Policybazaar, ICICI Lombard: Partnership for Insurance Growth

In a significant move to bolster insurance penetration in India, which currently stands at around 4.2%, ICICI Lombard General Insurance Company Limited has formed a strategic partnership with Policybazaar, India’s leading insurance marketplace platform boasting over 100 million users. This collaboration leverages Policybazaar’s established digital platform to offer a comprehensive suite of insurance products to […]

Tata AIA Life Expands WhatsApp Payment Services

Tata AIA Life Insurance is shaking the foundation of the insurance industry with its groundbreaking expansion of WhatsApp payment services. This innovative move positions Tata AIA as the undisputed leader in India, offering a truly unmatched insurance experience through the ubiquitous platform of WhatsApp. Enhanced Convenience: A Plethora of Payment Options at Your Fingertips Previously, […]

IRDAI Lists LIC, GIC Re, New India Assurance as D-SIIs

The Insurance Regulatory and Development Authority of India (IRDAI) has kept Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re), and New India Assurance Company Limited (New India Assurance) on its list of Domestic Systemically Important Insurers (D-SIIs) for the 2023-24 financial year. This decision, marking the third consecutive year of […]

LIC Crowned World’s Strongest Insurance Brand by Brand Finance

The Life Insurance Corporation of India (LIC) has rewritten insurance history by claiming the title of the world’s strongest insurance brand in the recently published Brand Finance Insurance 100 2024 Deciphering Brand Strength: Beyond the Numbers While a steady brand value of USD 9.8 billion showcases LIC’s financial stability, true strength lies in its exceptional […]

PolicyBazaar Expands: Launches PB Pay Private Ltd

PolicyBazaar, a dominant force in India’s online insurance and loan comparison market estimated at ₹18.5 lakh crore in 2023 , is making a bold move to expand its reach. The company recently announced the formation of PB Pay Private Limited, a wholly-owned subsidiary that marks its foray into the realm of payment aggregation services. This […]

Insurance Sector Sees Rs 54,000 Cr FDI Surge in 9 Years

The Indian insurance sector has transformed into a powerhouse, driven by a tidal wave of foreign direct investment (FDI). Over the past nine years (December 2014 – January 2024), the sector has garnered a staggering Rs 54,000 crore in FDI, according to Financial Services Secretary Vivek Joshi. This impressive investment surge coincides with a remarkable […]

Bajaj Allianz Expands in Maharashtra with Wardha Office

Wardha, Maharashtra – Bajaj Allianz General Insurance’s latest branch in Wardha marks a significant milestone in the company’s strategic expansion across Maharashtra. This move is a testament to Bajaj Allianz’s dedication to making insurance more accessible to the people of Maharashtra and reflects its deep understanding of the unique insurance needs of the region’s residents. […]

Bajaj Allianz AI Bot ‘Insurance Samjho’ Simplifies Insurance

Insurance is a complex subject that often confuses customers with its jargon and fine print. Many policyholders are not aware of the details of their coverage, exclusions, and procedures, which can lead to dissatisfaction and disputes during claim settlement. To address this challenge, Bajaj Allianz General Insurance has launched a Gen AI-powered bot called ‘Insurance […]

IRDAI Considers Raising Policy Surrender Charges

The Insurance Regulatory and Development Authority of India (IRDAI) is planning to increase the surrender charges of life insurance policies, according to a draft product regulation issued in December 2023. The proposal has sparked a debate among the industry players and policyholders, as it could affect the profitability of life insurers and the liquidity of […]

Policybazaar Insurance Brokers Receives IRDAI Broker License

Policybazaar Insurance Brokers, a subsidiary of PB Fintech, has become a composite insurance broker after getting the final approval from IRDAI. This will allow the company to sell reinsurance products and expand its reach in the insurance sector. What is reinsurance and why is it important? Reinsurance is the practice of insurers transferring portions of […]