During Reliance Industries’ 46th Annual General Meeting, chairman Mukesh Ambani announced that Jio Financial Services, the financial division of Reliance Jio, has plans to offer insurance products, including life, general, and health insurance. The company aims to enter the insurance sector through partnerships with global players and will utilize predictive data analytics to co-create products tailored to meet unique customer requirements. Ambani explained, “JFS will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products…

The district consumer disputes redressal commission in Thiruvallur has instructed an insurance company to pay a sum of 15.5 lakh to a victim of a road accident. The victim, M Nagabushanam, sustained severe head injuries in a March 2020 accident while riding his two-wheeler. After undergoing treatment for over eight months, Nagabushanam slipped into a coma following a surgery. As Nagabushanam had insured his vehicle, his son, N Nethaji, filed a claim for the damage caused to the bike. Oriental Insurance processed the claim and settled it accordingly. However, in the subsequent months, Nagabushanam experienced complete disability and eventually passed…

Public sector insurance companies are reassessing their investment in Health Insurance Third Party Administrator (TPA) of India, a captive services company, due to its failure to meet objectives. According to sources, a committee consisting of former Oriental Insurance chairman Anjan Dey and other public sector undertaking (PSU) officials has been established to present a roadmap. A third party administrator (TPA) is a company that handles back-office claims work for health insurance. HITPA, incorporated in 2013 in Delhi, aimed to enhance customer experience and increase efficiency in processing health insurance claims for public sector insurers. Additionally, an anticipated benefit was the…

The district consumer grievances redressal forum has criticized a general insurance company for refusing to accept the car insurance claims of a petitioner. Laxmikanth Khatwate, residing in Dattatreya Colony in Hubballi, had obtained a comprehensive insurance policy from Reliance General Insurance for his Hyundai car by paying a premium of Rs 16,606. This insurance was valid from June 2021 to June 2022. However, in January 2022, the car was involved in an accident on Hubballi-Karwar Road and sustained damage. Laxmikanth approached the insurance company to file a claim. However, the company rejected the claim, stating that there were additional passengers…

Cardiac surgeon Dr Devi Shetty’s Narayana Health group has applied for a license from the Insurance Regulatory and Development Authority of India (Irdai) to start a health insurance business. The group has established Narayana One Health and has appointed insurance industry veteran Ravi Vishwanath to lead it. Previously, Vishwanath was responsible for the health and accident businesses at HDFC Ergo. Dr Shetty’s objective is to offer affordable coverage by reducing the cost of treatment in hospitals through economies of scale. His model proposes that insurance coverage be widespread so that the contributions of many can cover the costs of the…

According to transport minister Antony Raju, the state government will engage in discussions with insurance companies to establish a condition for vehicle insurance renewal. This condition requires that all outstanding penalties for traffic violations be settled before renewal can take place. The government’s decision is prompted by the low rate of fine payments from motorists who have been caught by recently installed artificial intelligence cameras. While fines totaling Rs 25.81 crore have been issued to motorists for traffic violations, only Rs 3.37 crore has been collected thus far. Since the AI cameras became operational on June 5, a total of…

Two men have been apprehended by the police for deceiving individuals by pretending to be insurance agents from a reputable company and requesting payment for premiums. The police stated that in the most recent case, the fraudsters targeted an employee in the private sector who ended up losing Rs6 lakh to them. The victim, in his complaint on July 21 at the Dwarka cyber police station, reported that an unidentified individual had called him, pretending to be an executive from a well-known insurance company, and informed him about an outstanding policy. Furthermore, the caller claimed that the premium for the…

Natural disasters like floods can be devastating for car owners. In India, with the monsoon season bringing floods to many cities, including the national capital, car owners are facing the risk of their vehicles being left stranded in water-logged areas. If you have car insurance that covers flood damage, here’s a step-by-step guide on how to make a claim. Firstly, it is important not to try starting your car’s engine as this could cause further damage and may void your insurance coverage. Next, notify your insurance company immediately. The sooner you inform them, the quicker they can begin the claims…