The Insurance Regulatory and Development Authority of India (IRDAI) has proposed a new project called the Public Insurance Registry (PIR). This will be a Digital Public Infrastructure (DPI), similar to how UPI works for payments. The goal is to make the insurance sector more transparent and easy to use. The regulator wants to ensure that every citizen has access to insurance through the 'Sabka Bima Sabki Raksha Act, 2025'.

Currently, insurance data is scattered across different companies. The PIR will act as a central, authoritative record for all insurance policies. It will solve the problem of interoperability (the ability of different computer systems to share information). While the main records stay with the original insurance companies, the registry will provide a single view for stakeholders. This will help reduce the massive amount of paperwork currently required in the industry.

For customers and bank officers selling insurance, this is a big win. Customers can easily discover and compare different products in one spot. They will get a consolidated view of all policies they own, even if they are from different insurers. It will also help people find unclaimed amounts, which is a major issue in India. The claims process is expected to become much faster and smoother once this digital infrastructure is ready.

Eight key groups will benefit from this platform. Policyholders can verify agents and track their claims. Insurance companies can use the data to design better products and price them correctly. Reinsurers (companies that provide insurance to insurance companies) will get better data on losses. Intermediaries like brokers and corporate agents will be able to onboard new customers much faster using verified digital data.

Banks and financial institutions will also find this very useful. When a customer applies for a loan, banks often ask for insurance as collateral (security for the loan). With this registry, bank officers can instantly verify if a policy is active and check the collateral cover. This will help in faster risk assessment and quicker loan processing. It reduces the chance of fraud where fake insurance copies are submitted for loans.

Regulators and the government will use the PIR to monitor the market. They can see where people lack insurance coverage and create new schemes to fill those gaps. Researchers will also get access to anonymous data to study insurance trends in India. This will lead to better pricing and more innovative products for the common man in the long run.

IRDAI is not building this just as a database; they see it as an innovation platform. By reducing information barriers, they want to promote healthy competition among insurers. This should lead to better service quality and lower premiums for customers. It is a strategic move to strengthen India's national economic infrastructure and protect consumer interests.

The regulator has now asked for feedback on how this system should be built. They want to know about data architecture (how the system is designed) and privacy safeguards. Protecting customer consent and data is a top priority. Stakeholders have plenty of time to give their views, as the deadline for comments is September 30, 2026. After this, the final rules for the registry will be formed.