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[hfe_template id='11223'] [ad_1] Mumbai: State-run Life Insurance Corp (LIC) Friday refuted US claims of 'special treatment' from the Indian government and regulators, concessions that Washington said helped it secure business from ordinary citizens at the expense of privately-run insurers. In its response to 'favouritism' claims by the US Trade Representative (USTR), LIC also said it operates in a competitive market alongside other insurers in an industry that has witnessed phased deregulation through this millennium. "LIC wishes to clarify that LIC is treated like any other insurance company by the government and regulators. The guarantee-provided at the time of its establishment in 1956-is a statutory provision designed to build public confidence in the early years of nationalisation," the insurer said. "It has never been invoked or used as a marketing tool or provided any undue advantage to LIC." Siddhartha Mohanty, MD & CEO, s...

[hfe_template id='11223'] [ad_1] The Indian general insurance industry has always been committed to safeguarding the well-being of our citizens and helping build a resilient economy. Over the decades, the industry has constantly worked to evolve itself and meet the changing needs of the citizens. Today, the industry is at a pivotal point, undergoing rapid transformation due to changing customer expectations, evolving risk landscapes, and technological advancements. While segmentation has been of key strategic importance for industries like banking, FMCG, and automobiles, it has only been used at broader levels, such as age, vehicle type, and occupation, in the general insurance space in India. Earlier, the Indian insurance market had limited data availability. Without rich datasets, the industry has relied on broader categories for policy pricing and product development. However, with the rise of technologies like AI, ML and in the light of KYC mandate, granular data abo...