If the rainfall dips below predefined values, the insurance is...
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Bima Vahak’s portal is ready for soft launch in April, says IRDAI
The implementation of Bima Sugam is going as planned and is now...
IFSCA cancels license of Prowess Insurance Brokers
GIFT City based the IFSCA has cancelled the license granted to...
Network Hospitals have to provide cashless facility to policyholders:IRDAI
,it is clarified that the policyholders are entitled to cashless facility at all such network providers (hospital) with whom the Insurance company/TPA has entered into an agreement in accordance to the norms of SLA.
In the event of denial of cashless facility at any such enlisted network providers (hospitals) the aggrieved policyholders may send a complaint to the concerned insurance company.
Beazley launches booking system for virtual broker meetings
Built in collaboration with Microsoft and IT consultancy Redspire, Beazley Booking uses Microsoft’s low code platform Power Platform to create a simple web application that brokers can access using a secure log-in provided by Beazley.
Beazley Booking enables brokers to view underwriter availability, book a meeting time, upload an agenda and documents in advance and view all of their scheduled meetings with Beazley underwriters. It aims to ensure brokers retain consistent access to their underwriting contacts during social distancing and beyond as the insurance industry adopts more flexible working practices in the long term. It also provides underwriters with access to a detailed log of broker enquiries and appointments on a fully secure system.
COVID-19 cases hit 5.9 million in Americas, half in Latin America, Caribbean: WHO
Some of Latin America’s most persistent problems have contributed to the scale of the pandemic in the region, Etienne said: inequality, political division and health systems that have been weakened by years of under-investment.
Paytm and Vijay Sharma acquire Raheja QBE general insurance for Rs 568 crore,QBE exits Indian market
“It is an important milestone in Paytm’s financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products,” said Paytm president Amit Nayyar
SoftBank-backed Lemonade raises $319 million in IPO
Lemonade, started in late 2016, says it has digitized the entire insurance process, replacing brokers and paperwork with algorithms. It says it provides insurance policies to homeowners and renters in as little as 90 seconds and claim payments in three minutes.The IPO values Lemonade at $1.6 billion. That is less than the $2.1 billion it was valued at last year, after it raised $300 million in a funding round led by Japan’s SoftBank and which included insurer Allianz SE and Alphabet Inc’s venture capital arm GV. Lemonade has pursued breakneck revenue growth at the expense of widening losses.
SoftBank-backed Lemonade plans to raise up to $286 million in IPO
The company, which started in New York in late 2016, is part of a growing number of young companies looking to shake up the insurance sector through a better use of technology.
The company says it has digitized the entire insurance process, replacing brokers and paperwork with algorithms and providing policies in as little as 90 seconds and claim payments in three minutes.
IRDA asks insurers to allow telemedicine facilities for their policyholders
Provision of allowing telemedicine will be part of claim settlement of policy of the insurers and need not be filed separately with the IRDAI for any modification. However, the norms of sub limits, monthly/ annual limits etc. of the product shall apply without any relaxation, said IRDAI .
Aon’s partners with GK8 for providing insurable digital-asset storage tech
“We have worked hard to demonstrate the validity of GK8’s solution to insurers so that the company’s clients can benefit from pre-negotiated insurance coverage to protect the digital assets in their care, custody, or control,” says Tom Davis, Client Director of Aon UK Ltd.
India’s virus count over 2.6 lakh, daily spike inching close to 10,000-mark
Since the onset of June, the country has also been witnessing over 200 COVID-19 fatalities each day that has taken the country’s death toll to 7,466.
India is the fifth worst-hit nation by the COVID-19 pandemic after the US, Brazil, Russia and the UK, according to the Johns Hopkins University data.
Several states like Haryana, Jammu and Kashmir, Assam, Haryana, Karnataka, Chhattisgarh and Tripura among others have been showing a spurt in cases.
A total 266 new COVID-19 fatalities and 9,987 cases have been reported in the last 24 hours till Tuesday 8 am, according to the Union Health Ministry data.
Insurers stare at a Rs 2000 crore hit from “Amphan” devastated WB and Orissa
Till Saturday, the general insurance industry had already received claims worth of Rs 945 crore from these two states with more than 90 per cent of the total claims originating from the economically developed WB, with higher insurable industral areas, where torrential rains coupled with strong winds caused severe flooding and wind related damages especially in the Kolkata metro region, resulting in inundation and damage of both public and private infrastructure.
Around Rs 836 crore of claims have been triggered by the property damages under fire policies from the WB and rest are from motor and other policies.