Insurance Broking; Latest News and Updates

Check out the latest news, occurrences, trends, headlines and updates in the insurance broking sector in India and across the globe.

13-12-2023 WEDNESDAY

Key Executives Exit Following Change in Ownership.

Aditya Birla Insurance Brokers (ABIBL) witnesses a wave of resignations among its senior executives following the proposed takeover by Samara Capital. Notably, the current CEO and principal officer, Sandeep Dadia, along with the head of corporate business Irfan Shirwani and the head of reinsurance Mukul Bhatia, have resigned since the change in ownership. This mass departure extends to other key members of the existing leadership team, including Ajay Prabhu, Punit Pancholi, and Dhananjay Acharya. The resignations are reported to be in protest against the appointment of Sanjay Radhakrishnan from Samara Capital to lead the organization, marking an unprecedented leadership mutiny in India’s corporate history.

04-12-2023 MONDAY

IRDAI Intensifies Scrutiny on Share Transfers in the Insurance Broking Sector.

The Insurance Regulatory and Development Authority of India (IRDAI) has heightened its focus on identifying ultimate beneficiaries involved in share transfers within the insurance broking sector. This increased scrutiny has resulted in extended approval timelines for such transactions. The regulatory body is specifically examining the involvement of general partners (GPs), alternative investment funds (AIFs), and venture capital/private equity funds associated with these transfers. The move aims to ensure transparency and adherence to regulatory standards within the insurance industry.

16-06-2023 FRIDAY

Policybazaar Expands Revenue Share from New Business Lines, Diversifies its Offerings.

Policybazaar, the renowned insurance broker based in Gurugram, is undergoing a significant expansion in revenue through its new business lines, signaling a strategic shift from being solely a consumer-focused online insurance distribution platform. The company’s publicly listed entity, PBFintech, which owns Policybazaar and credit aggregator Paisabazaar, reported an impressive revenue of Rs 365 crore in the fourth quarter of the previous financial year, generated specifically from its new initiatives. With a well-established presence in the insurance distribution sector, Policybazaar is now actively diversifying its offerings to capture additional revenue streams. By venturing into new business lines, the company aims to tap into emerging market opportunities and cater to evolving customer needs.

12-05-2023 FRIDAY

Max Life Insurance Company Ltd has announced a strategic alliance with the Indian Industries Association (IIA).

Max Life Insurance Company Ltd has announced a strategic alliance with the Indian Industries Association (IIA) to extend life insurance coverage to the workforce of the Micro, Small, and Medium Enterprises (MSME) sector in Uttar Pradesh (UP). This collaboration aligns with Max Life’s objective to enhance accessibility and promote affordable insurance penetration throughout UP, in line with the recently introduced State Insurance Plan by the Insurance Regulatory and Development Authority of India (IRDAI).

26-04-2023 WEDNESDAY

Aditya Birla Group had agreed to sell its insurance broking business, Aditya Birla Insurance Brokers Ltd (ABIBL), to private equity firm Samara Capital.

On Monday, the Aditya Birla Group made an announcement stating that it had agreed to sell its insurance broking business, Aditya Birla Insurance Brokers Ltd (ABIBL), to private equity firm Samara Capital for a sum of ₹455 crore. ABIBL specializes in offering integrated insurance broking and advisory services to both individuals and businesses, including small and large companies across various industries. It also provides reinsurance solutions to insurance companies, which enables them to manage their own risks by transferring a portion of them to a third party. The sale of ABIBL is expected to be completed in the next few months, subject to regulatory approvals.

17-03-2023 FRIDAY

Bharti AXA Life Insurance has entered into a tie-up with Unity Small Finance Bank.

In order to sell its life insurance products through the lender’s network of 111 branches and 206 offices across India, Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and the international insurance company AXA, has entered into a bancassurance tie-up with Unity Small Finance Bank (Unity Bank). Under this agreement, more than 1.5 million bank customers across 17 states will have access to the full line of life insurance plans from Bharti AXA Life, including protection, savings, investment, and retirement options.

13-03-2023 MONDAY

Premium exceeds Rs 5 lakh in a year to be subject to slab rate taxation.

Beginning on April 1, revenue from insurance plans (other than Ulips) whose premium (or aggregate premium for numerous policies) exceeds Rs 5 lakh in a year would be subject to slab rate taxation, according to the budget for 2023. Death benefits will continue to be tax-free. Many financial professionals anticipate that whole-life plans, particularly those with premiums over Rs 5 lakh, will be aggressively offered in the wake of this shift.

16-02-2023 THURSDAY

InsuranceDekho, owned by Girnar Insurance Brokers, has announced financing $150 million in a round that will include both loan and equity.

According to a statement made by the business, TVS Capital Funds and Goldman Sachs Asset Management led the Series A equity transaction. Investcorp, Avatar Ventures, and LeapFrog Investments are some of the other investors in the round. According to documents submitted to the Registrar of Companies in January 2023, $36.5 million of the round was declared. View Source.

14-02-2023 TUESDAY

Miller announced the hiring of Gary Stockley as its Account Executive.

Miller, one of the leading specialists in re-insurance broking has appointed Mr. Gary Stockley as their Account Executive for their Bermuda office. Having worked primarily as a retail insurance broker, Mr. Gary Stockley has over 35 years of expertise in the insurance industry. He has in-depth experience in financial lines, professional indemnity, directors and officers’ liability, cyber, crime, and malpractice insurance specialist around 20 years in Bermuda. Gary previously worked at Freisenbruch as the Vice President of Insurance Broking, where he was in charge of managing professional and financial risks in Bermuda and abroad. View Source.

20-01-2023 FRIDAY

Sibro Insurance Broking Software introduced a few amazing new features.

The Sibro insurance broking software has just introduced a few amazing new features that simplify insurance brokerage internal operations. It has been claimed that these recently introduced capabilities have evolved into a very useful tool for their current clients, enabling them to manage their insurance brokerage business in a more effective and productive manner. Check out the features here.

01-12-2022 THURSDAY

IRDAI approves adjustments to insurance companies’ capital, ownership, and solvency.

In its meeting last Friday, the Insurance Regulatory and Development Authority of India (IRDAI) approved a number of proposals, including allowing banks to partner with nine insurance companies, allowing private equity funds to invest directly in insurance companies, and allowing insurance companies to raise alternative investments like subordinated debt and preference shares without first obtaining regulatory approval.

29-11-2022 TUESDAY

Insurers with advanced technological support greatly benefit from higher tie-up limit.

The proposed rise in the maximum limits of tie-ups for corporate agents and insurance marketing firms is likely to be advantageous to insurance companies with technological solid foundations and product innovation. Industry experts claim that insurers with innovative goods and powerful technological platforms will have an advantage in attracting new clients who will choose their products and services over competitors’ more traditional offerings. The maximum number of tie-ups that corporate agents (CAs) may have with insurers has been increased from the current three for each category of insurance (general, life, and health) to nine for each category, with the approval of the IRDAI board. A proposal to expand the maximum number of tie-ups for insurance marketing firms (IMF) from two to six in each line of business has also been approved by the board.

28-11-2022 MONDAY

IRDAI’s 11-point reforms aim to attain “Insurance for all by 2047.”

The IRDAI recently announced reforms will serve to strengthen the ease of doing business and will aid in making the sector more investment-friendly, in line with its objective of “Insurance for all by 2047” and its goal of expanding insurance penetration in the nation. Additionally, a sizable amount of cash would be made available for insurance through the relaxing of the solvency standards for general and life insurers. Insurers will eventually get momentum to invest in the appropriate strategies thanks to this, which will also assist the entire insurance ecosystem is expanding quickly.

24-11-2022 THURSDAY

An important observation from Honorable Court on insurance contracts

Insurance contracts prepared by an insurer have the very little option or choice for a consumer, except to sign on the dotted lines, the Supreme Court said on Wednesday. A bench of Justices Surya Kant and M M Sundresh made this observation while setting aside an order passed by the National Consumer Disputes Redressal Commission in a case seeking compensation for a shop that was met with a fire accident recently. After a thorough assessment, the insurer decided to insure not just the appellant’s shop but also a second shop that was in a comparable location. The appellant filed a claim after the shop experienced a fire catastrophe. However, the exclusion clause was invoked in order to refute the claim. The highest court ruled that the contract’s stipulations, especially the exclusion clause, were unreasonable.

17-11-2022 THURSDAY

Check our the most latest directive from IRDAI on trading in sovereign securities

Trading in sovereign securities is only permitted on the anonymous trading screen, according to a recent IRDA order that has all insurers in a state of confusion. The IRDA has also stipulated that no broker may handle more than 5% of the entire volume of secondary market transactions when using intermediaries for trades in corporate bonds and stocks.

01-11-2022 TUESDAY

Hyundai Motor India enters into the insurance broking industry as a Direct Broker – General

The second-largest automaker in the nation, Hyundai Motor India (HMIL), has registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Direct Broker – General, allowing its subsidiary to consider entering the general insurance broking market. Hyundai’s intention to enter the general insurance market is unique despite the fact that automakers frequently have their own insurance-broking firms in India, including Tata Motors and Maruti Suzuki.

15-10-2022 FRIDAY

Shedden appointed head of analytics for Aon’s reinsurance solutions globally and in the UK

Paul Shedden has been named as the global and UK head of analytics by Aon’s reinsurance solutions division. He will become a member of the global leadership team and report to Andy Marcell, global CEO of reinsurance solutions.

13-10-2022 WEDNESDAY

Cincinnati Syndicate 318 obtains a 30% stamp price increase.

Cincinnati Global Underwriting Agency has received permission from Lloyd’s to enhance Syndicate 318’s stamp capacity by 29.3%, from £232 million ($259 million) to £300 million.

11-10-2022 MONDAY

Near the Mumbai airport, insurance company Turtlemint rents a 35,000 square foot office.

At the ORB complex near the Mumbai airport, Invictus Insurance Broking, which is funded by Sequoia Capital and runs the online insurance platform Turtlemint, has leased more than 35,000 square feet of office space. These businesses have a five-year contract with Chalet Hotels, a division of K Raheja Corp. Throughout the whole period of the lease, the tenants will pay rent in the amount of around Rs 28 crore.

20-09-2022 MONDAY

IBAI’s conducted its annual general meeting and elected new Directors to fill up the vacancies on IBAI Board.

On September 16, 2022, IBAI had its annual general meeting, during which new Directors were elected to fill open positions on the IBAI Board. Mr. Surender Kumar Tonk, representing M/S Advance Life Insurance Brokers Pvt. Ltd. Ghaziabad has been re-elected as Director from the North Zone. Mr. Anuraag Kaul, representing M/S J K Insurance Brokers Ltd. Noida was elected as the Director from North Zone. Mr. Sanjeev Gujral, representing M/S Goodx Insurance Brokers Pvt. Ltd., New Delhi, was elected as the Director from North Zone, and Mr.Pavinjit Singh Dhingra, representing M/S Prudent Insurance Brokers Pvt. Ltd., Mumbai, elected as Director from West Zone.

12-09-2022 MONDAY

A new player has arrived. The insurance division of Lord’s Mark Industries received direct insurance broking license recently

Lords Mark Insurance Broking, the insurance division of Lord’s Mark Industries has acquired its direct insurance broking license from IRDAI. They aim to focus on health insurance customers which will take care of the difficulty of hospital transportation, documentation, doctor consultations, claim settlement, etc.

05-09-2022 MONDAY

High operating and distribution costs; IRDAI Chairman recently proposed his thoughts on insurance price hikes at the Health Insurance Summit 2022

Addressing the ‘Health Insurance Summit 2022, the IRDAI Chairman Mr. Debasish Panda said that the reasons affecting the insurance pricing would be the high operating and distribution costs and hospital expenses as indirect costs. He added, “We have to look at ways of reducing the expenses to make insurance affordable”.

02-09-2022 FRIDAY

Sibro Insurance Broker Software Announces Their Second Set of New Features in Just Two Months

SIBRO, the forerunner in the insurance broking software industry, today announced the release of their new features that enhance the usage of the insurance broker software to the next level of insurance broking. New releases include amazing new features and other software optimizations that will aid insurance brokers and agents to manage their insurance broking business much more effectively.

31-08-2022 WEDNESDAY

Edelweiss General Insurance partners and Ayushman Bharat Digital Mission join hands to help citizens generate ABHA number

Creating safe and secure digital health records is the prime agenda of ABHA. With the access to user’s ABHA number, they will be able to receive their digital lab reports, diagnosis, prescriptions, etc from Ayushman Bharat Digital Mission (ABDM) registered healthcare providers and doctors anywhere in the country in a paperless manner.
Quoting the initiative, Shanai Ghosh, Executive Director and CEO of Edelweiss General Insurance, said, “Ayushman Bharat is creating a Digital Health Stack for India which will have a transformational impact on the healthcare delivery system in the country. This program will enable and empower people to access medical diagnosis, treatment, and financing from verified healthcare providers and payers, seamlessly across the country.

29-08-2022 MONDAY

Life insurance sales in India are about to touch global averages

Post-Covid life has made people realize the importance of having stable financial security. The majority allure in investing in the best-in-market life insurance policies in order to gain sustainable financial freedom in terms of health and lifestyle. As per many reports, it has been forecasted that the sales of life insurance in the country is about to reach up to 3.2%, close to global averages within a short span of time. The changing customer perception, customized policy options, simplified IRDAI regulation in product approval and distribution, and digitization efforts at the company level are the major identified growth catalysts. Source: Economic Times

26-08-2022 FRIDAY

Sibro Insurance Broker Software Announces Their Latest Sets of Features

New releases include astonishing features and other minor and major software enhancements that will help insurance brokers and agents to carry out their day-to-day work much more systematically. Source: Sibro

25-08-2022 THURSDAY

Mahindra Insurance Brokers Limited announced their collaboration with Mad About Wheels

The subsidiary of Mahindra & Mahindra Financial Services named Mahindra Insurance Brokers Limited (MIBL) announced its partnership with Mad About Wheels this week. MaW is India’s first brand agnostic electric mobility and automotive solutions provider. This partnership will aid on-boarded MaW dealers in offering comprehensive motor insurance products to their potential electric two and three-wheeler vehicle customers. Source: Economic Times

24-08-2022 WEDNESDAY

Four Govt-owned general insurers gearing up for major restructuring

The major four Central government-owned non-life insurers plan to implement a key organizational restructuring. The officials say that this alteration is expected to lower the insurers’ costs, free up staff for redeployment, and in general improve customer service. The four insurers are Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited, and United India Insurance Company Limited. Ernst & Young (EY) has been hired as their consultant for this assignment for a duration of 10 months.

23-08-2022 TUESDAY

Mahindra Insurance announces its partnership with Agri Digital Platform BigHaat

The subsidiary of Mahindra & Mahindra Financial Services announced its partnership with India’s leading Agri Digital Platform, BigHaat. This partnership is expected to offer financial solutions to the informal Agri segment of India’s workforce. The partnering team will together uphold the Government of India’s goal of higher insurance penetration in rural India.

16-09-2021 THURSDAY

A composite broking license has been granted to Hero Insurance Broking India by the IRDAI.

The Insurance Regulatory and Development Authority of India (IRDAI) has granted Hero Insurance Broking India, a wholly-owned subsidiary of Hero Corporate Service and a major player in the Indian insurance market since 2005, a composite broking license. This will enable the company to provide corporate clients with risk management consulting and reinsurance broking services.

10-06-2020 WEDNESDAY

IRDAI grants insurance companies authorization to use the Unique Identification Authority of India’s Aadhaar Authentication Services

Now, insurance agents and brokers can unwind a little. The most recent IRDAI press release, dated April 24, 2020, grants insurance companies authorization to use the Unique Identification Authority of India’s Aadhaar Authentication Services. Some insurance companies have been given the go-ahead by the central government to start offering Aadhaar identification services via a gazette notice dated April 23, 2020. Check out the list of insurance firms that may soon transition to KYC paperless services.

21-11-2019 WEDNESDAY

Sibro is recognised as a “Rising Star” by B2B Review Platform as an outstanding software for Insurance Brokers.

Sibro’s tools and features were recognised as noteworthy, amazing, and effective by CompareCamp, the top resource for reliable SaaS reviews. Readers rely on CompareCamp for the open and honest assessments of various software produced by professionals from many disciplines and companies. Sibro was recognised for its user-friendly features that make managing insurance rating, documents, commissions, contacts, claims, and quotes simple with the Great User Experience Award. Users and specialists alike praised Sibro’s solutions for endorsement administration because they make it simple to handle both old and new policies with precise time references. Read more

Disclaimer: Information Source Clarification

It is important to clarify that the news presented above is gathered by our content team from various online web portals and websites. The accuracy of the information cannot be guaranteed, and we want to emphasize that we do not assume any responsibility for the accuracy or reliability of the content. The news articles are presented for informational purposes only, and readers are encouraged to verify details through multiple sources before relying on the provided information.