In a bid for better structuring and pricing for policies IRDA is planning special thrust on the use of analytics in the industry.
IRDA has set up a subsidiary Insurance Information Bureau (IIB) for collating data from the industry and then analysing them,” IRDA member (life) Sudhin Roy Chowdhury recently said on the sidelines of ICC insurance summit in Kolkata recently.
Roy Chowdhury said that some bad policies had resulted in negative growth in the last few years forcing the regulator to intervene in bringing back confidence in the market. He added that the IIB would become self- reliant after a certain time once it started to sell analysed information to the insurance companies both in India and abroad.
He also pitched for the creation of a health regulator by the ministry for reining in the hospitals and streamlining medical insurance.
