General comments about the insurance industry

Motor insurance is mandatory in India. The report indicates that the mis-selling is highly prevalent in India. It also says that the complaint resolution rate has increased drastically.

The below table gives us an idea about the channel wise distribution of health insurance policies in India. Kumar admitted to have filed such claims with at least 11 other insurers aggregating Rs 10 lakh. The industry is facing frauds from nonexisting individuals or already dead individuals in villages.

History of General Insurance in India Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century gave rise to the concept of General Insurance.

I believe that this is also an important factor in terms of insurance penetration. During that period, the insurance landscape is expected to change in ways that will have a direct and profound impact on the experience that consumers and businesses have with insurance.

Deterrents either in the form of scrutinising policies at entry level or using analytics, forensics, credit bureaus, courts should be used to insure cover against frauds.

Click to print Opens in new window Chew says the insurance industry has just entered the first phase in the progressive liberalisation of the motor and fire insurance tariffs which began on July 1 this year. Bajaj Allianz General Insurance recently stumbled upon a ring when it started probing a customer of suspected fraud.

The report does not talk about quantum of sum assured or the average sum assured per life insurance policy. The report points out that awareness levels about Health Insurance is on the rise in India. Uttar Pradesh has been notorious for fake claims. The growth in non-life insurance premium collections is an encouraging factor, but this growth is not uniform across the nation.

Even if individuals are blacklisted, many find ways to relocate to a different region and operate with different bunch of people. Subsidiaries of the General Insurance Corporation of India were restructured as independent companies and GIC was converted into a national re-insurer.

How insurance firms are dealing with fraud claims

The company got suspicious when Nilesh Kumar from Mira Road applied for a claim of Rs 55, for treating fever. But at the individual level, the majority of the life insurance policies are sold through individual Insurance Agents followed by banks.

Life insurance companies are drawing up a list of corrupt investigators, dicey regions with the help of credit bureau— Experian.

But when it comes to insurance frauds, rural India has taken the lead due to various reasons. This shows that the distribution and growth of health insurance segment has been very skewed.

The objective of Malhotra committee was to complement the reforms initiated in the financial sector. National Insurance Company Ltd. Chew pointed out some of the more important reasons for underinsurance include a lack of risk awareness and the lack of affordable products particularly for low income groups.

Insurance Industry

Citing an example, she observed that during the December flooding in the east coast of Malaysia, total economic losses were RM2. Hence, she opined that insurance agents will need to improve their services in order to achieve higher insurance penetration rate. The industry has been seeing early claims under the insurance scheme Pradhan Mantri Jeevan Jyoti Yojana, where Rs 2-lakh cover is available at a small premium of Rs a year.

There is a nexus between fraudsters, doctors, lawyers and village-level administrators.Submit your comments and let your voice be heard. Automation in the Railroad Industry.

Closing on May 07, See how developers are using APIs! Insurance industry to undergo major transformation Chew says the insurance industry has just entered the per cent of the general insurance market has. Business News › News › Economy › Finance › How insurance firms are dealing with fraud claims.

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General comments about the insurance industry
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