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Emerging Horizons: New Opportunities in Commercial General Insurance Segment
The Indian economy continues to be a beacon of growth and opportunity, attracting both domestic and foreign investments across various sectors. The country's economic reforms and ease of doing business initiatives have further improved the investment climate, fostering entrepreneurial spirit and innovation.
Interview: Dr Tarun Agarwal Director National Insurance Academy, Pune
\"National Insurance Academy is undoubtedly the most renowned institution not just in India, but internationally. We are an apex institution in the field of education, training, research and consultancy in insurance, pension and allied areas.\"
Historical Maritime Fraud
M.V B-Atlantic - War Risk Cover: An Insurer’s Dilemma or Fraud!!
Navigating the natural conundrum: Why Reinsurers continue to maintain positive outlook for non life Insurance market in asia pacific region in 2024 & beyond despite challenges posed by natural hazards
The Asia-Pacific region has long been susceptible to a range of natural hazards, including earthquakes, typhoons, floods, and tsunamis. These events pose significant challenges to the insurance industry, particularly the non-life insurance sector, which covers property, casualty, and other general insurance lines.
Trust with Law
Khaitan Legal Associates' website succinctly proclaims, \"We are a value-driven law firm.
The Impact of Geopolitical Uncertainties on Marine Insurance
Marine insurance offers financial security against perils such as natural disasters, piracy, collisions, and theft, among others. By providing compensation for the loss or damage of goods, it helps facilitate smooth and efficient trade by minimizing financial risks and ensuring the continuity of supply chains.
War exclusion and its implication on cyber attack claims
War being a catastrophic event of unimaginable scale is generally kept as an exclusion in every property and casualty policy.
The Holistic approach towards Enterprise Risk Management (ERM)
ERM looks at each business unit as a \"portfolio\" within the firm and tries to understand how risks to individual business units interact and overlap. It is also able to identify potential risk factors that are unseen by any individual unit. The Government ambitious plan of PM GatiSakti is the fine example of how ERM is being followed on principle.
Risk Management and Insurance - The Future career scope
The risk management occupation, and especially the RM&I industry, ensure persons and businesses' economic success by effectively & efficiently managing their risks. All sections of this industry are seeking talented people to fill the channels. The reason, this career take advantage of talents, offers variety, flexibility, above average growth prospects
Usage-Based or Telematics Car Insurance in India
\"Whether car or motor insurance, telematics is often referred to as usage-based insurance. With the introduction of telematics solutions, the insurance industry in India is going to witness a transformation in motor insurance. Our endeavor is to improve customer service & give customers the flexibility to choose their insurance premium based on their driving behaviour using telematics.\"
Measure to prevent Insurance Fraud
Insurance companies have been impacted by fraudulent activities, suffering financial losses as a result. Most industry experts believe that fraud exists anywhere between 10-15% and they are being discovered across lines of business
How life insurers can leverage digital field underwriting
Traditionally, Insurance Agents were used for data collection, prospect's profiling, and insurability before the formal underwriting process began. Insurance Agents would walk in door to door to compile necessary information about the prospects profile like their Income, Health, Occupation, House Ownership, Cars etc
Crop Insurance - A journey witnessed
Crop Insurance is based on statistical tools, administration machinery down to the grass root level, technology, satellite imagery services, insurance intellect and many other highly specialized expertise being used in crop insurance in the country making it more effective and the largest crop scheme in the world in terms of farmers enrolment, having millions of applications every year and amongst the top 3 in terms of premium received
Wearable Tech and Insurance: Transforming Personalized Insurance Solutions
The popularity of wearable tech has skyrocketed as people increasingly prioritize their health and well-being. These devices allow users to monitor their daily activities, such as steps taken, calories burned, heart rate, and sleep patterns. They provide valuable insights into fitness progress, enabling individuals to set goals and track their performance.
Environment, Social and Governance challenges of the Insurance industry in the Post Pandemic Environment
Managing ESG risks is becoming increasingly important for companies as stakeholders, including investors and customers, become more focused on sustainability and corporate responsibility. Companies that effectively manage ESG risks are better able to protect their reputation and financial performance in the long term
An Important Tool to Detect Integrity Violations in Government Health Insurance Programmes
Government health insurance schemes operate on cashless and paperless models. In a cashless model the entitled beneficiary gets treatment free in empaneled hospital and patient has not to pay for treatment cost
International Conference on 'Reimagining Paradigm Shift in Bangladesh Insurance Industry - Bridging the Protection Gap.8th May, 2023, Dhaka
Organised by Birla Institute of Management Technology (BIMTECH) with Bangladesh Insurance Association (BIA) Media Partner: The Insurance Times, India
The Talent Gap in Insurance Industry
About 65% of respondents said that they believe a Talent gap is affecting their organization as per the survey conducted by Wiley Education Services. Being unable to find employees with necessary Talent is costing companies with serious drain of money
Interview with Shri Satyajit Tripathy, Chairman & Managing Director, United India Insurance Co Ltd
\"We are looking forward to an exciting 2023-2024. It will be very interesting to see how the market responds to the changes introduced by the Regulator. We are quite charged up and intend to stay focused on our Tag line \"Service is the Gateway to Growth.\"
IRDAI Corner
IRDAI Information and Cyber Security Guidelines, 24th Apr, 2023.
"An Awareness Program to increase Insurance Penetration in Eastern Zone of India"
The Institution of Engineers (India), West Bengal State Centre, Kolkata on 14th April, 2023
FICCI 22nd Annual Insurance Conference 12th April, 2023, Mumbai
Outreach Partner: The Insurance Times
Basic Elements of law of probability or law of large numbers insurance
The theory of probability (also known as probability theory or theoretical probability) is a statistical method used to predict the likelihood of a future outcome. This method is used by insurance companies as a basis for crafting a policy or arriving at a premium rate.
Electric Vehicle Insurance in India - A New Mileage
The Indian electric vehicle market is expected to reach US$47 billion by 2026. The Indian government is encouraging the use of electric vehicles through policies and incentives. India aims to increase electric vehicle sales by 30% by 2030 and has introduced several incentive programmes, including one for local battery manufacturing.
Emergence of Digital Transformation in Indian Insurance Market & Associated Safe-guards needed
Fueled by FinTech investments and Insurtech startups, Indian insurance now become a hothouse of digital innovation. In response, insurers started embracing various changes and rethinking on their business models to move towards a compliant, secure and digitally-enabled operating model to enhance customer, employee, partner and other stakeholder experiences.
Scaling Cattle Insurance through Digital Solutions
The tattooing, hot/cold branding and brass ear tagging methods are obsolete. Affixing Polyurethane ear tag and injectable RFID requires skilled professionals and don't complement scale in a foolproof manner. Moreover, lack of tamper-proof, scalable, unique digital identity for bovines is one of the significant reasons for moral hazard, resulting in a higher loss ratio for livestock insurers.
Will the upcoming Bima Sugam portal be a disruptor?
India's insurance market is valued at USD 131 billion as of now. It is also expanding at a CAGR of 17 per cent. The current trends indicate that digital penetration in India is growing and it is contributing to growth and innovation in the insurance sector. It would not be incorrect to expect that Insurtech will play a significant role in the future development of the domestic insurance sector.
To stay sustainable: the insurance industry needs an urgent paradigm shift!
The current performance metric has outlived its utility - the way risks manifest, impact, get measured, priced, reported, regulated - all changes. With these threats come some of the biggest business opportunities.
loT Deciphered
This technology can be used in the insurance industry to improve risk assessment, claims processing, and preventive measures. For example, loT devices such as smart home systems and wearable technology can gather data on a person's behavior and environment, which can be used to assess their risk of accidents or illnesses.
Interview of Shri S. N. Satpathy, Secretary General, Insurance Institute of India
\"III works with practically all the public and private sector insurers and reinsurers as well as all the intermediaries to build internal academic and professional competencies for them. We do this both within and outside the country.\"