A bench of Justices R K Agrawal and S Abdul Nazeer said that rejection of the claims on purely technical grounds in a mechanical manner will result in the "loss of confidence of policy-holders in insurance industry".
Across the service industry there is compelling evidence that to be relevant to all the rapidly changing risks and the evolving customer needs, holistic solutions need to be designed in and around the risks.
Earlier this week, State Bank of India's life insurance subsidiary, SBI Life Insurance, listed its shares on the Bombay Stock Exchange, less than a week after ICICI Lombard General Insurance (ICICI Lombard), the general insurance subsidiary of ICICI Bank did the same.
Going forward, the companies are looking to collaborate on combi products as well as product research
The IPO consists of a primary issue of 17.20 million equity shares by GIC Re and offer for sale of 107.50 million equity shares by the government.
GIC Re, whose IPO will open next week, is also planning to enter the Lloyd's of London market.
It is likely that the IPOs of New India Assurance and General Insurance Corporation of India (GIC Re) will be out in this financial year.
There has been an increased demand for high-ticket health insurance policies in India.
Digit Insurance will be present in 12 large cities in the first phase and later move into smaller cities as well.
Insurance Regulatory and Development Authority of India (IRDAI) is looking to bring guidelines on the area of private equity firms investing in insurance companies. Sources said that the regulator may prescribe a minimum time-limit of holding for certain categories of investors.
The idea behind having RBC was to ensure that companies which have been found to be engaging in risky business practices and offering unsustainable pricing will be required to maintain a higher level of capital.
To leap into the digital age, businesses require a healthy dose of both talents
Life insurance has a range of products that could come in handy for meeting your financial goals such as child’s education and retirement.
Digit said that it is building a technology driven platform that can offer customized products at reduced cost and will provide customer service.
The company will target young audience who are comfortable with online transactions.
Huge job losses fuelled by automation, robotics and artificial intelligence has been a source of concern in markets like India. Professionals are engaged in upskilling to ensure that they stay relevant to their job roles.
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
Edelweiss has come out with its sector report on Insurance dated September 15, 2017. Private players outperform PSUs…
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.