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You needn’t buy car cover from a dealer

Car maker Maruti Suzuki India Ltd is under the antitrust regulator Competition Commission of India’s (CCI) radar for pushing buyers to purchase insurance policies offered by the company. According to a recent Reuters report, in June last year, CCI received an anonymous complaint alleging that customers paid more for insurance plans recommended by Maruti dealers compared to other options available in the market.

Jan. 22, 2020

BT Insight: Why individual health insurance policy matters

An individual health insurance policy is a standard health insurance product that only covers a single person (the policyholder) for expenses on medical exigencies. If you get hospitalised due to a sudden illness or accident, the policy will cover the expensive medical treatment (pre and post hospitalisation), ambulance charges, diagnostic tests, room rent, medicines and daily cash benefits, etc. against the maximum sum insured defined in the policy.

Jan. 14, 2020

Get insured with policy that suits best

The insurance companies deny it, but mis-selling of life insurance policies is a routine practice. From Dec 1, all this will hopefully be a thing of the past as the new customer-centric guidelines of the regulatory body become operational

Nov. 24, 2019

Will Artificial Intelligence Become The Future Of Fintech In India?

We have already established the fact that AI will certainly play a key role in transforming the future of Indian financial services. With various fintech business models in place, BFSI industry is now adopting the AI-based fintech solutions at a much larger scale than ever.

Nov. 23, 2019

Should you insure your jewellery kept in a bank locker?

Most of us keep our gold and valuable items in bank lockers thinking that it is safer to keep there than at home. The probability of theft is much lower in case of banks as compared to a house but did you know that banks bear no responsibility for the contents kept in the locker as they are not aware of the contents of the locker? Suddenly you may no longer feel comfortable leaving your jewellery in a locker but the fact is bank lockers are definitely a much safer option but the safest would be to insure the contents.

Nov. 21, 2019

When health insurance delays your hospital discharge

Though per-authorization has become quicker, claims settlement at the time of discharge could be a long and cumbersome process. Been at the hospital for a couple of days and now that you are fit, you crave home food and comfort. The doctor comes on a round and declares you fit for discharge and so you pack your bags thinking you will be able to walk out of the hospital the very next minute. But then the hospital staff tells you to have patience and that’s what you lose every single minute as you see your family running around to get the bills cleared. It’s now evening and you are still stuck because your health insurance claim has not been cleared and the hospital won’t discharge you unless the insurer signs off on the bills. This is not an aberration, but a common experience among the insured patients who make cashless claims.

Nov. 14, 2019

Health coverage to be wider, but costs may rise

The Insurance Regulatory and Development Authority of India (Irdai) has put health insurers on a deadline to standardize exclusions, diseases or medical conditions that are not covered under a policy. According to an Irdai circular, issued on 27 September, insurers filing new products will have to comply with the guidelines—the draft was released in May 2019—with immediate effect. For existing products, Irdai has given insurers time till 1 October 2020. “Previously, there was no transparency about the claims that could be rejected. However, the regulator has now pre-defined all diseases against which claims can be rejected," said Indraneel Chatterjee, co-founder and principal officer, RenewBuy.com, a digital insurance company.

Oct. 7, 2019

Opinion | Insurance needs a digital model that works both for agents, consumers

A broad-based outlook of the Indian insurance sector reveals two fundamental trends. First, the traditional prominence of insurance agents, who play the vital role of handholding consumers throughout their policy life-cycle. Second, the all-pervading impact of digitalization as a market force that is reshaping how consumers engage with the sector and their insurance policies.

Sept. 23, 2019

Traffic violation to be linked to motor insurance premiums

Breaking traffic rules may affect your motor insurance premiums. Once this rule comes into effect, even the smallest of violations could affect the premiums. Soon you won’t just get away by paying a fine when you violate a traffic rule; it will also have a bearing on your motor insurance premium. About a week after the government implemented the Motor Vehicles Act, the Insurance Regulatory and Development Authority of India (Irdai) formed a nine-member working committee to examine linking premiums with traffic violations.

Sept. 12, 2019

Renewal of motor insurance sees significant increase

If you receive a message ‘Now you can be fined Rs 2,000 and/or put in jail for up to 3 months for driving an uninsured vehicle. Get insured now!’ on your mobile phone, don’t get surprised or assume that it is from traffic police or law enforcement agencies. Digital insurance platforms or online insurance service providers are sending these types of messages and mailers to potential customers. According to industry estimates, around 75-80% of two-wheelers (nearly 1 crore) and 15-20% of four-wheelers are uninsured in Punjab and Haryana, despite motor insurance being mandatory under the law. With the implementation of Motor Vehicles (Amendment) Act, 2019, the digital insurance providers have added more thrust to marketing by communicating to existing and potential customers in the region through different mediums such as SMSes/mailers, digital contents and blogs on road safety issues.

Sept. 12, 2019

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