IRDA to lay special thrust on analytics

KOLKATA: Insurance sector regulator IRDA would lay special thrust on the use of analytics in the industry for better structuring and pricing of policies.

" Insurance Regulatory and Development Authority (IRDA) has set up a subsidiary Insurance Information Bureau (IIB) for collating data from the industry and then analysing them," IRDA member (life) Sudhin Roy Chowdhury told reporters on the sidelines of ICC insurance summit here today.

Penetration of analytics was required for the insurance industry for better structuring and pricing of policies, he said.

The IRDA member said that the IIB would become self- reliant after a certain time once it started to sell analysed information to the insurance companies both in India and abroad.

He said some bad policies had resulted in negative growth in the last few years forcing the regulator to intervene in bringing back confidence in the market.

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