The insurer has a strong presence in tier-2 and tier-3 towns, especially through the touch-points of the Shriram group.
As of now, BOING on Alexa will address generic insurance related queries and very soon it will also respond to policy specific queries that require authentication of the policyholder.
Here is a round up of all major developments in the personal finance space during the week.
Global research firm Citi has initiated a sell on HDFC Life Insurance and has a neutral rating on ICICI Prudential Life Insurance Company while SBI Life Insurance is the top pick for the research firm. It believes that larger private players are likely to gain market share.
The final reinsurance regulations, which will define how the business is done in the country as well as the order of preference, will be released by end of February, said Insurance Regulatory and Development Authority of India (IRDAI) Chairman TS Vijayan.
In an overcrowded 80C limit of Rs 1.5 Lakh, life insurance seems to be struggling for space, experts say.
The general insurance market has grown at 16-18 percent over the last two years. This has been aided by strong growth in segments like motor, health as well as crop insurance.
Global reinsurers want IRDAI to support competitive market practices and give them an equal opportunity to source business
General Insurance Corporation of India (GIC Re), which is India's largest reinsurance company, has also received approval to enter Lloyd's.
Regular premium payment is the most recommended mode and it involves paying premium monthly, quarterly, half-yearly or yearly.
From now on, MISPs will be required to offer products of all companies for customers to choose.
The solvency ratio was at 2.21 at end of December 31,2017 as against the regulatory requirement of 1.5.
If you are looking for an insurance product completely from the protection point of view a term plan is the best suited option.
Mundane jobs like customer servicing, providing quotes and addressing basic grievances can easily be taken care of by AI.
The insurance industry has a defined charter and on the other, the renewed consumer confidence is creating increased awareness and new opportunities for growth.
There is a view that day-to-day functioning of an insurance company needs not be scrutinised
IRDAI will now conduct a fresh review of the Sahara Life takeover and give a final decision.
IRDAI on July 28, 2017 had ordered the transfer of the life insurance portfolio of Sahara India Life to ICICI Prudential Life.
Premiums for the accident and term insurance schemes are likely to be revised upwards in 2018
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Bajaj Allianz Life is also slowly moving towards targeting the affluent segment from the mass market space.
Of every 100 death claims filed by families of deceased, 98.31 percent of them are passed
In the past, foreign reinsurers have expressed discontent over the fact Indian reinsurers being given first preference in treaties.
These plans are best for those with flexible income patterns
Risk-based premium as a concept is followed in several countries where insurance premium is dependent on individual behaviour.