Life insurance companies have selected Experian to build a data repository and a fraud monitoring framework while Insurance Regulatory & Development Authorities of India’s plan to build one for general insurance seems to have taken a back seat.
Life Insurance Council, an industry association, said that the framework is expected to be ready to go live in October. This would help insurers cut losses on account of false claims. “We are hopeful that the data repository with the participation of all life insurers including Life Insurance Corporation of India is going to help the industry in preventing fraud and mitigating risk better,” SBI Life Insurance Co Managing Director & Chief Executive Officer Arijit Basu said.
The formalities to engage Experian will be completed this month, said V Manickam, secretary general of Life Insurance Council. He said Credit Information Bureau (India) Ltd and US-based LexisNexis were also in the race to get the mandate.
Source: Economic Times of India