The Insurance Information Bureau (IIB), through the Insurance Regulatory and Development Authority (Irda), plans to connect with third-party administrators (TPAs), insurers and hospitals to evolve and maintain a health insurance information grid.
This will help the health insurance industry develop a rationalised system of insurance claims management, leading to transparent treatment costs and efficient pricing of health insurance products.
Inaugurating IIB’s new premises in Hyderabad, Irda chairman TS Vijayan said IIB has launched a pilot hospital unique ID master, enlisting hospitals in the preferred provider network serving the health insurance sector. “Through this national registry of hospitals, it will enable the industry to have data on the list of hospitals and the charges for different procedures,” he added.
IIB an independent body endowed with the Irda’s mandate and functions as a single-window analytics organisation for the entire data requirements of the insurance sector.
IIB has been collecting health insurance transaction level data from insurers and TPAs for the last several years and publishing useful reports after analysing the data. In this process, the data on hospitals providing treatment for insurance customers were also getting captured.
IIB provides various services like processed information, regular and customised reports on vehicle insurance, health insurance and other lines of business, besides fraud analytics. “We also plan to launch a motor insurance grid linking National Crime Records Bureau (NCRB), National Informatics Center (NIC) and state police agencies, pre-owned car dealers, auto financial institutions, etc, for effective claims management,” IIB CEO R Raghavan said.
According to Raghavan, IIB is also in the process of collecting life data to produce analytics for the life insurance segment. It will operate the mortality and morbidity among different classes of assured lives. Using analytical data, newer models can be developed for various businesses and sophisticated risk can be analysed. IIB is also in the process of partnering with global data institutes across the globe for developing a robust, realtime database.