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доля реакций к просмотрам- 18 сент. 2024 г.Insurance : IRDAI *The recent Master Circular on Protection of Policyholders' Interests 2024 has brought in some few changes in Life, Health & General segments. Below are the key highlights that the industry & customers must know:* ⏩ *#Lifeinsurance* ▶ #Premiums are required to be paid only after the insurer communicates the decision to accept the proposal. ▶ Rejction of a policy must be communicated within 7 days from decision. ▶ For Free look cases of #ULIP policies, the Insurer shall refund the proceeds by repurchasing the units at the Net Asset Value (NAV) of the units on the date of cancellation (many insurers provide the exact premium (-) deductions/stamp duty etc). ▶ Insurers must facilitate the upload the policy contract in digi-locker for policyholders to access policy w/o the need for hard copies. ▶ New #Claim TATs #Deathclaims settlement (w/o investigation) - 15 days from intimation Death claims settlement (w investigation) - 45 days from intimation Surrender & withdrawal payments - 7 days from request Maturity payments - on due date ▶ Policies can be surrendered with only 1st year's premium payment but only after the 1st year completion. ▶ Policyholders can approach the Ombudsman for claim (life or health or general) amount of up to Rs. 50 lacs.0,06%
- 18 сент. 2024 г.*10 MAJOR CHANGES INSURERS NEED TO DEPLOY POST-PPHI 2024* The recent changes in PPHI 2024 regulations mandate insurers to accept #premiums only after acceptance of the proposal. #Insurers will need to implement several changes to comply with the new directive regarding premium payment and commencement of risk cover. ⏩ *Proposal Acceptance Workflow Update*: Insurers must modify their proposal acceptance workflows to ensure premium collection occurs only after acceptance of the proposal. ⏩ *Premium Payment System Adjustments*: Insurers will need to adjust their systems to allow premium payments after proposal acceptance, rather than at the time of application submission. ⏩ *Multiple Payment Channels* Ensure that payment gateways are robust and available across various channels for ease of premium payment once the proposal is accepted. ⏩ *Policy Issuance Process Changes*: The issuance of the policy document must now be tightly linked to the confirmation of premium payment. Ensure that policies are issued only after the premium is received, and the risk cover should clearly state the commencement date post-payment. ⏩ *Risk Management Protocols*: Insurers must revise their risk management and actuarial processes to ensure no risk cover is assumed before premium is paid. Clearly state the Risk Start Dates. ⏩ *Customer Communication and Education*: Updated Communication: Insurers will need to update all customer-facing communications (both digital and offline) to clearly explain that risk cover begins only after premium payment. ⏩ *Proposal Rejection Process*: Insurers need to ensure a clear & timely rejection communication process if a proposal is declined, preventing unnecessary delays in notifying customers about their application status. ⏩ *System Integration & Policy Administration*: Integration of the underwriting system with premium collection and policy issuance to ensure seamless automation and adherence to the new directive. ⏩ *Digital Infrastructure for Customer Experience*: Enhanced Customer Portals: Insurers will need to enhance their digital customer portals, ensuring users can track the status of their proposals and be notified when the premium is due. ⏩ *Change in Marketing Update Policy Brochures & Sales Collaterals* Any mention of when premium payments are required or when coverage starts must be updated to reflect the new rules0,03%
- 18 сент. 2024 г.*10 MAJOR CHANGES INSURERS NEED TO DEPLOY POST-PPHI 2024* The recent changes in PPHI 2024 regulations mandate insurers to accept #premiums only after acceptance of the proposal. #Insurers will need to implement several changes to comply with the new directive regarding premium payment and commencement of risk cover. ⏩ *Proposal Acceptance Workflow Update*: Insurers must modify their proposal acceptance workflows to ensure premium collection occurs only after acceptance of the proposal. ⏩ *Premium Payment System Adjustments*: Insurers will need to adjust their systems to allow premium payments after proposal acceptance, rather than at the time of application submission. ⏩ *Multiple Payment Channels* Ensure that payment gateways are robust and available across various channels for ease of premium payment once the proposal is accepted. ⏩ *Policy Issuance Process Changes*: The issuance of the policy document must now be tightly linked to the confirmation of premium payment. Ensure that policies are issued only after the premium is received, and the risk cover should clearly state the commencement date post-payment. ⏩ *Risk Management Protocols*: Insurers must revise their risk management and actuarial processes to ensure no risk cover is assumed before premium is paid. Clearly state the Risk Start Dates. ⏩ *Customer Communication and Education*: Updated Communication: Insurers will need to update all customer-facing communications (both digital and offline) to clearly explain that risk cover begins only after premium payment. ⏩ *Proposal Rejection Process*: Insurers need to ensure a clear & timely rejection communication process if a proposal is declined, preventing unnecessary delays in notifying customers about their application status. ⏩ *System Integration & Policy Administration*: Integration of the underwriting system with premium collection and policy issuance to ensure seamless automation and adherence to the new directive. ⏩ *Digital Infrastructure for Customer Experience*: Enhanced Customer Portals: Insurers will need to enhance their digital customer portals, ensuring users can track the status of their proposals and be notified when the premium is due. ⏩ *Change in Marketing Update Policy Brochures & Sales Collaterals* Any mention of when premium payments are required or when coverage starts must be updated to reflect the new rules0,03%
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