Use of data analytics will improve product design and distribution which expands reach of insurance, according to TS Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI).
Proper collection and deployment of data for analysis will help fill existing gaps in key areas such as auto, health insurance and disaster management/ insurance, he said.
“In insurance, focus should be on those areas which are touching the lives of many and industry players should share data and experience for better results,” Vijayan said, adding that the Insurance Information Bureau (IIB), an arm of IRDAI, was catering to the data requirements for insurers.
Highlighting that huge data is available in the country with 1.2 billion people, the regulator said insurance should also be linked to Aadhaar for achieving financial as well as insurance inclusion. “Our efforts are in this direction,” he added.