Motor insurers asked to stop ads displaying services not part of cover

Regulator IRDAI on Thursday asked motor insurance providers to discontinue advertisements showing services, like free pick up and drop of vehicle, which are not part of the insurance cover. General insurance companies enter into service agreements with motor workshops/garages for the purpose of providing motor insurance claim services for repair of accident vehicles. IRDAI said … Read more

How Data-driven Tech is Enabling Innovation across the Insurance Value Chain

Picture yourself driving a car. While pulling into your destination, you hit a lamp post in the parking lot. You quickly take a picture of the damage done to your bumper and upload it on the app of your insurance company. By the time you think of taking the car to the nearest garage, the … Read more

Irdai Paves Way For New Fire Insurance Products For Small Businesses, Homes

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To give wider choices to customers and increase insurance penetration, regulator IRDAI on Thursday permitted general insurers to design alternative products to cover risk from fire and allied perils for dwellings and small businesses. The Insurance Regulatory and Development Authority of India (IRDAI) had issued guidelines for standard products for fire and allied perils for … Read more

Finance Ministry Invites Applications For Whole-Time Member Post At Irdai

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The Finance Ministry has invited applications for the post of whole-time member (life) at insurance regulator Insurance Regulatory and Development Authority of India (IRDAI). The last date for submitting applications is June 15, 2022. IRDAI has a 10-member team led by the chairman along with five whole-time members and four part-time members, which are being … Read more

Irdai’s move to allow insurers to design new policies expected to bring in innovation

As insurance regulator Irdai has allowed the general insurance companies to design new and customized products for dwellings, micro and small enterprises for fire and allied perils, this new guideline will provide policyholders more options to select products. And, competition among the insurers on product features is expected to bring innovation to the industry. The … Read more