Growing its business fast, Munich Re, the largest global...
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“Today, we are in a position to service more than 60% of our policyholders entirely digitally”
Krishnan Ramachandran,MD and CEO, Niva Bupa Health Insurance Niva...
`Bima Sugam is a big game changer for the end user and companies will also get the advantage”
In an interview with IANS, Anil Kumar Aggarwal, Managing Director...
“The FAIR Nat CAT pool has gained the approval to operate in India’’
FAIR pools are performing satisfactorily, overall, the revenue of the pools and syndicate is growing steadily with expectations to have reached close to $120m in the past year, and each year we have new members sharing the units of the pools’ ownership.
“Growth and profitability are equally important”
A reasonable growth. at least in line with the industry and simultaneously reducing the incurred claim ratio will be the strategy going forward. Claims ratio will be brought down using better risk selection.
“We do write a lot of agriculture business and it contributes to about 40% of our business in India”
At Swiss Re, we believe that there are many ways we can operate to help address or close the protection gap in India. For instance, infrastructure is a pillar that we will be focusing on, as there are many opportunities in engineering and construction that require capacity in India.
“We are more focused on improving the pricing and the other terms and conditions” Alice Vaidyan, CMD, GIC Re
“When I began my term as the CMD of GIC Re, I had two goals for us- to be a Top 10 Global Reinsurer and to deliver consistent underwriting profit. And I am proud to say that GIC Re has been ranked as the 10th largest Reinsurer in the latest S&P rankings. I realize that it is not enough to be a `Top 10 Reinsurer’ only on the metric of size but to deliver value to our clients, shareholders and business partners.’’
“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.
“18 out of 24 companies are profitable in the Indian life insurance space in 2017-18’’
The AUM of the industry has gone up by Rs.3.3 lakh crore during FY 2017-18.
The total asset of the industry is currently around Rs 34 lakh crore (Provisional) and the AUM is around Rs.32 lakh crore (Provisional).
“The idea of sandbox regulation is good as it allows to introduce new products’’
“I can’t say anything about the time-frame for the merger process to complete. I can only say that a process has started with appointment of a consultant. Definitely the largest general insurer will emerge in terms of market share.Once it happens, the merged entity will be the largest entity with 31 per cent market share when compared to the 16 per cent market share as being enjoyed by New India Assurance”
“We aspire to touch Rs 1000 cr premium mark by the end of the fiscal”
“We have been in profits in the last 2 years. We generated a profit of Rs 6.3 crore in 2017 and Rs 4.9 crore in 2018. During the six month period September 30, 2018, we generated a profit of Rs 11.2 crore as compared to Rs 2.6 crore during the same period last year”
“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”
“We have initiated steps to obtain a Branch License in Qatar’’
LIC International enjoys niche market position with NRIs and strong brand connect due to its parent LIC of India. Because of this unique position, attractive product propositions it enjoys market leadership position in Bahrain and emerging as a major life insurance player in individual assurance in UAE.