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Policybazaar partners with Ophthalmologist Society of India to provide cover for litigation risks
Policybazaar for Business (PBFB) has partnered with the Young...
Magma HDI General Insurance ties up with Mahindra Finance
Magma HDI General Insurance Company has entered into a corporate...
A.J. Gallagher’s ‘clean coal’ business draws ire of green investors
Now, the Green Century Funds and Calvert Funds – which include A.J. Gallagher in their portfolios based on its record as an insurance firm, not a coal supplier – said they will review the company’s green credentials. Green Century and Calvert are two of nation’s leading money managers focused on corporate environmental, social and governance matters.
Bonding with Banks
There is tremendous scope for innovation given the large number of banking customers. With banks selling insurance products of more than one insurance company, options are also in abundance with the scope for customised product offerings. For instance, loan secure products which give the customer the protection to from paying financial liabilitiesin case something unfortunate happens
Turtlemint’s $25 million funding by Sequoia
“Turtlemint has pioneered a new model that is not only bringing new agents into the insurance domain but is also helping them become more productive & effective with their customers by making them digitally savvy”, said Harshjit Sethi, Principal, Sequoia Capital India Advisors. “Sequoia India is excited to partner with them from the early stages – the company is growing at a very fast clip and is well on its way to transforming insurance distribution in the country”, he added.
Joseph Panel suggests measures to accord chartered institute status on IIISLA
There is a need to work with all the members of the IIISLA in a coherent manner to design a well-laid governance system to carry out the objects of its present Articles of Association and gain credibility, essentially required for the institute as well as for the profession of survey and loss assessment, suggest the report.
The total amount of domestic insurance claims paid (excluding health segment) has grown by 5.6% and 16.7% over the last two years. The growing volumes of non-life business and the increasing number of claims demand existence of qualified professional surveyors to examine, measure, assess the losses and report to insurers for speedy settlement of claims.
“Rapid technology growth compelling pragmatic shift in India’s risk mitigation landscape”
Insurtech has already arrived in India and is disrupting the traditional value chain of the insurance industry. The industry is fundamentally changing because of the impact of technology such as Artificial Intelligence, Internet of Things, blockchain, big data, and Robotic Process Automation. The insurtech universe can be segmented into four broad categories – Product & Distribution, Business Process Enhancement, Data & Analytics, and Claims Management.
Govt tightens norms for etailers, bars exclusive deals
“An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group companies, will not be permitted to sell its products on the permitted to sell its products on the platform run by such marketplace entity”. ..
J&J loses motion to overturn $4.7 billion talc-ovarian cancer verdict
Surendranath Sai, a regional drug officer in the southern state of Telangana, on Wednesday said he had instructed inspectors to seize samples there.
“On the basis of the news report, we are alerting staff to pick up samples. We will test them in a drug control lab here,” said Sai. “We will take action accordingly. Certainly we are worried because millions of babies may be affected.”
Jack Ma is using sports data to change the way people shop
Using marathons as a guinea pig, it’s scooping up broadcast rights and collecting information on participants and viewers to sell them everything from running shoes to health insurance.
Virtual Competition: Online Platforms, Consumer Outcomes and Competition in Insurance
The importance of platforms in insurance is likely to increase further, due to the deployment of new technologies and shifting consumer expectations. A global consumer survey (unpublished) by The Geneva Association and Edelman Intelligence revealed that 60% of respondents would go online to look for information about insurance. Platforms such as Google, Amazon, and Alibaba have entered into agreements with insurance companies or are otherwise weighing up their entrance to the insurance space.
Insurers rank Amazon as the world’s most potentially disruptive platform
Striking partnerships is seen as a way of overcoming these, with 90% of the respondents saying this will also be an important opportunity for insurers’ distribution strategies.However, there is no guarantee that platforms’ partners of choice will be today’s primary insurers, with 90% of the respondents anticipating all risks to be passed onto reinsurers.