Use of data analytics will improve product design and distribution which will expand the reach of insurance, according to T S Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI).
He was speaking at the inaugural session of the annual conclave of Insurance Information and Ratemaking Forum of Asia (IIRFA) held here on Friday.
Proper collection and deployment of data for analysis will help filling existing gaps in key areas such as auto, health insurance and disaster management/insurance, he said adding that the data must be put to appropriate use.
R Raghavan, Chief Executive Officer, IIB said the objective of the conference was to learn from the Asian experience and also offer Indian expertise in data collection and analytics to the participating countries.
Being hosted by IIB, the two-day conference is being attended by the members of IIRFA including Korean Insurance Development Institute, General Insurance Rating Organisation of Japan, Insurance Association of China and Taiwan Insurance Institute, among others.