Insurers Must Strengthen IT and Data Management for Sector Growth, Says Ojha
Kathmandu – The Nepal Insurance Authority (NIA) has called on insurance companies to significantly enhance their use of information technology and strengthen data management practices to promote the growth and transparency of the insurance sector.
Speaking at a discussion and interaction program organized by the Authority in Lalitpur, NIA Chairman Sharad Ojha emphasized the importance of adopting advanced IT systems despite the associated costs. He stressed that insurers must manage data responsibly and develop long-term data storage capacity in line with regulatory requirements.
The program was organized to foster better coordination between the regulator and insurers and to refine the digital infrastructure and data systems used across the industry. Chairman Ojha highlighted the need for timely and accurate submission of financial statements and data by insurers, adding that such practices are crucial for informed decision-making and sectoral development.
He also instructed insurers to ensure consistency and accuracy in the data they publish, submit to the Authority, and make public, avoiding discrepancies that may affect credibility. The Authority, he said, is committed to providing necessary support and addressing the concerns raised by insurance companies regarding IT and data management.
Executive Director Sushildev Subedi said the program aimed to improve coordination between the Authority and the insurance companies while advancing IT and data-related operations. Director Pujan Dhungel Adhikari further stressed the need for accountability in data handling and recommended that each insurance company appoint a designated contact person to oversee IT and data matters.
During the program, Deputy Director Rabindra Shrestha presented insights on the use of IT in the insurance sector, while statistician Basanta Prasad Bohara delivered a detailed presentation on data management practices.
The event saw active participation from representatives of life, non-life, microinsurance, and reinsurance companies, particularly from their IT and data management departments. The session was moderated by Assistant Director Sundar Prasad Sharma.