Dr. PUNEET KAUR KOHLI

The draft Insurance Laws Amendment Bill, pending Cabinet approval, promises to reshape India's insurance landscape. Discover the top 10 key changes aimed at modernizing regulations, enhancing competition, and expanding coverage, all geared towards achieving IRDAI's 'Insurance for All by 2047' vision. This bill is a game-changer for policyholders, insurers, and the Indian economy as a whole. Stay tuned for updates, and get ready for an exciting future of insurance #InsuranceForAll #InsuranceReform #IRDAI #CompositeLicense #FinancialInclusion #DigitalInsurance #EaseOfDoingBusiness #PolicyholderEmpowerment #EconomicGrowth

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#LIC set to enter health insurance sector, aiming for major market share Life Insurance Corporation (LIC), India's largest insurer, is gearing up to enter the #health #insurance market with ambitions to secure a significant share. This strategic move was confirmed by a top official, indicating LIC's intent to become a key player in this rapidly growing sector. The #life #insurance industry has been eagerly awaiting government amendments to the Insurance Act that would introduce a #composite #licensing regime. Such a regime would allow life insurers to offer non-life products, including lucrative health insurance policies. Currently, India’s insurance market comprises 70 players, with a mix of #standalone #health insurers and those offering both life and #general #insurance products.

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Sharing my thoughts on insurance's role in inclusive growth in India in this ET BFSI article. Check out the link to learn more about the topic. Together, let's ensure a more prosperous and secure future. #PNBMetLife #FinancialSecurity #InsuranceForAll

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Largest general insurer has highest claim payout ratio in health insurance market India's biggest general insurer, the state-controlled New India Assurance, with a claims settlement ratio of 98.74% of the total amount claimed in 2023, led the health insurance sector, according to data released by the Insurance Brokers Association of India (IBAI). New India Assurance was followed by another state-owned general insurer, Oriental Insurance, with a payout of 97.35%, reported The Indian Express citing the IBAI report. According to the IRDAI Annual Report, during the financial year ended 31 March 2023 (FY2023), general and health insurers paid INR709.3bn ($8.4bn) to settle health insurance claims. In terms of the number of claims settled, 75% of the claims were settled through TPAs and the balance 25% were processed by insurers in-house. To read the original article, please click on this link. However, the data also show that as many as 20 private insurers had a claims paid ratio of less than 80%. This means that the remaining balance was paid by the patient. https://lnkd.in/gac9FKzR

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"One of the most impactful areas where GenAI has demonstrated clear benefits is in our claims processing department, GenAI system reduced claims processing time by 40%, enabling us to settle claims faster and more efficiently"- Dipu KV, Senior President, Bajaj Allianz General Insurance. Dipu KV is a seasoned leader driving digital transformation, innovation, and industry excellence at Bajaj Allianz General Insurance. As the head of operations and customer service, he plays a pivotal role in shaping the company’s future. With a team of 1600 professionals across 150 locations, he combines deep domain expertise with innovative strategies. Dipu’s accolades include being named a Top 20 Conversational AI Leader in India and consecutively earning the title of Global 25 CX Leader of the Year. His educational background from the Indian Institute of Management Lucknow (IIM Lucknow) further enriches his role. Recently our Team at TechCircle got an opportunity to connect with him and discuss his Point of View on GenAI & Insurance. Article Link: https://lnkd.in/gCxHHh-k What does the Article Cover: 1️⃣ GenAI For Business Value 2️⃣ Business Function gaining most significant ROI from GenAI Implementation. 3️⃣ The Insurance Industry Navigating Compliance. 4️⃣ The growing challenge of explainability and bias in AI models 5️⃣ Case Studies, Data Points & much more. Dipu KV is also a community member of The C-Suite Circle, he is a very active member and frequently contributes to Leadership Insights. 🌍 THE C-SUITE CIRCLE - A WhatsApp Community for Tech Leaders. With over 280+ members, The C-Suite Circle is dedicated to empowering industry leaders with cutting-edge strategies and best practices. 📣 Thank You to our eminent Leader Dipu KV for being a part of the community and shaping it the way it should be - through your Wisdom. Calling all the CIOs, CTOs, CISOs & CDOs - Join The C-Suite Circle, An opportunity to Network, Share Knowledge & Collaborate. Link: https://lnkd.in/g7RWqg_3 🔷 Give us a Like, Drop a comment, and share your feedback on how you liked the Article. #CIO #TechCommunity #TheCSuiteCircle #CTO #CISO #CDO #Technology #leadersInsights #Transformation #TechLeaders #DigitalTransformation #Initiatives #EmergingTrends #AI #GenAI #Insurance #Compliance #Leadership #NBFC #Banking #Banks

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Celebrity power couple Virat Kohli and Anushka Sharma are set to reap substantial rewards from their investment in Go Digit General Insurance ahead of its IPO. Kohli invested ₹2 crore for 266,667 shares, while Sharma invested ₹50 lakh for 66,667 shares in January 2020. With Go Digit announcing a price band of ₹258 to ₹272 per share for its IPO, Kohli's stake could yield ₹7.5 crore, and Sharma's could realize ₹1.85 crore, totaling a significant profit of ₹6.75 crore. The grey market already shows a premium of around 18% above the official price range, indicating strong investor interest.    Go Digit offers a diverse portfolio of insurance solutions, including health, liability, property, marine, travel, and auto insurance policies, with 74 active products across various business lines, and theirs is one of the most eagerly awaited IPOs of the year.    Read the full article here: https://lnkd.in/dWFdqbwU   #CelebrityInvestors #GoDigitIPO #ViratKohli #AnushkaSharma #InvestmentSuccess #WealthGrowth #InsuranceSolutions #InvestmentOpportunity

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OPD coverage can reduce the large ticket hospitalisation claims being received/ handled by Insurers in the country. May be India is an exceptional country where the importance of OPD and Family Doctor (General Physician) is not being apprecaited. My views on BT Money Today (on Aug 07, 2024) will result in beginning of new era in Indian Health Insurance industry . The views are: If OPD (Outpatient Department) services are allowed liberally by insurers then individuals can visit doctors (family doctor or general physician), take necessary medications, and receive treatment without the need for hospitalization. Read the full article also available on https://lnkd.in/gUpmEVYU & https://lnkd.in/gHt-w_ug #OPDinsurancecoverage #OPDhealthinsurnace #healthinsurnacecompanies #increaseinsurancecoverage #hospitalisationIndia #healthinsuranceindia

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Great move by IRDA... The moratorium period for health insurance has been reduced from eight years to five years. Here are some key points about the moratorium period in health insurance regulations as per the latest IRDA guidelines - The moratorium period is the duration after which the insurer cannot deny a policyholder’s claim for reasons other than fraud. - This period has been reduced from eight years to five years. - The IRDAI has stated that following 60 months of continuous coverage, an insurer cannot deny a claim unless it can prove that the claim is fraudulent. - This also applies in the case of pre-existing diseases (PEDs). - The insurer cannot reject the claim even on the grounds of non-disclosure and misrepresentation.

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70+ to be covered under Ayushamn - let us analyse ,what is covered & what is not covered ? Should a person drop out of his existing retail health insurance policy ? What happens to those who are living in States ,where Ayushman is not implemented ? Is every disease /procedure covered under Ayushman ? # Ayushman # Senior citizens health insurance

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#Congratulations to Shri Bhupesh Sushil Rahul We are thrilled to welcome Shri Bhupesh Sushil Rahul as the new Chairman cum Managing Director of United India Insurance Co. Ltd. Your leadership marks a significant milestone for the company, and we look forward to the exciting changes and advancements under your guidance. Your remarkable #achievements and dedication to your work have undoubtedly led you to these esteemed positions, and we have no doubt that you will excel in your new roles. As you embark on this new journey, we wish you every success in your role. May your tenure be marked by continued growth, prosperity, and excellence. Your leadership will certainly inspire others and contribute to the advancement of the #insurance sector. In our recent discussion, we explored the transformative role of technology in streamlining claim processing. It’s inspiring to see a focus on reducing #TAT (Turnaround Time) and enhancing #efficiency by leveraging advanced tech solutions to detect and prevent fraud. This strategic approach not only promises faster service for policyholders but also significant cost savings. Best wishes for your journey ahead in leading United India Insurance to new heights of innovation and success! #Leadership #Insurance #NewBeginnings #Congratulations #Inspiration #Growth #healthclaims #IRDIA #NHA #vitraya #Insuretech #Claimautomation Mrinal Sinha, Ankur Shrivastava, Vidit Kamboj, Yash Arya

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What makes 10x life cover a smart choice? It acts as a shield against life’s uncertainties, offering robust financial protection for your family. Make the wise choice for their future with Bajaj Allianz Life Term Plans! #BajajAllianzLife #10xLifeCover #TermInsurance Bajaj Allianz Life Insurance

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Extremely customer friendly steps taken by IRDA. SAHI’s have an edge in terms of product and claims service ecosystem… General insurance companies are fast catching up … It’s going to be really interesting!!!#INSURANCE #irda #mediclaim #healthinsurance #insurance #bima #coverage #health #generalinsurance #lifeinsurance #broker #medical

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Group Health Insurance Surges: 10+ Crore Indians Covered in Three Years! Discover how this key driver is revolutionizing India's healthcare landscape. To Know More: https://lnkd.in/gadqsxqU Plum Abhishek Poddar Pinky Chahar Khushbu Sharma #HealthInsurance #HealthcareForAll #Healthcare

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Celebrating the Life of Amitabh Bachchan: An Insurance Perspective As we celebrate the birthday of the legendary Amitabh Bachchan, it’s intriguing to reflect on how his life experiences intertwine with important lessons about insurance and risk management. From health challenges to financial hurdles, Amitabh’s journey is a testament to resilience, and it also highlights the crucial role of insurance in navigating life’s uncertainties. Surviving Injury on Set In 1982, while shooting for the film “Coolie,” A.B. suffered a near-fatal accident that left him critically injured. This incident underscores the unpredictable nature of life, particularly for those in high-risk professions like acting. Such events emphasize the importance of having adequate health insurance, not only for medical expenses but also for ensuring peace of mind during recovery. Navigating Financial Challenges Amitabh faced significant financial difficulties when his production company, Amitabh Bachchan Corporation Limited (ABCL), nearly went bankrupt in the late 1990s. This challenging period in his life illustrates how business ventures can face unexpected setbacks. It serves as a reminder of the importance of business insurance, which can protect against losses due to unforeseen circumstances, ensuring continuity and stability. Health and Well-being In the early 2000s, Amitabh ji was diagnosed with tuberculosis (TB), a condition that required significant medical attention. His battle with this illness highlighted the importance of health insurance in covering treatment costs and the psychological support needed during such difficult times. It also aligns with a broader message about prioritizing health, encouraging everyone to secure comprehensive health coverage. Advocating for Life Insurance Amitabh Bachchan has long been a face of trust and reliability, serving as the brand ambassador for ICICI Prudential Life Insurance Company Limited. Through this role, he has emphasized the importance of life insurance in providing financial security for families in the event of unforeseen circumstances. His endorsement has played a significant role in promoting awareness about securing one’s family’s future. Supporting Social Initiatives He has endorsed the Pradhan Mantri Jyoti Bima Yojana, a govt initiative aimed at providing affordable life insurance to the economically disadvantaged. This initiative not only highlights his commitment to social causes but also emphasizes the critical role of insurance in improving the quality of life for millions of Indians. Conclusion As we honor AB Sir on his birthday, let us also celebrate the lessons learned from his remarkable journey. His experiences remind us of the importance of resilience, the need for comprehensive insurance coverage, and the commitment to securing our future and that of our loved ones. Happy Birthday, Amitabh Bachchan! Your journey inspires us all to navigate life’s uncertainties with courage and foresight.

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#Generalinsurance industry recorded an annual premium of close to Rs 2.9 lakh crore for FY24, marking a 13% rise from the previous fiscal year's Rs 2.6 lakh crore. #Five standalone #health #insurance companies saw a significant 26.2% increase in total premium, climbing from Rs 26,243 crore to Rs 33,115 crore during the same period. #Standalone health insurance companies' growth can be credited to #larger #policy sizes, as they introduce #high-value #policies worth crores. Premium rates have been adjusted to match #medical #inflation, and coverage has expanded. #Irdai's FY23 report by Emkay Finance shows retail health insurance premiums grew steadily at 20% CAGR from FY12-19. However, between FY19-23, the premium growth rate slowed slightly to 19%, while coverage expansion was limited, with only a 5.9% increase in the number of #insured individuals. The growth was mainly driven by #price and #sum assured adjustments. In the 11 months leading up to Feb 2024, health insurance premium reached Rs 98,716 crore, a 20% rise from last year's Rs 81,997 crore. This figure encompasses health premium from general insurers and SAHI companies, with health insurance's share for this period increasing to 37.5% from 35.2% in the previous year. Two new players, #Galaxy Health and #Narayana Healthcare, enter the health insurance market alongside #Star Health, as per V Jagannathan and Surgeon Devi Shetty. While health insurance premiums are on the rise for most general insurance companies, #slower growth in segments like #motor is holding back their overall performance, #Specialized #insurance sectors, particularly #Agriculture Insurance Company #AIC and #ECGC, have contributed to the non-life industry's #sluggish growth this year. #Agriculture insurance witnessed a significant 32% decline in premiums, falling from Rs 14,619 crore last year to Rs 9,919 crore.

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Impact in Insurance industry..! Business standard interview with chairman of IRDA( Mr. Debasish Panda) & how transparently he is explaining changes in Insurance industry & that too keeping in mind 2047..!! Affordable Insurance for all ..!!

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These strategic shifts have heralded a "#customerfirst" approach, placing significant #responsibilities on insurance companies to bridge the existing gap in India's health insurance landscape. Yet, it's no walk in the park. The real test lies in the #effective execution of these initiatives by #insurers, instilling trust among clients. The ultimate goal? Witnessing a surge in individuals opting for health insurance coverage. Let's not overlook the stark reality: #Healthinsurance penetration in India currently stands at a mere 4% of its #GDP. It's time for #action, #innovation, and a #commitment to prioritizing the well-being of every #Indian. Follow Aarvi Insurance for more informative posts like this! #aarviinsurance #insurancebrokers #rules #GDP #healthinsurancecoverage #healthinsurance #updatednews #penetration #insurers #customerfirst #wellbeing #responsibilities

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After 25 years of privatization, the numbers are in: when it comes to claim settlement, PSU companies still lead the way. Despite the influx of private players in the insurance market, public sector undertakings (PSUs) continue to outperform their private counterparts in claim settlement. What does this say about the state of the industry? Are PSUs doing something right that private players can learn from? #insurance #claimssettlement #PSU #privateplayers #industryinsights" https://lnkd.in/gkYekz5J

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