8 new Insurance Ombudsmen selected
A selection panel of the Ministry of Finance (MoF) has selected eight new Insurance Ombudsmen for various centres across the country. Atul Sahai, former CMD, New India Assurance (NIA) has…
IRDAI sets up task forces to suggest steps to resolve insurers’ issues
IRDAI said it has set up two task forces to suggest steps to sort out issues between insurers and re-insurers. The decision by the IRDAI follows meetings with representatives of…
IRDAI permits sophisticated add-ons to motor insurance
IRDAI has permitted general insurance companies to introduce tech-enabled concepts for the Motor Own Damage (OD) cover in order to offer customers usage-based insurance covers as add-ons to the basic…
Cognizant wins multi-year contract from National Insurance Company
Cognizant Technology Solutions has been selected as a technology provider by National Insurance Company to accelerate and help manage its digital transformation. NICL is one of India’s leading public-sector general…
AP decides to rejoin Fasal Bima Yojana in current kharif season after tweaks
Andhra Pradesh has decided to rejoin the Pradhan Mantri Fasal Bima Yojana (PMFBY) from the ongoing kharif season, the Union Agriculture Ministry said. The decision to rejoin the scheme was…
Better road safety measures could save half a million lives annually worldwide: Study
New global and country-level estimates suggest that routinely wearing helmets and seat belts, obeying speed limits, and avoiding driving drunk could save between 347,000 and 540,000 lives worldwide every year.…
Pay motor insurance premium on drivers behavior
Insurance companies will soon offer vehicle owners analytics-based insurance that include ‘pay as you drive’ policies and covers where the premium varies according to driving behaviour. Companies have also been…
Universal Sompo eyes growth push on insuretech
Universal Sompo General Insurance is preparing for a high-growth second innings following the amalgamation of its original promoter Allahabad Bank with Indian Bank. Part of the new strategy is to…
Kotak General Insurance to use AI to automate vehicle inspection
Kotak General Insurance said it was automating vehicle inspections for its motor insurance policy renewals with Artificial Intelligence (AI)-based technology. The insurance company has partnered Inspektlabs to implement this for…
SBI General offers cover against cyber risks
Individuals can now buy protection against cyber risks, which was largely available only for businesses. SBI General Insurancehas launched the ‘Cyber VaultEdge’ cover that provides financial protection for losses arising…