INSURANCE CEO
Shriram Life Insurance launches Deferred Annuity Plan
Shriram Life's Deferred Annuity Plan, starting at Rs 60,000 annually for ages 40-75, offers a 5-10 year deferment period before annuity payments commence. Providing a Return of Purchase Price, it ensures financial independence, particularly for entrepreneurs not under social security. Premium is refunded upon terminal illness or death, stated MD and CEO Casparus J H Kromhout.
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
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
NIIT appoints Pankaj Jathar as CEO
Jathar has experience in consumer-focused businesses, spanning e-commerce, startups and D2C ventures. He will be responsible for capitalising on new opportunities through the integration of GenAI to drive innovation and growth, the company said in a statement.
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.
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FinMin to meet CEOs of PSBs on Tuesday, review progress of financial inclusion schemes
The finance ministry called a meeting of heads of Public Sector Banks to review financial inclusion schemes like PM Vishwakarma, Jan Suraksha, and Mudra Yojana, chaired by Financial Services Secretary Vivek Joshi.
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.
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.
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.
Kunal Kamra vs Zomato: Comedian criticizes CEO Deepinder Goyal’s World Record announcement, says 'You’re such a hack'
Comedian Kunal Kamra criticized Zomato CEO Deepinder Goyal on social media after Goyal announced that Zomato set a Guinness World Record for the largest first aid lesson at a single venue. Kamra questioned the working conditions and average income of Zomato's delivery partners, contrasting these concerns with Goyal's focus on the record. The post received mixed reactions, with some praising the achievement while others called for better treatment and health insurance for delivery partners.
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.
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.
Star Health & Allied Insurance plans 15% price hike for two products
Star Health & Allied Insurance in Chennai may raise prices by up to 15% for Senior Citizens Red Carpet Health Insurance Policy and Young Star Health Policy due to medical inflation and healthcare costs.
Wipro bags $500 million deal from US communications provider
The large deal win comes just two months after its new CEO Srinivas Pallia took charge following the resignation of its former chief Thierry Delaporte just seven days into the new fiscal year 2025.
PNB MetLife names Sameer Bansal new MD and CEO
PNB MetLife India Insurance has appointed Sameer Bansal as the new managing director and chief executive, effective July 1. Bansal, with over 25 years of financial services experience, succeeds Ashish Srivastava. Srivastava will now head New York-based MetLife Inc’s global shared services team in India. The appointment is subject to regulatory approvals.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Shriram Life Insurance eyes expansion of business across geographies
Shriram Life Insurance plans to expand into tier 2 and 3 towns across 15 states, focusing on underserved customer segments needing life insurance, said MD and CEO Casparus J H Kromhout. The company aims to deepen its presence in key states like Andhra Pradesh, Telangana, Tamil Nadu, Uttar Pradesh, Odisha, and Bihar.
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.
IRDAI introduces new corporate governance regulations for insurers
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurance companies must now seek prior approval for appointing their Board Chairperson. Current Chairpersons must comply with this regulation by March 31, 2026, or by the end of their terms, whichever comes first. IRDAI has introduced new corporate governance rules to prevent conflicts of interest in key management roles and to ensure that no individual holds multiple significant positions.
U.S. regulators reconsider capital hike for big banks, WSJ reports
The Federal Reserve and two other U.S. regulators are moving toward a new plan that would significantly reduce a nearly 20% mandated increase in capital for the country's biggest banks following lobbying efforts by industry CEOs like JPMorgan Chase's Jamie Dimon, the Wall Street Journal reported on Sunday.
IndiaFirst Life Insurance appoints Rushabh Gandhi as MD & CEO
IndiaFirst Life Insurance has announced the elevation of Rushabh Gandhi, currently the deputy CEO, as its new MD and CEO. Gandhi, with over 29 years of experience in Indian and international markets, will succeed R.M. Vishakha, who is retiring on June 30. Gandhi's appointment is effective July 1 or upon regulatory approvals. The move aligns with the company's succession planning, leveraging Gandhi's strategic vision and experience in driving growth and profitability. His appointment is subject to IRDAI approval and other statutory clearances.
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.
RBI allows Ujjivan Small Finance Bank to rope in former SBI veteran as MD & CEO
The Reserve Bank of India has approved Sanjeev Nautiyal as the Managing Director & CEO at Ujjivan Small Finance Bank for three years, effective from July 1, 2024. Nautiyal, with over three decades of banking experience, will hold the position of President before officially assuming his role, subject to shareholder approval. Ujjivan praised Nautiyal's leadership qualities and strategic retail banking expertise, expressing confidence in his ability to further the bank's mission of financial and digital inclusion.
Tata Digital CEO steps up focus on lowering costs
Naveen Tahilyani, handpicked by Tata Sons chairman N Chandrasekaran from the group's insurance business Tata AIA Life Insurance, has been tightening spends at the digital ecommerce entity and bringing a more data-driven operational strategy to the table. Since his appointment in February, Tahilyani has been guided closely by Chandrasekaran, who is keen to push Tata Neu.
Tata Digital CEO steps up focus on costs, business cohesion
Naveen Tahilyani, handpicked by Tata Sons chairman N Chandrasekaran from the group's insurance business Tata AIA Life Insurance, is also bringing in a collaborative mindset to smoothen operational glitches and boost participation from group companies, company sources said. Since taking up the new role in February, Tahilyani is being guided closely by Chandrasekaran, who is keen to see the consumer app gain a stronger foothold before seeking any external investor interest.
Mind Over Money: Marathon Man! A proper balance between running, diet and sleep keeps this CEO mentally fit
“Running is the cornerstone of my daily routine. I started running in 2015 and haven’t stopped since. Four days a week at 5 am and Sundays, a long-distance run, is the ingredient for my fitness,” says Prasun Sikdar, the MD & CEO of Manipal Cigna Health Insurance
Future Generali India Life Insurance appoints Alok Rungta as managing director & CEO
Rungta, currently serving as the Deputy CEO and CFO, will succeed Bruce De Broize, who is the MD & CEO until March 31, 2024.
Women still lonely at the top in Indian boardrooms
The situation is worse in the case of the Indian IT industry, with none of the 54 companies in the NSE-1000 index having a female CEO. Market leader TCS, which employs more than 200,000 women (constituting over a third of its workforce), has no women in its key managerial personnel (KMPs), as per its annual report. In fact, among the top 5 IT companies, only Wipro has a woman in a KMP role - it appointed Aparna Iyer as CFO in September last year.
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