Officials in the Ministry of Finance have discussed proposals to...
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Insurtech platform premiums to exceed $556 Billion globally in 2025, as AI drives market transformation
Insurtech to Represent 8% of Global Insurance Premiums by 2025
The top 5 leading vendors were found to be:Ping An,Axa,Munich Re,Humana and Allianz.
The report identified that weakened customer loyalty, and the driving down of premiums by increased competition and the shift to digital will cause seismic change in insurance over the next five years.
Indian Insurance industry has recovered, pays Rs 9,000 crore Covid-19 pandemic claims :IRDAI Chief
While stressing the importance of Customer Data privacy, Khuntia added that the usage of data beyond a point of granularity should be avoided and insurers should not deny a coverage to the people on the ground, which is not under the control of the customers.
He was addressing a seminar on the theme of “Navigating Uncertainty: Insight-Driven Innovation “ organized by National Insurance Academy, in association with Swiss Re, on Friday.
IRDA allows dividend payment by insurers to their shareholders
However, insurers are requested to take a conscious call in the matter of declaring dividends for FY 2020-21 considering their capital, solvency and liquidity positions, said Pravin Kutumbe, member, Pravin Kutumbe, Member (F&I) IRDAI.
IRDA allows Axis Bank to pick up 12 % stake in Max Life
Mohit Talwar, Managing Director, Max Financial Services who has led the transaction, said, “Since all other regulatory, shareholder and board approvals are already in place, we will now progress towards swift conclusion of this transaction. We hope we will be able to make quick progress in harnessing the synergies and benefits from this joint venture between Max Life and Axis Entities.”
Aviva sells French business to Macif’s Aéma Groupe for $3.9 billion
Aviva France has 3 million customers and 7.8 billion euros in revenue. It covers life insurance, property and casualty and asset management markets in France.
The sale is central to Blanc’s turnaround plan aimed at shifting the insurer’s focus to core operations in Britain, Canada and Ireland after prolonged share price weakness has irked investors.
Max Life outpaces pvt life insurance industry in Apr-Dec, expects over 11 pc biz growth in FY21: CEO
”I think digital is the way forward. For a large organisation, it is extremely important to remain close to customers during COVID-19 times. You make extra efforts to remain in touch with the customers, serve the customer, digitise the customer, continue to communicate again and again. So, that has helped us,” said Max Life Managing Director and CEO Prashant Tripathy t
Insurers partner with paytechs to widen distribution in India:GlobalData
Ayushi Tandon, Senior Fintech Analyst at GlobalData, comments: “Insurance companies in India that have collaborated with paytechs are likely to reach a large customer base in a fast and inexpensive way. The strategy can work well as the use of payment platforms has dramatically increased in the country over the recent past, especially after the demonetization and during the COVID-19 pandemic. It can also simplify the entire customer journey in insurance, from purchases to claims.’’
Satishwar Balakrishnan elevated as MD &CEO of Aegon Life Insurance
Balakrishnan, on his appointment, commented, ““Our pioneering foray into digital has been validated over the years and especially in the current scenario where the rest of the industry is now shifting its focus on digital processes. My focus will be on advancing our ‘Do-it-yourself’ insurance solutions and make them available at affordable costs and to make our entire insurance portfolio a one-click solution for our customers,” added Balakrishnan on his new role.”.
Life insurance policies bought by women fall in FY 2019-20
The share of women in the year 2019-20 has decreased to 32 per cent in number of policies and 34 per cent in First Year Premium compared to 36 per cent and 37 per cent respectively in the year 2018-19.
Out of 93 lakh policies bought by women, nearly one-third policies have come from three States, Maharashtra (11.98 per cent), West Bengal (10.60 per cent) and Uttar Pradesh (9.87 per cent);
Similarly, out of Rs 34,737 crore FYP contributed by women, slightly more than one-third have come from three States, namely, Maharashtra (17.05 per cent), West Bengal (9.66 per cent) and Uttar Pradesh (8.66 per cent).
The proportion of women policies in case of private life insurers was 27 per cent and that of LIC was 34 per cent
LIC’s net profit rises marginally to Rs 2,713 crore in FY 2019-20, pvt sector life insurers’ net profit falls by 13 %
Out of the 24 life insurers in operation during 2019- 20, 17 companies reported profits in 2019-20
The total profit reported by state owned Life Insurance Corporation (LIC) during 2019-20 has risen marginally from Rs 2,689 crore in 2018-29 to Rs 2,713 crore.
The net profit of the private sector fell by 13 per cent y-o-y to R 5,016 crore in 2019-20(Rs 5,747 crore in the previous year).