The insurance companies too have now started to create products for a world where such virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis.

At a larger scale, the introduction of pay-as-you-use is probably a significant shift in the history of motor insurance in India as it seeks to become more responsive to the usage (and consequently) needs of the customers. (Image source: Getty) 

Recent outbreak of diseases like COVID-19 has led to more awareness among people

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Major benefits of Big Data Analytics include elimination of complexities and overcoming the issues of information overload. Due to the Covid-19 pandemic the need for timely reporting has become more critical than ever before for the Insurance and Pensions Industry. 

BY Joyce Benza 

In a number of cases systems are not fully integrated, thereby presenting dissimilar

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Road trips are all the rage. But is your auto insurance ready for a long drive?

Finding the best auto insurance for extended road trips is more important than ever. A majority of Americans planned to drive to their vacation destinations this summer. Among those traveling, 72% of respondents said they’d be driving their own car to a summer getaway, according to a recent Generali Global Assistance

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Insurance is a vital risk mitigation tool in construction projects. Whether insurance is taken out due to a statutory, regulatory or contractual requirement or as an additional measure of protection, parties cannot afford to go without it.

In this bulletin, we consider the role of insurance, important insurance considerations and common types of insurance cover in construction projects.

Risk

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No insurance scheme can remain sustainable by making some people subsidise the premiums payable by the people with some major ailments (or history of major ailments). That affects the health of the insurance companies severely. Incurred claims ratios of health insurance industry is as high as 89.34% (according to Irdai annual report), with all PSU insurers suffering underwriting losses.

By Nirjhar Majumdar

The government is all set to launch National Digital Health Mission (NDHM) which enables all citizens to possess digital health records. Unique Health ID will be allotted to each person and a Health Card will also be issued facilitating people to share the data with healthcare providers anywhere in the country and get the necessary medical attention. While this should usher in a new era in the healthcare

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A new report from The Jacobson Group and Aon has found that the insurance industry is set for slow, but steady employment growth over the next 12 months.

Jacobson and Aon’s semi-annual Insurance Labor Market study revealed that insurers plan to maintain or increase hiring as 2020 continues – 83% of companies surveyed said that they plan to maintain or increase staff during the next year.

However, that growth will not come easy, as insurers also indicated that they expect the difficulty in recruiting new employees to persist – despite industry unemployment being somewhere around 4.8%, the study noted.

Key

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The COVID-19 pandemic continues to spread, having far-reaching effects on lives, businesses, and economies worldwide. Local and national governments are escalating measures aimed at stemming the reach of the virus and mitigating its disruptive impacts. Similarly, many companies are looking to protect their people and enhance their resilience while seeking potential responses to ongoing financial

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The one silver lining from recent months might be that the diminished presence of drivers on the road has resulted in less auto accidents. In fact, due to the coronavirus pandemic, the number of motor accident injury claims fell dramatically between April and June, according to data released by the Compensation Recovery Unit (CRU) in response to a Freedom of Information (FOI) request from the

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