EDELWEISS GENERAL INSURANCE CEO
Why can your insurance claim get rejected & how to avoid it?
All health insurance policies have a life-long renewal clause which the regulator has mandated. They cannot be rejected and your pricing cannot go up purely because you have a condition right now. So, certain benefits are inbuilt and benefits that the customer can take, says Deepak Yohannan, CEO, MIC Insurance Web Aggregator
SBI General Insurance appoints Naveen Chandra Jha as MD & CEO
During the year ended on March 31, 2024, the bank infused additional capital of Rs 489.67 crore in SBI General Insurance Company Ltd. The company has also allotted ESOP (Employee Stock Ownership Plan) to employees and consequently, the bank's stake has decreased from 69.95 per cent to 69.11 per cent.
SBI General Insurance announces Naveen Chandra Jha as its new MD & CEO
Naveen Chandra Jha leads SBI General Insurance, overseeing operations, growth, and strategic initiatives with a focus on SME credit, HR, and retail banking. Under his leadership, the company expanded to 143 branches, achieving a 17% increase in gross written premium in FY24.
HDFC ERGO General Insurance elevates Anuj Tyagi as MD and CEO
HDFC ERGO General Insurance promoted Anuj Tyagi as the new managing director and chief executive, succeeding Ritesh Kumar effective July 1. Tyagi, with the company since 2008, previously served as joint managing director. Kumar will transition to ERGO International's board and become the deputy COO focusing on Asian growth markets. The appointment is pending approvals.
Hinduja rejigs fundraise plan for Reliance Capital deal
Hinduja Group, the winning bidder for Reliance Capital, is reworking its fundraising plan to raise ₹7,500 crore from domestic and overseas private credit funds at 15%. The Reserve Bank of India seized control of Anil Ambani-owned Reliance Capital due to governance concerns. Nageswara Rao Y was appointed as the administrator.
Have conviction in India story, want to be fully present: Zurich Insurance Group's Tulsi Naidu
Zurich Insurance Group has acquired a 70% stake in Kotak General Insurance, making it the largest foreign investment in the insurance sector and the first stake acquisition by an overseas insurer since the FDI limit was raised to 74% in 2021. The company's CEO, Tulsi Naidu, believes that owning and operating their own business is essential in a significant market like India. The company has considered investing in India for a long time, especially after the liberalisation of FDI rules.
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Star Health looking to grow 18%, improve claims ratio by 50 bps: Anand Roy, CEO
Star Health & Allied Insurance expects 18-20% growth in gross written premiums this year, aiming to double premium income in four years. CEO Anand Roy discussed the company's strategies with Shilpy Sinha.
CAMS Repository Services launches insurance portfolio management platform
CAMS Insurance Repository Services (CAMSRep) introduced 'Bima Central,' an insurance portfolio management platform aimed at simplifying policy management for customers by aggregating benefits and ensuring claim-readiness. The scheme addresses the challenges faced by policy holders. Accessible to those with an electronic Insurance Account (eIA) with CAMSRep, Bima Central emerged from industry collaboration to enhance the value of insurance, with SBI General as the anchor insurer and others in the process of integration.
Unpacking Go Digit’s earnings; PEs in IPO-bound firms
Go Digit General Insurance reported its second consecutive full year of profit in fiscal 2024. This and more in today’s ETtech Top 5.
Now, customise motor, home insurance policies: Irdai
The IRDAI master circular, which repeals all earlier circulars and guidelines, was released on 11 June 2024 and suggests providing wider choice and options to customers. It follows a master circular on health insurance released on 29 May.
NHCX, a single portal for all health insurance claims soon: what is the claims process, benefits to policyholders
The digital platform, to be launched in 2-3 months, will speed up and standardise claim settlement process, leading to cost benefits for the insured.
Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes
Health insurance rule changes: To make health insurance policy more inclusive, flexible and customer-friendly, IRDAI has recently released a master circular on health insurance business. The regulator introduces new measures regarding cancellation charges, standardising no-claim bonus, and increasing claim settlement transparency. ET Wealth Online explores how these regulations empower policyholders and improve their health insurance experience.
Reliance General Insurance's new accident policy covers EMI, loan liabilities
Reliance General Insurance has introduced a new accident policy, Reliance Personal Accident 360Shield, offering coverage for an individual's financial liabilities, hospitalisation expenses, and aftercare needs in case of an incident. The policy aims to provide 360-degree protection to individuals and families from the impact of personal accidents. The policy includes legal assistance and worldwide coverage.
Mygate enters insurance distribution business, partners with Acko
Mygate app, in partnership with Acko General Insurance, received an aggregator licence from IRDAI to distribute insurance policies, offering exclusive pricing and expanding product range.
Go Digit’s D-Street debut; Honasa Consumer Q4 financials
Shares of Go Digit General Insurance started trading on the stock market Thursday. More on this in today’s ETtech Top 5.
Shriram General Insurance records Q4 net profit at Rs 121 crore; GWP rises 34%
Commenting on the financial performance, Shriram General Insurance Company Ltd MD and CEO Anil Aggarwal said, "The year gone by has been a milestone for our business as we recorded the highest ever growth since we began our operations in 2008. Our Gross Written Premium rose to 34 per cent exceeding the industry growth of 12.8 per cent."
Go Digit makes stock market debut, gains 12% on issue price
Ahead of the issue opening, the firm raised about Rs 1,176 crore in the anchor round, where Fidelity Investments, Goldman Sachs, ADIA, and Custody Bank of Japan were among the investors.
Go Digit share price jumps 9% after muted listing
Following its listing on Thursday with a modest premium of 3.35% at Rs 281 over its issue price of Rs 272, shares of Go Digit General Insurance continued to rally, surging another 9% to reach the day's high of Rs 305.85.
Go Digit IPO opens; quick commerce boost for FMCG firms
Go Digit General Insurance launched its Rs 2,615 crore initial public offering (IPO) on Wednesday. More details on this in today's ETtech Top 5.
Ankush Aggarwal returns to Ola Cabs; declining H-1B visas for IT staff
Happy Tuesday! Ola Cabs founder Bhavish Aggarwal’s brother Ankush is back at the ride-hailing business. More on this in today’s ETtech Morning Dispatch.
Go Digit IPO commands healthy GMP as Street awaits one of the most sought after issues this year
In the unlisted market, the company's shares are commanding a healthy premium of Rs 50 in the unlisted market. The company has priced the IPO in the range of Rs 258-278 per share
Insurers are having a Chillar Party: Maternity insurance sales skyrocket as couples brace for soaring costs
Rising childbirth costs in India drive a surge in demand for maternity insurance, growing at 80% annually. PolicyBazaar data reveals 78% of policies are bought by men. Insurers see these policies as customer magnets despite expected claims. Factors like urbanization and increased C-sections contribute to the trend. Reliance General Insurance reports a 21.5% increase in C-section deliveries since 2016.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Non-life insurance companies post 13% rise in premium collection at Rs 2.89 lakh cr in FY24
In the fiscal year 2023-24, 42 general insurance companies collectively earned a premium income of Rs 2,89,738 crore, marking a 13% increase from the previous year's Rs 2,56,894 crore, as reported by the General Insurance Council. Among these, 35 general insurance firms saw a 14% rise in premium income to Rs 2,45,433 crore from Rs 2,14,833 crore in the preceding year. Additionally, five standalone health insurers witnessed a 26% growth in premium income, reaching Rs 33,116 crore compared to Rs 26,244 crore in the previous year.
Go Digit IPO: Price band for Virat Kohli-backed Rs 2,615 crore IPO announced
Go Digit IPO: Bengaluru-based insurtech start-up Go Digit General Insurance on Friday announced that its Rs 2,615 crore IPO, which will open on May 15 and close on May 17, will have a price band of Rs 258 to Rs 272 per share.
Go Digit IPO to open on May 15; Virat Kohli, Anushka Sharma not selling shares
Go Digit General Insurance's IPO, opening on May 15 and closing on May 17, includes a fresh share issue of Rs 1,125 crore and an OFS of 54,766,392 shares. Promoter Go Digit Infoworks, Virat Kohli, Anushka Sharma offload stakes.
Latest health and general insurance claim settlement ratio released in 2024
Do you know how good is your insurer is in settling claims and how long it takes for your health or general insurer to settle claims? Or how many claims did they reject last year? It is important to keep track of the claim settlement performance of your insurer. IRDAI has recently released the claim payment details of general and health insurance companies. Check here
Royal Sundaram General Insurance inks pact with Dvara KGFS
On the partnership with Royal Sundaram General Insurance Co Ltd, Dvara KGFS MD and CEO LVLN Murty said, "The partnership with Royal Sundaram enhances our range of offerings and strengthens our commitment to delivering value."
Karnataka Bank to raise Rs 100 cr equity from ICICI Lombard
Karnataka Bank has decided to allot Rs 100 crore worth of preferential shares to ICICI Lombard General Insurance as part of its plans to raise Rs 700 crore in fresh equity. The allotment is subject to regulatory and shareholder approval and will be raised through other permitted means. The bank raised Rs 800 crore through a preferential issue of shares in October last year.
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