Acko will operate as an independent general insurance company with its entire operations offered through the digital platform.
Only if an insurer does not respond within one month of receipt of the complaint, can an individual approach the Insurance Ombudsman. Insurance officials said that majority of the cases at the ombudsman office are decided in favour of the insured person.
The company has launched a chatbot — SPOK — that can read, understand, categorise, prioritise and respond to customers emails in a jiffy.
The Goods and Services Tax (GST) Council said on Friday that financial services will attract tax of 18 percent.
As per regulatory norms, an insurer will have to post profits for three consecutive years and be in operation for atleast 10 years for it to get permission to list.
The bank has expanded its strategic partnerships with two new partners in Tata AIA Life and Birla Sun Life, in addition to Aviva India Life.
Cyber criminals sometimes attack an organisation not because they are looking to steal data or monetise an attack, but simply because they are not happy with a company or the way they are doing their business.
General Insurance Council (GIC) figures show that only 83 million out of 190 million registered vehicles in India invested in the third party insurance cover in 2015-16.
In India, less than 200-300 such policies have been sold by the industry as a whole. Among those who have taken a cover, maximum number of companies have been from the IT or fintech space. Not all general insurers offer this product.
What most women don’t realise is that they will be able to take care of their family only if they are in good health.
According to data from Insurance Regulatory and Development Authority of India (IRDAI), Shriram General collected Rs 2040.53 crore as gross direct premium in FY17 as compared to Rs 1712.27 crore in FY16 showing a growth of 19 percent.
While the regulator aims to bring consumers interest in the forefront, the protection of the same property against unforeseen risk, probability of which is starkly high in our country, does not feature in the realm.
Opt for plans that have a provision for maternity benefits and other benefits such as vaccination for the child amongst others
This meant that if an insurer plans a product that would, for instance, offer dynamic pricing based on how active a person is, they could launch it for a few months and test it with a few customers. If the response is positive, they will bring it to the mass market.
Rajiv Kumar, MD and CEO, Universal Sompo General Insurance said that in the previous financial year, the company posted a 42.3 percent growth in premiums.
Insurance experts say the amount of cover would vary depending on the geography you are travelling to, cost of medical treatment at those places, duration of stay and the age of the traveller.
While no revision has been permitted in the premium for PMSBY for FY18, it is likely that the premiums will go up in FY19.
Star Union Dai-ichi Life, which has already wiped out 50 percent of its Rs 180 crore accumulated losses expects to wipe out the rest in FY18.
POS Saral Nivesh is a non-linked, non-participating endowment life insurance plan with dual benefits of protection and savings.
Mahesh Balasubramanian, MD and CEO of Kotak General Insurance, said that their thumb rule is whatever business the company does must be sustainable.
The insurance covers the risks related to the film during the pre- production to post-production stage. It insures the film against unforeseen incidents like death, illness of an actor or occurrence of natural calamities or accidental damage leading to delays in the film schedule.
G Srinivasan, Chairman and Managing Director of New India Assurance, said he expects the listing of the insurer to be completed in the next six to eight months.
SBI Life’s individual new business premium (annualised premium equivalent or APE) rose by 40 percent at Rs 2,213 crore in Q4 of FY 16-17 as compared with Rs 1,586 crore for the same period last year.
In an interaction with Moneycontrol, Mihir Vora, Director and Chief Investment Officer of Max Life Insurance, said that the hawkish stance reflected in the policy statement by MPC spooked the market.
Right from financial services to cab services (the mainstay of today’s daily commutes), the focus across industries now revolves around seamless fulfilment of the complete customer journey through digital means.