Latest Updates from Industry
Remedinet is a cloud-based platform simplifying the back-end of cashless health insurance claims. The platform enables the hospital and the insurance company to communicate in real-time, adjudicate and approve claims within hours and in many cases, within 30 minutes. Remedinet is integrated with the hospital and the insurance company where they talk in real-time. Remedinet has a strong presence in South India and are rapidly growing in the North and other areas as well.
With over 200 hospitals and 8 top payers, Remedinet’s aim is to make claims adjudication as simple and seamless as possible so that the policy holder benefits. Remedinet has delivered 4,15,000+ transactions and made claims adjudication more transparent, accurate and a reliable process.
Tamil Nadu Govt. CM’s health insurance scheme and Karnataka Govt.’s health insurance scheme successfully runs on Remedinet where healthcare delivery is made possible to lakhs of families.
Remedinet is making it possible for insurance desks at hospitals to file claims, raise queries, upload documents, and settle claims using a simple mobile app. Remedinet is also gearing towards providing healthcare insurance technology to consumers with the release of their consumer mobile apps. With this initiative, the consumer will have a transparent, more informed and real time cashless health insurance experience.
CEO, Munish Daga is of the opinion that healthcare in India can be made possible, accessible and affordable for all only by including an outpatient cashless healthcare cover. He can provide his views on how technology can make this happen.
“The Government’s endeavour to educate the common man on the importance of having life security related products like Life Insurance, Health Insurance has continued in this year’s budget also.
The implications of providing health insurance of up to Rs. 1 lakh per family and a top up of Rs. 35,000 for people above 60 years is that people will be more aware of the need for insurance and Life Insurance companies can capitalize on the same.
The measures such as withdrawal of up to 40% of the corpus at the time of retirement to be tax exempt in the case of National Pension Scheme (NPS) and Annuity Fund which goes to legal heir will not be taxable, are great incentives for people to inculcate the habit of savings through pension schemes. This will provide a greater thrust for Life Insurance companies to bring out more pension products that will suit the needs of people. Also the reduction of Service Tax on single premium annuity policies from 3.5% to 1.4% will help reduce the cost of the policy, the benefits of which will be passed on to the consumers.
The Government has outlined its focus on Growth, with major importance given to rural economic development by providing better livelihood for the farmers and households below the poverty line. This in turn will improve the likelihood of more people getting out of poverty which will give the Life Insurance sector an opportunity to focus on rural India as better livelihood will give rise to the need for life insurance.”
“This year’s budget announcements are reflective of the Government’s intent to move towards a better economic growth and to restore confidence in India Inc. It has laid out a clear roadmap to promote affordable healthcare in India, especially targeted towards the poor and marginal section of the society.
The existing RSBY scheme which has a limit of Rs 30,000 would be replaced by the new health scheme announced by the Government where the hospitalisation sum insured is increased to Rs 1 lac with an additional top up package of Rs 30,000 for Senior Citizens. With this, the number of ailments/procedures where complete cost of treatments can be covered would increase than in the existing scheme. This would also increase the number of quality hospitals within the network of this scheme with more number of hospitals getting empanelled. For the BPL families, this scheme would definitely reduce the financial burden of catastrophic Health care costs. We anticipate that this scheme would run on the existing RSBY platform and with use of technology, this would be very effective. There would be revised ailment / procedure wise package charges with the network hospitals. As there is a substantial quantum of jump in the sum insured, the overall cost of premiums which the governments, both central and state, share is also expected to go up.
Setting up 3,000 pharmacies under the government’s Jan Aushadhi Yojana is aimed towards better and easier availability of generic drugs through which the overall health care cost would be pushed downwards. This would be a boon to the lower as well as middle income groups especially for patients suffering from chronic illnesses.
Public Private Partnership model in healthcare got a major boost with the launch of a national dialysis service under the National Health Mission to provide dialysis services at district level hospitals. This is a welcome move which would be beneficial to people living with Chronic Renal Failure. Sometimes, the cost of dialysis in private hospitals becomes unaffordable and such facilities are being offered only in major towns and cities. By making Dialysis available at all district hospitals, the treatment cost would come down substantially as the patients will not be required to travel distances to avail this treatment.
Additionally, service tax exemption on premiums of schemes under Nirmaya scheme will reduce the cost of this scheme and will encourage more people to enrol to this. The scheme and subsequent exemption will in turn make people with special needs as much financially independent as possible."
The elderly will form 20% of India’s population by 2050. As a nation, we are not adequately prepared to address the financial challenges this ageing population profile will create, given the increased life expectancy and the rising costs of medical care. The Government should consider making withdrawals from pension schemes tax exempt along with an increase in exemption limits on pension contribution making these schemes an attractive investment opportunity. While on the one hand senior citizens will build a security net, on the other, the availability of long-tenure funding can fuel India’s infrastructure growth.
Budget 2016 -17 can transform the life insurance industry in the country. Life insurance Companies have played a major role in the development of the country. Life Insurance sector has supported the Government’s various developmental activities, be it in providing capital for infrastructure projects or through the implementation of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). There is a need for providing more impetus to life insurance companies for enhancing life insurance penetration in the country, especially when we do not have a social security system in place. To boost the number of people who will buy PMJJBY, the Government should look into increasing the death benefit beyond Rs. 2 Lakh. A benefit of Rs. 5 Lakh will get more people interested in buying the product. Appropriate safeguards and pulling needs to be in place to make this scheme sustainable.
To begin with, there is a need to increase 80C exemption limit from Rs. 1.5 Lakh to Rs. 2 Lakh, given the need to encourage financial savings. The TDS on policies bought by NRIs needs to be revisited given that many NRI are staying in the Middle East and cannot obtain tax residency certificates. In addition, the service tax frame work needs to be fine tuned especially the service tax charged on annuity policy should be removed.
Thinking on a long term basis, countries like Japan, Germany, Italy and France have already reached a stage where the number of senior citizens outnumbers the earning population. As healthcare facilities in the country improve, people in India are going to live longer. This will put pressure on both the earning population of the country as well as the Government to make provisions to support them. Hence it will be advisable if the Government incentivises people to think about retirement and pension plans. A tax break of Rs. 2 Lakh and an exemption of annuity should be provided for those opting to buy these plans.
Under the government’s Digital India initiative, it is expected that the pace of Internet adoption will accelerate. India should have half-a-billion Internet-connected citizens by the end of 2016. The increase in the number of people who will have access to the internet and their ability to do their own research and decide which product they need and should buy will revolutionise the insurance industry. Digital is transforming consumer behaviour and is driving insurance executives to reassess their business models. This is a huge opportunity for insurance companies as more and more people get comfortable using online and apps, insurance companies are becoming digital ready.
Digitisation would translate into our ability to reach the significant uninsured population in the country. The cost of reaching consumers, providing information and processing their claims seamlessly will reduce significantly, the benefits of which will be passed on to the policyholders. Further, the policyholder’s experience of using the product can be enhanced using digital and mobile platforms. The benefits of being able to enhance user experience digitally is that the policyholder will refer the company or the product to near and dear ones, encouraging people to buy the insurance products. In order to encourage this further, the Government should make provisions to provide impetus for insurance companies to provide more and more insurance products online and to do away with paper based record keeping. Government will have to put in place infrastructure for common KYC across the entire financial services industry. This would ease the process of on boarding of the customer.
The Government is in a great position to ensure that these recommendations don’t just stay on paper, but actually see the light of the day. It will be a proud moment for both the Government and for life insurance companies if one day when you ask the distant relative of yours who stays in a remote village in Meghalaya about how they are going to sustain themselves if they are not able to work on their farm due to ill-health and they reply saying that their insurance company will take care of them. Looking forward to the day.
Arijit Basu, MD and CEO, SBI Life Insurance
The health insurance sector in India today is at a very critical juncture where changes and movements in various key areas are pushing the government and the regulator to act fast. State governments and the government at the center, as well as the IRDAI and other government bodies in the insurance sector are implementing schemes and policies to ensure more and more Indians are insured. In view of this, those with technology expertise are ensuring that the requisite back-end infrastructure is available to ensure that high-volume healthcare services can run on nimble and scalable platforms.
In this endeavor, Bengaluru-based Remedinet Technologies is consistently innovating and evolving to ensure that cashless health insurance policyholders benefit from a transparent, real-time and reliable claims exchange process. To continue on this road and achieve higher growth, Remedinet has brought on their board Ms. Asha Nair as an independent Director who comes with a treasure chest of knowledge on implementing and successfully running health insurance policies. She joined the insurance industry in 1980 as a Direct Recruit Officer at the New India Assurance Company (NIA) and went on to become the first woman GM there and later at United India Insurance Co. Ltd (UIIC) as well.
Other notable achievements of her include rolling out the first comprehensive insurance software, Genisys, in Delhi Region of New India in 1998. As the General Manager (IT), she launched the centralized Insurance Software for New India called CWISS, which comprised of integrated software for insurance, accounting, customer relationship management, and human resource management. Additionally, she also supervised the foreign operations of the Company, which had offices in more than 12 countries including UK, Japan and Australia.
“When it comes to healthcare, insurance is the only aspect one can control, plan and prepare for in advance. No illness or accident comes knocking on your door. Thus, it is only pertinent that a service that can reduce the financial burden of healthcare-related expenditures be built in such a way that it benefits the entire ecosystem. For this, it is essential that the technology infrastructure running it be well oiled – so robust, transparent, reliable, and scalable that it is easy to adopt and easy to use. I have thus, joined Remedinet to further the cause of health insurance in India and perfect the technology that supports it.” said Nair.
In 2010, she joined UIIC as the General Manager and later became the Director in 2012. She handled various departments at UIIC, the most significant being Health and IT where, she handled the implementation of the Tamil Nadu Chief Minister’s Comprehensive Health Insurance Scheme, which is running very successfully since 2012.
"We are extremely pleased to have her on our panel of Directors and we believe that the tremendous hands-on experience she brings on board will help us to develop the next generation technology solutions that will boost the delivery of health insurance and benefit the ecosystem as a whole.” – Munish Daga, CEO at Remedinet Technologies.
Ms. Asha Nair retired from UIIC in 2015 and is also, the member of FICCI’s health insurance committee and, a fellow of the Insurance Institute of India. She has an Economics (Hons) degree from Lady Shriram College, Delhi and a Masters in Social Work from Delhi School of Social Work. In her free time she likes to travel, read and listen to music and she loves addressing audiences across the country on the importance of health insurance.
With regard to the mood on the overall business environment and reducing blockages...
While the government is putting a lot of effort in removing blockages with a host of announcements, so that companies can move with speed, execution continues to remain a challenge. The bureaucracy must also get their act together and speed up the process of execution. The government must devolve more powers to the bureaucrats and encourage them to take quicker decisions so that the ease of doing business in India becomes a reality. A case in point in the general insurance sector is the insurance schemes supported by the government. These schemes are extremely laudable. However, to make the scheme more attractive, the government must ensure much faster transmission of the premiums to the insurers.
With regard to the liberalization in the FDI policy in insurance sector...
Quite clearly there is interest in the general insurance sector as well as the reinsurance sector. India must develop into an attractive market for reinsurers and the liberalisation in the FDI policy will go a long way in this process.
With regard to the penetration of insurance sector in India still being very low....
One of the reasons for low penetration of the insurance sector is the lack of awareness of the benefits of taking insurance. Natural calamities cannot be the advertisement for buying insurance. The price individuals and families are paying during these calamities are extremely severe. For a small premium individuals / families can protect their livelihood, homes, health etc. For this the government, the industry and the regulator must commence campaigns encouraging people to be protected (insured). We have seen how sustained campaigns have helped in eradicating polio. Once people are aware and have insured themselves everyone benefits – insurance companies, families and the government. Insurance companies can invest these premiums in the infrastructure / housing sectors which need capital for longer durations, which cannot ideally be serviced by the banking industry.
The innovative things that India needs to do to spur its economic growth on the back of the global economic slack...
I am a firm believer that if we address some very basic issues in the Indian business environment it will undoubtedly spur growth
- Ease of doing business - This is the government is very focussed on. However all stakeholders - centre, states and the bureaucracy must participate in it
- Remove uncertainty - Investors must feel assured that there is certainty in tax and business laws so that they know in advance what they are getting into
- Invest in infrastructure - The government must start investing in top class infrastructure to attract investments. Most of Indian cities are crumbling owing to infrastructure that cannot sustain the growth that they are burdened with
Other general industry expectations for the budget 2016-17...
- The government must put a road map for introduction of the GST so that there is clarity on the date on which GST would come in place
- The government must put a roadmap for converging the tax laws with the proposed Ind AS (Accounting standards)
- The government must fast track the Universal Health Schemes and spread to as many states in India as possible
It is but quite natural for our expectations to be high from this year’s Union Budget given the progressive mindset of our current Government and the critical reforms introduced by them across sectors. This has clearly brought in the India growth story under global spotlight.
This year, the introduction of social security schemes by the Government has been a great move in deepening the penetration levels of insurance in India. These schemes have helped spread awareness about insurance especially in the rural landscape. With increased awareness and penetration level coupled with the GDP growth, the General Insurance sector is poised for a growth of around 12% in 2016.
I am confident that the Budget this year will lay out a clear roadmap to set the right vision for Indian economy. Let me briefly share my thoughts on the focus areas for the General Insurance sector.
Increase in the limit for Income Tax (IT) exemption in health insurance premium for self and family
Increase in the limit for income tax exemption in health insurance last year, was a welcome move wherein we saw a considerable increase in the number of people / families opting for policies with up to Rs. 10 lakh cover. However, there is an impending need for further tax exemption as health insurance is still not adopted as a necessity for one’s self and family. Further exemption will encourage people to get a health insurance policy with extended covers which is a necessity in today’s time given the current medical inflation in the country.
Introducing Income Tax (IT) exemption for premium paid for Home insurance and introduction of compulsory home insurance for a minimum basic sum insured
The data on the frequency of natural calamities hitting the country has revealed very high number of losses to property, assets and lives. While one protects family with life insurance and health insurance, people tend to overlook the need for home insurance. A natural calamity or any other misfortunate incident is not something one foresees. Since, a house is one’s biggest financial asset, introducing IT exemption on premium paid, we believe, will push more people to opt for home insurance.
In the wave of natural calamities over the past year, the worst hit was property / home. We strongly believe making home insurance compulsory for a minimum basic sum insured will lessen the burden on individuals / families, especially for those staying in calamity prone areas. This way, people need not run from pillar to post after their property / home has been damaged in such a situation.
Continuing the reforms agenda to bring more growth in the industrial sector
Significant initiatives are needed for realising financial inclusion and delivering financial services to the poorest section of the society. While the FDI in insurance has been a great move, Insurance and Regulatory Development Authority of India (IRDAI), should come out with the finer aspects of the regulation.
Overall, the bar was already set high in last year’s Budget. In this Budget, we expect the government to take strong steps that will be the driving force to create and sustain high growth.
The Insurance Laws (Amendment) Act, 2015, passed during Parliament's budget session, allowed insurance companies to raise their foreign ownership from 26% to 49%, with the requirement that the company be Indian owned and controlled.
IRDAI said the majority of directors, excluding independent directors, will have to be nominated by Indian promoters or Indian investors. According to the guidelines, even the appointment of key management persons that include chief executive officer, managing director or principal officer in case of an insurance broker will have to be through them or the board of directors.
The guidelines, however, allowed for the nomination of key persons except the chief executive officer by foreign investors, provided such appointments are approved by the board, which must have a majority of directors that are the nominees of Indian promoters or investors.
"Now that Irda has clarified the management controls, the process of approving foreign direct investment (FDI) hike will be quick," said Anuraag Sunder, director, insurance, PwC India. "FDI hike has to be approved by the Foreign Investment Promotion Board (FIPB) first, then the Competition Commission of India (CCI) and, ultimately, Irda.
According to Sunder, when the sector opened up to private insurers, Indian promoters didn't have the expertise to run the insurance business.
Insurance regulator IRDAI set up a seven-member committee to suggest ways to bring transparency in payouts made to the auto dealers by the insurers for getting motor insurance business.
The committee would be headed by a senior official of IRDAI and will comprise members from insurance companies and auto industry.
The IRDAI said it "proposes to bring clarity and transparency in payouts made to the auto dealers by the insurers for getting motor insurance business" while announcing setting up of the panel.
The panel will study the "existing practices in the industry on the payouts made to the motor dealers on motor insurance business" and also "examine the deviations from the existing norms". The committee has been "advised" to submit its report within two months.
Insurance regulator Irda will take up with the government the issue of 2 per cent income tax deducted at source (TDS) by life insurers from maturity proceeds, a senior official said.
The tax has been imposed on life insurance products only, and hence Irda has favoured its removal to bring parity of such plans with other financial instruments.
"Out of various gross domestic saving (GDS), which comprises financial instruments like MF and insurance, it is the life insurance products only which are taxed on maturity. This was not justified keeping in view the fact that insurance is a 'pull' product," Irda Member (life insurance) Nilesh Sathe said.
The watchdog will take up the issue with the government and push for removal of the tax, he told reporters on the sidelines of CII Financial Distribution summit. Moreover, Sathe said, the 21 lakh agents working for the insurance sector need to be incentivised through commission.
Insurance penetration in India at 3.9 per cent was below the world average of 6.3 per cent in 2013, the Parliament was informed recently. Minister of State for Finance Jayant Sinha said the level of insurance penetration depends on a number of factors like, level of economic development of the country, the extent of savings in financial instruments, and the size and reach of the insurance sector.
In relation to BRICS countries, India's insurance penetration was better than China and Russia, but well below South Africa, and only a tad lower than Brazil.
Global insurers with the greatest ties to the financial system would face an average increase of 10 per cent to capital requirements under new standards proposed by a group of regulators.
The increase would be as high as 18.75 per cent for unregulated-banking activities by firms deemed to be in a riskier tier, according to documents released by the International Association of Insurance Supervisors.
For traditional insurance products sold by safer companies, it would be 6 per cent. Global regulators are seeking to limit risk at the biggest financial firms to avoid a repeat of the government bailouts that were required in the credit crisis.
While more rescue funds went to banks, the US had to prop up insurers led by New York-based American International Group Inc, which was hobbled by losses on derivative bets on sub-prime mortgages.
The potential for systemic risk in insurance may become relevant where insurers significantly deviate from the traditional insurance business model, the association said in a fact sheet. The rules are designed to reduce the probability and impact of distress or failure at a major firm.
The Indian Super League, which has attracted some of the top - though mostly retired - footballers in the world, has led insurers to chase the teams and organisers for business. According to sources, the total insurance cover for the eight-team ISL is Rs. 600 crore.
"Each franchise has taken an insurance cover of Rs. 50 crore for loss of pay, personal accident and public liability," an executive said. The organisers have taken an event cancellation insurance of Rs 200 crore to cover against any loss of revenue from advertisements. Players are insured against loss of fees, accidents and also have travel insurance.
Most of the players are covered for loss of fee. It gets triggered when a player gets injured and faces loss of remuneration. The cover for each player depends on the contract value. Marquee players command $600,000 and above. The season kicked off on October 3 and will end in December.
A large part of the cover will be reinsured within the country, primarily with state-run General Insurance Corporation. Apart from writing direct insurance, the four public sector insurance companies - New India Assurance, National India, United India and Oriental Insurance - also reinsure policies.
The life insurance industry is bearing the brunt of a 90 per cent fall in pension business due to a special tax treatment for the New Pension System and a regulatory clause that makes it mandatory for life insurers to offer guaranteed returns to subscribers. The pension business of life insurance players is down to a meagre Rs 2,000 crore in 2014-15, from Rs 20,000 crore in 2009-10.
Pushed to the wall, the industry has called for a level-playing field. The plunge has been more pronounced since the introduction of the clause in 2009-10 which made it compulsory for life insurers to offer guaranteed returns on pension products.
The Budget provision of Rs 50,000 worth of additional tax-free incentive to NPS investment over and above the existing Rs 1.5 lakh has only made their life harder.
Future Generali India Insurance Company, a joint venture between retail giant Future Group and Italian insurance major Generali, expects to post a 20-25 percent growth this fiscal, said the company's MD and CEO K. G. Krishnamoorthy Rao. This will be well above the expected general insurance industry growth of about 15 percent this fiscal, he added.
Last year, the company grew at 14 percent even as the sector recorded its slowest growth in several years, at 9 percent. The pickup in the economy and a couple of regulatory changes are expected to usher in faster growth this fiscal Rao said.
This is contingent on auto sector sales reviving since motor insurance premium contributes about 55 percent of the company's revenue. Last year, Future Generali had recorded a 50 percent jump in profits at Rs.60.9 crore on a gross premium income of Rs.1,480 crore.
Solvency ratios are comfortable and there is no immediate requirement to infuse capital, Rao said. He expressed hope that insurance regulator IRDAI will lift the current cap on commission payable to intermediaries to reflect current realities. The surveyor fee which has remained fixed at Rs.20,000 for very long, now needs a change and an upward revision would actually help the industry and customers to complete claim settlements quickly, he said.
Rao also called for a standardized approach for providing awards/compensation for road accident victims. Besides, the lack of any time bar for filing third party claims often creates problems, Rao said, adding that there is a need to limit both the time within which a claim can be made as well as the amount.
Future Generali India Insurance MD and CEO K. G. Krishnamoorthy Rao called for a standardized approach to providing compensation for road accident victims.
The country's biggest banking network SBI along with its insurer is planning to expand bancasurance channel by 50% alongside raising the field force by about 10% to push business growth. The company aims to grow business by 30% this fiscal. SBI has a 16,333 strong branch network with 50% of it selling SDBI Life's policies. SBI Life's Managing Director Arijit Basu said that, its average business per branch is about Rs.8 lakh while it would be around Rs.50 lakh for its nearest rivals.
SBI Life, the 74:26 joint venture between SBI and BNP Paribas Cardif was the largest private insurer in terms of new business at the end of March 2015 while it was third among private players in terms of total premium collection, the company official said.
It plans to raise the number of agents to 90,000 by the end of this fiscal from 83,000. According to Basu, SDBI Life's existing agents are running in highest productivity and therefore, the company needs to expand the team to push growth.
The company's bancassurance model accounts for 55% of its business with the balance coming through retail agencies. It reported a total business of Rs.12,867 crore in 2014-15, with the first year premium collection growing 18% to Rs.5,528 crore and the balance coming from renewal premium.
SBI would have 10% of its stake in the insurance company in favour of BNP Paribas Cardif as the government allowed up to 49% foreign holding. SBI Life has an authorized capital of Rs.2,000 crore with a paid up capital of Rs.1,000 crore.
The Life Insurance Council, an apex industry body of life insurance companies, is planning to put in place a centralized database of insurance policies by December to detect and prevent fraudulent claims. "We are working on a fraud monitoring framework for the life insurance sector. It is expected to be ready by December", said V. Manickam, secretary-general of the Life Insurance Council.
According to him, the council was in the process of short-listing the vendor who would offer the technology to build and maintain a common database where all 24 life insurance companies can share their policy data. A meeting is scheduled to finalize the terms of reference.
As banks get benefits from Cibil, this proposed fraud monitoring mechanism will help insurance companies get details of customers and detect any fraud in disclosure and claims by policyholders. The database could also help the council to study claim patterns.
The Life Insurance Council also plans to approach the State Governments to request waiver of stamp duty on the Pradhan Mantri Jeevan Jyoti Bima Yojana. However, as insurance is a state subject and they needs to be a discussed with the State Governments. Of 24 life insurance companies in the country only 10 have joined the scheme so far according to Manickam.
Insurance companies are getting ready to bid aggressively for Air India $9 billion (around Rs.57,420 crore) cover, coming up for renewal on 1 October. State-run Air India, which floated a global tender for the policy to cover its 126 aircraft expects to buy the policy at a reasonable discount, given the rise in the number of underwriters and its safety record, said two Air India executives.
"Air India's (including its subsidiaries, affiliated companies and joint ventures (JVs)) aviation insurance policies are due for renewal effective from October 1, 2015 for an agreed fleet value of around $9 billion. We invite technical bids in sealed envelopes from Indian insurance companies duly registered with IRDAI (Insurance Regulatory and Development Authority of India)" the airline said in its global tender posted on its website.
"Premium rates are softening in the international market as there were no major aircraft accidents barring German-wings. Also, there are more underwriters flocking to the international market. Therefore, we are expecting a reasonable discount in the premium", said the executive. Air India paid $24 million last year for its policy from state run firm New India Assurance Co. Ltd, which offered it in partnership with American International Group Inc.
Insurance premiums had increased for both aviation insurance and reinsurance following the disappearance of a Malaysia Airlines plane in March, 2014 and the alleged shooting down of another aircraft of the same airline over Ukraine. On 24 March 2015, a German-wings Airbus A320 crashed in the French Alps while flying from Barcelona to Dusseldorf.
A joint study by the Confederation of Indian Industry (CII) and Towers Watson has revealed that even though the upper limit of foreign direct investment (FDI) in insurance has been raised to 49 percent, the valuation of insurance companies is still a novelty for investment analysts in India.
According to the study, 'Indian Insurance sector: In Pursuit of Value', the sector faces challenges such as regulatory changes, growing competition, mis-selling and a prolonged economic slowdown, necessitating insurers to constantly reassess their business strategies.
It noted that insurers remain upbeat about the sector's prospects and seek growth momentum and value. Sanjiv Bajaj, Chairman, CII National Committee on Insurance and Pensions and Managing Director, Bajaj Finserv, said the government has created a positive environment for the sector to unlock value through FDI.
Vivek Jalan, director (risk consulting) at Towers Watson India, added how effectively insurers are able to utilize the expected capital infusion from foreign partners will decide the growth of the sector.
All the candidates who have registered for online examination of Licentiate, Insurance Institute of India to be held in February 2012 must book the exam slot which will be open fromÂ 01st January 2012 to 20th January 2011.
After the online registration through website of Insurance Institute of India, if the candidates fail to book the exam slot, the system will treat the candidate as absent.
(Booking window will be available from 01st January 2012 to 20th January 2011)
The Licentiate online examination slot booking window will be available from 01st January 2012 to 20th January 2011. After login in you have to select the exam centre, exam date & time. The hall ticket will be available immediately after the slot booking. You are requested to print the hall ticket and bring your photo id at the time of examination. The examination dates is in Feb 2012.III will not send the hard copy of Hall Ticket to the Candidates.
The URL is available for enrollment up to 20th January 2012. To get the access for the above URL you have to follow below login information.
User id: Your user id is 8 digit registration number followed by word â€œ IIIâ€ example if your registration number is 98899889 then your user id is III98899889.
Password: Password is same as your birth date in numeric format (DDMMYYYY) i.e. if your birth date is 01-June-1980 then your password will be 1061980. Please ignore the leading zero.
Tag: licentiate, licentiate exam papers,irda licentiate exam,licentiate in insurance,licentiate exam 2011,licentiate exam 2012,licentiate model papers,lic licentiate exam,licentiate exam date,licentiate diploma