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ACCEPT THE UPDATED PRIVACY & COOKIE POLICY Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website. You can see our privacy policy & our cookie policy. We use cookies to ensure the best experience for you on our website. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. * Analytics * Necessary * Newsletter NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to the site and their behaviour NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's cookie consent state for the current domainPHPSESSIDTimes Internet1 dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1 YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely identify client browsers NamePurpose Daily NewsletterReceive daily list of important newsPromo MailersReceive information about events, industry, etc. I've read & accepted the terms and conditions NEWS SITES * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News Upcoming Event: CFO Meet & discussion on Revised Companies Act Sign in/Sign up * Follow us: * * * * * * * ETBFSI Exclusive * BANKING * INSURANCE * InsurTech * NBFC * FINTECH * Payments * Digital Lending * RegTech * Open API * BFSI Videos * Editor's View * Brand Solutions * ETBFSI AWARDS 2022 * GLOBAL INSURANCE BROKERS PVT. LTD * ETBFSI.COM CONVERGE Thriving in the world of digital * ETBFSI CXO CONCLAVE Connecting Financial Institutions Digitally * LAY THE GROUNDWORK TO ACCELERATE BANKING INNOVATION * ETBFSI FINNEXT SUMMIT The Future of NBFCs and FinTechs * SIDBI-ET MSMES/STARTUPS Roudtable Discussion * REIMAGINE NEXT * LEARNFEST * REIMAGINE NEXT - THE FUTURE OF LEARNING * ETBFSI.COM CONVERGE BFSI: The world of Hyper-personalization * ETBFSI EXCELLENCE AWARDS 2021 AWARDS FOR EXCELLENCE IN INNOVATION * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI * 3RD EDITION OF ETBFSI CXO CONCLAVE Unlocking the BFSI Potential * THE DIGITAL NEXT: SERIES 2.1 Live Virtual Summit * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021 * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021 * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY * Millennial Finance * FinTech Diary * BFSI Tech Tales * Green Finance * IBC * ETBFSI Explains * BFSI Movement * More * Blogs * Innovation Masters * POLICY * FINANCIAL SERVICES x * BFSI News * Latest BFSI News * Insurance EXCLUSIVE BIMA SUGAM TO BE GAME CHANGER FOR INSURANCE SECTOR, SAYS IRDAI CHAIRMAN PANDA Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry. * PTI * October 31, 2022, 07:53 IST * * * * * * * * Insurance regulator IRDAI is working on Bima Sugam, which will act as a game changer in the insurance sector by providing a one-stop platform for multiple services including the sale of policy, renewal, and settlement of claims. This tech-led portal will help in expanding insurance penetration in the country by ensuring a hassle-free experience for customers across the country. Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry. Unified Payments Interface (UPI) has revolutionised digital payment in the country as common people have started using it for making even small payments. The success of UPI in a short span of time has caught global attention and many countries are trying to replicate it. Launched in 2016, Payment through UPI has crossed a milestone of Rs 11 lakh crore in September this year. "Bima Sugam will be a one-stop shop for buying and selling insurance, for policy servicing, and also for claim settlement. Insurance companies can onboard the platform. It's going to be plug and play with API (Application programming interface) interface," Panda said. He further said all the insurance intermediaries including individual agents, web aggregators will have access to this portal. And as far as the policyholder is concerned, he said, he or she will be able to buy the product through assisted mode, or directly. "So maybe many people may prefer the assisted mode and can take the help of one of the intermediaries," he added. This platform will provide the policyholder and prospective customer various options for a product, company of their choice and method of payment. "So it's like a shopping mall. So you go and shop there. And as far as the KYC is concerned, the moment you enter the portal, type your Aadhaar number, the data will auto populate. The KYC will be done through your Aadhaar number which will be masked for security reasons," he said. Underwriting of policy would be done through a few easy steps and in a couple of minutes through the portal, he said. To ensure easy liability servicing, he said, "we are trying to mandate that all the policies should go to insurance repositories who will store details on a permanent basis. It will help in settlement of claims in a paperless manner on the basis of policy number." The portal, he added, "will promote ease of living and expand the reach of insurance...this is going to be a game changer. It will be a huge facilitator and I think with this platform you will not need to go anywhere physically." Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance bima sugam upi panda kyc irdai Read on App Read on App PEOPLE WHO READ THIS ALSO READ * Drinik malware strikes again, targets 18 Indian banks including SBI * These five dangerous Android apps can hack bank accounts, claims report * Can India become a 50% non-cash economy by FY26? * ‘Will transform digital economy landscape, bolster interbank market’: FinTechs welcome first pilot in e-Rupee SUBSCRIBE TO OUR NEWSLETTER 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. INSURANCE * 5 hrs ago FAIRFAX EYES MORE STAKE IN INSURER DIGIT’S PARENT CO * 5 hrs ago IRDAI IN TALKS WITH GOVT FOR RELAXATION OF RS 100-CRORE ENTRY CAPITAL FOR INSURERS: DEBASISH PANDA * 2 days ago MAX LIFE AND DITTO JOIN HANDS TO DISTRIBUTE ONLINE LIFE INSURANCE * 3 days ago SECURENOW TIES UP WITH TRUCKNETIC TO PROVIDE IN-TRANSIT INSURANCE COVER View More EDITOR'S PICK * 4 hrs ago TECHNOLOGY AND TALENT: TWO CHALLENGES FOR INDIAN BANKS * 4 hrs ago NARCL’S FIRST BID: WILL IT HELP CLEAN BANK’S BALANCE SHEETS? * 3 hrs ago THE HITS AND PITS OF BANKING IN Q2 * 1 day ago BOB'S PROFIT SOARS BY 58% AT RS 3,313 CRORE, NET NPA RATIO IMPROVES * 1 day ago SBI Q2 RESULTS: BANK POSTS HIGHEST EVER QUARTERLY NET PROFIT AT ₹13,265 CRORES, SURGE OF 74% YOY BFSI VIDEOS * BANK-FINTECH RELATIONSHIP A POSITIVE-SUM GAME: CASHE CTO & CBO The new guidelines pertaining to digital lending, introduced by the RBI are definitely a welcome move in terms of how the industry should adhere to a framework while handling customer’s data, said Yashoraj Tyagi, CTO and CBO, CASHe while speaking at the 4th Edition of ETBFSI CXO Conclave. There has been a massive shift in the last 5 years in the way customers handle digital credit. Invariably, this has led to a shift in the way organisations access data. "Ultimately, as the guidelines dictate, customers should be the centre of how they choose to give access to data," he said. Additionally, Tyagi spoke on how BNPL as a financial product, has worked in the Indian economy. “It has worked so far because India has shifted from a tabooed-economy to one which is driven by a healthy combination of savings and credit. However, the possibility of BNPL rising exponentially is doubtful.” Lastly, Tyagi acknowledged how the Bank-Fintech relationship is a positive-sum game. Both entities come with their own strengths and key values to the table. So, when such collaboration happen, both parties tend to benefit. * 14 days ago NEOBANKING & CLOUD: THE DIGITAL WAY FORWARD FOR FINTECH * 19 days ago FIRESIDE CHAT: BFSI: EMBRACING THE NEW DIGITAL TRANSFORMATION ERA * 20 days ago CISOS DISCUSSION: WHAT WILL MAKE BFSI BULLETPROOF AMIDST THE RISING CYBER ATTACKS View More EXCLUSIVE FAIRFAX EYES MORE STAKE IN INSURER DIGIT’S PARENT CO In its filing, Fairfax said that the majority ownership of Digit would enable Fairfax to report a gain of approximately $375 million. * Mayur Shetty * TNN Click Here to Read This Story * * * * * * * * MUMBAI: Canadian billionaire Prem Watsa’s Fairfax Financial Holding has in its results filing said that it is “exploring all avenues under applicable law” to achieve majority ownership in the parent company of Go Digit General Insurance. Fairfax filing follows the insurance regulator rejecting a proposal to convert compulsory convertible preferred shares held by FAL Corporation (part of Fairfax group) in Go Digit Infoworks into equity shares. Fairfax currently owns 45. 3% of the holding company Go Digit Infoworks, which has 83% stake in the insurer. Digit Insurance had mentioned the Irdai’s stance on the conversion of CCPS (compulsorily convertible preference shares) in its IPO offer document. According to the draft red herring prospectus (DRHP), Irdai had rejected the conversion of CCPS into shares because it would result in Go Digit Infoworks (the holding company of Digit Insurance) becoming a subsidiary of the Fairfax group, which is not allowed by regulations. In its filing, Fairfax said that the majority ownership of Digit would enable Fairfax to report a gain of approximately $375 million. In August, Go Digit filed its draft DRHP for an IPO looking to raise around Rs 1,250 crore through a combination of fresh equity shares and an offer for sale of 11 crore shares. In September, Sebi said it kept the IPO abeyance without giving any reasons. Rules allow foreign insurers to hold up to 74% of an insurance company. However, there are guidelines which prevent a step-down subsidiary holding company from becoming a promoter. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance digit fairfax sebi prem watsa irdai digit infoworks Read on App Read on App EXCLUSIVE IRDAI IN TALKS WITH GOVT FOR RELAXATION OF RS 100-CRORE ENTRY CAPITAL FOR INSURERS: DEBASISH PANDA "Like in the banking system, we have microfinance institutions, regional banks, and small finance banks. So, we have all categories of banks then there are non-banking financial companies. In the insurance sector also, we should have different size players to come into the market so that they can operate in smaller geographies," IRDAI Chairman Debasish Panda told PTI in an interview. * PTI Click Here to Read This Story * * * * * * * * The Insurance Regulatory and Development Authority of India (IRDAI) has suggested the government to ease the minimum capital requirement of Rs 100 crore and permit the regulator to fix the amount depending upon business plans of the prospective company. Doing away with the minimum capital requirement of Rs 100 crore would allow entry of small, specialised and niche players, which would help in increased insurance penetration and density in the country. "Like in the banking system, we have microfinance institutions, regional banks, and small finance banks. So, we have all categories of banks then there are non-banking financial companies. In the insurance sector also, we should have different size players to come into the market so that they can operate in smaller geographies," IRDAI Chairman Debasish Panda told PTI in an interview. Entry of smaller and specialised players would help in increasing insurance penetration and density, he said. "So, in this context we are suggesting to the government to kindly look at the existing provisions and see whether you could remove the Rs 100 crore cap minimum requirement. The regulator can frame the regulations based on the size of the company that they (promoters) are going to set up. For the micro insurance company it may be X amount, regional companies operating in a bigger larger geography could be Y amount," he said. Going forward, he said, the relaxation in capital requirement would help in creating specialised or a mono line for segments like motor and properties. "Why not create that kind of framework in our statute which allows not alone micro, small, regional companies etc but also those catering to niche products," he added. Panda also said IRDAI is working on Bima Sugam, which will act as a game changer in the insurance sector by providing a one-stop platform for multiple services including sale of policy, renewal and settlement of claims. This tech-led portal will help in expanding insurance penetration in the country by ensuring hassle-free experience to customers across the country. Bima Sugam should be a UPI moment for the insurance industry, he said. Unified Payments Interface (UPI) has revolutionised digital payment in the country as common people have started using it for making even small payments. The success of UPI in a short span of time has caught global attention and many countries are trying to replicate it. Launched in 2016, payment through UPI has crossed a milestone of Rs 11 lakh crore in September this year. "Bima Sugam will be a one-stop shop for buying and selling insurance, for policy servicing and also for claim settlement. Insurance companies can on board the platform. It's going to be plug and play with API (Application programming interface) interface," Panda said. He further said all the insurance intermediaries, including individual agents and web aggregators, will have access to this portal. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance irdai insurers entry capital debasish panda Read on App Read on App EXCLUSIVE MAX LIFE AND DITTO JOIN HANDS TO DISTRIBUTE ONLINE LIFE INSURANCE This partnership will bring synergy as Max and Ditto tie up to tap on customers and enhance the technological distribution model. * ETBFSI Click Here to Read This Story * * * * * * * * Max Life Insurance has announced a life insurance product distribution tie-up with Tacterial Consulting Private Limited (Ditto). The corporate agent partnership aims to leverage Ditto’s diversified insurance advisory platform to offer Max Life’s plans to online customers. In the initial phase, Ditto will sell multiple variations of Max Life’s protection plan providing comprehensive coverage against Death, Disease & Disability along with applicable riders facilitated via a seamless digital distribution mode. “Consumers’ buying behaviour has taken a turn towards technology during the pandemic. By partnering with Ditto, we look forward to expanding our online presence and being able to provide new-age consumers with a comprehensive selection of our online offerings, which are flexible and tailor-made for millennials," said V Viswanand, Deputy Managing Director, Max Life. It is a synergy of sorts as Max Life will be able to enhance its customer experience by leveraging Ditto’s insurance advisory capabilities and technological prowess to enhance life insurance penetration in the country. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance max life dittos v viswanand tacterial consulting private limited max lifes max life insurance partnership death, disease & disability collaboration Read on App Read on App EXCLUSIVE SECURENOW TIES UP WITH TRUCKNETIC TO PROVIDE IN-TRANSIT INSURANCE COVER New Delhi, Nov 3 (PTI) Tech-enabled insurance broker SecureNow has tied up with online transport company Trucknetic to provide in-transit insurance cover, especially to MSMEs. * PTI Click Here to Read This Story * * * * * * * * New Delhi, Nov 3 (PTI) Tech-enabled insurance broker SecureNow has tied up with online transport company Trucknetic to provide in-transit insurance cover, especially to MSMEs. SecureNow will provide embedded transit insurance products for the MSMEs booking trucks on the Trucknetic platform for transporting their goods and commodities from one place to another. "Bundling of transit insurance will solve the problem of insuring the goods and commodities transmitted by the MSMEs. It will help them in recovering losses on account of damage of goods during transit," Arham Partap Jain, Founder and CEO of Trucknetic, said in a statement on Thursday. India has over 60 million MSMEs and many of them do not have the expertise to buy high quality transit insurance. "With the partnership, we are looking to expand the market further by bringing transit insurance to the MSMEs, who did not have access to these policies before. We believe that it will increase the insurance penetration in the country and increase the industry growth rate," Abhishek Bondia, Co-Founder of SecureNow, said. After successfully integrating on the inland transit insurance, he said, "we would look at addressing other needs of MSMEs". This could include health and accidental cover to the truck owners and drivers.This section of the society has very high risk exposure, and marginal risk cover. So, we have lots of grounds to cover, he added. PTI NKD PTI NKD RAM Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance trucknetic securenow tech arham partap jain abhishek bondia india Read on App Read on App EXCLUSIVE HIRING SLOWS OWING TO FESTIVITIES IN OCT'22, INSURANCE LEADS AGAIN: REPORT According to Naukri JobSpeak index for October 2022, the Insurance sector in India continued to witness phenomenal growth due to an increase in demand for professionals across experience bands, followed by BFSI, Oil, Travel & Hospitality etc. * ETBFSI Click Here to Read This Story * * * * * * * * The job market in India was marked with Diwali festivities and long weekends in October 2022 hence the hiring activity remained flat vs last year's same period, according to Naukri JobSpeak index. The report however shows an upward trajectory when compared with last year’s festive window in November 2021. While hiring across key industries remains stable, Insurance continued to rule, the report added. "The Insurance sector in India continued to witness phenomenal growth due to an increase in demand for professionals across experience bands. The sector registered a significant year on year growth (+93%) compared to October 2021," it said. Sector wise performance Other sectors that continued to show upward hiring trends are BFSI (+40%), Oil (+34%), Travel & Hospitality (+24%), Real estate (+20%), and Auto (+19%). Hiring in the Indian IT sector slowed down by 18 per cent in the month of October compared to last year. Other sectors that recorded a notable decline in hiring sentiments include Telecom (-19%) and Health Care (-13%). The temporary deceleration in hiring activity was expected given the festive season, said Pawan Goyal, Chief Business Officer, Naukri.com. Kolkata leads hiring charts While Kolkata (+15%) and Mumbai (+8%) continued to grow in hiring activity in the said month, Delhi stayed flat with respect to hiring activity vs October last year. With IT sector showing a decline, the metros of Bangalore (-16%), Hyderabad (-12%), and Pune (-11%) showed a decline in hiring activity. Amongst non-metros, most key cities exhibited growth in hiring activity, as Jaipur (+8%), Kochi (+5%), Vadodara (+4%), and Coimbatore (+3%) all saw an uptick in demand for white collared professionals, the report added. Surge in hiring for leadership roles According to the JobSpeak Index, while demand across experience professionals stayed neutral in the month of October 2022, senior professionals with over 13 years of experience saw an uptick in demand growing by (+6%) over last year. At the same time, demand for freshers stayed flat while the demand for mid-level professionals (4-12 years) declined by -4%, it added. Unemployment rate rises Data from the Centre for Monitoring Indian Economy (CMIE), however, paints a less flowery picture showing that the country's unemployment rate in October 2022 increased to 7.8 percent from 6.4 percent in the previous month. However, the jobless rate in urban areas saw a marginal drop from 7.7 percent to 7.2 percent but a drastic jump from 5.8 percent to 8.04 percent in rural India pointing to reduced labour participation, as per CMIE data. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance pune pawan goyal naukri jobspeak kolkata jaipur hyderabad cmie health care bfsi Read on App Read on App EXCLUSIVE MENTAL ILLNESS MANDATORY COVERAGE FROM NOV 1: IMPACT ON NEW & OLD HEALTH INSURANCE PLANS The diseases like dementia and Alzheimer’s were not covered by basic comprehensive health policies earlier. However things will change now. Moreover, insurers can no longer simply reject new policy applications of people with mental illness. While new policyholders can expect these changes to benefit them, know how it will impact the existing policyholders and new born babies. * Naveen Kumar * ET Online Click Here to Read This Story * * * * * * * * Most of the basic health insurance policies do not provide cover to you or your insured family members in case of a mental illness. “In old policies, treatment for any mental illness, irrespective of being pre-existing or diagnosed after the policy purchase, was not payable. A person with a mental illness was denied the policy at the underwriting stage,” says Satish Gidugu, CEO and Whole Time Director at Medi Assist, a health insurance TPA. However, that will change from November 1. The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all health insurance companies to cover mental illnesses also. “In newer policies, claims cannot be denied and policies coming for underwriting also have to assess the policy and accept or reject basis the board approved guidelines,” says Gidugu. Not many policyholders are aware how this coverage will work. So let us understand how the new rule will impact you. The impact of mandatory coverage of mental illness The number of people suffering from mental illness is significant. WHO has reported that 1 in every 3 Indians has depression. "As people are becoming more educated, there is rising awareness about mental health. With 33% of India's population in depression, the human count leads to approx 50 crores. This is just a fraction of the population that can be helped with mental illness assistance," Purvi Manghi, Product Associate, Riskcovry a digital insurance company. New rules will make sure that health insurance polices cover a significant number of patients who were so far out of ambit of health insurance coverage. “This mandatory coverage means that the insurers will have to consider mental illnesses the same way as physical illnesses, both in the old and new policies. That means the insured will be covered for hospitalisation expenses towards treatments of mental illnesses, too,” says Siddharth Singhal, Business Head-Health Insurance, Policybazaar.com The kind of diseases being covered The new rules will bring mental illness at par with physical illness. “This call for holistic protection of a person’s well-being via insurance- be it physical or mental- is important, as post-pandemic, there is an increased focus on mental health issues. Insurers are expected to expand their coverage to focus on mental health issues,” says Manghi. The diseases like dementia and Alzheimer’s were not covered by basic comprehensive health policies earlier. Not anymore. “All mental illnesses such as dementia, depression and bipolar disorder shall be covered unless some specific exclusions are mentioned in the policy,” says Singhal. “Depression, anxiety, and stress are common in Indian culture. India’s population is increasingly feeling the strain of its growing mental health problems and in some cases, it has become a matter of national security. The recent move by IRDAI is a great step towards recognizing that mental health is an epidemic and how critical it is for policies to cover therapy, not just limit it to hospitalization,” says Saurabh Arora, Co-founder-CTO and Head of Healthcare, Plum. Old policies will also have this feature Insurers can no longer simply reject new policy applications of people with mental illness. While new policyholders can expect these changes to benefit them, what about existing policyholders? “Customers already suffering from such illnesses can get a policy now. And if someone develops these illnesses after the policy purchase, the claim will be admissible in such conditions also,” says Singhal. The new guidelines implementation may come with caveats too, since it’s important to understand that inclusion of mental illness doesn’t mean an insurer is liable to insure persons with pre-existing mental conditions. "It simply means that if the insurer does decide to cover a policyholder in the future after the waiting period window, it cannot deny a claim. Similarly, if an individual is diagnosed with a mental illness subsequent to buying a health insurance policy, the insurer cannot reject the claim," says Manghi. Will a newborn baby with a mental illness condition be covered? When it comes to coverage of mental illness in children, it will depend on the kind of illness and its timing. “This is a grey area as most of the mental illnesses in this category are related to mental retardation, and according to the Mental Health Act, they are not part of the mandatory coverage. Hence, most companies deny policy or claims related to it,” says Gidugu. However, all mental illnesses that are mandatorily covered by the rules will be applicable for a newborn baby also. “The newborn baby, once added to the policy, will be covered for any mental illness-related condition. Few policies cover the newborn from day 1, while others provide cover after 90 days of birth,” says Singhal. Will OPD cost of mental illness be covered? Most health insurance coverage works only when 24 hours of hospitalisation is needed. These policies will cover any mental illness where such hospitalisation is needed. However, there are many new insurance policies that offer OPD coverage. What happens here in case of a mental illness diagnosis? “If the customer has purchased an OPD cover, then the costs towards doctor consultations, diagnostic tests, etc, shall also be provided by the insurer,” says Singhal. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance mental illness insurance claim health plan health insurance policy health insurance plan Read on App Read on App EXCLUSIVE GLOBAL INSURTECH FIRM COVER GENIUS RAISES $70M IN SERIES D FUNDING The raise will assist in the insurtech’s rapid business growth and expansion of its global insurance distribution platform, XCover, the company said in a press note * ETBFSI Click Here to Read This Story * * * * * * * * There is an effort on the part of the regulator and insurance companies to find ways to do so, and there are various global models to follow. The best way to promote an affordable, relevant and meaningful OPD product is through a health savings account, where you put aside a pool of money towards discretionary OPD expenditure. As an insurance company, we can offer the benefit of volume contracting, cashless experience, large network, capture the health data and analyse the risk data. So there is an opportunity here and we will have to do this because OPD is not a pure risk product. There are ongoing discussions and regulatory change is required for this, but I’m hopeful that the product will be out. Cover Genius, the global insurtech for embedded insurance, announced that it has raised $70m USD in Series D funding. The round was led by Dawn Capital, with participation from new investors, New York-based Atlas Merchant Capital, and existing investors including GSquared and King River Capital. The raise will assist in the insurtech’s rapid business growth and expansion of its global insurance distribution platform, XCover, the company said in a press note. The oversubscribed round represents a significant valuation uplift from Cover Genius’ Series C in 2021. Since then, the company has experienced a year of immense growth, reaching $1.1m in daily Gross Written Premium (GWP), nearly tripling its year-over-year revenue, and doubling its partnership base. “We’ve always been strategic about our approach to fundraising, and closing our highest-ever funding round in a challenging environment for raising capital reinforces the strength of our embedded business model,” said Angus McDonald, CEO and co-founder of Cover Genius. The firm has also deepened its global capabilities by investing in India-based insurtech, ensuredIT. “Customers are dissatisfied with traditional insurers who went missing during the pandemic and consistently deliver low post-claim Net Promoter Scores (NPS) scores. Our tech-forward solution focuses on a seamless and transparent customer journey and, in contrast to traditional insurers, delivers a post-claim NPS of +65‡,” he added. Embedded insurance is a rapidly growing segment of the market, and Cover Genius has built a leading platform that is globally enabled, multi-line and end-to-end, said Dan Chaplin, Principal at Dawn Capital. "We’re excited to support Cover Genius as it continues to reshape the insurance industry and enable easy protection for consumers and businesses," he added. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance cover genius insurtech xcover king river capital gross written premium dawn capital dan chaplin india cover genius series c Read on App Read on App EXCLUSIVE MENTAL ILLNESS MANDATORY COVERAGE FROM NOV 1: IMPACT ON NEW & OLD HEALTH INSURANCE PLANS The diseases like dementia and Alzheimer’s were not covered by basic comprehensive health policies earlier. However things will change now. Moreover, insurers can no longer simply reject new policy applications of people with mental illness. While new policyholders can expect these changes to benefit them, know how it will impact the existing policyholders and new born babies. * Naveen Kumar * ET Online Click Here to Read This Story * * * * * * * * Most of the basic health insurance policies do not provide cover to you or your insured family members in case of a mental illness. “In old policies, treatment for any mental illness, irrespective of being pre-existing or diagnosed after the policy purchase, was not payable. A person with a mental illness was denied the policy at the underwriting stage,” says Satish Gidugu, CEO and Whole Time Director at Medi Assist, a health insurance TPA. However, that will change from November 1. The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all health insurance companies to cover mental illnesses also. “In newer policies, claims cannot be denied and policies coming for underwriting also have to assess the policy and accept or reject basis the board approved guidelines,” says Gidugu. Not many policyholders are aware how this coverage will work. So let us understand how the new rule will impact you. The impact of mandatory coverage of mental illness The number of people suffering from mental illness is significant. WHO has reported that 1 in every 3 Indians has depression. "As people are becoming more educated, there is rising awareness about mental health. With 33% of India's population in depression, the human count leads to approx 50 crores. This is just a fraction of the population that can be helped with mental illness assistance," Purvi Manghi, Product Associate, Riskcovry a digital insurance company. New rules will make sure that health insurance polices cover a significant number of patients who were so far out of ambit of health insurance coverage. “This mandatory coverage means that the insurers will have to consider mental illnesses the same way as physical illnesses, both in the old and new policies. That means the insured will be covered for hospitalisation expenses towards treatments of mental illnesses, too,” says Siddharth Singhal, Business Head-Health Insurance, Policybazaar.com The kind of diseases being covered The new rules will bring mental illness at par with physical illness. “This call for holistic protection of a person’s well-being via insurance- be it physical or mental- is important, as post-pandemic, there is an increased focus on mental health issues. Insurers are expected to expand their coverage to focus on mental health issues,” says Manghi. The diseases like dementia and Alzheimer’s were not covered by basic comprehensive health policies earlier. Not anymore. “All mental illnesses such as dementia, depression and bipolar disorder shall be covered unless some specific exclusions are mentioned in the policy,” says Singhal. “Depression, anxiety, and stress are common in Indian culture. India’s population is increasingly feeling the strain of its growing mental health problems and in some cases, it has become a matter of national security. The recent move by IRDAI is a great step towards recognizing that mental health is an epidemic and how critical it is for policies to cover therapy, not just limit it to hospitalization,” says Saurabh Arora, Co-founder-CTO and Head of Healthcare, Plum. Old policies will also have this feature Insurers can no longer simply reject new policy applications of people with mental illness. While new policyholders can expect these changes to benefit them, what about existing policyholders? “Customers already suffering from such illnesses can get a policy now. And if someone develops these illnesses after the policy purchase, the claim will be admissible in such conditions also,” says Singhal. The new guidelines implementation may come with caveats too, since it’s important to understand that inclusion of mental illness doesn’t mean an insurer is liable to insure persons with pre-existing mental conditions. "It simply means that if the insurer does decide to cover a policyholder in the future after the waiting period window, it cannot deny a claim. Similarly, if an individual is diagnosed with a mental illness subsequent to buying a health insurance policy, the insurer cannot reject the claim," says Manghi. Will a newborn baby with a mental illness condition be covered? When it comes to coverage of mental illness in children, it will depend on the kind of illness and its timing. “This is a grey area as most of the mental illnesses in this category are related to mental retardation, and according to the Mental Health Act, they are not part of the mandatory coverage. Hence, most companies deny policy or claims related to it,” says Gidugu. However, all mental illnesses that are mandatorily covered by the rules will be applicable for a newborn baby also. “The newborn baby, once added to the policy, will be covered for any mental illness-related condition. Few policies cover the newborn from day 1, while others provide cover after 90 days of birth,” says Singhal. Will OPD cost of mental illness be covered? Most health insurance coverage works only when 24 hours of hospitalisation is needed. These policies will cover any mental illness where such hospitalisation is needed. However, there are many new insurance policies that offer OPD coverage. What happens here in case of a mental illness diagnosis? “If the customer has purchased an OPD cover, then the costs towards doctor consultations, diagnostic tests, etc, shall also be provided by the insurer,” says Singhal. Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance mental illness mental health coverage insurance claim health plan health insurance policy health insurance policies health insurance plan health insurance coverage health insurance coverage of mental illness Read on App Read on App EXCLUSIVE LIC INCREASES STAKE IN CAPRI GLOBAL TO 9%, BUYING 2% MORE AT RS 257 CRORE The insurance provider's shareholding in Capri Global has increased from 1,24,00,000 to 1,59,51,171 equity shares, raising its stake from 7.052% to 9.072% of the paid up capital of the company, LIC said in a regulatory filing on Monday. * ET Online Click Here to Read This Story * * * * * * * * Insurance giant Life Insurance Corporation of India (LIC) is spending over Rs 250 crore in Capri Global to increase its stake in the company by 2%. The insurance provider's shareholding in Capri Global has increased from 1,24,00,000 to 1,59,51,171 equity shares, raising its stake from 7.052% to 9.072% of the paid up capital of the company, LIC said in a regulatory filing on Monday. These shares in Capri Global were acquired by LIC between June 10, 2022 to October 28, 2022 at an average cost of Rs 724.74 apiece on the open market, costing a total of Rs 257.37 crore. Capri Global caters to different segments like MSME, construction, finance, affordable housing and indirect retail lending segments, operating with a market capitalisation of Rs 13,014 crore. The scrip of LIC closed at Rs 604 on BSE, up 1.86%. Capri Global settled 1.05% higher at Rs 750.50. With inputs from PTI Follow and connect with us on Twitter, Facebook, Linkedin, Youtube Insurance capri global lic Affordable Housing msme life insurance corporation of india bse life insurance corporation of india lic Read on App Read on App EXCLUSIVE IRDAI PANEL TO LOOK AT HEALTH INSURANCE SERVICING VIA PROPOSED NEW E-PORTAL: COMMON CLAIM PLATFORM? IRDAI constitutes a 15-member health insurance consultative committee that will help to achieve the goal of universalisation of health insurance in the country. The committee has been constituted for a period of two years, the regulator mentioned. * ET Online Click Here to Read This Story * * * * * * * * The Insurance Regulatory and Development Authority of India (IRDAI) has formed a committee to suggest a universal standard health insurance product and also how health insurance servicing can be done via the proposed e-platform. As per earlier media reports, IRDAI has been working on setting up a common insurance servicing platform which would include settlement of claims. The 15-member health insurance consultative committee will help to achieve the goal of universalisation of health insurance in the country, the regulator said in an order dated October 21, 2022. The health insurance consultative committee will suggest ways to increase the penetration of health insurance in the country including identifying issues and challenges in the value chain and how to overcome them. They will also identify challenges in carrying out the health insurance business smoothly and make recommendations to facilitate ease of doing business. IRDAI has asked the committee to make recommendations regarding product designs including a universal standard product that is basic and simple. The committee will also make recommendations regarding standardisation of procedures among providers including for capture, collation, and analysis of data. "The panel will make recommendations to put in place systems for servicing health insurance that can plug into the e-platform envisaged by IRDAI," the regulator said. It will also identify concerns relating to policyholder servicing as well as awareness and make recommendations to address them. The committee will also recommend any other matter which would help in the growth of insurance penetration and deepen health insurance inclusion, the regulator said. The committee has been constituted for a period of two years, the regulator mentioned. The committee will be led by Rakesh Joshi, a member of IRDAI. It will also have representatives from the healthcare and insurance industries including third-party administrators (TPA). From the healthcare industry, Devi Prasad Shetty, chairman of Narayana Health; Naresh Trehan, chairman and managing director (MD) of Medanta Heart Institute; Alexander Thomas, national president of Association of Healthcare Providers India; Arati Verma, senior vice president of Max Healthcare, and Ajay Nair will be part of this consultative committee. From the insurance industry, Neerja Kapur, chairman, and MD of New India Assurance; Bhargav Dasgupta, MD, and CEO of ICICI Lombard General Insurance, Mayank Bathwal, CEO of Aditya Birla Health Insurance, and Vibha Padalkar, MD and CEO of HDFC Life, will be part of the committee. The committee will also have representatives from the third-party administrators (TPA) — Nayan Shah, CEO, of Paramount Health Services & Insurance TPA, and Vikram Chhatwal, CEO, Medi-Assist Insurance as members. "It is necessary for every family in the country to have a health insurance cover. The various elements in the health insurance value chain are required to be visited periodically in order to provide an enabling environment to achieve the goal of universalisation of health insurance in the country," the regulator said. Bima Vahak and Bima Vistaar The regulator has also set up a 24-member committee to develop and suggest an affordable and comprehensive cover for the rural population. The committee will develop and suggest the constitution and operation of a preferably, women-centric distribution channel to focus on reaching untapped/rural areas — Bima Vahak. It will also develop and suggest an affordable, accessible, and comprehensive cover for the rural population, on a benefit based or parametric structure — Bima Vistaar. The committee will also explore and recommend how to bring about synergies in the working and operations of Bima Vahak, Bima Vistaar, and the digital platform - Bima Sugam. IRDAI has also asked the committee to recommend the regulatory framerwork for Bima Vahak and Bima Vistaar. 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