Magazine - Asia Insurance Post

Magazine Volume 19 Issue 12 July 2019

News in Brief

June 30

V. Suryanarayanan appointed as MD of Cholamandalam MS General Insurance

Cholamandalam MS General Insurance Co. Ltd. today, has announced the retirement of S. S. Gopalarathnam as the managing director and appointment of V. Suryanarayanan, currently president and COO, as the MD of Cholamandalam MS General Insurance Co. Ltd., effective 1st July 2020.

Gopalarathnam retires after a long and distinguished career spanning an incredible 41 years.

BMS builds Asia operations with senior appointment
BMS Group, the independent specialist (re)insurance broker, today announces the appointment of Sandra Lee as the head of BMS’s operations in Asia, subject to regulatory approvals. Sandra, who is currently based in Hong Kong, will join BMS upon completion of current contractual obligations.

Sandra has been heading Aon’s transactions liability team in Asia since 2012.
Nick Cook, CEO at BMS Group, said: “Asia is a crucial market and this appointment marks the beginning of a broader expansion plan in the region. She will help develop the Group’s global M&A broking business and work closely with our new Private Equity, M&A and Tax division in London as it continues to grow.”

June 22

WHO reports record daily increase in coronavirus cases
The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 183,020 in a 24-hour period.

The biggest increase was from North and South America with over 116,000 new cases, according to a daily report here Total global cases are over 8.7 million with more than 461,000 deaths, according to the WHO.

The previous record for new cases was 181,232 on June 18.

June17

AIA Singapore employees to receive $1,000 WFH allowance

AIA Singapore today announced that all employees will receive S$1,000 as part of the company's focus on its people, to help its staff who are working remotely from home during the ongoing COVID-19 global pandemic, to ensure that they can get the equipment they need to further enhance their home office setup.

The lump sum is available to all permanent and contract staff and will be paid out to more than 1,000 employees.

In addition, this move will help its staff cushion any financial impact that their family could be facing and ride through this challenging time.

Tata AIA Life offer Aadhaar based, offline e-KYC service

Tata AIA Life Insurance has tied up with East Consultancy Services to offer Aadhaar based, offline e-KYC service for seamless customer on-boarding during online application process for its life insurance solutions.

This will make Tata AIA Life’s end-to-end digital sales system, which enables remote purchase of its life insurance solutions, more efficient and is also in line with the measures to combat the Covid-19 pandemic.

Yusuf Pachmariwala, Executive Vice President & Head of Operations, With the smart use of advanced technologies, we ensure speed, agility and security in our transactions.

June 16

Aditya Birla Sun Life launches Child’s Future Assured Plan

Aditya Birla Sun Life Insurance (ABSLI), has launched a one-of-its-kind insurance plan called ABSLI Child’s Future Assured Plan.It aims at assured returns combined with protection, to financially secure a child’s future milestones.

This child plan offers guaranteed returnsand is a non-linked non-participating life insurance plan.

Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “During such unprecedented times, protection for your child’s dreams and goals becomes a matter of utmost importance, hence the need for creating a tailored solution, which provides guaranteed returns for addressing your child’s future needs.

Moody’s assigns first-time A3 rating to Peak Re, outlook stable
Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global
reinsurer, has received from Moody's Investors Service an A3
insurance financial strength rating (IFSR); and the rating outlook is stable.
Moody’s rationale for Peak Re's A3 IFSR is a reflection of the company’s good franchise in the Asian reinsurance market, solid capitalization, expanding product and geographic diversification and product mix with low reserving risks.

Peak Re’s CEO Franz Josef Hahn says, “ I appreciate the strong support by all of our stakeholders as from the
humble beginning as a start-up company eight years ago.”

June 11

State Bank of India will sell 2.1 percent equity stake in its life insurance subsidiary- SBI Life Insurance Company -- through an offer for sale in the next two trading sessions.

SBI proposes to sell up to 2.1 crore equity shares (representing 2.1 percent of the total issued and paid-up equity share capital of SBI Life) on June 12 and June 15," the private life insurance company said in a BSE filing.

The offer for sale issue will be opened for non-retail investors on June 12, while on June 15, retail as well as non-retail investors can participate in the issue.

SBI held 57.6 percent equity stake in the company, while promoter BNP Paribas Cardif held 5.20 percent stake as of March.

June 08

Aon's Michael Gallagher joins as Chairman of John Foord Analytics

Singapore based John Foord announced that Michael Gallagher, former CEO of Aon Singapore, has joined the firm as Chairman, John Foord Analytics.

John Foord Analytics provides cloud-based data solutions, primarily in the insurance sector, for clients seeking accurate replacement costs and values for fixed assets across the globe.

Michael said, “The evolution of John Foord Analytics to deliver speedier, data driven analysis of asset values for insurance purposes is why I am excited to work with John Foord on this leading-edge change.”

Equifax Launches a New Microfinance Risk Score
Equifax India today announced the launch of a new MFI Risk Score, which is the only credit score in the industry that will enable MFI lenders to evaluate the creditworthiness of borrowers in a more holistic manner.
“Microfinance has an important role in enabling access to credit to the needy in the financial inclusion program” said KM Nanaiah, Managing Director, Equifax Credit Information services Ltd. and Country Leader, Equifax India and MEA.

June 05

Sharad Mathur appointed as MD & CEO OF Universal Sompo General Insurance

Sharad Mathur has been appointed as MD & CEO of Universal Sompo General Insurance Company Limited w.e.f. 2nd June 2020.

With over 23 years of experience, Sharad was head – distribution in SBI General Insurance till July 2019.

"India is a rapidly-growing market for our business in Asia. Sharad's understanding of Indian market and general insurance business, combined with his expertise in sustainable business expansion and digital technologies, will be a huge asset for Universal Sompo," said Daniel Neo, Regional Chief Executive Officer of Sompo Holdings (Asia) Pte. Ltd.

" Under Sharad's leadership, company aims to develop a capability to deliver more innovative products, re-engineered distribution architecture and significant improvements in productivity," said Padmaja Chunduru, MD & CEO, Indian Bank.

Max Life launches Max Life Group Saral Suraksha Plan

Max Life Insurance launched of ‘Max Life Group Saral Suraksha Plan (Micro Insurance Product)’, a non-linked non participating group pure risk premium life insurance product that offers supreme flexibility of policy term and payment options. The plan offers one of a kind, flexible policy term for as low as 1 month up to a period of 120 months.
The product is designed to provide financial protection to both members and borrowers of micro-finance institutions, cooperatives, small finance banks, and other affinity groups against the uncertainties of life.
Aalok Bhan, Director and Chief Marketing Officer, Max Life said, “Group micro insurance products are ideal for members and borrowers of groups that wish to avail an insurance plan but may not have an optimum credit record to avail individual cover.''

June 04

Aviva India joins Red Cross Society to serve Covid-19 affected people

With the COVID-19 crisis severely impacting communities across the nation. Aviva Life Insurance join hands with the Indian Red Cross Society, to reach out and assisting affected people to combat this disease across 15 states in India.

The support to the India Red Cross Society forms part of the £10m pounds committed by the Aviva Group and the Aviva Foundation* so that the global Red Cross movement can ensure those made most vulnerable by the coronavirus outbreak can get the right support at the right time.
Trevor Bull, MD & CEO, Aviva India said, “We are putting in our best efforts to support our employees and communities around us, so that together we shall all overcome these difficult times soon.”

Canara HSBC Oriental Bank of Commerce Life appoints Deven Sangoi as
CIO
Canara HSBC Oriental Bank of Commerce Life Insurance today announced the appointment of Deven Sangoi as their new Chief Investment Officer with effect from 1st June 2020.

Prior to joining Canara HSBC Oriental Bank of Commerce Life Insurance, Sangoi was associated with Aditya Birla Sun Life Insurance since August 2009 and was spearheading investment management of Equity assets and Alternate Investment Fund equity portfolio. Sangoi is a graduate in Electronic Engineering from Mumbai University and holds a post graduate degree in Finance from Newport University.

June 2

Reliance General Insurance receives ISO 31000 Assurance for risk management

Reliance General Insurance today announced the success of achieving the ISO 31000 Assurance by Global Certification body DNVGI. The assurance exhibits an international standard that provides principles and guidelines for Enterprise Risk Management.

Rakesh Jain, ED & CEO, Reliance General Insurance said, “The standard helps integrate the risk-based decision-making in the organisational culture thereby adding tremendous value to the brand’s maturity and value proposition. Additionally, it also promises a sense of security to all our customers, whether retail, corporate or Government entities.''

India's May gold imports fall 99% from a year ago to 1.4 tonnes
India’s gold imports in May plunged 99% from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, a government source said on Tuesday.

The world’s second-biggest consumer of the precious metal imported around 1.4 tonnes of gold in May, down from 133.6 tonnes a year ago, said the source, who declined to be identified because they are not authorised to speak to the media.
June 1

Bajaj Life declares bonus for its policy holders

Bajaj Allianz Life Insurance, has declared Bonus in its participating plans including payment of Cash Bonus* as on 31 March 2020. The Company has declared Reversionary, Cash and Terminal bonus for FY2019-2020, which is expected to benefit 12 lakhs policyholders.

Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance said, “Last year was a productive year, and we are now sharing the outcomes of the year, as bonus with our 12 lakhs policyholders. This additional financial support through Cash Bonus, ”

The bonus rates announced by Bajaj Allianz Life applies to all 19 of its participating plans. All in force policies will be entitled to the Reversionary Bonus, Terminal Bonus and Cash Bonus as applicable. The Cash and Terminal bonus will also be payable to paid-up policies.

May 16

Nicholas Actuarial Solutions receive QAS accreditation from IFoA

Kuala Lumpur based Nicholas Actuarial Solutions has received the Quality Assurance Scheme (QAS) accreditation from the Institute and Faculty of Actuaries (IFoA).

Nicholas Yeo, the Founder & Actuary of Nicholas Actuarial Solutions said, “The QAS provides us with a sound quality framework which is critical to the rapid growth of our business. We are confident that the QAS accreditation will further serve as an impetus for our continued business expansion.”

The QAS recognises the importance of the working environment in enabling actuaries to fulfil their professional responsibilities. The objectives of the QAS are to promote quality assurance at an organisational level; to promote confidence in the work of actuaries; and to provide an important mechanism to identify issues affecting the quality of actuarial work.

May 10

Govt postpones interview for selecting OIC CMD

The government has postponed the interview, scheduled on May 11, of five candidates to select a new CMD for the Oriental Insurance Company by the Banks Board Bureau (BBB). The new date hasn’t been decided as yet.

The general mangers who have been shortlisted by the ministry of finance(MoF)are-SN Rajeswari,New India Assurance(NIA) Dinesh Waghela(OIC), Sobha Reddy, National Insurance Company(NIC),Deepak Godbole,GIC Re, Madhulika Bhaskar,GIC Re.

AV Girija Kumar,CMD,OIC,is retiring this month end after reaching 60.

Global Carona cases cross 4 million,2,76,894 deaths

More than 4.02 million people have been reported to be infected by the novel coronavirus globally and 276,894 have died, according to a Reuters tally. Infections have been reported in more than 210 countries and territories since the first cases were identified in China in December 2019.

May 08

HDFC Life launches Voice Assistant for On-The-Go Policy Servicing
HDFC Life has launched Alexa-based smart service voice assistant- Elsa- for its existing policyholders. Through this offering, HDFC Life aims to continue supporting policyholders during the lockdown.
In its first rollout, Elsa can successfully answer than 200+ queries.
Parvez Mulla, Chief Operating Officer, HDFC Life, said: Through Elsa, as well as other AI service bots, we aim to offer intelligent and personalised query processing for our policyholders. We are making resilient AI offerings which will add value to customer experience.”

SBI Gen launches Arogya Sanjeevani Health Insurance Policy

Recently, SBI General Insurance launched the standard health insurance policy – Arogya Sanjeevani Health Insurance Policy SBI General Insurance. The policy provides hospitalisation cover anywhere in India with sums insured ranging from Rs. 1 lakh to Rs. 5 lakhs.

Pushan Mahapatra, MD & CEO, SBI General Insurance said, “With the trusted brand name of SBI and our unrivalled distribution reach, we are well positioned to market this product successfully in tier 2 and 3 locations as well as rural areas. We have ensured that this product is available through all our distribution channels.”

May 05

Bajaj Allianz Life charts out Covid-19 strategies

In response to the unprecedented times, and the crisis that may further increase due to COVID-19, Bajaj Allianz Life, among other things, has retrained its 70k+ insurance consultants to use virtual tools for connecting with customers and servicing them digitally.

it has ensured that it will retain all its 10k+ employees, making sure that the Company’s employees have the protection and support they need during these challenging times. It is also investing towards retraining them to be prepared for the new way of business, post the crisis. Training modules are designed to enable employees also manage their work and home life, while the lockdown pursues.

Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “These are unusual times, and as a responsible corporate citizen it is our primary goal to ensure our employees, as well as all our stakeholders, have our support.''

Peak Re completes Lutece acquisition

Peak Reinsurance Company Limited, a Hong Kong-based global reinsurer, today announced that it has completed the 100% acquisition of the capital of Lutece Holdings Ltd.(renamed as Peak Capital Holdings Ltd.) and its subsidiary Lutece Investment Management Ltd. (renamed as
Peak Capital Ltd. (“Peak Capital”).

The Bermuda-based ILS investment specialist is now a wholly owned
subsidiary of Peak Re.

“This is a team of top-tier professionals with strong ILS and structuring expertise, combined with in-depth insights into the Asian markets,” says Peak Re CEO Franz Josef Hahn.

Jan 20

Neil Karia appointed as CFO of Aviva Life Insurance

Aviva Life Insurance has appointed Neil Karia as its Chief Financial Officer. Prior to his appointment, Neil was a senior vice president of Mergers & Acquisition,reporting to the Chief Strategy & M&A Officer at Aviva plc.

Max Life partners with PAYBACK

Max Life Insurance announced its corporate agency partnership with Payback, the country’s largest multi-brand loyalty program.Under the said partnership, Payback will act as a corporate agent for Max Life andoffer life insurance policies to prospectsthrough itsdigital platforms (website, mobile app).

Dec 27

HDFC Life ties-up with Paytm

HDFC Life, announced its tie-up with Paytm. This partnership will enable Paytm customers to purchase innovative life insurance products offered by HDFC Life, via the mobile commerce platform.

Dec 19

Bajaj Allianz Life Smart Protect Goal
Bajaj Allianz Life Smart Protect Goal,a pure term plan by Bajaj Allianz Life, covers 55 critical illnesses,Option of life cover up to the age of 99 years,Option of Return of Premium.

An individual can buy Rs 1 crore insurance cover @ Rs 13/day

This is for the first time in India, a term plan is designed to provide a child education extra cover to take care of the education expenses of the child, if something were to happen to the parent (Life Assured) before the child turns 25 year of age.

A.M. Best affirms financial strength rating of Peak Re

A.M. Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-“ of Hong Kong based Peak Re and its Zurich-based subsidiary, Peak Reinsurance AG (“Peak Re AG”).

The outlook of the credit ratings of both companies is stable.The A.M. Best ratings reflect Peak Re’s very strong balance sheet, as well as its operating performance, business profile and enterprise risk management.

Dec 18

HDFC Life goes live with BBPS & Quick Register

HDFC Life, today, announced two new service offerings (a) payment integration with Bharat Bill Payment System and (b) auto payment registration facility - Quick Registe.Parvez Mulla, Chief Operating Officer, HDFC Life, said “We will continue to strengthen our leadership position and fulfill the trust imposed on us.”

Dec 14

Budget likely on February 1
Union Budget in India for 2020-21 may be presented on February 1 and the Economic Survey is likely to be on January 31, finance ministry sources said.
This will be the first time after 2015-16 when the Budget will be presented on Saturday.

Dec 03

IRDAI approves Max India’s exit plans from Max Bupa Health Insurance

The IRDAI has approved the divestment of entire shareholding of Max India in its subsidiary Max Bupa Health Insurance Company Limited to Fettle Tone LLP ( an affiliate of True North Fund VI LLP).

In a regulatory filing on December 3, Max India said the parties to the arrangement are in the process of completing certain conditions precedents to the aforesaid divestment and expect to complete the transaction in few weeks.

On February 26, 2019, Max India had informed the stock exchange regarding the proposal for divestment of entire shareholding of the company in Max Bupa Health Insurance Company Limited, which was equivalent to 51 percent of Max Bupa's total issued and paid-up equity share capital, to True North Fund VI LLP.

Dec 02

Acko raises $16 million capital from Ascent Capital

Bengaluru based and Amazon-backed Indian general insurance comoany ,Acko has received a fresh fund injection of US$16 million from venture capital firm Ascent Capital.

However, the company has refused the comment on the development. Since established in 2016, Acko has raised funds over US$100 million.

Nov 07

HDFC Life ties-up with Google

HDFC Life has announced a tie-up with Google to restructure HDFC Life’s campaigns thereby making them run better with automation.

Through this collaboration, HDFC Life, along with its agency partner, iProspect, has been able to leverage machine learning built into Google Ads to target potential customers with relevant ads through fewer Search Marketing campaigns and targeting groups (i.e. ad groups).

Nov 04

Samsung Fire & Marine Insurance completes investment in Canopius

Canopius Group Limited has announced the completion of Samsung Fire & Marine Insurance’s strategic investment in the business. The investment will support Canopius’s growth arising from the recent acquisition of AmTrust at Lloyd’s and merger with its own Lloyd’s interests.

In addition to the investment, Canopius and SFMI will actively explore business collaboration opportunities in specialty insurance and reinsurance, particularly in the United States and Asia-Pacific region.

Oct 18

Canara HSBC OBC Life Insurance & IndianMoneyInsurance.com tie up to sell Life Insurance
Canara HSBC Oriental Bank of Commerce Life Insurance has partnered with IndianMoneyInsurance.com operated by Suvision Insurance Broker Private Limited to sell life insurance plans. IndianMoneyInsurance digital platform will host the life insurance products offered by Canara HSBC Oriental Bank of Commerce Life Insurance.

Oct 17

Shanai Ghosh appointed as CEO of Edelweiss General Insurance

Shanai Ghosh was today appointed as the Executive Director (ED) & Chief Executive Officer (CEO) of Edelweiss General Insurance (EGI). Ghosh has been ED and CEO-Designate since May 2019 and the appointment has been formally confirmed, post board and regulatory approvals.

Edelweiss General Insurance, an one and a half year company, is now open to having a joint venture partner for the business, said Ghosh.

Oct 14

ArgoGlobal appoints Noel Praveen for its Dubai operations

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, today announced the appointment of Noel Praveen, senior underwriter casualty and professional lines – Dubai, effective immediately.

Praveen will report to Samir Hemsi, chief underwriting officer MENA region at ArgoGlobal in Dubai.

Oct 03

Future Generali India Insurance insures events in Gujarat

Future Generali India Insurance received around 90 percent of their total event-related insurance proposals from Ahmedabad, Surat and Vadodara.

The company insured one of the biggest Navratri Festival in Baroda, Gujarat called the “United Way of Baroda” this year.

Dr. Shreeraj Deshpande, COO, Future Generali India Insurance said, “Over the last two years, we have seen the growth of 20% in events related insurance covers.”

The event organisers are also guarding themselves against monetary liabilities arising out of event cancellation or non-appearance of celebrities at the functions. The company’s data indicates that event organisers are primarily guarding venues and equipment.

Oct 02

ICICI Pru-Airtel Payments Bank tie up

ICICI Prudential Life Insurance has signed a corporate agency agreement with Airtel Payments Bank to provide bank's customers easy access to life insurance and savings plans, enabling them to provide financial security to their families and build long term savings.

Sep 26

Airtel Payments Bank partners with HDFC ERGO, launches Mosquito Disease Protection Policy

Airtel Payments Bank, and HDFC ERGO General Insurance Company, under the corporate agency tie-up launched an innovative Mosquito Diseases Protection Policy (MDPP).

Mosquito Disease Protection Policy offers cover against seven common mosquito-borne diseases - Dengue, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar, Lymphatic Filariasis (Elephantiasis) and Zika virus. The product, which is a part of the ‘Wallet Insurance Portfolio’ of HDFC ERGO, will be offered to the remittance customers of Airtel Payments Bank at a nominal cost of Rs 99 per annum.

Tata AIA records 61.9% growth in Individual Weighted New Business Premium in Apr-Jul period

Tata AIA Life Insurance Company, in terms of Individual Weighted New Business Premium, (IWNBP), has achieved the highest year-on-year growth of 61.9%% for the period Apr’19-Jul’19, against the the industry's growth of 15.1%. The company's IWNBP stood at Rs 648 cr as on July 31, 2019 as compared to Rs 400 cr as on July 31, 2018.

TAIA Life has written IWNBP of Rs 2,232 Cr for FY 2018-19. For the same period, the 13th month persistency of the company was at 83.3%.
Tata AIA Life Insurance has also achieved the highest individual claim settlement ratio at 99.07% for FY 2018-19.

Aug19

Aviva Life appoints Ali Onder Lulu as chief distribution officer

Aviva Life Insurance has appointed Ali Onder Lulu as chief distribution officer of the company Lulu will oversee the company’s multiple customer touch points through its varied distribution challenges both for individual and corporate customers.

Trevor Bull, Managing Director & CEO, Aviva India said “We will benefit from the new perspectives he can bring as well as his overall deep knowledge and expertise as we look to increase further the value we provide to all our stakeholders.

Aug 16

IRDA cautions on fake website

The insurance regulator IRDAI said it has been brought to its notice that a website using domain name- www.irdaionline.org is selling insurance to the general public.

This domain name is not authorized by the IRDAI and IRDAI’s authorized website is having domain name www.irdaonline.org and this website is hosting Centralized Agency Portal. The IRDAI will take action against any entity that tries to sell insurance without having proper registration, said IRDAI .

Aug-13

Max Life Insurance digitizes recruitment of agent-advisors
Max Life Insurance launched M-Rec, a mobile based app to simplify agent recruitment and facilitate faster agent prospecting and onboarding.
Designed to empower agency leaders and leverage digital ecosystem, the app will eliminate all physical documentation, wherever applicable and reduce manual efforts involved in the process of agent recruitment. Further simplifying the lives of prospective agents, Agent application forms will now be filled online, allowing agency leaders, access to applications at all times on their fingertips via mobile, desktop and tablets.

July 31

LIC's Ganesh takes over as member(Life) IRDAI

K Ganesh, executive director, Life Insurance Corporation has joined the Insurance Regulatory and Development Authority of India as Whole-Time Member (Life) on 31st July 2019.

He will be the member, IRDAI, for three years or till he reaches the age of 62.The position had fallen vacant after N Sathe had retired from the post in April end.

July 11

New long term motor policies can't be sold on renewals:IRDAI

The insurance regulator IRDAI has clarified that that long term motor product, that were launched at the direction of Supreme Court of India, has to be offered only to new private cars and new two-wheelers. These products can’t be offered for renewal of existing policies or for old vehicles, said. T. L. Alamelu,Member (Non-life) IRDAI.

However, Long Term Two Wheeler Insurance Policy being issued for three-years as permitted since 4th August, 2014 may continue to be offered for renewal.

July 09

Markel International appoints Christian Stobbs as Asia chief

Markel International, the specialist insurer, has made senior appointments in Asia. Christian Stobbs has been appointed as managing director of Markel International in Asia, and Colin Fordham has been appointed as director for Asia.

Previously Asia strategy director, Christian will take on the role of managing director from Matt Cannock.In his new role, he will lead Markel’s Asia team – managing the daily operations of offices in various locations in Asia including Singapore, Malaysia, Hong Kong, Shanghai and Mumbai.

Bajaj Allianz General launched its revised My Home – All Risk policy

With this revision in the product, the company gives customer an option to buy a policy for a period as low as 1 day to a long term period of up to 5 years. It has also extended the coverage to organizations or firms who are owners of the property that is being used for residential purposes by employees, partners or other invitees.

The company will pay the claim in case of theft and burglary even if the property remains unoccupied, which was earlier an exclusion under the policy.

Airtel Payments Bank-Bharti AXA Life partnership to offer term insurance
Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana cover for either 3 lakh or 5 lakh at affordable premiums
Any individual between the ages of 18 and 55 can enrol for this product without the need to undergo a medical examination.

June 05

FGII reports 50 % rise in net profit to Rs 118 crore in 2018-19

Future Generali India Insurance (FGII),has reported a rise of 50 per cent in net profit to Rs 118 crore in 2018-19.

The company’s gross written premium (GWP) rose from Rs 650 crore to Rs 2,601 crore in FY18-19.

FGII serviced more than 18 lakh policies in FY18 -19.

June 04

Edelweiss Tokio Life launches Health Shield

In light of the rising healthcare costs and incidences of critical illnesses, Edelweiss Tokio Life Insurance brings an innovative Heart and Cancer insurance solution called Health Shield,with one-of-a-kind feature – Term Trigger benefit.

The product provides cover for all types of Cancers and 17 cardiac conditions. Depending on their needs, a customer can opt for a cover only for Cancer or only Heart or both the ailments.

May 27

DHFL Pramerica Life's move towards digital transformation

DHFL Pramerica Life Insurance has teamed up with MongoDB ATLAS, which is the next-generation database used by the world's most sophisticated organizations, to accelerate its digital transformation ambitions.

Anoop Pabby, CEO and MD, DHFL Pramerica Life Insurance said, “This allows us to deploy, manage, and optimize the performance of our database with reliability and speed.”

Markel appoints Sinha as head of PACE at Singapore

Markel International, the specialist insurer, has appointed Rajesh Sinha as head of personal accident, contingency and entertainment (PACE) in Asia.

Rajesh has 20 years’ experience as a regional underwriter with AIG and subsequently as Regional Director for A&H with Fairfax Asia.

Based in Singapore, Rajesh will be responsible for driving the development of new product concepts across different product lines, as well as further developing a profitable and sustainable PACE portfolio across Asia.

May 20

Bajaj Allianz Life recruits agents through ``mobile app''

Bajaj Allianz Life’s i-RECRUIT app has helped the company to reduce the agent code creation time down by 50 per cent. The company has now been processing applications in just 14 days through i-RECRUIT, from an average of 30 days in the manual login processes earlier.
Manish Sangal, chief distribution officer – retail, Bajaj Allianz Life, said, “This simple to use app, designed for the Agency channel, has helped us make our insurance consultants recruitment process quick, seamless and paperless.''

May 16

PNB MetLife appoints Bansal as its Chief Distribution Officer

PNB MetLife has appointed Sameer Bansal as their new Chief Distribution Officer. Sameer was earlier head - Bancassurance for PNB MetLife. He has been with PNB MetLife since 2007 and has played a pivotal role in forging the partnership with Punjab National Bank and other banca partners and delivering on the business strategy for the same.

May 13

HDFC ERGO Launches Cover for Vector Borne Diseases

HDFC ERGO General Insurance on Monday launched ‘Mosquito Disease Protection Policy’. This new policy will cover an individual against common mosquito-borne diseases like Dengue Fever, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar, Lymphatic Filariasis and Zika Virus.

According to the report published by National Health Profile 2018, there has been an alarming rise in dengue cases in India, an increase of 300% between 2009 to 2017. The policy will pay the beneficiary the sum insured in case of the policyholder's death due to the disease.

SBI General appoints Joshi as Chief Business Officer

SBI General (SBIG) has appointed Amar Joshi as a Chief Business Officer of the company. He will head all channels, distribution and association sales functions such as Strategic Alliances, Brand & Marketing, Renewal, Direct and Digital, Sales and Support and Sale Training.

With over 25 years,,previously, he has worked with ICICI Prudential life, Aditya Birla Sunlife Insurance and Aditya Birla Health Insurance.

Airtel partners HDFC Life for prepaid bundle

After Bharti Axa Life Insurance, Airtel has launched a prepaid bundle that will come with in-built life insurance cover (term plan) from HDFC Life Insurance.

Airtel’s new Rs 249 prepaid bundle will come with Rs 4 lakhs life cover from HDFC Life along with 2GB data, Unlimited Calls to any network and 100 SMS/day. The recharge is valid for 28 days and and policy cover till recharge is active.

May 07

Standard Life sells 1.78% in HDFC Life Insurance

Standard Life,, the foreign partner in HDFC Life, has successfully divested 1.78 per cent of its stake in the local partner through offer for sale (OFS) route to raise Rs 1,400 crore.

With a floor price for the OFS was Rs 390 apeice,– a discount of 5 per cent from the market prices, both qualified institutional investors (QIBs) and retail investor quotas sawi full subscriptions..

Post the OFS, the stake of Standard Life in the private insurer is likely to come down from 24.66 per cent to 22.88 per cent,

May 06

Ratan Tata invests in Ola Electric Mobility

Ratan Tata invests in Ola Electric Mobility as part of its series A funding
Ride hailing major Ola Monday said Ratan Tata, Chairman Emeritus of Tata Sons, has invested in its EV business - Ola Electric Mobility (OEM).

This investment, which is part of OEM's series A round of funding, is in Tata's personal capacity, Ola said in a statement.Details of the funding were not disclosed.

HDFC ERGO General launches virtual motor claim settlements

HDFC ERGO General Insurance Company, India’s third-largest non-life insurance provider in the private sector, announced the launch of #DIYMotorClaims service, a part of the company’s ‘Jaldi Claim’ services.

This new service will enable customers to file their motor claims virtually for minor damages to their cars/two-wheelers by simply sharing photographs of their vehicles using HDFC ERGO’s Insurance Portfolio Organiser (IPO) Mobile App.

May 04

HDFC Life's 1,400-cr OFS oversubscribed

The Rs 1,400-crore offer for sale (OFS) in HDFC Life Insurance Company saw thrice the demand compared to the shares on offer.Most of the bids came at Rs 406, higher than the base price of Rs 390 set for the OFS.

The 36-million share offering garnered bids for 111.5 million shares from institutional investors, shows data by the stock exchanges.

Another 3.6 million shares for retail investors — those investing up to Rs 200,000 — will be auctioned on Monday.

May 02

Chola Insurance Academy signs MoU with the Amity University - Mumbai.

Chola Insurance Academy signed a Memorandum of Understanding with the Amity University - Mumbai. The signatories for this academic tie-up commented: This tie-up will give Chola Insurance Academy the flexibility of offering the programmes at various Amity campuses pan India besides Mumbai.
Chola Insurance Academy has a partnership with Manipal Global Education (MaGE), Bengaluru and has recently tied-up with the Kalinga Institute of Industrial Technology (KIIT) in Bhubaneswar to cater to the talent requirements in the eastern region.Apr 30

Now “Buy Two-wheeler Insurance on Whatsapp”

Wishfin has forayed into insurance through Wishfin Insurance (Web Aggregator Private Limited) and its site www.wishpolicy.com.

First time in India, through “Buy Two-wheeler Insurance on Whatsapp” customers can buy two-wheeler insurance on Whatsapp, by simply giving a missed call to 85 27 844 822 and chatting on Whatsapp.

Wishpolicy.com has partnered with Bharti-AXA General Insurance to launch this unique product to buy two wheeler insurance on whatsapp

Apr 23

Rs 20 digital cover launched by Aegon Life & MobiKwik

In a bid to enable financial inclusion and ease of buying for the Indian masses, Aegon Life Insurance, and MobiKwik, have joined hands to launch a Rs. 20 smart digital insurance product.

One can purchase this plan by paying as little as Rs. 20 in premium for a sum assured of Rs. 2 lakhs which includes term insurance and accidental disability.

Apr 22

``Bajaj Allianz Total Health Secure Goal'' launched

Bajaj Allianz General Insurance, and Bajaj Allianz Life Insurance, together launched their first combi product ‘Bajaj Allianz Total Health Secure Goal’.

This insurance plan is designed to take care of customers’ health and life goals, through one comprehensive insurance policy. Thus, removing hassles of maintaining two separate policies.
This combi plan offers customers an additional 5% discount on the total premium payable and provides flexibility of availing service or communication on the product from either of the companies.
Apr 18

Airtel Payments Bank ties up with Bharti AXA General for 2-wheeler insurance

Airtel Payments Bank announced the launch of an attractive two wheeler insurance productin association with Bharti AXA General Insurance.

The insurance is currently available on MyAirtel app and at over 40,000 Airtel Payments Bank - banking points, with presence even in rural India,

Customerswithout an Airtel Payments Bank account may also avail this policy.

Apr 17 '

Cholamandalam MS General Insurance receives ISO certificate

Cholamandalam MS General Insurance Company has been certified with ISO 31000:2018 by TUV India for applying a risk management system inline with the standard.

ISO 31000:2018 is an international risk management standard. The standard provides guidelines, principles, framework, and a process for managing risk.

S S Gopalarathnam, Managing Director of Chola MS said, “This will further strengthen our efforts towards building a robust organization .”

Jonathan Pipe appointed as CEO of Anviti Insurance Brokers

Anviti Insurance Brokers Private Limited, promoted by N R Narayana Murthy's Catamaran Ventures, has appointment of Jonathan Pipe as its new chief executive Officer, effective immediately.
Pipe has 15 years of experience working with Aon in London, Hong Kong, and most recently, leading Aon’s speciality business in Indonesia.
Pipe said, “We will build upon the current foundations of Anviti in partnering with current and future clients to support and develop their risk management strategy through changing times.”

APR 1

ArgoGlobal appoints Donegan as head Europe, ME and Asia ops

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, today announced the appointment of Helen Donegan as head of operations – Europe, Middle East and Asia, effective April 1. Donegan will report to Dominic Kirby, managing director, ArgoGlobal.

Ed appoints Abhishek to focus Credit, Political Risks and Surety Solutions

Ed, the global reinsurance, wholesale and specialty broker, on Monday announced the appointment of Abhishek Chhajer as head of credit, political risks and surety solutions, Asia Pacific. Based in Singapore,

He takes up his role on 1st April. He will report to Stephen Britten CEO of Asia Pacific and will be based in Singapore.

Mar 27

IFFCO Tokio's forges partnership with ESAF Small Finance Bank

IFFCO Tokio General Insurance Company,has entered into a strategic partnership with Kerala-based ESAF Small Finance Bank (ESAF SFB), a Scheduled Bank.

The partnership will enable several customers of ESAF SFB to enjoy the benefits of the organized financial protection products for their assets and health.

Mar 21

New insurance aggregator platform launched

Serial entrepreneurs Mallesh Reddy and Vijay Krishnamurthy, announced the launch of their new venture, Insuremile, an insurance aggregator platform.

Insuremile has already partnered with 24 leading insurance companies and has on offer more than 200 products across general and life insurance.

The company is targeting a cumulative premium of Rs 800 crores from over one million policies in the next five years.

Mar 19

Max Life partners with Royal Challengers Bangalore

Max Life Insurance on Tuesday announced its partnership with Royal Challengers Bangalore for the upcoming T20 season. As a part of the partnership, Max Life Insurance will be the official life insurance partner of the Bengaluru team for T20 League.

Prashant Tripathy, Managing Director & CEO, Max Life Insurance said,``As life insurance partners of the team, we hope to increase awareness around protection with the youth and drive the message to build a more protected nation.The recent India Protection Quotient survey conducted by with Kantar IMRB across India has revealed that only 17% of youth own term insurance, which is one of the cheapest forms of life insurance.”

Mar 13

Rahul Bajaj resigns as Bajaj Finserv Chairman
Bajaj Finserv on Wednesday said its Chairman and Non-Executive Director Rahul Bajaj has resigned and will take over as the Chairman Emeritus from May.

"The board of directors has appointed Nanoo Pamnani as Independent Non-Executive Chairman of the company in place of Rahul Bajaj, with effect from May 17, 2019," it said.

The company has also approved reappointment of independent directors D J Balaji Rao, Nanoo Pamnani and Gita Piramal for a second term of five years.

Mar 12

India bans flying of flying Boeing 737 MAX

India has joined the UK, Germany and France on Tuesday in ban on flying the Boeing 737 MAX, one of which operated by Ethiopian Airlines crashed Sunday killing all 157 people on board.

China, Indonesia, Ethiopia, Australia and Brazil had announced bans on Monday, a day after the crash, taking the total number of countries restricting flights by this aircraft type to 16.

“(Industry regulator) DGCA has taken the decision to ground the Boeing 737-MAX planes immediately. These planes will be grounded (until) appropriate modifications and safety measures are undertaken to ensure their safe operations. As always, passenger safety remains our top priority. We continue to consult closely with regulators around the world, airlines, and aircraft manufacturers to ensure passenger safety,” the aviation ministry tweeted late evening.

Grounding of 12 such aircraft operated by the local carriers could disrupt the operations and increase domestic fares that are already high due to flight cancellations by Jet Airways and IndiGo.

Mar 08

UBI signs bancassurance deal with HDFC Life Insurance

United Bank of India, having presence in rural and semi-urban areas with over 2,000 branches and offices, has signed a bancassurance deal with HDFC Life Insurance Company, which was chosen out of 18 private Life insurers.

Through this partnership United Bank of India’s customers will be able to take advantage of HDFC Life’s expertise in life Insurance products, distribution and customer service.

VibhaPadalkar, managing director & CEO, HDFC Life said,“ We are delighted that we emerged as the preferred partner for United Bank of India, our third PSU Bank tie up this year.’’

Lockton's new APAC appointment

Lockton has hired Philip Corrigan to the role of Regional Chief Operations Officer as it looks to expand its business and expertise across the Asia-Pacific (APAC) region.

In his new role as Regional COO of Lockton in Asia, Corrigan will work alongside teams in the region to assist in the growth of Lockton Asia’s geographic footprint. The insurance brokerage will continue to build its presence in China, Hong Kong, Singapore, South Korea and Thailand.

Furthermore, Lockton will continue to invest in specialty which will assist all the operations as well as its associated companies, Sime Darby Lockton – Malaysia and Lockton – Philippines.

Mar 5

Bharti AXA General launches service for fast vehicle claim settlement

Private insurer Bharti AXA General Insurance on Monday said it has introduced a technology-led service that allows customers and partner garages to raise instant vehicle claims and get quicker claim settlement.

The company is aiming to process 20-25 per cent of its total vehicle insurance claims in the first year through the service, Smart eSurvey, which is a live streaming solution for processing motor insurance claims, Bharti AXA General Insurance said in a statement.

Feb 19

Willis Re appoints David Gregori as Head of Agriculture for Asia Pacific

Willis Re, today announced the appointment of David Gregori as Head of Agriculture for Asia Pacific and the set-up of its Agriculture team for the region.

David will be based in Hong Kong.

Using a data-driven and analytical approach, the dedicated team of global and local experts will provide customised solutions to address the diverse range of risks and business challenges faced by its clients and interconnected stakeholders in the agriculture industry, such as crops, livestock, fish farms and forestry.

HDFC ERGO Gen launches of ‘Trip Protector’ insurance policy,

HDFC ERGO General Insurance announced the launch of ‘Trip Protector’ insurance policy, that will safeguard travellers financially against the cost of cancellation levied by hotels or airlines, in the event of a cancellation of either a flight or hotel booking,

In addition, the policy will provide the travellers a cover against cancellation of a pre-booked room, in case they are refused accommodation on arriving at the hotel due to overbooking.

Feb 18

LIC launches micro insurance plan with a cover upto Rs.2 lakh

For the first time, the Life Insurance Corporation has launched a a Micro Insurance Plan, providing coverage upto Rs.2 lakh.

It is a regular premium, non- linked,participating endowment Micro Insurance Plan, which offers a combination of protection and savings and is available

.This Plan provides financial support for the family in case of unfortunate death of the Policyholder during the policy term and a lumpsum amount at the time of maturity for the surviving policyholders.

Future Generali India Life ties up wiyh Raligare Broking

Future Generali India Life Insurance Company Limited (FGILI), today announced its partnership with Religare Broking Ltd (RBL)

RBL will now offer FGILI’s protection products to their new and existing customers within their vast nationwide distribution network.

Feb 14

Tata AIG General deploys digital quote management solution

Tata AIG General Insurance Company has deployed its innovative digital quote management solution ‘QMS’ for its field force to offer real-time quotes and instant, over-the-counter, full-fledged package policies in ‘zero’ waiting time to its clientele of small and medium enterprises.

Since its deployment almost 8 months back, the real-time quoting tool has until now successfully on-boarded 13,500+ users, generated 2.1 lakh+ quotes and issued approx.1.5 lakh policies, overall.

Sushant Sarin, Executive Vice President & Head - Commercial Lines & Reinsurance, Tata AIG General Insurance said, “With more than 80 per cent of cases currently managed through this platform, we have considerably enhanced our operational efficiencies, productivity and manpower savings by cutting down manual interventions and backend operations towards policy issuance processes.''

Miller Singapore expands P/C capabilities with experienced hire

Property broker Amanda Lee has joined Miller in Singapore to further strengthen its Specialty business offering in Asia. Amanda will be working closely with the broking teams in Singapore and London to support growth plans with existing and prospective new clients.

Her core focus will be in the property and casualty sector across South East Asia and Taiwan.

POP announces Strategic Partnership with Rakuten

POP Insurance Holdings (“POP”), a specialist insurance group, headquartered in Sydney, Australia, and its subsidiary Fusion Specialty M&A MGA (“Fusion M&A”),have launched a strategic partnership (“the Partnership”) with Rakuten General Insurance Co. Ltd (“Rakuten”), focused on Mergers and Acquisitions transactions in Japan, and supporting Rakuten’s growth across APAC.

Future Generali India Life opens 14 new offices

Future Generali India Life Insurance has added 14 new offices while revamping its 3 existing offices, It recruited close to 215 employees and 2376 distributors in the current year and is hopeful to further increase these numbers in the next two years.

Through its initiative ‘Project Vistar’, the company intends to grow the existing network of branches from 103 to a total of 117 which would contribute about 10% of the company’s overall business.

The growth in agency channel’s new business has increased by 260 per cent while the department has also strengthened its workforce by 140 per cent in 2 years.