Weekly Insurance Round-up Tuesday, July 19, 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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✴️ 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 🤝
- 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
RECENT PARTNERSHIPS
- 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
- 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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