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How a Public Insurance Registry Will Curb Policy Misselling
Bandhan Life CEO Satishwar B. explains how the new registry provides a full view of customer coverage, aiming to modernize distribution and protect consumers.
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The Public Insurance Registry (PIR) will provide a complete view of a customer's insurance portfolio, helping to prevent misselling, according to Satishwar B., MD & CEO of Bandhan Life Insurance. Speaking with Riju Mehta, he explained that the registry will show all policies held by an individual and their total coverage. This transparency, he noted, is particularly valuable during the onboarding process, allowing insurers to see the type of coverage a customer already has and identify any additional needs they may have. 'If a customer has multiple insurance policies, the PIR will show all the policies he holds and the total cover he has. This enables us to understand, especially at the onboarding stage, the type of insurance he has and what he needs,' he stated. The initiative is part of the broader Bima Sugam platform aimed at modernizing India's insurance distribution and enhancing consumer protection.