New Irdai chairman Ajay Seth urges insurers to innovate using DPI framework

Ajay Seth, the new Irdai chairman, has urged insurers to experiment and innovate using digital public infrastructure rails to drive affordable and tailored insurance products

Ajay Seth, who assumed charge as chairman of Insurance Regulatory & Development Authority of India (Irdai) this week, in his first statement has urged insurance companies to experiment and innovate using the Digital Public Infrastructure (DPI) rails.

 

Seth congratulated account aggregator (AA) ecosystem for making financial data sharing safe, simple, and consent-driven. He said the AA framework promotes the use of data, analytics and technology for designing insurance products that are more affordable, accessible, and tailored to people’s needs. 

 

The AA framework was officially launched on September 2, 2021, establishing a secure, consent-based system for financial data sharing. 

 

“In 2025, the use of AA increased in the insurance sector, particularly for underwriting term insurance policies, and we encourage more insurance companies to experiment and innovate using the powerful DPI rails. This DPI is poised to play a key role in ensuring that every Indian family has adequate protection, and we achieve the country’s objective of ‘Insurance for All’ by 2047,” Seth said.