The information system of the insurance sector will be manageable after the implementation of IRMS, said Nirmal Adhikari, information manager. According to him, the system will filter the duplication of data and helps to obtain the true picture of the insurance sector.
In this regard, the board has called out the tender applications from interested firms for the implementation of IRMS on January 7. Any eligible national and international firms can apply for the same till February 6.
The board geared up to implement the system after complaints of a lack of authenticity in its provided data. Even after decades of operation, the board has been failed to provide data on duplication of insurance policies. Thus, the information gap has led the board to make an assumption regarding the total insurance coverage.
Information manager Nirmal Adhikari accepts that the board lacks reliable data on duplication of insurance policies, due to which, it calculates insurance coverage by deducting 5 percent insurance policies from total insurance policies as per international practice.
