The infusion of Rs 426 crore to PhonePe Insurance Broking Services points to the payment company's bullish bet on the segment. PhonePe has infused more than Rs 1,000 crore as equity investment in its insurance unit since it was licensed, according to information sourced from the Registrar of Companies.
The report further says that intermediaries too don't take much interest in selling a pure risk term policy. Since the term of a pure risk policy is longer, consumers tend to be more sensitive to premium amount and apply to multiple insurers before making a purchase. So for the intermediaries conversion from prospect to sale is lower.
Sources said that there is no mandate yet asking companies to offer policies to all. Insurers say this would be a challenge while underwriting a first-time buyer of say 90 as the higher risk would make the policy prohibitively expensive. Already companies are facing an issue with drop out of healthy seniors whose premium breach 20% of the sum insured once they cross 75 years.
In the fiscal year 2023-24 (FY24), India's non-life insurance industry experienced significant growth primarily fueled by the health and motor insurance segments. Health insurance premiums surpassed Rs 1 trillion, marking a 20.2% increase, while motor insurance reached Rs 91,781.3 crore with a growth rate of 12.9%. Read on to know more:
Aurionpro Solutions CEO Ashish Rai told ET that the acquisition will enhance its business offerings by leveraging Arya.ai's capabilities in enterprise artificial intelligence (AI). “The acquisition empowers us to expand our geographical footprint into the US and Southeast Asia, tapping into new markets and opportunities,” Rai said. Read more here:
Bandhan Life, formerly known as Aegon Life Insurance, will add 1,000 new members to its team in its immediate growth phase. The new entity plans a strategic shift towards becoming a comprehensive insurer that combines the best of digital innovation with the strength of vast distribution channels.
Going by the published party manifestos of BJP and Congress for the 2024 Lok Sabha Elections, both parties are betting big on expanding insurance coverage, be it through health insurance schemes or crop insurance. BJP's 'Sankalp Patra' and Congress' 'Nyay Patra' have already evoked much interest. Here's what they offer:
A survey by Plum reveals a doubling in adoption of customizable insurance programs for employees, a 15% rise in maternity benefits, and a 110% increase in comprehensive healthcare offerings. Amid budget constraints, companies prioritize employee well-being, with benefits now emphasizing sustainability. Startups lead in offering extensive health coverage and telehealth services
A survey by Plum reveals a doubling in adoption of customizable insurance programs for employees, a 15% rise in maternity benefits, and a 110% increase in comprehensive healthcare offerings. Amid budget constraints, companies prioritize employee well-being, with benefits now emphasizing sustainability. Startups lead in offering extensive health coverage and telehealth services
General average is a maritime legal concept usually written into bills of lading or other contracts signed among parties to shipping transactions. It revolves around the principle of shared sacrifice and dates back to ancient times, before insurance, when ships often ran aground and needed to jettison someone’s merchandise in order to save everyone else’s.
Insurance companies in India are adjusting their policy terms, conditions, clauses, and wordings to provide customers with more flexibility in tailoring coverage. This change is expected to be visible in July or October renewals, as it will take time for insurers to implement these changes and develop new policies. The Indian insurance market is now catching up with global standards, allowing more flexibility in pricing and policy design.
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