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πŸ“£ Attention, please!

Beshak's Weekly News Roundup for all things Insurance is back!

What's covered in this week's analysis? πŸ€”

✴️ 40% increase in term insurance premiums this December 😱
✴️ ICICI Lombard & Vega Helmets come together to provide accidental cover 🀝
✴️ HDFC Life’s acquisition of Exide gets a nod from CCI πŸ‘

Let’s get right to it! πŸ‘‡
https://www.beshak.org/blog/weekly-insurance-round-up-09112021
Doing business with Generation Instagram!

Staying relevant. Adapting to today's customers and their preferences is important for next level of growth in business.

An interesting post on why today's customers hate incoming phone calls, and appreciate messaging.

https://www.bankmycell.com/blog/why-millennials-ignore-calls
🎯 Beshak.org Daily Insurance Bulletin
πŸ—“ 11th November 2021

πŸ“Œ Insurance startup Turtlemint eyes unicorn tag after Policybazaar IPO
https://www.moneycontrol.com/news/business/startup/exclusive-insurance-startup-turtlemint-eyes-unicorn-tag-after-policybazaar-ipo-7698291.html
Turtlemint, an online platform for buying insurance, is in talks to raise about $200 million, valuing it at over $1 billion – over five times its previous valuation – the latest internet startup to benefit from a funding boom, people said.

πŸ“Œ Indian non-life insurance segment clocks premium of Rs 17,679.98 cr: IRDAI
https://www.freepressjournal.in/business/indian-non-life-insurance-segment-clocks-premium-of-rs-1767998-cr-irdai
Indian non-life insurance segment closed last month on a positive note with a total premium of Rs 17,679.98 crore, said the Insurance Regulatory and Development Authority of India (IRDAI).

πŸ“Œ Max Life Insurance launches Max Life Smart Wealth Income Plan. Know key features
https://www.livemint.com/insurance/news/max-life-insurance-launches-max-life-smart-wealth-income-plan-know-key-features-11636523002099.html
Max Life Insurance Company Ltd. today announced the launch of the β€˜Max Life Smart Wealth Income Plan’, a comprehensive non-linked participating individual life insurance savings plan.

πŸ“Œ HDFC Life negotiating price revision with reinsurers; clocks in 14% YTD growth
https://www.cnbctv18.com/business/hdfc-life-negotiating-price-revision-with-reinsurers-clocks-in-14-ytd-growth-11407792.htm
HDFC Life Insurance Company Limited is in negotiations with reinsurers on price revision, Vibha Padalkar, MD & CEO, told CNBC-TV18. She also mentioned that HDFC Life has clocked in 14 percent YTD growth versus the industry's growth of 6 percent. She believes the industry is well poised to come of the turbulent times presented by the pandemic.

πŸ“Œ SBI General Insurance forms task force to serve rain-affected customers
https://economictimes.indiatimes.com/industry/banking/finance/insure/sbi-general-insurance-forms-task-force-to-serve-rain-affected-customers/articleshow/87627167.cms
SBI General Insurance on Wednesday said it has set up a task force to manage queries and claims on fast-track mode raised from customers in view of the heavy rainfall in the city over the last few days.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“ 12th November 2021

πŸ“Œ Bank-backed life insurance companies leave LIC falling behind
https://www.telegraphindia.com/business/bank-backed-life-insurance-companies-leave-lic-falling-behind/cid/1838317
Life Insurance companies promoted by banks such as SBI Life, HDFC Life, and ICICI Prudential, Max Life are taking away market share in the retail segment from LIC.

πŸ“Œ ICICI Pru Life customers get ClickPay facility for insurance premium payments
https://www.livemint.com/money/personal-finance/icici-pru-life-customers-get-clickpay-facility-for-insurance-premium-payments-11636614863412.html
National Payments Corporation of India (NPCI) on Thursday announced the tie-up of its subsidiary NPCI Bharat BillPay with ICICI Prudential Life Insurance to provide the latter’s customers the facility of ClickPay.

πŸ“Œ Bajaj Allianz Life Insurance partners IPPB, Dept of Posts; launches 2 new products
https://economictimes.indiatimes.com/industry/banking/finance/insure/bajaj-allianz-life-insurance-partners-ippb-dept-of-posts-launches-2-new-products/articleshow/87646589.cms
Bajaj Allianz Life Insurance has entered into a tripartite partnership with the India Post Payments Bank (IPPB) and the Department of Posts (DoP), launching two insurance products to tap the vast rural customers across the country

πŸ“Œ ICICI Lombard becomes first non-life insurance player to join Sahamati Account Aggregator Alliance
https://www.aninews.in/news/business/business/icici-lombard-becomes-first-non-life-insurance-player-to-join-sahamati-account-aggregator-alliance20211111144732/
ICICI Lombard, one of India's leading private general insurance company, has joined Sahamati, a not-for-profit industry alliance for the Account Aggregator (AA) ecosystem.

πŸ“Œ GIC Re witnesses over four-fold jump in net profit to Rs 1,010 crore
https://www.business-standard.com/article/companies/gic-re-witnesses-over-four-fold-jump-in-net-profit-to-rs-1-010-crore-121111001595_1.html
General Insurance Corporation of India (GIC Re) on Wednesday reported an over four-fold jump in its net profit to Rs 1,010.55 crore for the quarter ended September 30. The public sector general insurer had posted a net profit of Rs 230.05 crore in the year-ago quarter ended September 2020. Sequentially, there was a net loss of Rs 771.73 crore in the June 2021 quarter.

πŸ“Œ Insurance plaint redressals to continue online
https://timesofindia.indiatimes.com/business/india-business/insurance-plaint-redressals-to-continue-online/articleshow/87635463.cms
The insurance ombudsman’s office will register complaints online on an ongoing basis, enabling aggrieved consumers to seek redressal from their homes without visiting them physically like in the past.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“οΈ 13th November 2021

πŸ“Œ Insurance top-up gets tougher for Covid recovered
https://timesofindia.indiatimes.com/city/nagpur/insurance-top-up-gets-tougher-for-covid-recovered/articleshow/87633597.cms
Experiences during the pandemic may have increased demand for medical insurance but those recovered from Covid are finding it tough to enhance the cover now. The post-Covid health disorders are also hampering their insurability.

πŸ“Œ Life Insurers Continue To Grow Despite Covid-19 Claims
https://www.bloombergquint.com/markets/life-insurers-continue-to-grow-despite-covid-19-claims
While Covid-19 disrupted almost all businesses, life insurance companies suffered a direct impact. A spike in death claims due to a deadlier second wave of the pandemic dented the profits of insurers in the first half of ongoing fiscal 2021-22. Yet, they continue to grow.

πŸ“Œ India Post Payments Bank, Department of Posts in strategic pact with Bajaj Allianz Life for term and annuity products
https://www.livemint.com/insurance/india-post-payments-bank-department-of-posts-in-strategic-alliance-with-bajaj-allianz-life-for-term-and-annuity-products-11636634798733.html
India Post Payments Bank (IPPB), Department of Posts, and Bajaj Allianz Life Insurance Company (BALIC) today announced a strategic partnership for offering term and annuity products to customers.

πŸ“Œ Supreme Court asks Centre to resolve the dispute over non-inclusion of private doctors under Covid insurance scheme
https://timesofindia.indiatimes.com/india/supreme-court-asks-centre-to-resolve-dispute-over-non-inclusion-of-private-doctors-under-covid-insurance-scheme/articleshow/87671059.cms
The Supreme Court Friday asked the Centre to sort out the dispute over the non-inclusion of doctors and health workers who have lost their lives battling Covid-19 in private clinics, dispensaries and non-recognised hospitals in the Centre's insurance scheme promising Rs 50 lakhs to their families.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“οΈ 15th November 2021

πŸ“Œ Edelweiss General Insurance take steps to support customers in flood-hit Chennai
https://www.livemint.com/companies/news/edelweiss-general-insurance-take-steps-to-support-customers-in-flood-hit-chennai-11636792270221.html
Edelweiss General Insurance has announced a slew of steps to help its customers in flood-hit Chennai to ensure hassle-free, quick settlements of motor insurance claims, it said on Saturday.

πŸ“Œ Insurance products preferred financial tools to meet future goals: Survey
https://www.business-standard.com/article/finance/insurance-products-preferred-financial-tools-to-meet-future-goals-survey-121111400328_1.html
Insurance products emerged as the preferred choice of savings and investments for parents after the pandemic, as they consider these as low-risk and reliable financial tools to meet future goals, according to a survey.

πŸ“Œ Centre to soon appoint independent directors in PSBs, financial institutions
https://www.livemint.com/industry/banking/govt-to-soon-clear-list-of-independent-directors-for-various-banks-11636881567850.html
The central government is expected soon to approve a list of independent directors to be appointed on boards of various public sector banks and financial institutions. The appointments are meant to ensure compliance with regulatory norms of corporate governance.

πŸ“Œ Insurance company to pay Rs 46 lakh to accident victim's kin
https://timesofindia.indiatimes.com/city/chennai/insurance-company-to-pay-rs-46-lakh-to-accident-victims-kin/articleshow/87693480.cms
A city motor accident claims tribunal directed a private insurance firm to pay nearly half a crore to the family of a man who died after a bike hit his two-wheeler.

πŸ“Œ Air pollution harms heart cells in kidney patients, warn experts
https://www.prokerala.com/news/articles/a1216021.html
As the Delhi-National Capital Region (NCR) gasps for clean air amid the overall Air Quality Index (AQI) shooting to severe levels, health experts warned on Friday that increased exposure to particulate matter (PM) 2.5 can worsen disease progression for chronic kidney patients, as well as cause damage to their heart muscle cells.

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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“οΈ 16th November 2021

πŸ“Œ Policybazaar shares end 22.74% higher on market debut
https://economictimes.indiatimes.com/tech/startups/policybazaar-shares-surge-17-35-over-ipo-price-on-listing-market-cap-at-rs-51692-48-crore/articleshow/87708928.cms
Shares of PB Fintech Ltd., the parent entity of Policybazaar and Paisabazaar, rose more than 20% over the IPO price on stock market debut, in yet another stellar listing for a new-age internet company in India.

πŸ“Œ Shriram General bags IRDAI Regulatory Sandbox approval for Fire Loss of Profit Insurance Cover
https://bfsi.eletsonline.com/shriram-general-bags-irdai-regulatory-sandbox-approval-for-fire-loss-of-profit-insurance-cover/
Shriram General Insurance has bagged the regulatory sandbox approval to launch an innovative concept, Fire Loss of Profit insurance cover. The product covers loss of gross profit or income, and/or increase in the cost of working due to reduction in business turnover/output caused by covered perils.

πŸ“Œ Godrej Locks partners Liberty General Insurance to offer free burglary insurance
https://bfsi.eletsonline.com/godrej-locks-partners-liberty-general-insurance-to-offer-free-burglary-insurance/
Godrej & Boyce, the flagship company of the Godrej Group has partnered with Liberty General Insurance Ltd to offer burglary insurance up to Rs 1280 crore to customers purchasing Godrej Locks. Through this initiative the company aims to encourage citizens to be proactive and stay protected against threats like robberies & burglaries.
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Hey Everybody! πŸ‘‹

Beshak's Weekly News Roundup πŸ—ž for all things Insurance is back!

What's in this week's analysis? πŸ€”

🎯 General Insurers take steps to help Chennai flood victims 🌊
🎯 Covid recovered customers finding it difficult to get top-up cover πŸ˜₯
🎯 LIC tops in individual life insurance sales, while private players dominate group sales πŸ“Š

And more...

Let's get right to it! πŸ‘‡
https://www.beshak.org/blog/weekly-insurance-round-up-16112021
🎯 Beshak.org Daily Insurance Bulletin
πŸ—“ 17th November 2021

πŸ“Œ Healthtech Startup Clinikk Raises $4M
http://bwdisrupt.businessworld.in/article/Healthtech-Startup-Clinikk-Raises-4M/16-11-2021-412069/
Clinikk, a Bengaluru-based insurtech, and health tech startup have raised $4 million in pre-series A funding led by MassMutual Ventures, with participation from Kunal Shah (Founder, Cred), Rohit M.A. (Co-founder and MD of Cloudnine Hospitals), Anjali Bansal (Founder, Avaana Capital), Stanford Angels, and other prominent individual investors.

πŸ“Œ Insurtech platform Riskcovry partners with B2B travel platform TravClan
https://www.freepressjournal.in/business/insurtech-platform-riskcovry-partners-with-b2b-travel-platform-travclan
To make travel a secure and seamless experience, insurtech start-up Riskcovry has partnered with B2B travel platform TravClan to enable them to distribute travel insurance throughout their agent network. The partnership will help Riskcovry distribute insurance to TravClan’s huge user-base of over 10k travel agents, as well as provide travelers with maximum coverage as travel makes a comeback, according to a press release.

πŸ“Œ Scripbox ties up with Max Life, Aegon Life, HDFC Life to offer term insurance
https://www.livemint.com/insurance/news/scripbox-ties-up-with-max-life-aegon-life-hdfc-life-to-offer-term-insurance-11637047201976.html
Scripbox has partnered with Max Life Insurance, Aegon Life, and HDFC Life to offer term life insurance products of these leading insurers to its customers, the company said on Tuesday.

πŸ“Œ Unhealthy medical insurance GST hurting families seeking cover
https://timesofindia.indiatimes.com/city/hyderabad/unhealthy-med-insurance-gst-hurting-families-seeking-cover/articleshow/87725077.cms
The hefty 18% GST on medical insurance is pushing many families across Telangana into a debt trap. Unable to sign up for an insurance cover at that price β€” the GST levied on medical care and hospitalization, incidentally, is only 5% β€” many are left draining their savings or turning to lenders, to meet medical emergencies. Among the worst affected are the elderly.

πŸ“Œ Policybazaar surges 16% after a strong debut, up 43% against issue price
https://www.business-standard.com/article/markets/policybazaar-surges-16-after-strong-debut-up-43-against-issue-price-121111600237_1.html
Shares of PB Fintech, the parent company of Policybazaar, rallied another 16 percent to Rs 1,397 on the National Stock Exchange (NSE) in Tuesday’s intra-day trade after a strong market debut on Monday. With today’s rally, the stock has surged 43 percent against its issue price of Rs 980 per share.

πŸ“Œ Anchor investor talks for LIC IPO to start next week
https://economictimes.indiatimes.com/markets/ipos/fpos/anchor-investor-talks-for-lic-ipo-to-start-next-week/articleshow/87737604.cms
Bankers will start reaching out to potential anchor investors in the initial public offering of Life Insurance Corp. of India next week, as they seek to ensure there’s enough demand for what’s set to be the nation’s biggest share sale.

πŸ“Œ Aditya Birla Sun Life Insurance launches ABSLI Assured Savings Plan
https://bfsi.economictimes.indiatimes.com/news/insurance/aditya-birla-sun-life-insurance-launches-absli-assured-savings-plan/87738327
Aditya Birla Sun Life Insurance launched its new savings solution, ABSLI Assured Savings Plan. The plan provides a guaranteed monetary cushion to protect policyholders’ education, retirement, among others.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“οΈ 18th November 2021

πŸ“Œ Turtlemint acquires Pune-based startup IOPhysics Systems
https://www.vccircle.com/turtlemint-acquires-pune-based-startup-iophysics-systems
Invictus Insurance Broking Services, which runs insurtech platform Turtlemint, has announced that it will be acquiring Pune-based startup IOPhysics Systems on Tuesday. The company is going to take over the company’s IOPhysics IP and product portfolio.

πŸ“Œ Post-Covid work arrangements bring cyber insurance into spotlight
https://economictimes.indiatimes.com/industry/banking/finance/insure/post-covid-work-arrangements-bring-cyber-insurance-into-spotlight/articleshow/87737617.cms
Remote and hybrid work arrangements post-Covid have made cyberattacks easier and more attractive for cybercriminals as a result of which insurance costs for protection against such eventualities have increased

πŸ“Œ Covid-19 insurance lawsuits move toward high-stakes phase
https://www.livemint.com/insurance/news/covid19-insurance-lawsuits-move-toward-high-stakes-phase-11637065122835.html
Businesses suing insurers for billions in losses from Covid-19 shutdowns are entering a new phase: jury trials. Over the past year, judges have ruled in favor of insurers in hundreds of cases, backing up the carriers’ rejections of β€œbusiness interruption" insurance claims.

πŸ“Œ Some customers sign proposal forms assuming insurance policies to be fixed deposits: Ombudsman report
https://www.moneycontrol.com/news/business/personal-finance/some-customers-sign-proposal-forms-assuming-insurance-policies-to-be-fixed-deposits-ombudsman-report-7729671.html
Mumbai and Kolkata figured amongst the top three cities that saw the highest number of insurance complaints being registered during the financial year 2020-21.

πŸ“Œ IRDAI Chairman position lying vacant for 7 months amid pandemic
https://www.businesstoday.in/personal-finance/insurance/story/irdai-chairman-position-lying-vacant-for-7-months-amid-pandemic-312521-2021-11-17
It has been more than 7 months, but the post of the chairman of the Insurance Regulatory and Development Authority of India (IRDAI) is still lying vacant.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“ 19th November 2021

πŸ“Œ 82% of insurance buyers prefer a physical copy of the policy document: Survey
https://www.livemint.com/insurance/news/82-of-insurance-buyers-prefer-physical-copy-of-the-policy-document-survey-11637211521648.html
As insurance penetration sees a post-pandemic spike in India, over 80% of the insurance buyers prefer a physical copy of their policy document, according to a recent survey by Bombay Master Printers Association (BMPA).

πŸ“Œ LIC IPO expected to hit markets in Jan-Mar quarter of current fiscal
https://www.telegraphindia.com/business/lic-ipo-expected-to-hit-markets-in-jan-mar-quarter-of-current-fiscal/cid/1839410
The much-awaited mega-IPO of Life Insurance Corporation is expected to hit the markets in the January-March quarter of the current fiscal as the Centre goes on overdrive to meet the selloff target of Rs 1.75 lakh crore in the fiscal.

πŸ“Œ Flipkart starts offering insurance cover for furniture products
https://www.businesstoday.in/latest/story/flipkart-starts-offering-insurance-cover-for-furniture-products-312678-2021-11-18
E-commerce major, Flipkart on Thursday announced the launch of β€˜Complete Furniture Protection’ - an industry-first cover for accidental and stain damage on select products on the platform such as office chairs, office tables, and mattresses, among others. Flipkart has partnered with Cover Genius - an insuretech company to offer this cover.

πŸ“Œ IRDAI rejects insurance broking application of India Infoline Group company
https://www.socialnews.xyz/2021/11/17/irdai-rejects-insurance-broking-application-of-india-infoline-group-company/
Insurance regulator IRDAI has rejected the 5Paisa Insurance Brokers Ltd application for a certificate of registration to act as a life and non-life insurance direct broker.

πŸ“Œ India Dental Insurance Market to Reach $3.65 Billion by 2030: Allied Market Research
https://www.benzinga.com/pressreleases/21/11/g24139730/india-dental-insurance-market-to-reach-3-65-billion-by-2030-allied-market-research
According to the report published by Allied Market Research, the Indian dental insurance market generated $672.83 million in 2020 and is anticipated to reach $3.65 billion by 2030, manifesting a CAGR of 18.5% from 2021 to 2030.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“ 20th November 2021

πŸ“Œ Maharashtra government files case against Reliance General Insurance
https://economictimes.indiatimes.com/news/economy/agriculture/maharashtra-government-files-case-against-reliance-general-insurance/articleshow/87792687.cms
The Maharashtra government has filed a police case against Reliance General Insurance Company (RGICL) in Parbhani district, alleging disobedience of an order issued by the district collector for payment of insurance claim amounts to farmers under the Pradhan Mantri Fasal Bima Yojana

πŸ“Œ You may have to pay 20-40% more for life cover next year
https://economictimes.indiatimes.com/markets/stocks/news/you-may-have-to-pay-20-40-more-for-life-cover-next-year/articleshow/87790927.cms
Life insurance premiums are set to increase in 2022 as large reinsurance companies are likely to raise charges that are likely to be passed on to customers. Higher premiums may mean higher profitability for insurers but could also impact demand for policies at a time that awareness about insurance is at a peak.

πŸ“Œ Supreme court orders insurance companies to develop a common mobile app
https://www.legaleraonline.com/from-the-courts/supreme-court-orders-insurance-companies-to-develop-a-common-mobile-app-787973
The supreme court has ordered insurance companies to develop a common mobile app to expedite the process of payment of compensation in motor accident cases.

πŸ“Œ Agriculture Insurance Company Introduces Parametric Insurance to Protect Farmers Against Weather Vagaries
https://krishijagran.com/agriculture-world/agriculture-insurance-company-introduces-parametric-insurance-to-protect-farmers-against-weather-vagaries/
Solving the age-old problem, Agriculture Insurance Company of India Limited, a nationalized insurance company, has introduced β€˜Parametric Insurance’ to provide protection for crops against weather vagaries. AIC has worked to gather the data with multiple credible weather data agencies like IMD, Skymet Weather, and private/government vendor/agency that have automatic weather stations installed in various locations PAN India.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“οΈ 22nd November 2021

πŸ“Œ Flipkart forays into healthcare acquire online pharmacy platform
https://www.business-standard.com/article/companies/flipkart-forays-into-healthcare-acquires-online-pharmacy-platform-121111900572_1.html
E-commerce giant Flipkart Group has forayed into the healthcare sector through the launch of Flipkart Health+. As part of this development, the group has signed definitive agreements to acquire a majority share in Sastasundar Marketplace Limited which owns and operates SastaSundar.com, an online pharmacy, and digital healthcare platform, as it focuses on providing consumers access to affordable and convenient healthcare.

πŸ“Œ Covid fuels 29% jump in health premium income for insurers
https://indianexpress.com/article/business/covid-fuels-health-premium-income-insurers-7631983/
Covid pandemic has proved to be a boon for insurance companies. With people increasingly taking health cover to meet medical expenses, general insurance companies have reported a 29.81 percent rise in premium income from the health segment to Rs 42,571 crore during the seven-month period ended October 2021.

πŸ“Œ Good news for 60,000 PSU General Insurance employees! 15% wage revision announcement likely soon
https://www.zeebiz.com/personal-finance/news-good-news-for-60000-psu-general-insurance-employees-15-wage-revision-announcement-likely-soon-171193
Employees working in the General Insurance public sector undertakings (PSU) could finally witness a 15% wage revision in the next few days. According to the information shared by the Finance Ministry, the revisions of wages for 60,000 PSU employees will take place in the year 2021.

πŸ“Œ Cyber fraudster leaks insurance policy details, dupes man of Rs 1.5 lakh
https://indianexpress.com/article/cities/mumbai/cyber-fraudster-dupes-man-of-rs-1-5-lakh-7632020/
A 62-year-old man has registered an FIR for cyber fraud alleging that a fraudster had internal information on his insurance policy and that he was to receive Rs 11 lakh as a settlement amount. However, the fraudster impersonated as an official from the company and tricked him into transferring Rs 1.55 lakh as β€œcharges” for getting the settlement amount.

πŸ“Œ Insurtech firm RenewBuy plans to come up with IPO in 2 years says CEO
https://www.business-standard.com/article/companies/insurtech-firm-renewbuy-plans-to-come-up-with-ipo-in-2-years-says-ceo-121112100485_1.html
Insurtech company RenewBuy is planning to come up with its initial public offering (IPO) in about two years from now, banking on the healthy growth of business and a strong pedigree, its CEO and co-founder Balachander Sekhar said.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“οΈ 23rd November 2021

πŸ“Œ Niva Bupa eyes Rs 5,000 crore in premium within 2 years
https://timesofindia.indiatimes.com/business/india-business/niva-bupa-eyes-rs-5000-crore-in-premium-within-2-years/articleshow/87837330.cms
True North-owned Niva Bupa Health Insurance has advanced its goal of achieving a premium income of Rs 5,000 crore by a year to FY24, following a pickup in sales.

πŸ“Œ Star Health's Rs 7,500 cr IPO likely to open by Nov-end
https://economictimes.indiatimes.com/markets/ipos/fpos/star-healths-rs-7500-cr-ipo-likely-to-open-by-nov-end/articleshow/87838567.cms
Star Health and Allied Insurance Company plan to launch its Rs 7,500-crore initial public offering during the last week of November, according to investment banking sources. The IPO will be the third-largest in 2021 after Paytm and Zomato NSE -6.82 %, which raised Rs 18,300 crore and Rs 9,375 crore, respectively.

πŸ“Œ Embedded value of LIC likely at $150 billion
https://www.livemint.com/companies/news/lic-valued-at-150-billion-ahead-of-share-sale-11637519909475.html
An actuarial valuation exercise has arrived at a $150 billion embedded value for Life Insurance Corp. of India, the first such valuation done by India’s largest insurer, which is set to start roadshows for its initial share sale next month, two people aware of the development said.
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Hey Everyone! πŸ‘‹

Beshak's Weekly News Roundup πŸ—ž for all things Insurance is back!

What's in this week's analysis? πŸ€”

🎯 Insurance a preferred financial tool: Survey. πŸ”
🎯 Mis-selling & claim rejection among top reasons for complaints received by Insurance Ombudsman. πŸ—£
🎯 Allied market research shows the Indian Dental Insurance Market to reach a new high.🦷

And more...

Let's get right to it! πŸ‘‡
https://www.beshak.org/blog/weekly-insurance-round-up-23112021
🎯 Beshak.org Daily Insurance Bulletin
πŸ—“ 24th November 2021

πŸ“Œ Ayushman Bharat Set for Reboot With Faster Reimbursement, Incentives for Model Hospitals
https://www.news18.com/news/india/ayushman-bharat-set-for-reboot-with-faster-reimbursement-incentives-for-model-hospitals-4475921.html
Ayushman Bharat, the world’s largest public health insurance scheme, is set for a reboot with the objective of bringing more private hospitals on board to increase its foothold. The National Health Authority (NHA), which implements the scheme officially known as Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY), has designed several incentives to attract more hospitals.

πŸ“Œ Vital partners MI to offer healthcare, fitness solutions to customers
https://www.livemint.com/companies/news/vital-partners-mi-to-offer-healthcare-fitness-solutions-to-customers-11637651207139.html
One-stop healthcare insuretch platform Vital has teamed up with MI to offer its customers complete health cover and a special discount on fitness bands. Starting at a monthly subscription of β‚Ή299, Vital’s personalized health plan offers benefits like health insurance (up to 50 lakh) with covid-19 treatment, full-body health check-ups, and a discount voucher worth β‚Ή1000 on MI fitness bands, among others.

πŸ“Œ Fake insurance agents held for impersonation, cheating elderly of β‚Ή19.28 lakh
https://www.hindustantimes.com/india-news/fake-insurance-agents-held-for-impersonation-cheating-elderly-of-rs-19-28-lakh-101637657452764.html
The North Mumbai Cyber Cell on Monday arrested six persons from Uttar Pradesh for allegedly cheating a Mumbai-based senior citizen by luring him into buying fake insurance policies, sold with the promise of big benefits and interest-free loans in return.

πŸ“Œ ICICI Lombard supports critical illness treatment of unprivileged Individuals.
http://www.uniindia.com/~/icici-lombard-to-support-critical-illness-treatment-of-underprivileged-individuals/Business%20Economy/news/2571796.html
ICICI Lombard, One of the leading non-life insurance companies in India has launched an initiative to support critical illness treatment of unprivileged Individuals.

πŸ“Œ 59% of employees in India report feeling stressed in everyday life, a higher level than the global average: Survey
https://www.financialexpress.com/lifestyle/health/59-of-employees-in-india-report-feeling-stressed-in-everyday-life-a-higher-level-than-global-average-survey/2374074/
The survey report said 50% of employees globally and 51% of employees in Asia reported feeling stressed in everyday life. Globally, 33% of employees viewed Covid-19 as a mostly or entirely negative impact, while the figure was 28% for the Asia region.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“ 25th November 2021

πŸ“Œ Star Union Dai-ichi Life raises Rs 125cr via bonds
https://timesofindia.indiatimes.com/business/india-business/star-union-dai-ichi-life-raises-rs-125cr-via-bonds/articleshow/87876770.cms
Star Union Dai-ichi Life Insurance, a joint venture between two government-run banks and a Japanese life insurance major on Tuesday said it has raised Rs 125 crore through its maiden domestic bond offering.

πŸ“Œ Motor Accident Claims Tribunal awards β‚Ή14 lakh relief to Panchkula road mishap victim’s family
https://www.hindustantimes.com/cities/chandigarh-news/motor-accident-claims-tribunal-awards-14-lakh-relief-to-panchkula-road-mishap-victim-s-family-101637699575524.html
Parents of an 18-year-old youth from Batour village got β‚Ή14 lakh compensation from the Motor Accident Claims Tribunal (MACT) as they lost their son in a road accident in November 2018.

πŸ“Œ Rakesh Jhunjhunwala-promoted Star Health sets IPO price band at Rs 870-900, to raise Rs 7,249 crore
https://www.moneycontrol.com/news/business/ipo/rakesh-jhunjhunwala-promoted-star-health-sets-ipo-price-band-at-rs-870-900-to-raise-rs-7249-crore-7754271.html
Safecrop Investments India, Westbridge, and ace investor Rakesh Jhunjhunwala-promoted Star Health and Allied Insurance Company have fixed a price band of Rs 870-900 per share for its maiden public offer. The public issue will open for subscription on November 30 and it will close on December 2, 2021. The anchor book, if any, may open for investors for a day on November 29, a day before the issue opening.

πŸ“Œ Insurtech start-up launches AI-driven underwriting platform
https://www.ciol.com/insurtech-start-up-launches-ai-driven/
Bengaluru-based insurtech start-up Artivatic has launched β€˜AUSIS’, an underwriting platform for better risk and fraud analysis. AUSIS is an AI-based underwriting platform with personalized pricing, risk, and decisions.
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“ 26th November 2021

πŸ“Œ NFHS survey: Health insurance coverage rises, officials credit Ayushman Bharat
https://www.hindustantimes.com/india-news/nfhssurvey-health-insurance-coverage-rises-officials-credit-ayushman-bharat-101637781745265.html
Summary findings from the fifth edition of the National Family Health Survey, released Wednesday showed a 12.3 percentage point increase over the previous edition of the survey in the coverage of health insurance to 41% of households surveyed, an indication of the impact of the government’s flagship Ayuhsman Bharat Pradhan Mantri Jan Arogya Yojna (AB-Pmjay), that was launched in September 2018.

πŸ“Œ Bajaj Allianz General 4th insurer to offer drone cover
https://economictimes.indiatimes.com/industry/banking/finance/insure/bajaj-allianz-general-4th-insurer-to-offer-drone-cover/articleshow/87911481.cms
Indicating the growing significance of drones in both industrial as well as commercial uses, Bajaj Allianz General Insurance has also announced insurance cover for the machines, becoming the fourth general insurer to do so.

πŸ“Œ Skipping IPOs helps LIC avoid Paytm rout; company's gains in FY22 at Rs 30,000 cr so far
https://economictimes.indiatimes.com/markets/ipos/fpos/skipping-ipos-helps-lic-avoid-paytm-rout-companys-gains-in-fy22-at-rs-30000-cr/articleshow/87878640.cms
Life Insurance Corp of India (LIC), one of the biggest institutional investors in the stock markets, escaped the brutal losses in Paytm because of its standard investment guidelines that usually steer clear of initial public offerings (IPOs).
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🎯 Beshak.org Daily Insurance Bulletin
πŸ—“οΈ 27th November 2021

πŸ“Œ Non-life insurers stare at steep loss ratios as non-Covid claims bite
https://www.business-standard.com/article/economy-policy/non-life-insurers-stare-at-steep-loss-ratios-as-non-covid-claims-bite-121112501608_1.html
While Covid-related claims have tapered off following the devastating second wave, non-Covid claims β€” especially those arising out of infectious diseases β€” have spiked, adding to the burden of non-life insurers, who have seen their loss ratios in the health segment suffer in the past 18-20 months owing to mounting bills. Claims from dengue, malaria, and chikungunya have been particularly high this year.

πŸ“Œ Embedded Finance to address out-of-pocket medical expenses in India
https://www.financialexpress.com/healthcare/healthtech/embedded-finance-to-address-out-of-pocket-medical-expenses-in-india-chris-george-qubehealth/2376600/
Indians spend $45 billion every year on Out-of-Pocket Expenditure (OoPE) medical expenses. This is one of the largest healthcare spends in the World. The reason being employer-led group insurance policy doesn’t cover many large medical expenses. Medical insurance, in general, doesn’t cover medical costs like OPD visits, small procedures, emergency hospitalization.

πŸ“Œ Venture Catalysts & 9 Unicorns Invests Undisclosed Amount In Samadhan In Pre-Series A Round
http://bwdisrupt.businessworld.in/article/Venture-Catalysts-9Unicorns-Invests-Undisclosed-Amount-In-Samadhan-In-Pre-Series-A-Round/26-11-2021-413039/
Venture Catalysts, India’s first and largest integrated startup incubator and accelerator, has announced its latest investment in the insurtech platform Insurance Samadhan to help them scale and serve every insurance policyholder in the country.
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