Deepesh Jolde - FIII’s Post

🌐 Revolutionising Insurance: IRDAI's Vision for Inclusive Coverage!🛡️ In a game-changing move, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed sweeping changes to ensure insurance coverage extends to the grassroots level across the nation. 🏡✨ Gram Panchayats Take Center Stage 🌍: The draft Rural, Social Sector, and Motor Third Party Obligations Regulations, 2024 set the stage for a transformative journey. IRDAI proposes that life, health, and motor insurance become obligatory in every gram panchayat. The aim is clear - "Insurance for All." Progressive Coverage Targets 📈: IRDAI suggests a phased approach, starting with 30% coverage in each gram panchayat in the first year, escalating to 40% and 50% in subsequent years. This ambitious plan aims to secure a minimum of 25,000 gram panchayats in the first year, rising to 75,000 by the third year. Motor Insurance Gets a Boost 🚗: Recognizing the alarming number of uninsured vehicles, IRDAI mandates insurers to underwrite at least a 20% increase over the total number of goods and passenger-carrying vehicles from the previous financial year. This ensures comprehensive protection for vital segments of the motor insurance business. Addressing the Healthcare Gap 🏥: With over 40 crore people still without health insurance, IRDAI's draft norms underscore the need for insurers to contribute to social obligations. The focus is on benefiting marginalized communities, including BPL cardholders and beneficiaries of various government schemes. Impressive Growth in Insurance Sector 📊: IRDAI reports a remarkable increase in insurance penetration, density, and total premium over the years. From 2.71% in 2001-02, insurance penetration has risen to 4.2% in 2021-22, showcasing a positive trend in securing the financial future of millions. The Road Ahead 🚀: As these transformative changes unfold, the insurance landscape in India is set for a paradigm shift. Let's rally together to ensure that no one is left without the protection they deserve. #InsuranceForAllmovement #IRDAI #InsuranceRevolution #FinancialInclusion #SpreadTheCoverage 🚀✨

🌐 The IRDAI is proposing a major move to boost ease of business for insurance companies. The removal of prior approval for stock exchange listings is on the horizon, subject to compliance with specified conditions. 📈 🔄 A Consolidation Revolution! The IRDAI aims to merge seven regulations into the IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024. A transformative step towards simplicity and efficiency in the industry. 🌐 Go Digit's Wake-up Call! In a notable incident, IPO-bound Go Digit General Insurance faced IRDAI scrutiny for non-disclosure of conversion ratio changes. The proposed draft seeks to tighten disclosure norms, ensuring transparency and safeguarding customer interests. 💡 Innovation Ahead! The exposure draft introduces a provision for relaxing lock-in periods in times of financial distress or to facilitate amalgamation. Embracing flexibility for sustainable growth. 🔍 Clarity is Key! The draft emphasizes the need for clearer capital structure details from new registration applicants and more transparency in the transfer of shares. A move towards accountability and robust governance. Your Turn to Shape the Future! Stakeholders and the public have until February 23, 2024, to share their insights. Let your voice be heard in shaping the landscape of the Indian insurance industry. #Insurance #IRDAI #RegulationRevolution #InnovationInInsurance #Transparency #FutureOfInsurance #BusinessInIndia

Embracing Innovation in Motor Insurance: "Pay As You Drive" (PAYD) In the ever-evolving landscape of insurance, "Pay As You Drive" (PAYD) emerges as a game-changer, aligning policies with the modern user's needs. Under the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), PAYD offers a tech-driven approach, allowing car owners to pay premiums based on actual usage. 📏 How PAYD Works: PAYD operates on a mileage-based system, with premiums calculated according to the distance driven. Policyholders declare their anticipated usage during the purchase of Own Damage (OD) policies, enjoying discounts of up to 25% based on the covered kilometers. Slabs, such as 2,000 to 10,000 kms per year, cater to diverse usage patterns. 🔧 Tech Integration: Smart technologies like telematics devices, onboard sensors, self-install devices, advanced GPS, or mobile apps play a crucial role. These devices not only monitor mileage but also track driving habits—acceleration, braking, speed, and location. This comprehensive approach aids in tailoring premiums to individual driving patterns. 🔄 Flexible Options: PAYD introduces flexibility with "switch on and switch off" insurance, allowing users to activate OD cover when driving and deactivate during idle periods. Some insurers, like Kotak General and Zuno General, offer a variation where users can switch coverage on or off via a mobile app. 📈 Growing Acceptance: Leading insurers in India, including HDFC ERGO General Insurance, Acko, Digit Insurance, Reliance General Insurance, and ICICI Lombard, have embraced PAYD policies. The model is gaining popularity, especially among those who drive infrequently, providing a cost-effective alternative to traditional comprehensive insurance. 💡 Benefits for Users: For occasional drivers, PAYD proves to be a win-win, offering reduced premiums while maintaining comprehensive coverage. Additionally, rewards and incentives for safe driving habits further sweeten the deal. 🛣️ Looking Ahead: As technology continues to shape the insurance landscape, PAYD stands out as a progressive and user-friendly choice. However, it's crucial to assess individual driving habits and compare coverage options before making a decision. 🤝 Conclusion: In a world where personalization and adaptability are key, PAYD insurance models present a significant shift towards tailoring coverage to actual usage. Whether you're an occasional driver or a daily commuter, exploring PAYD options could lead to substantial savings without compromising on protection. #InsuranceInnovation #PAYDInsurance #TechDrivenInsurance #SmartDriving #InsurTech #FutureOfInsurance

📊 Understanding How 18% GST Affects Your Insurance: Time for a Change In the world of insurance, the 18% GST on life and health insurance premiums is making things complicated. Let's break it down to see why reducing this tax is important, especially if we want 'Insurance for All by 2047.' 1. Cost Challenge: - Right now, that 18% GST makes your insurance cost more. A big chunk of what you pay for insurance goes just to this tax, making it harder for many people to afford coverage. 2. Big Goal Ahead: - We want 'Insurance for All by 2047,' but the current GST rate is blocking the way. It's stopping many from getting the insurance they need. 3. Making Insurance Easier: - If we lower the GST on insurance, it can help more people get coverage. This change is not just about money; it's about making sure more folks can be financially ready for unexpected situations. 4. Changing How We Think: - Imagine a future where everyone can have insurance without it being a luxury. Lowering the GST is like opening the door to make insurance a basic right for all. 5. Why Change is Important: - Advocating for less GST on life and health insurance isn't just something the industry wants. It's a call for everyone's well-being. It's like investing in our country's financial strength and ensuring a safer future for everyone. Let's talk about these simple facts when we discuss policies. It's not just about numbers; it's about making sure more people in our country can afford and have the protection they need. #InsuranceChange #GSTImpact #InsuranceForAll 📈🛡️

A Paradigm Shift in Insurance Landscape! In a monumental move, general and health insurance companies have collectively embraced the 'Cashless Everywhere' system, marking a pivotal moment in the accessibility of medical care across the nation. Effective immediately, policyholders now have the unprecedented freedom to choose any hospital for their treatment, regardless of its affiliation with the insurance company's network. This groundbreaking initiative eradicates the need for out-of-pocket payments, as insurance companies commit to settling the bills upon discharge. 🚀 The Genesis of Change: The brainchild of the General Insurance Council, this initiative addresses a persistent challenge in the industry. Previously, cashless facilities were restricted to hospitals within the insurer's network. If a policyholder opted for treatment outside this network, a cumbersome reimbursement process ensued. Tapan Singhel MD and CEO of Bajaj Allianz General Insurance and Chairman of the General Insurance Council, emphasized that only 63% of customers currently opt for cashless claims, indicating the need for a more inclusive approach. Key Features of 'Cashless Everywhere' : 1. Universal Accessibility: Policyholders can now seek treatment in any hospital of their choice, fostering a patient-centric approach to healthcare. 2. Simplified Claims Process: The conventional struggle with reimbursement claims for out-of-network hospitals becomes a thing of the past. Cashless transactions streamline the financial aspect of medical care. 3. Pre-Admission Intimation: To ensure a seamless process, customers are required to inform the insurance company at least 48 hours before admission. In case of emergencies, notification within 48 hours of admission is deemed acceptable. 4. Trust and Transparency: The new system aims not only to simplify the claims process but also to eliminate fraudulent activities that have plagued the industry. Singhel sees this as a significant step towards rebuilding trust within the system. Implications and Future Prospects: This transformative initiative is poised to encourage a higher uptake of health insurance policies. By extending coverage to any hospital of choice, it addresses a critical pain point for customers. Beyond immediate benefits, the move is anticipated to create a ripple effect, gradually reducing instances of fraud that have eroded trust in the healthcare insurance sector. Special thanks to Tapan Singhel sir and team. The 'Cashless Everywhere' system is not just a policy change; it's a beacon of progress illuminating the path towards a more accessible, transparent, and trustworthy healthcare future. 🌟🌐 #HealthcareRevolution #InsuranceInnovation #CashlessEverywhere #FutureOfHealthcare #TrustInInsurance

Super grateful! Dr. Tarun Agarwal, Director, NIA, Pune National Insurance Academy, Pune

Dear LinkedIn community, I am thrilled to announce the launch of our co-authored book, "Getting Started with Insurance - A Beginner's Handbook," at the prestigious 25th edition of The C.D. Deshmukh Seminar - The 2047 Clarion Call: Insurance for All. This collaborative endeavor has been a journey of passion, dedication, and shared vision. I extend my heartfelt gratitude to the National Insurance Academy, Pune (NIA), my alma mater, for their unwavering support throughout this incredible undertaking. Special thanks to the NIA Director, Dr. Tarun Agarwal, Director, NIA, Pune, for not only co-authoring this book with me but also for trusting me with this responsibility and his visionary leadership that has been the driving force behind this project. I am honored that LIC Chairman Mr. Siddhartha Mohanty graciously wrote the forward for our book, adding immeasurable value and support. This endorsement reflects the significance of our work in demystifying the world of insurance for beginners. To my fellow NIA alums and batchmates, your unwavering support has been the bedrock of this journey. The camaraderie and encouragement from all of you have fueled my passion for writing and learning. The genesis of this book traces back to casual writings on various insurance topics over LinkedIn. Recognizing the scarcity of quality resources on insurance topics online, our goal was to make learning about insurance accessible to all. The overwhelming response from individuals across the spectrum, from aspiring students to industry leaders, inspired us to turn these writings into a comprehensive handbook. I want to take this opportunity to sincerely thank Dr. Tarun Agarwal for not only recognizing the potential in this project but also for being a mentor and guide throughout the process. In conclusion, "Getting Started with Insurance" is not just a culmination of words on paper; it is a testament to collaboration, passion, and the belief that knowledge should be accessible to all. I hope our book serves as a valuable resource for anyone embarking on their journey into the world of insurance. Thank you all once again for your support. Let us celebrate this milestone together. #InsuranceForAll #BookLaunch #CDDSeminar25thEdition #CoAuthored #NIACommunity

Delighted to have returned to my alma mater, the esteemed National Insurance Academy, Pune where I had the privilege of delivering a guest lecture on the topic of "Campus to Corporate: Thriving in the Insurance Industry." The nostalgia of walking through the familiar halls was eclipsed by the vibrant energy exuded by the current students. Their enthusiasm mirrored the eagerness I once felt during my time at NIA. As I stepped into the lecture hall, memories flooded back of being on the other side, eagerly awaiting guest speakers who would offer a glimpse into the real-world applications of our academic pursuits. The students' attentive faces and the palpable curiosity in the air were reminiscent of my own college days. What struck me the most was the quality of questions posed by the students. It wasn't just about the quantity but the depth and thoughtfulness behind each inquiry. Their curiosity extended beyond the surface, reflecting a genuine desire to understand the nuances of the insurance industry, career transitions, and the intricacies of achieving success in a dynamic corporate landscape. We delved into the core of what it takes to dream big and translate those aspirations into tangible accomplishments within the insurance sector. From sharing personal anecdotes of my professional journey to discussing broader industry trends, the dialogue with the students was both enriching and invigorating. Dr. Tarun Agarwal, Director, NIA, Pune Sir’s visionary leadership at NIA is palpable, and his commitment to propelling the institution to new heights resonated throughout the campus. It's evident that under his guidance, NIA is not merely evolving but actively shaping the future of insurance education. The students' engagement during the lecture was a testament to their dedication and passion for learning. Their questions challenged me to think critically and share insights garnered from my own experiences navigating the intricate landscape of the insurance industry. Witnessing their eagerness to absorb knowledge and apply it to their own career trajectories was immensely gratifying. As an alumnus, it was heartening to see that the spirit of inquiry and the pursuit of excellence continue to thrive at NIA. The institution's commitment to fostering intellectual curiosity and preparing students for the dynamic challenges of the insurance industry is evident in the caliber of individuals it produces. In conclusion, I extend my gratitude to NIA for providing me with the opportunity to contribute to the growth and development of the next generation of insurance professionals. The interaction with the students was a reminder of the impact that education and mentorship can have on shaping promising careers. Excited for the continued success of NIA and the bright futures that lie ahead for its students. #AlumniPride #InsuranceEducation #Nationalinsuranceacademy #NIA #FutureLeaders 🎓🌐

Establishing a dedicated Risk Management Department is instrumental in proactively identifying and mitigating potential risks, fostering a resilient organizational framework. While insurance serves as a vital safety net, relying solely on it may lead to a reactive approach. Integrating Risk Management and Insurance Departments collaboratively ensures a holistic strategy – identifying, assessing, and treating risks comprehensively. A synergy between the two is key for a robust risk mitigation strategy, promoting long-term sustainability and minimizing reliance on insurance as the sole risk management tool. Consider a manufacturing company without a dedicated Risk Management Department. They solely rely on an Insurance Department to address potential risks. In this scenario, the company might miss out on proactive measures like safety protocols, supply chain diversification, or technology upgrades that could mitigate risks before they turn into insurable events. A collaborative approach would empower them to identify vulnerabilities, implement preventive measures, and strategically align insurance coverage, creating a more resilient business model. It's a balance between proactive risk management and the safety net provided by insurance.