CRIB, IRCSL establish Centralised Insurance Data Repository system
The Credit Information Bureau of Sri Lanka (CRIB), in collaboration with the Insurance Regulatory Commission of Sri Lanka (IRCSL), has marked a significant milestone in the country’s insurance sector with the signing of agreements to establish a Centralised Insurance Data Repository System a first-of-its-kind national initiative to unify insurance industry data.
The Centralised Insurance Data Repository will consolidate industry-wide insurance data into a single, secure platform. This initiative is expected to deliver substantial benefits to the industry, including improved claims management, enhanced pricing strategies, strengthened risk assessment and underwriting, greater financial inclusion, improved operational efficiency, advanced portfolio and market analytics and cost optimisation.
It will also support the digitalisation of underwriting processes, enable wider distribution of insurance products and promote risk-based pricing. Overall, the repository will contribute to building a more integrated and data-driven insurance ecosystem, delivering tangible benefits to policyholders.
Besides, the repository will enhance fraud detection capabilities, support fair and transparent pricing and enable insurers to better identify underserved segments, thereby driving increased insurance penetration and broader financial inclusion.
Importantly, the availability of insurance data will also support CRIB in expanding credit scoring models to incorporate non-financial data. This will enable individuals without traditional credit histories to access formal credit facilities, representing a significant step forward in advancing financial inclusion in Sri Lanka.
CRIB Director cum General Manager Pushpike Jayasundera highlighted the significance of the initiative in strengthening data-driven decision-making within the insurance sector.
“CRIB is pleased to play a leading role in the establishment of the Centralised Insurance Data Repository, which represents a significant step towards enhancing transparency, strengthening risk assessment, and improving operational efficiency across the insurance industry. By consolidating industry-wide data into a unified platform, this initiative will enable more informed decision-making, reinforce fraud prevention mechanisms and enhance the overall quality of customer service within the insurance sector. This initiative reflects CRIB’s continued commitment to promoting financial inclusion and strengthening the resilience and effectiveness of the country’s financial ecosystem,” said Jayasundera.
Source : Daily News
