Shriram Life Insurance has declared a bonus of INR2.01 billion (US$24 million), up 35% from INR1.49 billion year-on-year (YoY) on the back of robust growth in premium income.
Bajaj Allianz Life has unveiled a compelling campaign aimed at addressing the fundamental issue of underinsurance.
The Insurance Regulatory and Development Authority (IRDAI) has reportedly discussed with the CEOs of life insurance companies to do away with the high upfront commission of life insurance agents in the first year.
The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on buying health insurance policies, effective from 1 April 2024. Earlier, individuals were restricted to purchasing new insurance policies only until the age of 65.
Max Life Insurance Company (Max Life), a joint venture between Max Financial Services Limited and Axis Bank Limited, has announced that it has achieved INR1.5 trillion of assets under management (AUM) by the end of March. The firm has reportedly registered a 20% growth rate year-over-year.
The Financial Planning Standards Board (FPSB) India is planning to increase the representation of women in the financial planning field to achieve a 35:65 ratio of women-to-men certified financial planners (CFPs) by 2030.
Japan's Nippon Life Insurance has established a new subsidiary in India to bolster its operations in the market, the company said recently. Nippon Life Asia Pacific, a unit based in Singapore, formed Nippon Life India as its direct subsidiary. The new unit will provide management support and market research for Nippon Life's affiliates in India. Until now, Nippon Life has done business in India through partially owned local entities. The life insurance division offers products to individuals and organizations while the asset management division deals in stocks, bonds and exchange-traded funds. The Indian operations had been overseen by Nippon Life's headquarters in Tokyo, but those functions are being transferred to the Singapore subsidiary starting this fiscal year. The new Indian subsidiary is intended to enhance collaboration with the group's local affiliates there and boost research capabilities, reported Nikkei Asia.
Customer satisfaction has been a key aim for life insurance companies. However, the annual survey by Hansa Research, a market research company, called "Investor CuES" which measures customer satisfaction of the life insurance industry using a metric called 'Net Promoter Score' (NPS) shows stagnation in this important area in the last one year from 2023 to 2024.
The Indian Institute of Management, Bangalore (IIM Bangalore) has collaborated with the Financial Planning Standards Board (FPSB) to launch the Executive Program in Financial Planning for working professionals and students.
Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand in the world with a steady brand value of US$9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, according to a report by Brand Finance Insurance 100 2024.
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