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World Bank discontinues business climate report after ethics review

The World Bank Group said on Thursday it has decided to discontinue publication of its "Doing Business" rankings of country business climates after a review of data irregularities in the 2018 and 2020 reports. In a statement, the World Bank said that after the irregularities...

National Asset Reconstruction Company to acquire stressed assets of about Rs 2 lakh crore in phases
Govt guarantee of Rs 30,600 cr to NARCL for acquiring stressed assets: FM
Investors richer by over Rs 4.46 lakh cr in three days of market rally
GST Council to meet on Friday; rate review, tax concession to 11 COVID drugs on cards
Fresh cyclonic circulation to bring heavy rainfall over east India from Sep 18-19

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International News

Canada Energy firm gets nod to keep insurers’ names confidential

TC Energy Corporation is the latest Canadian pipeline company allowed to keep its insurers confidential as activist groups push firms to drop business with the fossil fuels industry. The Canada Energy Regulator ruled that the names of TC Energy’s insurers are “commercial information” and the...

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Interviews

Subhash Chandra Khuntia chairman, IRDAI

``Presence of a health regulator would have ensured treatment protocols, reasonability of charges and quality of service in hospitals''

How do you see 20 years of liberalisation of the Indian insurance sector? Is it a success story? What more need to be done? The liberalisation of the Indian insurance sector has been beneficial in several ways. The insurance penetration has increased from 1.93% of...

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Articles

9/11: Specter of terrorism risk still hangs over re/insurance industry

Ben Dyson Insurers, reinsurers and brokers are still grappling with how to best address terrorism risk and absorbing the lessons of the tragic events of Sept. 11, 2001, two decades after they shook the world. Almost immediately after the attacks, the parts of the insurance...

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News in Brief

Aug 30

Max Life enables premium payment through Billdesk

Max Life Insurance has enabled a safe and secure E-mandate process on premium payments for its customers in partnership with BillDesk, a payment gateway solutions provider. With this, Max Life becomes the first life insurer to extend the facility of E-mandate for recurring premium payment options to its customers.
Aug16

Plum and RazorpayX collaborate to provide grp health insurance for small cos

Plum, an employee Indian health insurance start up collaborated with RazorpayX, to provide group health insurance benefits for companies with teams as small as two employees. Plum and RazorpayX have launched a payroll-cum-insurance product - RazorpayX Health Insurance to provide group health insurance benefits for such companies.

PNB MetLife appoints Asha Murali as its Chief Actuary

PNB MetLife has appointed Asha Murali as Chief Actuary, Products Officer and appointed actuary of the company.

Asha has over 25 years of experience in the industry spanning across Actuarial, Investment and Operations functions. She is a Fellow member of the Institute of Actuaries of India and the Institute and Faculty of Actuaries.

Aug14

Govt notifies the GIBNA Act and DICGC(Amendment) Act

The government has notified the General Insurance Business (Nationalisation) Amendment Bill and the Deposit Insurance and Credit Guarantee Corporation (DICGC) (Amendment) Bill, after President Ram Nath Kovind gave his assent to each the legal guidelines.

The General Insurance Business (Nationalisation) Amendment Bill will enable the government to bring down its stake in a public sector general insurer below 51 %.

The Deposit Insurance and Credit Guarantee Corporation (Amendment) Act ensures that bank account holders are paid up to ₹5 lakh within 90 days of the Reserve Bank of India placing any bank under moratorium.
Aug10

Plum crosses a milestone of 100,000 members insured

Plum, the Indian employee health insurance startup that provides health benefits to startups, SMEs and corporates has crossed a milestone of 100,000 members insured, growing at over 30% MoM since its inception.

Plum’s growth has been driven by first time buyers of health insurance, with 82% organizations on the platform bringing health insurance and health benefits for the first time.

Aug 02

ICICI Lombard introduced self-service facilities on Telegram

ICICI Lombard has introduced self-service facilities on Telegram through its AI powered chatbot @ICICI_Lombard_Bot. The Telegram chatbot offers convenient facilities to customers e.g. registering a motor claim, tracking claim status, renewing an insurance policy, downloading policy document, modifying the policy details among others.

Sanjeev Mantri, Executive Director, ICICI Lombard, said, “Customer communication and servicing has undergone a significant change in the last few years. The demand of today’s new age consumers is instant resolution and contactless support.

July 30

Max Life aims to recruit 40,000 agent in FY22
Max Life Insurance has digitized its entire recruitment process, and plans hiring nearly 40,000 agent advisors in current fiscal.

The new process enabled the company to recruit more than 23,000 agent advisors in FY21, out of which 38% were diverse candidates.

V Viswanand, Deputy Managing Director at Max Life Insurance said, “As a strong advocate for diversity, Max Life also aims to target a more diverse group of people in its recruitment strategies who are more representative of our customers.”

July 20

HDFC ERGO's new health cover

HDFC ERGO General Insurance launched `Optima Secure'', a new health indemnity health insurance product.
The new policy offers coverage of four times the sum insured at no additional charge
Customers can get up to 50% discount with optional value buy deductible,
July 19

SBI General's moves on claim settlement due to Mumbai rains

SBI General Insurance reached out to a panel of surveyors to avoid any loss of time in the claim settlement process for their customers affected due to torrential rains in Mumbai city.
Customers can intimate / register claim via various means:
-Call the company’s toll-free number 1800 102 1111
-SMS to 561612
-Send details on email: customer.care@sbigeneral.in
-.Visit Claims Intimation Section on www.sbigeneral.in
July 12

FGII distributes literacy kits amongst Maha underprivileged children
Future Generali India Insurance Company towards has teamed up with ‘Room to Read’ an NGO to help underprivileged children to improve literacy and inculcate reading habits during the lockdown. Through this partnership, the company reached out to 12 schools in Maharashtra and distributed 3089 literacy kits to children of grade 1-5.

Bajaj Life implements Aadhaar based e-Kyc for selling policies

Bajaj Allianz Life has introduced a 100% paperless and digital process of Know your Customer (KYC) to enable instant customer verification at the time of issuing a life insurance policy. With this e-KYC process, customers can now digitally authenticate their identity while buying an insurance policy from anywhere, anytime, by just providing their Aadhaar card details to the insurer.

July 09

Max Life develops training programme for agents

Max Life Insurance has launched a new training transformation program for its agency channel with the unique ‘Max Life Ace Talk’ initiative.

The series developed under ‘Project Navodaya’ seeks to re-imagine the Agency Channel business at Max Life by helping the vertical achieve scale, growth in market share, and profitability. The project further follows a four-pronged approach towards training transformation, agent advisor recruitment, top agent advisor growth, and digital competence.

V Viswanand, Deputy Managing Director, Max Life Insurance said, “The launch of For the new-age agent advisor, getting the right training and technology will make all the difference.’’

July 08

SBI General Insurance launches a comprehensive Health Insurance plan

SBI General Insurance has launched a comprehensive health insurance plan named ‘Arogya Supreme’ offering customers coverages, including 20 basic covers and 8 optional covers.

The policy provides a wide range of sum insured options up to Rs. 5 crores, wherein customers can choose from 3 options viz Pro, Plus and Premium based on the sum insured and coverage features. Among other customer-friendly coverages like Sum Insured Refill, Recovery Benefit, Compassionate Visit, etc. customers also have a facility to choose the policy tenure ranging from 1 to 3 years.

PC Kandpal, MD & CEO, SBI General Insurance Company, said, “Arogya Supreme, a comprehensive health insurance plan, with reinstatement feature and a wide range of sum insured, will enable customers to choose the premium and tenure that suits their needs.”

July 06

Future Generali India Life Insurance is now associated with “DigiLocker”
Future Generali India Life Insurance (FGILI) is now connected with the “DigiLocker.”
It is a digital locker facility provided by the government and allows all Indian citizens to store scanned or digital formats of their documents. It aims to go paperless and provides an account in the cloud to every Aadhar cardholder to access their important documents in digital format.
Following are the key features:
·Download the DigiLocker app for quick access to Future Generali India Life Insurance policy details
· DigiLocker provides access to authentic virtual documents.
· It is a digital document wallet where one can store their documents such as Digital policy document, driving licence, PAN card, Voter ID, policy documents, etc.
· One can upload the documents and keep these safe after signing up for a DigiLocker account
June 21

Liberty General Insurance ties-up with Maharashtra Gramin Bank.

Liberty General Insurance announced its strategic tie-up with Maharashtra Gramin Bank.
Sponsored by Bank of Maharashtra, Maharashtra Gramin Bank operates in Maharashtra with its head office in Aurangabad. It is the largest Regional Rural Bank (RRB) in Maharashtra and is one of the 43 gramin banks in India supported by the government to bring banking services to rural areas. It has 412 branches.

SBI General Insurance ties-up with IDFC FIRST Bank

SBI General Insurance, has signed a Corporate Agency agreement with IDFC FIRST Bank, for distribution of non-life insurance solutions.
Amar Joshi, Head – Emerging Business Lines, SBI General Insurance, shares, “This will help us extend our range of products to a larger customer base.''

June 08

Bharti AXA Life appoints Rahul Bhuskute as Chief Investment Officer
Bharti AXA Life Insurance today announced the appointment of Rahul Bhuskute as Chief Investment Officer effective 1st June, 2021.
Bhuskute, a tenured investment professional, had a long stint with the ICICI Group in London and Mumbai leading significant verticals in Asset Management and Corporate & Investment Banking.

June 04

Edelweiss General Insurance( introduces ``Work from Anywhere' system

Edelweiss General Insurance(EGI), due to Covid 19 pandemic, has introduced Work from anywhere (WFA), a Hybrid work model that aims to empower and enable employees with their choice of workspace while ensuring optimum work productivity.
Melvin Gladstone, chief HR Officer, Edelweiss General Insurance said, “For EGI, WFA is an investment and commitment to employee happiness and well-being. With this flexible model, we have ensured that safety of our employees is not compromised, while work productivity is also maintained.”

June 03

Aegon Life elevates Manish Falor as CFO

Aegon Life, has announced the appointment of Manish Falor as its Chief Financial Officer. Manish joined Aegon Life in 2008. During his professional tenure of nearly two decades, he has led various functions of financial control, reporting, and business planning operations.

ICICI Lombard Gen uses Microsoft Azure Cognitive Services for customer engagement

ICICI Lombard has managed its customer engagement using Microsoft Azure Cognitive Services. The company has leveraged Azure Speech Services and Natural Language Processing (NLP) to simplify the insurance requirements of its customers, including purchase of new policies, renewal of existing policies, and settlement of claims.
The deployment of Azure AI tools has enabled ICICI Lombard to increase the accuracy of Quality Audit (QA) during its calls - from 50% to over 80%. It has also enhanced the efficiency of its internal audit process by reducing latency from 12 hours to two hours, apart from increasing productivity of its call center agents.
June 02

Bharti AXA Life's bancassurance partnership with Shivalik Small Finance Bank

Bharti AXA Life Insurance, announced its bancassurance partnership with Shivalik Small Finance Bank, for the distribution of life insurance products through the bank’s network of branches pan-India.
Under this agreement, Bharti AXA Life Insurance will offer its comprehensive suite of life insurance products, including protection, health, savings and investment plans, to over 4.5 Lakh customers of Shivalik Bank across its 31 branches and digital network pan India.

May 06

Over 5 lakh customers download ICICI Gen's IL TakeCare app

In less than one year, ICICI Lombard's IL TakeCare app has crossed the milestone of 5 lakh downloads.

Of the services offered on the app, the most popular are IL Hello Doctor (providing tele-consultation facility with qualified doctors), online claims Intimation and tracking, Chat with Expert (on topics such as nutrition, diet etc), Immunity Booster and Health Risk Assessment (to gauge current state of health).

Amitabh Jain, Head of Underwriting & Claims – Motor and Health at ICICI Lombard, said, “The app is helping our customers resolve their insurance-related requests from the comfort and safety of their homes as also avail a host of wellness focused tools.''

Apr 27

Madhu Malhotra appointed as CTO of Edelweiss General

Edelweiss General Insurance has appointed Madhu Malhotra as its chief technology officer

Madhu, with her two decades of rich experience across FinTech and Telecom domains., will spearhead the Technology function at EGI and drive digital innovation in line with the brand’s strategy of transforming the insurance landscape in India through tech driven solutions and offerings.

SBIG sponsors vaccination cost for its agents and POSPs

SBI General Insurance has sponsored the cost of vaccination for its agents and POSPs. The vaccination is extended to all advisors who have remained active with SBI General since March Year 2020.Further, this option is also extended to the spouses and dependent parents or in-laws of the advisor, up to a maximum of four members.

PC Kandpal, MD and CEO SBI General Insurance said, “Through this initiative, we aim to honour our channel partners – agents & POSPs and encourage them to get vaccinated at the earliest to protect themselves and their families”.

Apr 12

Kalpana Sampat appointed as MD & CEO of Pramerica Life Insurance

Pramerica Life Insurance appoints Kalpana Sampat as MD, CEO
Private life insurer Pramerica Life Insurance Monday announced the appointment of Kalpana Sampat its managing director and CEO, effective April 9.

Prior to this appointment, she was the chief operating officer for the company, a release said.
Pramerica Life Insurance is a joint venture company of Prudential International Insurance Holdings, a fully-owned subsidiary of Prudential Financial, Inc., and DIL (DHFL Investments Limited)

Apr 06

Charles Taylor Adjusting appoints Dan Yeo as MD for its Singapore P& team

Charles Taylor Adjusting has appointed Dan Yeo as Managing Director for its Property & Casualty team in Singapore, highlighting the company’s commitment to strengthen its services and product offerings in Singapore and in Asia-Pacific region

Prior to joining Charles Taylor Adjusting, he was the Marine technical claims manager for APAC at Chubb Insurance.

In his new position, Dan will report directly to Wee Loon Yong, Chief Executive Officer of Asia Property and Casualty and will assist in overseeing business development and strengthening the P&C team of adjusters in Singapore.

Mar 29

Sedgwick appoints Linda Sim head of forensic advisory services for Asia

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, announced the appointment of Linda Sim as head of its forensic advisory services division in Asia.

Linda is a chartered accountant with more than 15 years of professional experience in the forensic advisory services arena. She has worked on numerous business interruption and fidelity losses of varying scope and size for both insurers and law firms across the Asia Pacific region.

Mar 25

Standard Club hires US Attorney for NY General Counsel Role

Leading mutual P&I insurer, the Standard Club, has appointed Gina Venezia as new General Counsel in their New York office.

The Standard Club has had a strong presence in the US long before the establishment of its New York office in 1998. The focus on the New York office as a claims service hub for the Americas demonstrates the club’s commitment to their existing clients.

Mar 11

Covers for ASHA and MGNREGA workers can be part of social sector quota:IRDA

The IRDA has clarified that the policies issued to persons under the occupations of ASHA workers and MGNREGA workers under regulations can be considered for complying their social sector quota.

ICICI Gen settles 1 million motor claims through 'InstaSpect'

ICICI Lombard General Insurance, had launched a DIY (Do-it-yourself) feature called 'InstaSpect', as part of the ILTakeCare app. This feature eliminates the need for vehicle damage assessment through a physical survey. Instead, it introduced live streaming, allowing virtual assessment and bringing down the claim approval time to a mere few hours.

The insurer has approved more than 1 million+ motor insurance claim approvals since its launch.

Feb 05

SBI Gen to donate Rs. 500 from its online biz for cancer treatment of underprivileged kids

SBI General Insurance has pledged to donate Rs. 500 for every general insurance policy,issued through their digital assets,towards cause of the cancer treatment of underprivileged kids suffering with Acute Lymphoblastic Leukaemia..

PC Kandpal, MD & CEO, SBI General said, “According to World Health Organization (WHO) report, every year approximately 1.16 million new cancer cases are observed in India. It is estimated that one in 10 Indians will develop cancer during their lifetime and one in 15 will die of the disease. We have conceptualized and launched this initiative called #MakeHopeWin.''

FEB 01

Mohanty takes over as MD of LIC

Siddhartha Mohanty has taken charge today as Managing Director of LIC of India and would serve LIC till June 2023..

Mohanty, who will be one of the front runners for the chairmanship of LIC after MR Kumar, chairman,LIC, retires in June 2021, started his career as a direct recruit officer with LIC of India in 1985 and has risen through the ranks to this senior position.

In a career spanning over three decades in the Corporation, Mohanty has made his mark in the areas of Marketing, HR, Investments and Legal.

Jan 13

AICTE to partner with Cyberpeace to train 5 lakh students and faculty on cybersecurity

AICTE has joined hands with Cyberpeace to train 5 lakh students and faculty on cybersecurity and with Pupilfirst for the CoronaSafe internship programme.

According to a press release, the cybersecurity training programme designed to educate 5 lakh students and faculty was unveiled by AICTE Chairman Anil D Sahasrabudhe.

Dec 27

AU Bank ties up with ICICI Prudential Life Insurance

AU Small Finance Bank (AU Bank), today, announced a partnership with ICICI Prudential Life Insurance to offer need and goal-based life insurance solutions.

Through this corporate agency arrangement, over 18 lakh customers of AU Bank can buy products of ICICI Prudential Life.

Max Life enhances contactless services for customers
Max Life Insurance Company has introduced a range of digital initiatives that are completely contactless and paperless, across most of its channels including the company’s branch offices.

The company has overhauled majority of the physical servicing touchpoints to digital and enabled more options of self-serve on its website.

Dec 24

SBI Gen celebrates “Kisaan Diwas”, creates `Insurance Awareness in the hinterland

On Kisan Diwas, SBI General Insurance organized an Insurance Awareness drive for farmers thereby enabling financial inclusion. The workshops were conducted across 50 villages from the states of Rajasthan, Gujrat, Tamil Nadu, Odisha and others across the country.

This drive aimed at educating the farmers about importance of several crop insurance and non-crop insurance solutions, thereby helping them to be prepared for natural catastrophes.

Dec 23

Fincare Small Finance Bank partners with Go Digit Insurance

Fincare Small Finance Bank, announced its association with Go Digit Insurance. With this partnership, Fincare SFB will now be able to cater to the critical financial protection need of customers and make insurance services accessible to its target customer segments.

The byte-sized products, specially designed for digital banking customers, will offer high value insurance products with a hassle-free on-boarding process.

Dec 18

Jérôme Guilbert to join SCOR as Group Chief Communications Officer

Jérôme Guilbert is joining SCOR as Group Chief Communications Officer. He will take up his post on January 4, 2021. Based in Paris, he will be responsible for all facets of the Group’s internal and external communications.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “His experience and expertise will be invaluable assets in terms of further developing an ambitious brand strategy, particularly by accelerating SCOR’s production of original content on the changing risk universe and sharing it as widely as possible with all our stakeholders."

Dec15

Mohit B joins PNB Met Life as new Business Head

PNB Met Life has appointed Mohit Bahuguna as its new Business Head - Group Business and Partnership Distribution. Mohit will be responsible for leading and developing PNB MetLife’s group insurance business as well as expanding and deepening its distribution network by developing and onboarding new partners.

Mohit joins PNB MetLife from Bharti AXA Life Insurance and has over two decades of experience in the sector

Dec 09

SBI General's strategic partnership with Mahindra Insurance Brokers

SBI General Insurance today announced a strategic partnership with Mahindra Insurance Brokers Ltd. (MIBL) through its Sajhedaari programme, to increase insurance penetration in tier 2 & 3 cities.

PC Kandpal, MD & CEO, SBI General Insurance said, “The most pressing requirement at this moment for us is to ensure that the ‘missing middle’ is tapped and insured.

ICICI Prudential Life and RBL Bank enteres into a bancassurance partnership

RBL Bank and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the Bank’s customers. This alliance will enable over 8.7 million customers of RBL Bank to access and seamlessly purchase customer-centric protection and long-term savings products of the Company and provide financial security to themselves and their families.

HDFC Life launches HDFC Life Click2Wealth ULIP digital campaign -
HDFC Life, one of India’s leading life insurance companies, launched a new digital campaign that focuses on the role of Unit Linked Insurance Plans (ULIPs) as part of a prudent financial plan. The campaign debunks the commonly held myths surrounding the ULIP category and highlights the unique features of HDFC Click2Wealth plan that make it an attractive customer proposition to achieve diverse life goals.
Through the central message of '#SirfSafeNahiSmartBhiBano', the brand aims to change the way consumers look at ULIPs.

Dec 08

Max Life Insurance launches of ‘Max Life Critical Illness and Disability Rider’

Max Life Insurance Company today announced the launch of ‘Max Life Critical Illness and Disability Rider’ and with it, the launch of ‘Max Fit’, a comprehensive wellness programme.

‘Max Life Critical Illness and Disability Rider’ offers customers protection from upto 64 critical illnesses, and has a cover under which one can protect themselves or their loved ones.

Prashant Tripathy, Managing Director & CEO, Max Life said, “With the launch of Max Life Critical Illness and Disability Rider, we aim to offer customers protection from any untoward circumstances, while rewarding them for taking care of their personal wellbeing..”

Nov 23

HDFC Ergo partners NSDL Payments Bank

HDFC ERGO General Insurance Company, and NSDL Payments Bank,a subsidiary of National Securities Depository (NSDL), have announced their partnership to offer a whole range of general insurance products to the bank’s customers.
Ashutosh Singh, CEO, NSDL Payments Bank said,“as more than 75 per cent of our base is below the age of 30, we are excited to introduce them to right asset allocation strategies from an early age. Towards that end our partnership with HFDC ERGO assumes a lot of significance.''

Nov 03

Tata AIG General offers extended warranty on home appliances for Flipkart customers

Tata AIG General insurance and Flipkart announced their strategic partnership for group policy arrangement to offer ‘SmartCare’, an extended warranty product available for Flipkart customers across their small home appliances range .Consumers can avail an extended warranty of one year, in addition to the manufacturer’s warranty for new small home appliances in four different categories like Juicer Mixer Grinder, Induction Cooktop, Electric Cooker and Vacuum Cleaners at a much affordable price.
Customers can claim the extended warranty by either choosing a cashless repair or via reimbursement mode. They can contact the customer centre with the claim via a call, SMS or email within 7 days of malfunction.

Oct 23

LIC Raises Stake to 5.27% in IRB Infrastructure Developers
As per data available on BSE, Life Insurance Corporation of India (LIC)has raised stake in IRB Infrastructure Developers Ltd. (IRB) from 3.81% in quarter ended June 2020, to 5.27% in quarter ended September 2020.BSE and NSE listed IRB is India’s leading and largest highway infrastructure developers, with an asset base of over Rs. 45,000 crs.

Sep 29

Flipkart, Bajaj Allianz launch cyber insurance to cover online financial frauds

Flipkart and Bajaj Allianz General Insurance Company have come together to offer 'Digital Suraksha Group Insurance' for customers who want to cover themselves against financial losses caused as a result of cyber-attacks, cyber frauds, or other such malicious activities across various online platforms.

This insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber-attacks, phishing/spoofing and SIM-jacking, a joint statement said.

"Customers can opt for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000," the statement added.

Sep 22

YES BANK to sell HDFC Life's products

HDFC Life, and YES BANK have entered into a Corporate Agency (CA) arrangement.
This CA arrangement will enable customers of YES BANK to avail HDFC Life’s wide range of life insurance products which include solutions for protection, savings and investment, retirement and critical illness.

Sep 21

Bharti AXA Life Insurance a unit linked individual insurance plan

Bharti AXA Life Insurance, announced the launch of Bharti AXA Life Wealth Pro, a unit linked individual insurance plan, offering triple benefits of regular savings, enhanced protection and market-linked returns.

‘We are confident that our new ULIP shall allow customers to focus on their life and long-term wealth creation goals with strategic investment options to maximize savings for their future,’’ said Parag Raja, MD and CEO , Bharti AXA Life Insurance.

Sep 14

SBI Gen & ICICI General tie-up with YES BANK

Both, SBI General Insurance and ICICI Lombard General Insurance, have entered into a bancassurance tie-ups with YES BANK. The partnership will provide the bank’s diverse customer base access to the insurer’s portfolio and make insurance more accessible to their customers across India.

Sep10

ICICI Prudential Life's corporate agency agreement with NSDL Payments Bank

ICICI Prudential Life Insurance has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of NSDL, to sell its wide-ranging products.

Ashutosh Singh, CEO, NSDL Payments Bank said "70% of our customer base is under the age of 30 and we will help them to shape the right attitude towards insurance and investment.''

Aug 31

Ayushmann Khurrana is Bajaj Allianz Life's brand ambassador

Bajaj Allianz Life, announced the appointment of actor Ayushmann Khurrana, as its brand ambassador to promote its products and digital services across offline and online mediums.

Ayushmann will feature in the life insurer’s next campaign “Smart Living” that encompasses its Term Plan – Smart Protect Goal and the new digital service – Smart Assist.

Khurrana, said, “I am delighted to partner with Bajaj Allianz Life in its journey towards enabling life goals of India.

Aug 19

Bharti AXA Life'bancassurance partnership with SBM Bank India

Bharti AXA Life Insurance today announced its bancassurance partnership with SBM Bank India, for distribution of life insurance products through latter’s network.

Under this agreement, Bharti AXA Life Insurance will offer its comprehensive suite of life insurance products, including protection, health, savings and investment plans, to the customers of SBM Private Wealth, the retail banking arm of SBM Bank

Parag Raja, MD and CEO, Bharti AXA Life Insurance, said, ‘‘This alliance will further boost our bancassurance channel as a key distribution and growth opportunity.''

Aug 05

Bajaj Allianz General offers premium instalment option on “Health Guard”.

Bajaj Allianz General Insurance today announced its health product “Health Guard”. which is available on both individual and family floater basis will now have the premium instalment option on a monthly, quarterly, half-yearly and annual basis as per the customer’s requirements.
TapanSinghel, MD & CEO, Bajaj Allianz General Insurancesaid, “Providing the option to pay premiums through instalments for our comprehensive health insurance product - Health Guard, makes the health insurance cover more affordable.”

July 23

Digit partners with Credit R to cover used 2-wheelers

CredR, am omnichannel consumer brand for buying and selling used two-wheelers.has joined hands with Digit Insurance,to offer relevant and affordable personal accident group insurance cover to second hand vehicle owners. This insurance will be made available to all customers who purchased a used two-wheeler from CredR.
SasidharNandigam, Chief Strategy Officer (CSO) - CredR said, “Our customer profile largely consists of working professionals who stand to benefit from such insurance cover.”

Jasleen Kohli, Chief Distribution Officer,Digit Insurance,said,“ right now the market for second-hand vehicles is growing at a huge pace where more people are interested in buying second-hand vehicles.''

June 30

V. Suryanarayanan appointed as MD of Cholamandalam MS General Insurance

Cholamandalam MS General Insurance Co. Ltd. today, has announced the retirement of S. S. Gopalarathnam as the managing director and appointment of V. Suryanarayanan, currently president and COO, as the MD of Cholamandalam MS General Insurance Co. Ltd., effective 1st July 2020.

Gopalarathnam retires after a long and distinguished career spanning an incredible 41 years.

BMS builds Asia operations with senior appointment
BMS Group, the independent specialist (re)insurance broker, today announces the appointment of Sandra Lee as the head of BMS’s operations in Asia, subject to regulatory approvals. Sandra, who is currently based in Hong Kong, will join BMS upon completion of current contractual obligations.

Sandra has been heading Aon’s transactions liability team in Asia since 2012.
Nick Cook, CEO at BMS Group, said: “Asia is a crucial market and this appointment marks the beginning of a broader expansion plan in the region. She will help develop the Group’s global M&A broking business and work closely with our new Private Equity, M&A and Tax division in London as it continues to grow.”

June 22

WHO reports record daily increase in coronavirus cases
The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period.

The biggest increase was from North and South America with over 116,000 new cases, according to a daily report here Total global cases are over 8.7 million with more than 461,000 deaths, according to the WHO.

The previous record for new cases was 181,232 on June 18.

June17

AIA Singapore employees to receive $1,000 WFH allowance

AIA Singapore today announced that all employees will receive S$1,000 as part of the company's focus on its people, to help its staff who are working remotely from home during the ongoing COVID-19 global pandemic, to ensure that they can get the equipment they need to further enhance their home office setup.

The lump sum is available to all permanent and contract staff and will be paid out to more than 1,000 employees.

In addition, this move will help its staff cushion any financial impact that their family could be facing and ride through this challenging time.

Tata AIA Life offer Aadhaar based, offline e-KYC service

Tata AIA Life Insurance has tied up with East Consultancy Services to offer Aadhaar based, offline e-KYC service for seamless customer on-boarding during online application process for its life insurance solutions.

This will make Tata AIA Life’s end-to-end digital sales system, which enables remote purchase of its life insurance solutions, more efficient and is also in line with the measures to combat the Covid-19 pandemic.

Yusuf Pachmariwala, Executive Vice President & Head of Operations, With the smart use of advanced technologies, we ensure speed, agility and security in our transactions.

June 16

Aditya Birla Sun Life launches Child’s Future Assured Plan

Aditya Birla Sun Life Insurance (ABSLI), has launched a one-of-its-kind insurance plan called ABSLI Child’s Future Assured Plan.It aims at assured returns combined with protection, to financially secure a child’s future milestones.

This child plan offers guaranteed returnsand is a non-linked non-participating life insurance plan.

Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “During such unprecedented times, protection for your child’s dreams and goals becomes a matter of utmost importance, hence the need for creating a tailored solution, which provides guaranteed returns for addressing your child’s future needs.

Moody’s assigns first-time A3 rating to Peak Re, outlook stable
Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global
reinsurer, has received from Moody's Investors Service an A3
insurance financial strength rating (IFSR); and the rating outlook is stable.
Moody’s rationale for Peak Re's A3 IFSR is a reflection of the company’s good franchise in the Asian reinsurance market, solid capitalization, expanding product and geographic diversification and product mix with low reserving risks.

Peak Re’s CEO Franz Josef Hahn says, “ I appreciate the strong support by all of our stakeholders as from the
humble beginning as a start-up company eight years ago.”

June 11

State Bank of India will sell 2.1 percent equity stake in its life insurance subsidiary- SBI Life Insurance Company -- through an offer for sale in the next two trading sessions.

SBI proposes to sell up to 2.1 crore equity shares (representing 2.1 percent of the total issued and paid-up equity share capital of SBI Life) on June 12 and June 15," the private life insurance company said in a BSE filing.

The offer for sale issue will be opened for non-retail investors on June 12, while on June 15, retail as well as non-retail investors can participate in the issue.

SBI held 57.6 percent equity stake in the company, while promoter BNP Paribas Cardif held 5.20 percent stake as of March.

June 08

Aon's Michael Gallagher joins as Chairman of John Foord Analytics

Singapore based John Foord announced that Michael Gallagher, former CEO of Aon Singapore, has joined the firm as Chairman, John Foord Analytics.

John Foord Analytics provides cloud-based data solutions, primarily in the insurance sector, for clients seeking accurate replacement costs and values for fixed assets across the globe.

Michael said, “The evolution of John Foord Analytics to deliver speedier, data driven analysis of asset values for insurance purposes is why I am excited to work with John Foord on this leading-edge change.”

Equifax Launches a New Microfinance Risk Score
Equifax India today announced the launch of a new MFI Risk Score, which is the only credit score in the industry that will enable MFI lenders to evaluate the creditworthiness of borrowers in a more holistic manner.
“Microfinance has an important role in enabling access to credit to the needy in the financial inclusion program” said KM Nanaiah, Managing Director, Equifax Credit Information services Ltd. and Country Leader, Equifax India and MEA.

June 05

Sharad Mathur appointed as MD & CEO OF Universal Sompo General Insurance

Sharad Mathur has been appointed as MD & CEO of Universal Sompo General Insurance Company Limited w.e.f. 2nd June 2020.

With over 23 years of experience, Sharad was head – distribution in SBI General Insurance till July 2019.

"India is a rapidly-growing market for our business in Asia. Sharad's understanding of Indian market and general insurance business, combined with his expertise in sustainable business expansion and digital technologies, will be a huge asset for Universal Sompo," said Daniel Neo, Regional Chief Executive Officer of Sompo Holdings (Asia) Pte. Ltd.

" Under Sharad's leadership, company aims to develop a capability to deliver more innovative products, re-engineered distribution architecture and significant improvements in productivity," said Padmaja Chunduru, MD & CEO, Indian Bank.

Max Life launches Max Life Group Saral Suraksha Plan

Max Life Insurance launched of ‘Max Life Group Saral Suraksha Plan (Micro Insurance Product)’, a non-linked non participating group pure risk premium life insurance product that offers supreme flexibility of policy term and payment options. The plan offers one of a kind, flexible policy term for as low as 1 month up to a period of 120 months.
The product is designed to provide financial protection to both members and borrowers of micro-finance institutions, cooperatives, small finance banks, and other affinity groups against the uncertainties of life.
Aalok Bhan, Director and Chief Marketing Officer, Max Life said, “Group micro insurance products are ideal for members and borrowers of groups that wish to avail an insurance plan but may not have an optimum credit record to avail individual cover.''

June 04

Aviva India joins Red Cross Society to serve Covid-19 affected people

With the COVID-19 crisis severely impacting communities across the nation. Aviva Life Insurance join hands with the Indian Red Cross Society, to reach out and assisting affected people to combat this disease across 15 states in India.

The support to the India Red Cross Society forms part of the £10m pounds committed by the Aviva Group and the Aviva Foundation* so that the global Red Cross movement can ensure those made most vulnerable by the coronavirus outbreak can get the right support at the right time.
Trevor Bull, MD & CEO, Aviva India said, “We are putting in our best efforts to support our employees and communities around us, so that together we shall all overcome these difficult times soon.”

Canara HSBC Oriental Bank of Commerce Life appoints Deven Sangoi as
CIO
Canara HSBC Oriental Bank of Commerce Life Insurance today announced the appointment of Deven Sangoi as their new Chief Investment Officer with effect from 1st June 2020.

Prior to joining Canara HSBC Oriental Bank of Commerce Life Insurance, Sangoi was associated with Aditya Birla Sun Life Insurance since August 2009 and was spearheading investment management of Equity assets and Alternate Investment Fund equity portfolio. Sangoi is a graduate in Electronic Engineering from Mumbai University and holds a post graduate degree in Finance from Newport University.

June 2

Reliance General Insurance receives ISO 31000 Assurance for risk management

Reliance General Insurance today announced the success of achieving the ISO 31000 Assurance by Global Certification body DNVGI. The assurance exhibits an international standard that provides principles and guidelines for Enterprise Risk Management.

Rakesh Jain, ED & CEO, Reliance General Insurance said, “The standard helps integrate the risk-based decision-making in the organisational culture thereby adding tremendous value to the brand’s maturity and value proposition. Additionally, it also promises a sense of security to all our customers, whether retail, corporate or Government entities.''

India's May gold imports fall 99% from a year ago to 1.4 tonnes
India’s gold imports in May plunged 99% from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said on Tuesday.

The world’s second-biggest consumer of the precious metal imported around 1.4 tonnes of gold in May, down from 133.6 tonnes a year ago, said the source, who declined to be identified because they are not authorised to speak to the media.
June 1

Bajaj Life declares bonus for its policy holders

Bajaj Allianz Life Insurance, has declared Bonus in its participating plans including payment of Cash Bonus* as on 31 March 2020. The Company has declared Reversionary, Cash and Terminal bonus for FY2019-2020, which is expected to benefit 12 lakhs policyholders.

Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance said, “Last year was a productive year, and we are now sharing the outcomes of the year, as bonus with our 12 lakhs policyholders. This additional financial support through Cash Bonus, ”

The bonus rates announced by Bajaj Allianz Life applies to all 19 of its participating plans. All in force policies will be entitled to the Reversionary Bonus, Terminal Bonus and Cash Bonus as applicable. The Cash and Terminal bonus will also be payable to paid-up policies.

May 16

Nicholas Actuarial Solutions receive QAS accreditation from IFoA

Kuala Lumpur based Nicholas Actuarial Solutions has received the Quality Assurance Scheme (QAS) accreditation from the Institute and Faculty of Actuaries (IFoA).

Nicholas Yeo, the Founder & Actuary of Nicholas Actuarial Solutions said, “The QAS provides us with a sound quality framework which is critical to the rapid growth of our business. We are confident that the QAS accreditation will further serve as an impetus for our continued business expansion.”

The QAS recognises the importance of the working environment in enabling actuaries to fulfil their professional responsibilities. The objectives of the QAS are to promote quality assurance at an organisational level; to promote confidence in the work of actuaries; and to provide an important mechanism to identify issues affecting the quality of actuarial work.

May 10

Govt postpones interview for selecting OIC CMD

The government has postponed the interview, scheduled on May 11, of five candidates to select a new CMD for the Oriental Insurance Company by the Banks Board Bureau (BBB). The new date hasn’t been decided as yet.

The general mangers who have been shortlisted by the ministry of finance(MoF)are-SN Rajeswari,New India Assurance(NIA) Dinesh Waghela(OIC), Sobha Reddy, National Insurance Company(NIC),Deepak Godbole,GIC Re, Madhulika Bhaskar,GIC Re.

AV Girija Kumar,CMD,OIC,is retiring this month end after reaching 60.

Global Carona cases cross 4 million,2,76,894 deaths

More than 4.02 million people have been reported to be infected by the novel coronavirus globally and 276,894 have died, according to a Reuters tally. Infections have been reported in more than 210 countries and territories since the first cases were identified in China in December 2019.

May 08

HDFC Life launches Voice Assistant for On-The-Go Policy Servicing
HDFC Life has launched Alexa-based smart service voice assistant- Elsa- for its existing policyholders. Through this offering, HDFC Life aims to continue supporting policyholders during the lockdown.
In its first rollout, Elsa can successfully answer than 200+ queries.
Parvez Mulla, Chief Operating Officer, HDFC Life, said: Through Elsa, as well as other AI service bots, we aim to offer intelligent and personalised query processing for our policyholders. We are making resilient AI offerings which will add value to customer experience.”

SBI Gen launches Arogya Sanjeevani Health Insurance Policy

Recently, SBI General Insurance launched the standard health insurance policy – Arogya Sanjeevani Health Insurance Policy SBI General Insurance. The policy provides hospitalisation cover anywhere in India with sums insured ranging from Rs. 1 lakh to Rs. 5 lakhs.

Pushan Mahapatra, MD & CEO, SBI General Insurance said, “With the trusted brand name of SBI and our unrivalled distribution reach, we are well positioned to market this product successfully in tier 2 and 3 locations as well as rural areas. We have ensured that this product is available through all our distribution channels.”

May 05

Bajaj Allianz Life charts out Covid-19 strategies

In response to the unprecedented times, and the crisis that may further increase due to COVID-19, Bajaj Allianz Life, among other things, has retrained its 70k+ insurance consultants to use virtual tools for connecting with customers and servicing them digitally.

it has ensured that it will retain all its 10k+ employees, making sure that the Company’s employees have the protection and support they need during these challenging times. It is also investing towards retraining them to be prepared for the new way of business, post the crisis. Training modules are designed to enable employees also manage their work and home life, while the lockdown pursues.

Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “These are unusual times, and as a responsible corporate citizen it is our primary goal to ensure our employees, as well as all our stakeholders, have our support.''

Peak Re completes Lutece acquisition

Peak Reinsurance Company Limited, a Hong Kong-based global reinsurer, today announced that it has completed the 100% acquisition of the capital of Lutece Holdings Ltd.(renamed as Peak Capital Holdings Ltd.) and its subsidiary Lutece Investment Management Ltd. (renamed as
Peak Capital Ltd. (“Peak Capital”).

The Bermuda-based ILS investment specialist is now a wholly owned
subsidiary of Peak Re.

“This is a team of top-tier professionals with strong ILS and structuring expertise, combined with in-depth insights into the Asian markets,” says Peak Re CEO Franz Josef Hahn.

Jan 20

Neil Karia appointed as CFO of Aviva Life Insurance

Aviva Life Insurance has appointed Neil Karia as its Chief Financial Officer. Prior to his appointment, Neil was a senior vice president of Mergers & Acquisition,reporting to the Chief Strategy & M&A Officer at Aviva plc.

Max Life partners with PAYBACK

Max Life Insurance announced its corporate agency partnership with Payback, the country’s largest multi-brand loyalty program.Under the said partnership, Payback will act as a corporate agent for Max Life andoffer life insurance policies to prospectsthrough itsdigital platforms (website, mobile app).

Dec 27

HDFC Life ties-up with Paytm

HDFC Life, announced its tie-up with Paytm. This partnership will enable Paytm customers to purchase innovative life insurance products offered by HDFC Life, via the mobile commerce platform.

Dec 19

Bajaj Allianz Life Smart Protect Goal
Bajaj Allianz Life Smart Protect Goal,a pure term plan by Bajaj Allianz Life, covers 55 critical illnesses,Option of life cover up to the age of 99 years,Option of Return of Premium.

An individual can buy Rs 1 crore insurance cover @ Rs 13/day

This is for the first time in India, a term plan is designed to provide a child education extra cover to take care of the education expenses of the child, if something were to happen to the parent (Life Assured) before the child turns 25 year of age.

A.M. Best affirms financial strength rating of Peak Re

A.M. Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-“ of Hong Kong based Peak Re and its Zurich-based subsidiary, Peak Reinsurance AG (“Peak Re AG”).

The outlook of the credit ratings of both companies is stable.The A.M. Best ratings reflect Peak Re’s very strong balance sheet, as well as its operating performance, business profile and enterprise risk management.

Dec 18

HDFC Life goes live with BBPS & Quick Register

HDFC Life, today, announced two new service offerings (a) payment integration with Bharat Bill Payment System and (b) auto payment registration facility - Quick Registe.Parvez Mulla, Chief Operating Officer, HDFC Life, said “We will continue to strengthen our leadership position and fulfill the trust imposed on us.”

Dec 14

Budget likely on February 1
Union Budget in India for 2020-21 may be presented on February 1 and the Economic Survey is likely to be on January 31, finance ministry sources said.
This will be the first time after 2015-16 when the Budget will be presented on Saturday.

Dec 03

IRDAI approves Max India’s exit plans from Max Bupa Health Insurance

The IRDAI has approved the divestment of entire shareholding of Max India in its subsidiary Max Bupa Health Insurance Company Limited to Fettle Tone LLP ( an affiliate of True North Fund VI LLP).

In a regulatory filing on December 3, Max India said the parties to the arrangement are in the process of completing certain conditions precedents to the aforesaid divestment and expect to complete the transaction in few weeks.

On February 26, 2019, Max India had informed the stock exchange regarding the proposal for divestment of entire shareholding of the company in Max Bupa Health Insurance Company Limited, which was equivalent to 51 percent of Max Bupa's total issued and paid-up equity share capital, to True North Fund VI LLP.

Dec 02

Acko raises $16 million capital from Ascent Capital

Bengaluru based and Amazon-backed Indian general insurance comoany ,Acko has received a fresh fund injection of US$16 million from venture capital firm Ascent Capital.

However, the company has refused the comment on the development. Since established in 2016, Acko has raised funds over US$100 million.

Nov 07

HDFC Life ties-up with Google

HDFC Life has announced a tie-up with Google to restructure HDFC Life’s campaigns thereby making them run better with automation.

Through this collaboration, HDFC Life, along with its agency partner, iProspect, has been able to leverage machine learning built into Google Ads to target potential customers with relevant ads through fewer Search Marketing campaigns and targeting groups (i.e. ad groups).

Nov 04

Samsung Fire & Marine Insurance completes investment in Canopius

Canopius Group Limited has announced the completion of Samsung Fire & Marine Insurance’s strategic investment in the business. The investment will support Canopius’s growth arising from the recent acquisition of AmTrust at Lloyd’s and merger with its own Lloyd’s interests.

In addition to the investment, Canopius and SFMI will actively explore business collaboration opportunities in specialty insurance and reinsurance, particularly in the United States and Asia-Pacific region.

Oct 18

Canara HSBC OBC Life Insurance & IndianMoneyInsurance.com tie up to sell Life Insurance
Canara HSBC Oriental Bank of Commerce Life Insurance has partnered with IndianMoneyInsurance.com operated by Suvision Insurance Broker Private Limited to sell life insurance plans. IndianMoneyInsurance digital platform will host the life insurance products offered by Canara HSBC Oriental Bank of Commerce Life Insurance.

Oct 17

Shanai Ghosh appointed as CEO of Edelweiss General Insurance

Shanai Ghosh was today appointed as the Executive Director (ED) & Chief Executive Officer (CEO) of Edelweiss General Insurance (EGI). Ghosh has been ED and CEO-Designate since May 2019 and the appointment has been formally confirmed, post board and regulatory approvals.

Edelweiss General Insurance, an one and a half year company, is now open to having a joint venture partner for the business, said Ghosh.

Oct 14

ArgoGlobal appoints Noel Praveen for its Dubai operations

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, today announced the appointment of Noel Praveen, senior underwriter casualty and professional lines – Dubai, effective immediately.

Praveen will report to Samir Hemsi, chief underwriting officer MENA region at ArgoGlobal in Dubai.

Oct 03

Future Generali India Insurance insures events in Gujarat

Future Generali India Insurance received around 90 percent of their total event-related insurance proposals from Ahmedabad, Surat and Vadodara.

The company insured one of the biggest Navratri Festival in Baroda, Gujarat called the “United Way of Baroda” this year.

Dr. Shreeraj Deshpande, COO, Future Generali India Insurance said, “Over the last two years, we have seen the growth of 20% in events related insurance covers.”

The event organisers are also guarding themselves against monetary liabilities arising out of event cancellation or non-appearance of celebrities at the functions. The company’s data indicates that event organisers are primarily guarding venues and equipment.

Oct 02

ICICI Pru-Airtel Payments Bank tie up

ICICI Prudential Life Insurance has signed a corporate agency agreement with Airtel Payments Bank to provide bank's customers easy access to life insurance and savings plans, enabling them to provide financial security to their families and build long term savings.

Sep 26

Airtel Payments Bank partners with HDFC ERGO, launches Mosquito Disease Protection Policy

Airtel Payments Bank, and HDFC ERGO General Insurance Company, under the corporate agency tie-up launched an innovative Mosquito Diseases Protection Policy (MDPP).

Mosquito Disease Protection Policy offers cover against seven common mosquito-borne diseases - Dengue, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar, Lymphatic Filariasis (Elephantiasis) and Zika virus. The product, which is a part of the ‘Wallet Insurance Portfolio’ of HDFC ERGO, will be offered to the remittance customers of Airtel Payments Bank at a nominal cost of Rs 99 per annum.

Tata AIA records 61.9% growth in Individual Weighted New Business Premium in Apr-Jul period

Tata AIA Life Insurance Company, in terms of Individual Weighted New Business Premium, (IWNBP), has achieved the highest year-on-year growth of 61.9%% for the period Apr’19-Jul’19, against the the industry's growth of 15.1%. The company's IWNBP stood at Rs 648 cr as on July 31, 2019 as compared to Rs 400 cr as on July 31, 2018.

TAIA Life has written IWNBP of Rs 2,232 Cr for FY 2018-19. For the same period, the 13th month persistency of the company was at 83.3%.
Tata AIA Life Insurance has also achieved the highest individual claim settlement ratio at 99.07% for FY 2018-19.

Aug19

Aviva Life appoints Ali Onder Lulu as chief distribution officer

Aviva Life Insurance has appointed Ali Onder Lulu as chief distribution officer of the company Lulu will oversee the company’s multiple customer touch points through its varied distribution challenges both for individual and corporate customers.

Trevor Bull, Managing Director & CEO, Aviva India said “We will benefit from the new perspectives he can bring as well as his overall deep knowledge and expertise as we look to increase further the value we provide to all our stakeholders.

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 – managi

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.

Indian News

World Bank discontinues business climate report after ethics review

International News

Canada Energy firm gets nod to keep insurers’ names confidential

Interviews

``Presence of a health regulator would have ensured treatment protocols, reasonability of charges and quality of service in hospitals''

Articles

9/11: Specter of terrorism risk still hangs over re/insurance industry

Data

Facts