Weekly Insurance Round-up Tuesday, August 30, 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 eases limits for commissions ⏬
✴️ HealthAssure raises ₹50 Cr. in pre-series funding 💰
✴️ Edelweiss General Insurance partners with Ayushman Bharat Digital Mission 🤝
- On the 25th of August 2022, IRDAI gave insurers options to pay commission by linking the limits to the overall portfolio and company management expenses.
- IRDAI said that the commission and remuneration payouts of insurers should be based on board-approved policies, and these will be reviewed annually.
- They also stated that the insurers must give discounts on the premiums and no commissions shall be payable to insurance agents of insurance intermediaries in the direct business.
- Under the new regulations, the commission limit will remain, but going forward it will be at the portfolio level limit and not at the individual line of business level. So, the company that does more group health business at a low commission will have more headroom than one that does more individual health insurance business.
Source: The Economic Times
- HealthAssure raised ₹50 Cr. in pre-series funding led by the Rajiv Dadlani Group. The round also had participants like Blume Ventures, Leo Capital, a US-based impact fund, reputed Family Offices, and High Networth Individuals.
- With these funds, HealthAssure will be focusing on enhancing its products, strengthening distribution, sharpening its OPD insurance network, and investing in futuristic primary healthcare technology.
- HealthAssure is a health tech company aggregating primary health care services and OPD insurance and since 2011 the company has served 3 million customers and has several lines of businesses serving most insurers in the market from LIC, SBI Life to Niva Bupa, Care Insurance, and ICICI Prudential.
Source: Business Standard
- Edelweiss General Insurance has partnered with the Ministry of Health to help create health IDs for all the people of India.
- Ayushman Bharat Health Account (ABHA) is a first step towards creating safe and secure digital health records.
- ABHA is a 14-digit number that will help the user to share and access their health records digitally with registered health providers.
- With this from now on, all the customers of Edelweiss General insurance as well as other people will be able to create their unique ABHA ID by visiting the website of company and by following the instructions on the ABHA microsite.
- Having an ABHA id is not mandatory but it will help people to access and share their personal health records, and receive digital lab reports, diagnoses, prescriptions, etc, from the healthcare providers and doctors registered with Ayushman Bharat Digital Mission anywhere in India.
Source: Express Healthcare
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