Weekly Insurance Round-up Tuesday, March 29, 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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✴️ Health insurance claims surge over 3.5 times in 2021: Study 🔍
✴️ ICICI Lombard and Airtel Payments Bank come together to offer smartphone insurance 📱
✴️ Max Life Insurance partners with PhonePe to offer financial protection to customers 🤝
- Digit Insurance recently conducted a study based on the data of claims settled by them for both retail and group health insurance products between January and December of 2020 and 2021.
- They compared the data of 2020 with that of 2021 to understand how the trends moved in the two years that were hit by the Covid-19 pandemic.
- According to the results, health insurance claims surged over 3.5 times in 2021. The study also states that non-metro reported 17% more claims than the metros in 2021.
- Here are some findings of the study -
- Non-metros reported 51% higher overall claims in 2020 than metros.
- Overall claims for non-metros in 2021 were almost 300% more than the claims reported in 2020.
- Average claim size in 2021 dropped by over 21% compared to the previous year across all types of insurance.
- Policyholders between the age group of 25-35 and 36-45 reported the highest claims in 2021, similar to 2020.
- The claims reported by men were 127% more than the claims reported by women in 2021, whereas in 2020 the same stood at 283%.
- Digit insurance believes that the surge in claims in 2021 is mainly because of the increase in awareness of health insurance products post the pandemic.
Source: LiveMint
- Through a fast, paperless, and secure digital process, customers of Airtel Payments Bank can now purchase from ICICI Lombard's smartphone insurance via the Airtel Thanks App.
- The insurance will be issued automatically, post submitting the smartphone details. It will offer protection against damages to the phone and its screen due to accidents or liquid spills.
- Customers can buy this insurance until 10 days after purchasing a smartphone ranging from ₹10,000 to ₹100,000.
- The insurance plan will be available at a monthly premium starting from ₹1299, and the insurance sum will be equal to the purchase price of the smartphone.
- With this tie-up, Airtel Payment Banks have further strengthened its insurance offerings available on its digital platform.
Source: LiveMint
- Max Life Insurance recently announced the launch of the Max Life Smart Secure Plus Plan, a non-linked non-participating individual pure risk premium life insurance on the PhonePe app.
- PhonePe customers can get comprehensive financial coverage for their families for premiums starting as low as ₹4,426 annually.
- Customers can choose a maximum sum assured of ₹10 Crores, and an in-built terminal illness benefit and a special exit option will also be available with the plan.
- According to Max Life’s press release, customers can buy this term insurance plan from the PhonePe app through a simplified digital customer journey - without any hassle or excessive paperwork.
- With this partnership, Max Life aims to create a robust distribution channel for digitally savvy customers and expand the uptake of term insurance plans and financial protection.
Source: LiveMint
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