Page 5 - Insurance Times May 2019

General Insurance

News

Reliance General Insurance launches tap and buy New rates for Third-party
Reliance General Insurance has launched a new feature in travel insurance, 'Tap motor cover to be effec-
and Buy', which enables users to get insurance
instantly by activating the NFC (near-field com- tive from June
munication) in their smart phones. Once a cus- IRDAI may announce the new pre-
tomer pairs up his/her device with an NFC-en- mium rates
abled device that is installed in airports, the lat- for motor
ter prompts to open the user's WhatsApp from third-party
which payment can be made. It works for smart cover from
phones including iPhone X and above, and Android phones using version 4.0 June 2019
or above. Currently, the firm has installed 46 NFC-enabled display screens at Recently IRDAI extended the validity
the Indira Gandhi International Airport in Delhi on a pilot basis. The facility will
of the premium rates set for 2018-
be extended to other airports in the future.
19. "The IRDAI, hereby, extends the
validity of premium rates set out in
Royal Sundaram General Insurance to focus on gifting the aforementioned order beyond
of insurance policy March 31, 2019, until further notice.
In other words, insurers shall con-
Royal Sundaram General Insurance, the has decided to offer a new product which
tinue to charge the rates currently
will allow customers to gift insurance policy to
being charged for motor third-party
loved ones. While most insurance companies liability insurance cover from April 1,
emphasise on fear to sell products, Royal 2019, onwards until further order,"
Sundaram took a different path and decided it had said.
to push the envelope and make people rethink on the idea of gifting.
The move has surprised the industry,
Commenting on the campaign, TM Shyam Sunder, CIO & Country Head, Royal which has been expecting at least a
Sundaram, said, "With over five million customers already across India, we 10 per cent hike in rates, in line with
wanted to reach out to more people in today's digital age through this cam- rising costs, though most general in-
paign. A health insurance is an 'unusual' gift to our loved ones, so that they surers are keeping silent on the is-
can enjoy life without any financial anxiety." It has roped in iProspect, the digi- sue. "It is likely that the IRDAI re-
tal performance agency from Dentsu Aegis Network, to create the digital cam- quires more time to study the report
paign. on third-party motor costs for 2019-
20, which was submitted some time
The tag line of the campaign, Kaun kehta hai ki tohfa sirf gift box mein aata hai
(Who says a gift comes only in a box), conveys the thought that users should back.
do a rethink about health insurance as an unusual gift that has a utility value - "There is an expectation that the
one that keeps reaping benefits over the years - as well as a great investment new rates will be put into effect
plan, he added. Krishna Kumar Revanur, Vice-President-South, iProspect, said: from June 1, as many companies are
"Health is wealth. The ability to afford best medical care is a luxury in these finding it difficult to break-even at
times of spiralling medical costs. the current rates," he said.
The Insurance Times, May 2019 5