The Digital Policy Repository is a cornerstone of the insurance sector’s digitization efforts, spearheaded by the Insurance Development Regulatory Authority (IDRA). This essential initiative serves as a centralized data warehouse, where information from 81 insurance companies is stored, acting as the IT backbone of the industry. The repository plays a vital role in the overall development of the insurance sector, contributing significantly to establishing customer confidence, enhancing transparency, and facilitating informed decision-making at various levels.

As part of the implementation of the National Insurance Policy 2014, the Digital Policy Repository addresses major challenges in the insurance sector, such as the lack of transparency and trust, by introducing a digitized system across all levels. This includes electronic information sharing within the industry, which is crucial for establishing accountability through automation and a robust technical infrastructure. By ensuring better services, transparency, and accountability in insurance management, the repository strengthens the financial foundation of insurance companies.

Moreover, the Digital Policy Repository supports a wide range of activities, including research, learning, and the initiation of administrative processes. It also provides crucial insights through reporting, forecasting, and decision-making, helping to shape policies that drive the industry forward. This initiative is not only transformative for the insurance sector but also instrumental in achieving the goals set out by the National Insurance Policy 2014.