The IRDAI says that it has observed that the reward policy for agents and intermediaries approved by the boards of directors of insurance companies lacks objectivity and transparency in many insurers.
Mr Jyoti Kumar Garg, New India Assurance general manager and chief marketing officer has passed away. He was 59 years old.
InsurTech Acko General has launched a free doctor consultation on-call service that can be availed by users after taking their COVID-19 symptom checker. It allows anyone to share their concerns with a qualified doctor, all from the confines of their home, and receive appropriate medical advice instantly.
India lacks a law specifically targeting all aspects of insurance fraud despite the fact that insurers lost INR450bn ($5.9bn) due to fraud in 2019, according to Mr S K Sethi, founder and CEO of the Insurance Foundation of India and the founder Director of Ria Insurance Brokers.
ICICI Lombard general, a private non-life player in India has partnered with Apollo Health and Lifestyle and Metropolis Healthcare to fund the entire COVID-19 screening process of around 11,000 underprivileged persons.
An Indian mobile payments app has tied up with Bajaj Allianz General Insurance to launch an affordable COVID-19 insurance product for the Indian market.
A flagship pension scheme for daily wage earners launched last year by Prime Minister Narendra Modi has not used one third of its original budget allocation in its first year of operation, a report by a parliamentary panel has revealed.
A post-merger Union Bank, which has been amalgamated with Andhra Bank and Corporation Bank may sell Andhra Bank's stake in a life insurance company.
In the first such initiative in the insurance industry in India, Future Generali, a private non-life player will immediately release funds for its agents and their immediate family members if they are tested positive for COVID-19.
The General Insurance Council (GIC), the representative body of non-life insuers, is lobbying the IRDAI to relax certain regulatory requirements, particularly those related to the solvency ratio, particularly because of the current COVID-19 crisis.