News From Press Insurers should use data analytics to design products: Vijayan

Insurers should use data analytics to design products: Vijayan

Source: Business Standard May 28, 2016

Insurance companies should make use of data analytics to design products and pricing, IRDAI Chairman T S Vijayan said today.

"Insurance is happening on probability. If there is a central organisation, which collects data from all the insurance companies, a very good tariff can be generated, premium rates can be generated. This is what IIB (Insurance Information Bureau of India) is doing today," Vijayan said.

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