Page 7 - The Insurance Times August 2022

tor general insurers witnessed only new car assessment program for India This could be by way of filing an FIR
10.25 percent growth in premium col- called Bharat NCAP, wherein automo- with police authorities or receipt of a
lection to Rs 20,626 crore during the biles in India will be accorded 'Star legal notice from an affected person or
last 3 months. Ratings' based upon their performance entity or summons from court. The in-
in crash tests. In a series of tweets sured can also submit invoices for ex-
Among private sector companies, ICICI
Gadkari revealed that Bharat NCAP penses incurred for the services of a
Lombard General insurance retained
will serve as a consumer-centric plat- specialist, psychologist, psychiatrist or
the top position by mobilising a Rs
form allowing customers to opt for evidence of unpaid wages. If the in-
5,370-crore premium, a rise of 43.86
safer cars based upon their star-rat- sured makes any non-commercial sale
percent growth. Bajaj Allianz mobilised
ings, while promoting a healthy com- (as in sale of old gadgets) and he does
Rs 3,100 crore during the quarter,
petition among original equipment not receive payment, that is covered
growth of 25.43 per cent.
manufacturers (OEMs)in India to under the policy too.
manufacture safer vehicles.
Kotak General Insurance
The minister believes that Star Rating
to use AI to automate ve-
of Indian Cars based on Crash Tests is Attention Subscribers
hicle inspection extremely crucial not only to ensure
Please renew your Subscription of The
structural and passenger safety in cars,
Kotak General Insurance said it was Insurance Times Journal to receive
but to also increase the export-worthi-
automating vehicle inspections for its copy of the journal uninterruptedly.
ness of Indian automobiles.
motor insurance policy renewals with
You can now pay by GPAY, Phonepe,
Artificial Intelligence (AI)-based tech-
SBI General offers cover Paytm, Amazon, ICICI Pay, BHIM UPI
nology. The insurance company has
partnered Inspektlabs to implement against cyber risks
this for its policies.
Individuals can now buy protection
Through this feature, policyholders can against cyber risks, which was largely
take photos or videos of their vehicle available only for businesses. SBI Gen-
and upload them on the cloud-based eral Insurancehas launched the 'Cyber
application. The inspection report, in- VaultEdge' cover that provides financial
cluding details of damages, if any, will protection for losses arising out of
be automatically generated within a reputation damage, fraudulent card
few seconds after the customer up- transactions and theft of personal in-
loads inspection photos or videos. formation due to online activity.
"The automated process replaces hu- The reputation risk cover also takes
mans in repetitive work at a very high into account the financial impact of
accuracy level that saves cost and in- social media trolling, bullying and stalk-
creases customer satisfaction by re- ing. "With digital transformation tak-
ducing the time required to renew a ing centre stage, individuals are more
car insurance policy," Kotak General susceptible to new age emerging risks.
Insurance said in its statement. We aim to secure individuals by
The technology will also help detect minimising financial losses arising due to
fraud based on pictures and videos internet-based/cyber risks through a
comprehensive and affordable product.
uploaded, and hence aid the under-
You can also make payment for
writing process, the company added. We will continue to expand our offer-
purchase of Books/Exam Guides
ings to add value to our customers and
from www.sashipublications.com
Star ratings for Indian cars safeguard them financially for the fu-
through above QR Code
ture," said SBI General Insurance
based on crash test perfor-
deputy managing director Anand For any query please call
mance, says Gadkari Pejawar.To claim under the policy, the 9073791022/9883398055
Union minister Nitin Gadkari has an- insured will have to provide proof of
www.sashipublications.com
nounced that he will soon introduce a having incurred a financial loss.
The Insurance Times, August 2022 7