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Ayushman Bharat covers mental health treatment costs but most Indians are unaware of this. Understand how insurance covers mental health disorders.

A common perception is that a person has to be hospitalised for over 24 hours to claim a health insurance policy. While this is typically true, specific treatments such as radiotherapy, dialysis, cataract surgery, colonoscopy etc., are examples of procedures that require less than a day of hospitalisation and are usually included in your health insurance plan.

A recent survey indicates that India is fast evolving as a leading buyer of cyber covers. Explore why the insurance industry must remain at the forefront of innovations.

Despite the spectacular growth of the insurance industry in the last two and a half decades of regulatory reforms, insurance penetration in India has hardly reached its optimum.

Discover how embedded insurance in India is driving industry collaborations through technology and understand what its advantages are.

Insurance has the potential to transform lives, which is why it is considered essential. The potential to ignite financial confidence is synonymous with transformative change that percolates down to local communities worldwide. However, not all industry players and decision makers appreciate the power of InsurTech and embedded solutions. Only data-driven, razor-sharp visionaries can recognise i...

One can’t ignore the low insurance penetration in India and the efforts made by the Insurance Regulatory and Development Authority of India (IRDAI) to promote innovation and digitisation in the insurance sector. The introduction of the BIMA SUGAM/BIMA VAHAK joint digital platform allows customers to directly transact with insurance companies, enhancing accessibility and convenience. Digitisation has become a necessity for traditional insurance distributors to remain competitive and relevant. Implementing relevant modules, such as digital portals for policy management and claims initiation, improves efficiency. Product innovation, including niche products targeted to specific customer bases and geography, and combo offerings, cater to evolving customer needs and strengthen relationships between financial institutions and customers.

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.

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...