Page 8 - The Insurance Times February 2025

2019, according to the Federation of liver innovative and holistic products the most pressing concern for Indian
Automobile Dealers Association (FADA). that ensure a stress-free experience businesses, affecting 50% of respon-
Despite these gains, the PV segment for our customers. We also extend our dents-a 21% increase compared to the
entered 2025 with an estimated unsold gratitude to our strategic partner, global average. Previously, customer
inventory of 6,00,000 vehicles, as ICICI Lombard, for bringing this inno- fraud was the leading issue in 2022.
noted by a FADA official. vative product to life."
Globally, 44% of business leaders high-
The Maha Kumbh Mela, expected to lighted cybercrime as their top con-
PhonePe to offer Maha commence on January 13, 2025, and cern. The survey also indicated that

Kumbh Mela insurance run until February 26, 2025, in corruption and bribery accounted for
Prayagraj, Uttar Pradesh, is one of the 33% of economic crimes. Notably, 34%
PhonePe has announced a partnership
world's largest spiritual gatherings, of Indian companies lacked robust au-
with ICICI Lombard General Insurance
drawing millions of devotees. The in- dit systems for third-party vendors,
to provide insurance coverage for trav-
elers attending the Maha Kumbh Mela. surance plan offers a coverage sum of while only 37% employed real-time
up to Rs 1 lakh.
The policy will be available from Janu- payment monitoring systems capable
ary 13, 2024, to February 25, 2025, of blocking suspicious transactions.
and comes in two variants. PwC: Over half of sur-
"This comprehensive yet affordable veyed entities faced finan- PM Modi Government
insurance plan caters to a broad spec- Boosts Agriculture with
trum of travelers. It is priced at Rs 59 cial frauds
for those traveling by train or bus, and A growing number of Indian compa- Enhanced Crop Insurance
Rs 99 for individuals traveling by do- nies have reported financial or eco- Allocation
mestic flights," PhonePe stated in a nomic frauds over the last two years,
press release. outpacing global trends, according to The Union Cabinet, chaired by Prime
Minister Narendra Modi, has approved
Vishal Gupta, CEO of PhonePe Insur- PwC's Global Economic Crime Survey the continuation of the Pradhan
ance Broking Services, remarked, "We 2024. Mantri Fasal Bima Yojana (PMFBY) and
are thrilled to launch this unique insur- The survey revealed that 59% of Indian Restructured Weather-Based Crop In-
ance offering for an event as significant organizations encountered financial or
surance Scheme until 2025-26, with an
as the Maha Kumbh Mela. This initia- economic fraud during the past 24
tive aligns with our goal of being the months, compared to the global aver- increased allocation of Rs 69,515.71
most trusted platform for insurance age of 41% and 52% in PwC's 2022 crore.
solutions. At PhonePe, we aim to de- survey. Procurement fraud emerged as The continued emphasis on PMFBY
and related schemes demonstrates
the government’s commitment to the
New India logs lowest claim rejections agricultural sector. By integrating ad-
New India Assurance recorded the lowest claims repudiation ratio among vanced technologies and prioritizing
insurers, standing at just 0.2% for FY23. The company also led in health risk coverage, these measures aim to
insurance and motor own-damage insurance, with a repudiation ratio of bolster farmer welfare, ensure crop
only 0.5% in the latter category. security, and promote sustainable ag-
Other insurers with low repudiation ratios include HDFC Ergo (2.9%), Aditya ricultural practices.
Birla Health (3.9%), and Future Generali (3.8%). Public sector insurers, how-
ever, demonstrated higher repudiation ratios. National Insurance recorded Join
8.3%, Oriental Insurance stood at 9.9%, and United India reported 5.4%. Online Certificate

In the motor own-damage segment, New India maintained a superior ratio Course on
of 0.5%. Other notable performers were Future Generali (1.1%) and Orien-
tal Insurance (3.3%). Health insurance also saw low rejection rates with Iffco Marine Insurance
Tokio (4.7%), Bajaj Allianz (5.9%), and Go Digit (7.9%) performing well.
Meanwhile, private insurers like Tata AIG, Chola MS, and ICICI Lombard ex- For details please visit
hibited relatively higher repudiation ratios. www.smartonlinecourse.co.in

8 February 2025 The Insurance Times