Page 40 - Insurance

Over-the-counter product norms for insurance soon

Once the norms are approved, insurance companies will be able to sell simple products without lengthy forms or documentation

Get the right cover when travelling abroad

Read the fine print carefully because even a policy with a high sum assured may have sub-limits

The distribution gridlock

Regulator facilitates more insurance channels, but sales incentives need to be improved

Premiums rising, not policies

The insurance industry's actual growth is not only measured by new business premiums in life insurance, but also by the number of new policy sales that have happened in a particular period. While overall the industry has seen a healthy growth in new premiums, new policy numbers have remained flat.Among private life insurers, at least 10 companies had reported a decline in the number of policies. Some saw a decline of as high as 30 per cent while their new premium collections were on the rise. Industry experts said that while the size of the covers have seen a rise leading to new premium collection growth, the number of new policies being sold haven't gone up dramatically.During the last financial year too, insurers had ended the year with a steep 37 per cent drop in the number of new policies. Here, both public sector and private sector insurers saw a decline in the number of policies. This was primarily due to the fact that a new traditional product regime had led to product refiling

Health insurance TPA to begin operations from next fiscal

After it becomes operational, 8-10% of claims now being handled by external agencies will be processed by the new body

Banks keen to tie up with multiple insurers

According to corporate agency rules, banks can tie up with up to three life, three non-life and three standalone health insurers to sell their insurance products

Insurance questions

Far-reaching changes afoot in a vital sector

Non-life insurers offer cover against loans

An array of products are available in the market to ffer covers against unemployment, personal accident that could impact the loantaker's ability to repay the loans

PM's Jan Suraksha schemes suffer from fraudulent claims

According to data available, of the 25,398 claims filed so far, 800 were rejected for fraud

Bajaj Allianz Life launches Principal Gain, a Ulip with assured returns

Its plan offers 101% of the premiums paid as returns and offers a guaranteed loyalty addition if one chooses to be invested till maturity period

Organised crime touches new high in insurance

Gangs have been operational in the insurance space for a long time

Birla Sun Life moves to cluster method to get better sales, higher persistency

Company sets up innovation lab to bring better solutions

Why life insurers reject accident claims citing breach of law

General and life insurers may view accident claims differently because of the difference in product structures

E-policies made compulsory for most categories

In some cases, like motor insurance, the government needs to first recognise these

Insurers can speed up products for corporate clients

This is on the back of IRDAI decision to help general insurers to sell products under use-and-file procedures

GSC Bank to sell insurance through agri cooperative societies

The scheduled bank is targeting to sell over 1,00,000 policies in the first year of launching

Irdai on use-and-file products

Use-and-file is a procedure where the insurer is permitted to market the product without prior noting of IRDAI

Corporate agents may enter into new tie-ups in FY17 with IRDAI nudge

IRDAI has asked banks, corporate agents to have board-approved policy on open architecture