hyderabad r rabhavan chief executive officer of the insurance information bureau iib part of indias insurance regulator insurance regulatory and development authority irda on monday said that the bureau is examining possible collaborations with insurance bodies of other countries for better data management solutions irda chairman t s vijayan inaugurated the new premises of insurance information bureau at the financial district located in the outskirts of hyderabad speaking at the inauguration raghavan said the bureau had previously signed a memorandum of understanding mou with the korean insurance development institute kidi which also collects data from insurers and formulates reports iib is to benefit from the advancement achieved by kidi in the field of analytics after developing a successful relation with kidi iib is now looking at signing similar agreements with other such organizations he said irda chairman t s vijayan said a lot of data is available in the industry that will be worthwhile if analyzed he also said that many insurance companies do have essential data but have little respect for it insurance companies are not able to provide basis on which a product has been priced we do not want companies to charge unjustified pricing excess premium or too low a premium the irda chairman also said that iib has launched a pilot hospital unique id master enlisting hospitals in the preferred provider network serving the health insurance sector vijayan said the total insurance premiums both life and nonlife would cross rs 400000 crore in the current financial year he said while the rate of growth in nonlife segment was at 1618 the life insurance segment was less than 10 iib has been collecting transactionlevel data of policies and claims under health motor and other lines of business and has been generating reports on the basis of the analysis of the collected data it has been able to provide insights into the state of the industry and assisted irda through provision of inputs required to make objective decisions