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News in Brief

Aug 16

IRDA cautions on fake website

The insurance regulator IRDAI said it has been brought to its notice that a website using domain name- www.irdaionline.org is selling insurance to the general public.

This domain name is not authorized by the IRDAI and IRDAI’s authorized website is having domain name www.irdaonline.org and this website is hosting Centralized Agency Portal. The IRDAI will take action against any entity that tries to sell insurance without having proper registration, said IRDAI .

Aug-13

Max Life Insurance digitizes recruitment of agent-advisors
Max Life Insurance launched M-Rec, a mobile based app to simplify agent recruitment and facilitate faster agent prospecting and onboarding.
Designed to empower agency leaders and leverage digital ecosystem, the app will eliminate all physical documentation, wherever applicable and reduce manual efforts involved in the process of agent recruitment. Further simplifying the lives of prospective agents, Agent application forms will now be filled online, allowing agency leaders, access to applications at all times on their fingertips via mobile, desktop and tablets.

July 31

LIC's Ganesh takes over as member(Life) IRDAI

K Ganesh, executive director, Life Insurance Corporation has joined the Insurance Regulatory and Development Authority of India as Whole-Time Member (Life) on 31st July 2019.

He will be the member, IRDAI, for three years or till he reaches the age of 62.The position had fallen vacant after N Sathe had retired from the post in April end.

July 11

New long term motor policies can't be sold on renewals:IRDAI

The insurance regulator IRDAI has clarified that that long term motor product, that were launched at the direction of Supreme Court of India, has to be offered only to new private cars and new two-wheelers. These products can’t be offered for renewal of existing policies or for old vehicles, said. T. L. Alamelu,Member (Non-life) IRDAI.

However, Long Term Two Wheeler Insurance Policy being issued for three-years as permitted since 4th August, 2014 may continue to be offered for renewal.

July 09

Markel International appoints Christian Stobbs as Asia chief

Markel International, the specialist insurer, has made senior appointments in Asia. Christian Stobbs has been appointed as managing director of Markel International in Asia, and Colin Fordham has been appointed as director for Asia.

Previously Asia strategy director, Christian will take on the role of managing director from Matt Cannock.In his new role, he will lead Markel’s Asia team – managing the daily operations of offices in various locations in Asia including Singapore, Malaysia, Hong Kong, Shanghai and Mumbai.

Bajaj Allianz General launched its revised My Home – All Risk policy

With this revision in the product, the company gives customer an option to buy a policy for a period as low as 1 day to a long term period of up to 5 years. It has also extended the coverage to organizations or firms who are owners of the property that is being used for residential purposes by employees, partners or other invitees.

The company will pay the claim in case of theft and burglary even if the property remains unoccupied, which was earlier an exclusion under the policy.

Airtel Payments Bank-Bharti AXA Life partnership to offer term insurance
Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana cover for either 3 lakh or 5 lakh at affordable premiums
Any individual between the ages of 18 and 55 can enrol for this product without the need to undergo a medical examination.

June 05

FGII reports 50 % rise in net profit to Rs 118 crore in 2018-19

Future Generali India Insurance (FGII),has reported a rise of 50 per cent in net profit to Rs 118 crore in 2018-19.

The company’s gross written premium (GWP) rose from Rs 650 crore to Rs 2,601 crore in FY18-19.

FGII serviced more than 18 lakh policies in FY18 -19.

June 04

Edelweiss Tokio Life launches Health Shield

In light of the rising healthcare costs and incidences of critical illnesses, Edelweiss Tokio Life Insurance brings an innovative Heart and Cancer insurance solution called Health Shield,with one-of-a-kind feature – Term Trigger benefit.

The product provides cover for all types of Cancers and 17 cardiac conditions. Depending on their needs, a customer can opt for a cover only for Cancer or only Heart or both the ailments.

May 27

DHFL Pramerica Life's move towards digital transformation

DHFL Pramerica Life Insurance has teamed up with MongoDB ATLAS, which is the next-generation database used by the world's most sophisticated organizations, to accelerate its digital transformation ambitions.

Anoop Pabby, CEO and MD, DHFL Pramerica Life Insurance said, “This allows us to deploy, manage, and optimize the performance of our database with reliability and speed.”

Markel appoints Sinha as head of PACE at Singapore

Markel International, the specialist insurer, has appointed Rajesh Sinha as head of personal accident, contingency and entertainment (PACE) in Asia.

Rajesh has 20 years’ experience as a regional underwriter with AIG and subsequently as Regional Director for A&H with Fairfax Asia.

Based in Singapore, Rajesh will be responsible for driving the development of new product concepts across different product lines, as well as further developing a profitable and sustainable PACE portfolio across Asia.

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.