Weekly Insurance Round-up Tuesday, July 5, 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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✴️ IRDAI urges insurance companies to adopt states to boost reach 📈

✴️ Plum & Visa come together to offer health insurance to MSME cardholders 🤝

✴️ SBI & Paschim Banga Gramin Bank enter into a bancassurance pact 🏦

✴️ Star Health signs bancassurance tie-up with IDFC FIRST bank ✍️

• To increase the insurance penetration, IRDAI has urged insurers to emulate the banking industry's inclusion approach by adopting particular states.
• In the first bi-monthly meeting held by the new IRDAI chairman, the insurers were guided to increase the growth rate and were provided with indicative targets along with individual states and UTs to lead on.
• In the meeting, the Insurance Information Bureau (IIB) made a presentation to enhance its role and corporatisation.
• IRDAI has asked the insurance companies to reach the G7 level of insurance penetration for life companies and at least double the insurance penetration for non-life companies.
• IRDAI has also suggested creating a working group including the officials of NHA to utilise the claims exchange.

Source: The Times of India 

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• Plum, a health insurance platform has tied up with Visa to provide comprehensive and affordable health insurance plans to its MSME cardholders.
• With this partnership, small business owners who are also Visa’s business cardholders will receive new-age health insurance covers, doctor consultations, and a host of other wellness benefits. 
• The monthly plan starts with a low premium of ₹129 per life, per month.
• Plum will provide two types of plans to Visa’s small business cardholders - 
  • Income Advantage Plan for SMEs: This plan will offer - 
    • A lump sum benefit on hospitalisation
    • ICU hospitalisation payout
    • Per day cash allowance
    • 40% discount for Visa business cardholders.
  • Plum Lite Plan for small teams: This plan will offer - 
    • Health insurance up to ₹5 Lakhs
    • Discounted medicines
    • Health check-ups
    • Unlimited doctor consultations
    • Weekly wellness sessions
    • Dental and vision check-ups etc.
    • 40% discount for Visa business cardholders in the first month of plum lite membership.
• Plum is an employee health insurance platform that provides health insurance at an affordable price. It was founded in 2019. 

Source: LiveMint

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BANCASSURANCE TIE-UPS

• SBI Life insurance has signed a bancassurance pact with Paschim Banga Bank on 30th June 2022.
• With this partnership, all the branches of Paschim Banga Bank will provide SBI Life’s protection, wealth creation, credit life, annuity, and savings products.
• The main aim behind this pact is to increase the accessibility of life insurance solutions in the region.

Source: MoneyControl

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• Start health insurance has entered into a bancassurance pact with IDFC FIRST to distribute its health and insurance solutions.
• Under this partnership, Star Health Insurance will be offering its insurance products to the customers of IDFC bank through the bank's digital platform and its widespread network.
• The officials of Star Health Insurance feel that this collaboration will enable them to assist clients in obtaining insurance and protecting themselves from the rising healthcare costs.
• IDFC FIRST bank officials feel that this collaboration has arrived at an ideal time when public awareness of the significance of insurance is at an all-time high owing to the pandemic.

Source: Business Standard

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