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IRDA to lay strong emphasis on analytics

IRDA has set up a subsidiary Insurance Information Bureau for collecting data from the industry and then analysing them

July 17, 2013 12:19 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) would lay special emphasis on the use of analytics in the industry for better structuring and pricing of policies.

IRDA member (life) Sudhin Roy Chowdhury said that the insurance regulator has set up a subsidiary Insurance Information Bureau (IIB) for collecting data from the industry and then analysing them.

Chowdhury was speaking to reporters on the sidelines of ICC insurance summit in Kolkata on 6th July.

According to Chowdhury, IIB would sell analysed information to the insurers both in India and abroad.

Chowdhury also pitched for the creation of a health regulator by the ministry for reining in the hospitals and streamlining medical insurance.

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