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THE INSURANCE TIMES Magazine - March 2025

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In this issue

In this issue we have covered articles on - The future of work : Model of the Talent Life Cycle (TLC) - Basudev Sanyal; Unlocking the Implication of Warranty - Prof (Dr) Abhijit K. Chattoraj; Mahakumbh at the Parliament! Union Finance Budget 2025 - R. Venugopal; AI-Powered Investigation: The missing link in India's fight against insurance fraud - Suvajit Sengupta; The Role of AI and Big Data in Transforming Life Insurance Underwriting - The Insurance Times Research Team; Smart Pension Plan for Smart People - Dr. P. Sundara Pandian & Dr. R. Shobana Devi. Interview with Bhupesh Sushil Rahul, Chairman cum Managing Director, United India insurance Company Limited. We have covered news on General Insurance, IRDAI News, LIC News, Health Insurance News, Private Life Insurance News, International News & Other various News. Besides it covers other interesting features.

General Insurance News

Agriculture minister Shivraj Singh Chouhan assured Lok Sabha govt was committed to taking action against anyone found guilty of corruption in the crop insurance scheme - PM Fasal Bima Yojana.

5 mins

Insurance Regulator Update

The first phase of Bima Sugam - an ambitious project of the insurance regulator to create an Amazon-like one-stop digital platform for buying, selling, and servicing insurance policies - is expected to be rolled out in the mid of this year instead of April announced earlier, a source privy to the development said.

4 mins

Health Insurance News

Despite a steep increase in premium for health insurance policies in the last one year, there has not been any decline in renewals and the demand for new policies, say experts.

5 mins

Life Insurance News

SBI Life Insurance Company added 1.76% after the company reported 71.19% increase in net profit to Rs 550.82 crore despite a 52.21% fall in total income to Rs 18,542.16 crore in Q3 FY25 over Q3 FY24.

5 mins

International News

Sharad Ojha has been appointed as the new chairman of the Nepal Insurance Authority (NIA).

4 mins

The future of work: Model of the Talent Life Cycle (TLC)

Its time that organizations understand that the perfect candidate with the perfect set of skills will be scarcely available in a highly competitive labor market. Hence we have to focus on our existing employees and identify opportunities to train or refocus their skills into new positions.

6 mins

Unlocking the Implication of Warranty

It is heartening to note that the regulator in India (IRDAI) recently formed a high-power panel to suggest measures for insurance reforms. It is expected to examine various areas of the Insurance Act 1938 and recommend suitable and adequate amendments in keeping with the changing business trends and requirements of the customers.

7 mins

Mahakumbh at the Parliament! Union Finance Budget 2025

The telecommunications industry is undergoing rapid transformation, driven by technological advancements and evolving consumer demands. As the industry adapts, a significant opportunity lies in partnering with Insurtech companies to offer innovative insurance products.

3 mins

Al-Powered Investigation: The missing link in India's fight against insurance fraud

Every year, insurers lose 8-10% of their revenue to fraud, but they manage to thoroughly investigate only about 1% of fraudulent claims. This ongoing issue continues because of significant gaps in the current fraud detection and investigation practices.

4 mins

The Role of AI and Big Data in Transforming Life Insurance Underwriting

The life insurance industry is undergoing a significant transformation, driven by the adoption of Artificial Intelligence (AI) and Big Data. Traditional underwriting methods relied heavily on lengthy paperwork, manual risk assessments, and standardized criteria, which often led to inefficiencies, delays, and conservative risk evaluations.

3 mins

Smart Pension Plan for Smart People

LIC Smart Pension Plan is a single premium, instant annuity plan that provides lifelong financial security through guaranteed pension payments. Ideal for retirees and professionals looking for a stable retirement income, the scheme offers flexible payout options, death benefits, credit facilities and tax benefits.

5 mins

"United India Insurance has undertaken significant innovative transformations and is strategically positioning itself to better address the evolving needs of its customers and maintain a competitive edge in the market."

Q: Could you start by giving us a brief overview of United India Insurance Company's performance over the past year?

8 mins

Read all Stories from THE INSURANCE TIMES

THE INSURANCE TIMES Magazine Description:

Publisher: Sashi-Publications-Private-Ltd

Category: Business

Language: English

Frequency: Monthly

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.