The Insurance Regulatory Commission of Sri Lanka (IRCSL) has unveiled the Centralised Insurance Data Repository. Done in collaboration with the Credit Information Bureau of Sri Lanka (CRIB), the initiative was conceptualised under the leadership and guidance of IRCSL Chairman Dr Ajith De Mel.
In a statement, the IRCSL noted that the Centralised Insurance Data Repository is a first-of-its-kind national initiative aimed at modernising Sri Lanka’s insurance sector by consolidating industry-wide insurance data into a single, secure platform managed by CRIB. The project transforms the industry from fragmented, insurer-specific data systems to a unified, data-driven ecosystem.
Motor insurance will be integrated first with the system, followed by life and health insurance.
The initiative is widely considered to be a significant step towards securing data-driven insurance, enhanced fraud prevention and improved customer experience.
The data repository will also enable insurance companies to develop more accurate and customer-specific risk assessments, supporting fairer and more consistent pricing across the industry.
By providing real-time access to claims data, the platform is also expected to significantly strengthen fraud detection and prevention capabilities, including identifying multiple claims for the same incident across different insurers.
Additionally, the data-driven insights generated through the repository will help companies identify underserved and uninsured segments, supporting greater financial inclusion and increased insurance penetration across Sri Lanka.