Amit Bhandari, Chief Technical Officer at Magma HDI General...
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Bharti AXA Life Insurance hires 10,000 insurance advisors and sets up 50 new branches across India
The annualised new business premium grew 48 per cent to Rs 422 crore in the first nine months of 2018-19 against Rs 286 crore in the similar period of 2017-18. The company posted 19 per cent growth in its renewal premium Rs 742 crore in the first three quarters of this fiscal, as compared to Rs 623 crore in the same period during the financial year 2017-18
Irdai panel suggests host of steps for speedy settlement of insurance claims
The WG has also suggested that in respect of crop insurance, the recognised qualifications of surveyors and loss assessors may be expanded to include graduation with at least one subject being agricultural science from a recognised university.
HDFC Life partners with upGrad to launch a first-of-its-kind online life insurance course
This is a comprehensive 11-month post-graduation program which includes online learning, on-the-job training and internship experience. Post successful course completion, all learners secure a full-time job with HDFC Life
Global Insurance Brokers appoints Rajshekar Kalluri as its MD
With nearly 20 years of experience Kalluri has worked with large corporates like Fitch Ratings, Standard Chartered and ICICI Bank in the past,
PolicyBazaar aims to collect Rs 3,500 crore premium in FY19
Policybazaar.com has backing from a host of high-profile investors including Softbank, InfoEdge (Naukri. com), Inventus Capital, Tiger Global Management, Steadview Capital, Premji Invest, Temasek and Ribbit Capital.
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.