Use of data analytics will improve product design and distribution which expands reach of insurance, according to TS 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 (IIFRA) held here on Friday.
Proper collection and deployment of data for analysis will help fill existing gaps in key areas such as auto, health insurance and disaster management/insurance, he said.
“In insurance, focus should be on those areas which are touching the lives of many and industry players should share data and experience for better results,” Vijayan said, adding that the Insurance Information Bureau (IIB), an arm of IRDAI, was catering to the data requirements for insurers.
Highlighting that huge data is available in the country with 1.2 billion people, the regulator said insurance should also be linked to Aadhaar for achieving financial as well as insurance inclusion. “Our efforts are in this direction,” he added.
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.
There was a need to draw attention to the recurring impact of natural disasters in India and to look beyond traditional insurance to bring relief to indigent who were affected by such catastrophes, he added.
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.