IRDA has taken an initiative of automation for facilitation of various activities that need to be undertaken by Insurance companies, surveyors, brokers and Third Party Administrators (TPAs) for regulatory compliance. This program is called the ‘Business Analytics Project’ or BAP as referred to henceforth.
In this current technology driven environment, portal delivers ease of use and uniformity in routine activities like online filing of returns, submitting applications for enrollment, new license, renewals and other modifications to existing licenses. The application also supports on-line clarification of queries, and provides notifications, reminders and alerts for adherence to time lines.
This initiative will ensure good communication between insurance players and IRDA. Standardized and timely collection of industry data will help IRDA in efficient supervision of insurance operations, monitoring and tracking for the development of the insurance industry in India.