l was thinking about how since the time I got involved in crop insurance, I have seen it change as the scheme moved from strength to strength and thought of writing an article on the same. It all started in the year 2007 when I had brief exposure to weather-based Insurance at IFFCO - Tokio in Madhya Pradesh as the Regional Head there. Most of it was collected from individual insured and was settled based on IMD-based weather insurance. The premium collection was a major challenge for us as we used the channels like district cooperative banks, who were our business partners. As I moved back to Delhi with IFFCO- Tokio in 2008, this brief experience was temporarily curtailed.
Cut to 2014, and at Universal Sompo, a decision at the highest level was taken that we will empanel our company as a partner in the crop insurance scheme and offer crop insurance with the Ministry of Agriculture through various states based on the tender. The Ministry of Agriculture, based on the presentation and our inclination to participate in crop insurance, considered us for empanelment. They had empanelled certain insurance companies earlier and USGI joined that list. Agriculture Insurance Corporation (AIC) has been a master at crop insurance since then, but the other Government companies were not implementing crop insurance at this point.
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Denne historien er fra July 2023-utgaven av THE INSURANCE TIMES.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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How Cyber Insurance Shields Organizations from Cyber Threats and Financial Losses
Cybercrime like this is no longer the exception-it's the rule. Every organization, from global enterprises to small-town businesses, is a target in today's hyperconnected world. Sophisticated cybercriminals exploit vulnerabilities not just for financial gain but to disrupt and destabilize.
"A key development at New India Assurance is our continued focus on digital transformation, enhancing customer experience through technology-driven initiatives."
Mrs Girija Subramanian has the unique distinction of heading two of India's major insurance companies as Chairman cum Managing Director in quick succession.
"The life insurance landscape in India has been undergoing a dramatic transformation, driven by changing consumer preferences, advancements in technology, and evolving regulatory frameworks."
A seasoned Chartered Accountant with over 25 years of experience, Alok Rungta, the CEO and MD of Future Generali India Life Insurance, has held executive positions in leading insurance companies across the Philippines, Hong Kong, and India in companies like AXA, Bharti AXA Life Insurance, and Birla Sun Life Insurance. Known for his astute strategic and servant leadership, he has been instrumental in transforming customer acquisition, engagement, sales innovation, and digital enablement operations at Future Generali India Life Insurance.
Life Insurance News
New business premiums (NBP) in the life insurance sector fell by 4.5% yearon-year in November 2024 to Rs 25,306.56 crore, primarily due to a 27.17% decline in Life Insurance Corporation's (LIC) premiums, according to data from the Life Insurance Council.
General Insurance News
In 2023, India saw a record number of road fatalities, with over 1.72 lakh deaths reported, marking a grim milestone in traffic-related casualties.
Role of Surveyor in Controlling Wild Risk - Mud and Debris Flow
Risk minimization and control of mud flow and debris flow are essential as insurance claims are rising, and insurance companies are struggling to sustain themselves. Increasing premiums further is not feasible in a developing country like India.
Insurance Industry and the Power of Generative Al: Transforming Risk Management, Underwriting, Claims and Customer Engagement
Generative AI technologies are rapidly reshaping the landscape of the insurance industry by revolutionizing traditional practices in risk assessment, underwriting processes, and claims management. This white paper provides a comprehensive exploration of the significant applications of Generative AI in insurance, supported by detailed case studies from leading insurance companies. By leveraging advanced machine learning algorithms, insurers can optimize decision-making processes, enhance customer experience, and mitigate risks more effectively than ever before.
The SS Robert Bruce Case: A Landmark in Maritime Insurance Law
We all are aware that insurance is a very important security or guarantee for any ship or cargo owner, when he is in the shipping business. Not only does it deal with the insurance of loss or damage to ships, cargo, terminals, but also against natural calamities or any unforeseen circumstances between the point of origin and the final destination.
International News
Japan's largest insurer, Nippon Life Insurance, has announced plans to acquire full ownership of Resolution Life Group Holdings for $8.2 billion in an all-cash deal, solidifying its presence in the U.S. insurance market.
Insurance Regulator Update
The government's proposal to introduce composite licences under the Insurance Act is expected to favor private insurers, leaving public sector insurers at a disadvantage.
