Weekly Insurance Round-up Tuesday, February 8, 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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✴️ 9.74% premium growth recorded by life insurance industry during 2020-21: Economic Survey 🔍
✴️ Max Life enables UPI autopay for seamless premium payments 🤑
✴️ LIC ties up with Policybazaar for the distribution of its products
✴️ ICICI Lombard customers can use the company’s app to check vitals 📱
✴️ Kotak General Insurance and CARZ24 come together to provide motor insurance to used car buyers 🚗
- As per the 2021-2022 Economic Survey, the life insurance industry has registered a premium income of ₹6.29 Lakh Cr. that is 9.74% more than the previous financial year.
- The insurance penetration in India increased from 2.71% in 2001 to 4.2% in 2020. Out of this, life insurance penetration is 3.2% and non-life insurance penetration is 1%.
- The insurance density in India also increased from $11.5 in 2001 to $78 in 2020, where $59 is for life insurance and $19 is for non-life insurance.
- While India is at par with the international average in terms of life insurance penetration, we still lag behind when it comes to non-life insurance penetration.
- Insurance awareness increased in the pandemic and hence, more people have started purchasing insurance. This is one main reason behind the increase in premiums.
Sources: LiveMint | The Economic Times
- With an aim to make premium payments seamless and secure for the customers, Max Life Insurance Company Ltd. has enabled UPI autopay.
- This will allow customers to make payments through the UPI payment option while purchasing a new policy or renewing their existing policy.
- Customers can also set up automatic payments via UPI apps and choose payment frequencies like one-time, monthly, quarterly, half-yearly, or yearly.
- This feature will reduce the risk of non-payment of premium and save customers time as they’ll not have to go through the manual payment process or visit any branch for the renewal of their policy.
Source: LiveMint
- Life Insurance Corporation of India (LIC) has tied up with Policybazaar.com to distribute its products.
- LIC has 1.33 million agents for the distribution of its products and this will be LIC’s first association with an insurance aggregator.
- Policybazaar.com stated that it aims to expand its reach, especially into smaller cities to ensure financial inclusion and social security. The tie-up with LIC will help in amplifying their reach.
Source: Business Standard
- ICICI Lombard app users will now be able to use a face scan diagnostic feature to check their vitals like blood pressure, oxygen saturation, heart rate, respiration rate, and stress level within minutes.
- The insurance company claims that the readings have an accuracy of 92-95%. Also, this facility is introduced so customers can keep a track of their health and maintain it. The data will not be used for any medical intervention or underwriting purposes.
- The app uses the photoplethysmography (PPG) technology, which is the same as the technology used in pulse oximeters. It measures changes in the light absorption in blood vessels to measure the blood volume changes based on which the vitals are calculated.
Source: Times of India
- Kotak Mahindra General Insurance Company Ltd has partnered with CARZ24 to offer motor insurance to used car buyers.
- With this tie-up, CARZ24 aims to maximize the value and satisfaction of CARZ24 buyers. The company will provide Kotak General Insurance’s comprehensive motor insurance policies to its customers to insure their vehicles.
- Officials of Kotak Mahindra General Insurance believe that as the used car space is gaining traction, this tie-up will make motor insurance available for the customers in a trustworthy and faster way.
Source: LiveMint
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