Thursday, March 19, 2015

Insurance Law: Reinsurance companies can now open branches in India

Reinsurance companies such as Munich Re and Swiss Re can open branches in India after the Rajya Sabha on Thursday passed the Insurance Laws (Amendment) Bill, 2015.

Entry of reinsurance companies into the Indian market will bring in knowledge and expertise together with underwriting capacities. Large reinsurance companies are present in India, but most of them, including Munich Re, Swiss Re and Hannover Re, operate as service companies in India. Some like Scor Re operate through representative offices.

The Insurance Regulatory and Development Authority currently does not regulate these reinsurers. The new policy does not specify capital requirement for these companies to open branches in the country; the only prescription is that parent reinsurance companies should have net worth of Rs 5,000 crore.

After the amendment, the Irda will formulate norms to regulate companies that open branches in the country. India already allows up to 26% foreign investment in reinsurance companies, but none of the global majors set up a joint venture in the country. 

Read on: Insurance Law: Reinsurance companies can now open branches in India

CEB TowerGroup Analyst recognizes Accenture's Life Insurance Platform

CEB TowerGroup has named ALIP (Accenture Life Insurance Product) as leader based on 22 attributes that defines best in class system. ALIP was named as leader in CEB TowerGroup's Analyst report titled - "Life and Annuity Policy Administration System: Technology Analysis1" in three out of four categories - Policy Lifecycle, Operational Support and User Experience.

Read on: Accenture Recognized by Independent Research Group for its Leading Life Insurance Software Solution 

Citizens Property Insurance chooses Guidewire Products

With Citizen Property Insurance opts for Guidewire Products, Guidewire continues to expand its footprints in Insurance market. Citizen has deployed Guidewire InsuranceSuite™ as its underwriting, policy administration, billing, and claims management platform. 

Read on: Citizens Property Insurance Deploys Guidewire Products to Help Transform its Business

Google entering(ed) Insurance market

Well this is approx 10 days old news, but I thought it is still worth sharing...
Google is fronting sales of Auto insurance policies in as many as 26 states in United States. As many as 14 insurance companies have collaborated with Google to boost their sales.

Read on: Google Enters the Insurance Market: Friend or Foe?