CCI clears Bank of Baroda's additional stake buy in IndiaFirst Life Insurance
Competition Commission of India (CCI) has cleared Bank of Baroda's proposed acquisition of a 21 per cent stake in IndiaFirst Life Insurance.
Competition Commission of India (CCI) has cleared Bank of Baroda's proposed acquisition of a 21 per cent stake in IndiaFirst Life Insurance.
On completion of the transaction, the PSU bank will hold 65% stake in IndiaFirst Life, Union Bank will hold 9% and Carmel Point Investments India will have the remaining 26% stake. IndiaFirst Life Insurance will continue to have long-term agency distribution agreement with both Bank of Baroda and Union Bank after stake sale, the filing said.
This cost-effective, three-in-one solution was created in collaboration with IndiaFirst Life Insurance Company Limited (IndiaFirst Life) to protect PayNearby's retailers throughout the COVID-19 pandemic and beyond.
The private sector insurer, promoted by Bank of Baroda, Union Bank of India and Warburg Pincus, paid Rs 388 crore in overall claims during the year, up by nearly 35 per cent from a year ago's Rs 253 crore, she said.
Indian Insurers across life and general are on a different stage in their journey of cloud adoption. In the old scenario CIOs were on their normal cloud adoption roadmap by migrating critical applications on cloud while the pandemic has pushed not only insurers but other enterprises and sectors to adopt cloud as it brings flexibility and agility.
Enabling the salesforce, employee and customers with superior platforms and faster processes is what every Chief Technology Officer priorities at any insurance company. Similarly, Sankaranarayanan Raghavan, Chief Technology Officer at IndiaFirst Life Insurance, has strived to execute the same and has managed to execute some industry first initiatives like paperless onboarding. In this first segment of BFSI Tech Tales, Raghavan explains their technology strategy, implementations done to reduce timelines and costs associated with product launches and their cloud journey. In the second part, he will be sharing insights on the bancassurance channels and how they integrated with merging PSU banks, their tie-ups with InsurTechs and their plans ahead.
IndiaFirst Life Insurance has been investing in products and processes that are meant for strategic alliance and micro market. They are the only life insurer to have tied-up with CSCs to roll out 'microproducts'. The company is going strong on partnerships with InsurTechs as its MD & CEO RM Vishaka believes that InsurTechs are in a position to add on to these 'microproducts' along with offering a lot of solutions. "We are very welcoming in tie-ups with InsurTechs," she added.
The recently-announced mega mergers of 10 state-run banks into four are beginning to have an impact beyond traditional banking.