Insurance Newsletter June 30 to July 04, 2014

United India Insurance company has won the Tamil Nadu Government's health insurance scheme for pensioners

July 04, 2014 11:24 IST | India Infoline News Service
News this week

IRDA asks insurers to participate in e-insurance
The Insurance Regulatory and Development Authority (IRDA) has asked insurance companies to participate in a pilot project on converting physical life insurance policies into electronic form between July 1 and August 31. During this period, every life insurer will have to digitise at least 1,000, or 5%, whichever is lower, of its existing physical policies. The companies must also issue a similar number of new electronic policies in these two months.

Star Union Dai-ichi Life registers 23% growth in retail biz in FY14
Star Union Dai-Ichi Life Insurance company (SUD Life) - a joint venture between India's two leading public sector Banks and Dai-ichi Life of Japan has reported a 23.3% growth in its retail Business on Annualised Basis which is a standard norm of measuring Insurance performance. The company has recorded INR 339 crores of Annualised Premium in 2013-14 compared to INR 275 crores in 2012-13. This places SUD Life among very few Indian Life Insurers which have seen 20%+ growth in their Retail business despite of slowdown in Life Insurance Industry with retail business showing a negative growth of 3.4%. Renewal premium income of the company also grew by 18.2% during the year... Read more

United India Insurance wins TN govt's health insurance scheme
United India Insurance company has won the Tamil Nadu Government's health insurance scheme for pensioners. Earlier this year, the Tamil Nadu government had said that it would launch a new health insurance scheme which would be similar to the Government Employees Health insurance scheme. The TN government has allocated a sum of Rs. 16,021 crore in its budget estimates 2014-15 for pensionary benefits. The objective of the new health insurance scheme, which would commence from July 1, is to provide cashless insurance to pensioners (including spouse) subject to certain conditions.

Standard Chartered Bank, ICICI Pru Life sign bancassurance partnership
Standard Chartered Bank announced that it has entered into a strategic bancassurance partnership with ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life). This is part of a larger agreement between Standard Chartered Plc and Prudential Plc to expand the term and geographic scope of their pan-Asian bancassurance partnership. The new 15 year agreement covers India and 10 other markets and has commenced on 1 July 2014, deepens a relationship that was first established in 1998. Under the terms of this agreement, Standard Chartered Bank will distribute a wide array of ICICI Prudential Lifes comprehensive life insurance products through its network of 99 branches across 42 cities... Read more

Canara HSBC OBC Life Insurance wins award for its Technology Maturity
Canara HSBC Oriental Bank of Commerce Life Insurance Company won the "Technology Maturity Award" by Fintelekt, SP Media, at the esteemed 'Indian Insurance Awards 2014' held in Mumbai.

As a part of the endeavour to recognize the efforts of companies in the Insurance sector, the awards acknowledge the initiatives taken by insurers to make their services technologically advanced. Prioritizing the convenience of 60 million customers of its distributor banks, the organization has dedicated itself to adoption of new technological solutions. The company has maintained the commitment on delivering exceptional services to this customer base across 7,000 branches, and has also steadily upgraded digital services to ensure the business keeps up with the current momentum in technological advancement... Read more

Tata AIA Life wins Lokmat BFSI award for best private life insurer
Tata AIA Life Insurance Company Ltd. (Tata AIA Life) has won the Best Life Insurance Company (Private Sector) award at the inaugural Lokmat Banking, Financial Services & Insurance award ceremony in Mumbai. The Lokmat BFSI Awards have been instituted by the Lokmat Group, the media conglomerate that brings out Maharashtras highest circulated regional daily. The awards represent an initiative to honour the best financial service intermediaries in the private sector. Amitabh Tapadar, Chief Marketing Officer, Tata AIA Life, said, The award is a testimony of our endeavor to be the most trusted life insurance company that values customers financial well-being, while consistently delivering best-in-class solutions.... Read more

Max Bupa wins award at India Insurance Awards event
Max Bupa has been conferred with top honor for technology maturity at the fourth edition of India Insurance awards. Max Bupa was recognized as the company with the most effective and mature technology infrastructure in the health insurance industry. Max Bupa has received the award Technology Maturity for its focused utilization of technology to deliver the best in class service experience to its customers. The awards were presented at a special ceremony attend by the industry leaders in Mumbai. Max Bupa has been an exemplar in providing seamless and personalized customer experience through advanced technological implementation. Max Bupa had made significant investment in its technology capabilities, including in-house development and support teams to ensure agility and responsiveness for changing business needs... Read more

AEGON Religare Life Insurance is E-Business Leader at Indian Insurance Awards
The Indian Insurance Awards chose AEGON Religare Life Insurance (ARLI) as the E-Business Leader, under the category of Overall Insurance Industry Awards. This is the second year in a row that AEGON Religare is being awarded this honour. The E-Business Leader award seeks to honor an insurer that has deployed the online insurance channel effectively for marketing, lead generation and sales for the business. The award seeks to commend an insurer bringing special focus on this nascent distribution channel... Read more

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