The Insurance Regulatory and Development Authority of India (IRDAI) has launched the Insurance Information Bureau (IIB) that would take care of the health insurance grid by linking hospitals, TPAs and insurers. IRDAI chairman TS Vijayan said that the IIB introduced a pilot hospital unique ID master program to enable enlisting of hospitals in preferred provider networks.
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It store the entire data required by the insurance sector just like an analytics organization. On inauguration of IIB’s new premises, Vijayan said IIB came into being for assisting health insurance sector when dealing with claim management. It is designed to maintain transparency during treatment as well as checking the cost and efficient pricing of the products.
Vijayan informed about an estimated growth in premium of Rs. 4 lakh crore including life and non-life during the current fiscal. The life sector is likely to offer lesser growth of about 10% in comparison to non-life which could be around 16-17%.
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