In an order signed by two members, BC Patnaik, Life and RK Sinha,...
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RCap lenders urge Hinduja Group arm to resolve IRDAI’s concerns early
According to the sources, the lenders expressed concerns over the...
FIU notifies fresh money laundering, terror financing reporting alerts for insurance and capital market players
A working group, that included insurance regulator IRDAI, went into...
Prudential Thailand deploys Munich Re’s digital solution, customers can avail real-time underwriting decisions
Pasalaree Theerasas, Chief Customer Officer, Prudential Thailand, said,“The automated solution shortens the turnaround time for underwriting decisions compared with the traditional process, and reduces the time spent by applicants in answering unnecessary or repetitive health questions and providing medical documents. ”
UK life insurers pay 90 million pounds in COVID-19 claims – trade body
Insurers received 7,000 life insurance claims from families of people who died from COVID-19 and 83% have been paid so far, the ABI said in a statement. Every life insurance claim has been accepted, it said.
The average payout is expected to be 63,000 pounds for an individual policy and 137,000 for a group policy.
Although they are paying life insurance claims, worsening life expectancy will mean pensions, often the bulk of their business, are paid for a shorter period, industry sources say.
Digital and new business capabilities driving modernisation of life insurers: Novarica CIO Study
“For 60% of insurers surveyed, improving digital and new business capabilities stand out as the key drivers for modernization, followed by improvements in productivity to allow faster and more fluid underwriting processes and workflows,” said Tom Benton, Vice President of Research and Consulting at Novarica
Britain’s Prudential to exit U.S. business,focus on Asia, Africa
“This new Prudential model will be a growth-oriented business,” Prudential CEO Mike Wells,
Prudential had already sold an equity stake in the U.S. unit to Apollo Global-backed Athene Holding for $500 million (382 million pounds) in June.
Operating profit in Asia was up 14%. .
Prudential Thailand and The 1 to launch country’s first lifestyle-health collaboration
Through this collaboration, The 1’s members will gain access to highly customised digital lifestyle and health solutions based on their lifestyle preferences, health stages and savings intentions. The partners in the collaboration will use Artificial Intelligence (AI) to curate and offer services that are highly relevant to members, helping them to achieve a higher quality of life and wellbeing
“Millennial buyers and the maturity of digital tools will bring about profound change in insurance distribution models”
Though markets are very different across Asia, almost life insurers now have a digital transformation programs in place in the region, says Alby Van Wyk, Executive Vice President, Asia, Munich Re Automation Solutions. In an exclusive e-mail interview with Asia Insurance Post, he explains how the requirement and demand for IT systems that enables faster delivery and greater agility, will only continue to grow in Asian markets
LIC launches month-long `Special Revival Campaign” for its policyholders
In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high risk plans
Up to Rs.1,00,000, a policy holder can avail 20 per cent (maximum Rs 1500) concession on late fee
– From Rs 1,00,001 to Rs 3,00,000,25 per cent (maximum Rs. 2000) concession on late fee
– From 3,00,001 and above, 30 per cent( maximum of Rs 2500) concession on late fee
Aviva’s new CEO to cut focus on Asia and Europe
Blanc took over last month to become the insurance company’s third chief executive in less than two years. Analysts have said the insurer is operating in too many countries and sectors, and its shares have lagged rivals.
Aviva will instead focus on Britain, Ireland and Canada, the company said.
Life insurers can obtain customer’s consent without requiring wet signature in pure risk products till Dec 31:IRDAI
The prospect, if he / she wishes to consent to the proposal, may do so by clicking the confirmation link or by validating the OTP shared. The insurer has to maintain verifiable, legally valid evidence for the proposer’s consent received for the fully completed proposal form. Further, the insurer can’t accept any payment of moneys towards proposal deposit till the receipt of consent of the proposer.
Life insurers can issue e-policies in 2020-21:IRDAI
The life insurers have to confirm the date of receipt of electronic policy document by the policyholder through PIVC or other means and preserving the proof so that free look period may be calculated from that date and 30 days free look period should be allowed for all such electronic policy documents, said the IRDAI