Insurance sector regulator IRDA would lay special thrust on the use of analytics in the industry for better structuring and pricing of policies.
"Insurance Regulatory and Development Authority (IRDA) has set up a subsidiary Insurance Information Bureau (IIB) for collating data from the industry and then analysing them," IRDA member (life) Sudhin Roy Chowdhury told reporters on the sidelines of ICC insurance summit here on Saturday. Penetration of analytics was required for the insurance industry for better structuring and pricing of policies, he said.
The IRDA member said that the IIB would become self- reliant after a certain time once it started to sell analysed information.