IRDAI - NewNerve

20May

By AnkitNo Comments

BFSI, Insurtech

Policybazaar’s ‘Claim Assurance Program’ Promises Faster, Smoother Motor Insurance Claim Settlements

Online insurance marketplace Policybazaar has introduced a new initiative called the 'Claim Assurance Program' to accelerate the motor insurance claims process across India. The program aims to provide swift and efficient claims support across over 1000 PIN codes, targeting both metropolitan areas as well as tier 2 and 3 regions. The Claim Assurance Program is part of Policybazaar's broader strategy to enhance its claims assistance capabilities across all insurance verticals. The company has also launched a new advertising campaign to increase awareness about its efforts to streamline insurance claims processing. "Our commitment to providing seamless support extends beyond promises; it's about tangible actions. While no one anticipates an accident, we understand that it's our duty to...

Regulators and Associations in the Indian Fintech Landscape, 2024

4May

By Ankit4 Comments

BFSI, Blog, Regtech

Regulators and Associations in the Indian Fintech Landscape, 2024

The Indian Fintech sector operates within a complex regulatory framework involving multiple entities. Let's delve into the key regulators and associations that play a crucial role in shaping and guiding this dynamic ecosystem: 1. Regulators: Reserve Bank of India (RBI): The central bank of India, RBI, is responsible for regulating various aspects of the financial system, including payments, banking, and lending. It has played a significant role in fostering innovation within the Fintech space through initiatives like regulatory sandboxes and the launch of UPI. Securities and Exchange Board of India (SEBI): SEBI regulates the securities market in India, overseeing activities related to stock exchanges, mutual funds, and investment advisors. Fintech companies involved ...

From Limits to Liberation: IRDAI’s New Health Insurance Regulations

22Apr

By AnkitNo Comments

BFSI, Insurtech

From Limits to Liberation: IRDAI’s New Health Insurance Regulations

The Insurance Regulatory and Development Authority of India (IRDAI) has recently introduced groundbreaking regulations aimed at making health insurance more inclusive and accessible to individuals across all age groups. These progressive changes, effective from April 1, 2024, signify a significant departure from conventional constraints and foster comprehensive coverage for everyone. Elimination of Age Limit in Health Insurance One of the most impactful changes is the removal of the age limit for purchasing health insurance policies. Previously, individuals aged 65 and above faced challenges in securing comprehensive coverage. However, with the new regulations, this barrier has been dismantled. Now, health insurance is available to all, regardless of age. This move ensures th...

Health Insurance for All Ages: IRDAI’s Progressive Decision to lift Age Limit of 65 years

21Apr

By AnkitNo Comments

BFSI, Goverment Notice/Circulars, Insurtech

Health Insurance for All Ages: IRDAI’s Progressive Decision to lift Age Limit of 65 years

In a significant move, the Insurance Regulatory and Development Authority of India (IRDAI) has abolished the age limit for purchasing health insurance policies, effective from April 1, 2024. This decision marks a departure from the conventional constraints that previously limited individuals in securing comprehensive health coverage. With the recent announcement, the regulatory body has eliminated the cap on buying health insurance policies, marking a significant departure from the conventional constraints that often limited individuals in securing comprehensive coverage Furthermore, this move is poised to stimulate innovation within the insurance sector. Insurers are now incentivised to diversify their product offerings, catering to a broader spectrum of healthcare requirements. ...

General Insurance Industry in India: FY24 Insights and Challenges

14Apr

By Ankit1 Comment

BFSI, Insurtech

General Insurance Industry in India: FY24 Insights and Challenges

The Indian general insurance industry, despite maintaining double-digit growth in gross premium during the fiscal year 2023-24 (FY24), fell short of reaching the coveted ₹3 trillion mark. Let’s delve into the key trends, challenges, and contributing factors that shaped the industry’s performance. Growth Figures In FY24, the general insurance industry witnessed a 12.78% YoY growth in gross direct premium underwritten, reaching ₹2.89 trillion. While this growth is commendable, it represents a 4% slowdown compared to the previous financial year’s robust 16.4% uptick. Segment-Specific Insights 1. Health, Motor, and Crop Insurance The non-life industry faced headwinds in segments such as health, motor, and crop insurance. These factors collectively prevented t...