Weekly Insurance Round-up Tuesday, May 31, 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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✴️ New vehicle insurance rates to be applicable from June 1 💸

✴️ IRDAI directs insurers to stop displaying ads unrelated to insurance claims 🚫

✴️ Riskcovry partners with Taskmo to provide insurance facilities 🤝

• On 25th May 2022, the centre approved new base premium rates for third-party motor vehicle insurance. These revised rates will be applicable from 1 st June, 2022.
• The rates were last changed in the financial year 2019-20. They were kept unchanged during the pandemic.
• According to the gazette notification from the Ministry of Road, Transport, and Highways, the annual rates of the third-party insurance are fixed as follows - 
  • ₹2,094 for private cars not exceeding 1000 CC.
  • ₹3,416 for private cars between 1000 to 1500 CC.
  • ₹7,897 for private cars with more than 1500 CC.
  • ₹1,366 for two-wheelers over 150 CC but not exceeding 350 CC.
  • ₹2,804 for two-wheelers over 350 CC.

Source: The Economic Times

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• IRDAI has advised motor insurers to discontinue advertisements that are not related to insurance claims.
• Insurers usually partner with motor workshops or garages to provide motor insurance claims services for the repair of accident cars. Along with claims services, garages also agree to provide certain services that are not related to claims like free pick up and drop, body washes, interior cleaning, etc.
• While it is left to the motor service providers to package the aforesaid services with insurance, IRDAI believes that general insurers advertising such services as a benefit under their insurance coverage is highly unacceptable.
• According to IRDAI, the main aim of service agreements with motor garages/workshops must be to provide insurance services for claims of accident cars. And, they cannot be unilaterally expanded to include services that are not related to insurance claims.
• IRDAI has asked the insurers to - 
  • Stop advertising services supplied by motor garages/workshops that are not linked to insurance claims.
  • Stop advertising discounts in relation to or in comparison to previous tariff rates.
  • Ensure that the premium discounts and savings that apply only in severe or unusual circumstances are not used as examples.

Source: LiveMint

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• Riskcovry, an insuretech firm, has teamed up with Taskmo, a B2B gig marketplace, to provide workers with per-day insurance.
• Riskcovry will offer Taskmo workforce accidental insurance on a switch-on/off usage-based coverage using digital infrastructure to embed insurance through APIs.
• With this insurance, the workers will be covered during the duration of their work hours.
• The insurance will get instantly activated once a worker logs in to the app and will be valid for the duration of their shift. When a worker checks out from the day's job, the cover will immediately be disabled.
• The workers will be provided with insurance coverage of INR 2 Lakhs. The insurance policy will cover - 
  • Accidental deaths
  • OPD (Outpatient Department) expenses
  • Hospitalisation costs
  • Permanent total disability arising from accidents
  • Ambulance services
• Riskcovry is an insuretech startup that was founded in 2018. It enables any insurance product to integrate across any customer engagement channel, seamlessly. As a B2B2C enterprise product firm, it provides companies with a SaaS and API-first platform that optimises all insurance end-consumer touchpoints.
• Taskmo is a ‘tech-driven on-demand task fulfilment’ platform. It employs gig workers to execute jobs for major enterprises, organisations, personal brands, and even startups. Taskmo has partnered with a number of well-known businesses in a variety of industries, including e-commerce, FMCG, retail, food tech, warehousing, events, marketing, healthcare, and more.

Source: LiveMint

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