Magnus Roe, global chief data and analytics officer, Aon This...
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Emerging-risk resilience: Majority of APAC risk leaders concerned about their organisations in the next decade
Geopolitical issues, natural catastrophe events, climate transition...
Prudential launches global AI Lab in Singapore, to improve consumer access to quality healthcare
Anil Wadhwani, Chief Executive Officer, Prudential plc, said:...
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 A global consumer survey (unpublished) by The Geneva Association and Edelman Intelligence revealed that 60% of respondents would go online to look for information about insurance.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.
Blockchain technology brings crop insurance to paddy field farmers
Aon, Etherisc and Oxfam in Sri Lanka collaborate to give thousands of Sri Lankan small holder farmers access to blockchain-enabled micro-insurance/A major barrier to entry for farmers is a lack of affordable and reliable insurance products, and understanding about how insurance will help them survive and when it will pay out. By leveraging blockchain technology it is intended to automate parametric insurance products, transforming and simplifying the claims process to the point that the farmer would not need to submit a claim and the insurer would not need to send a claims adjuster in the field.
Symbo India Insurance Broking launches Marathon Insurance
The comprehensive Marathon Insurance product covers accident and medical emergency during the event. The policy also offers runners cover in case of event cancellation by an organizer or if the participant cannot run due to health issues, accident or bereavement, along with a flight cancellation or loss of checked in baggage during transit. The expected claims settlement period is ten days
“Data analytics & security’ have to go together :IRDAI Chief
Irda is also keen on introducing regulations on risk-based capital.A paper to this effect has already been circulated to all the insurers. These companies, who can manage their risks, their need of capital will be less. IRDAI will also focus on risk based supervision afterwards, he said.
“We have been able to reach insurance solutions to customers in over 2,00,000 villages in India”
“Title Insurance and design defect policies to Real Estate Companies, Cyber security covers to certain Institutions, Drone Insurance, etc. Similarly for Retail customers too, we are designing customized package policies with the help of various insurance companies. We have initiated a new vertical for ‘Strategic Alliances’ and are initiating partnerships with various organizations having a large customer base”
Flipkart forays into insurance distribution, ties up with Bajaj Allianz
“In line with our customer-first policy and as the market leader in this segment, insurance felt like the logical next step in providing consumers with excellent after-sales care for their phones. The plan, from purchase to claim, will be completely integrated into our online platform…” Flipkart Senior Vice President and head of Fintech Ravi Garikipati said.
Govt mulls 100% FDI in insurance broking; insurers’ cap to stay at 49%
The FDI policy, at present, allows 49 per cent foreign investment in the insurance sector that encompasses insurance broking, insurance companies, third party administrators, surveyors and loss assessors as defined by the Department of Industrial Policy and Promotion (DIPP)
IRDAI allows distribution of all micro-insurance products via PoS
Agreeing to the suggestions of insurance companies, IRDAI in a circular has done away with the practice of pre-fixing the word ‘PoS’ on life, general and health products sold through PoS. The regulator said it has received representations from insurance companies requesting to do away with the prefix ‘POS’ in the product name.