It is also proposed by Hinduja group to raise borrowing for...
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LIC emerges as the strongest global insurance brand: Brand Finance Insurance Report
With a brand strength index score of 88.3, another Indian life...
Regulatory Revamp: IRDAI approves Bima Sugam, unveils 8 new principle-based consolidated regulations
Debasish Panda, chairman, IRDAI These new regulations encompass...
RM Vishakha re-appointed as MD & CEO of IndiaFirst Life Insurance for 5-yrs
Under her aegis, IndiaFirst Life’s asset under management (AUM) grew to Rs 15,000 crs as of March 31, 2019. In the last five years, the company has grown impressively from 20th rank to 12th rank in the retail business. The individual CAGR has reached to 44%. IndiaFirst Life’s customer base has strengthened to over 7 lakhs from 93 thousand.
Swiss Re-Microsoft alliance to develop products on connected vehicles,nat cat & ”Industry 4.0”
The centrepiece of the strategic alliance is the launch of Swiss Re’s Digital Market Center, which will help develop next-generation, large-scale tools to transform the way the insurance industry predicts and manages risks, as well as how the industry creates tangible products based on Swiss Re’s risk knowledge.
Thierry Léger, CEO Swiss Re Life Capital, said: “Swiss Re’s alliance with Microsoft will help accelerate the digital transformation of the insurance industry, with benefits across all lines of business. By building digital markets and not just isolated products, we aim to transform the way businesses approach the risks they face. The alliance between Swiss Re and Microsoft presents an exciting opportunity for the insurance industry.”
LIC to partner with Mahindra Insurance Brokers to sell micro insurance policies
This initiative has been rolled out in partnership with Mahindra Insurance Brokers Limited (MIBL) who will sell life micro insurance policies with sum assured in the range of Rs.50,000/- to Rs. 2,00,000/- through their Sajhedaari Program, involving the network of Point of Sales Persons (POSPs).
UK’s Aviva to Sell Entire Stake in Indonesia Joint Venture
Aviva began a review of its Asia business in 2019 under new CEO Maurice Tulloch. It said in November that it had decided to keep its Singapore and China operations, but was considering options for its Indonesia, Vietnamese and Hong Kong businesses.
Policyholders prefer “Term insurance with return option”:Max Life Insurance Survey
New Delhi: A country wide survey by the Delhi based Max Life Insurance Company has found that seven in 10 people in India are interested in term plans with return on premium option. ``68% Indians or nearly 7 in every 10 individuals consider return...
IRDAI asks insurers to design covers to pay for Caronavirus treatment
Paytm launches insurance broking biz,to cross-sell insurance products through its leverage on its 16 mn merchants
Through its 100% subsidiary PIBPL, the company will now offer insurance products across four categories including two-wheeler, four-wheeler, health and life. PIBPL has already tied up with 20 of the leading insurance firms in India and would be integrating with 30 more companies over the next few weeks.Other than online initiatives, the company would be leveraging on its 16 million-strong merchant partner base to sell its insurance products all over the country.
Aviva India eyes millennials, launches a new brand campaign
Anjali Malhotra Chief Customer, Marketing, Digital and IT Officer, Aviva Life Insurance said, “Aviva India has always brought a fresh perspective towards life insurance. We believe that the idea of life insurance must resonate with positivity and confidence to help customers face life and its surprises with good, sound financial plans. Hello, Life. Hello, Aviva is our endeavor to trigger this important, but oft ignored thought among millennials.
Use of non-derivative financial instruments to insurance contracts with direct participation features now allowed:IASB
Ralph Ovsec, Senior Director, Insurance Consulting and Technology, at Willis Towers Watson, said: “All stakeholders will welcome the conclusion of deliberations on changes to IFRS 17, even if some of the decisions reached do not reflect the wishes of some in the industry. With regard to the determination of the acquisition date of reinsurance contracts, ceding companies should be mindful in assessing potential unintended consequences related to the ability to take reinsurance relief on onerous contracts offered by reinsurance.
Proposed IPO of LIC to benefit insurance industry: Fitch
“We think the insurer’s investment allocation decisions will be rationalised too, as major investment decisions could be subjected to additional scrutiny and approvals. LIC is one of the prominent institutional investors in several public sector assets, and in multiple instances has obtained exceptions from the insurance regulator to increase its stake in investee companies above the regulatory ownership cap of 15 per cent,” it said.