Single storage for individuals’ insurance histories

Currently, the professional associations of insurers operate several databases on various insurance products. However, at times, different approaches to building these databases make it impossible to have a complete picture of an insured person or asset. It is difficult to fully use the accumulated information for the benefit of people when several systems are in operation at the same time.

The Bank of Russia will set uniform requirements for the quality and protection of data to be transferred to the Unified Insurance Information System. The regulator will also maintain a uniform standard for its building, allowing to integrate the functionalities of the system with government information resources. Among other things, this is necessary to facilitate the electronic communication on OSAGO-related issues, including remote loss settlement, and to create new and handy services for insurers.

‘The consolidation of several databases into a single ecosystem will improve the relevance and quality of data. This will also promote the digitalisation of the insurance sector. The system capabilities will enable consumers to get insurance services electronically — from concluding agreements to receiving payments. Moreover, the Insurance History Bureau will gradually accumulate information on non-motor insurance products helping insurers assess customer loss ratios and risks of insured assets more accurately and, as a result, offer better rates,’ commented Ilya Smirnov, an acting Director of the Insurance Market Department of the Bank of Russia.

The draft law provides for a transition to centralised storage of data on various types of insurance. Insurers will have equal access to the platform. The current version of the draft law reads that insurers will hand over the information on motor insurance and home insurance against emergencies starting from 1 April 2024.