CIBIL developing new data system for insurers

[NewsDesk]

Credit Information Bureau (India) Ltd is working on developing a new rating system to generate data for use by the insurance industry.

Source - hindubusinessline.com

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[Master]

Credit Information Bureau (India) Ltd is working on developing a new rating system to generate data for use by the insurance industry.

Source - hindubusinessline.com

CIBIL is working on the same lines as the insurers in UK use the credit score to quote the insurance premium. The insurance premium is going to rise for the individuals, who have low credit scores.

[Madhura]

CIBIL is working on the same lines as the insurers in UK use the credit score to quote the insurance premium. The insurance premium is going to rise for the individuals, who have low credit scores.

Are you saying that this will have an impact only on the motor insurance?

[PolicyWala]

Are you saying that this will have an impact only on the motor insurance?

It will have a impact on all types of insurance premium. Even corporates will have a bear the burn.

[Manish_Kumar]

This will also stop the insurance fraud.

[Matrix]

Insurance premium will increase for those, who has low credit score. (And for others also because insurance companies has to pay money to buy credit info from CIBIL.)