The modern consumer demands personalized experiences and convenience in every aspect of their lives. Technological advancements and the desire for seamless experiences have driven a paradigm shift in consumer behavior. However, the motor insurance industry in India has remained stagnant, offering traditional annual coverage despite vehicles being used for only a fraction of the time. Studies indicate that Indian cars are parked for over 95% of the time and driven for less than 5%. Recognizing this disparity, a company has embarked on an innovation journey to transform the motor insurance landscape.

-In a directive issued on 30th June 2023, IRDAI issued guidelines on Remuneration of Directors and Key Managerial Persons of Insurers

Cricket is not just a sport but an emotion in India. Millions of fans follow cricket matches with great passion, and their emotions are often tied to the performance of their favourite teams. Similarly, in the Indian insurance sector, customer experience (CX) significantly shapes customers' emotions towards insurance companies. With the emergence of cutting-edge technologies like Chat GPT, insurers have the opportunity to enhance CX and create lasting relationships with their customers. Chat GPT can play an instrumental role in the Indian insurance sector.

Artificial intelligence has taken the world by storm. From large language model (LLM) like ChatGPT, Bard, Perplexity, Jasper Chat etc to various new AI tech springing up every week, it has become quite evident that we are in the midst of an inevitable AI revolution. However, insurance industry is already leveraging various AI tech to improve various processes across the value chain. Let’s explore 4 key areas where AI is bringing significant transformation.

The hallmark of any great economy is how financially secure the citizens of the country are; to extend financial security to the last mile in the country, the Central Government launched two insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015. The schemes aimed to improve the financial security of our citizens and bring financial inclusion. PMJJBY provides a life insurance cover for INR 2,00,000 in exchange for a nominal premium of INR 436 per annum. PMSBY extends personal accident cover of INR 2,00,000 for accidental death and permanent total disability and INR 1,00,000 for partial disability for an annual premium of INR 20. Any life and non-life insurer registered with IRDAI can participate in this noble initiative for PMJJBY and PMSBY, respectively.

The financial year 2023-24 for the non-life industry started off well, with premium growth at the end of May showing 19.44%, which indeed is impressive but slightly lower than the previous month, which was over 20%. The high-growth segments include Engineering, Motor, Health, and Misc., whereas the growth percentage in fire, marine, liability, and aviation insurance is in single digits. The total premium of the non-life industry stands at Rs 43,811.25 crores, as opposed to the previous year's total up to the month of Rs 36,679.95.

In the earlier articles, we had seen the intent and history behind the Expenses of management regulations framework. Circa 2023, it is now time to assess the present situation:

Our homes are amongst our most expensive and important assets. Many of us invest our life savings to build a home, and we all wish our homes always remain safe. We take many measures to ensure the safety of our homes, like installing security cameras, locking the doors when we leave home, and installing proper electrical settings to avoid any mishaps etc. While these ways of securing a home are popularly known, there is one more, lesser known, efficient way of securing your home, ‘Home insurance.’ This article aims to give you a clear understanding of home insurance.

Insurance frauds- .Q&A with Mr. Gopal Balachandran