Credit Information Bureau (India) Ltd (CIBIL) has been awarded the mandate to set up ‘claims repository’ for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), according to Harshala Chandorkar, Chief Operating Officer of CIBIL.
Addressing presspersons in Mangaluru on Tuesday, she said that CIBIL had set up ‘claims repository’ for insurance companies a month ago.
Insurance companies involved in PMJJBY can check the repository before any claim or settlement happens. The main intention is to prevent frauds at the time of the claims settlement. The repository is aimed at preventing duplicate claims in this insurance scheme, she said.
CIBIL, which is a credit information bureau, provides comprehensive credit information on consumer and commercial credit to credit grantors, individual customers and business entities in the country. It maintains 445 million records in its ‘Consumer Bureau’ division, and 23 million records in ‘Commercial Bureau’ division.