Weekly Insurance Round-up Tuesday, August 2, 2022

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We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful! 

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✴️ Floater Motor Insurance Plan launched by ICICI Lombard ☂️

✴️ Royal Sundaram and City Union Bank enter into a bancassurance tie-up 🤝

✴️ City Union Bank and Aditya Birla Health Insurance announce a bancassurance partnership 🏦

• ICICI Lombard has introduced a floater motor insurance policy to help customers in insuring numerous vehicles under a single policy.
• With a single renewal date and an all-inclusive plan, this policy will allow customers to insure all of their vehicles under a single cover.
• The benefits of the product include - 
  • Customers who opt for this product will have to pay a lower premium.
  • The entire benefits of the No Claim Bonus for each car will be preserved when a customer switches from separate policies to a floater plan.
  • If there are no claims under the floater plan, customers will get a No Claim Bonus discount at the time of the subsequent renewal, as per the appropriate slab.
  • Customers will have the option of adding telematics add-ons to their comprehensive policy and the premium charged will partially depend on the usage of the vehicle. 
  • Customers will be able to opt for different plans under telematics add-ons like:
    • Pay-As-You-Drive: 
      • Under this, customers will have the option to select from a variety of "Kilometres" depending on their usage. 
      • The premium will be determined based on the usage of the vehicle.
      • If the initially chosen kilometres get exhausted, customers can top up the kilometers during the policy duration. 
      • Coverage under this add-on will be only valid if the kilometres are partially or completely utilised at the time of accident loss.
    • Pay-How-You-Use:
      • Under this, the premium will be charged based on the driving behaviour score. 
      • With good driving behavior, customers can attract discounts on the base premium of the policy. They, however, may be disincentivised for bad driving behavior as well.
• ICCI Lombard said that the add-ons will be effective for the same period as the Motor Own Damage under the relevant section of the policy unless and until stated otherwise.

Source: LiveMint

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BANCASSURANCE TIE-UPS

• City Union Bank and Royal Sundaram have teamed up to provide easy access to comprehensive general insurance products to the bank's customers.
• With this partnership, customers of Union Bank will be able to access Royal Sundaram's array of products, including health, motor, personal accident, travel, and so on.
• Royal Sundaram stated that they will be solely focusing on meeting the demands of their customers.

Source: LiveMint

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• Aditya Birla Health Insurance has entered into a partnership with City Union Bank to provide its insurance products through the bank's branches.
• This partnership will allow the bank's customers to access Aditya Birla's insurance products via the bank’s 727 branches spread across 153 districts.
• Aditya Birla intends to expand its reach to Tamil Nadu and other southern states, as well as tier I and tier II cities through the bank's network.
• Currently, Aditya Birla has 13 bancassurance partners including City Union Bank.

Source: LiveMint

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