Insurance

PwC advises insurance companies to increase their interaction with their intermediaries like agents and brokers in these trying times.

IDBI Federal life insurance has said in its latest annual report that the life insurance industry will be severely impacted by COVID-19 as people will postpone their financial decisions.

Not only life insurance but non-life insurance players also witnessed close to 80% dip in new business premium collection in April-June.

The digital payment company has partnered with Acko to offer car and bike insurance. The company will also offeradditional benefits to ‘AmazonPrime’ members.

The life insurer has also introduced a new facility in which the company representative will visit the deceased policyholder’s home to assist the nominee to make claim request.

The insurance regulator has asked general public to check the credibility of insurance agents by visiting website of insurance companies before dealing with them.

IRDAI promises strict action against unregistered entities selling insurance

Max Bupa Covid-19 survey shows that 71% people consider health insurance as a necessity to face unforeseen situations like Covid-19.

IRDAI has allowed insurance companies to enhance sum insured in multiples of Rs.50,000.

LIC India has introduced a host of online services for its policyholders during this lockdown.

Cyble, a US based firm, has claimed that Religare Health Insurance’s data has been hacked and over 5 million records are up for sale on dark web.

IRDAI found that some hospitals have been demanding cash deposits from policyholder for covid-19 treatment despite having cashless agreement with insurers.

MF distributors can become sales representative of BSE Ebix Insurance Broking to sell insurance policies.

Oriental Insurance Company, National Insurance Company and United India Insurance Company will no longer be merged. In fact, the government will infuse Rs.12,450 crore to revamp these general insurance companies.