search icon
linner
04 Oct, 2022 | Weekly

Weekly Insurance Round-up Tuesday, October 4, 2022

Team Beshak
By Team Beshak
We breathe insurance :)
😐 0
Not so great
😃 1
It’s helpful
🤩 4
It’s perfect!
aritcal-image

Hello there! 👋

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! 

Let's get started! 🚀


What's inside? 🧐

✴️ Covid-19-related claims drop to less than 1% as claims for other ailments increase 🩺

✴️ Shriram Life Insurance gets an Aadhaar authentication license for eKYC services 🪪


Covid-19-related claims drop to less than 1% as claims for other ailments increase 🩺

  • In the first five months of the current fiscal year, claims related to Covid-19 have decreased as hospitalisation due to Covid has significantly reduced.
  • However, there is now a noticeable hike in hospitalization for other ailments and surgeries that were put on hold earlier due to the pandemic.
  • As per a survey conducted by Policy Bazaar, the average claim size of Covid-19 is ₹80,000 against average non-COVID-19 claims of ₹77,500 in this period where the minimum claim amount is ₹1,000 excluding health check-ups and OPD claims.
  • The survey also revealed an increased inclination to buy insurance in tier 2 & tier 3 cities post the pandemic.
  • Among the total respondents, 89% willing to renew their health insurance are from tier 2 cities as compared to 77% from tier 1 cities. This trend was the same for term insurance as well, where 59% who wanted an increased cover were from tier-3 cities as compared to 26%  from tier 1 cities.
  • A total of 5000 consumers were surveyed by Policy Bazaar for understanding the behavioural shift in insurance buying trends.
  • Out of the total respondents who contracted covid, 25% were hospitalised and 18% of them had to spend over ₹15 Lakhs and 22% were not sufficiently covered by their existing policy. 13% who had Covid did not have health insurance.
  • Almost 50% of the policies were brought after the first wave of covid and 41% of policies were purchased after the Delta wave.

Source: The Times Of India

Go to Top 🆙

Shriram Life Insurance gets an Aadhaar authentication license for eKYC services 🪪

  • The UIBDAI has recognised Shriram Life Insurance as a KYC user and an authentication user agency.
  • With this certification, Shriram can now complete KYC for customers in a short time while seeking new business and also during other policy servicing processes.
  • Cassie Kromhout, MD & CEO, Shriram Life Insurance Company, said that with this certification the on-boarding of the customers will be simplified, and with the help of an OTP, they will be able to complete the KYC in minutes without the hassle of uploading any images or documents.
  • This will also be a benefit for customers from remote and rural areas where the company has a significant presence, as the policies can be issued quickly and customers can be provided with immediate life insurance protection via their smartphones.

Source: LiveMint

Go to Top 🆙


We need your feedback 🙏

Love it? Hit the 'It's perfect' button below! Have a suggestion to improve our content? Please leave us a comment. We absolutely appreciate it! 

Be the first to get this weekly news analysis, on your phone. Join the exclusive Telegram Channel for Financial Advisors 👉 t.me/beshakforadvisors 

Team Beshak
Written by,
Team Beshak, We breathe insurance :)

We are a group of young members of the Beshak community. We come together to brainstorm, write relevant and useful content for people (just like us) who want to figure insurance on their own. If you too want to share inputs/write for us - send us a "hey" to info@beshak.org

0 Comments
TAGS:
Health Insurance
Claim
COVID19
RELATED ARTICLES
Image
Weekly
Weekly Insurance Round-up Tuesday, September 14, 2021
by Team Beshak
Image
Weekly
Weekly Insurance Round-up Tuesday, September 28, 2021
by Team Beshak
Image
Weekly
Weekly Insurance Round-up Tuesday, September 21, 2021
by Team Beshak