Page 12 - Insurance

Insurance in the time of the pandemic

Greater digital adoption has increased the risk of fraud. Without personal interactions, assessing the risk profile of customers has become an arduous task

Buyer entitled to refund in case of delay

The National Commission concluded force majeure or delay due to reasons beyond the control of the builder would not apply to dereliction of duty

Infosys, Majesco collaborate to accelerate digital experience for insurers

IT services firm Infosys and Majesco, a cloud insurance software solutions provider, on Tuesday, announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey. This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain, a regulatory filing said. Infosys' insurance domain and digital capabilities combined with Majesco's cloud-based suite of solutions including the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer, will accelerate business growth and innovation for the insurance industry, it added. The combined synergy will help Life & Annuity (L&A), Group, and Property & Casualty (P&C) customers transform their business and will benefit insurers in achieving agility and innovation at speed and scale, the ...

LIC's holding in listed companies at all-time low on profit booking in Q4

Insurance behemoth LIC opted for profit-booking by selling its equity stakes in companies during the March quarter, a report said on Monday

Life insurers' new business premium up 45 pc at Rs 9,739 cr in April

Life insurance companies logged nearly 45 per cent growth in their cumulative new business premium at Rs 9,738.79 crore in April 2021, Irdai data showed on Friday

Insurance giant LIC to have five working days starting from May 10

Saturdays have been declared as a holiday for the insurer.

Run for cover will need longer strides: Insurance experts at BS Webinar

At Business Standard webinar on De-risking the Risk Business, they say one can expect a deadline extension for the implementation of IFRS 17, given the Covid pandemic

Insurers see adverse impact of Covid-19 claims on their loss ratio

Indian insurers had not factored in the impact of Covid claims while underwriting their products

Amid Covid-19 pandemic, India's insurance sector has seen contrarian growth

The industry has outperformed its global peers, but mostly by exiting the bottom of the pyramid

Bajaj Finserv fourth quarter profit jumps over 4-folds to Rs 979 cr

The jump was driven by its insurance business.

Covid relief schemes get longer life as govt begins process for extension

Among other schemes, the Emergency Credit Line Guarantee Scheme was recently extended until June 30 or until Rs 3 trillion is disbursed before taking a call to widen the plan or extend it

High demand for comprehensive health policies as Covid cases soar again

Covid plans were in huge demand last year but have since petered out

Life insurers see over 70% year-on-year growth in NBS in March

In FY21, life insurance companies saw a 7.5% increase in NBP over FY20

Irdai slaps Rs 51 lakh fine on four insurers for violation of norms

Regulator Irdai has imposed a penalty of Rs 51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance. A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business. The Insurance Regulatory and Development Authority of India (Irdai) has also imposed a penalty of Rs 13 lakh on Liberty General Insurance Limited, Rs 10 lakh penalty on Bajaj Allianz General Insurance Company, and Rs 3 lakh on Royal Sundaram General Insurance Company. In the order on SBI General Insurance Company, Irdai said the charge was that the the insurer did not comply with the MTP Obligation for the financial year 2017-18 calculated as per Regulation 3 of the Irdai (Obligation of Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015. "For the financial year 2017-18, the insurer did not fulfill the obligation and had a shortfall

US lawmakers welcome India's move to increase FDI in insurance to 74%

Two influential US lawmakers have applauded the Indian government's move to increase foreign direct investment in the insurance sector

The second wave: Insurers brace for rise in Covid-19 policy claims

The insurers have received more than a million Covid-related claims as of April 10, 2021

InsuranceDekho may have got Rs 1,200 cr in premium in FY21: Co-founder

Online insurance aggregator InsuranceDekho is expected to have garnered Rs 1,200 crore in insurance premium through its platform during the financial year ended March 2021, a top company official said

PhonePe sees rising demand for Covid insurance with increasing cases

PhonePe said on Thursday that coronavirus insurance has seen widespread adoption lately with 75 per cent of its policies bought by customers in smaller towns outside the tier-1 cities

PhonePe sees rapid demand for Coronavirus insurance products as cases rise

The claims from customers of more than Rs 3.5 crore have already been paid

Axis Bank entities close deal with Max Life Insurance, become co-promoters

Axis stake at 12.99%, will nominate three directors to Max Life's board