basics-of-insurance

Insurance could be a whirlpool of confusion for someone new to the insurance space with terms like deductible, co-payment and Bancassurance leaving one utterly stumped. After navigating the aforementioned insurance terms, it’s time to tackle ‘Pre-Existing Diseases’. This term plays a significant role in the health insurance segment as it determines your coverage and risk factors. Before c...

Reinsurance plays a crucial role in India's insurance industry, aiding insurers in effectively managing risks and ensuring their long-term sustainability.

Bima Sugam is a forthcoming digital platform in India that aims to transform the insurance industry by providing a comprehensive single-window platform for purchasing insurance policies. Supported by the IRDAI, Life Insurance Council, and General Insurance Council, the platform will offer a wide range of insurance products and services, making it easier for customers to compare and purchase policies based on their preferences. It is anticipated to enhance transparency, accessibility, and competition in the insurance sector while saving customers time and effort. Although the launch has been postponed, Bima Sugam is eagerly awaited as it has the potential to simplify and streamline insurance policy purchases in India, ultimately increasing insurance penetration.

Innovation is a tricky and complex terrain; social media is trickier. According to the Khoros’ 2022 Social Media Demographics Guide, 42 % of the world’s population is using social media. Wondering how social media affects insurance? For insurers, this offers an opportunity to understand the audience characteristics of specific networks that are relevant to them — this is why we need to fo...

Over the years, insurance companies in India have been more focused on traditional ways of distribution and operations which are paper-based and require face-to-face contact with customers in order to conduct business. In 2020, when the world was hit by a pandemic and face-to-face interactions were not possible, digital transformations were put on the fast track. Both manufacturers & distr...

As technology continues to revolutionise industries, the insurance sector is no exception. The digital age has brought about a shift in customer expectations and behaviour, forcing insurance companies to re-evaluate their business models and adapt to changing market dynamics. The need for digital transformation has become more urgent than ever, with companies looking to modernise their operatio...

2023 promises to be a transformative year for the insurance industry and for good reason. The post-pandemic era has put the insurance industry on the precipice of great change and on the right track to fulfilling IRDAI’s mission - ‘Insurance for all by 2047’. As of FY22, the Indian insurance market clocked $131 billion and is expected to reach $200 billion by 2027, according to industry e...

Business insurance helps to protect companies from financial harm and workplace hazards that could happen in the business. Every potential danger that your company can encounter is covered by insurance. The costs and coverage options offered by insurance companies vary. You should talk to your insurance broker or agent about the types of insurance products that are available, as per your speci...

The Insurance Industry is currently undergoing a rapid digital transition. Insurers now have access to a larger variety of information due to the digital transformation of this sector. Insurance businesses can effectively use this data with the use of data science to increase sales and improve their product offerings.Data science can help insurers do a lot of things, including creating personal...