3rd july 2025, Kathmandu
Sharad Ojha, the Chairman of the Nepal Insurance Authority, has instructed insurance companies to increase the use of information technology (IT) and to manage data accurately in a way that benefits the overall insurance sector.
Sharad Ojha Insurance IT Directive
Addressing an interaction and discussion program on the “Use of Information Technology and Data Management in the Insurance Sector” organized by the Authority today in Lalitpur with insurance companies, Chairman Ojha emphasized that even if it increases cost, it is essential to enhance the use of IT for the development of the insurance industry.
Chairman Ojha stated, “It is necessary to screen what kinds of insurance-related data are needed, what are not, and which ones are required for the long term. Based on that, we must store data accordingly. We must also develop the capacity to store long-term essential data. The Authority will make necessary arrangements for this, and insurers must also establish proper systems.”
Directing insurance companies to submit financial statements and data to the Authority on time as per the law, Chairman Ojha further said, “Accurate and timely data supports the decision-making process. Data should be used in a way that supports the growth of the insurance business. The Authority is always ready to address complaints related to IT and data management from insurance companies.”
He also instructed that the data published by insurance companies, submitted to the Authority, and finalized for public release must not differ and should be accurate, realistic, and refined before being finalized.
Sushil Dev Subedi, the Executive Director of the Nepal Insurance Authority, said that the program was organized with the aim of further refining the work related to IT use and data management, and to make the coordination between the Authority and insurance companies more effective.
Poojan Dhungel Adhikari, Director at the Nepal Insurance Authority, stressed that insurance companies should make IT use and data management more reliable and accountable, and should designate a dedicated contact person within the company for such responsibilities.
In the program, Rabindra Shrestha, Deputy Director of the Authority, gave a presentation on the use of IT in the insurance sector, and data scientist Basanta Prasad Bohara presented on data management within insurance companies.
The program was attended by representatives and employees from the IT and data management departments of insurance companies, micro-insurance companies, and reinsurance companies.
For more:- Sharad Ojha Insurance IT Directive