A newly formed panel in India wants to enable the transfer of personal data for Indian insurance customers when they change insurance company, so they can keep their original benefits.

The IRDAI, also known as the Insurance Regulatory and Development Authority of India, has created a panel on innovations in insurance and insurance technology. This panel has recommended the introduction of data portability between insurance companies. This would ensure that customers could keep their benefits if they decide to change to another insurance company.

As mentioned in the article, “The regulator, too, needs to reassess the existing guidelines to ensure that customers are adequately protected. “As the risk profile changes, it would be necessary to ensure that regulatory framework continues to adequately capture it,” it said.”

It is important to keep customers as protected and in-control of their private data as possible, and the IRDAI is currently examining the recommendations within this.

Read the full article: https://www.thehindubusinessline.com/money-and-banking/customer-data-portability-to-be-introduced-in-insurance-sector/article24584413.ece

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