proposal, the registry would integrate policy records, claims histories, intermediary details, and consumer grievance data into a single accessible platform. This consolidation would create a comprehensive database spanning the lifecycle of insurance transactions, from policy inception through claim resolution, enabling regulators and authorized stakeholders to access interconnected information.

The IRDAI's framework also establishes protocols for controlling access to sensitive information within the registry. Different user categories—including insurance companies, intermediaries, and regulatory bodies—would be granted tiered access permissions commensurate with their roles and responsibilities. This segmented approach aims to balance data utility with privacy protections for policyholders.

The proposed registry is expected to enhance regulatory oversight by providing IRDAI with real-time visibility into market operations and consumer outcomes. Industry participants would benefit from streamlined information sharing, potentially reducing duplicative data collection and improving the efficiency of claims processing and policy administration across insurers.

The initiative represents IRDAI's broader push to modernize India's insurance infrastructure through technology and data integration, aligning with regulatory trends toward enhanced consumer protection and market transparency across the financial services sector.