The report said that while the number of exclusive or tied agents engaged by life insurance companies has seen fluctuation over the years, but the number of agents in FY17 was lower than that in FY13.
Online insurance broker Coverfox has launched a term life insurance with a 'Nominee Assistance Program'. Under this plan, nominees of the insurance scheme will get access to legal and financial planning assistance.
The financial health of an insurance company can be assessed by the policyholder by reviewing the company’s financial ratios.
Amitabh Chaudhry, MD & CEO, HDFC Life, is of the view that comfort level around consistency of insurers' performance going forward has improved leading to better valuations
By insuring and protecting our homes and belongings, cars and health, we can remain equipped to face any situation.
It is important for an individual to carefully weigh the product features as per their own suitability and life stage.
In terms of business mix, retail constitutes 75-80 percent of the business while the rest is corporate/group accounts
GIC Re has filed for an IPO with Sebi and is the only state-owned reinsurer in the country.
At present, while there are several hundred companies registered across distribution channels. However, not only is the application process varied for the categories, the capital requirements are also very varied.
ICICI Lombard is the largest private sector general insurance company. It holds 18 percent market share in the private non-life sector.
Coverfox is run by Glitterbug Technologies, a tech company which has received Series A & B funding from global funds such as SAIF partners, Accel and Narayan Murthy’s Catamaran Ventures.
IBAI had sent a representation to IRDAI on this matter. Almost 20 percent of the business in the general insurance sector is procured through insurance brokers.
With respect to the motor own damage space, claims pendency was less than 5 percent for most insurers.
Currently, banks act as corporate agents through bancassurance agreements with insurance companies. They can sell products of three life, three non-life and three standalone health insurers
LIC started off with an initial capital of Rs 5 crore. On its 61st birthday, LIC collects more than Rs 340 crore as new premium every single day (as per FY17 premium data).
Cigna had recently filed an application to increase its stake from 26 percent to 49 percent in the insurance company.
The regulator also said that the information downloaded from UIDAI should be considered as sufficient information for the purpose of KYC verification.
General insurance firms provide coverage against damage and theft to property. Protection is against burglary, fire, earthquake, perils like storms and floods being an option that can be covered at a small additional premium.
A term plan protects the policyholder's family in the event of an unfortunate incident leading to death.
The initiative will also enhance HDFC ERGO’s reach in tier II and III towns and cities through ItzCash’s nationwide franchise network.
To get the best deal, always buy a comprehensive motor insurance policy.
To avoid conflict of interest, IRDAI norms prevent insurance agents from working with multiple companies in the same category of business.
CNBC-TV18's Surabhi Upadhyay caught up with Harshvardhan Roongta, Roongta Securities, Eswara Narayanan, COO, Future Generali and Rahul Mohta, Ideal Insurance Brokers to find how you should approach your insurance claims, what the right steps are and how to ensure that you get that pay out.
Manohar Bhat, Chief Business Head- Motor, Bajaj Allianz General Insurance said that it is also advisable to have a comprehensive motor insurance policy with sufficient add on covers to minimise the losses from any vehicle damage.