Sandip Goenka

#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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Life insurance was once sold, not bought. Now it’s not just sold, it’s being benchmarked as well. Not only by HNIs. Even young professionals, middle-class savers, and mass-affluent consumers are enquiring: “What is the IRR?” In customer conversations, that question is increasingly taking the place of protection, tax savings, or long-term security. This is the result of three silent but significant shifts: 🧑‍💼 Customers are benchmarking: IRRs are now being stacked against mutual funds, fixed deposits (FDs), and the Senior Citizen Savings Scheme (SCSS). People are now using Excel during pitch talks. 🌐 Distribution is changing: IRR is being led by agents and tech-savvy content producers. If there is any “protection” at all, it comes later. This is a whole new approach and different from the conventional narrative. ⏱️ Design cycles are compressing: Just to stay competitive on IRR, we have seen more product changes and repricing in the past 12 months than in the three years combined. Meanwhile, stable government bond yields are pushing investors to look for more attractive, post-tax return options: 🔗 Reuters: Stable Indian bond yields push investors elsewhere At the end of the day, it’s about getting the balance right, meeting customer needs, keeping pricing right with capital efficiency in the product design. A few considerations worth reflecting on: - Assess returns through a risk-adjusted lens, not just headline IRRs. - Right product proposition for life insurance and retirement planning in a stable yield environment 💭 Would love to hear your views. #LifeInsurance #CFOInsights #ProductDesign #CustomerBehavior #InsuranceInnovation

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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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Bharatsure, an Insurtech startup offering Infrastructure as a Service (IaaS) solutions, has raised Rs 6 crore in funding from Gurugram-based Inflection Point Ventures (IPV) and other investors, including Capital A and Atrium Angels. The startup's Infrastructure-as-a-Service (IaaS) platform enables organizations, ranging from SMEs to large institutions, to offer modular insurance solutions that are scalable, and easy to deploy. Read the full story here:👇 https://lnkd.in/dshK68DB #insurtech #funding #investors #investment #iaas #startup #indianstartupnews

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25 Years of Indian Insurance Industry: From Privatization to FY26 – Hits & Misses In the year 2000, India began a bold transformation by opening up its insurance sector to private players. What was once a state-run monopoly is now a vibrant and competitive landscape with life, general, health, reinsurance, and microinsurance players As we complete 25 years of liberalization in insurance, it’s worth reflecting on how far we’ve come—and where we still need to go. 📈 The Growth Story: Key Milestones (2000–FY25) - Key changes in the last 25 years - New channels of distribution, Brokers/IMF/Corporate Agents (Banca)/Web aggregators/MISP/Digital - Overall Cap on Commission + Expenses of Management, Insurers have freedom to choose Acq cost and more compliant now - Pricing Freedom, completely de-tariffed environment (Except Motor TP) - Product Innovation, Insurers have freedom to design any product with free wordings - Use and File of the Products (paradigm shift from File and Use), Regulatory Sandboxes - Technology extensively utilized for Retail distribution - Virtual assessment/Drones utilized for quicker assessment - Cashless facility for Retail Products almost anywhere in India - Government Schemes like Crop, Ayushman Bharat ✅ Digitization Boom (Post-2015): e-KYC, e-Insurance, web aggregators InsurTech growth in AI, APIs, mobile-first journeys ✅ LIC IPO (2022): Marked a new era in public participation, listing of few other companies like New India, GIC Re, ICICI Lombard, ICICI Pru, Digit, SBI Life etc etc., ✅ Premium Milestones: Insurance industry crossed ₹10 lakh crore in total premiums in FY24 📉 The Gaps: Key Misses & Challenges While the growth has been impressive, some challenges continue to hinder deeper penetration: ❌ Penetration Remains Low Total: ~4.2% of GDP (FY24) Life: ~3.2% General: ~1.0% Global Average: ~7% ❌ Rural India Still Left Behind Agents and outreach are concentrated in Tier 1 & metro regions Rural and semi-urban markets remain underserved ❌ Protection Gap India’s life insurance protection gap is among the highest in the world Huge under-insurance in health, agriculture, and climate risks ❌ Digital Divide & Distribution Challenges Digital adoption among the uninsured is low Inconsistent agent quality, over-dependence on push sales models Next actions Insurance Amendment Bill is likely to be placed in Parliament, opening up of insurance sector further like 100% FDI in insurance companies, Composite insurance licenses for insurers etc., 🧭 Conclusion From a tightly controlled public monopoly to a liberalized, innovation-driven industry, Indian insurance has made significant strides over the past 25 years. The next phase of growth will not be defined by number of policies, but by quality of protection. And most importantly, it must reach every Indian, everywhere. Let’s make insurance not just a transaction—but a culture of financial resilience.

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The reinsurance market in India is ready for a change. India's reinsurance market is worth more than ₹50,000 crore, but there isn't a lot of competition. GIC Re has more than half of the market share, while foreign companies like Munich Re and Swiss Re have branches and send most of their profits abroad. Valueattics Re is the only new company to enter the domestic market so far. There is now a move that will change the game. Allianz Group and Jio Financial Services (JFS) have announced a 50:50 joint venture to make India's second fully domestic reinsurer. If they get the green light, they want a composite licence that covers both life and general reinsurance. Why is this so big? Reinsurance is insurance for insurance companies. It protects them from significant risks, such as floods and pandemics. Customers will experience greater stability, lower premiums, and faster claims processing if there is a stronger domestic reinsurance base. It also keeps more money and expertise in India, which means less need for foreign capital. The time is right. India's reinsurance premiums are likely to almost double to ₹99,000 crore by FY26, while general insurance grows by 10% every year. Competition could finally give GIC Re a run for its money and make India's economy stronger. The JV still needs to be approved. But if it works out, this could be the start of a new era, with stronger domestic companies, more foreign experts, and better results for policyholders. Follow Chakrivardhan Kuppala for more insights. (Disclaimer: This post is for educational purposes only and not financial advice. Always do your own research before investing.) #Reinsurance #InsuranceIndustry #FinancialServices #IndiaGrowthStory #AllianzJioJV

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