Bajaj Allianz drone insurance to cover drone and payload damage, with BVLOS and night flight cover

Key Signals in Insurance

Merger and Acquisition
Highstreet Insurance Partners in Traverse City acquires Pennsylvania and Maine agencies
HighStreet Insurance Partners acquired insurance agencies in Pennsylvania and Maine, further expanding its reach. This strategic move strengthens HighStreet’s presence in the insurance market and allows them to provide enhanced services to clients in these regions. Read More>>
Executive Movements
Chubb names Adam Mason, Executive Vice President, of Casualty, for its international general insurance operations
He will report to Mark Homan, named Division President, International Property and Casualty for Overseas General Insurance. Adam Mason previously served as Deputy Head of Casualty for Overseas General Insurance and Chief Underwriting Officer, Casualty. Read More>>
Chubb appoints Homan to lead international P/C division
Chubb appointed Mark Homan as the division president of international property and casualty for overseas general insurance. Homan, currently serving as the chief operating officer for the division, brings three decades of insurance industry experience. Read More>>
Centre Setup and Expansion
LIC India opened its new Lakhna Satellite Office under the Bharthana branch
Life Insurance Corporation opened a satellite office in Lakhna under the Bharthana branch. This office aims to provide convenient access to LIC’s services to the residents of Lakhna and the surrounding areas. Read More>>
On the heels of its 2022 loss, USAA lays off another 300 employees
The decision comes after USAA reported a net loss of US$ 1.3 Bn for 2022, citing economic challenges such as inflation, higher interest rates, and significant insurance payouts. Read More>>
Financial and Market Activity
Religare Enterprises reports a net profit of INR 20 Cr (US$ 2.4 Mn) in the March quarter
Religare Enterprises reported a standalone profit in Q4 2023, compared to a net loss of INR 7 Cr (US$ 845K) in the same period last year. Total income rose to INR 41 Cr (US$ 4.9 Mn), while total expenses increased to INR 21 Cr (US$ 2.5 Mn). Read More>>

Latest Industry Insights from Draup Braindesk

Advancement of Insurance Products
  • Bajaj Allianz enhances health insurance products with cashless facilities in teleconsulting, doctor consultation, investigations, and annual preventive health checkups, focusing on preventive care for insurers. 
  • The company offers a bouquet of personal lines of products such as motor, health, home, and travel insurance and provides comprehensive insurance solutions to bank customers.  
  • Bajaj Allianz launches a drone insurance product that provides drone insurance coverage to an extensive network of customers and ensures a worry-free flying experience for drone owners. 
  • Bajaj Allianz General Insurance leverages mobile applications to offer digital insurance products that provide customers with easy access to payment, renewal, buying of new insurance products, and access to all insurance products at their doorsteps.
Customer Focused Insurance Services
  • Bajaj Allianz healthcare insurance provides holistic healthcare solutions to minimize the risk factor and payment risk at the time of emergency 
  • The company is keen on improving customer service on insurance by providing enhanced verification facilities, customer interaction, and customer service that help reduce time and documentation. 
  • Bajaj Allianz launches a usage-based insurance policy with a telematics device that helps to monitor the vehicle’s speed, time, and distance to charge insurance premiums accordingly. 
  • The company launches customizable health policies in mobile applications. It offers customizable packages, the flexibility to choose the covers according to one’s needs, and the freedom to design own health care plan based on that the premium will be determined for customers.
AI-Based Claim Approval and Settlement System
  • Bajaj Allianz General Insurance implements an AI-based claim approval system that uses machine learning algorithms to analyze claim documents and provide real-time approval or rejection of claims. This significantly improves the speed and efficiency of claim processing for a better customer experience. 
  • The company launched an automated claim settlement system designed to settle claims quickly and accurately with just a few clicks to ensure customer satisfaction and provide a new assurance standard in claim settlement. Service providers with rich expertise in these segments would find a better opportunity to serve Bajaj Allianz General Insurance

Startup Spotlight

Company – INSHUR
Total Funding – USD 62.55 Mn
About: INSHUR is a digital insurance platform that provides auto insurance to drivers and fleet owners. It utilizes proprietary data and analytics to offer quotations, purchase, and service insurance policies. Read More>>

Latest Reports Published in Draup

Bupa Account Intelligence Report
Bupa focuses on helping health insurers communicate numbers and data more clearly to their customers to improve understanding through staff training, document certification, and ongoing support. Read More>>
Aon Account Intelligence Report
Aon encourages innovation in insurance for nature-based solutions, helps deliver climate mitigation benefits, and improves biodiversity. Technologies like AI and ML enable to digitization of insurance operations. Read More>>
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