CATEGORIES

Revolutionizing Insurance - The Impact of InsurTech on the Future of Risk Management

InsurTech, short for Insurance Technology, involves using technological innovations to improve efficiency and reduce costs in the insurance industry. The innovations harnessed in InsurTech typically come from fields such as big data, artificial intelligence, machine learning, IoT (Internet of Things), and blockchain.

Mary Celeste: Salvage Insurance Fraud or Real Mystery - Historical Maritime Fraud

BRIG: Two-masted square-rigged ship, typically having an additional lower fore-and-aft sail on the gaff and a boom to the mainmast. Till the beginning of 20th Century it was using for sea trading.

Pension to Elderly Women- A step towards dignified grey years

In India, joint family system was the basis to meet all the social security needs of the joint family members, whether it was poor health, old age, financial or emotional support to the widow and children of any deceased member of the family. With urbanization, industrialization and migration, India witnessed a gradual disintegration of this system, which necessitated the need of a formal social security system.

Effect of Electric Vehicles on Motor Claims

Electric vehicles (EVs) differ from combustion engine vehicles, particularly in terms of torque. The torque of an electric vehicle is more linear, providing instant maximum torque, whereas in a combustion engine, maximum torque is reached gradually after the vehicle achieves a certain speed and engages in regenerative braking.

Curing Insurance Phobia

In my last article, \"Insurance Phobia\" published in the \"Insurance Times\", I enumerated various aspects of why people are afraid of insuring as they feel that insurance is not a transaction worth spending money on for reimbursement of unfortunate loss. They say that they go on insuring but no claims are made.

"The insurance sector in Nepal has really come a long way in the past decade. It has seen some major changes that have boosted its growth and brought it into the modern era.The amount of premiums has been growing at a rate of about 20% every year, from 2010 to 2020."

Mr. Susil Dev Subedi currently holds the position of Director at the Nepal Insurance Authority and serves as the Chief Executive Officer of the Insurance Institute of Nepal (IIN). With 17 years of experience in the industry, Mr. Subedi has led key departments including Supervision, Regulation, Policy, Research, and IT.

Insurance Caselaws

NCDRC Orders Reliance Life Insurance Company To Pay Rs 1 Crore And 50k Litigation Costs.

Bunga Melati Dua-Pirate Attack!! Marine Insurance!! -Historical Maritime Fraud

Marine insurance is one of the earliest forms of insurance type in the history. Its importance continues because of the massive sea trade traffic. Almost 80% of the world trade travels by sea. The fact that ships are carrying goods more than people affects both the policies and approach for vessels and other insurable subjects. Policies are more focused on goods and offer solutions for them, while crews become a secondary part of the insurances.

Indian Economy Past-Present-Future with world view

The Indian economy has experienced significant changes over the decades, transforming from a largely agrarian society to a more diversified economy with growing industrial and service sectors. Here's an overview of the Indian economy's past, present, and potential future, along with a comparison to global economic trends.

Third Party Administrator (TPA) - Need to Strengthen the Pillars of Health Insurance Claims Management

The liberalisation of the Insurance sector and formation of Insurance and Development authority of India in 2000 has completely transformed the Indian Insurance Industry in the last two decades. There are currently 60 registered Insurers (including 7 standalone health Insurers) having physical presence with approximately 22,000 offices throughout the country.

Leveraging Technology for Income Protection and Replacement Products in India: A Path to Inclusive Insurance

Income protection and replacement insurance products are designed to provide a safety net for individuals and families during periods of unemployment, disability, or illness. However, the adoption of these products in India has been sluggish, primarily due to a lack of awareness, affordability issues, and the complexity of traditional insurance processes.

Take aways from the Union Budget 2024-25- Musings from an Insurance Pensioner

The entire nation heard the Union Finance Budget presented by our Honourable Finance Minister at the Parliament on July 23 2024.

Electric Revolution: Insurance in the Era of Electric Vehicles

EVs are renowned for their advanced software algorithms that control various functions. It is essential to note that when the EVs connect to charging stations, the cable not only transmits power but also exchanges a multitude of data. This expanded risk surface increases the vulnerability to potential cyberattacks, which could involve data theft or the introduction of viruses to manipulate the system.

Underwriter Co- Pilot

Future of Insurance Underwriting with Generative Al

"The insurance industry in India is looking positive due to economic growth, driven by increased awareness, digital transformation, and government initiatives.Because of low penetration rates, there's a substantial opportunity for expansion."

Interview with Sharad Bajaj, COO, of InsuranceDekho.​com

Legal Update

Neeraj Kumar obtained a whole-life unit-linked insurance policy from PNB MetLife India. Under the policy called \"Met Smart Plus Policy\", which Kumar purchased, his son was insured for Rs 1.75 crore. The policy had a term of 93 years for which the premium was Rs 5 lakh per annum.

Rising Insured Losses: Strategies for Effective Water Damage Restoration

Natural disasters caused a staggering global economic loss of US$270 billion last year, with insured losses reaching US$111 billion.

Business Interruption Beyond Physical Damage

The purpose of NDBI insurance coverage is to offer financial protection to businesses when their operations are interrupted or suspended due to non-physical loss or damage. Like traditional Bl insurance, NDBI insurance covers a broad range of losses, including loss of income, extra expenses, loss of property or equipment use, loss of market or reputation, and loss of key employees.

Drilling Oil Rig Cendor Mopu, Marine Insurance-Inherent Vice A Boon or Loss - Historical Maritime Fraud

Causation is a very important part in marine insurance law. The general principle in English Law is that the insurer will only be liable for any loss, which is proximately caused by a peril insured against. (Marine Insurance Act, 1906, section 55). At the beginning of last century, the determination of the proximate cause in common law was considered to be the nearest in time.

Parametric insurance, a trilliondollar market opportunity globally in near future

Neeraj Kaushik Principal Consultant Infosys McCamish Atlanta (GA), USA

Insurance Caselaws

Supreme Court: If Ship Is Sent To Sea in An Unworthy State, Insurance Company Is Not liable For Any Losses Caused By Unseaworthiness. Case title: Hind Offshore Pvt Ltd v. IFFCO General Insurance Co. Ltd.

Legal update

'Go, hang self' isn't abetment to suicide: HC

New Product Launches

TATA AIG debuts India’s first satellite liability insurance

MV AL Quamar: Maritime Lien - Historical Maritime Fraud

A maritime lien is often described as the barnacle” attaching to a ship’s hull. A maritime lien, in respect of a particular ship, travels with that ship, irrespective of whether that ship changes ownership. Ultimately, it is the ship itself which owes obligations which may be breached. The word lien” is derived from a Latin word ligament” which means binding.

Health Plans: Is It Wise To Opt For Monthly Payments?

Insurers have started promoting monthly and quarterly premium payment modes in an effort to make health plans affordable for all.

Health Insurance

Health insurance claim assistance platform ClaimBuddy has raised a $5 million investment, marking the successful closure of its Series A funding.

Tele MANAS-A Comprehensive Mental Health Care Service in India: An opportunity for Health Insurance Sector

Dr. Brock Chisholm, the inaugural Director-General of the World Health Organization WHO), made a foresighted statement, in 1954, that true physical health can only exist in the absence of mental health\". After more than 60 years, not much has changed in the situation. There have probably been mental health problems throughout human history, and it can be difficult to identify a single setting that gave rise to these worries.

Union Budget's emphasis on digital transformation in Life Insurance sector and how it impacts on common policy holders

\"The digital revolution sweeping through various industries has now firmly set its sights on insurance, and the life insurance sector in India is no exception.

SS Armistan: Bill of Lading, Agreement, Libel or an Estopple?

\"A bill of lading BL or BoL) is a legal document issued by a carrier transportation company) to a shipper that details the type, quantity, and destination of the goods being carried. A bill of lading also serves as a Shipment receipt when the carrier delivers the goods at a redetermined destination. This document must accompany the shipped products, no matter the form of transportation, and must be signed by an authorized representative from the carrier, shipper, and receiver.\"

How Fuel Cells are shaping the Indian Automobile Industry by Spearheading Green Energy Solutions towards eradicating the risk of scarcity of petro products in Hydrogen based vehicles

Fuel cell technology emerges as a promising solution, offering a cleaner and more efficient energy alternative.