The proposed registry would give insurers access to richer claims, policy and risk data, helping improve underwriting accuracy, pricing discipline and portfolio management.
The move follows a series of cases involving employees at the life insurer and marks an escalation from document-based supervision to direct examination of its internal controls.
Insurers are among the firms facing scrutiny over AI customer service systems that delay callers reaching human agents, as complaints to the FSS rise 17%.
Measures to simplify products, reduce claims friction and encourage broader use of the National Health Claims Exchange dominated discussions at the panel's latest meeting.
The authorities searched nine locations and made 15 arrests linked to suspected fraudulent practices at an insurance exam centre for FLMI qualification.
AXA, BOC Group Life, FWD, HSBC Life and Manulife sit among 30 institutions involved in 36 use cases selected from nearly 100 proposals, in a cohort now spanning banking, securities, insurance and MPF.
