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19 Jul, 2022 | Weekly

Weekly Insurance Round-up Tuesday, July 19, 2022

Team Beshak
By Team Beshak
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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! 

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What's inside? 🧐

✴️ Indian life insurance industry will grow at 10.3% annually till 2026: GlobalData 📈

✴️ Bajaj Allianz Life Insurance partners with City Union Bank 🏦

✴️ Nurture.farm collaborates with SBI General Insurance and Future Generali 🤝


Indian life insurance industry will grow at 10.3% annually till 2026: GlobalData 📈

  • As per GlobalData’s forecast, India's life insurance industry is set to grow at a compound annual growth rate of 10.3% till 2026.
  • GlobalData reports that life insurers have seen a significant increase in group life insurance policy sales in recent years.
  • The government's initiative to sell life insurance policies to low-income groups of customers under the Pradhan Mantri Jeevan Jyoti Bima Yojana to increase life insurance penetration has also helped the life insurance growth in India.
  • The Covid-19 pandemic has driven insurers to embrace digital distribution in order to enhance product distribution and acquire direct control of customer relationships.
  • With all of the initiatives undertaken by insurers and the government, the life insurance market is expected to grow at a rate twice that of the worldwide average of 5.5 percent.

Source: Financial Express

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RECENT PARTNERSHIPS

Bajaj Allianz Life Insurance partners with City Union Bank 🏦

  • City Union Bank and Bajaj Allianz have formed a strategic alliance to provide a wide variety of life insurance solutions to City Union Bank customers across their 727 locations.
  • The customers of City Union Bank will be able to invest in life insurance through Bajaj Allianz's variety of products, which includes terms, savings, retirement, investment options, and more.
  • Bajaj Allianz aims to expand its business in the southern states and beyond with this partnership.

Source: LiveMint

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Nurture.farm collaborates with SBI General Insurance and Future Generali 🤝

  • Nurture.farm, an agri-tech start-up on the 13th of July 2022 announced its tie-up with SBI General Insurance Company and Future Generali for expanding its insurance solutions.
  • On 13th July 2022, Nurture.farm, an agri-tech start-up, announced its collaboration with SI general insurance firm and Future Generali to expand its insurance solutions.
  • Nurture.farm recently bagged a corporate licence from the IRDAI, which will now allow them to provide access to farmers for getting insurance products at an affordable price.
  • With this tie-up, the company aims to provide its products to 2 million farmers in 2022-23.

Source: Business Standard

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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

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TAGS:
Term Life Insurance
Purchase
COVID19
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