Insurance industry is in a need to have a central repository, say industry players

The COVID-19 pandemic has impacted sharing of data in the insurance ecosystem and there is a need to have a central repository, say industry players.

IndiaFirst Life Insurance managing director and CEO R M Vishakha said during a virtual panel discussion organised by ETBFSI.com, “One of the important fallouts of the pandemic is the ability to share the data. If you have to say one thing that we definitely need is a centralised repository. We need a lot more data sharing.”

she added,“Can we do it at an insurance company level alone? No. I think it has to be done at an overall environment level.”

IFFCO Tokio General Insurance Managing Director and CEO Anamika Roy Rashtrawar said, “After the learnings we have had from these last four months, one thing that will continue is to build an operation resilience based on higher or an escalated level of digitisation where the systems have to be much more seamless than what it was earlier.”

She added, “Increasing prices is difficult. With this price, people are not purchasing and if we increase we will not get any more customers.”

Going ahead, Rashtrawar said, “Earlier motor used to dominate, but now health is becoming a dominant segment for us,” she said.

 

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