Weekly Insurance Round-up Tuesday, October 4, 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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✴️ 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 🪪

• 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

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• 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

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