IRDAI Proposes Public Insurance Registry (PIR)

• 18 Mar 2026
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The Insurance Regulatory and Development Authority of India (IRDAI) is presently working on a centralized digital registry that could change how the insurance data is accessed, managed and used by the policyholders. On 17 March 2026, the insurance market regulator held discussions with industry stakeholders regarding the proposed Public Insurance Registry (PIR). 

This system would combine policy-related data from various insurers into a single, user approval-based platform. The registry would function as a single digital infrastructure that covers all aspects of an insurance policy's lifecycle, including its issuance, servicing, claims, grievance redress and dispute resolution.

How PIR is Expected to Impact the Policyholders

Insurance data is currently dispersed among several insurance businesses and middlemen. Customers must therefore rely on insurers or agents for even the most basic information. They frequently deal with issues like misplaced/lost paperwork, unclaimed policies and delayed claim processing. By serving as a unified, structured view of a customer's insurance data that is accessible across entities with user consent, the PIR could address such problems.

Effective implementation of the registry could make it easier for the individuals to keep a check on their policies, read the claim histories and retrieve important policy papers without having to navigate several systems. Further, the risk of policies being forgotten or going unclaimed could be reduced to a great extent. By ensuring relevant data is easily available to the insurance parties, PIR could allow speedy claims processing.

One of the key aims of the registry is to reduce information asymmetry that is currently prevalent in the insurance sector where insurance companies generally have greater data access as compared to the customers. The registry would allow for standardized and interoperable access to insurance details. By doing so, it is anticipated to provide policyholders greater control and enhance their ability to compare products and make well-informed decisions.

The claims and dispute resolution are also expected to improve if PIR gets implemented by the IRDAI. Insurers in the industry may be able to handle claims more quickly if policy and claims data are available in a structured way. 

This could potentially cut down on paperwork as well as delays. Adding grievance redressal and dispute resolution to the registry framework could make it even easier to handle insurance policy related complaints and give customers a better idea about how their cases are being handled.

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Mandatory User Approval for PIR Access

The insurance market regulator has made it clear that the registry will be consent driven and legally compliant. Without approval of user, the policyholder data will not be shared. However, how consent mechanisms are created and put into place will ultimately determine the effectiveness of these safeguards.

Concerns exist that consent in large digital systems may become procedural rather than informed especially in cases where users are not fully informed regarding the access and use of their data. Concerns regarding data security as well as privacy are also raised by the establishment of a centralized repository for insurance data. 

The system is a high value target for cyber threats because insurance records tend to contain sensitive financial as well as health information. Building user trust will need establishment of strong cybersecurity frameworks as well as governance standards. IRDAI wants to modernize insurance industry and also offer more coverage under its vision of Sabka Bima Sabki Raksha via PIR. 

The insurance regulator has said that the registry will work with other digital projects, such as Bima Sugam, that are meant to make it easier for people to get insurance products and services. The PIR is still in the talking stage for now, and the IRDAI is looking for feedback from the industry on its design and implementation plan. 

The proposal promises to make things clearer and easier for policyholders but how well it works will ultimately depend on how well it is carried out especially when it comes to balancing accessibility with privacy, security and meaningful user consent.

Source: India Today