The IRDAI has released a consultation paper for a Public Insurance Registry (PIR), a proposed digital infrastructure to unify insurance data and improve claims. By creating an interoperable layer, the registry aims to tackle fragmentation and unclaimed insurance amounts. The regulator has invited stakeholder feedback until September 30, 2026.
The Insurance Regulatory and Development Authority of India (IRDAI) released a consultation paper on September 1, 2026, proposing the creation of a Public Insurance Registry (PIR). This initiative is envisioned as a population-scale Digital Public Infrastructure (DPI), designed to act as an interoperable information exchange layer for the entire insurance industry. Unlike a central warehouse where all data is stored in a single database, the registry is proposed as a federated model. In this structure, data remains with the source institutions—such as individual insurers—and is accessed through a secure, unified framework based on user consent.
Addressing Fragmentation and Unclaimed Funds
For the insurance sector, the proposal seeks to solve long-standing challenges related to information asymmetry and administrative friction. Currently, consumers often struggle with fragmented processes when managing policies, transferring coverage, or settling claims, as systems across different insurers do not always communicate effectively. The PIR aims to streamline these processes by providing a unified view for authorized entities, including insurers, reinsurers, intermediaries, and financial institutions.
A significant driver for this initiative is the scale of unclaimed insurance amounts. As of February 28, 2026, these unclaimed funds were estimated at approximately ₹8,973.89 crore. By making it easier to discover and verify existing policies, the registry could help policyholders and their families locate active coverage, while simultaneously allowing insurers to better manage their liabilities and improve grievance resolution.
Operational Risks and Implementation Challenges
While the registry aims to improve efficiency, the implementation will face practical hurdles. A primary risk for the sector involves data privacy and cybersecurity, as the platform will handle sensitive health and financial information. Protecting this data against breaches is a critical concern for both the regulator and the participating companies.
Additionally, the technical integration of legacy systems—many of which are outdated and built on disparate architectures—poses a significant challenge. Transitioning to a modern, interoperable framework may require insurers to invest in significant system upgrades, which could impact operational costs in the short term. The project is currently in the conceptual consultation phase, and final technical specifications, security protocols, and timelines are subject to change based on industry feedback.
Next Steps for Stakeholders
The IRDAI has set September 30, 2026, as the deadline for public and stakeholder feedback. The eventual success and timeline of the PIR will depend on how the regulator addresses concerns regarding technical integration and privacy. For the broader industry, the registry represents a shift toward more transparent and data-driven operations, though the actual benefit will depend on the final regulatory framework and the industry's ability to adapt its existing systems to the new infrastructure.