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THE INSURANCE TIMES - January 2025

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In this issue we have covered articles on - Customer trust and Trust deficit - An oxymoron in Trust Continuum - Prof (Dr) Abhijit K.Chattoraj; Insurance Industry and the Power of Generative AI: Transforming Risk Management, Underwriting, Claims and Customer Engagement- Prof. Manoj Kumar Pandey, Siraj Dudekula & Anvesha Upadhyay; Issues Concerning Enhancement of Life Insurance Density in India - Dr. Jaydeb Bera; The SS Robert Bruce Case: A Landmark in Maritime Insurance Law - Dr. Soumi Mukherjee; How Cyber Insurance Shields Organizations from Cyber Threats and Financial Losses - Evaa Saiwal; Role of Surveyor in Controlling Wild Risk – Mud and Debris Flow - Shashi Bhushan.
Interview with Ms. Girija Subramanian, Chairman-cum-Managing Director, New India Assurance Company; Interview with Alok Rungta, MD & CEO, Future Generali India Life Insurance.
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

In 2023, India saw a record number of road fatalities, with over 1.72 lakh deaths reported, marking a grim milestone in traffic-related casualties.

4 mins

Insurance Regulator Update

The government's proposal to introduce composite licences under the Insurance Act is expected to favor private insurers, leaving public sector insurers at a disadvantage.

3 mins

Health Insurance News

HDFC Ergo, a leading non-life insurance provider, is set to launch a cashless claims facility for post-hospitalisation treatments, making it one of the first in the sector to offer this service.

4 mins

Life Insurance News

New business premiums (NBP) in the life insurance sector fell by 4.5% yearon-year in November 2024 to Rs 25,306.56 crore, primarily due to a 27.17% decline in Life Insurance Corporation's (LIC) premiums, according to data from the Life Insurance Council.

4 mins

International News

Japan's largest insurer, Nippon Life Insurance, has announced plans to acquire full ownership of Resolution Life Group Holdings for $8.2 billion in an all-cash deal, solidifying its presence in the U.S. insurance market.

2 mins

Insurance Industry and the Power of Generative Al: Transforming Risk Management, Underwriting, Claims and Customer Engagement

Generative AI technologies are rapidly reshaping the landscape of the insurance industry by revolutionizing traditional practices in risk assessment, underwriting processes, and claims management. This white paper provides a comprehensive exploration of the significant applications of Generative AI in insurance, supported by detailed case studies from leading insurance companies. By leveraging advanced machine learning algorithms, insurers can optimize decision-making processes, enhance customer experience, and mitigate risks more effectively than ever before.

10+ mins

"A key development at New India Assurance is our continued focus on digital transformation, enhancing customer experience through technology-driven initiatives."

Mrs Girija Subramanian has the unique distinction of heading two of India's major insurance companies as Chairman cum Managing Director in quick succession.

10+ mins

The SS Robert Bruce Case: A Landmark in Maritime Insurance Law

We all are aware that insurance is a very important security or guarantee for any ship or cargo owner, when he is in the shipping business. Not only does it deal with the insurance of loss or damage to ships, cargo, terminals, but also against natural calamities or any unforeseen circumstances between the point of origin and the final destination.

4 mins

How Cyber Insurance Shields Organizations from Cyber Threats and Financial Losses

Cybercrime like this is no longer the exception-it's the rule. Every organization, from global enterprises to small-town businesses, is a target in today's hyperconnected world. Sophisticated cybercriminals exploit vulnerabilities not just for financial gain but to disrupt and destabilize.

3 mins

Role of Surveyor in Controlling Wild Risk - Mud and Debris Flow

Risk minimization and control of mud flow and debris flow are essential as insurance claims are rising, and insurance companies are struggling to sustain themselves. Increasing premiums further is not feasible in a developing country like India.

2 mins

"The life insurance landscape in India has been undergoing a dramatic transformation, driven by changing consumer preferences, advancements in technology, and evolving regulatory frameworks."

A seasoned Chartered Accountant with over 25 years of experience, Alok Rungta, the CEO and MD of Future Generali India Life Insurance, has held executive positions in leading insurance companies across the Philippines, Hong Kong, and India in companies like AXA, Bharti AXA Life Insurance, and Birla Sun Life Insurance. Known for his astute strategic and servant leadership, he has been instrumental in transforming customer acquisition, engagement, sales innovation, and digital enablement operations at Future Generali India Life Insurance.

10+ mins

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THE INSURANCE TIMES Description:

Forlegger: Sashi-Publications-Private-Ltd

Kategori: Business

Språk: English

Hyppighet: 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.