Risk Management

Facebook reported agreeing to 20-yr Pact on Privacy Oversight by US Govt

International News May 20, 2019

The social media giant Facebook Inc. is headed toward an agreement with the U.S. government over its privacy policies and practices that would put it under 20 years of oversight, according to a source knowledgeable about the discussions. The agreement would resolve a probe of...

Airlines urge Nations’ Regulators to avoid competing Safety Rules

International News May 20, 2019

Paris: Global airlines urged regulators on Friday not to compete over setting new safety rules, after two crashes led to the grounding of the Boeing 737 MAX and raised questions about the international influence of the U.S. aviation authority. The U.S. Federal Aviation Administration (FAA)...

Ashok Leyland ready to ride on Elon Musk's India dream

Indian News May 20, 2019

Mumbai: Tesla CEO Elon Musk who has been moving back and forth on his India dream for couple of years and unable to take the next big step now has an invitation from commercial vehicles major Ashok Leyland. Musk wants to make India his next...

India's drug regulator warns patients against faulty Medtronic pacemakers

Indian News May 20, 2019

New Delhi: The Indian drug regulator has alerted patients with implants of three Medtronic pacemaker models to seek immediate medical care if they feel light-headed, dizzy or experience chest pain and loss of consciousness, saying these could be signs of the devices' sudden battery depletion. ...

London marine insurers widen Middle East threat zone after ship attacks

International News May 17, 2019

LONDON: London’s marine insurance market has extended the list of waters deemed high risk to include Oman, the United Arab Emirates and the Gulf after ship attacks off Fujairah, officials said on Friday, in a move that could push up premiums.The London insurance market’s Joint...

Boeing completes 737 Max software upgrade

International News May 17, 2019

Chicago: Boeing has completed development of a software update for its 737 Max plane which was grounded following two fatal crashes within five months.The US firm announced that it had flown the 737 Max with the updated software on 207 flights. It added it would...

Aon and Guy Carpenter partner with The Institutes RiskStream, to streamline the reinsurance placement process

International News May 17, 2019

London: The Reinsurance Solutions business of Aon plc, and Guy Carpenter, a subsidiary of Marsh & McLennan Companies, have announce a joint effort with The Institutes RiskStream™ Collaborative to bring greater efficiency to the reinsurance placement process through distributed ledger technology (DLT). The collaboration leverages...

U.S. blacklisting of China’s Huawei to disrupt Global Technology Supply Chain

International News May 16, 2019

The latest U.S. broadside against Huawei that puts the Chinese firm on an exports blacklist threatens to rattle the global tech supply chain, linked closely to the $105 billion business of the world’s top supplier of telecoms network equipment. The Trump administration has said it...

RBI asks NBFCs with over Rs 50,000 crore in assets to appoint risk officers

Indian News May 16, 2019

Mumbai: The Reserve Bank of India said on Thursday that non banking financial companies (NBFCs) with asset size of more than Rs 50,000 crore should appoint a chief risk officer in a move to tighten regulation after a series of defaults at top lender Infrastructure...

In India election, a $14 software tool helps overcome WhatsApp controls

Indian News May 15, 2019

NEW DELHI/MUMBAI: WhatsApp clones and software tools that cost as little as $14 are helping Indian digital marketers and political activists bypass anti-spam restrictions set up by the world’s most popular messaging app, Reuters has found. The activities highlight the challenges WhatsApp, which is owned...

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News in Brief

May 20

Bajaj Allianz Life recruits agents through ``mobile app''

Bajaj Allianz Life’s i-RECRUIT app has helped the company to reduce the agent code creation time down by 50 per cent. The company has now been processing applications in just 14 days through i-RECRUIT, from an average of 30 days in the manual login processes earlier.
Manish Sangal, chief distribution officer – retail, Bajaj Allianz Life, said, “This simple to use app, designed for the Agency channel, has helped us make our insurance consultants recruitment process quick, seamless and paperless.''

May 16

PNB MetLife appoints Bansal as its Chief Distribution Officer

PNB MetLife has appointed Sameer Bansal as their new Chief Distribution Officer. Sameer was earlier head - Bancassurance for PNB MetLife. He has been with PNB MetLife since 2007 and has played a pivotal role in forging the partnership with Punjab National Bank and other banca partners and delivering on the business strategy for the same.

May 13

HDFC ERGO Launches Cover for Vector Borne Diseases

HDFC ERGO General Insurance on Monday launched ‘Mosquito Disease Protection Policy’. This new policy will cover an individual against common mosquito-borne diseases like Dengue Fever, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar, Lymphatic Filariasis and Zika Virus.

According to the report published by National Health Profile 2018, there has been an alarming rise in dengue cases in India, an increase of 300% between 2009 to 2017. The policy will pay the beneficiary the sum insured in case of the policyholder's death due to the disease.

SBI General appoints Joshi as Chief Business Officer

SBI General (SBIG) has appointed Amar Joshi as a Chief Business Officer of the company. He will head all channels, distribution and association sales functions such as Strategic Alliances, Brand & Marketing, Renewal, Direct and Digital, Sales and Support and Sale Training.

With over 25 years,,previously, he has worked with ICICI Prudential life, Aditya Birla Sunlife Insurance and Aditya Birla Health Insurance.

Airtel partners HDFC Life for prepaid bundle

After Bharti Axa Life Insurance, Airtel has launched a prepaid bundle that will come with in-built life insurance cover (term plan) from HDFC Life Insurance.

Airtel’s new Rs 249 prepaid bundle will come with Rs 4 lakhs life cover from HDFC Life along with 2GB data, Unlimited Calls to any network and 100 SMS/day. The recharge is valid for 28 days and and policy cover till recharge is active.

May 07

Standard Life sells 1.78% in HDFC Life Insurance

Standard Life,, the foreign partner in HDFC Life, has successfully divested 1.78 per cent of its stake in the local partner through offer for sale (OFS) route to raise Rs 1,400 crore.

With a floor price for the OFS was Rs 390 apeice,– a discount of 5 per cent from the market prices, both qualified institutional investors (QIBs) and retail investor quotas sawi full subscriptions..

Post the OFS, the stake of Standard Life in the private insurer is likely to come down from 24.66 per cent to 22.88 per cent,

May 06

Ratan Tata invests in Ola Electric Mobility

Ratan Tata invests in Ola Electric Mobility as part of its series A funding
Ride hailing major Ola Monday said Ratan Tata, Chairman Emeritus of Tata Sons, has invested in its EV business - Ola Electric Mobility (OEM).

This investment, which is part of OEM's series A round of funding, is in Tata's personal capacity, Ola said in a statement.Details of the funding were not disclosed.

HDFC ERGO General launches virtual motor claim settlements

HDFC ERGO General Insurance Company, India’s third-largest non-life insurance provider in the private sector, announced the launch of #DIYMotorClaims service, a part of the company’s ‘Jaldi Claim’ services.

This new service will enable customers to file their motor claims virtually for minor damages to their cars/two-wheelers by simply sharing photographs of their vehicles using HDFC ERGO’s Insurance Portfolio Organiser (IPO) Mobile App.

May 04

HDFC Life's 1,400-cr OFS oversubscribed

The Rs 1,400-crore offer for sale (OFS) in HDFC Life Insurance Company saw thrice the demand compared to the shares on offer.Most of the bids came at Rs 406, higher than the base price of Rs 390 set for the OFS.

The 36-million share offering garnered bids for 111.5 million shares from institutional investors, shows data by the stock exchanges.

Another 3.6 million shares for retail investors — those investing up to Rs 200,000 — will be auctioned on Monday.

May 02

Chola Insurance Academy signs MoU with the Amity University - Mumbai.

Chola Insurance Academy signed a Memorandum of Understanding with the Amity University - Mumbai. The signatories for this academic tie-up commented: This tie-up will give Chola Insurance Academy the flexibility of offering the programmes at various Amity campuses pan India besides Mumbai.
Chola Insurance Academy has a partnership with Manipal Global Education (MaGE), Bengaluru and has recently tied-up with the Kalinga Institute of Industrial Technology (KIIT) in Bhubaneswar to cater to the talent requirements in the eastern region.Apr 30

Now “Buy Two-wheeler Insurance on Whatsapp”

Wishfin has forayed into insurance through Wishfin Insurance (Web Aggregator Private Limited) and its site www.wishpolicy.com.

First time in India, through “Buy Two-wheeler Insurance on Whatsapp” customers can buy two-wheeler insurance on Whatsapp, by simply giving a missed call to 85 27 844 822 and chatting on Whatsapp.

Wishpolicy.com has partnered with Bharti-AXA General Insurance to launch this unique product to buy two wheeler insurance on whatsapp

Apr 23

Rs 20 digital cover launched by Aegon Life & MobiKwik

In a bid to enable financial inclusion and ease of buying for the Indian masses, Aegon Life Insurance, and MobiKwik, have joined hands to launch a Rs. 20 smart digital insurance product.

One can purchase this plan by paying as little as Rs. 20 in premium for a sum assured of Rs. 2 lakhs which includes term insurance and accidental disability.

Apr 22

``Bajaj Allianz Total Health Secure Goal'' launched

Bajaj Allianz General Insurance, and Bajaj Allianz Life Insurance, together launched their first combi product ‘Bajaj Allianz Total Health Secure Goal’.

This insurance plan is designed to take care of customers’ health and life goals, through one comprehensive insurance policy. Thus, removing hassles of maintaining two separate policies.
This combi plan offers customers an additional 5% discount on the total premium payable and provides flexibility of availing service or communication on the product from either of the companies.
Apr 18

Airtel Payments Bank ties up with Bharti AXA General for 2-wheeler insurance

Airtel Payments Bank announced the launch of an attractive two wheeler insurance productin association with Bharti AXA General Insurance.

The insurance is currently available on MyAirtel app and at over 40,000 Airtel Payments Bank - banking points, with presence even in rural India,

Customerswithout an Airtel Payments Bank account may also avail this policy.

Apr 17 '

Cholamandalam MS General Insurance receives ISO certificate

Cholamandalam MS General Insurance Company has been certified with ISO 31000:2018 by TUV India for applying a risk management system inline with the standard.

ISO 31000:2018 is an international risk management standard. The standard provides guidelines, principles, framework, and a process for managing risk.

S S Gopalarathnam, Managing Director of Chola MS said, “This will further strengthen our efforts towards building a robust organization .”

Jonathan Pipe appointed as CEO of Anviti Insurance Brokers

Anviti Insurance Brokers Private Limited, promoted by N R Narayana Murthy's Catamaran Ventures, has appointment of Jonathan Pipe as its new chief executive Officer, effective immediately.
Pipe has 15 years of experience working with Aon in London, Hong Kong, and most recently, leading Aon’s speciality business in Indonesia.
Pipe said, “We will build upon the current foundations of Anviti in partnering with current and future clients to support and develop their risk management strategy through changing times.”

APR 1

ArgoGlobal appoints Donegan as head Europe, ME and Asia ops

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, today announced the appointment of Helen Donegan as head of operations – Europe, Middle East and Asia, effective April 1. Donegan will report to Dominic Kirby, managing director, ArgoGlobal.

Ed appoints Abhishek to focus Credit, Political Risks and Surety Solutions

Ed, the global reinsurance, wholesale and specialty broker, on Monday announced the appointment of Abhishek Chhajer as head of credit, political risks and surety solutions, Asia Pacific. Based in Singapore,

He takes up his role on 1st April. He will report to Stephen Britten CEO of Asia Pacific and will be based in Singapore.

Mar 27

IFFCO Tokio's forges partnership with ESAF Small Finance Bank

IFFCO Tokio General Insurance Company,has entered into a strategic partnership with Kerala-based ESAF Small Finance Bank (ESAF SFB), a Scheduled Bank.

The partnership will enable several customers of ESAF SFB to enjoy the benefits of the organized financial protection products for their assets and health.

Mar 21

New insurance aggregator platform launched

Serial entrepreneurs Mallesh Reddy and Vijay Krishnamurthy, announced the launch of their new venture, Insuremile, an insurance aggregator platform.

Insuremile has already partnered with 24 leading insurance companies and has on offer more than 200 products across general and life insurance.

The company is targeting a cumulative premium of Rs 800 crores from over one million policies in the next five years.

Mar 19

Max Life partners with Royal Challengers Bangalore

Max Life Insurance on Tuesday announced its partnership with Royal Challengers Bangalore for the upcoming T20 season. As a part of the partnership, Max Life Insurance will be the official life insurance partner of the Bengaluru team for T20 League.

Prashant Tripathy, Managing Director & CEO, Max Life Insurance said,``As life insurance partners of the team, we hope to increase awareness around protection with the youth and drive the message to build a more protected nation.The recent India Protection Quotient survey conducted by with Kantar IMRB across India has revealed that only 17% of youth own term insurance, which is one of the cheapest forms of life insurance.”

Mar 13

Rahul Bajaj resigns as Bajaj Finserv Chairman
Bajaj Finserv on Wednesday said its Chairman and Non-Executive Director Rahul Bajaj has resigned and will take over as the Chairman Emeritus from May.

"The board of directors has appointed Nanoo Pamnani as Independent Non-Executive Chairman of the company in place of Rahul Bajaj, with effect from May 17, 2019," it said.

The company has also approved reappointment of independent directors D J Balaji Rao, Nanoo Pamnani and Gita Piramal for a second term of five years.

Mar 12

India bans flying of flying Boeing 737 MAX

India has joined the UK, Germany and France on Tuesday in ban on flying the Boeing 737 MAX, one of which operated by Ethiopian Airlines crashed Sunday killing all 157 people on board.

China, Indonesia, Ethiopia, Australia and Brazil had announced bans on Monday, a day after the crash, taking the total number of countries restricting flights by this aircraft type to 16.

“(Industry regulator) DGCA has taken the decision to ground the Boeing 737-MAX planes immediately. These planes will be grounded (until) appropriate modifications and safety measures are undertaken to ensure their safe operations. As always, passenger safety remains our top priority. We continue to consult closely with regulators around the world, airlines, and aircraft manufacturers to ensure passenger safety,” the aviation ministry tweeted late evening.

Grounding of 12 such aircraft operated by the local carriers could disrupt the operations and increase domestic fares that are already high due to flight cancellations by Jet Airways and IndiGo.

Mar 08

UBI signs bancassurance deal with HDFC Life Insurance

United Bank of India, having presence in rural and semi-urban areas with over 2,000 branches and offices, has signed a bancassurance deal with HDFC Life Insurance Company, which was chosen out of 18 private Life insurers.

Through this partnership United Bank of India’s customers will be able to take advantage of HDFC Life’s expertise in life Insurance products, distribution and customer service.

VibhaPadalkar, managing director & CEO, HDFC Life said,“ We are delighted that we emerged as the preferred partner for United Bank of India, our third PSU Bank tie up this year.’’

Lockton's new APAC appointment

Lockton has hired Philip Corrigan to the role of Regional Chief Operations Officer as it looks to expand its business and expertise across the Asia-Pacific (APAC) region.

In his new role as Regional COO of Lockton in Asia, Corrigan will work alongside teams in the region to assist in the growth of Lockton Asia’s geographic footprint. The insurance brokerage will continue to build its presence in China, Hong Kong, Singapore, South Korea and Thailand.

Furthermore, Lockton will continue to invest in specialty which will assist all the operations as well as its associated companies, Sime Darby Lockton – Malaysia and Lockton – Philippines.

Mar 5

Bharti AXA General launches service for fast vehicle claim settlement

Private insurer Bharti AXA General Insurance on Monday said it has introduced a technology-led service that allows customers and partner garages to raise instant vehicle claims and get quicker claim settlement.

The company is aiming to process 20-25 per cent of its total vehicle insurance claims in the first year through the service, Smart eSurvey, which is a live streaming solution for processing motor insurance claims, Bharti AXA General Insurance said in a statement.

Feb 19

Willis Re appoints David Gregori as Head of Agriculture for Asia Pacific

Willis Re, today announced the appointment of David Gregori as Head of Agriculture for Asia Pacific and the set-up of its Agriculture team for the region.

David will be based in Hong Kong.

Using a data-driven and analytical approach, the dedicated team of global and local experts will provide customised solutions to address the diverse range of risks and business challenges faced by its clients and interconnected stakeholders in the agriculture industry, such as crops, livestock, fish farms and forestry.

HDFC ERGO Gen launches of ‘Trip Protector’ insurance policy,

HDFC ERGO General Insurance announced the launch of ‘Trip Protector’ insurance policy, that will safeguard travellers financially against the cost of cancellation levied by hotels or airlines, in the event of a cancellation of either a flight or hotel booking,

In addition, the policy will provide the travellers a cover against cancellation of a pre-booked room, in case they are refused accommodation on arriving at the hotel due to overbooking.

Feb 18

LIC launches micro insurance plan with a cover upto Rs.2 lakh

For the first time, the Life Insurance Corporation has launched a a Micro Insurance Plan, providing coverage upto Rs.2 lakh.

It is a regular premium, non- linked,participating endowment Micro Insurance Plan, which offers a combination of protection and savings and is available

.This Plan provides financial support for the family in case of unfortunate death of the Policyholder during the policy term and a lumpsum amount at the time of maturity for the surviving policyholders.

Future Generali India Life ties up wiyh Raligare Broking

Future Generali India Life Insurance Company Limited (FGILI), today announced its partnership with Religare Broking Ltd (RBL)

RBL will now offer FGILI’s protection products to their new and existing customers within their vast nationwide distribution network.

Feb 14

Tata AIG General deploys digital quote management solution

Tata AIG General Insurance Company has deployed its innovative digital quote management solution ‘QMS’ for its field force to offer real-time quotes and instant, over-the-counter, full-fledged package policies in ‘zero’ waiting time to its clientele of small and medium enterprises.

Since its deployment almost 8 months back, the real-time quoting tool has until now successfully on-boarded 13,500+ users, generated 2.1 lakh+ quotes and issued approx.1.5 lakh policies, overall.

Sushant Sarin, Executive Vice President & Head - Commercial Lines & Reinsurance, Tata AIG General Insurance said, “With more than 80 per cent of cases currently managed through this platform, we have considerably enhanced our operational efficiencies, productivity and manpower savings by cutting down manual interventions and backend operations towards policy issuance processes.''

Miller Singapore expands P/C capabilities with experienced hire

Property broker Amanda Lee has joined Miller in Singapore to further strengthen its Specialty business offering in Asia. Amanda will be working closely with the broking teams in Singapore and London to support growth plans with existing and prospective new clients.

Her core focus will be in the property and casualty sector across South East Asia and Taiwan.

POP announces Strategic Partnership with Rakuten

POP Insurance Holdings (“POP”), a specialist insurance group, headquartered in Sydney, Australia, and its subsidiary Fusion Specialty M&A MGA (“Fusion M&A”),have launched a strategic partnership (“the Partnership”) with Rakuten General Insurance Co. Ltd (“Rakuten”), focused on Mergers and Acquisitions transactions in Japan, and supporting Rakuten’s growth across APAC.

Future Generali India Life opens 14 new offices

Future Generali India Life Insurance has added 14 new offices while revamping its 3 existing offices, It recruited close to 215 employees and 2376 distributors in the current year and is hopeful to further increase these numbers in the next two years.

Through its initiative ‘Project Vistar’, the company intends to grow the existing network of branches from 103 to a total of 117 which would contribute about 10% of the company’s overall business.

The growth in agency channel’s new business has increased by 260 per cent while the department has also strengthened its workforce by 140 per cent in 2 years.

Risk Management

Facebook reported agreeing to 20-yr Pact on Privacy Oversight by US Govt

Airlines urge Nations’ Regulators to avoid competing Safety Rules

Ashok Leyland ready to ride on Elon Musk's India dream

India's drug regulator warns patients against faulty Medtronic pacemakers

London marine insurers widen Middle East threat zone after ship attacks

Boeing completes 737 Max software upgrade

Aon and Guy Carpenter partner with The Institutes RiskStream, to streamline the reinsurance placement process

U.S. blacklisting of China’s Huawei to disrupt Global Technology Supply Chain

RBI asks NBFCs with over Rs 50,000 crore in assets to appoint risk officers

In India election, a $14 software tool helps overcome WhatsApp controls

Data

Facts