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News on Medial
American insurer Lockton gets IRDAI nod for Arihant’s insurance arm acquisition
VCCircle
·
9m ago
Medial
US insurer Lockton has gained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to fully acquire Arihant Insurance Broking Services, a subsidiary of the Arihant Capital Group. The acquisition will allow Lockton to expand its operations in the Indian market and tap into opportunities in risk consulting and management services. Lockton aims to enhance its presence in emerging markets and provide comprehensive risk management and insurance solutions to clients. The deal was completed on 24 October, with Lockton becoming the sole owner of Arihant Insurance.
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BlackBuck Gets IRDAI Nod To Act As Insurance Corporate Agent
Inc42
·
7d ago
Medial
BlackBuck has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to act as a composite corporate agent until July 2028. This allows the company to sell insurance policies from registered insurers to its users, mainly truckers, across the country. By integrating insurance into its platform, BlackBuck aims to generate a new revenue stream through commissions and aligns with its broader goal of creating a comprehensive platform for truckers' needs.
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IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders
Money Control
·
1y ago
Medial
The Insurance Regulatory and Development Authority of India (IRDAI) has approved the registration of Galaxy Health and Allied Insurance as a standalone health insurer. Galaxy Health will be the seventh company of its kind in India. The IRDAI also approved a set of new and revised regulations, including changes to product regulations, policyholder protection, and the establishment of Bima Sugam, an electronic insurance marketplace. Detailed circulars with the specific changes will be released by the IRDAI in the future.
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Insurtech startup Covrzy gets broking license from IRDAI
Entrackr
·
1y ago
Medial
Bengaluru-based insurtech startup Covrzy has been granted a direct broking (general) license by Insurance Regulatory and Development Authority of India (IRDAI). This enables Covrzy to operate as a direct insurance broker in India, offering a full spectrum of business insurance solutions. In May last year, the startup had raised $400K in its pre-seed round led by Antler, with participation from Shastra VC (formerly Veda VC). Co-founded by Ankit Kamra and Veera Thota, Covrzy provides an easy, customer-friendly insurance buying journey, particularly for startups, SMEs and MSMEs in India. Through its digital-first approach, Covrzy empowers SMEs with insurance and claims support, democratizing insurance distribution in India. Till date, Covrzy claims to have boarded over 500 clients pan-India, including both MSMEs and startups, with Redcliffe Labs, Orange Labs, Karboncard, and Schbang being some of their prominent clients. The startup has also collaborated with various renowned insurer partners like ICICI Lombard, Bajaj Allainz, IFFCO Tokio, among others.
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US-based insurance broker Lockton enters India
Economic Times
·
1y ago
Medial
Insurance broker Lockton has entered the Indian market with the aim of providing risk management and insurance solutions to clients across the country. The US-based company plans to target both domestic and international clients, offering a range of services including employee benefits consulting, casualty, property, and cyber risk, as well as mergers and acquisitions transactions. Lockton hopes to leverage its global expertise and experience in the insurance sector to cater to the Indian market's growing demand for comprehensive risk management solutions.
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InsuranceDekho, Renewbuy in talks to merge in $1 billion deal
The Arc Web
·
9m ago
Medial
InsuranceDekho is set to merge with RenewBuy in a cash-and-stock deal, creating a combined entity valued at over $1 billion. This merger aims to compete with PolicyBazaar and Turtlemint, focusing on insurance distribution, especially in smaller towns. InsuranceDekho, which began as a distributor under CarDekho, now has extensive insurer partnerships and received a composite insurance broking license from IRDAI in July. The deal’s specifics are still under discussion.
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IRDAI warns brokers on deal rush
Economic Times
·
14d ago
Medial
The Insurance Regulatory and Development Authority of India (IRDAI) has expressed concerns over the rising merger and acquisition activities within the insurance distribution sector. The IRDAI warns brokers against adopting practices aimed solely at inflating valuations, which could ultimately harm the industry. The inflow of private equity into insurance broking has increased substantially, with top brokers commanding the majority of revenue. The government encourages brokers to enhance insurance reach across various societal sectors.
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IRDAI gives in-principle nod for Policybazaar to upgrade license, to enter reinsurance selling
IndianStartupNews
·
1y ago
Medial
The Insurance Regulatory and Development Authority of India (IRDAI) has given its in-principle approval to Policybazaar Insurance Brokers, allowing the company to transition from a direct insurance broker to a composite insurance broker. This upgrade expands Policybazaar's scope, enabling it to enter the reinsurance market and offer risk management and claims data maintenance services. The approval aims to enhance insurance penetration in India by leveraging technology, process control, and data analytics. Policybazaar reported a net profit of INR 37.2 crore for Q4 2023 and plans to potentially return capital to shareholders.
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Insurtech startup BimaKavach gets IRDAI licence for corporate insurance
Economic Times
·
1y ago
Medial
Insurtech startup BimaKavach has been granted a direct insurance broking license by the Insurance Regulatory and Development Authority of India (IRDAI). This license will allow BimaKavach to expand its insurance offerings for businesses, particularly small and medium enterprises. The startup aims to collect Rs 100 crore in gross written premiums by the fiscal year 2024-25. BimaKavach currently offers 18 insurance products ranging from liability to group health insurance. The company plans to focus on eliminating misselling and providing appropriate coverage at competitive prices.
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Bajaj to buy Allianz’s 26% stake in insurance arms for ₹24,180 crore in landmark split
Business Today
·
4m ago
Medial
Bajaj Finserv plans to acquire Allianz's 26% stake in its insurance subsidiaries, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, for ₹24,180 crore. The stake acquisition involves Bajaj Holdings & Investment Ltd and Jamnalal Sons Pvt. Ltd, along with Bajaj Finserv, bringing their collective stake to 100%. The acquisition values Allianz's stake in the general insurance arm at ₹13,780 crore and the life insurance arm at ₹10,400 crore, marking the end of a 24-year partnership.
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India's Max Financial says hacker accessed customer data from its insurance unit | TechCrunch
TechCrunch
·
1m ago
Medial
Max Financial Services reported that its insurance arm, Axis Max Life Insurance, experienced unauthorized access to its customer data, prompting an investigation in collaboration with security experts. The Noida-based firm, India's fifth-largest insurer with significant assets and coverage, initiated a security assessment and data analysis following the breach. Details remain undisclosed as the company works to identify the cause and implement remedial actions. TechCrunch is awaiting further responses from Axis Max Life Insurance.
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