IRDAI Sets January 2028 Goal for Public Insurance Registry Beta Launch
IRDAI Chairman Ajay Seth announces the Public Insurance Registry beta launch for January 2028 to standardize insurance data sharing in India.
The Insurance Regulatory and Development Authority of India (IRDAI) is preparing to revolutionize how insurance data is handled in the country. Chairman Ajay Seth has revealed that the regulator is targeting January 2028 for the beta launch of the Public Insurance Registry (PIR), a digital platform designed to streamline data sharing and make information far more accessible for both customers and financial institutions.
Speaking at the SamvAAd 2026 India Open Finance Summit in Mumbai during a session with financial educator Monika Halan, Seth detailed the structural changes required to bring this vision to life. The current Insurance Information Bureau is slated to be transformed into a not-for-profit company, which will then serve as the host for the PIR.
Solving the Data Chaos
One of the primary drivers behind the Public Insurance Registry is the current lack of uniformity across the industry. With approximately 60 insurers operating in India, the way data is collected and stored varies wildly from one company to another. This fragmentation makes it incredibly difficult to share or compare data across the sector.
Chairman Seth emphasized that the registry aims to establish common standards and protocols. By doing so, insurance information can move seamlessly between different insurers and other financial entities, removing the hurdles created by non-standardized formats.
Key Use Cases and Integration
The IRDAI has already identified eight potential use cases for the registry. Interestingly, six of these would involve integration with the Account Aggregator (AA) ecosystem. Some of the key applications include:
- Premium Financing: Simplifying the process of funding insurance premiums.
- Requirement Assessment: Better tools for determining the specific insurance needs of a client.
- Lending Decisions: Utilizing a customer's insurance history to inform credit and lending choices.
- Surety Bonds: Supporting the use of surety bonds as a viable alternative to traditional bank guarantees.
PIR vs. Bima Sugam: What is the Difference?
To clear any potential confusion, Chairman Seth clarified the distinction between the Public Insurance Registry and Bima Sugam, the upcoming digital insurance marketplace. While they may seem similar, they serve entirely different functions:
- Bima Sugam: A customer-facing platform intended for the direct purchase of insurance policies.
- Public Insurance Registry: A backend infrastructure designed to support businesses and financial institutions by standardizing the exchange of information.
Seth noted that these two platforms are not replacements for one another but are designed to complement each other and the existing digital public infrastructure.
The Road to 2028
Building a standardized database is a massive undertaking, especially when dealing with historical records. Seth acknowledged that updating old customer information—which will likely happen during claims or policy renewals—will take significant time. Consequently, the regulator plans to prioritize setting standards for new data while gradually cleaning up legacy records.
In a bid to ensure the system is robust, the IRDAI has extended the deadline for stakeholders to submit feedback on the PIR consultation paper. Originally set for September 30, the deadline has now been moved to October 17, 2026, as the regulator seeks industry-wide suggestions to refine the system before the beta rollout.