German insurer Allianz is insurance partner for the Games. Other...
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Stock market has risen 4 times in last 10 yrs : Piyush Goyal
Piyush Goyal, Union Minister of Commerce Goyal said that...
$ 20 billion dry powder chasing Indian AI Startups, says Rajan Anandan
``We are beginning to see a very different weave of AI-Application...
Digital payments market in India likely to grow 3-folds to Rs 7,092 trillion by 2025: Report
“The current 160 million unique mobile payment users will multiply by 5 times to reach nearly 800 million by 2025. This growth will be driven by a number of demand and supply-side drivers,” the Bengaluru-based management consultancy RedSeer Consulting said
Boeing testing hand-held UV wand to sanitize cockpits, cabins
Concerns by airline workers and passengers about the spread of COVID-19 has fueled a rush by companies to roll out new technology for aircraft sanitization.
The wand would eliminate the need for using alcohol or other disinfectants that could damage sensitive electronic equipment, Rae Lutters, chief engineer for Boeing’s ecoDemonstrator program, told a media briefing.
Chinese insurance tech firm Waterdrop raises $230 million, plans U.S. IPO
Two sources with knowledge of the fundraising told Reuters that Waterdrop was valued at nearly $2 billion in the funding round. One of them said that Swiss Re itself had invested $100 million.
Swiss Re declined to comment on its investment size, but said the company’s participation in the round was part of its long-term commitment to China.
Twitter privacy ruling delayed after dispute among EU regulators
Twitter had looked set to become the first big technology company to face a fine by Ireland’s Data Protection Commission (DPC) under tougher EU data protection rules after it submitted the decision to other member states in May.
Under the EU’s General Data Protection Regulation’s (GDPR) “One Stop Shop” regime introduced in 2018, regulators can impose fines for violations of up to 4% of a company’s global revenue or 20 million euros ($22 million), whichever is higher
US court upholds $140 million compensation in TCS-Epic Systems case
According to reports, Epic had filed the lawsuit in 2014 against TCS alleging that the IT services company had stolen its intellectual property. In 2016, Epic won a jury award of $940 million.
Insurers will seek to benefit from open banking through partnerships post-COVID-19:GlobalData
Jazmin Chong, Insurance Analyst at GlobalData, comments: “The increased implementation of open banking and greater understanding of customers’ information will lead to an uptake of purchases through apps and mobile devices. This is due to the information exchange that insurers will have access to, allowing them to require less information from customers. It will also enable customers to use apps in a fast and more confident manner, as current app purchases still largely require extensive information that is more comfortable to fill out on a computer.”
DGCA starts special safety audit of all Indian airlines
“It will be a complete FOQA (Flight Operations Quality Assurance) audit,” he said.
The FOQA is the process of obtaining and analysing all kinds of data from flights to improve the safety and efficiency of future flight operations.
“All Indian airlines will undergo the special safety audit that has begun. In the first phase, we are auditing SpiceJet and Air India,” the DGCA official said.
Reliance buys majority stake in online pharmacy Netmeds for $83 million
The COVID-19 crisis, which spurred a wave of online shopping, has led to increased competition between Amazon, Walmart-owned Flipkart, Reliance’s upstart online grocery service, JioMart and a range of other smaller players for a share in the world’s second most populous country.
Truecaller identifies 29.7 bn spam calls, 8.5 bn spam SMS in India in 2019
The Swedish company has also rolled out a new spam activity indicator for Android phone users that will give detailed statistics on the spammer.
Alamelu Panel favours setting up of a Loss Prevention body for the general insurance industry, will aid reduction of premiums
The panel has suggested that the proposed company should be promoted by the IRDAI as well as the industry.
The company may start working on promoting safety and loss prevention in the areas of Property Insurance and motor Insurance to begin with and can expand into all areas of general insurance as well as health insurance in the future.
`The existing loss control practices of the insurers are incidental to the primary function of underwriting. Needless to state reducing the frequency and severity of losses would benefit both insurers and insureds, as the overall burning cost and consequently the premium rate would come down;,said the report prepared by the working group..