Insurers defy Regulator’s Integrated Database System

Kathmandu: The Unified Software, inaugurated by the Insurance Board on July 16,2021, has not yet been utilized to generate accurate data. Though the system was inaugurated in a hurry, the IB has not implemented the Integrated Software called Insurance Regulatory Management Information System (IRMIS) yet.

Earlier, it was claimed that real-time data of insurance companies will be compiled to the IRMIS and up-to-date data of insurance industry can be obtained easily. But most of the insurers have escaped uploading real-time data in the IRMIS.

The officials of the IB claim that some insurance companies seeking excuse showing the cause that there’s mismatch between the data entry format of the Insurance Companies and IRMIS is the major issue for data synchronization. As per official information among 39 insurance companies only Surya Life, Jyoti Life and Reliable Life Insurance have uploaded updated data on IRMIS.

The data collected from the Insurance Companies and published by the IB always varies from what the Insurance Companies publish in actual. The IB has given access to the companies to upload daily, monthly, quarterly and annual statements of the company. However, as the companies have not uploaded the data as stated in the software, the IB is still collecting monthly data from the insurance companies via email.

The IB has also given training to the employees working in the IT of the concerned company and the employees who upload the data.

Despite having the IRMIS, the IB has emailed the companies on Monday to provide the details of the claim received by the insurance company due to floods through email.

There are many errors in compiling statistics manually. Insurance companies say that even the micro-insurance statistics posted by the IB on its website are not accurate. Such data may bring wrong interpretation and forecasting for scholars and researchers.

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