The general insurance sector is all set to get its first telematics offering for motor insurance. The sector will get a glimpse into pay-per-use format of insurance where driving patterns and distance covered will be the key focus to determine premiums.
So far, insurance products were being sold to you by agents, insurers’ direct sales force, corporate agents, brokers, web aggregators and microfinance institutions. This year, another channel called insurance marketing firms (IMFs) began operations.
The number of life insurance agents with public sector behemoth Life Insurance Corporation (LIC) of India declined by about 76,000 over the one-year period ended July 2016. For the industry as a whole, the number of agents declined by 27,000 over the same
Insurers are trying to settle death claims in less than half the stipulated time. They are also doing away with the need for documents, including death certificates,so as not to inconvenience claimants.
China's insurance watchdog is looking for trouble in the wrong places. The regulator is raising warning flags over the industry's riskiest investments from corporate raiding to large-scale deal-making.