MSMEs have been the backbone of Indian economy and have shown tremendous resilience even when faced with unprecedented challenges. They are the growth engine of the economy contributing to over a third of the country’s GDP. In a Q&A session, Mr Sanjeev Mantri, Executive Director, ICICI Lombard talks about the importance and issues related to MSME sector in India.

Technology has played a pivotal role in the evolution of the Indian Insurance Industry. Technology has made processes simpler, faster, and more efficient. Previously, we used to manually fill out proposal forms, and issue physical cover notes and policy copies, and the claim settlement process was time-consuming. However, with the advent of technology, we can now settle claims with a single click, instantly communicate with people, and even conduct vehicle pre-inspections by simply capturing photographs. Undoubtedly, we have undergone a remarkable evolution thanks to technology.

Agents and diagnostic centers were found involved in making fraudulent health insurance claims under one of the products offered by the Company by submitting forged health checkup reports. Shilpa Verma of Niva Bupa cites a case study in this article about insurance frauds

Australia: Regulators release documents on proposed Financial Accountability Regime - Asia Insurance Review

In a rapidly changing world, unforeseen events can disrupt our lives and livelihoods. Non-life insurance serves as a crucial safety net, offering financial support during times of adversity. From safeguarding lives against accidents and serious illnesses, homes against natural calamities to ensuring vehicles’ protection on the road, non-life insurance provides peace of mind and a sense of security for you and your loved ones. The range of insurance covers is large enough to protect everyone from any accident to life and property. What is lacking is the awareness of protection available and risk management.

ESG, as a concept is now well known across the Globe. For Insurance Companies, going the ESG way has more benefits than some other sectors. The Insurance companies are exposed to wide array of ESG factors both directly and indirectly. Like most companies, the direct ESG factors considers the way in which the Company impacts the environment, and social fabric and the Governance practices that impacts the sustainability of operations and stability of financial markets.

The Premium Score Board- July 2023