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.

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.