Indian News

Digit Insurance crosses 2 mn customers in 16 months

Non-Life, Technology Mar 26, 2019

Bangalore: Digit Insurance today announced that it crossed a landmark achievement of two million customers within a short span of 16 months of operation. During the tenure the company has also closed more than 30,000 claims this March 2019 with 92% claim settlement ratio for...

Prudential Holdings to sell up to 3.71% in ICICI Pru Life to raise Rs 1,600 cr

Life Mar 25, 2019

Mumbai: Prudential Corporation Holdings Ltd plans to sell up to 3.71 per cent stake in ICICI Prudential Life Insurance Co Ltd to raise nearly Rs 1,600 crore. The offer for sale of shares by the promoter begins on Tuesday. "Prudential Corporation Holdings (the seller) of...

Sebi modifies commissions, disclosure norms for MF industry

Life, Wealth Management Mar 25, 2019

Mumbai: Markets regulator Sebi on Monday reviewed and modified the commission as well as disclosure norms for the mutual fund industry. The move comes after the regulator in October 2018 asked the asset management companies (AMC) to adopt full trail model of commission in all...

Congress president Rahul Gandhi

Rahul Gandhi promises big-bang minimum income scheme; 20 % families to get Rs 72K annually

Eco/Invest/Demography Mar 25, 2019

New Delhi: In a big bang election promise, Congress president Rahul Gandhi on Monday announced that 20 per cent families belonging to the poorest category will be given Rs 72,000 each annually as minimum income if his party comes to power. The money will be...

PMSYM scheme: Government eyes over 1 crore enrolments by April-end

Eco/Invest/Demography, Pension Mar 24, 2019

New Delhi: The government is expecting to cross 1 crore enrolments by April-end under the Pradhan Mantri Shram-Yogi Maandhan (PMSYM) Yojna -- a pension scheme for unorganised sector workers, a senior official has said. The PMSYM scheme provides for a minimum monthly assured pension of...

Air India's renewal prm doubles, pays $ 28 mn to cover its 180 aircraft in 2018-19

Non-Life, Reinsurance Mar 22, 2019

MUMBAI: A host of adverse factors including the recent crash of one of the Ethiopean Airlines aircraft, have put an end to the days of discounts for the national carrier Air India(AI), whose insurance renewal cost, at around $28 million, has doubled in 2018-19. The...

India could boycott China's Belt and Road Forum for the second time

Eco/Invest/Demography Mar 20, 2019

Beijing: India on Wednesday signalled that it will boycott China's second Belt and Road Forum for a second time, saying no country can participate in an initiative that ignores its core concerns on sovereignty and territorial integrity. India boycotted the first Belt and Road Forum...

Sale deal in final stage of completion: Star Health

Health Mar 19, 2019

Chennai: Private sector insurer Star Health and Allied Insurance Company Ltd was in the final stage of completion of sale process and the transition was likely to happen in first quarter of the next financial year, a top official said. "A consortium has won the...

Higher Incidences of renal disorders among Millennials: SBI Gen Study

Eco/Invest/Demography, Health Mar 19, 2019

Mumbai: While heart attacks and neurological disorders continue to be the top life-threatening ailments across the country, kidney related disorders are on the prowl and on a steady rise, particularly amongst the millennials, reveals a study conducted by SBI General Insurance. The study comes out...

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News in Brief

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.