📷 Signing of the Subscription Agreements between CRIB and the Chief Executive Officers of Licensed General Insurance Companies. Photo: dailynews.lk.
Sri Lanka’s insurance sector entered a new era of data-driven regulation and transparency with the official launch of a Centralized Insurance Data Repository by the Insurance Regulatory Commission of Sri Lanka (IRCSL), in collaboration with the Credit Information Bureau of Sri Lanka (CRIB).
The landmark initiative, unveiled on Friday (20) in Colombo, is the first of its kind in the country and is expected to transform how insurance data is collected, managed and utilised across the industry. The project was conceptualised under the guidance of IRCSL Chairman Dr. Ajith Raveendra de Mel, whose focus on strengthening data governance and enhancing market transparency laid the groundwork for the reform.
For decades, insurance data in Sri Lanka remained fragmented, maintained separately by individual insurers. This silo-based system limited industry-wide visibility into customer risk profiles, claims histories, fraud patterns and broader market trends. The newly established repository consolidates industry-wide insurance data into a single, secure national platform managed by CRIB, creating a unified and integrated data ecosystem.
Motor insurance will be the first line integrated into the system, with health and life insurance segments to follow in subsequent phases. Industry analysts view the repository as a major step towards modernising Sri Lanka’s insurance landscape. By enabling insurers to access real-time claims information and comprehensive customer data, the platform is expected to support more accurate risk assessments and fairer, more consistent pricing structures. The system will also significantly strengthen fraud detection mechanisms, including the identification of multiple claims lodged for the same incident with different insurers.
Beyond risk management, the repository is anticipated to enhance financial inclusion by helping insurers identify underserved and uninsured segments, thereby supporting efforts to increase insurance penetration nationwide. For policyholders, the centralised platform promises tangible benefits, including digital identity verification, faster policy issuance and streamlined claims processing. Reduced reliance on manual documentation is expected to improve efficiency and turnaround times across the sector.
Developed using advanced technology, the repository is designed to accommodate future innovations such as advanced analytics and artificial intelligence-driven insurance solutions. The IRCSL, established under the Regulation of Insurance Industry Act No. 43 of 2000, serves as the regulator of Sri Lanka’s insurance industry, while CRIB operates as an independent statutory body and public-private partnership under the Monetary Board of the Central Bank of Sri Lanka.
Source: dailynews.lk
