Latest Updates Around The World
Car repairs postponed? Oman now forces insurers to pay you in cash for each additional day In a significant shake-up to Oman’s car insurance landscape, the Financial Services Authority (FSA) has introduced sweeping reforms that now require compensation from insurers if car repairs are not completed on time, a first in the Gulf region and […]
Ajay Seth, Chairman, IRDAI Insurance Regulatory and Development Authority of India (IRDAI) Chairman Ajay Seth has expressed concern over the rising number of complaints and asked insurers to significantly improve the quality and timeliness of resolutions. At a meeting with Chief Compliance Officers (CCOs) and Grievance Redressal Officers (GROs) of all insurers on Wednesday, the […]
The application of AI is transforming insurance operations across every domain, including underwriting, claims, customer experience, distribution and risk management | Photo credit: Andrei Popov Insurers are increasingly using artificial intelligence (AI) to drive business growth, improve customer experience and accelerate processes. “The transition of AI in life insurance from a test and learn phase […]
The regulator has directed all insurers to pursue a zero-tolerance policy towards fraud and put in place an appropriate fraud risk management framework that suits their business profile so that they can deter, prevent, detect, report and remediate insurance fraud | Photo credit: iStockphoto The Insurance Regulatory and Development Authority of India (IRDAI) has asked […]
The implementation of GST reduction must ensure better coordination for all stakeholders Photocredit: Wanan Yossingkum Buying individual life and health coverage will be cheaper because insurance companies will be established to implement the distance of 18 percent goods and service tax (GST) on premiums from 22 September. Half a dozen insurers confirmed line that they […]
When health, life policy services are provided to an individual or to a person with his/her family, the same will be exempted | Photocredit: Getty images Insurance companies do not receive input tax credit on committee or brokers for individual health and life insurance policies, said Central Board of Indirect Taxes & Custom (CBIC) Tuesday. […]
