Life Insurance Corporation has appointed a new Chief Information Officer.
The Life Insurance Corporation (LIC) of India has announced the appointment of Mr. Ramakrishnan Chander as its new Chief Investment Officer (CIO). This appointment was reported by the Business Standard, a leading Indian business newspaper. Mr. Chander will serve in this position until his superannuation, which is scheduled to take place on...
Insurance companies are leveraging Artificial Intelligence (AI) to streamline hospital discharge and settlement processes, aiming to reduce the time and costs associated with these procedures. By implementing AI-powered systems, insurers can automate tasks, enhance data analysis, and improve communication with hospitals and policyholders. This can lead to faster and more efficient settlement of claims, reduced administrative burdens, and enhanced customer satisfaction. AI-driven solutions can also help identify potential issues and areas of inefficiency, enabling insurers to proactively address them and further optimize the discharge and settlement process.
Last month, Sampat Jain's family experienced a health scare when his sodium levels dropped, and he was hospitalized at Apollo Hospitals in Kolkata. Although he was ready to be discharged by 8:30 a.m., the process took nearly 12 hours to complete due to the lengthy discharge formalities and paperwork. This scenario is not uncommon in India, where...
LIC rejects Telangana government’s plea regarding Rythu Bima
The Life Insurance Corporation (LIC) and the state government of Hyderabad are in a dispute over the payment of insurance premiums for the Rythu Bima scheme, a life insurance program for farmers. The scheme provides a life insurance cover of Rs 5 lakh to 45 lakh farmers, and the state government is responsible for paying the premium. However, due...
Bank of India has formed a strategic partnership with New India Assurance to drive insurance growth.
On March 24, 2025, Bank of India, a leading public sector bank, and New India Assurance Co. Ltd. (NIACL), India's premier insurance company, formed a strategic partnership. The partnership aims to provide a wide range of general insurance products to Bank of India's customers. With this collaboration, customers will have access to various...
Bajaj Allianz Life Insurance achieves 99.29% claim settlement rate in FY 2024-25.
Bajaj Allianz Life Insurance has achieved a milestone in its claim settlement process, with a 99.29% individual death claim settlement ratio in the fiscal year 2024-2025. The company settled 13,994 individual life insurance claims, disbursing a total of Rs 862.79 crores in claim payouts. This impressive feat demonstrates the company's commitment...
FSIB recommends R Doraiswamy as MD and CEO of LIC
The Financial Services Institutions Bureau (FSIB) has recommended R. Doraiswamy, the current Managing Director of Life Insurance Corporation of India (LIC), for the position of Chief Executive Officer and Managing Director (CEO & MD) at LIC. This recommendation was made after FSIB interviewed four candidates from LIC on June 11, 2025, for the top...
Research And Views Archives | Equitymaster
The article from Equitymaster provides an overview of various mutual fund options in India. The platform offers a range of research and views on different types of mutual funds, allowing investors to customize their results based on their preferences. One of the articles highlighted is about the top 5 Nasdaq mutual funds in India, published on...
Life Insurance Corporation has appointed a new Chief Information Officer.
The Life Insurance Corporation (LIC) of India has announced the appointment of Mr. Ramakrishnan Chander as its new Chief Investment Officer (CIO). This appointment was reported by the Business Standard, a leading Indian business newspaper. Mr. Chander will serve in this position until his superannuation, which is scheduled to take place on...
LIC rejects Telangana government’s plea regarding Rythu Bima
The Life Insurance Corporation (LIC) and the state government of Hyderabad are in a dispute over the payment of insurance premiums for the Rythu Bima scheme, a life insurance program for farmers. The scheme provides a life insurance cover of Rs 5 lakh to 45 lakh farmers, and the state government is responsible for paying the premium. However, due...
FSIB recommends R Doraiswamy as MD and CEO of LIC
The Financial Services Institutions Bureau (FSIB) has recommended R. Doraiswamy, the current Managing Director of Life Insurance Corporation of India (LIC), for the position of Chief Executive Officer and Managing Director (CEO & MD) at LIC. This recommendation was made after FSIB interviewed four candidates from LIC on June 11, 2025, for the top...
Life Insurance Corporation of India (LIC) has achieved a Guinness World Record for the ‘most life insurance policies sold in 24 hours’.
The Life Insurance Corporation of India (LIC) has achieved a Guinness World Record for selling the most life insurance policies in 24 hours. On January 20, 2025, the corporation's agents sold a record 5,88,107 life insurance policies across India. This feat was verified by Guinness World Records (GWR) and recognized the outstanding performance of...
Life Insurance Corporation (LIC) plans to acquire a stake in a health insurance firm by March 31, according to CEO Mohanty.
The Life Insurance Corporation of India (LIC) is planning to acquire a stake in a standalone health insurance company by the end of the current financial year, according to its Managing Director and CEO, Siddhartha Mohanty. The company is in the final stages of discussions, but the name of the potential investee has not been disclosed. Mohanty...
LIC Sets Guinness World Record With 5.88 Lakh Policies Sold In One Day
The Life Insurance Corporation of India (LIC), a public sector insurance firm with a market capitalization of over Rs 5.4 lakh crore, has achieved a remarkable feat by earning a Guinness World Record title for the most life insurance policies sold in 24 hours. On January 20, 2025, a total of 452,839 agents of LIC successfully issued an...
LIC India’s consolidated net sales for March 2025 stood at Rs 243,134.49 crore, marking a 1.85% year-on-year increase.
The latest financial reports indicate a strong performance by India's public sector units (PSUs), with several companies recording robust profit growth. LIC India, the country's largest insurer, has reported a consolidated net sales of Rs 243,134.49 crore for the quarter ended March 2025, representing a 1.85% year-over-year (Y-o-Y) increase....
Star Health names Rajeev Kher as Chairperson of the Board
Star Health and Allied Insurance Company Ltd, a leading standalone health insurance provider, has made a significant announcement regarding the appointment of a new Chairperson to its Board of Directors. At a Board meeting held on April 29, 2025, Rajeev Kher, an Independent Director, was appointed to this key position. This appointment is pending...
Life Insurance Corporation (LIC) plans to acquire a stake in a health insurance firm by March 31, according to CEO Mohanty.
The Life Insurance Corporation of India (LIC) is planning to acquire a stake in a standalone health insurance company by the end of the current financial year, according to its Managing Director and CEO, Siddhartha Mohanty. The company is in the final stages of discussions, but the name of the potential investee has not been disclosed. Mohanty...
Star Health has elevated its Chief Marketing Officer, Himanshu Walia, to the position of Whole-time Director.
Star Health and Allied Insurance Company, a leading insurance provider, has announced the elevation of two key executives to Whole-time Director positions. Himanshu Walia, the company's Chief Marketing Officer, and Amitabh Jain, the Chief Operating Officer, have been designated as Key Managerial Personnel. The appointments are subject to approval...
LIC CEO Mohanty stated that the firm will finalize acquiring a significant stake in a health insurance company by March 31.
The Life Insurance Corporation of India (LIC) is planning to reveal details of its latest acquisition by the end of the current fiscal year, according to MD and CEO Siddhartha Mohanty. The state-owned insurance company is in the final stages of acquiring a major stake in a standalone health insurance company, with the goal of finalizing the deal...
Star Health Advocates for Reduced Costs to Ensure Sustainability
Star Health and Allied Insurance, the largest standalone health insurer in the country, is advocating for a reduction in distribution costs, including commissions, to make health insurance more sustainable. According to CEO Anand Roy, the current cap on management expenses, which stands at 35%, should be gradually reduced by a percentage point...
Star Health has introduced a complimentary healthcare initiative called Doc Kendra in Tiruppur.
Star Health and Allied Insurance Co. Ltd has introduced a community healthcare initiative called Doc Kendra in Tiruppur, Tamil Nadu. The primary objective of this initiative is to provide free primary healthcare services to the local community through its branches. Each Doc Kendra will be equipped with a doctor and a paramedic, and patients will...
Star Health announces new board appointments
Star Health and Allied Insurance Company, a prominent retail health insurance provider, has made significant announcements regarding key appointments and leadership updates. The company aims to bolster its executive leadership and operational capabilities with these changes. Two key elevations have been made: Amitabh Jain, the current Chief...
Aviva partners with CyberCube to enhance cyber exposure management capabilities.
CyberCube, a leading provider of cyber risk analytics, has partnered with US insurer Aviva to leverage artificial intelligence (AI) for cyber threat actor intelligence. The partnership will enable Aviva to use CyberCube's "Portfolio Threat Actor Intelligence" service and suite of cyber analytics software to strengthen its cyber exposure...
Aviva Issues Fire Risk Warning Due to Rising Claims
The UK has experienced its sunniest spring on record, with over 630 hours of sunshine between March 1 and May 27. However, this warm weather has also led to an increase in garden fire claims, according to insurance giant Aviva. The insurer reported that the average fire claim involving a garden in the UK amounts to nearly £16,000. The rise in...
Aviva Issues Fire Risk Warning Due to Rise in Claims
The UK has experienced its sunniest spring on record, with 630 hours of sunshine recorded between March 1 and May 27, according to the Met Office. However, this warm weather has led to an increase in garden fire claims, with Aviva reporting that April and May saw the highest number of claims this year. The average cost of a garden fire claim is...
Aviva has implemented the Reltio Data Cloud solution to unify its data.
Aviva, a multinational insurer based in the UK, has implemented the Reltio Data Cloud solution to provide real-time data intelligence and improve customer experiences. Prior to this deployment, Aviva struggled with fragmented data across different systems, which hindered its ability to gain a comprehensive view of customer interactions. The...
Aviva holds a 4.91% stake in Conduit as of May 22.
Aviva plc is a leading insurance, wealth, and retirement business company based in the United Kingdom. The company operates through several segments, including UK & Ireland Insurance, General Insurance, and Aviva Investors, as well as International investments and Other Operations. The UK and Ireland Life operations focus on providing life...
Aviva Partners with CyberCube to Enhance AI-Driven Cyber Risk Management Solutions
Aviva, a British insurer, has partnered with CyberCube, a cyber risk analytics company, to enhance its cyber risk management strategy using artificial intelligence (AI) capabilities. The partnership aims to help Aviva understand cyber threats and their targets by utilizing CyberCube's Portfolio Threat Actor Intelligence solution. This solution...
A well-designed garden can serve as a natural barrier against extreme weather conditions, shielding your property from potential damage. Here’s how:
- Flooding: Strategically planting trees, shrubs, and other vegetation can help absorb excess rainwater, reducing the risk of flooding and preventing water from entering your home.
- Strong Winds: A garden with a mix of trees, hedges, and shrubs can act as a windbreak, Lessening the impact of strong gusts and preventing damage to your property.
- Drought: Drought-resistant plants and efficient irrigation systems can help conserve water and protect your garden from the effects of drought, reducing the risk of soil erosion and damage to your property’s foundation.
- Storm Surges: A garden with a slope or a retaining wall can help protect your property from storm surges by redirecting water away from your home and preventing erosion.
- Heatwaves: A garden with plenty of shade-providing trees and plants can help cool the air around your property, reducing the urban heat island effect and keeping your home cooler during heatwaves.
- Landslides: Planting deep-rooted trees and shrubs can help stabilize soil and prevent landslides, protecting your property from potential damage.
- Snow and Ice: A garden with a slope or a snow-melt system can help prevent snow and ice from accumulating on your property, reducing the risk of damage to your home andmaking it safer to access.
The growing trend of using artificial grass in residential areas may pose an environmental concern, according to Aviva, a leading insurer. While artificial lawns are often chosen for their convenience and low maintenance requirements, they can contribute to the problem of waste disposal and environmental degradation. The majority of artificial...
Bajaj Allianz Life Insurance achieves 99.29% claim settlement rate in FY 2024-25.
Bajaj Allianz Life Insurance has achieved a milestone in its claim settlement process, with a 99.29% individual death claim settlement ratio in the fiscal year 2024-2025. The company settled 13,994 individual life insurance claims, disbursing a total of Rs 862.79 crores in claim payouts. This impressive feat demonstrates the company's commitment...
Bajaj Allianz Life introduces comprehensive policy for women
Bajaj Allianz Life has introduced a comprehensive insurance policy specifically designed for women, addressing their unique needs and concerns. The all-in-one policy provides a range of benefits, including life insurance, health insurance, and savings, to cater to the diverse requirements of women at various stages of their lives. This innovative...
Bajaj Allianz Life declares Rs 1,833 crore bonus for policyholders of FY25
Bajaj Allianz Life Insurance has announced a significant annual bonus of Rs 1,833 crore for the financial year 2024-25, marking a 32% increase from the previous year's bonus of Rs 1,383 crore. This bonus will benefit over 1.17 million policyholders who hold traditional participating policies that were active as of March 31, 2025. The bonus is...
ICICI Prudential Life has achieved the highest claim settlement ratio of 99.04% in the second quarter of the fiscal year 2025. Here’s how other insurance companies rank in terms of claim settlement ratio:* ICICI Prudential Life: 99.04% * [Insert other insurers’ ratios] Note: The claim settlement ratio is a key metric that indicates the percentage of death claims settled by an insurer out of the total claims received. A higher ratio suggests a better track record of settling claims.
ICICI Prudential Life Insurance has achieved a claim settlement ratio of 99.04% for the July-September quarter of FY2025, the highest among all life insurance companies in the country. The company settled claims worth Rs 451.05 crore during this period, with an average claim settlement turnaround time of just 1.2 days. According to Amish Banker,...
Bajaj Group receives CCI approval to acquire Allianz’s 26% stake in insurance joint ventures for Rs 24,180 crore
The Bajaj Group has received approval from the Competition Commission of India (CCI) to acquire Allianz's 26% stake in their insurance joint ventures for a whopping Rs 24,180 crore. This deal marks a significant milestone in the Indian insurance industry, as it paves the way for the Bajaj Group to gain full ownership of the joint ventures. The...
Bajaj Allianz Life declares Rs 1,833 crore bonus for policyholders for FY25
Bajaj Allianz Life Insurance has announced a bonus of Rs 1,833 crore for its policyholders for the financial year 2024-25. This bonus is a testament to the company's strong performance and its commitment to rewarding its customers. The bonus will be distributed among the policyholders who have been with the company for a certain period, and it is...
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands...
Insurance companies are leveraging Artificial Intelligence (AI) to streamline hospital discharge and settlement processes, aiming to reduce the time and costs associated with these procedures. By implementing AI-powered systems, insurers can automate tasks, enhance data analysis, and improve communication with hospitals and policyholders. This can lead to faster and more efficient settlement of claims, reduced administrative burdens, and enhanced customer satisfaction. AI-driven solutions can also help identify potential issues and areas of inefficiency, enabling insurers to proactively address them and further optimize the discharge and settlement process.
Last month, Sampat Jain's family experienced a health scare when his sodium levels dropped, and he was hospitalized at Apollo Hospitals in Kolkata. Although he was ready to be discharged by 8:30 a.m., the process took nearly 12 hours to complete due to the lengthy discharge formalities and paperwork. This scenario is not uncommon in India, where...
Aditya Birla Sun Life Mutual Fund launches Aditya Birla Sun Life Choti SIP, a fully online service.
Aditya Birla Sun Life AMC Limited (ABSLAMC) has introduced a new initiative called Aditya Birla Sun Life Choti SIP, effective March 5, 2025. This innovative plan allows investors to participate in a Systematic Investment Plan (SIP) with a minimum investment of just Rs. 250. The Choti SIP is available for all schemes of the fund, except Debt,...
Aditya Birla Sun Life Insurance has partnered with Equitas Small Finance Bank to increase accessibility to life insurance products, enhancing its reach to a broader customer base.
Aditya Birla Sun Life Insurance ( ABSLI) has entered into a partnership with Equitas Small Finance Bank to expand the accessibility of life insurance products to a wider audience. This collaboration aims to leverage the bank's extensive network and customer base to offer a range of life insurance solutions to its customers. Through this...
Aditya Birla Capital has integrated its credit and insurance offerings on the Open Network for Digital Commerce (ONDC) platform.
Aditya Birla Capital Limited (ABCL) has become the first financial services company to integrate its three core services - lending, insurance, and investments - on the Open Network for Digital Commerce (ONDC). This move aims to simplify access to financial products on the platform and enhance user experience. ABCL's offerings will be available on...
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands...
Aditya Birla Capital partners with Open Network for Digital Commerce (ONDC) to provide financial services.
Aditya Birla Capital Limited (ABCL) has achieved a significant milestone by becoming the first BFSI company to go live on the Open Network for Digital Commerce (ONDC) platform for all three core financial services: lending, insurance, and mutual fund investments. This move reinforces ABCL's commitment to leveraging India's Digital Public...
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays...
Parthanil Ghosh is Executive Director of HDFC ERGO General Insurance.
Parthanil Ghosh has been appointed as the Executive Director of HDFC ERGO General Insurance, effective May 1, 2025. The appointment was approved by the company's Board of Directors, the Insurance Regulatory and Development Authority of India (IRDAI), and other relevant authorities. Ghosh has been associated with HDFC ERGO since 2016 and has over...
HDFC ERGO and PCI introduce PlayAble, an initiative to empower para-athletes.
HDFC ERGO General Insurance has launched a groundbreaking platform called PlayAble, in partnership with the Paralympic Committee of India (PCI), to provide para-athletes with access to training facilities, coaches, and like-minded training partners across the country. The platform aims to empower para-athletes to train, grow, and compete with...
HDFC ERGO General Insurance has elevated Mukesh Kumar to the position of Joint Vice President of Human Resources (JVP-HR).
HDFC ERGO General Insurance has promoted Mukesh Kumar to the position of Joint Vice President - Human Resources. In this new role, Kumar will focus on strengthening the company's human capital growth and strategic people planning. Kumar joined the company in October 2022 as Deputy Vice President - HRBP & Talent Acquisition, where he was...
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays...
Best insurance company in India: 90% claims settled each by Aditya Birla, New India, HDFC ERGO; Bajaj, Star, Shriram lowest.
A recent report by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 has revealed that four insurance companies in India have consistently cleared more than 90% of claims made by beneficiaries. The top performers include Aditya Birla Health, HDFC Ergo, and New India Assurance, which achieved claim...
According to a report by the brokers association, the Indian insurance companies that reject claims the least are revealed, providing insight into the claims settlement records of various insurers.
A recent report by the Insurance Brokers Association of India (IBAI) has revealed that the claim-to-settlement ratio for general insurance in India has decreased to 86% in 2022-23, down from 87% in the previous fiscal year. This means that 14% of claims were rejected by insurance companies. The report also found that the claims repudiation ratio,...
HDFC ERGO kicks off ‘Galat Raaste Pe Mat Jao’ road safety awareness campaign for National Road Safety Week.
HDFC ERGO General Insurance has launched a new campaign, #GalatRaastePeMatJao, to raise awareness about unsafe driving practices and promote responsible road usage during National Road Safety Week. The campaign aims to reach drivers across India and encourage them to rethink their unsafe actions behind the wheel. The initiative is a response to...
ICICI Lombard has acquired the branding rights for the Siddhivinayak Metro Station.
ICICI Lombard, a leading insurance company, has acquired the branding rights for the Siddhivinayak Metro Station on Mumbai Metro Line 3 (Aqua line). The station, located in the heart of Mumbai, near the famous Shri Siddhivinayak Temple, will now be known as the ICICI Lombard Siddhivinayak Metro Station. This branding initiative is a significant...
Star Health has elevated its Chief Marketing Officer, Himanshu Walia, to the position of Whole-time Director.
Star Health and Allied Insurance Company, a leading insurance provider, has announced the elevation of two key executives to Whole-time Director positions. Himanshu Walia, the company's Chief Marketing Officer, and Amitabh Jain, the Chief Operating Officer, have been designated as Key Managerial Personnel. The appointments are subject to approval...
Delhi High Court quashes Rs.150 Crore GST Demand against ICICI Lombard General Insurance
The Delhi High Court has quashed a Goods and Services Tax (GST) demand of Rs. 150 crore against ICICI Lombard General Insurance Company Limited. The company had been issued a demand notice by the GST Officer, Department of Trade and Taxes, Government of the National Capital Territory of Delhi, for the financial year 2019-20. The demand included a...
Park+ partners with ICICI Lombard to offer digital car insurance.
Park+, a leading auto-tech platform in India, has partnered with ICICI Lombard, a prominent insurance provider, to offer car insurance services to its users. The partnership, announced on May 19, 2025, aims to simplify the process of acquiring and managing car insurance for Park+'s user base of over 20 million car owners. Through this...
Hansa Research Releases Health Insurance Customer Experience Report
Hansa Research, a consumer insights firm, has released its first edition of the Health Insurance Customer Experience Score (CuES) 2025 report. The study, based on feedback from over 3,800 respondents, examines customer expectations, satisfaction levels, and insurer performance across 12 health insurance brands in India. The report highlights the...
Star Health announces new board appointments
Star Health and Allied Insurance Company, a prominent retail health insurance provider, has made significant announcements regarding key appointments and leadership updates. The company aims to bolster its executive leadership and operational capabilities with these changes. Two key elevations have been made: Amitabh Jain, the current Chief...
Star Health elevates COO and CMO as whole-time directors.
Star Health and Allied Insurance, a leading Indian retail health insurance company, has made a significant move by elevating its Chief Operating Officer (COO) and Chief Marketing Officer (CMO) to whole-time directors and designating them as key managerial personnel. This decision is subject to approval from the Insurance Regulatory and...