Digital proof of insurance is being widely adopted across the country
Insurance Companies are taking leverage on the information technology and its advancements as part of their customer services. Tata Consultancy Services has launched TCS Insurance QuickPass which is an apps that allows insured drivers to maintain a true “digital wallet” that includes a digital version of their insurance card and other critical policy and resource information on their smartphones.

The solution helps to do away with printing of the documents and also the risk of losing the valuable information. It also facilitates the customers to have access to all their existing insurance policies anywhere anytime. They can also take digital copies of the same and store in the smart phones. This solution is aimed at enhancing customer service and customer satisfaction.

The use of electronic insurance cards has been approved in 24 states and four additional states have digital proof laws pending currently. The TCS Insurance QuickPass allows iPhone users to save their insurance cards to their Apple Passbook in states where digital insurance proof is accepted.

AirAsia plans to enter India's insurance market
According to market reports, AirAsia Group is expected to enter into the insurance market in India.

Reports also revealed that the venture will be separate from the airline business. The company would be leveraging Tata Group’s retail base to expand its insurance sales operation.

SBI Life Insurance wins Global Performance Excellence Award
SBI Life Insurance has bagged the Global Performance Excellence Award which is the only organization from India to win the award in large service category. This award has been modeled after the

U.S. Malcolm Baldrige Performance Excellence Award, the award is presented to organizations demonstrating robust quality focus encompassing overall business excellence. The awards will be presented at the 19th APQO/International Conference on Quality in Bali, Indonesia on 10th October, 2013.

Mr. Atul Sen, MD&CEO has dedicated this award to the robust processes that enhance and sustain the customer satisfaction.

Prior to achieving Global Performance Excellence Award (GPEA), SBI Life won the National Quality Award 2012 in the services category which forms the basis for contesting for the GPE Award.

It is mention worthy here that recentlySBI Life Insurance has also won two awards at the Indian Insurance Award 2013, namely the “Under-served Market Penetration Award, Private Sector, 2013” for its far-reaching geographical coverage within India and the “Claims Service of the Year Award, Private Sector 2013” for demonstrating overall leadership and commitment towards effective and speedy claims settlement.

IRDA to hold draft law on bancassurance
The current bancassurance model allows a bank to become corporate agent of only one insurer — it can sell insurance products of one life, one general insurer and a standalone health insurer.

Bancassurance refers to distribution of insurance products through banks.

However, after becoming a broker, banks can sell insurance products of multiple insurers.

The Insurance companies have been seriously pushing for the bancassurance norms to be revised that would allow one bank to tie up with five insurance companies and take the role of a corporate agent.

However, the Department of Financial Services (DFS) has directed IRDA (Insurance Regulatory and Development Authority) to put on hold its proposed bancassurance regulation which allows the banks to operate as a corporate agent by tying up with more than one insurer. The Department has suggested the IRDA to hold discussions with the banks and the insurers before finalizing the regulation.

The IRDA is expected to issue the final bancassurance guidelines next month.

ING to sell stake in ING-BOB Life to BNP Paribas Cardif
ING has announced today that it would part 50% of stake in its Chinese Insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif, the insurance arm of BNP Paribas. While the transfer of stake is pending the regulatory approval, it is not expected to have material impact on ING Group results.

The announcement does not affect ING Bank’s 13.7% stake in Bank of Beijing, nor does it affect ING’s Commercial Banking activities in China.

New Chief Agency Officer for Aegon Religare Life
Mr. Amit Kumar Roy has been appointed as the Chief Agency Officer for Aegon Religare Life Insurance. Mr. Amit Kumar Roy comes with 22 years of experience and has rich experience in developing distribution channels for Life Insurance companies across India. He also has a wide exposure in various departments relating to insurance such as Product Development, Underwriting, Claims, Policy Servicing and Operational Excellence.

He has worked with Reliance Life Insurance, Bajaj Allianz Life Insurance and Life Insurance Corporation of India.

LIC plans of Investment in Equity Markets FY2013-14
Life Insurance Corporation of India (LIC) plans to invest Rs. 2.47 trillion in both equity and bonds in the current financial year.

The country's largest insurer made an aggregate investment of Rs.2.25 trillion in FY13. The insurer would increase its aggregate investment by 10% this year.

LIC targets 15% growth in 1st yr premium income in FY14.
LIC expects to achieve a 15% growth in first year premium income in FY14 as against a contraction in FY13.

In FY13, LIC registered a 6.5% fall in new premium collection at Rs. 762 billion compared to Rs. 815 billion in FY12.

Reliance Life's new business premium zooms 100% in Q1 FY14
Reliance Life Insurance Company (RLIC), has registered 100% increase in its new business premium at Rs. 5.14 billion during Q1FY14, compared to Rs. 2.51 billion in the corresponding quarter in last fiscal.

The company registered 48% growth in new business (individual) premium at Rs. 2.67 billion in Q1FY14, as against Rs. 1.81 billion registered in Q1FY13, Reliance Life said in a press release on Wednesday.

The total premium grew by 12% to Rs. 9.14 billion in the first quarter, as against Rs. 8.15 billion in the same period last year.

Unique Initiative by Edelweiss Tokio Life insurance
Edelweiss Tokio Life Insurance speaks its vision through its latest TVC Campaign ‘Insurance Se badhkar Hai Aapki Zindagi’ which is prioritizing the customer needs before offering any insurance solution. The Company focuses on need based approach towards a cause as small as preventing people from getting drenched in heavy rain.

Edelweise has taken an unique initiative to meet the primary need of the common man during rains Mumbai monsoons are highly unpredictable. To help the people from drenching the intermittent rains, Edelweiss Tokio Life Insurance has engaged few people who will be stationed outside six most crowded railway stations of Mumbai like Ghatkopar, Kurla, Thane, Vashi, Borivali and Santacruz who would hold a huge umbrella to shelter the commuters from getting drenched in this uncertain rains. This help will the commuters to get to the nearest bus stop, taxi stand and auto rickshaw stand.This initiative will be carried out throughout the monsoon season, whenever there will be heavy rains.

The recent entrant into the life insurance segment, the company has positioned itself strongly on understanding the customer’s needs first before offering the insurance products. The real ‘zaroorat’ of the people is understood first and then they are offered the suitable insurance solution.

LIC policies to become expensive from October 1
According to a media report, LIC policies will be charged 3% service tax on the premiums paid on all traditional products. This is expected to make the LIC policies more expensive. While so far all the private insurers were charging service tax to the premiums paid, LIC was not charging the same on its endowment and money-back policies.

Recently IRDA (Insurance Regulatory and Development Authority) mandated that service tax shall not be included in the contractual premium, but collected from policyholder separately.

Former LIC Chief Dinesh Mehrotra Nominated to MCX board
Dinesh Kumar Mehrotra, former chairman of Life Insurance Corporation, has been appointed as an independent non-executive director on the board of the Multi Commodity Exchange of India (MCX).

The regulator Forward Markets Commission has nominated Mehrotra to the position for a period up to March 31, 2016, the MCX said in a filing to the BSE on Friday.

Mehrotra retired as LIC chairman in May. He joined LIC as a direct recruit in 1977 and became its MD in July 2005.

ICICI Prudential eases claim settlement process of Uttarakhand victims
ICICI Prudential Life Insurance has followed the footprints of Life Insurance Corporation (LIC), the largest state-owned life insurance company, in the claim settlement of the Uttarkhand flood victims. The Private Insurer has eased the claim settlement requirements for the victims. In the absence of an authorized death certificate, the company would accept the list issued by the hospitals or police or armed forced and process the claim.

The company has also come out with a 24-hour helpline number to assist claimants with information on making claims.

LIC could shell out record Rs 90,000 cr benefits to policyholders this fiscal
According to the statement by the LIC Chairman SK Roy, "LIC earned good returns on equity investments last year and matching that will be a challenge this year. But we are confident of doing it, one always wonders about LIC's business performance and investment operations, but this (benefit payments) one is very significant for LIC."

LIC may have to pay Rs 90,000 crore in defined maturity benefits and survival benefits, up 20% from an approximate Rs 75,000 crore in FY13, said an official.

HDFC Life launches two traditional pension plans
HDFC Life launches two traditional pension products namely Personal Pension Plus and the Guaranteed Pension Plan. Whle the Personal pension plus is a participating plan, the guaranteed Pension Plan is a non-participating plan. The eligible age group for both the plans is between 18 and 65 years. These plans target those customers who are looking for secure and stable returns on a long term of 10-40 years.

Aadhaar KYC rules can be followed for e-insurance: IRDA
The Insurance Regulatory and Development Authority (IRDA) said that said that the know your customer (KYC) norms being followed by the Unique Identification Authority of India (UIDAI) can be adopted by insurers while issuing insurance policies in electronic mode. IRDA also made it clear that only those insurers who have tied-up with a licensed insurance repository can issue a policy in the electronic form on the request of a customer.

However, Insurance repository should upfront declare the list of insurers with whom the insurance repositories is having a tie up with service level agreement (SLA) so that the customer is fully informed, the IRDA said in a circular on 18th July.

The demographic and identity related information obtained from e-KYC process put in place by UIDAI (Unique Identification Authority of India) should be considered as fulfilling the KYC norms prescribed by the IRDA, it added. According to IRDA, these guidelines would be applicable only to those insurers who are in the process of issuing e-insurance policies.

HDFC Life wins ‘Top 100 CISO Awards’ 2013
HDFC Life, India’s leading long-term private life insurance solutions provider, has received the prestigious ‘Top 100 CISO Awards’ 2013 for incorporating and implementing innovative information security solutions to assist customers to confidently and securely transact with HDFC Life at various touch points.

The award is recognition of HDFC Life's robust and effective information security practices, which have a right balance of proactive and intelligent security processes, coupled with a strong monitoring framework.”

Aegon Religare Life, Yes Bank tie-up
Aegon Religare Life Insurance ties-up with Yes Bank to collect insurance premiums from its customers. The customers can pay their insurance first premiums and the renewal premiums at any of the Yes Bank branches.

Edelweiss Tokio Life appoints Venkat Krishnan as CTO
Edelweiss Tokio Life Insurance on Monday appointed Venkat Krishnan has as the company’s Chief Technology Officer. Krishnan will be overall in-charge of technology and will report directly to Muralidharan R, Chief Operating Officer. Venkat Krishnan comes with 15 years of experience in information technology, mainly across the banking, finance and insurance domains. His last assignment was as chief technology officer for Yes Bank.

Reliance Life initiates drive against spurious callers
Reliance Life Insurance has started its drive to fight against the fraudsters who make spurious calls to the customers under the disguise of the company employee offering the products with bogus offers. The company has so far filed about 190 complaints in this regard at various police stations across the country. Spurious calling is an industry-wide problem and the industry is taking steps towards curbing the menace. However, Reliance Life Insurance, along with the insurance industry, has also formally filed a complaint with the Economic Offences Wing (EOW), seeking its help to act against the spurious callers.

Reliance Life Insurance is also conducting customer awareness campaigns across its branches in the country and inviting calls on their Toll Free No 1800 3000 8181 to clarify policy benefits.

No agent can transfer corporate license in 1 yr: IRDA
The Insurance Regulatory Development Authority (IRDA) had it made it strongly clear that no agent can transfer the corporate license from one insurer to another within one year from the date of grant of the license on the grounds of not achieving the minimum business norms as required by the insurer. More so, the agents are seeking such transfers without contributing much business.

At present, agents / corporate agents have to submit a 'No Objection Certificate' (NOC) to transferee insurer from the transferor insurer. IRDA has further asked insurers to give the NOC within one week.

These norms will be implemented with immediate effect.

Decline in new premium receipts by 1.5% for private life insurers
IRDA reports reveal that Life insurance companies collected new premiums of Rs. 192.16 billion for the three-months ended June, as compared to Rs. 194.51 billion in April to June 2012. This reflects a fall of 1.5% as compared to the previous corresponding period.

Life Insurance Corporation of India (LIC) also reported a marginal fall of 1% in new premiums and collected Rs. 142.95 billion as new premiums.

LIC to appoint managing directors soon
Life Insurance Corporation of India (LIC) is in the process of appointing four Managing Directors. Ms. Usha Sangwan has been shortlisted as one of the Managing Directors who is currently the executive director, communications of LIC.

IRDA warns Aegon Religare Life Insurance
The Insurance Regulatory and Development Authority warned Aegon Religare for violating norms regarding appointment of principal officer and putting it on the website without prior approval of the regulator.

The regulator raised objections to the company appointing KS Gopalakrishnan as the Principal Officer and making a disclosure on its website without obtaining prior approval from Irda.

Irda said that this revealed the poor governance of the company and are considered as a disregard to the instructions issued by Irda and a violation of Section 34 A of the Act.

Reliance Life eyes insurance tie-ups with smaller banks
Reliance Life Insurance is keen in exploring possibilities of expanding its bancassurance partnerships with smaller banks. The company is awaiting the IRDA guidelines allowing banks to sell products of multiple life insurers.

This is a new strategy being adopted by reliance who has all along been following a pure agency-based model. According to Reliance Life CEO Anup Rau, "Bancassurance is a big distribution opportunity for life insurance industry and partnerships with banks, we feel, are necessary for increasing the insurance penetration in our country,"

Max Life Penalised by IRDA
Insurance regulator IRDA has penalized Max Life Insurance to the tune of Rs 10 lakh for violating guidelines with regard to payout to a corporate agent. This penalty pertains to the financial year 2008-09 and 2009-2010 when the payouts were made to the Corporate Agent Barclays Investments and Loans (India) Ltd., over and above the prescribed commission norms.

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