Growth of Insurance Sector in India has been phenomenal and sector is booming right now. There are 58 total insurance companies in the market which includes 34 non-life insurance providers. There are 25 general insurance companies, 7 standalone health insurance companies, and 2 specialised insurance providers. They have been growing at different rates over the […]
Articles Tagged: Insurance
Why are the Insurtechs making Rapid Inroads?
The traditional insurance operating model is an extraordinarily robust one that operated for a long period of time. However, it is starting to experience the digital impact as well. It is altering the delivery of services and products, as well as the structure of those services and products, and even the operating model itself. In […]
Why are Insurtech platforms changing the Insurance Landscape?
The insurance industry is undergoing a major rethink. With the rise of digitalization and innovation, there has been a steady growth in new technologies, products, and services that are revolutionizing the industry. Consequently, a new industry has come into being: Insurtech. The advancement of tech in the insurance sector has been remarkable. Insurtech is making […]
What is a contribution clause and how does it apply during claim settlement?
The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies during a claim settlement. To avoid any confusion later, it is important to know the role of Contribution Clause in claim settlement process. The principle […]
What are the options for a company to buy insurance for expat employees?
Most companies now have global operations. The statutory laws of the foreign land may require them in order to provide coverage. To expat employees working in their respective geography. Since in most countries the local law regulates insurance while buying the for expat employees. It is important to ensure that the policy is admissible in […]
Adding rooms to your house will increase your home insurance premium
Published in Mint on Feb 20 2017, Written by Abhishek Bondia My house in Delhi is insured against earthquakes and I have never missed any premiums. I want to add two rooms to the second floor. Will my existing insurance policy suffice or will I have to take a new policy? If I need to […]
Some insurers can only cover overseas treatment for critical illnesses
Published in Mint on Dec 01 2016, Written by Abhishek Bondia There are different protocols to claim for treatment overseas. Some insurers require cashless payment, whereas others prefer reimbursement. Is it possible to get coverage for treatment outside India under a health insurance plan? —Kavita Lahiri Medical insurance plans issued by Indian insurers cover treatment […]
What is the meaning of An Insurance?
The concept of insurance originates from the principle of sharing the risks by a large group to reduce the burden on the few. Insurance, in the realm of risk management techniques, embodies the concept of ‘Risk Transfer.’ Here, individuals or entities shift the burden of potential losses to an insurer. By doing so, they seek […]
A first loss policy for burglary coverage can reduce the premium, but it also limits the claim amount
Published in Mint on Nov 02 2016, Written by Abhishek Bondia For my home insurance policy, my insurer has proposed a first loss policy for burglary coverage. What does this mean? Should I buy this? —Sahil Bagga A first loss policy is common for burglary and theft policies. When it is unlikely that the complete […]
Go to the insurance ombudsman to complain about policy mis-selling
Published in Mint on Oct 13 2016, Written by Abhishek Bondia I was promised double returns with additional benefits after 3 years, over the phone, while buying an insurance policy. But when I asked for the returns after 3 years, the company denied it as the documents I had signed did not promise it. They […]