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Adopt Data Analytics for Product Design and Pricing: IRDAI Chairman

May 28 2016
Data analytics to popularise insurance

The Insurance Regulatory Development Authority of India (IRDAI) Chairman, Mr. T. S. Vijayan stated that insurance companies should make use of data analytics for product designing and pricing. He believes that a centralised system that collects relevant data from insurance companies can generate good tariff. This will also positively affect the premium rates.

Mr. R. Raghavan, the CEO of Insurance Information Bureau of India (IIB), remarked that only a small portion of the population in the country is insured. He foresees technology as a powerful medium that will help popularise the insurance products and will ultimately boost its coverage. The increased coverage through Internet and mobile platforms will reduce cost and make it more affordable for all.

Mr. Raghavan added that there is a need for increased collaboration between insurance companies and governments, both central and state, to sensitise the citizens towards the need to opt for insurance. He commented that insurance is a ‘push product’ in India, since India is not a risk-sensitive country. Therefore, such collaborations are necessary to incentivise the need for taking insurance.

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