As of today, April 14, 2025, there is no specific news article reporting that banks are advocating for a single insurance repository to curb fraud. However, India has an established system of insurance repositories aimed at reducing fraud and enhancing transparency in the insurance sector.
Insurance Repositories in India
India’s Insurance Regulatory and Development Authority (IRDA) launched the world’s first insurance repository system on September 16, 2013. This system allows policyholders to hold insurance policies in electronic form, facilitating easier policy revisions and reducing paperwork. The move towards digitization aims to minimize fraud by ensuring secure and centralized access to policy information. The IRDA initially licensed five entities to act as Insurance Repositories; however, SHCIL Projects Limited surrendered its license in September 2015. The remaining four are:
- CDSL Insurance Repository Limited (CDSL IR)
- Karvy Insurance Repository LimitedNational Insurance-policy Repository by NSDL Database Management Limited
- CAMS Insurance Repository Services Limited
All such entities must contain the words “Insurance Repository” in their names.
Fraud Prevention Measures
To combat insurance fraud, tools like Experian’s Hunter Fraud Score are employed in India. This analytical tool helps detect inconsistencies in credit applications, assisting banks and insurance companies in identifying potentially fraudulent activities. The system utilizes data mining techniques on customer and KYC data to flag suspicious applications for further investigation.
Furthermore, advancements in technology, such as blockchain and smart contracts, are being explored to enhance fraud prevention in health insurance. A proposed system involves multi-signature claim processing, where all entities—patients, providers, and insurers—actively participate in the claim process. This approach aims to make all actions transparent and accountable, thereby reducing fraudulent activities.
While there is no current initiative to consolidate insurance repositories into a single entity, the existing infrastructure and technological advancements continue to play a significant role in curbing insurance fraud in India.
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