Media Presence

EPOCH Insurance Brokers, one of India’s leading Insurance Brokers has won the "Promising Insurance Broking Company of the year 2020" award at India Insurance Summit and Awards organized by Synnex Group. The chief guest in the event was the Chairman of IRDAI - Mr. T S Vijayan, who also gave the inaugural address.

Term life insurance premiums are likely to increase again soon, taking the total hike in premiums this year to 20-40 per cent. According to insurance brokers, the expected rise in premiums will happen in the next three to six months.Last month, many life insurance companies increased the premium on their term life insurance plans by up to 20 per cent. HDFC Life Insurance, Tata AIA Life Insurance, Max Life Insurance and ICICI Prudential Life Insurance all hiked the premium (price) on term insurance policies from April 10, 2020.

Several life insurers have hiked their term insurance premium rates recently. More are likely to follow suit in the near future. Rates are expected to move up across companies over the next six months. The industry may even adopt tighter underwriting norms.Insurers set their term premium rates based on certain assumptions of what their mortality experience will be. Their actual experience has been worse than expected. Also, owing to competitive pressures, insurers have reduced their term policy premiums to unsustainably low levels.

Investments for some is just to put aside funds to save tax under Section 80C. But the younger tech-savvy generation has started to look at investing in life insurance plans or MFs which can help them to have financial freedom.Taken together, Gen Y and Gen Z include the people that fall between 27 and 37 years of age. Millennials represent nearly 34 per cent of the Indian population and 47 per cent of the workforce. India’s millennial population at 400 million is the highest in the world and its purchasing capacity is projected to cross 330 billion dollars by 2020.

Technology has transformed every facet of the world we live in and is arguably the single largest force, changing human needs and the nature of business. Needless to say, the Insurance industry is no exception here.Of late, technology is driving innovation in the insurance sector leading to several milestones. The giant insurance leaders have started shifting towards the latest innovative technologies that will help them to become more customer-centric and create operational excellence.

Technology has revolutionized every aspect of the world in which we live, and is likely the second greatest force, changing human needs and business nature. It goes without saying that the Insurance industry is no exception here.Lately, technology drives innovation in the insurance industry leading to several milestones. The giant insurance leaders have begun to shift towards the latest innovative technologies that will help them become more customer-centered and create operational excellence.

EPOCH Insurance Brokers has won the “Promising Insurance Broking Company of the year 2020” award at India Insurance Summit and Awards organised by Synnex Group. The chief guest in the event was the Chairman of IRDAI – Mr. T S Vijayan, who also gave the inaugural address.EPOCH Insurance broking has been recognized under the ‘most promising insurance broking category’ that reiterates the company’s goals and mission to provide best in class, risk management, insurance broking and loss assessing services. EPOCH also has a dedicated team that caters to large corporates, SMEs and Retail channel.

The global pandemic has definitely helped people realize the importance of having adequate health insurance. India is among the least insured countries and as of 2019, the density of non-life (which includes health) insurance in the country was a mere 19%, according to data from the Insurance Regulatory and Development Authority of India (IRDA), and the biggest reason for this is the lack of trust. Density is measured as the ratio of premium (in US dollars) to total population. To deal with this, the regulator last year brought about a host of changes to health insurance products which could result in hike in premiums.

The death claim settlement ratio of insurance companies ranges between 85.3-99.07 per cent for the year 2018-19, according to IRDA’s annual report 2019. The report exhibits that TATA AIA has the best death claim settlement ratio at 99.07 per cent. Tata AIA, followed by HDFC, Max Life and ICICI Prudential Life with claim settlement ratio of 99.07 per cent, 99.04 per cent, 98.74 per cent and 98.58 per cent stand ahead of LIC (97.79 per cent) in settling individual death claims.Digging deep into the report, the average claim settlement amount paid by LIC is just around Rs 1.75 lakh whereas it is over Rs 15 lakh by Aegon. New-age life insurance companies like Aegon aggressively sell high sum assured term plans, unlike LIC which has been giving prime importance to the endowment and money-back policies.