India's insurance regulation IRDAI) has allowed general insurers to offer technology-enabled add-on plans for auto insurance policies based on the owners' usage and driving history. Here's what it means for you.
Our social and work habits are just a fraction of the aspects of our daily lives that have been impacted by the pandemic's two protracted years. And because of these changes, everything else in our lives-from where we work to how we commute-has changed, even the way we drive.
While COVID-19 has severely disrupted several industries, they have been looking for ways to adapt to the new way". The same is true for insurers. The relentless digitisation push has led the insurance industry to the brink of a paradigm shift.
As a result of the outbreak, several people have changed their driving habits. To stay up with shifting client expectations, insurance players have been playing catch-up in response to technology's disruption of the insurance market.
One such innovative solution is the introduction of two telematics add-ons, Pay-As-You-Use PAYU) and Pay-How-You Use, which uses Telematics and onboard diagnostics OBD) to track automobiles, trucks, machinery, and other assets PHYU).
What is Telematics?
Telematics is concerned with the long-distance transmission of digital information. The term telematics" is now commonly used in the automotive industry, particularly in regard to monitoring and tracking, which in this case will be monitoring your odometer and GPS data.
هذه القصة مأخوذة من طبعة February 2023 من THE INSURANCE TIMES.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 2023 من THE INSURANCE TIMES.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
About Dr Anil Subba Rao Paila
IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.
Risk Management 2.0 in the new Gen Z Milieu
I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.
International News
Growing demand in Europe: Munich Re remains disciplined while further expanding
Life Insurance News
About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.
