Latest News on Kotak Life
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 and choose from India’s leading motor insurance providers in one place, with the ability to compare premiums, get quotes, and renew their policy seamlessly.
To date, CRED garage has enabled members to insure over 10 lakh vehicles without coverage lapses. The platform also facilitates digital claims initiation and provides end-to-end support through a dedicated concierge team. Insurers offer dynamically priced premiums with better rates for those with higher credit scores, recognizing members’ creditworthiness as a signal of responsible behavior.
The addition of new insurers reflects the benefit of CRED’s approach to the entire ecosystem, where creditworthy members get better benefits and insurers have access to more prudent consumers. According to Akshay Aedula, Product and Growth at CRED, the platform has reimagined the traditional insurance experience from the user’s perspective, enabling them to make the right choice in a frictionless, transparent, and intuitive manner.
The partnership with CRED garage has been welcomed by the new insurer partners. Dr. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, said that insurance should adapt to the customer’s life, and the partnership allows vehicle owners to stay on top of their insurance status and renewal dates. Saurabh Maini, Senior EVP at TATA AIG, stated that the partnership helps them offer motor insurance solutions to a tech-savvy audience, reinforcing their focus on innovation and customer-centric protection.
Lipika Kalra, General Manager (Marketing) at United India Insurance, said that the partnership marks a key milestone in their digital transformation and B2C growth journey, enabling them to directly engage with a digitally native community that values convenience, transparency, and trust. With over 1.1 crore vehicles managed through CRED garage, the platform helps members manage all parts of car ownership in one place, from discovering challans to renewing pollution certificates, insurance, FASTag, checking valuation, and even resale.
Kamlesh Jobanputra has joined Edelweiss Life Insurance as the Chief Technology and Data Officer.
Edelweiss Life Insurance, a prominent private life insurer in India, has appointed Kamlesh Jobanputra as its Chief Technology and Data Officer. This move is aimed at driving the company’s digital transformation and innovation initiatives forward. Jobanputra announced his new role on LinkedIn, bringing with him over 20 years of experience in the Indian insurance and financial services sector.
Throughout his career, Jobanputra has demonstrated a strong ability to lead technology modernization, implement enterprise applications, and oversee large-scale digital programs. These efforts have consistently improved both operational efficiency and customer experience. His professional background includes senior roles at several notable companies such as Kotak Life, IDBI Federal Life Insurance, ICICI Prudential Life Insurance, NSEIT Limited, and Bitsoft.
In these positions, Jobanputra has been responsible for leading technology strategies, data-driven initiatives, and enterprise-wide digital transformation projects. His expertise spans a wide range of areas including IT strategy, architecture design, mobile and digital solutions, cybersecurity, governance, and program management. This comprehensive skill set makes him an ideal candidate to spearhead Edelweiss Life Insurance’s technological advancements and innovation efforts.
As Chief Technology and Data Officer, Jobanputra is expected to leverage his extensive experience to drive Edelweiss Life Insurance’s digital transformation. This will likely involve developing and implementing cutting-edge technology solutions, enhancing the company’s digital infrastructure, and fostering a culture of innovation. By doing so, Edelweiss Life Insurance aims to not only improve its operational efficiency but also enhance its customer experience, ultimately positioning itself for sustained growth and success in the competitive Indian life insurance market.
Jobanputra’s appointment is a significant development for Edelweiss Life Insurance, reflecting the company’s commitment to embracing technological advancements and innovation. As the insurance sector continues to evolve, the ability to effectively leverage technology and data will be crucial for companies seeking to maintain a competitive edge. With Jobanputra at the helm of its technology and data initiatives, Edelweiss Life Insurance is well-placed to navigate the challenges and opportunities of the digital age.
Generali Central Insurance aims to double its premium income to Rs 10,000 crore by 2030.
The Indian insurance industry is witnessing significant growth, with several overseas insurers holding substantial stakes in local companies. For instance, Ageas holds 74% in Ageas Federal Life Insurance, while Aviva and Nippon Life have joint ventures with Dabur and Reliance Life, respectively. Zurich also owns 70% of Kotak General Insurance. The Insurance Amendment Bill, which seeks to allow 100% FDI in insurance, is likely to be passed in the ongoing Winter session of Parliament.
Future Generali India Insurance, a joint venture between Future Group and Generali, is expected to close the current fiscal with a gross written premium of Rs 5,550 crore, representing a 14% annual growth over the past five years. The company’s managing director and CEO, Anup Rau, expects this growth rate to continue, with the premium income doubling to Rs 10,000 crore by 2030. Rau attributes the company’s growth to its diversified business portfolio, which includes health, motor, and crop insurance.
The removal of GST from individual insurance premiums, including health insurance, is expected to have a negligible impact on the company’s profitability. Rau explains that the company’s retail portfolio is small, and most of its income comes from group insurance, which is not affected by the GST change. As a result, the company does not plan to increase premiums.
Future Generali’s business verticals include health insurance, which accounts for 37% of its overall topline, followed by motor insurance, which accounts for 32%. The company is also exploring new areas of business, such as surety bonds, which are being used by the National Highways Authority. With a strong parent company like Generali, which has a presence in over 50 countries and serves over 71 million customers, Future Generali is well-positioned to capitalize on the growing Indian insurance market.
CRED has expanded its insurance network by partnering with Bajaj Allianz, Tata AIG, and United India on its garage platform.
CRED, a fintech company, has expanded its motor insurance offerings on its CRED Garage platform by partnering with three new insurance providers: Bajaj Allianz General Insurance, Tata AIG, and United India Insurance. This brings the total number of insurance providers on the platform to seven, including existing partners ACKO, ICICI Lombard, Zurich Kotak, and Digit. CRED Garage offers a range of services, including premium comparison, policy renewal reminders, digital claims initiation, and dedicated concierge support.
The platform has facilitated insurance coverage for over 10 lakh vehicles without any coverage lapses to date and currently manages 1.1 crore vehicles. One of the unique features of CRED Garage is its dynamic pricing model, which offers better premium rates to members with higher credit scores. This model leverages creditworthiness as an indicator of responsible behavior, with the assumption that individuals with good credit scores are more likely to be responsible drivers.
The partnership with the new insurance providers is expected to help CRED reach a wider audience, particularly tech-savvy individuals. According to Dr. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, there is a correlation between good credit scores and responsible driving behavior. Saurabh Maini from TATA AIG highlighted the importance of the partnership in reaching affluent and tech-savvy audiences, while Lipika Kalra from United India Insurance described the collaboration as a milestone in the company’s digital transformation journey.
CRED serves over 1.5 crore affluent Indians and restricts access to individuals with high credit scores. In addition to insurance services, CRED Garage offers comprehensive vehicle management services, including challan discovery, pollution certificate renewal, FASTag services, and vehicle valuation. With its expanded partnerships and range of services, CRED Garage is positioned to become a leading platform for vehicle owners in India. The platform’s focus on using credit scores to determine premium rates is also expected to promote responsible financial behavior among its members.
ICICI Lombard appoints Parag Lokhande to lead AI, data science, and startup strategy
ICICI Lombard has appointed Parag Lokhande as the Head of Data Science, AI, and Startup Initiatives. This move signifies the company’s push towards AI-led innovation and collaboration with startups. Lokhande will be responsible for developing advanced machine learning solutions and engaging with emerging ventures to future-proof the insurer’s digital strategy.
With over two decades of experience in analytics, AI, and digital transformation across the BFSI sector, Lokhande is well-equipped to drive the next phase of growth for the organization. Prior to his current role, he was the EVP at Kotak Securities and has also worked with organizations such as Bajaj Finserv and PNB MetLife. Lokhande’s experience combines hands-on technology implementation with strategic innovation leadership, and he holds an MBA from the Indian Institute of Management, Mumbai.
The appointment of Lokhande comes at a time when the insurance industry is undergoing significant transformation, with AI and startup-led solutions redefining claims processing, risk modeling, fraud detection, and customer engagement. ICICI Lombard aims to build in-house AI capabilities and collaborate with startups to shape the next era of tech-led insurance.
Lokhande’s role will involve leveraging internal teams and engaging with the startup ecosystem to identify and integrate cutting-edge technologies. He will focus on collaborating with new-age startups to co-create innovative, future-ready solutions aligned with the organization’s long-term strategic objectives. This strategic hire is expected to drive ICICI Lombard’s digital strategy and position the company as a leader in the insurance industry.
The insurance industry’s transformation is driven by the need for efficient and effective solutions, and AI and machine learning are playing a crucial role in this process. With Lokhande’s expertise and ICICI Lombard’s commitment to innovation, the company is poised to make significant strides in the industry. The collaboration with startups will also provide opportunities for ICICI Lombard to stay ahead of the curve and adapt to changing market trends.
Overall, the appointment of Parag Lokhande as the Head of Data Science, AI, and Startup Initiatives is a significant step for ICICI Lombard, and it is expected to drive the company’s growth and innovation in the insurance industry.
Recent Updates
- LIC (Life Insurance Corporation of India): With a claim settlement ratio of 98.62%, LIC is one of the most trusted life insurance companies in India.
- HDFC Life Insurance: Offering a claim settlement ratio of 99.07%, HDFC Life Insurance is known for its efficient claim processing.
- ICICI Prudential Life Insurance: With a claim settlement ratio of 98.58%, ICICI Prudential is a popular choice among policyholders.
- SBI Life Insurance: SBI Life Insurance has a claim settlement ratio of 94.99%, making it a reliable option for life insurance.
- Max Life Insurance: Max Life Insurance boasts a claim settlement ratio of 99.22%, ensuring that policyholders receive their claims in a timely manner.
- Tata AIA Life Insurance: With a claim settlement ratio of 99.07%, Tata AIA Life Insurance is a trusted name in the Indian life insurance market.
- Bajaj Allianz Life Insurance: Bajaj Allianz Life Insurance has a claim settlement ratio of 98.48%, providing policyholders with peace of mind.
- Kotak Mahindra Life Insurance: Kotak Mahindra Life Insurance offers a claim settlement ratio of 98.15%, making it a popular choice among policyholders.
- PNB MetLife India Insurance: With a claim settlement ratio of 97.18%, PNB MetLife India Insurance is a reliable option for life insurance.
- Aegon Life Insurance: Aegon Life Insurance has a claim settlement ratio of 98.01%, ensuring that policyholders receive their claims efficiently.
- Exide Life Insurance: Exide Life Insurance boasts a claim settlement ratio of 98.47%, providing policyholders with a smooth claim experience.
- Reliance Nippon Life Insurance: With a claim settlement ratio of 97.71%, Reliance Nippon Life Insurance is a trusted name in the Indian life insurance market.
- Birla Sun Life Insurance: Birla Sun Life Insurance has a claim settlement ratio of 96.35%, making it a reliable option for policyholders.
- Aviva Life Insurance: Aviva Life Insurance offers a claim settlement ratio of 97.41%, ensuring that policyholders receive their claims in a timely manner.
- Future Generali India Life Insurance: With a claim settlement ratio of 95.71%, Future Generali India Life Insurance is a popular choice among policyholders.
- Canara HSBC OBC Life Insurance: Canara HSBC OBC Life Insurance has a claim settlement ratio of 95.39%, providing policyholders with a smooth claim experience.
- Pramerica Life Insurance: Pramerica Life Insurance boasts a claim settlement ratio of 95.55%, ensuring that policyholders receive their claims efficiently.
- Aditya Birla Sun Life Insurance: Aditya Birla Sun Life Insurance has a claim settlement ratio of 96.67%, making it a trusted name in the Indian life insurance market.
- Star Union Dai-ichi Life Insurance: With a claim settlement ratio of 95.13%, Star Union Dai-ichi Life Insurance is a reliable option for policyholders.
- Shriram Life Insurance: Shriram Life Insurance offers a claim settlement ratio of 94.99%, providing policyholders with peace of mind.
The life insurance industry in India has evolved from being a tax-saving instrument to a vital component of financial security. The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating life insurance companies, setting standards such as Claim Settlement Ratio (CSR) and solvency ratio. As of FY 2024-25, private insurers in India have shown remarkable efficiency in settling death claims, with an average CSR of almost 99% within 30 days.
The top life insurance companies in India, ranked based on CSR, financial strength, and customer service quality, are:
1. Life Insurance Corporation of India (LIC) – With a CSR of 99.48% and a solvency ratio of 2.11, LIC continues to be the nation’s largest and most trusted life insurer.
2. HDFC Life Insurance – Achieving a CSR of 99.96% and a solvency ratio of 2.03, HDFC Life is a leader in digital services and has a broad product portfolio.
3. ICICI Prudential Life Insurance – With a CSR of 99.3% and a solvency ratio of 212.2%, ICICI Prudential has consistently demonstrated operational excellence.
4. SBI Life Insurance – Backed by the State Bank of India, SBI Life reported a CSR of 99.4% and a solvency ratio of 1.96, showcasing strong financial soundness.
5. Axis Max Life Insurance – Sustaining one of the industry’s highest CSR at 99.65%, Axis Max Life has a customer-centric approach and strong capital adequacy.
6. Bajaj Allianz Life Insurance – Achieving a CSR of 99.23% and a solvency ratio of 325%, Bajaj Allianz has reinforced its reputation for financial stability and innovation.
7. Kotak Mahindra Life Insurance – Reporting a CSR of 98.7% and a solvency ratio of 2.27, Kotak Life has steadily gained ground in India’s life insurance industry.
8. Aditya Birla Sun Life Insurance – With a CSR of 98.12% and a solvency ratio of 1.94, Aditya Birla Sun Life balances Indian legacy with global expertise.
9. Tata AIA Life Insurance – Achieving a CSR of 99.41% and a solvency ratio of 180%, Tata AIA has established itself as one of the most reliable private insurers.
10. PNB MetLife India Insurance – With a retail CSR of 99.57% and a group CSR of 99.72%, PNB MetLife has further strengthened its position through strong financial and operational performance.
When selecting a life insurance company, policyholders should consider the CSR, solvency ratio, and service quality. The life insurance industry in India is booming, driven by increasing financial literacy, digital penetration, and awareness about protection and retirement planning. The key takeaway for policyholders is that numbers matter, and they should always check a life insurer’s CSR, solvency ratio, and service quality before making a purchase. Ultimately, life insurance is not just about tax benefits, but about securing futures and providing peace of mind.
Life insurance companies pay a 4% commission on Unit Linked Insurance Plans (ULIPs).
Recent data from the Insurance Regulatory and Development Authority of India (IRDAI) reveals that life insurance companies paid an average commission of 4.03% to distributors for Unit-Linked Insurance Plans (ULIPs) in 2024, up from 3.13% in 2023. The total commission paid for ULIPs in 2024 was Rs. 4,900 crore, while the total ULIP premiums collected were Rs. 1.21 lakh crore.
Tata AIA Life topped the list of insurers, paying 11.22% in commissions to distributors, followed by Aviva Life at 8.32%, and Shriram Life at 6.65%. Other insurers, such as Axis Max Life, HDFC Life, and PNB MetLife India, also paid significant commissions, ranging from 4.92% to 4.67%.
In absolute terms, SBI Life paid the highest commission on ULIPs, amounting to Rs. 1,371 crore in 2024, followed by Tata AIA Life at Rs. 818 crore, and HDFC Life at Rs. 701 crore. ICICI Prudential Life and Axis Max Life also paid substantial commissions, with Rs. 548 crore and Rs. 354 crore, respectively.
The data highlights the significant role that commissions play in the sale of ULIPs in India. ULIP commissions accounted for 9.5% of the total commission payout in FY 2024. The high commissions paid by some insurers suggest that they are relying heavily on distributors to sell their ULIP products.
The top 10 life insurers in terms of ULIP commission payouts were SBI Life, Tata AIA Life, HDFC Life, ICICI Prudential Life, Axis Max Life, Bajaj Allianz Life, LIC, Kotak Mahindra Life, Aditya Birla Sunlife, and PNB MetLife India. These insurers paid a total of Rs. 3,831 crore in ULIP commissions in 2024, accounting for approximately 78% of the total ULIP commission payout.
The data also shows that some insurers, such as Bandhan Life and Future Generali India Life, paid very low commissions, with 0.01% and 1%, respectively. This suggests that these insurers may be relying more on other distribution channels, such as online sales or direct marketing, to sell their ULIP products.
Overall, the data provides insights into the commission structures of life insurers in India and highlights the importance of distributors in the sale of ULIPs. It also suggests that some insurers are relying heavily on commissions to drive sales, which could have implications for policyholders and the overall insurance industry.
Kotak Gen2Gen Income Wins Product of the Year 2025 Award
Kotak Mahindra Life Insurance Company Ltd (Kotak Life) has been awarded the prestigious ‘Product of the Year 2025’ award in the ‘Life Insurance – Savings Plan’ category for its innovative product, Kotak Gen2Gen Income. The recognition is based on a nationwide survey conducted by NielsenIQ, involving 1,800 consumers across India. This is the second consecutive year that Kotak Life has received this award, demonstrating the company’s commitment to consumer-centric innovation.
The Kotak Gen2Gen Income plan is a non-linked savings plan that provides comprehensive financial protection and empowers policyholders to secure income and protection for two generations under a single policy. This unique feature, known as the legacy benefit, enables intergenerational financial security. The plan reflects the evolving financial priorities of Indian families and has been recognized for its relevance and impact.
The ‘Product of the Year’ award is the world’s largest consumer-voted award for product innovation, recognized across over 40 countries. It celebrates and rewards brands for their quality and innovation. Mahesh Balasubramanian, Managing Director of Kotak Life, expressed his honor and pride in receiving this recognition, stating that it is a testament to the company’s relentless commitment to innovation.
Kotak Mahindra Life Insurance Company Ltd is a 100% owned subsidiary of Kotak Mahindra Bank Limited, providing world-class insurance products with high customer empathy. The company has a strong presence in India, with 323 branches across 152 cities, and has covered over 5 crore active lives as of March 31, 2025. The award-winning Kotak Gen2Gen Income plan is a key part of the company’s product suite, which leverages the combined prowess of protection and long-term savings.
The recognition of Kotak Gen2Gen Income as the ‘Product of the Year 2025’ is a significant achievement for Kotak Life, demonstrating the company’s ability to innovate and meet the evolving needs of Indian consumers. The award is a humbling affirmation of the plan’s relevance and impact, and it reinforces Kotak Life’s position as one of the fastest-growing insurance companies in India. With its commitment to consumer-centric innovation and its unique product offerings, Kotak Life is well-positioned to continue growing and meeting the needs of Indian families.