The #insurance #regulator is looking to tighten scrutiny and enhance transparency to prevent misselling of complex insurance products targeting individuals over 55. Measures include mandatory video verification, audits, and the use of assessment criteria and templates for policy documents. In December 2023, financial services secretary Vivek Joshi held a meeting with chiefs of state-run banks over issues related to bancassurance, including its effectiveness in increasing insurance penetration and challenges in the form of mis selling. #irdai #bank
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Bancassurance is a partnership between banks and insurance companies to sell insurance products through bank branches. Among other measures, IRDAI has also suggested that bancassurance partners use assessment criteria developed by insurers and templates as part of policy documents, the official quoted earlier added. . . . #irdai #bancassurance #insurance #insurancecompany
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"Calling all Financial Advisors! 📈 Join our team at ICICI Prudential Life Insurance and help doctors secure their financial futures. If you're passionate about finance and thrive on making a difference, we want to hear from you. #FinancialAdvisor #Insurance #ICICIPrudentialLife #doctors "
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SBI Life: Lavish Rewards and Allegations of Forced Insurance Sales Persist Amid Official Restrictions Follow thekanal.in to read the complete story #SBILife #SBI #SBIBanking #SBILifeInsurance #StateBankofIndia #KanalBanking
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One of the best things that happened to the insurance industry in 2023? A flurry of thoughtful regulatory changes that are poised to help India's insurance penetration reach where it rightly belongs! Read more about this in the succinct guest column authored by Sarbvir Singh, Joint Group CEO, PB Fintech. https://lnkd.in/gAjK526U #PBInsights #Insurance2.0 #India2047
Key regulatory developments that changed the course of insurance industry in 2023
businesstoday.in
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Branches of LIC, Insurers to stay open on March 30, 31 as advised by IRDAI Like its banking counterpart RBI, the insurance regulator IRDAI has also made this announcement as a part of 'special measures for the current financial year'. To avoid any hardship to the policyholders, LIC will keep its branches open on the coming weekend, it said in the late hours on Thursday. LIC | Insurance Regulatory and Development Authority of India #lic #irdai #regulator #insuranceindustry #healthinsurance #lifeinsurance #generalinsurance #fy23 https://lnkd.in/gNFhGqqE
Branches of LIC, Insurers to stay open on March 30, 31 as advised by IRDAI - ET BFSI
bfsi.economictimes.indiatimes.com
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Certified Business Professional (CBP) Programme at Indian School of Business (The views/opinions mentioned here are my personal and in no way is related to the employer I am associated with)
Banks still enrolling customers into Govt insurance schemes without consent, ‘creating’ paper trails - Report An investigative report on 'Article 14' portal claims to have unearthed continuing, widespread #malpractices in enrolling #customers into central government's insurance schemes Banks Want Forged Paper Trails After Taking Money Illegally From Customers For Modi Govt's Flagship Schemes Reserve Bank of India (RBI) #government #insuranceschemes #governmentinsuranceschemes #shame #report #banking #customers #cheaters #cheating #schemes #banks #India
Banks still enrolling customers into Govt insurance schemes without consent, ‘creating’ paper trails - Report
newindianexpress.com
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'Bancassurance, at its core, is about banks and insurance companies joining forces in a strategic partnership. The bank becomes a conduit, offering its clientele the insurance products of a partnered insurance company.' See how you can benefit in our collaboration with banks like KCB; in our detailed take here: 👉🏿https://lnkd.in/dxFbW_49. #TutambuleFfena
Bancassurance's Transformative Impact on Uganda's Insurance Market
uapoldmutual.co.ug
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Bancassurance is a partnership between banks and insurance companies to sell insurance products through bank branches. Among other measures, IRDAI has also suggested that bancassurance partners use assessment criteria developed by insurers and templates as part of policy documents, the official quoted earlier added. . . . #irdai #bancassurance #insurance #insurancecompany
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Only select insurers with a strong track record of settling claims will be allowed to participate in the bancassurance business, according to the insurance regulator. The Insurance Development and Regulatory Authority (IDRA) made this announcement during a recent meeting with commercial bank CEOs at its headquarters. "Not all insurers will be allowed to participate in this bancassurance business," IDRA Chairman Mohammed Jainul Bari was quoted as saying. "We will be very selective." Mr Bari's comments suggest a gradual approach to the rollout of the bancassurance business model between banks and insurers. His comments came in response to concerns raised by bank CEOs and managing directors regarding the poor claim settlement record of some insurers, which they believe disadvantages policyholders. Bancassurance is a partnership arrangement between banks and life or non-life insurers, where banks act as corporate agents to sell insurance products to their existing customer base. Bangladesh currently has around 140 million bank customers. The IDRA recently authorized such partnerships and this meeting with banking industry CEOs marked a step towards launching the initiative. CEOs from insurance companies also attended the meeting, which was chaired by the IDRA chairman. The insurance regulator chairman recently said that some 19 life insurers have an on-time claim settlement record of between 80 per cent and 99 per cent. #Claimsettlement #Bancassurance #IDRA #DeepDive Read more: https://lnkd.in/gV9_Utpf
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Navigating the complexities of motor insurance can be challenging. In an insightful interview with Amit Sureka, Joint President - Motor Business at HDFC ERGO, aired on Bano Apna Finance Minister, ET Now Swadesh, expert guidance is provided to help you choose the right coverage for your needs. Watch the interview now to gain clarity on your motor insurance options. #HDFCERGO #GeneralInsurance #MotorInsurance
बनो अपना फाइनेंस मिनिस्टर क्यों जरुरी होता है थर्ड पार्टी इंश्योरेंस? कौन सा मोटर इंश्योरेंस लें? जानिए कितने तरह के होते हैं मोटर इंश्योरेंस? देखिए HDFC ERGO General Insurance, Joint President, अमित सुरेखा से खास बातचीत #MutualFund #Insurance #HDFC Kavita Thapliyal HDFC ERGO General Insurance
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