Kathmandu. Sri Lanka’s Insurance Regulatory Commission (IRCSL) has launched a centralised insurance data repository. The initiative was implemented in collaboration with the Credit Information Bureau of Sri Lanka (CRIB). It was conceived under the leadership and guidance of Ajit De Mel.
The commission’s statement is a first-of-its-kind national initiative aimed at modernizing Sri Lanka’s insurance sector by bringing together industry-wide insurance data into a single secure platform managed by the Centralized Insurance Data Repository Bureau. The project transforms the industry from differentiated, insurance company specific data systems to an integrated data-driven ecosystem.
Motor insurance will first be integrated into the system. This will be followed by life and health insurance, according to the commission.
This initiative is considered to be a major step towards securing data-driven insurance, better preventing fraud and improving customer experience. The data repository will also help insurance companies create more accurate and customer-specific risk assessments. This contributes to more fair and consistent pricing across the industry.
By providing real-time access to insurance claims data, the platform is expected to significantly strengthen fraud detection and prevention capabilities, including identifying multiple claims for the same incident across different insurance companies.
In addition, insights driven by data from the repository will help companies identify unserved and uninsured sectors. This will lead to greater financial inclusion and increased insurance access across Sri Lanka. –Agency
