The Insurance Regulatory and Development Authority of India (IRDAI) has shared a new plan to build a Public Insurance Registry (PIR). This will be a digital public infrastructure (a shared digital system for the whole country) designed to make the insurance sector more connected and efficient. The regulator wants to reduce the gap in information and encourage healthy competition among insurance companies. By doing this, IRDAI hopes to see better products, lower prices, and a much better experience for the common man.

This new move is linked to the goals of the Sabka Bima Sabki Raksha Act, 2025. The regulator believes that having a single source of trusted information will act as a foundation for better protection and innovation. Just like how India built digital systems for payments and identity, the PIR will follow a similar path to modernize how insurance works. It is expected to help millions of people get covered by insurance more easily.

One of the main goals of the PIR is to strengthen consumer protection. When information is clear and available, it is harder for customers to be misled. The PIR aims to make insurance processes simple and data-driven (decisions based on facts and numbers). Currently, the ideas for how the registry will be used are in the starting stages. These will eventually be turned into detailed technical rules as the system moves toward being fully built and launched.

For bank officers who also sell insurance (Bancassurance), this registry will be a game-changer. It is designed to be interoperable (different systems talking to each other) and non-exclusionary. This means it will be open to all and will help promote financial sustainability. The regulator mentioned that the system will use a DPI-based approach, which combines technology and governance to help society become more financially resilient.

Privacy and safety are also big priorities in this plan. The IRDAI has included regulatory guardrails (safety rules) to make sure private innovation serves the public interest. There will be strict standards for data architecture and consent safeguards to ensure that customer information remains private and confidential. The registry will not just be about storing data but about using that data to provide public value.

Currently, the IRDAI has invited the public and experts to share their comments and suggestions on the proposed framework. They want feedback on how the system should be built, how it should be governed, and how the transition should happen. Bank officers and insurance professionals should watch this space closely, as this registry will likely change how policies are issued and serviced in the future. The final goal is to make insurance affordable and accessible to every Indian citizen.