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Nippon Life in talks to buy Resolution Life in deal worth $8.2 billion
Cross-border M&A involving Japanese companies has surged this...
LIC to spend up to Rs 840 crore for Bima Sakhis, targets Rs 4,000 crore new business in 1st yr
Siddharth Mohanty, MD and CEO, Life Insurance Corporation Talking...
Union Health Ministry releases guide on long-term health issues of COVID-19 infection
Speaking on the occasion, Union Minister of State of Health Ministry, Dr Bharati Pravin Pawar emphasized the need to tackle mental health issues and to reach the last mile.
“This pandemic has put an unprecedented challenge on our Health and Health Care System. Mental Health Care is a big challenge for a country with such a large population. We need to build our capacity to tackle this challenge of mental health,” she said.
EU plans 120 billion euro economic boost by easing insurance rules
Olav Jones, deputy director general for Insurance Europe, an industry body, said he welcomed EU acknowledgement of the need to reduce capital requirements, but only a “significant and permanent” cut in capital would allow insurers to increase support for the economy and regain global competitiveness.
Brussels proposed easing the impact of the so-called volatility adjustment, which mitigates the impact of short-term market moves on insurer solvency.
It also wants to make it easier for insurers to benefit from preferential capital treatment worth around 10.5 billion euros from investing in long-term assets to green the economy.
India likely to block Chinese investment in insurance giant LIC’s IPO -sources
State-owned LIC is considered a strategic asset, commanding more than 60% of India’s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country’s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said.
India reports 30,773 new COVID-19 cases, 309 deaths in last 24 hours
Adherence to COVID-19-appropriate behaviour during festive season key to prevent 3rd wave: Experts
”Currently, there is a declining trend of COVID-19 cases and we are in a pretty good situation. However, the coming few weeks with the festive season ongoing and with that associated changes of decrease in Covid-appropriate behavior, large gatherings, and super-spreading events can be a deciding factor for the third wave,” AIIMS Director Randeep Guleria said.
He said the next two-three months are crucial in terms of preventive strategies for the country to continue to be in a good position.
LIC unveils app for its development officers
Recently LIC had launched the ANANDA Mobile App which is digital paperless solution which received overwhelming response from its agents.
LIC has been taking lot of customer centric and digital initiatives for ease of operations for its customers and field force
It has also come out with an artificial intelligence technology based app “Jeevan Saakshaya” which enables its annuitants and retired employees to submit life certificate from the comfort of their home instead of visiting LIC office for submitting Life certificate.
Total market cap of listed InsurTechs surpasses $22 billion in 2020:Capgemini Report
For the first time, 50% of customers today are willing to consider coverage from a new age player.
“As traditional insurers expand their ecosystems to remain competitive, they must increasingly consider the value achievable through trusted partners, including BigTechs, InsurTechs and non-traditional players like original equipment manufacturer (OEMs). The numbers clearly suggest that exponential InsurTech growth is here to stay, so delivering superior customer CARE(Convenience, Advice and Reach) is essential. Future success in the industry will depend on players’ existing capabilities across the value chain, willingness to invest, and desire to own the customer relationship,” said John Berry, CEO of Efma.
EU launches health crisis body to prepare for future pandemic
The new health emergency preparedness and response authority (HERA) will assess potential health threats, promote research, ensure the availability of critical production and help build stockpiles.
If a new health crisis struck, it would activate emergency funding and help coordinate monitoring, procurement and purchase of medical equipment or treatments.
The authority is partly designed to avoid a repeat of the ad hoc measures taken by individual EU countries at the start of the COVID-19 pandemic, some of them inefficient, others coming at the expense of other EU members.
Indian law firms want higher fees to advise on LIC’s mega IPO
Government officials also recently called a few prominent law firms and urged them to join the IPO work, said three law firm partners familiar with the talks.
This week, the government relaxed its fee payment schedules, to offer a 50% payment after the draft IPO prospectus was filed.
IRDAI’s move to risk policyholder’s data privacy, create data monopoly: Experts
While it is understandable that insurers have to share policyholder information with authorities/agencies specified by law or due to operation of law, experts question the need to share the same with IIB.
“Insurers can share the generic data relating to premium, claims — genuine and fraud — and other commercial aspects with IIB so that it can prepare its analytical reports for the industry to use. But why should policyholder information be shared with IIB,” wonders an industry official preferring anonymity.