CATEGORIES

Pension to Elderly Women- A step towards dignified grey years

The problem of old age is more severely felt by the women because of their being financially dependent either on the spouse or on children. Ignoring the issues concerning elderly women poses a major social development challenge for the country.

The Why and How of Hyperpersonalization in Insurance

A case study by McKinsey predicted 5-15% increase in revenue and 10-30% increase in marketingspend efficiency through personalized product recommendations. Another study reported that 78% of insurance executives believe personalized service based on real-time data analytics will be a crucial differentiator in the industry.

Oxygen Mask for Suffocating Patients

The clouds of COVID menace have not yet vanished, Yet there is emergence of several associated diseases. The major loss was due to insufficiency of oxygen to the dying patients despite WHO giving several instructions for prevention of COVID like maintaining social distance and usage of mask.....

Inclusive Insurance Global Landscape: Summary of recent studies -

A report from the Microinsurance Network reveals that inclusive insurance is making strides, but challenges remain in terms of scale and reach. The report finds that 330 million individuals are covered globally by inclusive insurance products, including health, agriculture, and property insurance. However, despite these advancements, there is still an 88.5% protection gap-only 11.5% of the potential market is currently insured.

Inclusive Health Insurance: Ensuring Access to Affordable Healthcare for Low-Income Populations

Access to affordable healthcare remains a critical challenge for low-income and informal sector workers worldwide. With rising healthcare costs and the lack of financial safety nets, millions of people are forced into poverty each year due to medical expenses.

Building Sustainable Microinsurance Models: Lessons from Asia, Africa, and Latin America

Microinsurance plays a crucial role in providing financial security to low-income populations that are often excluded from traditional insurance markets. These underserved communities are highly vulnerable to risks such as health emergencies, natural disasters, and loss of income.

Climate Change and Its Impact on Inclusive Insurance: Safeguarding Vulnerable Communities

As climate change intensifies, its impact on vulnerable communities-particularly those at the bottom of the economic pyramid-has become increasingly apparent. These populations, often residing in developing countries, face heightened risks from climate-related events such as floods, droughts, cyclones, and extreme heat.

The Role of Digital Innovation in Expanding Inclusive Insurance: Leveraging Fintech for Greater Coverage

As the insurance industry continues to evolve, digital innovation is proving to be a powerful force in expanding access to inclusive insurance. This transformation has been particularly impactful for low-income populations that have historically lacked access to traditional insurance products.

Bridging the Protection Gap: Strategies to Reach the Bottom of the Pyramid in Inclusive Insurance

As global attention increasingly shifts towards financial inclusion, insurance coverage for lowincome populations, often referred to as the \"bottom of the pyramid\" (BOP), has become a central issue. Despite strides in inclusive financial services, a significant protection gap still exists for vulnerable communities in developing countries.

International Conference on Inclusive Insurance at Nepal (ICII 2024) Media Partner: The Insurance Times

The International Conference on Inclusive Insurance (ICII 2024), taking place from 21-25 October in Kathmandu, Nepal, will mark the 20th edition of this globally significant event.

International News

Ensuring Safer Skies in Nepal Through Adherence to Standard Operating Procedures

Life Insurance News

LIC Seeks IRDAI Review of Surrender Value Guidelines

Health Insurance News

Star Health Set to Expand into Motor and Life Insurance Sector.

Insurance Regulator : Update

IRDAI Introduces 30-Day Free-Look Period for Policies

General Insurance News

ECGC Downgrades Bangladesh to 'Moderate Risk' Amid Political Instability

Innovating for Resilience: Exploring the Future of Inclusive Insurance

The year 2024 marks a pivotal moment for the insurance sector, particularly in the domains of inclusive insurance, climate risk, micro insurance, and the rise of parametric insurance as a key innovative financing mechanism.

"With over 15 years in the insurance industry, I've focused on steering our company toward profitability and market leadership. Recognizing gaps in policy understanding and time-consuming processes, we founded Riskbirbal Insurance Brokers to offer quick, Al-driven solutions."

Syed Meraj Naqvi is a visionary leader known for his astute business sense and a proven history of propelling overall growth. With over a 15-year career in the insurance industry, he has consistently guided the company towards profitability and carving a prominent position in the market. Today, Naqvi has plans to integrate cutting-edge technology in the insurance and risk management industry and provide seamless experience to small & medium businesses. Thus, he aims to create insurance products and risk management services that involve a mixed model of POS and direct engagement, facilitated by robust software solutions.

Retirement Planning: How insurance can contribute towards building a robust retirement fund

\"Retirement phase of our life is a milestone where we bid adieu to a traditional work routine and set out to begin a new chapter. It's a wonderful phase where we seek to fulfil many of our dreams and aspirations that may have been on hold during the working years.\"

What is next for Insurance Distribution?

In today's fast-paced world, the only constant is rapid change. While change has been a buzzword across all industries, insurance was often perceived as slow and unyielding due to its complex regulatory environment and the nature of its products. However, the last decade has turned this perception around.

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.