The rapid adoption of digitalisation in insurance and the changing customer behaviour along with the influx of new technologies have led to key shifts in the insurance industry in terms of product innovation, the emergence of ecosystems and data, and technology-driven innovations across the value chain, says a report of the international consultancy firm Boston Consulting Group and India InsurTech Association.
The IRDAI has given its formal approval for the acquisition of a stake of up to 12% in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities (dubbed Axis entities together), Max Financial Services announced in a stock exchange statement.
Life insurance is the most preferred financial tool by individuals across India today.
The insurance regulator, the IRDAI, yesterday announced that it has constituted a 15-member committee to review its information and cyber security guidelines.
About 20% of Mumbai Metropolitan Region's (MMR) coastline is vulnerable to annual flooding during natural disasters and from a gradual rise in the sea level according to a new study.
Indian general insurer ICICI Lombard has launched a 'corporate India risk index' to help companies understand the level of risk that their business is facing. The index will also assist the companies in developing a successful risk-aversion plan.
The reinsurance sector in India reported aggregate losses for for the financial year ended 31 March 2020 (FY2020), compared to profits for FY2019, according to the IRDAI's "Annual Report 2019-2020" released recently.
With the COVID-19 outbreak, life insurers across the globe have witnessed an acceleration of a digitally enabled model of distribution. V. Viswanand, Deputy Managing Director, Max Life Insurance, shares in this article how life insurers can transform into a new-age digital hybrid sales distribution model post COVID-19.
Term life insurance premiums are likely to increase as reinsurers have revised their premiums upward because the number of claims has increased over the past year.
The central government is reportedly planning to privatise Chennai-based United India Insurance and is deliberating whether state-owned reinsurer General Insurance Corp of India (GIC Re) should also be divested.