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"United India Insurance has undertaken significant innovative transformations and is strategically positioning itself to better address the evolving needs of its customers and maintain a competitive edge in the market."
Q: Could you start by giving us a brief overview of United India Insurance Company's performance over the past year?
The Role of AI and Big Data in Transforming Life Insurance Underwriting
The life insurance industry is undergoing a significant transformation, driven by the adoption of Artificial Intelligence (AI) and Big Data. Traditional underwriting methods relied heavily on lengthy paperwork, manual risk assessments, and standardized criteria, which often led to inefficiencies, delays, and conservative risk evaluations.
Unlocking the Implication of Warranty
It is heartening to note that the regulator in India (IRDAI) recently formed a high-power panel to suggest measures for insurance reforms. It is expected to examine various areas of the Insurance Act 1938 and recommend suitable and adequate amendments in keeping with the changing business trends and requirements of the customers.
The future of work: Model of the Talent Life Cycle (TLC)
Its time that organizations understand that the perfect candidate with the perfect set of skills will be scarcely available in a highly competitive labor market. Hence we have to focus on our existing employees and identify opportunities to train or refocus their skills into new positions.
Life Insurance News
SBI Life Insurance Company added 1.76% after the company reported 71.19% increase in net profit to Rs 550.82 crore despite a 52.21% fall in total income to Rs 18,542.16 crore in Q3 FY25 over Q3 FY24.
Smart Pension Plan for Smart People
LIC Smart Pension Plan is a single premium, instant annuity plan that provides lifelong financial security through guaranteed pension payments. Ideal for retirees and professionals looking for a stable retirement income, the scheme offers flexible payout options, death benefits, credit facilities and tax benefits.
Al-Powered Investigation: The missing link in India's fight against insurance fraud
Every year, insurers lose 8-10% of their revenue to fraud, but they manage to thoroughly investigate only about 1% of fraudulent claims. This ongoing issue continues because of significant gaps in the current fraud detection and investigation practices.
Health Insurance News
Despite a steep increase in premium for health insurance policies in the last one year, there has not been any decline in renewals and the demand for new policies, say experts.
Insurance Regulator Update
The first phase of Bima Sugam - an ambitious project of the insurance regulator to create an Amazon-like one-stop digital platform for buying, selling, and servicing insurance policies - is expected to be rolled out in the mid of this year instead of April announced earlier, a source privy to the development said.
Mahakumbh at the Parliament! Union Finance Budget 2025
The telecommunications industry is undergoing rapid transformation, driven by technological advancements and evolving consumer demands. As the industry adapts, a significant opportunity lies in partnering with Insurtech companies to offer innovative insurance products.
International News
Sharad Ojha has been appointed as the new chairman of the Nepal Insurance Authority (NIA).
General Insurance News
Agriculture minister Shivraj Singh Chouhan assured Lok Sabha govt was committed to taking action against anyone found guilty of corruption in the crop insurance scheme - PM Fasal Bima Yojana.
A Comparison of European and Indian Insurance "Risk Function"
The subsequent discussion compares the key areas within the risk management function of insurance companies in Europe and India. These are the existence of skilled resources, issues related to data, whether the risk function is challenging the first line enough, whether the riskbased decision-making is working well......
Health Insurance
At the World Economic Forum 2025 in Davos, the CEO of Bajaj Allianz predicted that India could see the emergence of 1000 insurance companies within the next decade.
"The Asian Development Bank (ADB) strengthens the insurance sector in Asia and the Pacific by partnering with finance ministries, regulators, and stakeholders."
Arup Chatterjee, Unit Head of the Capital Markets and Insurance Practice Team at the Asian Development Bank (ADB), has over 35 years of experience shaping global policies and driving reforms in insurance, pensions, and capital markets.
Insurance Regulator
Insurance companies are taking over six hours to process the majority of health cover claims and facilitate hospital discharges post-settlement.
Arterial Blood Gas (ABG) Interpretation for Medical Auditors & Health Insurance Claim Processors
A blood gas analysis may be performed on blood obtained from anywhere in the circulatory system say artery, vein or capillary. A medical auditor and claim processor should know that differences in measured blood gas values between arterial and venous blood are most pronounced for PO2 as PO2 is the only clinical reason for obtaining arterial collections.
MSME Insurance: Simplified
As per MSME Ministry data, there are about 6.3 crore MSMEs in India, which provide employment to approximately 11.10 crore and contribute to about 27% to the country's GDP, which is again 45% of the manufacturing output and over 40% of both direct and indirect exports.
International
In a forward-looking initiative, the Dubai International Financial Centre (DIFC) and Lloyd's of London have partnered to develop future talent in the insurance sector.
Insuring the Insurance: A Model for Investment in Ethical Capital
If today's organizations have to survive and sustain themselves, they must invest in ethical capital, or they will go the way of dinosaurs. In other words, all capital ventures must be ethical, and an investment in ethics is inevitable, for it follows the spirit of Rule and an inclusive approach towards all stakeholders.
General Insurance
With increasing cybercrime and a push from regulators, numerous insurance companies have rolled out cyber coverage for individuals. These policies aim to shield individuals from risks posed by malicious actors during their digital interactions.
Wildfire Crisis in the USA - Lessons for the Insurance Industry
The recent spate of wildfires across the United States has once again underscored the devastating impact of climate change on our ecosystems, communities, and economies. States like California, Oregon, and Washington have borne the brunt of these disasters, with unprecedented destruction of property, displacement of residents, and loss of natural habitats.
Why Telcos Should Consider Partnering with Insurtech Companies to Offer Insurance Products
The telecommunications industry is undergoing rapid transformation, driven by technological advancements and evolving consumer demands. As the industry adapts, a significant opportunity lies in partnering with Insurtech companies to offer innovative insurance products.
Life Insurance
Aviva Plc has agreed to purchase Direct Line Insurance Group Plc for approximately £3.7 billion ($4.65 billion), creating the UK's largest motor insurer.
How Cyber Insurance Shields Organizations from Cyber Threats and Financial Losses
Cybercrime like this is no longer the exception-it's the rule. Every organization, from global enterprises to small-town businesses, is a target in today's hyperconnected world. Sophisticated cybercriminals exploit vulnerabilities not just for financial gain but to disrupt and destabilize.
"A key development at New India Assurance is our continued focus on digital transformation, enhancing customer experience through technology-driven initiatives."
Mrs Girija Subramanian has the unique distinction of heading two of India's major insurance companies as Chairman cum Managing Director in quick succession.
"The life insurance landscape in India has been undergoing a dramatic transformation, driven by changing consumer preferences, advancements in technology, and evolving regulatory frameworks."
A seasoned Chartered Accountant with over 25 years of experience, Alok Rungta, the CEO and MD of Future Generali India Life Insurance, has held executive positions in leading insurance companies across the Philippines, Hong Kong, and India in companies like AXA, Bharti AXA Life Insurance, and Birla Sun Life Insurance. Known for his astute strategic and servant leadership, he has been instrumental in transforming customer acquisition, engagement, sales innovation, and digital enablement operations at Future Generali India Life Insurance.
Life Insurance News
New business premiums (NBP) in the life insurance sector fell by 4.5% yearon-year in November 2024 to Rs 25,306.56 crore, primarily due to a 27.17% decline in Life Insurance Corporation's (LIC) premiums, according to data from the Life Insurance Council.
General Insurance News
In 2023, India saw a record number of road fatalities, with over 1.72 lakh deaths reported, marking a grim milestone in traffic-related casualties.
Role of Surveyor in Controlling Wild Risk - Mud and Debris Flow
Risk minimization and control of mud flow and debris flow are essential as insurance claims are rising, and insurance companies are struggling to sustain themselves. Increasing premiums further is not feasible in a developing country like India.