Insurance gets a new distribution channel

Published in Mint on March 23 2015   The insurance industry is ready for a new distribution channel—insurance marketing firm, officially abbreviated as IMF. The channel will be allowed to distribute policies of two insurance firms in the same line of business, and will also be allowed to distribute other financial products as allowed by […]

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Insurance amendment bill: necessary but not sufficient

Published in Mint on Mar 11 2015, Written by Kapil Mehta If all goes as planned, the Insurance Laws (Amendment) Bill, 2015, which has been approved by the Lok Sabha, will become law over the next few weeks. The first version of this bill was introduced in the Rajya Sabha seven long years ago. The most […]

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Financial instruments likely to cost more

Published in Mint on Mar 02 2015 Apart from mobile phone and restaurant bills, cost of financial products, too, will go up marginally due to the increase in effective service tax rate from 12.36% to 14%. The Finance Bill states: “In the new service tax rate the education cess and secondary and higher education cess […]

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How we rated health insurance

Published in Mint on 17th January 2014, Written by Kapil Mehta In July 2013, after Mint had published the first health insurance rating, I received a call from an angry public relations executive of an insurer. “Why have you rated our product low?” he demanded. I pointed him to the rating criteria that were published, […]

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SecureNow’s goal of disrupting corporate insurance distribution

Published in the NCR TieCon 2013 handbook. Every morning I receive a google alert for the keyword “insurance broker”. The typical news is about the insurance broker jailed for cheating his client, committing fraud and, on one day, beating his spouse! It serves as a sobering reminder of the task ahead for SecureNow. We are […]

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What consumers can learn from penalties on insurers

Published in Mint on 3rd December,2014, Written by Kapil Mehta Last week, a columnist for this paper wrote about “One tight slap”. Her contention was that no provocation could justify slapping a child. I couldn’t help chuckle when I read the phrase. While most of us are peace loving folks, there are situations when we […]

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Ethical Dilemmas in Insurance

Published by the Financial Planning Standards Board India in their April-May 2013 issue Sophie’s Choice, an award winning movie produced in 1982, beautifully portrays the difficulties and dilemmas in certain decisions. Sophie and her two children are imprisoned in a Nazi war camp. Sophie is told that one of her children can live and the […]

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Welcome steps towards protection of insurance buyers

Published in Mint on 5th Jan, 2015, Written by Kapil Mehta The insurance regulation on protection of policyholder’s interests is the industry’s equivalent of the Ten Commandments, a set of principles that insurers must abide by. The original regulation issued in 2002 remains in force even today. Much has happened over the past 13 years […]

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