PhonePe, India's leading digital payments platform, yesterday announced that it has sold over 500,000 insurance policies on its platform during the April-August period.
The vast majority of Indians (81%) are focused on building their physical immunity and 78% feel strongly that stress and anxiety affects mental and physical immunity.
The IRDAI has modified guidelines on proportionate deductions under health insurance policies that will take effect from October. The goal is to reduce out-of-pocket expenses for policyholders.
Some traditional insurers had invested in digital well before the pandemic and most of the large players are digitally well-equipped. HDFC Life COO Parvez Mulla said that the start-up ecosystem and InsurTechs had viewed traditional players with two models in mind.
The pandemic has heightened insurance awareness in Indians resulting in more and more people opting for a term insurance plan with a cover of INR10m ($135,697) or more to protect their families financially.
The IRDAI has named three public sector insurance companies - Life Insurance Corporation (LIC), General Insurance Corporation (GIC Re) and New India Assurance - as 'too big or too important to fail' (TBTF) institutions or Domestic Systemically Important Insurers (D-SIIs) for the year 2020-21 fiscal year.
Indian insurer HDFC Life has launched a video-based insurance buying enabler that connects the customer with the advisor using a video and voice interface, to overcome the restrictions that COVID-19 has placed on face-to-face interactions.
Insurance regulator IRDAI has said that only 5% of micro and small and medium-sized enterprises are insured, a situation brought into prominence by the COVID-19 pandemic.
Insurers in India are facing low persistency levels, especially in market-linked and endowment products, due to the current economic crisis and concerns about job losses and salary cuts arising from the pandemic.
India's pension regulator is reviewing the cost structure of pension fund managers and other intermediaries and plans to revise their rates, ahead of appointing more fund managers.