THE INSURANCE TIMES - May 2023

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.\"

IRDAI Corner

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

\"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

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

Outreach Partner: The Insurance Times

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.

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.

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.

Scaling Cattle Insurance through Digital Solutions

The tattooing, hot/cold branding and brass ear tagging methods are obsolete. Affixing Polyurethane ear tag and injectable RFID requires skilled professionals and don't complement scale in a foolproof manner. Moreover, lack of tamper-proof, scalable, unique digital identity for bovines is one of the significant reasons for moral hazard, resulting in a higher loss ratio for livestock insurers.

Will the upcoming Bima Sugam portal be a disruptor?

India's insurance market is valued at USD 131 billion as of now. It is also expanding at a CAGR of 17 per cent. The current trends indicate that digital penetration in India is growing and it is contributing to growth and innovation in the insurance sector. It would not be incorrect to expect that Insurtech will play a significant role in the future development of the domestic insurance sector.

To stay sustainable: the insurance industry needs an urgent paradigm shift!

The current performance metric has outlived its utility - the way risks manifest, impact, get measured, priced, reported, regulated - all changes. With these threats come some of the biggest business opportunities.