Khyati Dharamsi Prime Minister Narendra Modi on August 13 launched the ‘Transparent Taxation’ platform while announcing multiple reforms to improve tax compliance, faceless assessment and ease of filing returns. As part of the rehaul, the government has also proposed to reduce the threshold of various transactions for tax disclosure. This is aimed at widening the income tax base and checking tax evasion. The list will now include white good purchases, property tax payment, medical and life insurance premium and even hotel payments. So, the next time you pay a hotel bill or medical insurance p ..read more

Amazon’s India business said on Thursday it has begun offering auto insurance to cover two and four-wheeler in the country, marking American giant’s first foray into this financial services category globally. The e-commerce giant said it had inked a deal with Mumbai-headquartered Acko General Insurance to offer customers car and motor-bike insurance. Amazon is also an investor in Acko. Mahendra Nerurkar, chief executive and director of Amazon Pay in India, said on Wednesday evening at a fintech conference that the company was planning to expand its insurance service to offer coverage ..read more

WhatsApp plans to offer credit, insurance and pension products to lower income individuals and those in rural areas in India and help digitize local small and medium-sized businesses as the Facebook -service looks to make a digital payments push in its biggest market by users. The instant messaging app maker has been working with banks — including ICICI, Kotak Mahindra, and HDFC– in India for the past one year to explore ways to bring financial services to individuals who are yet to become part of the banking population, said Abhijit Bose, WhatsApp’s head in India at Global Fintech Fest co ..read more

Given the rate at which Covid-19 is permeating the country and considering the impact of lockdown on the economy, many people have been hit by the double whammy of disease and dearth of funds. Combine this with the low penetration of health insurance in India and it has created a gap that insurers are rushing to plug with niche health products. Spurred by the insurance regulator to come up with Covid-specific products, several such plans have flooded the market in the past month or so from players such as Star Health & Allied Insurance, Bharti AXA Health Insurance, ICICI Lombard, Reliance ..read more

Insurance firms have come up with a standard health insurance plan — Arogya Sanjeevani — that caters to all quality healthcare needs of an individual and family. For first-time buyers of health insurance, the plan is a boon since the product is the same, regardless of the insurance company offering it. The current health insurance products available in the market are different and quite complex, and it is difficult for the common man to understand various inclusions and exclusions of the plans. This is a major reason why many people face numerous difficulties while filing a claim and often, t ..read more

Neptune Flood, the first AI driven flood insurance company, has entered into strategic underwriting partnerships, doubling its capacity at Lloyd’s. Neptune, a Lloyd’s Coverholder since 2017, now works with three Lloyd’s syndicates to provide capacity to the US Private Flood Insurance marketplace.  The additional capacity will facilitate thousands of additional Neptune flood insurance policies. “Neptune makes it easy to buy flood insurance by using artificial intelligence technology to transform the normally complex flood insurance market into a two-minute exercise.  By doubling our c ..read more

The article was first published on Finovate. The prospects for insurtech this year were bright. In February, financial services-based VC firm Anthemis announced that it was launching a new, $90 million fund focused on “fast-growing insurance technology startups.” The fund, which Anthemis anticipated would be fully-funded later this year, will target later-stage insurtechs with a proven track record in helping insurance companies make successful digital transformations. Unfortunately, the coronavirus pandemic has had a significant impact on insurtech investment. Interviewed by Carrier Magazin ..read more

In a first, the Maharashtra government has capped the cost of medical treatment in private hospitals for people who are not covered under insurance. For those who have medical insurance, the capped prices will come into force after they have exhausted the cover. The decision comes after several patients suffering from COVID-19 and other ailments highlighted the exorbitant cost of treatment at private hospitals at the time of a pandemic. The notification issued by Principal Secretary Pradeep Vyas states that hospitals should charge the lowest rates for procedures as per their pacts with the in ..read more

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to collect health insurance premium in instalments. It can be a permanent or temporary feature, says regulator In view of prevailing conditions owing to the COVID-19 outbreak and considering the need to ease premium payments, all insurers are allowed to collect health insurance premiums in instalments, the regulator said. Insurers have the option of offering the facility either as a permanent feature or as a temporary relief for 12 months (one policy year) in respect of all health insurance pol ..read more

South Asia, one of the world’s most populous regions, is also affected by the COVID-19 pandemic. Both Karachi and Mumbai, among the world’s most densely populated cities, where we live and work, are being overwhelmed by cases. While the death rate in these places may not be as alarming as in Europe and the U.S., the collateral damage of the lockdown is taking its own toll. While there are many differences amongst the countries of the region, there are also common features which impact the health of its people, some of them a result of our shared cultural and geopolitical history. The collecti ..read more