The Insurance Regulatory and Development Authority of India (IRDAI) brought multiple reforms, focussing on three prominent themes – strengthening the ecosystem, improving accessibility & reach, and safeguarding policyholders’ interest.
Insurance Trinity
The regulator has envisaged three major initiatives Bima Sugam, a onestop digital platform, Bima Vistar, an all in one affordable insurance cover and Bima Vahak, a women-led field distribution force. Popularly labelled as the `Insurance Trinity’ , these initiatives are expected to be game changes for the insurance industry in the country bridging the existing gaps in the product design, pricing and distribution.
In terms of insurance penetration, the Lead Insurer Scheme was a major initiative to achieve expansion of the reach of insurance products. A new draft product design norms including a proposal for higher surrender value for nonlinked products and lower charges for insurers was also released by IRDAI.
“The year 2023 saw some marketmoving developments for the industry including the government’s decision to levy tax on income arising from insurance policies with an aggregated premium worth ?5 lakh every year, starting April 2023,’’ Sumit Rai, MD and CEO, Edelweiss Tokio Life Insurance.
”There was a sustained emphasis on digitalisation to reimagine customer and distributor management processes,’‘ Rai said.
Insurtech Sector
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Esta historia es de la edición February 2024 de THE INSURANCE TIMES.
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Health Plans: Is It Wise To Opt For Monthly Payments?
Insurers have started promoting monthly and quarterly premium payment modes in an effort to make health plans affordable for all.
Health Insurance
Health insurance claim assistance platform ClaimBuddy has raised a $5 million investment, marking the successful closure of its Series A funding.
Tele MANAS-A Comprehensive Mental Health Care Service in India: An opportunity for Health Insurance Sector
Dr. Brock Chisholm, the inaugural Director-General of the World Health Organization WHO), made a foresighted statement, in 1954, that true physical health can only exist in the absence of mental health\". After more than 60 years, not much has changed in the situation. There have probably been mental health problems throughout human history, and it can be difficult to identify a single setting that gave rise to these worries.
Union Budget's emphasis on digital transformation in Life Insurance sector and how it impacts on common policy holders
\"The digital revolution sweeping through various industries has now firmly set its sights on insurance, and the life insurance sector in India is no exception.
SS Armistan: Bill of Lading, Agreement, Libel or an Estopple?
\"A bill of lading BL or BoL) is a legal document issued by a carrier transportation company) to a shipper that details the type, quantity, and destination of the goods being carried. A bill of lading also serves as a Shipment receipt when the carrier delivers the goods at a redetermined destination. This document must accompany the shipped products, no matter the form of transportation, and must be signed by an authorized representative from the carrier, shipper, and receiver.\"
How Fuel Cells are shaping the Indian Automobile Industry by Spearheading Green Energy Solutions towards eradicating the risk of scarcity of petro products in Hydrogen based vehicles
Fuel cell technology emerges as a promising solution, offering a cleaner and more efficient energy alternative.
Boeing: Is it Really about Supply Chain?
\"The current woes at Boeing tend to get Iumped under the heading of supply chain’. There are compelling reasons as to why they do. However, there are also good reasons as some astute observers point out as to why three signals which highlight later in this article) should not get buried under the mountain of supply chain noise.\"
The Evolution of Wellness-Linked Insurance Underwriting in India
Amidst the ever-shifting terrain of insurance underwriting, India is witnessing a transformative evolution, particularly in the sphere of health and wellness. Departing from traditional methods reliant on age, gender, and medical history, insurers are embracing innovative approaches that intertwine wellness with underwriting.
Do the Social Media influencers create disturbance in the minds of users, in context of Insurance?
Did you know that according to a survey 72% of young adults rely on social media influencers for financial advice, including insurance?
Insurance Caselaws
Reliance Nippon Life Insurance Co. Ltd. vs Gharohari Devi
