Insurance Claims

Life Insurance Council to spend ₹160 cr yearly on awareness drive

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 partners Medi Assist to launch AI-based claims settlement

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

Consumer protection: Insurer held liable for delay in claim settlement

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

Insurers clock rise in parametric claims amid extreme weather events

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

Post Air India crash, govt mulls SOP for quicker insurance claim settlement

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.

Insurance on WhatsApp: How to buy and manage policies, claim settlements

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

Goods kept in cold store are not bailment, insurer must honour claims

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

High premiums, low funds key barriers to buying health, term insurance

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

SC says insurers can't deny claim for impossible conditions: What it means

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

Centrico Insurance Repository to offer insurance repository services to LIC

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

US property and casualty insurers' stocks slide as LA wildfire losses mount

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

How debit, credit card insurance can save you after fraud, accidents & more

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

Policyholders can cancel policy at any time by notifying insurer: Irdai

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

Insurance helped 46,000 women avoid deadly work during heat waves in India

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

LIC gets 3-yr extension from Sebi to achieve 10% public shareholding

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

Typo can't be basis for denial of claim

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

Unclaimed insurance, first market investment: Top personal finance stories

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

Unclaimed insurance funds higher in agent-sold policies: Analysts

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

Insurance claims drop 30-35% during Chennai floods compared to 2015

This is noteworthy considering the number of policies issued across India by general insurers rose by 74 per cent in 2021-22 compared to 2014-15

Telangana CM announces Rs 5 lakh accident insurance policy for gig workers

Telangana Chief Minister A Revanth Reddy Saturday said the state government will provide Rs 5 lakh accident insurance to gig workers such as those involved in food delivery, and driving cabs and auto-rickshaws. According to an official release, he also assured the gig workers that the government would provide Rs 10 lakh health cover under the Rajiv Arogyasri scheme. Attending a meeting of cab and autorickshaw drivers and food delivery executives here, the chief minister said the state government will provide social security to workers in the unorganised sectors and will make a policy decision in this direction. Reddy promised that the state government would study the existing policy for gig workers in Rajasthan and introduce an effective law in the next state budget session, the release said. He also announced Rs 2 lakh financial assistance to the family of a food delivery executive who died four months ago after he fell from a building. The chief minister advised the cab and ...