Tata Consultancy Services (TCS) has expanded its partnership with UK-based investment firm Aviva, taking on the management of an additional 1.1 million policies.
Tata Consultancy Services (TCS) has strengthened its partnership with UK-based investment firm Aviva to manage an additional 1.1 million policies. This expansion is part of a long-standing relationship between the two companies, with TCS already handling a significant portion of Aviva's policy administration. Under the terms of the agreement, TCS...
PNB MetLife has partnered with Shivalik Bank to expand its rural coverage.
To effectively promote your company and foster meaningful connections with your customers, we offer a multifaceted approach. Our team is dedicated to assisting you in designing and implementing a comprehensive advertising campaign, seamlessly integrating both print and digital media across our website and print magazine. This strategic...
The Insurance Amendment Bill has been passed, and this development is set to bring about significant changes that will impact policyholders. The amendments introduced by the bill are designed to strengthen the regulatory framework of the insurance sector, enhance customer protection, and promote transparency and accountability among insurance providers.One of the key changes brought about by the bill is the enhancement of policyholder protection. The amendments aim to ensure that policyholders are treated fairly and that their rights are protected. This includes provisions for clearer and more transparent policy documentation, ensuring that policyholders understand what they are covered for and what exclusions apply.Another significant aspect of the bill is the introduction of stricter regulations for insurance companies. The amendments impose stricter capital adequacy requirements, designed to ensure that insurance companies have sufficient financial resources to meet their obligations to policyholders. This move is intended to enhance the stability of the insurance sector and reduce the risk of insurer insolvency.The bill also introduces measures to improve the dispute resolution process for policyholders. The amendments provide for a more efficient and cost-effective mechanism for resolving disputes between policyholders and insurance companies, aiming to reduce the time and expense associated with legal action.Furthermore, the Insurance Amendment Bill promotes greater transparency and disclosure by insurance companies. The amendments require insurance companies to provide policyholders with more detailed information about their policies, including terms and conditions, premiums, and claims procedures. This increased transparency is expected to empower policyholders to make more informed decisions about their insurance coverage.The passing of the Insurance Amendment Bill is a significant development for the insurance sector, and its impact will be closely watched by policyholders, insurance companies, and regulatory bodies alike. As the amendments come into effect, policyholders can expect to see changes in the way insurance companies operate, with a greater emphasis on transparency, accountability, and customer protection.
The Lok Sabha has passed the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, which aims to improve the insurance sector by allowing up to 100% foreign direct investment (FDI). The government believes that this move will increase competition, capital availability, and affordability for policyholders. Finance Minister Nirmala...
The US House of Representatives has voted to reinstate subsidies for the Affordable Care Act, also known as Obamacare, in a move that goes against the stance of President Donald Trump. The decision to revive the subsidies aims to stabilize the healthcare market and make insurance more affordable for millions of Americans. The vote marks a significant break between the House and the Trump administration, which had previously halted the subsidy payments. The subsidies in question are used to help low-income individuals pay for out-of-pocket healthcare expenses, such as deductibles and copays. By reinstating these subsidies, the House hopes to reduce the financial burden on these individuals and encourage more people to enroll in health insurance plans. The move is seen as a crucial step in maintaining the stability of the healthcare market and ensuring that Americans have access to affordable healthcare options.
The US House of Representatives has passed legislation to re-establish tax credits that lowered premiums for Affordable Care Act (ACA) health plans. The bill, which was passed with a vote of 230-196, would extend the credits for three years. All Democrats voted in favor of the measure, along with 17 Republicans, many of whom were moderates who...
New Insurance Bill 2025: Key Features Include 100% FDI, Enhanced Protection for Policyholders, and More in Sabka Bima Sabki Raksha Bill
The Indian government has introduced the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, aiming to revolutionize the country's insurance sector. The bill proposes significant changes to the Insurance Act, 1938, the LIC Act, 1956, and the IRDA Act, 1999, with the goal of achieving universal protection by 2047. Key features of the...
Tata Consultancy has expanded its partnership with Aviva.
Tata Consultancy Services (TCS) has announced an expansion of its partnership with Aviva UK, a leading insurance, wealth, and retirement provider in the UK. The partnership will see TCS' subsidiary, Diligenta UK, manage over 6.5 million policies on behalf of Aviva, including an additional portfolio of life insurance business. This expansion is a...
Aviva tops the 2025 UK Commercial Insurance Broker Survey as the market leader.
Aviva has received high praise from brokers in the 2025 UK Commercial Insurance Broker Survey conducted by GlobalData. The survey found that Aviva led the market in 10 out of 12 categories, including underwriting flexibility, digital capabilities, and AI integration. These elements are crucial in the rapidly changing insurance landscape, and...
New Insurance Bill 2025: Key Features Include 100% FDI, Enhanced Protection for Policyholders, and More in Sabka Bima Sabki Raksha Bill
The Indian government has introduced the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, aiming to revolutionize the country's insurance sector. The bill proposes significant changes to the Insurance Act, 1938, the LIC Act, 1956, and the IRDA Act, 1999, with the goal of achieving universal protection by 2047. Key features of the...
Life Insurance Corporation (LIC) is reportedly considering acquiring a stake in ManipalCigna Health Insurance.
The Life Insurance Corporation of India (LIC) is in talks to acquire a significant stake in ManipalCigna Health Insurance, a joint venture between India-based Manipal Education & Medical Group and US-based Cigna Corporation. The proposed deal would value the health insurer at approximately Rs35bn-37.5bn ($408m-437m) and would mark LIC's entry...
On October 8, 2025, insurance agents and associations are likely to raise the issue of Goods and Services Tax (GST) with the Insurance Regulatory and Development Authority of India (IRDAI) and the Finance Ministry.
The insurance industry in India is facing a significant issue related to the Goods and Services Tax (GST) and Input Tax Credit (ITC). Private insurers have reduced distributor payouts by 15-18% to offset the loss of ITC, following the GST exemption on life and health insurance premiums. This move is expected to have a significant impact on...
A smart way to earn ₹20,000 every month for life
The LIC Jeevan Utsav plan, offered by the Life Insurance Corporation of India, is a retirement plan designed to provide lifelong income after a limited premium-paying term. This innovative policy allows individuals to choose a premium payment period of 5 to 16 years, after which they will receive an annual income of 10% of their sum assured for...
FSIB recommends R. Chander for MD’s position in LIC
The Financial Services Institutions Bureau (FSIB) has announced its recommendation for the position of Managing Director at the Life Insurance Corporation of India (LIC). After interacting with five candidates from LIC on September 30, 2025, the Bureau has selected R. Chander for the role. The decision was based on the candidates' performance...
A mountain of transgressions and shattered vows
The article discusses the breach of trust by the Life Insurance Corporation of India (LIC), the country's largest insurer, with its customers. The concept of "uberrima fides" or utmost good faith is a fundamental principle in insurance, which demands complete honesty from both parties. However, LIC has consistently violated this principle by...
LIC Schemes: LIC has introduced two new plans, offering potentially high returns.
The Life Insurance Corporation of India (LIC) has introduced two new insurance products, LIC Jan Suraksha and LIC Bima Lakshmi, which will be available for sale starting October 15. Both schemes are non-linked and non-participating, meaning they are not affected by market fluctuations, ensuring a safe investment. These products cater to different...
From Commissions to Care, ETHealthworld
The Indian health insurance industry is experiencing rapid growth, with increasing premiums and a rising number of policyholders. However, beneath the surface, there are concerns that the system is becoming inefficient and prioritizing profits over patient care. The Medical Loss Ratio (MLR), which measures the percentage of premiums spent on...
AHPI seeks immediate restoration of cashless services by Star Health
The Association of Healthcare Providers of India (AHPI) has appealed to Star Health and Allied Insurance to reinstate cashless services at their member hospitals. This decision comes after the insurance company suspended these facilities, resulting in growing distress and inconvenience for patients. Several prominent hospital chains and tertiary...
The latest claim settlement ratio of health and general insurance companies was released by IRDA in 2025. According to the data, Navi and Acko have taken the lead, while Star Health and Zuno have fallen below the 90% mark.
The rising medical inflation has made it challenging for individuals to bear medical expenses without a comprehensive health insurance policy. In India, the Insurance Regulatory and Development Authority (IRDAI) releases an annual list of claim settlements by health and general insurance companies. The claim settlement ratio, which refers to the...
Star Health under IRDAI scrutiny over health insurance claim settlement practices
The Insurance Regulatory and Development Authority of India (IRDAI) has discovered significant lapses in the claim settlement practices of Star Health and Allied Insurance, a stand-alone health insurer. The regulator is likely to take action against the company, although official investigations are still ongoing. IRDAI has also scrutinized 8-10...
Non-life insurers record 2% premium growth in September, Bajaj Allianz General Insurance leads the way
The non-life insurance sector in India has reported a modest 1.94% year-on-year growth in gross direct premium to Rs 23,430 crore in September. This growth was driven primarily by an increase in standalone health insurance premiums. The largest general insurer, New India Assurance, saw a 3.5% rise in premiums, while ICICI Lombard General...
AHPI issues notice to Star Health Insurance, warns of suspension of cashless services from September 22, 2025 – Express Healthcare
The Association of Healthcare Providers India (AHPI) has issued a notice to Star Health Insurance, warning of a potential suspension of cashless services starting from September 22, 2025. This move is likely a result of unresolved issues between the two parties, although the specific reasons behind the notice are not explicitly stated. As a...
Healthcare providers’ body demands immediate restoration of cashless services by Star Health Insurance
The Association of Healthcare Providers (AHPI) has suspended cashless services in several hospitals across India, including prominent chains like Care Hospitals, Manipal Hospital, and Max Hospitals, among others. This move is in response to a dispute with Star Health Insurance, one of the leading health insurance companies in the country. AHPI...
Tata Consultancy Services (TCS) has expanded its partnership with UK-based investment firm Aviva, taking on the management of an additional 1.1 million policies.
Tata Consultancy Services (TCS) has strengthened its partnership with UK-based investment firm Aviva to manage an additional 1.1 million policies. This expansion is part of a long-standing relationship between the two companies, with TCS already handling a significant portion of Aviva's policy administration. Under the terms of the agreement, TCS...
Tata Consultancy has expanded its partnership with Aviva.
Tata Consultancy Services (TCS) has announced an expansion of its partnership with Aviva UK, a leading insurance, wealth, and retirement provider in the UK. The partnership will see TCS' subsidiary, Diligenta UK, manage over 6.5 million policies on behalf of Aviva, including an additional portfolio of life insurance business. This expansion is a...
Aviva tops the 2025 UK Commercial Insurance Broker Survey as the market leader.
Aviva has received high praise from brokers in the 2025 UK Commercial Insurance Broker Survey conducted by GlobalData. The survey found that Aviva led the market in 10 out of 12 categories, including underwriting flexibility, digital capabilities, and AI integration. These elements are crucial in the rapidly changing insurance landscape, and...
Aviva Life Insurance introduces Smart Vitals, a pioneering fixed health benefit plan that incorporates wellness rewards.
Aviva Life Insurance has introduced a novel insurance plan called Smart Vitals, a first-of-its-kind fixed health benefit plan that incorporates wellness rewards. This innovative plan is designed to provide policyholders with a comprehensive health insurance coverage, while also encouraging them to prioritize their well-being through various...
Aviva Life Insurance has introduced Smart Vital, a pioneering fixed health benefit plan that incorporates wellness rewards, as reported by Magzter.
Aviva Life Insurance has introduced a groundbreaking fixed health benefit plan called Smart Vital. This innovative plan is designed to provide policyholders with a comprehensive health insurance solution that not only covers medical expenses but also encourages wellness and rewards healthy habits. Smart Vital is a first-of-its-kind plan that...
Axa’s retail direct director is leaving to rejoin Aviva.
David Pearce, a former director at Axa, has announced that he will be leaving the company after four years to rejoin Aviva, where he previously worked for over 15 years. Pearce first joined Aviva in 2005 as a claims handler and worked his way up to become the head of retail for new business trading in 2020. He left Aviva in 2022 to join Axa as...
The average value of a handbag and its contents has risen by approximately 33%.
The average value of a handbag and its contents has increased by 34% over the last four years, from £1,217 in 2021 to £1,633 in 2025, according to Aviva's claims data. This rise is likely due to people investing in more expensive handbags and valuables. The data also reveals that theft away from home accounts for almost half (49%) of all handbag...
No cashless insurance will be available in 15,000 hospitals from September 1 for policyholders of two specific companies, according to an insurance body announcement, raising concerns about the future of health insurance for affected policyholders.
The General Insurance Council (GI Council) has criticized the Association of Healthcare Providers (India) (AHPI) for deciding to stop cashless treatment to policyholders of two insurance companies, Bajaj Allianz General Insurance and Care Health Insurance. The GI Council has termed the decision as arbitrary, stating that it will create massive...
Policybazaar introduces a 100% claim settlement option for planned hospitalisations on select health insurance policies.
Policybazaar, a leading insurance marketplace, has introduced a 100% claim promise on planned hospitalizations for select health insurance policies. This initiative aims to provide a hassle-free and cashless experience for policyholders, ensuring zero deductions on eligible hospital bills. The benefit is available on specific plans from Bajaj...
Bajaj Allianz General Insurance, Tata AIG, and United India have joined CRED Garage as insurance partners.
CRED, a fintech platform, has expanded its selection of motor insurers on CRED garage to include Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This addition brings the total number of curated insurance providers on the platform to seven, including ACKO, ICICI Lombard, Zurich Kotak, and Digit. CRED members can now evaluate...
Two-wheeler insurance scam: Rs 80 crore duped from 25,000 victims
A massive insurance fraud racket has been uncovered in Ghaziabad, India, with over 25,000 people falling victim to the scam. The fraud, which involves vehicle insurance, has a financial impact of more than Rs 50 crore (approximately Rs 80 crore) in Ghaziabad alone, with 128 people from the city affected. The scam was busted by the Ghaziabad Cyber...
Non-life insurers record 2% premium growth in September, Bajaj Allianz General Insurance leads the way
The non-life insurance sector in India has reported a modest 1.94% year-on-year growth in gross direct premium to Rs 23,430 crore in September. This growth was driven primarily by an increase in standalone health insurance premiums. The largest general insurer, New India Assurance, saw a 3.5% rise in premiums, while ICICI Lombard General...
Non-life insurers record 5% premium growth in June, data reveals
The Indian general insurance industry has witnessed a mixed performance in terms of premium growth, with some insurers reporting significant increases while others saw declines. New India Assurance, the largest general insurer, led the pack with a 10.6% year-over-year (YoY) increase in premiums to Rs 3,328 crore. This growth is notable, given the...
From Crisis Cover To Daily Care: How Health Insurance Became A Real Life Partner
The insurance industry has undergone a significant transformation, shifting from a reactive model to a proactive one. According to Sanjiv Bajaj, joint chairman and managing director of Bajaj Capital, insurance is no longer something that individuals hope to never use. Instead, it has become a tool that people engage with regularly, not just for...
Aditya Birla Introduces Super Term Plan Offering Health Services and Flexible Coverage Options
Aditya Birla Sun Life Insurance Company Limited (ABSLI) has launched a new term insurance plan called the ABSLI Super Term Plan. This comprehensive plan offers an all-in-one solution that combines life protection with built-in health management services, providing policyholders with enhanced flexibility and financial security. The plan offers...
KGMU and Aditya Birla Capital Launch Bone Marrow Transplant Ward to Enhance Cancer Treatment Accessibility in Uttar Pradesh
In a significant development for the healthcare sector in Uttar Pradesh, King George's Medical University (KGMU) has launched a state-of-the-art Bone Marrow Transplant (BMT) Ward with the support of Aditya Birla Capital Foundation (ABCF) and NGO partner CanKids. The new facility aims to provide affordable and high-quality transplant services,...
Aditya Birla Sun Life Insurance introduces dividend-yielding Unit Linked Insurance Plans (ULIPs)
Aditya Birla Sun Life Insurance has introduced a new fund called Dividend Yield Fund, which will be available under its existing Unit-Linked Insurance Plans (ULIPs). The fund aims to invest primarily in top Indian companies that consistently pay dividends, providing policyholders with a stable source of income. The fund will allocate 80-100% of...
Preventive care is becoming a priority in Indian health insurance, according to Mayank Bathwal of ABHI.
The healthcare costs in India are rising, and as a result, preventive care is becoming a key focus for insurers. Despite progress in coverage, over 60% of healthcare expenses are still borne directly by households, highlighting gaps in traditional insurance models. Mayank Bathwal, CEO of Aditya Birla Health Insurance, explains that conventional...
Preventive care is gaining prominence in Indian health insurance, according to Mayank Bathwal of ABHI.
The rising healthcare costs in India have led to a shift in focus towards preventive care, particularly in addressing the significant out-of-pocket spending burden on households. Despite progress in coverage, over 60% of healthcare expenses are still borne directly by households, highlighting the gaps in traditional insurance models. Mayank...
Policybazaar introduces a 100% claim settlement option for planned hospitalisations on select health insurance policies.
Policybazaar, a leading insurance marketplace, has introduced a 100% claim promise on planned hospitalizations for select health insurance policies. This initiative aims to provide a hassle-free and cashless experience for policyholders, ensuring zero deductions on eligible hospital bills. The benefit is available on specific plans from Bajaj...
On October 8, 2025, insurance agents and associations are likely to raise the issue of Goods and Services Tax (GST) with the Insurance Regulatory and Development Authority of India (IRDAI) and the Finance Ministry.
The insurance industry in India is facing a significant issue related to the Goods and Services Tax (GST) and Input Tax Credit (ITC). Private insurers have reduced distributor payouts by 15-18% to offset the loss of ITC, following the GST exemption on life and health insurance premiums. This move is expected to have a significant impact on...
National Insurance Awareness Day: Insurers Increasingly Invest in Wellness as Health Plans Undergo Transformation
The health insurance landscape in India is undergoing a significant transformation, shifting from a traditional safety net for emergencies to a wellness partner that encourages policyholders to adopt healthier lifestyles. Insurers are now incorporating wellness-linked benefits into mainstream health plans, using digital tools such as...
Non-life insurers record 2% premium growth in September, Bajaj Allianz General Insurance leads the way
The non-life insurance sector in India has reported a modest 1.94% year-on-year growth in gross direct premium to Rs 23,430 crore in September. This growth was driven primarily by an increase in standalone health insurance premiums. The largest general insurer, New India Assurance, saw a 3.5% rise in premiums, while ICICI Lombard General...
Non-life insurers record 5% premium growth in June, data reveals
The Indian general insurance industry has witnessed a mixed performance in terms of premium growth, with some insurers reporting significant increases while others saw declines. New India Assurance, the largest general insurer, led the pack with a 10.6% year-over-year (YoY) increase in premiums to Rs 3,328 crore. This growth is notable, given the...
HDFC Ergo and Tata AIG have joined other insurers in reducing distributor commissions.
The Indian government has introduced a significant change in the Goods and Services Tax (GST) on individual health and life insurance premiums, reducing it from 18% to 0% effective September 22, 2025. However, this change also means that insurance companies can no longer claim Input Tax Credit (ITC) on services such as brokerage and commission...
Duck Creek Technologies has been awarded the IDC FinTech Real Results Award for its work in insurance transformation.
Duck Creek Technologies, a global provider of intelligent solutions for the property and casualty insurance industry, has been named a co-winner of the 2025 IDC FinTech Real Results Awards in the Insurance Transformation category. The award recognizes Duck Creek's work with HDFC ERGO General Insurance Company, a leading private sector general...
A health insurance company has been fined Rs 30,000 for wrongly rejecting a medical claim. The insurer has also been ordered to pay Rs 2 lakh to the claimant, along with interest.
The District Consumer Disputes Redressal Commission in Mohali has ruled in favor of a policyholder, Kuldeep Singh Sandhu, who was wrongfully denied a mediclaim by HDFC ERGO Health Insurance Ltd. Sandhu had purchased a group mediclaim policy through Canara Bank, which covered both him and his wife for a sum insured of Rs 5 lakh. In March 2020,...
HDFC ERGO has partnered with Consumr.ai to enhance its customer intelligence capabilities.
Consumr.ai, a leading customer intelligence platform in India, has been selected by HDFC ERGO to pilot a proof-of-concept (POC) aimed at transforming the insurance customer journey. The POC will utilize Consumr.ai's proprietary AI Twins technology, which creates virtual representations of consumer cohorts based on real behavioral data. This...
On October 8, 2025, insurance agents and associations are likely to raise the issue of Goods and Services Tax (GST) with the Insurance Regulatory and Development Authority of India (IRDAI) and the Finance Ministry.
The insurance industry in India is facing a significant issue related to the Goods and Services Tax (GST) and Input Tax Credit (ITC). Private insurers have reduced distributor payouts by 15-18% to offset the loss of ITC, following the GST exemption on life and health insurance premiums. This move is expected to have a significant impact on...
Ghaziabad Insurance Scam: Cyber police have busted a ₹50 crore fraud that affected over 25,000 vehicle owners.
Two individuals, Sartaj and Deepak Thakur, were arrested in Ghaziabad for their involvement in a massive insurance scam that deceived over 25,000 people across India, including 128 victims from the city, over the past year. The scam, which has a financial impact of over Rs 50 crore, involved the duo fabricating third-party insurance policies for...
Bajaj Allianz General Insurance, Tata AIG, and United India have joined CRED Garage as insurance partners.
CRED, a fintech platform, has expanded its selection of motor insurers on CRED garage to include Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This addition brings the total number of curated insurance providers on the platform to seven, including ACKO, ICICI Lombard, Zurich Kotak, and Digit. CRED members can now evaluate...
Two-wheeler insurance scam: Rs 80 crore duped from 25,000 victims
A massive insurance fraud racket has been uncovered in Ghaziabad, India, with over 25,000 people falling victim to the scam. The fraud, which involves vehicle insurance, has a financial impact of more than Rs 50 crore (approximately Rs 80 crore) in Ghaziabad alone, with 128 people from the city affected. The scam was busted by the Ghaziabad Cyber...
Non-life insurers record 2% premium growth in September, Bajaj Allianz General Insurance leads the way
The non-life insurance sector in India has reported a modest 1.94% year-on-year growth in gross direct premium to Rs 23,430 crore in September. This growth was driven primarily by an increase in standalone health insurance premiums. The largest general insurer, New India Assurance, saw a 3.5% rise in premiums, while ICICI Lombard General...
Non-life insurers record 5% premium growth in June, data reveals
The Indian general insurance industry has witnessed a mixed performance in terms of premium growth, with some insurers reporting significant increases while others saw declines. New India Assurance, the largest general insurer, led the pack with a 10.6% year-over-year (YoY) increase in premiums to Rs 3,328 crore. This growth is notable, given the...
Sharp premium drop hits general insurers in August; New India Assurance down 47% MoM
The Indian insurance sector experienced a decline in premium collections in August, with several leading insurers reporting sharp drops on a month-on-month (MoM) basis. In the general insurance segment, New India Assurance saw the steepest decline, with premiums falling 47% MoM to ₹2,197 crore. However, the company attributed this drop to the...