Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The <keyword id="22902068" type="General" weightage="100" keywordseo="health-insurance-sector" source="keywords">health insurance sector</keyword> may face challenges in the coming months, due to <keyword id="20617555" type="General" weightage="20" keywordseo="rising-claims" source="keywords">rising claims</keyword> and increased competition, particularly in the retail sector, highlighted a report by <keyword id="19905137" type="General" weightage="20" keywordseo="Jefferies" source="keywords" meta.keywordsubtype="org" meta.entityname="Jefferies" meta.hostid="153" meta.entityid="Jefferies">Jefferies</keyword>. "Health (approx. 35% of mix) can see pressure in its retail segment from rising claims frequency and elevated competition" the report stated. The report indicated that <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="22461357" type="General" weightage="20" keywordseo="non-life-insurance" source="keywords">non-life insurance</keyword> sector is experiencing significant shifts, the health insurance segment may face challenges as healthcare costs continue to rise and more consumers claim their insurance, and insurers are grappling with increased payouts. This trend could squeeze margins and put pressure on insurers to find ways to manage costs while remaining competitive in the market. However, for the <keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> segment, the report draws a promising picture and added that it is entering a promising multi-year upcycle. This positive momentum is expected to benefit large private insurers of the motor segment, who are well-positioned to capitalize on these trends. "Initiate on Non-Life Insurers Large private insurers are set to gain from multi-year upcycle in motor (approx. 35% of premium mix) led by <keyword id="21232881" type="General" weightage="20" keywordseo="premiumization" source="keywords">premiumization</keyword> of underlying auto mix and moderating competitive intensity" the report mentioned. The report also added that the motor insurance segment in India is estimated to grow at a compound annual growth rate (CAGR) of 14% over the financial years 2024 to 2027. The key driver behind this growth is the ongoing shift in the automobile market towards higher-value vehicles. Over the past three years, the average selling price (ASP) of passenger vehicles (PVs) has increased by 41%, reflecting a move towards premium segments. This trend is expected to continue, benefiting motor insurance renewals, which account for 60-70% of the motor insurance premium mix. "Motor segment amidst a multi-year upcycle (est. 14% CAGR over FY24-27E) as renewals (60-70% of premium mix) will continue to benefit from the underlying change in auto mix towards premium high-value segments" the report added. Despite these challenges, the report mentioned that the broader non-life insurance market in India remains significantly underpenetrated, with insurance premiums representing only about 1% of the country's <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword>. This is relatively low compared to global peers, where non-life insurance to GDP ratios range between 2% and 4%. However, the Indian non-life insurance market has shown steady growth, with gross premiums expanding at a CAGR of 12% over the past five years, reaching Rs 2.8 trillion (approximately $35 billion). Notably, the private sector has outpaced the overall market. "India remains an under-penetrated market with non-life insurance to GDP at approx. 1% (vs 2-4% for global peers). Gross premiums have expanded at 12% CAGR over the last 5 years to Rs 2.8tn (approx. $35bn) with the private sector growing faster at 15% CAGR and improving its market share to 68%(from 57%)" said Jefferies in the report. Despite these challenges, the overall insurance market in India remains underpenetrated, offering significant long-term growth potential for insurers who can navigate these dynamics effectively.

Rising claims pose challenge for health insurance sector in India, says Jefferies

The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has left the life insurance industry a worried lot with the new tax proposal on higher premium annuity products, a move which the industry fears will hit their top-lines by 10-12 per cent. Leading private life insurer <keyword id="472962" type="General" weightage="50" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>'s chief executive <keyword id="323997" type="General" weightage="50" keywordseo="vibha-padalkar" source="Orion">Vibha Padalkar</keyword> told PTI that she stares at 10-12 per cent hit on the company's top-line with the Budget proposal to tax life products having annual premium of over Rs 5 lakh. She also fears that the increased tax exemption bracket of Rs 7 lakh and the steep reduction in the maximum surcharge on the affluent to 39 per cent from 42.74 per cent earlier may nudge them to spend more and save less. This can have many cascading impacts on the macro sector by way of a spike in the already high inflation, apart from the life insurance sector which has been facing sales issues since the Covid pandemic as people were not investing in long-term savings. And since the opening up of economic activities, many are on a "revenge spending mode" and not investing in financial products even now. Given the overall increase in incomes, the government should have either ignored the new tax levy on insurance products or it should have imposed tax on products with premium of Rs 10 lakh or upwards. At this level, it will definitely hit the industry hard, she added. The industry was expecting a proposal to offer composite lincence for the insurance sector wherein life insurers would be allowed to renter the health business which they were doing till 2015. Besides, the insurance sector players were also expecting some positive moves on the annuity products front. <keyword id="699506" type="General" weightage="50" keywordseo="tarun-chugh" source="Orion">Tarun Chugh</keyword>, chief executive of <keyword id="138574" type="General" weightage="50" keywordseo="bajaj-allianz-life" source="Orion">Bajaj Allianz Life</keyword>, said the tax proposal on higher value non-Ulip or traditional life policies "is bit of a dampener for the insurance industry and for increasing penetration of insurance and household financial savings." "We as a market still have quite low insurance penetration and there is a need to provide measures and incentives to boost that in the coming years. Also, household financial savings have been falling and insurance is a critical component of that. Household financial savings as percentage of GDP has fallen from 8.1 per cent in FY20 to 6.5 per cent in FY23, he said and warned that discontinuing incentives on insurance plans should put further pressure on household financial savings to some extent. Vighnesh Shahane, chief executive of <keyword id="10687373" type="General" weightage="50" keywordseo="ageas-federal-life-insurance" source="Orion">Ageas Federal Life Insurance</keyword>, said the finance minister has announced that from April income from life insurance policies, other than Ulips, with an aggregate premium amount of Rs 5 lakh per annum or more, which was earlier tax-free, will now be taxable. But she said if the insured person dies in between, the death benefit will continue to remain tax-free. The move is similar to the proposal introduced a couple of years ago which imposed tax on the maturity amount of Ulips if the annual aggregate premium exceeded Rs 2.5 lakh, he said. The proposal is likely to dent the sales of non-par products which have been witnessing strong growth over the last few years, especially during the pandemic. As the cap of Rs 5 lakh is applicable for all life policies across insurers, it may deter individuals from purchasing additional policies if they have exhausted their limit with their primary insurer, he explained. <keyword id="14942220" type="General" weightage="50" keywordseo="supriya-rathi" source="Orion">Supriya Rathi</keyword>, a wholetime director at <keyword id="2647323" type="General" weightage="50" keywordseo="anand-rathi-insurance-brokers" source="Orion">Anand Rathi Insurance Brokers</keyword>, opined that the budget has "given bad news for life insurance companies" by limiting the income tax exemption on proceeds of insurance policies.

Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

The proposed amendment to the definition of health insurance business is not exhaustive and may lead to disputes at the time of claims, said four <keyword id="57570" type="General" weightage="20" keywordseo="Unions" source="Orion">unions</keyword> in the Life Insurance Corporation of India (<keyword id="6367143" type="General" weightage="20" keywordseo="LIC" source="Orion">LIC</keyword>). The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers. The four unions are: Federation of LIC of India Class I Officers' Association, National Federation of Insurance Field Workers of India, All India Insurance Employees Association and All India LIC Employees Federation. The Indian government has proposed drastic changes to the two insurance laws - Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999- and has called for stakeholders views the planned changes. Scrapping of the statutory Rs 100 crore startup capital for life and general insurance business and Rs 200 crore for reinsurance business, allowing different kinds of insurers including captives, changing the investment provisions are some of the major amendments proposed by the Indian government to the insurance laws. The government also proposes to allow an insurer to distribute other financial products as specified by and subject to regulations and to services related or incidental to insurance business. As per the proposed amendment to Section 2(6C) of the Insurance Act 1938 "health insurance business" means effecting contracts of insurance that provide sickness benefits or pay for medical and health expenses. Quoting the existing definition in the Act, the four unions said the existing definition of health insurance business is explicit to include sickness, medical, surgical or hospital expense benefits. However, the proposed amendment is not elaborative which may lead to dispute during a claim and the insurers may find scope to harass the customer. Therefore, the existing definition should not be replaced, the four unions said. The employee unions are also opposed to the idea of insurers distributing insurers to distribute other financial products as it may distract the companies from their insurance products, distribution and proper attention on serving the policyholders. Industry experts also told IANS that the policyholders funds should be ring fenced so that it is not touched by the players in the case of any liability that may arise due to selling other financial products. The amendments to the laws are proposed in order to increase the penetration of insurance in the country, which continues to be low even after over two decades after opening up the sector. The employee unions are also against the government's plan to bring down the net owned funds to Rs.500 crore from the existing Rs 5,000 crore for a reinsurer. Moreover, the minimum requirement of Rs 5,000 crore was enacted years back. Since then, huge inflation has taken place. "Reduction in requirement by one tenth may result in insolvency which will put the customers in great sufferings. Therefore, we are of the opinion not to reduce the amount of net owned funds for new registration," the unions said. Referring to the proposed amendments to Section 27 of the Insurance Act, the unions said the proposed change does not define the liability, which may lead to misappropriation by the insurers. Therefore, the liability must be defined in explicit terms. On the proposed deletion of Section 27A of the Insurance Act the unions said: "This section deals with the provision of investments with a conservative view to safeguard the interests of the policy holders. Omission of this section may allow for irresponsible investments by the insurers causing huge harm to the customers." The unions are also against allowing multilevel marketing in the insurance sector. Appointment of principal agent, chief agent and special agent to transact any insurance business will bring complexity in the system and will increase the probability of mis-selling as well as fraudulent acts, they said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-motors-subsidiary-to-operate-921-electric-buses-in-bluru/articleshow/96294242.cms">Tata Motors subsidiary to operate 921 electric buses in B'luru</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-electric-scooters-in-india-in-2023/articleshow/96278794.cms">From Suzuki and TVS to Hero Electric: Here are some of the top electric scooters expected to launch in 2023</a>

Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions

<ul><li><keyword id="477231" type="General" weightage="20" keywordseo="future-generali-india-insurance" source="Orion">Future Generali India Insurance</keyword> has been trying to differentiate itself in the insurance segment by using a right-brained communication strategy. It has been focussing more on building an emotional connect rather than talk more about the features of its offerings.</li><li>Recently, it did a takeover of cricketer <keyword id="13937" type="General" weightage="20" keywordseo="rohit-sharma" source="Orion">Rohit Sharma</keyword>'s Twitter account to talk about its <keyword id="12812671" type="General" weightage="20" keywordseo="pet-dog-health" source="Orion">Pet Dog Health</keyword> cover.</li><li>We caught up with Ruchika <keyword id="13293045" type="General" weightage="20" keywordseo="malhan-varma" source="Orion">Malhan Varma</keyword>, Chief Marketing Officer, Future Generali India Insurance to talk about its recent campaign along with their larger marketing strategies.</li></ul>Recently, Rohit Sharma’s Twitter account posted some strange tweets, making people think his account had been hacked into. <div type="twitter" handle="ImRo45" handlename="Rohit Sharma" image="http://pbs.twimg.com/profile_images/767862037921738752/79mqV-6l_normal.jpg" favoritecount="65899" retweetcount="4076" status="I love coin tosses…especially when they end up in my belly!" createdat="1646112720000" id="1498531477381791747"></div> <div type="twitter" handle="ImRo45" handlename="Rohit Sharma" image="http://pbs.twimg.com/profile_images/767862037921738752/79mqV-6l_normal.jpg" favoritecount="34259" retweetcount="2098" status="Bzz….! Did you know? Buzzing beehives make for great boxing bags!" createdat="1646123280000" id="1498575769160720384"></div> <div type="twitter" handle="ImRo45" handlename="Rohit Sharma" image="http://pbs.twimg.com/profile_images/767862037921738752/79mqV-6l_normal.jpg" favoritecount="58181" retweetcount="3228" status="Cricket balls are edible…right?" createdat="1646130660000" id="1498606723241701377"></div> Turns out, insurance brand Future Generali India Insurance had taken over his account to promote their Pet Dog Health cover campaign, #OhMyDog. <div type="twitter" handle="ImRo45" handlename="Rohit Sharma" image="http://pbs.twimg.com/profile_images/767862037921738752/79mqV-6l_normal.jpg" favoritecount="18237" retweetcount="1462" status="Sorry guys! My dog, Magic, took over my handle. Lil' troublemaker! Sometimes good dogs can make bad decisions. But… https://t.co/Jv3FyFOeWy" createdat="1646199060000" id="1498893613576556547"></div> The campaign caught our attention. It was an innovative strategy to get an offering, which not too many people know about or even feel the need for, get noticed. In the past few years and especially after the pandemic, there has been an increase in people understanding the importance of buying insurance. However, pet insurance is still a very new category, one that people might not even think they need yet. In the past too, the brand has launched offerings around mental health. In fact, its campaign from last year was much talked about. The brand believes in taking a right-brained marketing approach, focusing more on building an emotional connect with its consumers rather than talking about its features and functions. We recently caught up with Ruchika Malhan Varma, Chief Marketing Officer, Future Generali India Insurance to talk about its recent campaign along with their larger marketing strategies. Excerpts: Q) Your recent campaign for your dog insurance offering with a takeover of Rohit Sharma's profile was interesting. Was it able to have the desired effect of capturing the audience's attention? Our Pet Dog Health cover campaign, #OhMyDog launched through a takeover of Rohit Sharma’s handle with a series of mischievous tweets that created intrigue. Day 1 was witness to a series of tweets that read: ‘Cricket balls are edible – right?’ And ‘I love coin tosses…especially when they end up in my belly!’ etc. leaving cricket fans wondering what was going on with the captain! Many, in fact went on to speculate if his account was hacked garnering over 60k responses to the tweets and various memes being created. In fact, the word ‘hacked’ was trending on Twitter, and the unusual nature of Tweets captured the attention of various media houses. In short, the campaign broke the internet. The subsequent day we unveiled the campaign with the captain admitting that his account was taken over by his dog, Magic. As a dog parent, he further re-iterated that you can rest easy even if your dogs end up getting into situations which may potentially be dangerous, as long as they are secured with the right health insurance cover. This campaign helped us break the clutter and grab the attention of pet parents for a category as niche as this. For many, it was a new awakening to sit up, take notice and realize that if one can insure the health of their dear ones’ then why not of their pet dogs who are also an integral part of one’s family. Q)Not too many brands offer pet insurance in India. What is the market for the segment? How has the reception to the offering been so far? India is the largest growing pet market in the world. 85% of the total pet market in India is dominated by dogs alone, with 3 crore pet dogs in the <a href="https://www.televisory.com/blogs/-/blogs/indian-pet-care-industry-analysis" data-type="tilCustomLink">country</a>. The pet care market is approximately Rs 400 crore in size and is expected to grow at <a href="https://business.mapsofindia.com/insurance/pet-insurance.html" data-type="tilCustomLink">~14% a year</a>. This spells the potential for dog health insurance in India. There is a huge need to fulfil the gap as far as Dog health insurance is concerned. It therefore presents to us a unique opportunity to reach out to a growing number of pet parents in the country, with a comprehensive health cover for their pets who are an integral part of their families. The initial reaction to the product and the campaign has been overwhelming. We will continue to focus on creating awareness of this new category amongst pet parents through a sharply targeted multi-channel digital media strategy on social media, online pet supply stores, geo fenced mobile plans and amplification through pet trainers and canine influencers. This coupled with innovative and relevant distribution infrastructure, seamless on-boarding and hassle-free claims experience will help build the category, which is currently in a very nascent stage. With increasing awareness amongst pet parents, and a proposition that helps them with a comprehensive Dog Health cover, we do expect this category to grow substantially over the next few years. Q) Are you also looking at expanding your dog insurance to other pets too? As a brand, we believe in being a lifetime partner to our customers and ensuring that their needs are fulfilled at every stage of their lifecycle with us. We are constantly on the lookout for innovative product propositions to cater to newer and emerging micro segments. Given the current size and growth potential of the dog insurance segment we were keen to present a comprehensive health protection solution for pet dogs. We will continue to explore the pet segment further and introduce offerings that are in line with our customers evolving lifestyle needs. Q) In the last few years, Future Generali has revamped its marketing approach and it seems to be much quirkier and younger. Can you walk me through the evolution of your marketing strategies? Traditionally, insurance as a category has appealed to those in the 35+ age bracket in keeping with their evolving responsibilities and health challenges. However, 65% of India is below 35 years of age. Bringing these younger customers into the fold of insurance has been challenging, as consumer behavior shows that they don’t find the category relevant to their needs. At FGII, we warmed up to this opportunity early on - right from understanding our millennial customer better, designing relevant propositions that speak to the lifestyle needs of this segment, re-orienting our brand messages and tonality to resonate with this audience and being seen in media such as social media, OTT platforms, digital news, and search, where this audience is present. This meant a 360-degree re-orientation to our marketing approach. Our brand was consciously orchestrated towards aligning with the younger audience – we were at the forefront of bringing alive conversations around mental health which is affecting people across all age groups including the young, or <keyword id="6354700" type="General" weightage="20" keywordseo="anil-kapoor" source="Orion">Anil Kapoor</keyword> and Slow Cheetah rapping the benefits of our unique Health Super Saver policy. Our endeavor was to ensure that the messaging resonates with this audience and promotes brand cut through and stickiness. Besides motor and health, we are consciously looking at covering the lifestyle of the audience. FG Dog Health Cover, our latest offering is a case in point - a unique proposition that has been designed keeping in mind the increase in pet parents over the last 2 years. We believe this opens up a new segment for insurance in India and will bring customers into the fold who may have never interacted with insurance category, and thereby increase the penetration of insurance in the country. While onboarding a young customer was important, being able to service them to their comfort also meant putting in place the required infrastructure towards making ourselves available digitally and providing digital self-servicing platforms which have a higher adoption from this audience. Over the years we have seen success in attracting the younger demographic to the brand, in fact we are an industry outlier in this regard. Q) What do you think you have got right in the insurance industry when it comes to your marketing approach? Our brand promise is to be a lifetime partner for our customers, leading with innovation, simplicity, and human touch. These values come to play across all our strategic decision making that concerns our customers. In keeping with this objective, our product journey is stimulated by a deep understanding of customer insights. We invest in carefully listening to our customer and fulfilling said and sometimes unsaid but deeply felt need gaps. The disruptive and relatable product propositions that have our customers buy-in, is a result of knowing our customers well. We focus on the right brained marketing approach vs left brained, which is feature-focused and functional. A right brain marketing approach has helped us create communication that is thought provoking, insightful and has helped us build an emotional connect with our audience. We have disrupted category codes of selling fear and using tear jerkers to promote the category. In contrast, our messaging and tonality has always been positive and insightful. We remained focused on leveraging cultural codes and insights, which has helped us build a strong brand affinity with our customers. While doing so, we kept ourselves focused on providing a seamless customer experience across their entire life cycle with us. Resultantly, our customer satisfaction scores measured via The Net Promoter Score (NPS) continue to be gold standard across the industry. Q) Your campaign on mental health last year was well-received. What kind of consumer response have you seen to it? India has a large unaddressed mental health problem. WHO estimates that one in every five Indians is suffering from some kind of mental health issue, made only worse by the pandemic situation. Unfortunately, discussing mental illness has traditionally been considered a taboo in India. As a brand whose purpose is to be a lifetime partner for the customer and lead with empathy, innovation, and human touch we realized the importance of bringing conversations around mental health to our living rooms. In keeping with this objective, FGII has been at the helm of driving and normalizing conversations around mental health in India through its various marketing campaigns. From roping in fitness influencers and celebrities to rolling out impactful multi-video campaigns like #HealthInsideOut, ‘Mind Matters’ and #UnmaskYourFeelings we have propelled a movement urging all Indians to take their mental health seriously. Given the propensity of this issue, we have seen tremendous response to these campaigns, with high engagement around the campaign and increased enquiries for our policy with a mental health cover. It is a delight to see conversations around mental health become more mainstream as people open up to share their experiences and inspire others. There is definitely increased awareness and empathy towards this issue, and the taboos are now starting to soften. However, we have miles to go to create widespread acceptance around mental health issues and to educate people that there is help available, both medical and financial. Q) Going ahead, what will your broad marketing strategy be, to capture a bigger market share? At FGII, our vision is to be a preferred General Insurer in the eyes of our customer. This, we believe, can be achieved by continuing to do what FGII does best: being a lifetime partner for customers, identifying gaps and filling them with new innovative products and propositions; being available to customers across all channels, enabling them to buy, renew and service digitally; and ensuring an unparalleled, superior customer experience.

Here’s why Future Generali India Insurance focuses more on a right-brained marketing approach to engage with its consumers

<ul class="summary-list"><li>The $300 boost to <keyword id="414451" type="PERSON" weightage="60" keywordseo="unemployment-benefits">unemployment benefits</keyword> makes the payment competitive with the average wage in 47 states.</li><li>In three states, <keyword id="156351" type="PERSON" weightage="60" keywordseo="unemployment-insurance">unemployment insurance</keyword> even surpasses the typical wage.</li><li>This suggests the federal boost to UI could be acting as a shadow minimum wage, driving up the cost of hiring.</li></ul>The federal government significantly expanded <keyword id="6358907" type="UNKNOWN" weightage="60" keywordseo="unemployment">unemployment</keyword> benefits for much of the pandemic as millions of Americans lost their jobs amid lockdowns. Mass vaccinations and a reopening <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> are now throwing the benefits into a new light - as a shadow minimum wage.American consumer spending has far outpaced job growth amid reopening, and Friday's <a href="https://www.businessinsider.com/april-jobs-report-266000-payrolls-unemployment-rate-labor-market-recovery-2021-5">disappointing April jobs report</a> ignited a furious debate over whether expanded unemployment is helping or hurting.Democrats maintained their support for the $300 federal boost to unemployment insurance, arguing the benefit serves as a critical lifeline for millions of jobless Americans. Republicans came out in force against them, slamming the program as a disincentivize against work and paying Americans to stay unemployed.Insider's calculations show something in between: that the federal $300-per-week boost to state unemployment is only higher than the average wage in three states, but it's competitive in the other 47. Additionally, the benefits help Americans save on the costs of childcare and transportation that typically come with employment.The three states where UI exceeds the average wage - North Dakota, Montana, and Wyoming - are also some of America's most sparsely populated.UI might not dissuade Americans from work, but it could encourage the unemployed to hold out for higher-paying jobs. And while its immediate future is endangered, this period of enhanced benefits could shift how people think of work and compensation for years to come.<h2>The future of the shadow minimum wage</h2>The enhanced unemployment benefits may not stick around for long in Republican-governed states. Sixten states with GOP governors are moving to <a href="https://www.businessinsider.com/republican-states-cutting-unemployment-benefits-expanded-300-weekly-biden-stimulus-2021-5">end the federal benefit early</a> in a bid to accelerate hiring, and more may follow. Senate Minority Leader Mitch McConnell <a href="https://www.businessinsider.com/mitch-mcconnell-biden-stimulus-setting-back-economy-inflation-labor-shortage-2021-5">blamed the supplement</a> for last month's slow job growth in Thursday remarks."What I hear from businesspeople, hospitals, educators, everybody across the state all week is, regretfully, it's actually more lucrative for many Kentuckians and Americans to not work than work," he said.Many companies are <a href="https://www.businessinsider.com/companies-raising-wages-workers-pandemic-hiring-chipotle-costco-target-walmart-2021-5">already lifting wages</a> to pull in more workers as reopening fuels stronger demand. <a href="https://www.businessinsider.com/chipotle-mexican-grill-to-raise-wages-to-an-average-of-15-an-hour-2021-5#:~:text=Chipotle%20Mexican%20Grill%20to%20Raise,The%20word%20%22Insider%22.&amp;text=The%20word%20%22Insider%22.,-The%20word%20Business&amp;text=A%20leading%2Dedge%20research%20firm%20focused%20on%20digital%20transformation.rmation.">Chipotle</a> and <a href="https://www.businessinsider.com/mcdonalds-raises-minimum-wage-aims-average-15-per-hour-2021-5#:~:text=McDonald's%20Raises%20Minimum%20Wage%2C%20Aims,The%20word%20%22Insider%22.&amp;text=The%20word%20%22Insider%22.,-The%20word%20Business&amp;text=A%20leading%2Dedge%20research%20firm%20focused%20on%20digital%20transformation.nsformation.">McDonald's</a> raised pay in the past week - and both plan to hire tens of thousands of workers in the coming months.To be sure, competition from federal UI is temporary and doesn't provide the benefits that can come with employment. Health insurance, 401(k) matching, and education assistance can add to the appeal of a job's steady income.In red states where officials are retracting the benefit, businesses will have less incentive to lift their wages and compete with the aid program. Conversely, firms in blue states - where the supplement will likely last into the fall - could face pressure to improve pay as competition for new workers heats up. As governments relax economic restrictions, businesses will have to choose between raising wages and missing out on a spending boom."Are you going to just open half of your restaurant because you can't hire people, or are you just going to pay a little bit more to make sure that you attract workers?" Aneta Markowska, chief economist at Jefferies, <a href="https://www.businessinsider.com/april-jobs-report-jefferies-economist-optimistic-payroll-growth-aneta-markowska-2021-5">told Insider on Friday</a>. "The alternative is losing market share, and that's a lot worse [than lifting wages]."Other experts see the September expiration of the UI boost driving most of the hiring rebound. Americans who earned less than $32,000 before losing their jobs "<a href="https://www.businessinsider.com/employment-outlook-stimulus-virus-fears-labor-market-recovery-participation-bofa-2021-5">would be better off in the near term</a>" to collect UI payments until they lapse, Bank of America economists said earlier this month. Some 2.5 million Americans will rejoin the workforce as COVID-19 fears fade and the UI boost expires, they added.There's "<a href="https://www.businessinsider.com/economic-outlook-labor-market-deep-hole-policy-support-fed-kashkari-2021-5">some truth</a>" to the argument that UI disincentivizes work, but other factors play a role, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Sunday on CBS' "Face The Nation." Childcare shortages are keeping many jobless parents at home, and unvaccinated Americans still face considerable health risks from working in-person."As the vaccine continues to penetrate, as the virus continues to slow down, schools reopen and people regain their confidence," Kashkari said. "Those things should get better, which should lead to strong growth in the second half of the year and strong <keyword id="409455" type="PERSON" weightage="60" keywordseo="labor-market">labor market</keyword> recovery, I hope."

Unemployment benefits are competitive with most states' average wages - and it could explain why Americans aren't rushing back to work

<ul><li>Brands are flocking up to partner with Gold Medalist <keyword id="1115774" type="General" weightage="20" keywordseo="Neeraj-chopra" source="Orion">Neeraj Chopra</keyword>. </li><li>Javelin thrower has signed his first long-term brand association with Tata AIA.</li></ul><keyword id="6699802" type="General" weightage="20" keywordseo="tata-aia-life-insurance" source="Orion">Tata AIA Life Insurance</keyword> today announced the signing of a multi-year brand partnership with Indian athlete and Olympic gold medallist Neeraj Chopra, as its brand ambassador. This association also marks the very first brand partnership to be signed with the champion javelin thrower, post his historic Olympic win. Neeraj Chopra closely embodies Tata AIA’s vision of enabling dreams and inspiring healthier and happier lives and its core value of passion for excellence. He has consistently set high benchmarks and pioneered change through his dedication to his sport. Over the next few years, Neeraj will support Tata AIA’s efforts in offering best in class life protection and health &amp; wellness solutions to its consumers across the country. The ongoing Covid-19 pandemic has also underlined the need for life and health insurance, more emphatically than ever. With a premium-to-GDP penetration of less than 3.5 per cent in India, there is a clear and urgent need to fast-track the insurance journey in the country. Neeraj’s association with Tata AIA stems from his own experience and understanding of the need for adequate life and health cover and timely planning for one’s key life milestones. It is his firm belief that life insurance helps individuals plan for their protection related needs as well as cater to their health, wellness and wealth creation needs. This forms the basis of his choosing to partner with Tata AIA. Venky Iyer, Executive Vice President and Chief Distribution Officer, Tata AIA Life Insurance, said, “As a VSM awardee in the Army and a National Icon today, Neeraj symbolises incredible passion for excellence and a great commitment to serving the nation. For us at Tata AIA, his sports journey echoes greatly with our vision of enabling dreams and inspiring healthier and happier lives. And quite like we observe in Neeraj’s journey, Passion for Excellence, and an Obsession to do the best for our consumers, the people of India, are among the core values at Tata AIA. We are delighted to partner with Neeraj and welcome him warmly into the Tata AIA family.” Neeraj Chopra, said, “Joining the Tata AIA family was a logical step for me. I firmly believe that there is a need to educate Indians, especially the youth, about the need for life insurance and to help them plan for their financial goals, at the right time. Further, the pandemic has made us realize the key need to pursue physical and emotional wellbeing in our day to day life. Tata AIA’s protection and health &amp; wellness solutions offer distinct and significant benefits to consumers. I am happy be a part of the brand’s vision and look forward exciting times ahead.”

Neeraj Chopra, Olympic Gold Medalist signs first brand endorsement with Tata AIA post Tokyo Win

<a href="https://www.businessinsider.com/category/future-of-healthcare"></a><div type="image" title="Pear Therapeutics reSET-O digital therapeutics app" height="2160" width="3840" msid="84617555" hostid="261"></div><ul class="summary-list"><li>Apps and video games that can treat health conditions nabbed $1.2 billion in VC dollars in 2019. </li><li>Only a few commercial products have been launched so far, and they're struggling to penetrate the <keyword id="6354525" type="UNKNOWN" weightage="100" keywordseo="healthcare">healthcare</keyword> system. </li><li>Experts say this field is primed for consolidation and could be a great target for <keyword id="1477984" type="PERSON" weightage="60" keywordseo="telehealth">telehealth</keyword> firms.</li></ul>Pear Therapeutics is a leader in its field. But the announcement last month that it would <a href="https://www.businessinsider.com/digital-therapeutics-company-pear-to-go-public-in-16-billion-spac-ipo-2021-6">go public in a $1.6 billion deal</a> with a <a href="https://www.businessinsider.com/how-do-spacs-work-get-created-costs-guide">special purpose acquisition company, or SPAC</a>, raised eyebrows. Pear sells three apps designed to treat opioid abuse, substance abuse, and chronic insomnia. But it's only expecting to make $4 million in revenue this year. It's emblematic of where the young field of <keyword id="6262195" type="UNKNOWN" weightage="60" keywordseo="Digital-Therapeutics">digital therapeutics</keyword> stands today. The technology is theoretically promising, but the business model is completely up in the air. <a href="https://www.businessinsider.com/prescription-video-game-maker-akili-raises-160m-series-d-2021-5">Most health insurers don't</a> <a href="https://www.bizjournals.com/boston/news/2020/09/11/level-up-digital-therapeutics-have-won-over-regul.html">cover these products</a>, nor are many physicians prescribing them. Digital therapeutics are technologies like cell phone apps or virtual reality games that are designed to treat different diseases. In many cases, they target underserved mental health or neurological conditions like post-traumatic stress disorder and schizophrenia. The plethora of small, young digital therapeutics companies needs a savvy business partner. Pharmaceutical and telehealth companies each stand out as prime options. But, it's not clear which will truly engage with this new healthcare technology."Digital therapeutics, despite being around for a number of years now, it's still in an early stage of market development. I think the next few years are going to be about what kinds of businesses are best to shepherd through any special clinical benefits," Jeff Liesch, a consultant at Blue Matter Consulting, told Insider.As this gets worked out, the digital therapeutics field is likely to see a wave of M&amp;A. "Consolidation will come, and we're seeing it coming," Liesch said. <h2><keyword id="6363818" type="UNKNOWN" weightage="60" keywordseo="Pharma">Pharma</keyword> giants like Novartis, Roche, and Sanofi have been exploring prescription apps</h2>Digital therapeutics startups are getting their fair share of the investment dollars flowing into the healthcare industry. The amount of venture capital investment in digital therapeutics grew from $134.3 million in 2015 to $1.2 billion in 2019, according to Pitchbook. Another $709 million was invested in the first nine months of 2020, the most recent data available. Pharma giants like Novartis, Roche, and Sanofi have expressed an interest in the field. Novartis partnered with Pear to launch a schizophrenia therapy, but dropped that project in 2019. It later <a href="https://medcitynews.com/2020/04/novartis-to-acquire-digital-therapeutics-maker-amblyotech/?rf=1">acquired a digital therapeutics startup</a> developing a 3-D video game to address lazy eye. <div type="image" title="FILE PHOTO: The company's logo is seen at the new cell and gene therapy factory of Swiss drugmaker Novartis in Stein, Switzerland, November 28, 2019. REUTERS/Arnd Wiegmann" height="3087" width="4117" msid="84617559" hostid="261"></div>Digital therapeutics, particularly those that are prescribed by a physician instead of released directly to consumers, play to pharma's regulatory strengths while cutting down on the 10-plus years it can take to develop a chemical drug. The prescription route is where the money is: the annual US revenue expectations for digital therapeutics range between $100 million and $300 million, according to a Blue Matter report. Before agreeing to pay for them, insurers want to see long-term data showing how the benefits of these prescription apps or video games last. But, multi-year clinical trials are expensive and there's a chance that at the end of it all, the technology will be outdated, ZS Associates Principal Pete Masloski said. Even if the companies can get insurers to pay for their products, there's still the barrier of getting physicians to prescribe them.Eddie Martucci, the chief executive of digital therapeutics company Akili Interactive, said that thousands of doctors have reached out since the company got Food and Drug Administration clearance last year for an app to treat attention deficit and hyperactivity disorder. But its <a href="https://www.businessinsider.com/prescription-video-game-maker-akili-raises-160m-series-d-2021-5">commercial sales to date are small</a>. <div type="image" title="Akili Interactive" height="3840" width="5119" msid="84617561" hostid="261"></div>At this point, less than 5% of physicians in the US are exploring and prescribing digital therapeutics, according to Masloski. <h2>The next generation of digital therapeutics startups are building in telehealth options</h2>As a young digital health company, is it even worthwhile to try to educate and convince thousands of physicians to prescribe your app? Masloski estimates that time may be better spent by teaming up with a telehealth company with a specialized focus - be it mental health, chronic diseases, or something else - and a pool of medical specialists at hand. One telehealth firm, UpScript, has already begun offering consultations for Pear's prescription digital therapeutic. Meanwhile, the next generation of digital therapeutics companies like Happify Health and <a href="https://www.businessinsider.com/kaia-health-digital-health-startup-raises-second-vc-round-year-2021-4">Kaia Health</a> are building healthcare support staffs around their products. <div type="image" title="Kaia Health" height="1125" width="1500" msid="84617564" hostid="261"></div>A <a href="https://www.businessinsider.com/rock-health-on-whats-driving-digital-healths-consolidation-wave-2021-6">wave of M&amp;A</a> is just now hitting the telehealth and digital health space, with big names like Teladoc, <a href="https://www.businessinsider.com/ros-modern-health-acquisition-signals-consolidation-in-digital-health-2021-5">Ro, and others acquiring smaller players</a>. The digital therapeutics field may also get swept up in that, Masloski said. "Digital health companies are looking more broadly at ways to expand their impact across different parts of the patient journey. They're thinking in a platform way, how can I offer employers, for example, diabetes management, mental health services, all of these things?" he said. "They don't want to work with 1,000 individual different providers. They want to work with platform companies, simplifying their world."

Apps and video games are changing the way we treat diseases. Experts say they're prime M&A targets for telehealth firms.

<keyword id="3345735" type="COMPANY" weightage="20" keywordseo="InsurTech">Insurtech</keyword> company <keyword id="3330597" type="COMPANY" weightage="20" keywordseo="Renewbuy">RenewBuy</keyword> on Friday said it has raised USD 45 million (about ₹320 crore) in a Series C funding round to scale up technology, add more products and expand the digital network. The funding round led by Apis Growth Fund II, a private equity fund managed by Apis Partners LLP - a UK-based asset manager that supports growth-stage financial services and financial technology businesses, it said in a release. RenewBuy's existing investors, <keyword id="280716" type="COMPANY" weightage="20" keywordseo="Lok-Capital">Lok Capital</keyword> and IIFL Wealth also participated in the funding round. RenewBuy group, through its subsidiary D2C Insurance Broking Private Limited, enables retail customers to buy motor, health and life insurance products with a unique end-to-end digital experience. "We are taking insurance to the remotest part of the country to those who have been traditionally under-served. "Whilst consumers can buy directly, experience has shown that they always prefer to deal with trained advisors who can explain the product and its terms and conditions and provide assistance on future claims," said Balachander Sekhar, CEO, RenewBuy group. RenewBuy said it has about 50,000 point-of-sale person (POSP) advisors and insured more than 2.5 million customers across 650 cities and towns. "We believe the next 5 years will be a phase of exponential growth for the company, reaching 25 million customers through over 2,00,000 POSP advisors in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and beyond. "I believe that Apis Partners, with its significant global expertise in InsurTech, is the right partner to help realise this target," Sekhar noted. Udayan Goyal, Managing Partner and Apis Partners Co-Founder, said with less than 10 per cent of India's 1.4 billion population are currently insured, this sector represents a huge growth opportunity given the demographics and current penetration levels. More than 60 per cent of RenewBuy's business comes from semi-urban and rural areas in India. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/low-skilled-it-jobs-in-india-are-definitely-at-risk-as-per-different-reports/articleshow/83633565.cms">Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at risk</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly</a>

You Searched For "insurance penetration" and got 8 results

Rising claims pose challenge for health insurance sector in India, says Jefferies

ANI

Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

PTI

Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions

IANS

Here’s why Future Generali India Insurance focuses more on a right-brained marketing approach to engage with its consumers

Samarpita Banerjee

Unemployment benefits are competitive with most states' average wages - and it could explain why Americans aren't rushing back to work

Ben Winck,Andy Kiersz

Neeraj Chopra, Olympic Gold Medalist signs first brand endorsement with Tata AIA post Tokyo Win

BI India Partner

Apps and video games are changing the way we treat diseases. Experts say they're prime M&A targets for telehealth firms.

Allison DeAngelis

Online insurance startup RenewBuy raises $45 million led by Apis Partners

PTI

Popular Keywords

Buying Guides