1. Efficient management of data and information received by IRDA from Insurers in the form of financial statements, investment schedule, actuarial reports & reports on re-insurance.
2. Designing and enforcing uniform & standard formats for submission of returns, statements and reports by the insurers involving
(i) Forms re-engineering, simplification, rationalization and normalization.
(ii) Avoiding redundancy and repetition of information.
(iii) Ensuring consistency of data
3. To introduce a system of on-line filing of returns, reports and statements by insurers.
4. To enhance the efficiency of IRDA in the preparation of monthly, quarterly & annual and any other periodic Business Analytics Reports and their publications involving
(i) Automating extraction of information
(iii) Content Management
5. To design and implement Business Analytics (BA) System for
(i) Effective supervision & regulation including compliance
(ii) Monitoring trends of the insurance industry
(iii) Risk based assessment of functioning of Insurers
(iv) Providing Early Warning Signal
(v) Initiating corrective action
(vi) Triggering on-site inspection
6. Establish a system for archival of old data, information & documents
7. Benchmarking the existing financial reporting framework with the international best practices.