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THE INSURANCE TIMES Magazine - October 2024

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In this issue

In this issue we have covered articles on - Bridging the Protection Gap: Strategies to Reach the Bottom of the Pyramid in Inclusive Insurance - Dr. Rakesh Agarwal; The Role of Digital Innovation in Expanding Inclusive Insurance: Leveraging Fintech for Greater Coverage; Climate Change and Its Impact on Inclusive Insurance: Safeguarding Vulnerable Communities; Building Sustainable Microinsurance Models: Lessons from Asia, Africa, and Latin America; Inclusive Health Insurance: Ensuring Access to Affordable Healthcare for Low-Income Populations; Inclusive Insurance - Global Landscape : Summary of recent studies; Oxygen Mask for Suffocating Patients - Vazir Ahmed Khan; The Why and How of Hyper-personalization in Insurance - Ritesh Varma; Third Party Administrator (TPA) - Need to Strengthen the Pillars of Health Insurance Claims Management- Dr. Seema Arora.
Interview with Dirk Reinhard, Experienced Vice Chair, Munich Re Foundation.
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.

Innovating for Resilience: Exploring the Future of Inclusive Insurance

The year 2024 marks a pivotal moment for the insurance sector, particularly in the domains of inclusive insurance, climate risk, micro insurance, and the rise of parametric insurance as a key innovative financing mechanism.

2 mins

General Insurance News

ECGC Downgrades Bangladesh to 'Moderate Risk' Amid Political Instability

6 mins

Insurance Regulator : Update

IRDAI Introduces 30-Day Free-Look Period for Policies

2 mins

Health Insurance News

Star Health Set to Expand into Motor and Life Insurance Sector.

5 mins

Life Insurance News

LIC Seeks IRDAI Review of Surrender Value Guidelines

5 mins

International News

Ensuring Safer Skies in Nepal Through Adherence to Standard Operating Procedures

10+ mins

International Conference on Inclusive Insurance at Nepal (ICII 2024) Media Partner: The Insurance Times

The International Conference on Inclusive Insurance (ICII 2024), taking place from 21-25 October in Kathmandu, Nepal, will mark the 20th edition of this globally significant event.

3 mins

Bridging the Protection Gap: Strategies to Reach the Bottom of the Pyramid in Inclusive Insurance

As global attention increasingly shifts towards financial inclusion, insurance coverage for lowincome populations, often referred to as the \"bottom of the pyramid\" (BOP), has become a central issue. Despite strides in inclusive financial services, a significant protection gap still exists for vulnerable communities in developing countries.

6 mins

The Role of Digital Innovation in Expanding Inclusive Insurance: Leveraging Fintech for Greater Coverage

As the insurance industry continues to evolve, digital innovation is proving to be a powerful force in expanding access to inclusive insurance. This transformation has been particularly impactful for low-income populations that have historically lacked access to traditional insurance products.

6 mins

Climate Change and Its Impact on Inclusive Insurance: Safeguarding Vulnerable Communities

As climate change intensifies, its impact on vulnerable communities-particularly those at the bottom of the economic pyramid-has become increasingly apparent. These populations, often residing in developing countries, face heightened risks from climate-related events such as floods, droughts, cyclones, and extreme heat.

6 mins

Building Sustainable Microinsurance Models: Lessons from Asia, Africa, and Latin America

Microinsurance plays a crucial role in providing financial security to low-income populations that are often excluded from traditional insurance markets. These underserved communities are highly vulnerable to risks such as health emergencies, natural disasters, and loss of income.

6 mins

Inclusive Health Insurance: Ensuring Access to Affordable Healthcare for Low-Income Populations

Access to affordable healthcare remains a critical challenge for low-income and informal sector workers worldwide. With rising healthcare costs and the lack of financial safety nets, millions of people are forced into poverty each year due to medical expenses.

6 mins

Inclusive Insurance Global Landscape: Summary of recent studies -

A report from the Microinsurance Network reveals that inclusive insurance is making strides, but challenges remain in terms of scale and reach. The report finds that 330 million individuals are covered globally by inclusive insurance products, including health, agriculture, and property insurance. However, despite these advancements, there is still an 88.5% protection gap-only 11.5% of the potential market is currently insured.

6 mins

Oxygen Mask for Suffocating Patients

The clouds of COVID menace have not yet vanished, Yet there is emergence of several associated diseases. The major loss was due to insufficiency of oxygen to the dying patients despite WHO giving several instructions for prevention of COVID like maintaining social distance and usage of mask.....

2 mins

The Why and How of Hyperpersonalization in Insurance

A case study by McKinsey predicted 5-15% increase in revenue and 10-30% increase in marketingspend efficiency through personalized product recommendations. Another study reported that 78% of insurance executives believe personalized service based on real-time data analytics will be a crucial differentiator in the industry.

4 mins

Pension to Elderly Women- A step towards dignified grey years

The problem of old age is more severely felt by the women because of their being financially dependent either on the spouse or on children. Ignoring the issues concerning elderly women poses a major social development challenge for the country.

10+ mins

New Product Launches

Star Health and Policybazaar Launch 'SUPER STAR': A Modular Long-term Health Insurance Plan

2 mins

Legal Update

J&J told to pay Rs. 35L each as compensation to hip implant victims

5 mins

Insurance Caselaws

The Supreme Court disagreed with the National Consumer Disputes Redressal Commission's (NCDRC) ruling in an appeal contesting an NCDRC ruling.

2 mins

IRDAI Corner

The Insurance Regulatory and Development Authority of India (IRDAI) as part of steps towards reinforcing empowerment of policyholders has issued Master Circular on Protection of Policyholdersi¦ Interests under the IRDAI (Protection of Policyholdersi¦ Interests, Operations, and Allied Matters of Insurers) Regulations, 2024 replacing 30 circulars.

4 mins

"We concentrate on climate risk and adaptation, climate change mitigation and inclusive insurance which complements Munich Re's sustainability agenda. This has been the case from the beginning and has not changed."

Q1: The Munich Re Foundation was established in 2005 to mark the 125th anniversary of Munich Re. Could you elaborate on the mission of the Foundation and how it has evolved over the years?

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.