## IRCSL Launches Sri Lanka’s First Centralized Insurance Data Repository 📈

The Insurance Regulatory Commission of Sri Lanka (IRCSL), in collaboration with the Credit Information Bureau (CRIB), has officially unveiled a first-of-its-kind national Centralized Insurance Data Repository. This digital transformation marks a shift from fragmented, siloed data to a unified, secure national ecosystem. • Phased Implementation: The platform begins with the integration of motor insurance data, with plans to expand into health and life insurance sectors later. • Industry Impact: • Risk Assessment: Enables accurate, customer-specific risk profiling for fairer, more consistent pricing across the industry. • Fraud Prevention: Provides real-time access to claims data to identify multiple claims for single incidents across different insurers. • Market Penetration: Data-driven insights will help identify underserved segments, aiming to increase overall insurance penetration and financial inclusion. • Customer Benefits: Supports digital identity verification, faster policy issuance, and more efficient claims processing by reducing manual documentation. • Technological Foundation: Managed by CRIB, the repository is built to support advanced analytics and future AI-driven solutions to modernize the financial services landscape.