No decision to make PM Fasal Bima Yojana voluntary – Agri ministry

The ministry of agriculture and farmers’ welfare has clarified that no decision has been taken to make the Pradhan Mantri Fasal Bima Yojana or the PM Crop Insurance Scheme voluntary. At present, any and all farmers who take agricultural loans have to compulsorily take crop insurance. The scheme is reported to be a big money […]

HDFC to acquire majority stake in Apollo Munich at Rs 1,347 cr

HDFC said it has agreed to buy a 51% of Apollo Munich Health Insurance Company Ltd for around Rs 1,347 cr. Apollo Munich will be merged with HDFC’s general insurance subsidiary, HDFC ERGO General Insurance Company Limited, even as Munich Re continues to remain invested in the new, merged entity. HDFC already has a joint […]

TCS wins deal to provide digital infrastructure to UK insurer Ageas

IT firm Tata Consultancy Services (TCS) said it has been selected by one of the largest insurers in the United Kingdom, Ageas UK, to transform its digital infrastructure. Headquartered in Brussels, Ageas is Belgium’s largest insurer and operates in 14 countries worldwide. As per the deal, TCS will help Ageas UK to consolidate data centres, […]

ICICI Lombard, MobiKwik join hands to provide cyber-insurance cover

ICICI Lombard, one of India’s leading private sector general insurance companies, said it has entered into a strategic partnership with one of India’s largest retail payment platform MobiKwik to provide cyber-insurance cover. The newly formed partnership aims to provide the customers protection against unauthorized and fraudulent transactions online across bank accounts, debit/credit cards and mobile […]

TCS expands platform deal with UK insurer Phoenix Group

Tata Consultancy Services (TCS) said it will deploy an enhanced policy management solution for Phoenix Group, Europe’s largest life and pensions consolidator and a TCS client of 12 years. The move will not only give more advanced features for Phoenix Group, but also increase the number of Phoenix policies managed using TCS’s BaNCS platform to 5.5 […]

Majesco sued for $10 mln by US customer for breach of agreement

Majesco, the India-based provider of IT solutions to the insurance industry, said its subsidiary has been sued by a customer in the US for $10 mln (Rs 64 cr). In a filing on Sunday, Jan 28, the company said that on Jan 24, its subsidiary Majesco Software and Solutions Inc received a summons with notice […]

TCS takes over Transamerica’s insurance administration, 2,200 employees

Tata Consultancy Services said it will take over the policy administration and customer service functions of US insurer Transamerica along with 2,200 of its employees in a $2 bln-plus, multi-year deal. The Indian company will migrate the administration of over 10 mln insurance policies on to its BaNCS platform and provide ‘third party administration’ or […]

XL Catlin to buy 20% of Mahindra Insurance Brokers

Mahindra Finance said global insurance major XL Group will take a 20% stake in its subsidiary Mahindra Insurance Brokers Ltd, including the 15% currently held by LeapFrog Financial Inclusion Fund. “XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in underpenetrated markets and across under-served customers in rural India,” the group […]

AU Small Finance Bank to distribute Aditya Birla Health insurance

AU Small Finance Bank has tied up with Aditya Birla Health Insurance to to distribute the latter’s health insurance products. The bank will act as a corporate agent, it said. “This tie up shall be mutually beneficial for ABHICL & AU SMALL FINANCE BANK in terms of business, market penetration and reach,” it said. Aditya […]

Transport vehicle drivers, staff to get coverage under ‘third party’ insurance policy

The drivers and staff of all vehicles classified as ‘transport’ will be brought under the definition of ‘third party’ in third party insurance policies, the finance ministry said today. This will cover buses, vans and other commercial transport vehicles and will be implemented through the upcoming amendment to theMotor Vehicles Act. At present, only the driver […]

Administrative charges on employee provident fund cut to 0.65% from 0.85%

After keeping the move on hold for three months due to the elections, the Employees’ Provident Fund Organization has cut its administrative charges on the funds it manages to 0.65% from 0.85%, according to labor ministry sources. The cut in administrative charges — which was notified on Mar 15 — is to reflect the lower […]

CORRECTED: Murugappa Group withdraws FIPB proposal for sale of TI’s Cholamandalam stake to Sumitomo

The government of India today said that Tube Investments, a part of the Murugappa Group, withdrew its proposal seeking approval for the sale of the 14% equity it held in Cholamandalam MS General Insurance Co to Japan’s Mitsui Sumitomo Insurance Co Ltd. CORRECTION UDPATE: Murugappa Group has clarified that it has withdrawn the application after […]

LIC continues to lose market share to ICICI Pru, HDFC Standard and others

Life Insurance Corporation of India, India’s biggest life insurer, continued to lose new business to private sector players, particularly ICICI Prudential and HDFC Standard, last financial year, according to industry numbers. LIC managed to get 78,000 cr of first-year life-insurance premium out of a total of 113,142 cr, implying a market share of 69.2% of […]