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.
Want to learn more about data portability? Visit us and see how we can help your company comply with the GDPR www.idlink.eu