Page 9 - The Insurance Times August 2022

Pune) have been selected by the selec- protection for those customers who dividually provided indicative targets
tion panel. have a lesser frequency of vehicle us- along with unique states and UTs to lead
age. on. In the meeting, the Insurance In-
There were 40 applicants who were in-
formation Bureau made a presentation
terviewed and out of eight vacancies,
four have gone to civil servants, two IRDAI sets up task forces to on enhancing its role and also its
corporatisation. The IIB was set up by
each for LIC officials and NIA officials.
suggest steps to resolve
After due diligence by the government the insurance regulatory and registered
insurers' issues as an independent society under the
authorities, MoF will issue orders of
Andhra Pradesh Societies Act. It is a
appointment to the selected candi- IRDAI said it has set up two task forces
repository of industry data and provides
dates. to suggest steps to sort out issues be-
benchmarks for insurance companies.
tween insurers and re-insurers. The
IRDAI permits sophisti- decision by the IRDAI follows meetings Under the lead bank model, a bank co-
with representatives of life and non-life ordinates the efforts of all lenders in an
cated add-ons to motor insurers and reinsurers in Hyderabad allocated area and engages with the
insurance recently. local administration and state govern-
ment and address local concerns. This
IRDAI has permitted general insurance The discussions at the 'Bima Manthan'
was introduced at the time of
companies to introduce tech-enabled were held on the issues and concerns
nationalisation of banks to fulfil their
concepts for the Motor Own Damage related to reinsurance support to fur-
social objectives.
(OD) cover in order to offer customers ther increase in insurance penetration
usage-based insurance covers as add- in India.
ons to the basic policies of Motor OD. IRDAI and NHA to develop
A nine-member panel has been set up
Issuing a circular, the regulator said the to sort out the issues between non-life national health claims ex-
concept of motor insurance is con- insurers and re-insurers. Bhargav
change
stantly evolving and as a step towards Dasgupta, MD and CEO of ICICI
IRDAI and National Health Authority
facilitating technology enabled covers, Lombard General, has been named the
(NHA) will develop a National Health
it is allowing the general insurers to chairman of the panel.
Claims Exchange as a digital platform
bring in sophisticated addons such as-
The second task force, comprising seven
to settle health claims.
"Pay as You Drive" and "Pay How You
members, will look at the life insurance
Drive"- to Motor Own Damage policy. Based on a presentation by R S Sharma,
segment and re-insurers. It is headed
The regulator has also allowed the in- CEO of NHA, Chairman of IRDAI
by Naveen Tahilyani, CEO and MD, Tata
surers to introduce floater policy for Debasish Panda, has proposed creation
AIA Life Insurance.
vehicles belonging to the same indi- of a working group with representation
vidual owner for two-wheelers and pri- IRDAI asks insurers to from the industry to decide how to make
vate cars. This circular will come into the largest segment of general insur-
adopt states to boost
effect immediately. ance in India attract more people to
reach buy health insurance.
"Introduction of the above options will
aid in giving the much needed fillip to IRDAI has asked Insurance companies
Motor OD Insurance in the country and to take a leaf from the banking IRDAI allows insurers to
increase its penetration," IRDAI said in industry's strategy for inclusion by com-
empanel hospitals for
a release. panies adopting individual states as lead
cashless treatment
insurers. IRDAI has also set goals in
According to general insurance indus-
terms of insurance penetration for the The IRDAI has given flexibility to insur-
try insiders, introduction of add-ons cov-
life and non-life industry. ers to empanel network providers in
ers like "Pay as You Drive" and "Pay
health cover.
How You Drive" will nudge customers IRDAI chairman Debashish Panda held
towards a utility based "Pay as you Use" the first of his proposed bi-monthly In a circular sent to insurance firms and
model, lending greater flexibility and meeting with insurance chiefs - Bima third-party administrators, the insur-
convenience in customer choice. More- Manthan - recently in Hyderabad. In ance regulator said: "The insurers are
over, the usage-based covers as an add- the meeting, insurers were guided to now empowered to empanel the net-
on to an OD policy will give additional increase the growth rate and were in- work providers that meet the standards
The Insurance Times, August 2022 9