Author: Bfsinxt Desk
India’s insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has spelled out ten problem statement for insurance ecosystem to address at first hackathon Bima Manthan 2022. The problem statement and the larger agenda stated by IRDAI is as follows: Problem Statement No.1: Developing enhanced PMJJBY and PMSBY distribution channel through Open API Exchange Platform • Aim to increase distribution of PMJJBY and PMSBY. • To provide tech enabled solution for multi-bank multi-insurer distribution platform facilitated by Open API Infrastructure. For example, any bank can distribute PMJJBY and PMSBY products offered by any insurance company or vice versa. • …
Bajaj Finance said it aims to enhance its relationship with both their existing and new network of merchant partners, by providing point-of-sale terminals and enabling acceptance of a wide range of payment instruments such as EMI cards, credit cards, UPI and wallets on those terminals.
On July 14, 2021, RBI had imposed restrictions on Mastercard to onboard new customer over lapses found in compliance with RBI’s 2018 circular on Storage of Payment System Data.
Private general insurer, Kotak Mahindra General Insurance Company has partnered with PhonePe Insurance Broking Services to offer motor insurance to 380 million customers on the PhonePe platform. Kotak General Insurance via PhonePe, will provide car and two-wheeler insurance policies to its customers. Suresh Agarwal, Managing Director & CEO, Kotak General Insurance said, “This tie-up will empower PhonePe customers to buy car and two-wheeler insurance end-to-end online in just a few clicks from the comfort of their smart phones. At Kotak General Insurance it has been our endeavour to provide simple and easy to understand products for customers and the partnership…
It is estimated that approximately Rs 1,400 crores will be unlocked and General insurers may use this opportunity to optimize this freed up capital in a way which leads to increased insurance penetration in India, it added.
Recently on June 10, IRDAI had reduced the number of off-line returns being submitted by Life Insurers from forty to only four whereas the number of online returns would come down from eight to five. Further, three separate certification requirements have also been consolidated into one.
Khanaz’s primary responsibility will include handling Simpl’s D2C products such as pay-in-3 and formulating new strategic initiatives aime at product growth.
According to RedSeer, category-wise digital insurance penetration, has a Total Addressable Market (TAM) of 66.5 Bn USD, the life insurance category comprised close to three-fourths of the market, followed by motor insurance which has a TAM of 10 Bn USD and retail health insurance which has a TAM of 4.7 Bn USD, as of this year, FY22.
Kotak said post the increase in the rates will encourage savings behaviour among consumers and the rate changes will come into effect on June 13, 2022.
The tie-up between ICICI Bank and Zest Money is intended towards enhancing affordability of millions of customers of the bank who can use pre-approved cardless credit to instantly buy products and services using ZestMoney.