Insurance Products

Finance ministry pulls up PSBs over mis-selling of insurance products

Banks have been advised to ensure '100 per cent' compliance of know your customer (KYC) guidelines while sourcing insurance business

After poor show in Sept, non-life insurers' premiums up 15.5% YoY in Oct

Demand for health and motor insurance to continue though growth may dip, say experts

Non-life insurers not keen on paying obligatory cession to GIC Re

The obligatory cession was reduced from 5 per cent to 4 per cent for FY23. The impact of the reduction on GIC Re would be around Rs 2,000 crore

Now, life insurers can introduce products without Irdai's prior approval

Currently, all life insurance products and riders require prior approval of the insurance regulator before launch

InsurTech models to help Indian insurance mkt hit $222 bn by FY26: Redseer

New online distribution models such as B2C, B2B and B2B2C are key drivers of growth, with B2C in particular, gaining significant opportunities.

Two new product structures for title insurance likely: Here're the details

The regulator has now asked for inputs from stakeholders on recommendations of the working group by May 31, 2021

Process to derive LIC's embedded value may take more than a quarter

It's a significant preparatory step for the initial public offering of the country's largest insurer

Banks, brokers get most complaints for mis-selling insurance products

In 2018-19, banks received more than 12,000 mis-selling complaints; brokers close to 11,000. The number was even higher in FY18.

Walmart-backed payments firm PhonePe launches vehicle insurance service

Firm says users don't need to upload documents before making a purchase and they can view their policy documents instantly

Irdai allows renewal, migration and portability of Covid-specific products

Renewal subject to insurer's underwriting policy, must be done before expiry of existing policy contract

NPCI updates UPI with auto pay feature for smoother recurring transactions

The feature needs customer mandates for these recurring payments to be made. Mandates can be set up with a frequency of user's choice such as daily weekly, monthly or annually

Non-life insurers see positive premium growth in June but Q1 sees 4% drop

Standalone private health insurers reported an impressive 42 per cent growth in premiums in June, and 15 per cent growth for the quarter

Irdai sets up panel to suggest insurance products related to use of drones

It also noted that drones are playing a significant role in the current Covid-19 situation, assisting various authorities in several activities

Life Insurers bleed in April as Covid-19 shrinks new biz premium by 33%

Market leader LIC's new business premium down 32% to Rs 3,582 cr from Rs 5,268 cr a year ago; HDFC Life, ICICI Pru among top losers in private space

Insurance firms looks to bridge online trust deficit amid Covid--19 crisis

With customers caught in a swirl of panic and fear, life insurance companies are looking at confidence building measures for a post Covid-19 world

ICICI Lombard, Karur Vysya Bank tie up for sale of insurance products

The association will provide the bank's customers access to the insurer's portfolio and make insurance more accessible to its customers across India

Mis-selling insurance products: The bank fraud no one is checking

Kumar's case is not isolated, and public sector banks aren't the only ones to blame. Private sector banks are no better