Page 34 - Insurance Times May 2022

be aggregated. This initiative has to begin immediately, when Y Supports competitive pricing but
the operations are small and easy to manage and maintain. ensures that the limits are not
This way IRDA and the insurance companies become privy to crossed
aggregated data. This could be handled by an external agency Y Supports differential pricing
with proper credentials and resources and enjoying IRDA's Y Assists in predicting losses more
confidence. This being a purely statistical exercise a large accurately
population size coupled with detailed data means better Y Ensures policy wordings and
predictions. Predictions based on market data are a lot more coverages meet the legal and
accurate than they would be if based on data of a single regulatory requirement
company. Y Innovative product offerings
Intermediaries Y Better pricing rationale for their
In India the patronage of IRDA is required at this stage
because nobody else is going to be able to manage and invest clients
in such a venture. This will definitely go on to be self- Y Helps stay competitive
sustaining. Regulator Y Confidence that products are
appropriately priced
Proposition being funded by the insurance entities through a Y Realise the objective of
fee on products and data. There is no question about the developing the Indian market in
confidentiality of the data being published because these will a scientific manner
be generic summarized data and not individual case history. Y Since loss predictions are more
For example, the MDAA will aggregate data on motor accurate appropriate
vehicles insured in terms of models, makes, seating capacity, reinsurance policies can be spelt
driver profile and so on. The rate approval function of the out
IRDA would be a lot easier and meaningful if it had access to Y Industry as a whole keeps
authentic actuarial data. What are the benefits that the expenses low thereby supporting
Indian market can look forward to with an MDAA? the growth of the market
Y Easy to provide a benchmark
Benefits rendered by MDAA:- rate for the market
Clients Y Gives confidence that the
Insurance Entity Benefits from an MDAA
products ore priced properly
Insurers Y Benefit of complete market data Y Gives a choice of coverages to
Y Shared costs of actuarial analysis choose from
Y Quick turnaround time to react Y Access to newer products
to changing consumer,
regulatory, legal and statutory In conclusion, the Indian insurance industry could get a boost
requirements. with access to detailed, accurate market data both historical
Y Reliable, accurate and sufficient and current. It is important that this initiative is supported
data to take strategic decisions all the way by all the participants. T

Omicron: New mutant detected in COVID-19 patients in Delhi

A new SARS CoV 2 mutant, BA. 2.12.1, related to the Omicron subvariant BA.2 but with other distinct changes, may
be driving the current surge in COVID-19 cases in Delhi and surrounding districts, top sources in INSACOG, India’s
coronavirus genomic surveillance project, told Moneycontrol. When contacted for an official version, Dr Sujeet Kumar
Singh, director, National Centre for Disease Control (NCDC), the agency under Union health ministry which is leading
the INSACOG project, confirmed the detection of the variant in Delhi but did not elaborate more on this.
Sources, however, said that the BA.2.12.1 variant has been detected in several samples from the national capital
that underwent whole genome sequencing over the last few days. BA.2.12.1, along with BA.2.12, the other subvariant
of Omicron BA.2, was recently identified by the US Centers for Disease Control (CDC) in New York and a few other
parts of the US and is said to be behind the rise in cases.

34 The Insurance Times, May 2022