Niren Srivastava

ICICI Lombard has appointed Parag Lokhande as Head of Data Science, AI, and Startup Initiatives, underscoring the insurer’s strategic focus on AI-driven innovation and collaboration with emerging startups. In this role, Parag will lead the development and deployment of advanced machine learning and data science solutions aligned with the company’s digital transformation and long-term growth strategy. Parag shared with ETCIO that his priority will be to co-create future-ready solutions by working closely with the startup ecosystem, enabling ICICI Lombard to accelerate innovation and enhance operational efficiency. With over 20 years of experience in analytics, AI, and digital transformation within the BFSI sector, Parag previously served as Vice President & Head of Data Science, AI & Analytics at HDFC Life. His leadership also spans key roles at GE Capital, Genpact, HSBC, and RBL Bank. An engineering graduate from Mumbai University, he has also completed executive education at IIM Ahmedabad. At ICICI Lombard, he is poised to shape a resilient and forward-looking AI innovation roadmap. #ICICILombard #ParagLokhande #AILeadership #DataScienceInInsurance #StartupInnovation #DigitalTransformation #BFSIInnovation #MachineLearningIndia #Insurtech #CXOAppointments

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We are proud to share that HDFC ERGO has continued its collaboration with IIM Bodh Gaya by delivering an industry-led elective course on Health Insurance & Managed Care for the Healthcare Management track. Our subject matter experts designed a curriculum covering crucial areas including the Health Insurance Ecosystem, Underwriting, Claims, Customer Experience, and Brand Strategy. Through interactive sessions and case studies, the course enabled students to gain practical insights into the insurance sector. Supported by our Learning Academy, VidyaaVriksh, this initiative reflects our commitment to equipping future leaders with the knowledge and skills to excel in the evolving healthcare and insurance landscape and to grow together with HDFC ERGO. #HDFCERGO #GeneralInsurance #IIMBodhGaya #GrowTogetherWithHDFCERGO #HealthManagement Sudakshina Bhattacharya, CPCC, PCC | Niraj Naik | Shruti Sethi | Dr.Surya Prakash | Sibesh Sen | Indian Institute of Management Bodh Gaya | IIM Bodh Gaya MBA - Hospital and Healthcare Management | Sumeet Sharda | Dr. Saravana Kumar | Gaurav Paruthi | Ketki Naik | Swapnarag Swain

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LIC will not cut agent commissions despite ITC loss, unlike many private insurers trimming payouts by ~15%. It will offset losses via higher sales & new product pricing, while passing full GST relief to policyholders. With 95% of business driven by 15 lakh agents, LIC holds a strong 63.51% Q1 FY26 market share; PSU general insurers too are absorbing ITC losses without commission cuts. This comes after last year’s cut in 1st-year agent payout post surrender value revision that had hurt policy sales of LIC. #LIC #GSTFreeInsurance #InsuranceForAll #AgentNetwork #PolicyholderBenefit #PSUInsurers #CustomerFirst #LifeInsurance #InsuranceReforms #MarketLeadership

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Life Insurance Half Year 2025-26 ( Individual Non-single Premium) Data Highlights: LIC's Declining Market Share 11 % premium de-growth and 21 % de-growth of LIC pulled down the whole industry- As compared to last year H1 -22% de-growth of clients acquired by Industry in individual cases is serious concern. LIC Market share is left with only 27% of new Business in Premium though it still captures 63% market share in No of policies, Average premium size is abnormally low. As LIC is not much into term insurance- such trend is not an achievement flaunt about wider coverage among mass but providing incomplete insurance to the loyal client base. Lack of innovation, de-growth of agency force and poor think tank to take corrective measures is concern for the industry. New BUSINESS Retail client count de-growth of #BhartiAxa #Bajajlife #PNBmetlife #RelianceNipponlife #SRLI shows a serious intent issue to drive real growth- Tweaking products & acquisition cost can't be sustainable path. Bigger players like #SBILIFE de-growing in NOP, #ICICIPRU de-growing in premium, #TATAAIA and #AxisMAX doing better in both the aspects New players growing but still not enough to pull up industry Primary Reasons for de-growth of Sept and H1 1) Government's skewed decision to implement GST withdrawal w.e.f future dates 2) Companies having change in nomenclature and ownership could not sustain the demand of the market trend; leadership to be blamed 3) Slowing down of Agency additions, those could do- maintained the positive trend. Corporate sales through Banks could show fault lines now 4) Last fiscal's product guidelines changes and Insurers going too cautious in acts without having any simulations of actuals restricted freedom act 5) A typical mob like push of early income plans by almost all insurers killed the basic concept of Insurance ( Risk) at large. The companies who could innovate- showing the strength & others showing saturations 6) Distribution DNA gradually making Insurance a "untouchable" for normal people- apprehensions of mis-selling, lesser liquidity, low coverage, too much of on-boarding formalities ( Solicitation, PLVC, PIVC... OTP) making people wary of going for Insurance readily. Practically - the data security & privacy part in insurance domain being flouted day in day out officially Expected that some good sense prevails sooner to revive the domain through actual realisation of factors !! Insurance for all by 2047 seems real distant with retail growth going stagnant. #insurance #Growth #IRDAI #GDP #penetration #LICI #Zopper

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#Insurance #Fraud 11.2 Lakh Crore #Insurance #Industry is struggling to find solutions on #Fraud. #Insurance #penetration is also affecting as #premium are increasing multi folds, customers started looking for solutions or alternates of #insurance. #Fraud occurs when #someone #knowingly #lies to #obtain a #benefit or #advantage to which they are not #otherwise #entitled. Made-up #crashes / #fake #accidents: A common kind of insurance scam involves people purposely causing accidents or pretending that an accident occurred to get money from fake claims. Typical tactics involve purposefully #staging #accidents, #fabricating #injuries, or #manipulating #evidence at the #location. Once they set this up, they ask for money to fix their vehicles or for injuries that did not happen in reality. #Fake #records: Making up records means changing or faking documents or data to trick insurance companies into giving unfair benefits. For instance, the policyholder might show fake #medical #papers, make damage seem worse than reality, and create #fake #receipts. These tricks make insurance companies #lose money. #Industry as a whole must plan corrective actions immediately as they had initiated joint #marketing #campaign. #Vehicle #Implant is one of a #serious offence #Motor #insurance #Health #insurance #life #insurance .

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