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6 changes in life insurance policy guidelines from February 1

Thursday, January 30, 2020, 6:03 PM

6 changes in life insurance policy guidelines from February 1

6 changes in life insurance policy guidelines from February 1 The Insurance Regulatory Developmen ...

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Airlines, portals can no longer mis-sell you travel insurance

Thursday, October 3, 2019, 6:30 PM

Airlines, portals can no longer mis-sell you travel insurance

Many people had accidentally bought travel insurance while booking a flight ticket online; as this w ...

Brand Updates

 
IRDAI imposes Rs 1.11 crore penalty on Policybazaar

Thursday, August 29, 2019, 3:22 PM

IRDAI imposes Rs 1.11 crore penalty on Policybazaar

The insurance regulator has imposed a Rs 1.11 crore penalty on web aggregator Policybazaar for violation of regulations. Insurance Regulatory and Development Authority of India (IRDAI) said Policybazaar entered into a partnership with a non-insurance entity called 'Indian Health Organization by Aetna' (IHO) and offered incentives to its customers in violation of regulations. IRDAI said incentives included complimentary wellness benefits for all new eligible customers and covered five OPD consultations, unlimited telemedicine consultations, unlimited second opinion services, as well as pharmacy discounts. Further, the web aggregator also displayed the services offered by IHO on its website. This is a violation of regulations as these entities are not allowed to advertise products and services of other entities.

Brand Updates

 
ICICI Lombard using AI for fraud detection

Wednesday, August 7, 2019, 11:47 AM

ICICI Lombard using AI for fraud detection

Private sector insurer ICICI Lombard is using artificial intelligence (AI) and machine learning to not only improve claims processing and settlement but also to detect frauds in segments such as motor and health insurance. “We use machine learning to figure out when the surveyor is assessing motor claims to see which parts are outliers. Auto parts are priced differently across the country, but in case some garage charges very high, the algorithm can throw it up. It shows anything which is 5% too high or too low as an outlier,” Girish Nayak, Chief of Customer Service, Operations and Technology said. Similarly, in the case of medical claims, the insurer is using machine learning AI to check if a hospital may be sending claims for a particular illness at a particular price. “In such cases, you know there is something wrong and you send someone to check it. This can increase efficiency and help detect frauds better,” Nayak said.

Blog

 
Health Insurance Myths

Monday, December 31, 2018, 6:52 PM

Health Insurance Myths

Availing a health insurance plan is a very important step in your life. It helps you save on the medical bills when you fall ill. Unfortunately, most ...

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What To Do If You Are Mis-sold Financial Products By Bank?

Wednesday, December 12, 2018, 4:59 PM

What To Do If You Are Mis-sold Financial Products By Bank?

Mis-selling of financial products by banks is on the rise. There has been an increase in the number ...

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How your Insurance agent may cheat you?

Tuesday, November 13, 2018, 9:01 AM

How your Insurance agent may cheat you?

Availing insurance is a major part of financial planning. It is compulsory to avail insurance, if you are the breadwinner of the family. People these ...

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Tips to Follow While Selling a Pre-Owned Car

Tuesday, September 25, 2018, 6:25 PM

Tips to Follow While Selling a Pre-Owned Car

I want to sell my used car. How to sell my car fast? How do I get the best price for my used car? These are the most common questions by a car owner w ...

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Cyber Fraud Insurance

Wednesday, September 12, 2018, 6:11 PM

Cyber Fraud Insurance

The Internet is without a doubt, one of the greatest inventions of all time. Trying to quantify its impact is futile, as it has pervaded literally on ...

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How to Renew Car Insurance?

Tuesday, September 11, 2018, 5:43 PM

How to Renew Car Insurance?

India is a fast growing market for the automobile industry, with the biggest names vying for a chunk of the market share. According to the 2018 report ...

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