Catch this quick conversation with Rohit Kilam, CTO, HDFC Life Insurance where he shares his views on how the fast paced BFSI world has moved past innovation and now it is all about catching up to the speed of transformation. He also talks about the growth he sees in e-commerce and online channels for a product like life insurance and metaverse in insurance.
As the insurance industry gears up to embrace the new possibilities in 2024 and drive the life and health insurance-for-all initiative, ET BFSI In collaboration with Newgen hosted a roundtable discussion titled "Dawn of Insurance 4.0: Navigating The Next Normal" to discuss and dissect the key developments shaping up the sector in the upcoming decade.
Insurance players are reporting a ratio of as high as over 25% of women in their total workforce. The change is visible in the leadership circle, with some companies reporting that their leadership team comprises over 15% of women. Today, pivotal divisions within our organization: such as customer service, learning and development, recruitments, and branding—are led by talented women leaders.
Alok Rungta assumes the role of Managing Director and CEO at Future Generali Life Insurance, succeeding Bruce De Broize, the current MD & CEO.
Irdai's guidelines include specific criteria for AYUSH hospitals to determine claim eligibility, considering factors such as the severity of the condition, treatment details, and potential need for hospitalization.
Natrajan, who was earlier the CRO at the private life insurer, has taken on the role of CHRO to lead the organisation's human resources initiatives, aligning them with the company's overall growth objectives. He is now responsible for talent management, performance management, organisation development, training, infrastructure and procurement. Read more:
Insurers have observed a wait-and-see approach, emphasizing that claims related to the recent incidents are yet to be reported.
Projections of Insurance leaders indicate a continued growth trend, with further advancements in technology, regulatory frameworks, customer-centric approaches, and innovative product offerings driving the sector's overall expansion. Here are some of the key trends likely to unfold in the new year:
A higher surrender value on nonpar policies, which guarantee survival or maturity benefit without depending on insurers’ profit, could lead to an increase in more people giving up on policies prematurely, according to the insurers. This could result in a decline in persistence levels — or the proportion of policyholders who opt to pay premiums regularly — for the life insurance sector, according to them.
Driven by the relentless pursuit of innovation and technology-driven solutions, As 2023 draws to an end, Leaders from the InsurTech space look back at some of the key trends that helped the young sector reshape and remagine Insurance industry, while also sharing their projections for 2024. Here's what they said:
Economists indicate that the worst of the economic downturn is likely past in most parts of the world and the M&A activity in the insurance industry is expected to increase going forward in 2024. However, the volume may decline from the highs of the past several years, said Deloitte's Global Insurance 2024 Outlook report.
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