Insurance Industry

LIC's Bima Sakhi Yojana to enrol 100,000 women in 12 months

Nearly 61 per cent of the life insurer's top-tier advisors are now active users of the stack

The industry leaders were discussing the future of the sector at Business Standard's BFSI Summit 2024 on Friday

The initial share sale got bids for 20,26,82,400 shares against 17,28,57,143 shares on offer, as per NSE data

State-owned life insurance behemoth LIC's chief executive and managing director Siddhartha Mohanty on Tuesday pitched for using the e-commerce and telecom network to distribute policies deep in the country. "As we are serious about 'insurance for all', we must rethink how we distribute and market insurance products," Mohanty said, speaking at an event organised by CII here. He said the current channels, including agents, brokers, and bancassurance have been effective, but fraught with its own limitations given the challenge of taking insurance to each citizen of the country. Specifically, the current models have "limitations" to taking insurance to the vast and underserved rural market, the LIC executive said, adding that the future is in opening non-traditional channels. "Collaborating with non-traditional players, such as telecom companies, fintech firms and e-commerce platforms, we can significantly increase our outreach," he said. "These organisations have unparalleled access

Irdai chairman urges large conglomerates and business houses to invest in India's insurance sector

Insurance regulator Irdai has directed two insurers to carry out audits of their IT systems following concerns over the recent instances of policyholders' data leaks. The regulator is also in touch with their management to address the vulnerabilities. Without naming the insurers, the Insurance Regulatory and Development Authority of India (Irdai) said it takes data breaches very seriously and asserted that it will continue to engage with the companies to ensure that the policyholders' interests are fully protected. Star Health Insurance had recently admitted data breach. The name of the second insurer could not be immediately ascertained. "There have been reports of data leaks from two Insurers recently," the regulator said. In a release, the Irdai said it is closely monitoring the situation in the case of the concerned insurers and has been in touch with their management. Regular updates are being obtained to ensure that the policyholders' data and interests are fully protected

She talks about the company's Q2 performance and the way forward

Insurers are expected to face catastrophe-related claims for billions of dollars from a devastating hurricane season

Most major life insurance companies have products in excess of 30. It was becoming difficult for the companies to revise all their products, in accordance with regulations by the deadline

The life insurance companies, through the council, had sought a three-month extension from Irdai on implementing the new norms

According to the report, men on an average claimed Rs 77,543 while women claimed Rs 69,553 (without maternity)

All efforts are on to make insurance inclusive and attract global investors. The second, and concluding, part of the column on 25 years of the insurance industry

While splitting is common in life insurance, it sometimes happens in health insurance as well

Artificial intelligence, data analytics help companies to improve claims processing, solve complaints

Non-life insurers report muted growth in premiums in August

De-tariffing and portability are two milestones ahead of the Insurance Act amendment that made health insurance an independent line of business and raised FDI limits to 49%. The first of 2 part column

Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, on Monday said it will fully acquire Paramount Health Services & Insurance TPA at an enterprise value of Rs 311.8 crore. Medi Assist Insurance TPA, a wholly-owned subsidiary of Medi Assist Healthcare Services, has inked a pact with Fairfax Asia and Nayan Shah & family to acquire Mumbai-based Paramount Health Services & Insurance TPA. Paramount is a prominent player in the TPA space, owned by Fairfax Asia and the Shah family. With the acquisition of Paramount TPA, Medi Assist TPA's market share will grow to 36.6 per cent for the group segment and 23.6 per cent of the health insurance industry, by premiums managed, the company said. The acquisition represents one of the largest TPA deals in India, with an enterprise value of Rs 311.8 crore, subject to regulatory (Irdai) approvals, it added. Paramount TPA works with 30 insurers and over 3,000 group customers and retail ...

Know about eligibility, key features and premium amount in Policybazaar table

Use carpet as measure area to determine the sum insured