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OverseeAI joins Guidewire Insurtech Vanguards to accelerate insurance product modernisation and new product launches
Scott Field, Co-founder and Chief Product & Technology Officer of OverseeAI, said, “Insurance products are among the most complex assets a carrier operates, and modernizing them starts with a clear, structured understanding of what they are and how they work. We...
Govt clears Mundayur’s appointment as CMD of New India Assurance
Lavanya R Mundayur, CMD, New India Assurance With 35 years of experience, Mundayur is currently the youngest CMD in the PSU general insurance industry. She had joined NIA as a direct recruit officer in 1991 and was a general manager and chief underwriting officer of...
Swiss Re establishes exclusive partnerships with Bajaj General Insurance in India
Andreas Berger, Group CEO, Swiss Re The plan is to provide underwriting expertise in lines of business that are critical for the continued growth of the Indian economy, including high-tech and manufacturing sectors. The partnership also intends to offer international...
You need to know the premium of the product - Refer to the Product BrochureVIBE offers Sum Insured options ranging from ₹7 lakh to ₹1 crore, with premiums varying based on the policy structure and age band.1A policy SI 7L premium Rs 8,483 and for SI1Cr premium Rs...
South Korean banks and insurers hunt for overseas deals
A rapidly aging population and a mature domestic market are pushing Korean financial groups to head out. Backed by strong balance sheets, they are scouring investments ranging from US insurance and retirement businesses to banks and consumer-finance companies across...
French court finds Swiftair guilty of corporate manslaughter over Mali crash
A French judge ordered the company to pay the maximum fine in France of €225,000 for corporate manslaughter, “or involuntary homicide,” after a three-week trial earlier this year over the crash of a Swiftair-owned MD-83 airliner. The Paris Criminal Court found Spanish...
Anthropic warns AI may pose ‘existential risks to humanity’ in IPO filing
While public companies routinely outline product risks to investors, few, if any, have issued warnings suggesting their technology could cause potential human extinction. Anthropic emphasized both the transformative potential of AI on par with industrialization and...
Cyber claims accelerating sharply in APAC region, says Aon report
Cyber fines may be insurable in 13 of 14 APAC jurisdictions, although the position varies considerably by market and often depends on the nature of the underlying conduct. China is the only jurisdiction reviewed where indemnity for cyber fines is expressly prohibited....
IRDAI’s proposed distribution reforms will hurt policyholders, cost jobs and slow insurance growth, says IBAI
The association urges the IRDAI to preserve the 2023 framework, publish an impact assessment and target genuine mis-selling instead of imposing blanket commission caps Mumbai: The Insurance Brokers Association of India (IBAI), the official apex body of India's 798...
84% wealth management firms see need to redesign operating models for AI: HCLTech
“Nearly every wealth management firm is spending on AI. Far fewer can say which programs they are funding, how far AI actually reaches into the operating model, or whether they're measuring the outcomes that matter — new client value, growth and revenue models,” he...
Nearly 80% of Indian home shoppers discover products through social media: Deloitte
Social media is becoming an important part of this changing purchase journey. About 57 per cent of consumers aged 18-28 seek inspiration from creators and influencers, compared with 27 per cent among consumers aged 45-60. Mumbai: Nearly 80 per cent of Indian home...
New generation of investors transforming India’s wealth ecosystem, says E&Y report
The next wave of growth will come from smaller cities, women investors, young professionals and emerging affluent households, many of whom need guidance as much as they need access,Pratik Shah, National Financial Services Leader, EY India Mumbai: Driven by young...
Competition Commission okays BNP Paribas-IndiaFirst Life Insurance deal
After the completion of the transaction, IndiaFirst Life's shareholding will comprise Bank of Baroda holding 65 per cent, BNP Paribas Cardif having a 26 per cent stake and Union Bank of India holding 9 per cent equity. New Delhi: Fair trade regulator CCI has approved...
SC slams 10-fold cancer drug markup by hospitals, backs 16% margin cap
A bench of Justices Vikram Nath and Sandeep Mehta asked the Centre to look into the issue of hospitals mandating the purchase of medicines from their chemists and said it is the common man who suffers from this system. "This is carnage. Plain and simple. The cancer...
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Govt launches live stock insurance portal
Rajiv Ranjan Singh, Union Minister of Fisheries, Animal Husbandry & Dairying The newly launched Livestock Insurance Portal provides an end-to-end digital ecosystem for policy issuance, premium management, claim processing, beneficiary verification and real-time...
Wage ceiling hike to Rs 25,000 a ‘win-win situation’, more people on margin to get social protection: Labour Secretary
Chandra Bhushan Kumar, Secretary, Ministry of Labour & Employment Kumar said the Employees’ Provident Fund (EPF) framework provides provident fund, pension and insurance benefits, adding that such social protection brings greater stability in the working...
Trai mandates telcos to take action against spammers identified by their AI-based caller ID
According to the notification, every telecom operator receiving an incoming call flagged as "suspected spam" by its artificial intelligence or machine learning enabled system will have to share details of such calls with telecom operators (originating access...