Insurance Sales

Company reports assets under management of Rs 12,310 cr, expects number to be around Rs 13,500 by end of FY25

There is some post-Q1FY25 guidance on growth and margins as follows: HDFC Life targets doubling VNB in four years and hopes to outpace the industry in retail APE (annual premium equivalent) growth

ACESO, a tech platform in insurance assignment business, is planning to add 60 more channel partners in the ongoing financial year. The company currently has 40 channel partners. "Currently, we have 40 channel partners and we want to add another about 60 more channel partner during this year," ACESO Founder Director Ketan B Mehta said. With this, the total number of partners would cross 100, he said, adding that they will help company grow business by connecting with policy holders and insurance agents. ACESO helps to monetise the endowment policies held by a life assured of LIC, to ensure financial benefits, along with continuation of risk cover till maturity, in cases where the policies are sought to be surrendered or lapsed. The company endeavours to achieve this objective through the assignment of endowment insurance policies of LIC to a registered Trust managed by SEBI registered Trustee viz. Beacon Trusteeship Ltd, Mehta said. He further said the company has recently launch

Standalone health insurer Star Health and Allied Insurance Company Ltd., has set a target to double its Gross Written Premium to about Rs 30,000 crore over the next four years, a top official said here on Wednesday. The city-headquartered company had recorded a GWP of Rs 15,254 crore in FY24 and reported a profit after tax of Rs 845 crore up by 37 per cent over last financial year, Managing Director and Chief Executive Officer Anand Roy said. "We are aspiring to grow faster than the industry. Our target is to double our business in the next four years. We have been growing at 22 per cent (Compounded Annual Growth Rate) from FY 2020-24. By FY28, our target is to reach Rs 30,000 crore (GWP). This is an internal target that we have set ourselves...," he told reporters. Since its inception in 2006, Star Health and Allied Insurance Company has approved claims of about Rs 44,000 crore. The doubling of Gross Written Premium would be based on deeper penetration into markets including tier

61% users of online insurance sales/ service platforms surveyed who purchased an insurance policy experienced a subscription trap where the platform made it difficult for them to cancel it.

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A country where insurtech companies are rapidly gaining market share. These are firms that make innovative use of technology in insurance

In order to achieve this objective and considering the interest of the policyholder, Irdai has set up a taskforce to examine the bancassurance framework

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Campaign will work to achieve saturation in respect of bank accounts, insurance/pension schemes; distribution of loans to FPOs, SHGs for setting up cold-chain infra, KCC penetration, among other thing

Sees over 75% of overall insurance purchases from tier 2 & 3 cities

Within health insurance, it was the retail segment that recorded impressive growth

Claims have also not risen sharply both in motor and health, giving some respite to insurance companies

Experts say the recent frauds mean that more insurance cover for banks will come with higher costs