Insurance Claims

These concerns reflect a deeper structural challenge. India's insurance penetration remains low at 3.7 per cent of gross domestic product, roughly half the global average

Experts say Air India crash victims will receive compensation regardless of fault, with the insurance payout unaffected by pilot error or systemic failures

The three-year campaign aims to bridge the protection gap and improve life insurance penetration, which fell to 2.8 per cent in FY24 despite industry premium growth

Star Health and Allied Insurance Company Ltd has partnered with Medi Assist to offer Artificial Intelligence (AI)-powered claims settlement to its customers, a top official said on Wednesday. Through this partnership, Star Health will adopt MAtrixan advanced AI-powered claims platformwhich will help the city-headquartered company manage rising claim volumes while maintaining speed, consistency, and transparency in its operations. The platform introduces intelligent automation, reduces manual processes, and streamlines workflows, enabling stronger turnaround performance across the network, Star Health and Allied Insurance said in a company statement. Commenting on the partnership, Star Health and Allied Insurance MD and CEO Anand Roy said, "This marks a major step forward in strengthening our in-house claims management capabilities. This partnership is a key milestone in our journey to build a more agile and technology-driven claims ecosystem." "Claims are at the heart of the insura

National Insurance ordered to pay interest and costs after consumer panel finds deficiency in service despite partial settlement of ₹73 lakh claim

Climate volatility drives higher parametric insurance claims, but insurers say limited awareness and distribution hinder adoption despite strong growth potential

The source further added that, since identification is ongoing, insurance companies are trying to reach the claimants and to settle their claims without much hassle.

Paperwork reduced and instant assistance assured on platform, say top insurance companies

The National Commission disagreed, observing that goods were stored against payment of rent, which could not be termed a bailment

About 20 per cent of the respondents said they do not fully understand health insurance, and 18 per cent saw buying it as a cumbersome process

Court rules that insurance firm cannot reject a claim on the grounds of breach of a condition in the contract that was impossible to fulfill

The insurance repository system, introduced by the regulator, provides policyholders with a facility to keep insurance policies in electronic form and make changes

J.P.Morgan doubled its forecast of insured losses to over $20 billion

Card fraud can seem like something that only happens to others until it happens to you. This is why credit and debit card insurance becomes vital

The Irdai said retail policyholders can cancel their insurance policy at any time during its term by notifying the insurer, and will receive a refund for the remaining period of the policy

With climate change raising temperatures during heat waves, millions of Indians face a difficult choice: work in dangerous conditions or go hungry

State-owned insurance giant now has to meet regulatory requirement on or before May 16, 2027

The State Commission concluded the insurer could not take advantage of a typographical error on the bank's part to repudiate a legitimate claim

Our top stories this week explain why you should keep a record of your insurance policies and how to start with mutual fund investments

LIC accounted for more than 90% of total unclaimed funds in the last five years