IRDAI Pushes Public Insurance Registry, Bima Sugam; Insurers Raise Data Concerns

• IRDAI is accelerating the rollout of the Public Insurance Registry (PIR) and digital marketplace Bima Sugam.
• Discussions with insurance CEOs focused on standardizing data-sharing protocols and system integration for a centralized policyholder repository.
• PIR will support Bima Sugam, enabling seamless access to policy data, improving traceability, and reducing duplication.
• Insurers express concerns about data ownership, cybersecurity, and operational control on the centralized platform.
• IRDAI plans a phased rollout, starting with simpler products, to address industry concerns and build consensus.