Neeraj Prasad

Sharing my thoughts on insurance's role in inclusive growth in India in this ET BFSI article. Check out the link to learn more about the topic. Together, let's ensure a more prosperous and secure future. #PNBMetLife #FinancialSecurity #InsuranceForAll

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#Generalinsurance industry recorded an annual premium of close to Rs 2.9 lakh crore for FY24, marking a 13% rise from the previous fiscal year's Rs 2.6 lakh crore. #Five standalone #health #insurance companies saw a significant 26.2% increase in total premium, climbing from Rs 26,243 crore to Rs 33,115 crore during the same period. #Standalone health insurance companies' growth can be credited to #larger #policy sizes, as they introduce #high-value #policies worth crores. Premium rates have been adjusted to match #medical #inflation, and coverage has expanded. #Irdai's FY23 report by Emkay Finance shows retail health insurance premiums grew steadily at 20% CAGR from FY12-19. However, between FY19-23, the premium growth rate slowed slightly to 19%, while coverage expansion was limited, with only a 5.9% increase in the number of #insured individuals. The growth was mainly driven by #price and #sum assured adjustments. In the 11 months leading up to Feb 2024, health insurance premium reached Rs 98,716 crore, a 20% rise from last year's Rs 81,997 crore. This figure encompasses health premium from general insurers and SAHI companies, with health insurance's share for this period increasing to 37.5% from 35.2% in the previous year. Two new players, #Galaxy Health and #Narayana Healthcare, enter the health insurance market alongside #Star Health, as per V Jagannathan and Surgeon Devi Shetty. While health insurance premiums are on the rise for most general insurance companies, #slower growth in segments like #motor is holding back their overall performance, #Specialized #insurance sectors, particularly #Agriculture Insurance Company #AIC and #ECGC, have contributed to the non-life industry's #sluggish growth this year. #Agriculture insurance witnessed a significant 32% decline in premiums, falling from Rs 14,619 crore last year to Rs 9,919 crore.

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Zurich Insurance acquires majority stake in Kotak General Insurance to build a leading general insurer for India. Zurich acquires 70% of Kotak #General #Insurance, becoming the first foreign insurer to enter India since the FDI rules were amended to allow up to 74% foreign ownership in 2021. Zurich and Kotak will jointly build a leading general insurer in India, bringing together Zurich’s global insurance leadership and scale with Kotak’s local expertise and reach. Acquisition positions Zurich in one of the world’s most important growth markets and reflects continued progress in Asia Pacific. Zurich Insurance Company Ltd. (“Zurich”) today announced the successful completion of acquiring majority stake in Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) from Kotak Mahindra Bank Limited (“Kotak”), following the receipt of all necessary regulatory approvals. Zurich has acquired a 70% stake in Kotak General Insurance for a total consideration of Rs. 5,560 crores (i.e., USD 670 million), through a combination of fresh growth capital and share purchase. The transaction marks the largest #foreign #investment in India’s general insurance market and is the first by a foreign insurer since the foreign direct investment (FDI) limit was raised from 49% to 74% in 2021. With this entry, Zurich is fully committed to fostering the development and expansion of India’s insurance sector in keeping with the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of achieving “Insurance for All” by 2047

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#monsoonsafetytips #instaraksha Please do go through the attached essential monsoon tips to keep your car protected. Review your car insurance policy on every renewal. Happy to Help :-) Multiple Motor Insurance Plans & Add Ons Available - Connect @ 9324271134 #motor #motorinsurance #carinsurance #safety #monsoondriving #rainydays #renew #addons

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Is the Indian insurance industry ready for a customer-centric revolution? 🇮🇳 Our Founder, Saurabh Vijayvergia, believes it's high time the industry prioritizes customer needs. In his latest article, he explores the challenges and opportunities for creating a future where insurance is: ✅Simple & Transparent: No more complicated policies. ✅Accessible & Hassle-free: Insured with perfect plan in minutes. ✅Customer-centric: Your needs come first, from selection to claims. Read the full article here and join the conversation! https://bit.ly/3VKM2UL #insurance #customercentricity #InsurTech #India #CoverSure

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These strategic shifts have heralded a "#customerfirst" approach, placing significant #responsibilities on insurance companies to bridge the existing gap in India's health insurance landscape. Yet, it's no walk in the park. The real test lies in the #effective execution of these initiatives by #insurers, instilling trust among clients. The ultimate goal? Witnessing a surge in individuals opting for health insurance coverage. Let's not overlook the stark reality: #Healthinsurance penetration in India currently stands at a mere 4% of its #GDP. It's time for #action, #innovation, and a #commitment to prioritizing the well-being of every #Indian. Follow Aarvi Insurance for more informative posts like this! #aarviinsurance #insurancebrokers #rules #GDP #healthinsurancecoverage #healthinsurance #updatednews #penetration #insurers #customerfirst #wellbeing #responsibilities

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🌏 The Indian insurance sector is transforming, driven by technology and strategic collaborations. 💹 Insurtech and joint ventures are harnessing AI and approaches to redefine insurance distribution and management. 💱 Lean and agile tech teams in JVs optimize technology deployment, enhancing clarity of purpose and impact in insurance operations. 💹 India's insurance landscape embraces tech, leading a transformative journey. Paving the way for an exciting future. #insuranceindustry #insurancetechnology #sciente #india #businesstechconsulting #insurancetransformation

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#India has witnessed a significant surge in the demand for insurance and hence reinsurance, marking a pivotal shift in the nation's #risk #management landscape. This rapid growth of #reinsurance portrays immense potential, serving as an essential facet in fortifying the country's #financial #resilience against #unpredictable events.

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India’s Health Insurance Makeover on the way! The General Insurance Council is collaborating closely with IRDAI to ensure that health insurance becomes a crucial aspect of financial security for individuals and families across India. Key initiatives include: 1. Customized products for senior citizens 2. Simplification of policy wordings 3. Expansion of cashless access 4. Collaboration with hospitals and stakeholders The upcoming "Bima Vistaar" product will offer coverage for life, property, and health at an affordable price. The industry is focused on identifying and removing roadblocks to ensure speedy claim settlements. The 'Cashless Everywhere' initiative aims to set new standards for quick, hassle-free settlements and reduce incidents of fraud. #Insurance #Healthcare #Finance #HealthInsurance #InsuranceIndustry

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In a discussion with Salvi Mittal, ETCIO, Nilesh Kambli, CFO, Star Health and Allied Insurance Co. Ltd delves into how Oracle #CloudApplications have streamlined and automated their #finance operations giving them an edge over competition. https://lnkd.in/giBwW7P8

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At Policybazaar, we believe insurance is more than just a policy—it's a lifeline in times of need. Our commitment to our customers extends beyond mere coverage; it's about being there when they need us most. We understand the importance of health insurance as a trusted ally during challenging times, which is why we go the extra mile to ensure their claims are swiftly approved. Don't just take our word for it—hear from our satisfied customers themselves. Their testimonials speak volumes about our dedication to reliable support during medical emergencies. #healthcare #health #insurance #healthinsurance #customer #testimonials #claimstories #happycustomers #claims

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Highlights of IRDAI's Changes to Health Insurance: 1. No Age Limit: Individuals can now purchase health insurance regardless of their age. This change ensures that everyone has access to health coverage, regardless of life stage. 2. Focus on Seniors: Insurers are now required to offer specific health insurance plans for senior citizens. Additionally, dedicated channels have been established to handle their claims and grievances. This focus on seniors aims to provide tailored coverage and better support for older policyholders. 3. Pre-Existing Conditions Covered: Insurers cannot deny coverage or reject claims based on pre-existing conditions after 36 months of continuous coverage. This change provides more security for individuals with existing health conditions. 4. Reduced Waiting Period: The waiting period for pre-existing conditions has been lowered from 48 months to 36 months. This means that policyholders can access coverage for pre-existing conditions sooner. 5. No Claim Dispute After 5 Years: Insurers are now prohibited from contesting claims after 60 months (5 years) of continuous coverage. This ensures greater stability and peace of mind for policyholders. 6. Life Insurance Changes: Life insurers can offer benefit-based health plans and bundle them with Unit-Linked Insurance Plans (ULIPs). However, they cannot offer indemnity-based health plans. This change expands the options available to consumers. 7. Premium Flexibility: Insurers can offer premium payment in installments, but they cannot adjust premiums during the policy term except at renewal based on age and risk. This flexibility benefits policyholders by allowing more convenient payment options. 8. Wider Coverage: - Travel Health Insurance: Travel health insurance can now only be offered by general and health insurers. This ensures better regulation and oversight of travel-related health coverage. - AYUSH Treatments: Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH) treatments have no coverage cap. Policyholders can access these alternative therapies without limitations. - Multiple Claims: Policyholders with benefit-based plans can file multiple claims with various insurers. This provides more flexibility and options for claim settlements. 9. Improved Customer Experience: Streamlined renewals and dedicated channels for senior citizens aim to enhance the overall customer experience. Policyholders can expect smoother interactions with insurers. #insurance #insurtech #consulting #digitalmarketing #benefits4expats #b4einsurtech https://lnkd.in/g7xH5uyE

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These are hugely exciting times for the General Insurance Industry. But if the industry is to truly embrace the future, our partners and our workforce will have to adopt a fresh approach based on the AI and tech-based opportunities the future presents. The Confederation of General Insurance Agents Association of India (CGIAAI) recently hosted an insightful webinar on "The Future of Car Insurance - Trends & Innovation." #CGIAAI #GeneralInsurance #CarInsurance #InsuranceTrends #Innovation #CaringlyYours

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𝐉𝐨𝐢𝐧 𝐮𝐬 for a crucial conversation on the India Insurtech Association Podcast hosted by Nilanjan Roy, as our CEO and Co-Founder, Mohit Anand, sheds light on the world of cyber insurance. In this enlightening episode, 𝐌𝐨𝐡𝐢𝐭 compares cyber insurance to traditional business insurance and explains why it's essential in our digitally driven world. Dive into discussions about the complexities of cyber risks, the ever-evolving nature of threats, and the strategies crucial for effective risk management. Whether you're a large corporation or an individual concerned about data privacy, understanding cyber insurance can significantly enhance your security posture. Don't miss this opportunity to deepen your understanding of how cyber insurance can protect against the dynamic landscape of cyber threats. 𝐓𝐮𝐧𝐞 𝐢𝐧 𝐧𝐨𝐰! 𝐖𝐚𝐭𝐜𝐡 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐞𝐩𝐢𝐬𝐨𝐝𝐞 𝐡𝐞𝐫𝐞: https://lnkd.in/gsDWTVBy Archit Vyas Daksha Jain #Mitigata #InsurTech #CyberInsurance #InsuranceTechnology #Podcast

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The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a new master circular for health insurance, which mandates insurers to decide on cashless authorization within one hour of receiving the request. This directive is designed to streamline the cashless claim process and improve the overall customer experience. Here are some key points regarding the impact and significance of this new directive: 1. Faster Processing Time:   - The requirement for insurers to decide on cashless authorizations within one hour will significantly reduce the waiting time for patients. This quick turnaround can be crucial in emergency situations where timely medical intervention is needed. 2. Enhanced Customer Satisfaction:   - By expediting the approval process, the new mandate is expected to enhance customer satisfaction. Patients and their families will experience less stress and anxiety related to the financial aspects of healthcare during critical times. 3. Operational Efficiency:   - Insurers will need to improve their operational processes to comply with this mandate. This could lead to the adoption of more efficient systems and technologies, ultimately improving overall service quality. 4. Better Healthcare Access:   - Quick cashless authorizations can improve access to healthcare services, as patients will not have to worry about upfront payments. This can be particularly beneficial for individuals with limited financial resources. 5. Compliance and Accountability:   - The directive will likely increase accountability among insurers, as they will need to adhere to the one-hour decision timeline. Non-compliance could lead to regulatory actions and impact their reputation. 6. Challenges for Insurers:   - Implementing this mandate may present challenges for insurers, especially in terms of scaling up their resources and ensuring that their systems can handle the increased demand for quick processing. 7. Impact on Healthcare Providers:   - Healthcare providers may also benefit from the streamlined process, as it can lead to quicker reimbursements and reduce administrative burdens associated with claim approvals. 8. Regulatory Oversight:   - The IRDAI's involvement in setting such directives demonstrates proactive regulatory oversight aimed at protecting consumer interests and ensuring fair practices in the insurance sector. Overall, this new mandate by the IRDAI represents a significant step towards improving the efficiency and customer-centricity of health insurance services in India. It is expected to foster a more responsive and supportive healthcare ecosystem, ultimately benefiting both patients and providers.

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These strategic shifts have heralded a "#customerfirst" approach, placing significant #responsibilities on insurance companies to bridge the existing gap in India's health insurance landscape. Yet, it's no walk in the park. The real test lies in the #effective execution of these initiatives by #insurers, instilling trust among clients. The ultimate goal? Witnessing a surge in individuals opting for health insurance coverage. Let's not overlook the stark reality: #Healthinsurance penetration in India currently stands at a mere 4% of its #GDP. It's time for #action, #innovation, and a #commitment to prioritizing the well-being of every #Indian. Follow Aarvi Insurance for more informative posts like this! #aarviinsurance #insurancebrokers #rules #GDP #healthinsurancecoverage #healthinsurance #updatednews #penetration #insurers #customerfirst #wellbeing #responsibilities

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In our series on pre-existing diseases, today we cover Cancer. Fighting Cancer is not just a battle for life; it's a battle for financial stability and emotional strength. The journey through cancer treatment is often terrifying and chaotic, requiring immense courage and a substantial financial outlay. This struggle can drain families emotionally and financially, leading to liquidating assets, selling land or property, and making other significant sacrifices. Health insurance offers a hope in these trying times. It provides a far more affordable and practical solution to managing the high costs associated with cancer treatment. Securing a health insurance plan as early as possible can alleviate the financial burden and allow patients and their families to focus on what truly matters – recovery and support. If you don't already have a health policy and have had Cancer in the past, there's still hope. You can still get coverage to protect yourself and your loved ones from future financial strain. Understanding the cost of cancer treatment underscores the importance of having robust health insurance. The figures below illustrate the actual impact. To know more about health insurance plans for Cancer, click below Know More>>https://bit.ly/3Xqp1J2 #Linkedin #Healthcare #Cancer #Awareness #HealthInsurance #Insurance

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Unlocking the Power of Reinsurance: Charting the Remarkable Growth Journey in India, delve into my ET article as we experience the flourishing landscape of reinsurance in India. From driving innovation to mitigating risks, discover how reinsurance is shaping the future of the BFSI sector. #ReinsuranceRevolution #BFSI #India #RiskMitigation #Innovation #Lockton

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