JD Batta-SLA

 Love Hurts Insurance Heals


In the year gone, there were several initiatives in the insurance segment which directly impacted policy holders, both present and future, in the most positive ways.

Product Innovation:

1.The ‘Sandbox’ initiative

Under this initiative, insurance companies can launch pilot products with innovative coverage benefits. If the idea floated finds customers and becomes popular, insurers can then launch full-fledged products. Some of the product launched under the scheme:

a. Motor floater: The policy would cover multiple vehicles in one, which saves time and any hassle involved in buying multiple policies for multiple vehicles. This simply means that the customer has the flexibility of adding and deleting vehicles as required on the app.

b. Pay as you use: The premium for the Own Damage component was currently based on the age, make and the vehicle model. Pay as you consume’ will charge premium based on the kilo meters covered by the insured or the period of time they intend to drive the car.

c. On-line claim settlement:An intermediary “ audatex has been granted to approval to test launch the online motor claim estimation & AI based claim settlement products which may revolutionise the claim settlement process of the insurers with immense benefits to the policy holders.


2. COVID specific health plans:

a). Corona kavach: An indemnity based simplified cover

b). Corona rakshak: A one time benefit based realy useful cover

Easing of the claim settlement process

In order to make health insurance claims easier during the pandemic, the Regulator guided insurance companies to expedite their claim settlement process & refrain from rejecting any claim without considerable cause and without serious reasons.


3). Health insurance cover:

a.) Aroyga sanjeevni policy: A simplified standardized across all insurers health cover without any fine prints. Very useful for first time buyers.


 4). Life Insurance Initiatives

 a). Standardized term insurance plan: Launch of a standardized term plan called the Saral Jeevan Bima. Previous plans  offer a multitude of coverage options and benefits thereby confusing a layman. With standardized coverage, individuals can opt for a simple cover at affordable rates.



a). Online KYC: The Regulator has asked insurers to offer online KYC facilities to their customers. Now, customers can verify their details online through OTPs, digital signatures or personalized verification links sent to their email IDs. Online KYC is convenient and eliminates the need for physical signatures.

b). Online claim settlement: Most of the private insurers have implemented digital claim survey & settlement through apps or video streaming to maintain better TAT & ICR. Public sector has also taken some initiative on the same lines & trying to move towards paper less claim settlements.

c). AI-one step ahead: Some insurers are moving towards implementation of artificial intelligence platform for on the spot claim settlements.

PSU merger:

Merger of the PSU insurers has been deferred for the time being & a handsome amount. has been infused for capitalization. They have been asked to shed their reluctance to use technology & improve efficiency.


Covid effect:

Most of the Pvt. sector insurers have recovered from the Covid-19 effect but the public sector insurers are still declining in premium income. ICICI Lombard has even crossed the public sector giant New India assurance in motor OD segment.


Surveyor regulations 2020:

IRDA has published New surveyor regulations 2020 as per which training period for new surveyors have been reduced & qualification criteria for various department has also been relaxed. In addition, departmental restrictions have also been removed.


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LAA-MAX Com Chandigarh