Buying and managing insurance could become more streamlined if a new digital framework proposed by the Insurance Regulatory and Development Authority of India (IRDAI) takes shape.
The regulator has proposed a Public Insurance Registry (PIR), a digital public infrastructure aimed at making insurance-related information more accessible and reducing information gaps between consumers and market participants.
The proposed registry is also intended to create a more connected and transparent insurance ecosystem, while making insurance processes simpler and more data-driven.
IRDAI has described the PIR as a population-scale, interoperable and non-exclusionary digital infrastructure for the insurance sector.
The framework is expected to combine technology, governance and market-based mechanisms to support greater financial resilience and wider access to insurance information.
The regulator said the initiative would follow a user-centric approach and could help consumers and other participants make better-informed decisions.
However, the use cases outlined in the consultation paper are still at the conceptual stage. IRDAI said detailed functional and technical specifications will be worked out as the project moves towards implementation.
One of the key objectives of the proposed registry is to reduce information gaps.
With better access to trusted insurance information, the framework could also encourage greater competition between insurers. According to IRDAI, this could push insurers to compete through new products, more competitive pricing, better services and improved customer experiences.
The regulator has also linked the proposal to broader objectives under the Sabka Bima Sabki Raksha Act, 2025.
The initiative is aimed at strengthening consumer protection, improving market efficiency and expanding insurance coverage across the country.
The proposed framework is now open for comments and suggestions from stakeholders and the public.
The consultation paper seeks views on several aspects of the registry, including its objectives, possible use cases, data architecture and technical standards.
IRDAI is also seeking feedback on privacy and consent safeguards, confidentiality and governance.
The regulator has stressed that safeguards will be important to ensure that greater use of data does not compromise consumer privacy or confidentiality.
The implementation and transition plans are also part of the consultation.
If implemented, the Public Insurance Registry could become a significant piece of India’s insurance infrastructure, with the potential to make trusted insurance information easier to access while supporting competition, innovation and wider insurance coverage.