Latest news with #InsuranceRegulatoryandDevelopmentAuthority
Time of India
2 days ago
- Time of India
Woman held for duping Salt Lake sr citizen of 32.3L
1 2 3 Kolkata: Police probing a cyber fraud case where a 72-year-old Salt Lake resident lost Rs 32.3 lakh after being duped by a woman claiming to be from the Insurance Regulatory and Development Authority (IRDA) arrested the accused on Wednesday. Accused Ananya Sarkar, who met the elderly woman under the fake identity of Sreeja Roy, convinced her to take a loan against her FD and pay her the amount while promising to settle an old and disputed insurance policy the 72-year-old had. The arrest followed a complaint lodged by the victim's son, who works abroad, exposing a month-long con targeting the elderly widow over a bogus insurance recovery scheme. According to the complaint, Sarkar, a resident of Agarpara, lured the CL Block resident by claiming she could recover up to Rs 50 lakh from a lapsed insurance policy. Police said the fraud began in Nov 2024 when Sarkar contacted her and gained her trust by calling her to a swanky office in New Town and even introducing her to a "superior officer" while feigning empathy and promising significant returns. According to the FIR at Bidhannagar East PS, she asked the woman to initially pay a processing fee of Rs 80,000. When the woman said she didn't have cash, Sarkar allegedly convinced her to take loans against fixed deposits, citing processing fees and other fictitious charges. Over two and a half months — from Nov 19, 2024, to Jan 31, 2025 — Rs 32.3 lakh were withdrawn in 10 separate transactions as the woman handed the cash over to Sarkar, meeting her at different places ranging from shopping malls to bank branches. The fraud came to light in Feb 2025 when the woman's son returned to Salt Lake, overheard a suspicious phone conversation at home, and intervened. Realising his mother was deceived, he recorded video evidence and lodged a complaint on Feb 10. Following probe, police tracked the accused's real identity and arrested Sarkar from her residence in Agarpara. She was produced before a local court, which granted police four days' custody for further interrogation. "We are interrogating her to find the rest of the gang members. We are also trying to trace the money trail and will try our best to ensure the woman gets her money back," said a senior officer of Bidhannagar City Police. GFX 72-yr-old Salt Lake woman duped of Rs 32.3 lakh Accused posed as IRDA representative Convinced victim to take loan against FD, promised to settle an insurance policy dispute Money withdrawn in 10 transactions between last Nov and this Jan and handed over to accused Fraud came to light in Feb 2025 after the senior citizen's son returned to Salt Lake from abroad Accused held on Wednesday
Time of India
3 days ago
- Business
- Time of India
Startups leverage distribution chops to gain ground in general insurance
Live Events As insurance penetration in India remains a challenge, more startups are looking to leverage their distribution capabilities to grab a chunk of the general insurance startups including bike-taxi platform Rapido, wealth-tech firm IndMoney and vehicle services firm Park+ have already secured or are in the process of applying for a corporate agency licence , which allows companies to tie up with 27 insurance companies across life, general and health to distribute their is currently seeking an approval from the Insurance Regulatory and Development Authority (IRDAI) for a composite corporate agent licence, aiming to offer insurance products to both drivers and customers, according to two people in the know.'Rapido is planning to take a corporate agency registration from IRDAI (Insurance Regulatory and Development Authority) to be able to distribute insurance products to its drivers…it has already set up a new subsidiary for this purpose,' one of the people cited above Bengaluru-based company incorporated a new subsidiary last month and approved a resolution to undertake 'the insurance business as a corporate agent (composite) in respect of all classes of insurance, including motor insurance, general insurance, health insurance and life insurance,' according to a filing made with the Registrar of Companies (RoC). ET reported on March 12 that Rapido is expected to launch its food delivery service to compete with Zomato and Swiggy. Presently, the mobility firm fulfills almost 3-3.5 million ride hailing trips and parcel deliveries per plans in insurance reflect a similar strategy that was adopted by ride-hailing major Ola , a few years ago. The Bengaluru-based company had launched a full-stack insurance offering for its driver partners and its customers. Ola was also selling trip insurance to customers taking rides on its a similar move, vehicle-management platform Park+ is vying for a full-stack insurance distribution business. The company got the corporate agency licence in March and is looking to complete its integrations with around three to four insurance companies.'For us insurance is an ancillary business opportunity, something that is important for our customers. We are starting with vehicle insurance and the plan is to build an end-to-end process for our customers on the app from buying to service and claims support,' said Amit Lakhotia, founder, Park+.A senior industry insider told ET that for startups operating in the vehicle management or ride hailing space, car insurance is a big opportunity given the government mandate in this sector. However, he added, that buyers in this sector are extremely cost conscious which makes the viability of the business a challenge.'Since car insurance is a mandatory product many vehicle owner buys the cheapest product available, which means that innovating on new products becomes a challenge for tech startups,' he added. Industry estimates suggest more than 90% of the vehicle insurance business is still driven by offline agents and car sellers, that is the market these players intend to target. ET reported in November last year that fintech major Cred, which also has a corporate agent licence, is looking to monetise its vehicle management platform Cred Garage through insurance distribution. Cred Garage allows its users to manage their vehicles from tracking challans to getting services to renewal of which wants to get the entire country insured by 2047, is open to getting startups to distribute more of the insurance products so the market companies have also opened up for more such tech partnerships given these platforms have captive customers who can be acquired relatively mid-sized fintechs are lapping up this opportunity to turn into insurance distributors. While the likes of PhonePe, Amazon Pay and Paytm are large distributors already, players like credit distribution startup Freo and wealth management platform IndMoney have also gotten into this space. IndMoney has already partnered with 13 insurance companies to distribute all forms of insurance products to their to a detailed query by ET, Rapido said, "We would like to clarify that our current strategic focus remains on our core operations, and we have no plans to enter the insurance business.'
The Hindu
19-05-2025
- Health
- The Hindu
How to lock in health cover gains
While buying health insurance is a responsible decision, responsibility also extends to diligently maintaining the policy to ensure continuous and hassle-free coverage. And that means, duly tracking the renewal date every year and renewing the policy. Every year, remember to renew the policy before it lapses to continue your coverage. While renewing, you may also find out that the premium for your policy has increased. But what if there was a way you could not only get continuous coverage for years, but also lock in the premium for the duration when you buy the policy? Well, the good news is that it's possible now. If you buy the recently introduced five-year health insurance plan, you can lock in the premium for the period and not worry about renewals or rising premiums. The best part is, you can save up to 18% in premiums while building a healthy no-claim bonus and ensuring uninterrupted coverage. That's the power of multi-year health insurance. Thanks to the Insurance Regulatory and Development Authority (IRDAI) norms, insurance providers can now offer long-term health insurance plans with a tenure of up to five years, up from the earlier three. And for many policyholders, this could mean a big financial advantage. Let's see how. Saving on rising premium Our data suggests that about 53% of the customers see a premium rise of about 10%, and 38% experience up to 15% premium hikes. Naturally, as the healthcare costs go up, so do the premiums. Hospitalisation costs have jumped over 11%, and India has seen a medical inflation rate of 14% for the past few years. Rising medical costs have a very real impact on Indian families, where insurance penetration remains low and out-of-pocket expenditure is high. That's where multi-year policies step in. They allow you to lock in your premiums and offer you the benefit of predictability. How it works Let's assume a 30-year-old living in Delhi wants a ₹20 lakh cover. The annual premium comes to about ₹11,000. Over five years, it's ₹55,000. But with a 5-year plan, the person might only pay ₹45,000 upfront while also locking in a premium and saving over 18% in the process. While it is about savings, it is also about securing peace of mind for the long term. First of all, you get premium certainty and are protected from future premium hikes resulting from inflation, age, or even changes in your health status. Second, there will be no renewal hassles as life gets busy. A missed renewal can result in a policy lapse and loss of accumulated benefits like the no-claim bonus or completed waiting periods. With a 5-year plan, you're covered for longer without interruptions. But what happens to tax benefits if you pay the entire 5-year premium in a single year? Again, the good news is that even with a multi-year policy, you can divide the total premium over policy tenure and claim annual deductions. If you can't pay the full amount upfront, many insurers offer EMI options wherein you can pay monthly, quarterly or semi-annually, even when you choose multi-year plans. These plans work especially for NRIs and frequent travellers. After all, with one living in another country, renewal reminders can be missed. A 5-year plan ensures you don't lose your coverage even if you're away. Health cover is all about timing. The earlier you buy, the better your premium and the shorter the waiting period for pre-existing diseases. But in a world where premiums keep rising with every birthday, locking in the cover for the next five years is also a sound financial strategy. Senior citizens can avoid steeper hikes that typically come with each passing year. Add to that the ₹50,000 tax deduction for senior citizens under Sec 80D, and a multi-year option starts to look compelling. Evaluate your options well before deciding. (The writer is head, health insurance,
Time of India
09-05-2025
- Business
- Time of India
Health and general insurance claim settlement: 5 fastest and 5 slowest insurers to settle claims within 3 months
Have you wondered how prompt and efficient your insurer is when it comes to settling policyholder claims? The claim settlement ratio of insurance companies helps us understand this aspect. This year, Indian insurance watchdog IRDAI (Insurance Regulatory and Development Authority) released its handbook on Indian Insurance Statistics for 2023-24, which detailed the performance of various Indian general and health insurers in claim settlement. #Operation Sindoor Live Updates| From Sindoor to showdown, track Indo-Pak conflict as it unfolds Pakistani Air Force jet shot down in Pathankot by Indian Air Defence: Sources India on high alert: What's shut, who's on leave, and state-wise emergency measures The claim settlement ratio helps the policyholder to gauge what proportion or percentage of the claims an insurance company honours or pays out during a certain period, out of the total number of claims it has received during the same period. So, for instance, say an insurer has a claim settlement ratio of 84%. This implies that for every 100 claims that the insurer received in a specific period, the insurer has typically honoured only 84 of those. It is important not just to settle a claim but also to do so in a timely fashion. Most experts consider 3 months, or 90 days, to be the shortest yet optimum time for an insurer to process claims and honour the same, if all documentation is in place. Another crucial aspect to consider while buying an insurance policy is the incurred claims ratio. This refers to what percentage or proportion of the total premium collected by the insurer during the year is paid out as claims by them. The higher an insurer's incurred claim ratio is, the greater the amount out of their total premiums that the insurer is likely paying out as claims. Live Events So, for instance, if a company registers an incurred claims ratio of 85%, it means that against every Rs 100 it collects as premium from policyholders, it only pays out Rs 85 in claims. However, a very high incurred claim ratio would mean the insurer is not left with adequate money to manage its business. So many experts recommend an incurred claim ratio between 70% and 90% to be an indicator of a good insurer in terms of claim experience and sustainability. A combination of a high claim settlement ratio and an incurred claims ratio can help you narrow down a good insurance policy. ET Wealth has analysed the data and presents to you the 5 fastest and slowest insurers in terms of claim settlement ratios and also their incurred claims ratio. Which general insurer has the highest claim settlement ratio within 3 months for health insurance in 2024? According to IRDAI's annual data, at 99.97%, Navi recorded the highest claim settlement ratio in FY23-24. 5 insurers with the fastest claim settlement ratio, as per IRDAI Insurer % of health-insurance related claims paid within 3 months in FY23-24 Acko 99.91% HDFC Ergo 99.16% Navi General Insurance 99.97% Reliance General 99.57 Universal Sompo 98.11 Source: IRDAI handbook 2023-24 What stands out is that while Acko ranks the highest amongst all insurance companies in terms of claim settlement ratio (99.91%) in FY23-24, their incurred claims ratio (69.57%) is among the lowest compared to all general insurers. This indicates that the company is only paying approximately Rs 70 as claims out of every Rs 100 it collects as premium, despite its very speedy claim settlement. Similarly, HDFC Ergo has an incurred claims ratio of 87.70%. NAVI, which boasts of settling 99.97% of its claims within 3 months, however, has a very low incurred claims ratio of 52.40%, implying that it pays out a little over half, or Rs 52 per Rs 100 of claim received. Reliance General registered an incurred claims ratio of 81.06%, while Universal Sompo registered an incurred claims ratio of 81.74%. Notably, none of these insurers, which recorded a claim settlement ratio of over 98% in FY 23-24, had an incurred claims ratio of over 90%. Hence, while their claim settlement mechanism might be speedy, there are concerns as to how much money they are paying out in terms of claims in comparison to the premiums collected. 5 insurers with the slowest claim settlement ratio, as per IRDAI Name of Insurer % of claims settled within 3 months in FY23-24 Zuno 83.12% IFFCO Tokio 91.18 Future Generali 90.93 IFFCO Tokio 89.37 Zuno 83.12% Source: IRDAI handbook 2023-24 Both New India Assurance and National Insurance are public insurers, which recorded claim settlement ratios of 92.70% and 91.18%, respectively. Also, at around 8.5 lakh (8,54,774), New India Assurance reported one of the highest numbers of outstanding claims at the end of FY24. However, both New India Assurance and National Insurance fared better in terms of incurred claims ratio during FY23-24. While National Insurance reported an incurred claim ratio of 95.9%, New India Assurance had an incurred claim ratio of 97.36%. This indicates that while their claim settlement ratio might be relatively lower than their peers, they are paying out more money in premiums. With an incurred claims ratio of 71.85% in FY23-24, Future Generali ranks relatively lower, both in terms of claim settlement ratio (90.93%) and in terms of claim amount paid out. While IFFCO Tokio paid out 86.33% per Rs 100 of the premium collected, Zuno's incurred claim ratio stood at 82.64%. Which stand-alone health insurers have the lowest claim settlement ratio? Among the 5 existing stand-alone health insurers in the country, at 99.87%, Star Health had the lowest claim settlement ratio within 3 months between April and December 2024. Note that these companies operate exclusively in offering health insurance and related products. Name of the stand-alone insurer % of claims paid in less than 3 months during 2023-24 Aditya Birla Health Insurance Co. Ltd. 92.97 Care Health Insurance Ltd. 92.77 ManipalCigna Health Insurance Co. Ltd. 88.59 Niva Bupa Health Insurance Co. Ltd. 92.02 Star Health and Allied Insurance Co. Ltd. 82.31 Source: IRDAI Handbook 2023-24 At 57.69%, Care Health registered the lowest incurred claims ratio among all stand-alone insurers in FY23-24. They were followed by Niva Bupa, which stood at 59.02%. Star Health has an incurred claims ratio of 66.74%, indicating that for every Rs 100 it collects as premiums, it only pays out around Rs 66 as claims to policyholders. Aditya Birla Health Insurance ranked first amongst standalone health insurers, both in terms of claim settlement (92.97%) and incurred claims (68.31%). Should you only consider the claim settlement ratio while choosing an insurance policy? While checking the claim settlement ratio is important, given that consumers largely pay regular premiums to get hassle-free claims in case of a medical emergency, it should not be the only factor. Says Chetan Vasudeva, Senior Vice President of Business Development at Alliance Insurance Brokers, 'Claim settlements become even more significant during medical crises, as the patient and family are already distressed with the health of the patient. Delays over 30 days, without communication and valid reasons, can be interpreted as operational inefficiency or inadequate service from the insurer. 'While claim settlement ratio is a key metric in health insurance, it should be part of a broader checklist when evaluating an insurance provider. Consumers should also look at the other benefits provided in the health insurance policy, like the company's customer service, policy exclusions, benefits in the health insurance policy, and solvency ratio, which reflects the financial health of the insurer,' she further explains.
