Indigenous and authentic data, being built by the Insurance Information Bureau (IIB), will make products cheaper besides enabling faster launch, Insurance Regulatory and Development Authority (IRDA) Chairman T. S. Vijayan said here on Monday.
After inaugurating the IIB’s state-of-the-art premises here, Mr. Vijayan said, “Release of several products was delayed due to lack of sufficient authentic data. Data and related analytics contribute to realistic pricing of products. The IIB should see to that the data is updated on real time basis.”
To emerge successful, the IIB should look at ways in which data were useful for customers, insurance firms and other stakeholders, he said.
The IIB is an independent body created by the IRDA in 2010 and functions as a seamless and single window analytics organisation for the data requirements of the insurance sector. It provides services such as processed information, regular reports, customised reports on vehicle insurance, heal insurance and other lines of business and fraud analytics. It also produces order based reports for the industry.
The bureau, as part of its effort in building big data analytics, had tied up with the Korean Insurance Development Institute (KIDI).
It would forge more such tie ups in the future with insurance agencies in Asia, the U.S. and the U.K., said IIB Chief Executive Officer R. Raghavan. “We are gearing up and creating efficient infrastructure to cater to the future needs of the industry. Our role model is KIDI, and we signed a memorandum of understanding for collaborative support,” Mr. Raghavan said.
