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Basics of Insurance

Learn the fundamentals of the insurance industry.

Basics of Insurance | October 11th, 2023
Bima Sugam is a forthcoming digital platform in India that aims to transform the insurance industry by providing a comprehensive single-window platform for purchasing insurance policies. Supported by the IRDAI, Life Insurance Council, and General Insurance Council, the platform will offer a wide range of insurance products and services, making it easier for customers to compare and purchase policies based on their preferences. It is anticipated to enhance transparency, accessibility, and competition in the insurance sector while saving customers time and effort. Although the launch has been postponed, Bima Sugam is eagerly awaited as it has the potential to simplify and streamline insurance policy purchases in India, ultimately increasing insurance penetration.
Basics of Insurance | October 9th, 2023
Innovation is a tricky and complex terrain; social media is trickier. According to the Khoros’ 2022 Social Media Demographics Guide, 42 % of the world’s population is using social media. Wondering how social media affects insurance? For insurers, this offers an opportunity to understand the audience characteristics of specific networks that are relevant to them — this is why we need to fo...
Basics of Insurance | June 30th, 2023
Planning a trip but not sure whether to opt for travel insurance? Travelling is fun and relaxing but it comes with its share of expenses as well. No traveller wants to spend more money due to unforeseen flight cancellations or lost baggage or medical emergencies. With travel insurance, you will be reimbursed in case you cancel your flight for reasons that are part of your coverage, such as flight delay, lost luggage or a natural disaster. Smart financial planning covers unforeseen risks and that's one solid reason to opt for travel insurance.
Basics of Insurance | June 30th, 2023
2023 promises to be a transformative year for the insurance industry and for good reason. The post-pandemic era has put the insurance industry on the precipice of great change and on the right track to fulfilling IRDAI’s mission - ‘Insurance for all by 2047’. As of FY22, the Indian insurance market clocked $131 billion and is expected to reach $200 billion by 2027, according to industry e...
Basics of Insurance | June 29th, 2023
Business insurance helps to protect companies from financial harm and workplace hazards that could happen in the business. Every potential danger that your company can encounter is covered by insurance. The costs and coverage options offered by insurance companies vary. You should talk to your insurance broker or agent about the types of insurance products that are available, as per your speci...
Basics of Insurance | June 29th, 2023
In today's world, education has become more important than ever, and pursuing higher studies often requires financial assistance. Fortunately, several Edtech companies have emerged in recent years, offering education loans to students. These companies understand the financial challenges faced by students and provide them with convenient loan options to support their educational aspirations...
Basics of Insurance | June 29th, 2023
Education is essential in today's fast-paced world for determining one's destiny. However, students and their families frequently face a heavy financial burden as a result of the rising expense of education. This is where edtech platforms that provide education loans enter the scene, giving students pursuing higher education financial support. This article will examine three significa...
Basics of Insurance | June 29th, 2023
Housing Finance Companies (HFCs) play a significant role in fulfilling the housing needs of individuals and families in India. HFCs offer various types of loans, such as home loans, loans against property, and construction loans. However, HFCs face significant risk exposure due to under-coverage of loans, which can have serious financial implications. Exposure to Risk Due to Under CoverageUnder...
Basics of Insurance | June 29th, 2023
Market trends are affecting the biggest insurers. The next large market is becoming crystal clear and evident that youngsters and the millennials that will precede them represent the next significant market for new Insurtech. The question, "Why should I purchase insurance again?" is being rethought by young people in a subtle way thanks to a new wave of AI-driven technology decisions...


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