'Insurance Score' could decide premiums of your policies; move to reduce bogus claims - details here!

People seeking loans get them at lower interest rates if their CIBIL score is high. In a similar vein, an insurance score is also likley to see a light of the day soon. Insurance buyers will get benefits of lower premiums if there insurance score is good. Anurag Shah reports citing his top sources.

Insurance Information Bureau has all the informance related to policies of all the insurance companies and now there are plans for corporatisation of Insurance Information Bureau. 

This means that the insurance companies will now be able to do risk analysis of data of the customers. This will help in creating insurance scores of policy holders and with the help of insurance school, the rebate  in the premiums of the policy will be calculated.       

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Plans to create insurance scores of customers in line with the CIBIL score: Sources
The score will be decided by Insurance Information Bureau: Sources

Insurance companies will calculate risks by analysing the IIB data: Sources

The policy premiums will increase or decrease based on the insurance score: Sources

This will also help in curbing frauds in the insurance sector. इंश्योरेंस में हो रहे फ्रॉड्स पर लगाम लगाने में मदद मिलेगी
The insurance premiums will reduce if total bogus claims come down.

Benefits for policy holders: Insurance Score

-- Insurance score will help in calculating risk analysis of customers.

-- Premium will increase or decrease base on insurance score

-- It will also form the basis for giving no-claim bonus

-- The companies will be able to provide wellness benefits in thier policies

-- The use of technology is expected to go up.

-- The move is aimed at reducing fraud claims and increase genuine claims