In this issue

In this issue we have covered articles on How Indian Insurer can study customer behavior for better insurance offerings amidst provision of Union Budget 2024 - Sanchit Mittal; The Rise of Open Insurance Ecosystems: Opportunities and Challenges - Rohit Boda; E-Insurance and Bima Trinity - Arup Dasgupta; Insurance Industry Welcomes You! - R. Venugopal; MV Alina Ii: Charterer Agreement- Fraud or Bait - Historical Maritime Fraud - Dr. Soumi Mukherjee; LIC Jeevan Utsav : A Plan for Lifetime Guaranteed Income - Dr. P. Sundara Pandian & Dr. R. Shobana Devi.

Interview with Mr. HR Gangwal, General Manager, United India Insurance Co. Ltd., Chennai; Interview with Dr. Hasina Sheykh, Professor & Chairman, Department of Banking and Insurance, University of Dhaka, Bangladesh; Interview with Mr. Nisamudheen, Chief Technical Officer, Qatar Islamic Insurance Company, DOHA, Qatar.

We have covered news on General Insurance, IRDAI News, LIC News, Health Insurance News, Private Life Insurance News and International News.

Besides it covers other interesting features.

Interview: Johnson Varughese Chief Executive Officer WALAA Insurance Company Al-Khobar, Kingdom of Saudi Arabia

\"Establishment of the IA will accelerate the growth of the Insurance Sector as the Industry will now get focused attention. The strategy of IA is likely to be aligned with Vision 2030 and Financial Sector Development plan. Since savings is one of the pillars of Vision 2030, I hope to see a lot of emphasis on Protection and Savings Insurance Products.\"

5 mins

IRDAI Corner

Investments in Infrastructure Debt Funds - NBFC

4 mins

2023 was a watershed year for insurance sector, but there's more to come

Innovation in regulatory framework, promotion of ease of doing business while enhancing protection of policyholders’ interests and measures taken to expand the reach of insurance penetration make 2023 a year to remember in the insurance industry.

4 mins

The Future of Insurance: ESG as a Cornerstone of Sustainable Underwriting

As climate change, social inequality, and governance issues become increasingly prominent, insurers are recognizing the need to integrate Environmental, Social, and Governance ESG) factors into their underwriting processes. This shift not only aligns with global efforts to address pressing issues but also positions the insurance industry as a key player in promoting sustainability and a fraternity who is concerned about their ESG goals.

4 mins

Cancer Insurance - An Indispensible cover

Recent advances in cancer treatment have opened new treatment options, such as targeted therapy and immunotherapy, for people diagnosed with advanced-stage disease. However, these advanced treatments are costly and remain out of reach of many.

9 mins

Emerging Horizons: New Opportunities in Commercial General Insurance Segment

The Indian economy continues to be a beacon of growth and opportunity, attracting both domestic and foreign investments across various sectors. The country's economic reforms and ease of doing business initiatives have further improved the investment climate, fostering entrepreneurial spirit and innovation.

4 mins

Interview: Dr Tarun Agarwal Director National Insurance Academy, Pune

\"National Insurance Academy is undoubtedly the most renowned institution not just in India, but internationally. We are an apex institution in the field of education, training, research and consultancy in insurance, pension and allied areas.\"

6 mins

Historical Maritime Fraud

M.V B-Atlantic - War Risk Cover: An Insurer’s Dilemma or Fraud!!

10+ mins

Navigating the natural conundrum: Why Reinsurers continue to maintain positive outlook for non life Insurance market in asia pacific region in 2024 & beyond despite challenges posed by natural hazards

The Asia-Pacific region has long been susceptible to a range of natural hazards, including earthquakes, typhoons, floods, and tsunamis. These events pose significant challenges to the insurance industry, particularly the non-life insurance sector, which covers property, casualty, and other general insurance lines.

4 mins

Trust with Law

Khaitan Legal Associates' website succinctly proclaims, \"We are a value-driven law firm.

5 mins

The Impact of Geopolitical Uncertainties on Marine Insurance

Marine insurance offers financial security against perils such as natural disasters, piracy, collisions, and theft, among others. By providing compensation for the loss or damage of goods, it helps facilitate smooth and efficient trade by minimizing financial risks and ensuring the continuity of supply chains.

4 mins

War exclusion and its implication on cyber attack claims

War being a catastrophic event of unimaginable scale is generally kept as an exclusion in every property and casualty policy.

8 mins

The Holistic approach towards Enterprise Risk Management (ERM)

ERM looks at each business unit as a \"portfolio\" within the firm and tries to understand how risks to individual business units interact and overlap. It is also able to identify potential risk factors that are unseen by any individual unit. The Government ambitious plan of PM GatiSakti is the fine example of how ERM is being followed on principle.

7 mins

Risk Management and Insurance - The Future career scope

The risk management occupation, and especially the RM&I industry, ensure persons and businesses' economic success by effectively & efficiently managing their risks. All sections of this industry are seeking talented people to fill the channels. The reason, this career take advantage of talents, offers variety, flexibility, above average growth prospects

3 mins

Usage-Based or Telematics Car Insurance in India

\"Whether car or motor insurance, telematics is often referred to as usage-based insurance. With the introduction of telematics solutions, the insurance industry in India is going to witness a transformation in motor insurance. Our endeavor is to improve customer service & give customers the flexibility to choose their insurance premium based on their driving behaviour using telematics.\"

1 min

Measure to prevent Insurance Fraud

Insurance companies have been impacted by fraudulent activities, suffering financial losses as a result. Most industry experts believe that fraud exists anywhere between 10-15% and they are being discovered across lines of business

4 mins

How life insurers can leverage digital field underwriting

Traditionally, Insurance Agents were used for data collection, prospect's profiling, and insurability before the formal underwriting process began. Insurance Agents would walk in door to door to compile necessary information about the prospects profile like their Income, Health, Occupation, House Ownership, Cars etc

2 mins

Crop Insurance - A journey witnessed

Crop Insurance is based on statistical tools, administration machinery down to the grass root level, technology, satellite imagery services, insurance intellect and many other highly specialized expertise being used in crop insurance in the country making it more effective and the largest crop scheme in the world in terms of farmers enrolment, having millions of applications every year and amongst the top 3 in terms of premium received

7 mins

Wearable Tech and Insurance: Transforming Personalized Insurance Solutions

The popularity of wearable tech has skyrocketed as people increasingly prioritize their health and well-being. These devices allow users to monitor their daily activities, such as steps taken, calories burned, heart rate, and sleep patterns. They provide valuable insights into fitness progress, enabling individuals to set goals and track their performance.

2 mins

Environment, Social and Governance challenges of the Insurance industry in the Post Pandemic Environment

Managing ESG risks is becoming increasingly important for companies as stakeholders, including investors and customers, become more focused on sustainability and corporate responsibility. Companies that effectively manage ESG risks are better able to protect their reputation and financial performance in the long term

9 mins

An Important Tool to Detect Integrity Violations in Government Health Insurance Programmes

Government health insurance schemes operate on cashless and paperless models. In a cashless model the entitled beneficiary gets treatment free in empaneled hospital and patient has not to pay for treatment cost

10+ mins

International Conference on 'Reimagining Paradigm Shift in Bangladesh Insurance Industry - Bridging the Protection Gap.8th May, 2023, Dhaka

Organised by Birla Institute of Management Technology (BIMTECH) with Bangladesh Insurance Association (BIA) Media Partner: The Insurance Times, India

3 mins

The Talent Gap in Insurance Industry

About 65% of respondents said that they believe a Talent gap is affecting their organization as per the survey conducted by Wiley Education Services. Being unable to find employees with necessary Talent is costing companies with serious drain of money

6 mins

Interview with Shri Satyajit Tripathy, Chairman & Managing Director, United India Insurance Co Ltd

\"We are looking forward to an exciting 2023-2024. It will be very interesting to see how the market responds to the changes introduced by the Regulator. We are quite charged up and intend to stay focused on our Tag line \"Service is the Gateway to Growth.\"

9 mins

IRDAI Corner

IRDAI Information and Cyber Security Guidelines, 24th Apr, 2023.

4 mins

"An Awareness Program to increase Insurance Penetration in Eastern Zone of India"

The Institution of Engineers (India), West Bengal State Centre, Kolkata on 14th April, 2023

9 mins

FICCI 22nd Annual Insurance Conference 12th April, 2023, Mumbai

Outreach Partner: The Insurance Times

10+ mins

Basic Elements of law of probability or law of large numbers insurance

The theory of probability (also known as probability theory or theoretical probability) is a statistical method used to predict the likelihood of a future outcome. This method is used by insurance companies as a basis for crafting a policy or arriving at a premium rate.

10+ mins

Electric Vehicle Insurance in India - A New Mileage

The Indian electric vehicle market is expected to reach US$47 billion by 2026. The Indian government is encouraging the use of electric vehicles through policies and incentives. India aims to increase electric vehicle sales by 30% by 2030 and has introduced several incentive programmes, including one for local battery manufacturing.

8 mins

Emergence of Digital Transformation in Indian Insurance Market & Associated Safe-guards needed

Fueled by FinTech investments and Insurtech startups, Indian insurance now become a hothouse of digital innovation. In response, insurers started embracing various changes and rethinking on their business models to move towards a compliant, secure and digitally-enabled operating model to enhance customer, employee, partner and other stakeholder experiences.

9 mins

Read all stories from THE INSURANCE TIMES

THE INSURANCE TIMES Magazine Description:

The Insurance Times, which will be completing glorious 42nd year of successful and regular publication in 2022, is the most authentic information source on insurance in India.

The Insurance Industry under the new regulatory setup is moving forward aggressively.
Every month, the journal covers informative articles and features on both general insurance and life insurance. Besides regular columns for Insurance Regulators, Brokers, Bancassurance, legal, surveyor, agents, students etc; it brings you the latest and updated news of the Indian as well as overseas insurance industry.

Regular features on risk management and safety also keep you abreast of the latest risk management techniques. 

We regularly review the policies issued by life and non-life companies including comparisons of various products.

A special emphasis is given on marketing of insurance both life and general. This journal is a must for all persons connected with insurance companies, corporate bodies, brokers, banks, surveyors, agents, consultants, students, educational institutions and professionals.