Cibil plans to offer services to insurers

Credit information provider Credit Information Bureau (India) Ltd (Cibil) is now planning to expand its service to insurers, both life and general. This will not only help insurers during the pricing decision but also consumers, who will get attractive premium.

Speaking on the sidelines of Cibil’s third annual credit information conference here, MV Nair, chairman, Cibil, said, “We are looking at the insurance industry now and have started our initial stage of discussion with the insurance regulator.”

The regulator has decided to have a separate bureau for the insurance industry. “We are talking to them (regulator) to use our expertise and our platform.”

At present, Cibil caters to financial institutions including banks, credit card companies, NBFCs, co-operative banks and any lender in the system. It has 840 members and the number of consumer records process had increased to 200 million from 13 million in 2004, said Nair.