Insurance Information Bureau to work with Korean counterpart

KIDI is a front runner among the rate making organisation in Asia, plays significant role

The Insurance Information Bureau of India (IIB) headquartered in Hyderabad  has signed a memorandum of understanding with Korean Insurance development Institute (KIDI) for working level discussions to finalise areas of cooperation and relationship between the two organisations.

IIB gathers  transaction level data of policies and claims under health, motor and other lines of insurance business and generates reports on the basis of the analysis of the collected data for the perusal of the Insurance Regulatory and Development Authority (Irda).

“In view of the advancement and sophistication achieved by KIDI in the field of analytics and the help they can render to IIB to facilitate speedy development, a continued relationship and knowledge-sharing was proposed and agreed by both the side,” Irda said in a press release.

KIDI is a front runner among the rate-making organisations in Asia and plays a significant role in Insurance information and Ratemaking Forum of Asia , the insurance regulator said.