Spotlight

Happy New Year 2020 –

Love hurts, Insurance heals            

 

Its an era of twenty-twenty cricket & twenty-twenty has also arrived in calendar also. Like in 20-20 cricket match, things are going to change very quickly this year. There can be lots of ups & downs for the general insurance industry.

Things to watch

1. Merger of three public sector insurance companies.

2. Rationalizing of the the branch offices & work force

3. VRS or golden hand shake scheme for the employees

4. High incurred claim ratio of general insurers

5. Declining growth of public sector insurers

6. Big changes in motor insurance policy

7. Changes in motor dealer tie-up business

8. Fall in motor premium rates under tie-up business

9. Subsequent fall in motor business ICR

10 Implementation of new surveyor regulations

11 Future of surveyor’s profession

12 implementation of artificial intelligence & other technology platform by insurers  for client service

13 Increase in FDI limit to in insurance co’s 74%

14 Entry of new foreign insurers

15 Entry of foreign intermediaries like brokers & surveyors, TPA’s, web aggregators, IMF’s etc.

16 Standardization of health insurance product

So keep watch & hope the change is for better 2020

                                        J.D.Batta-surveyor & Loss assessor

                                         Admin: claim hub, Chandigarh

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