'Insurance Score' could decide premiums of your policies; move to reduce bogus claims - details here!
People seeking loans get them at lower interest rates if their CIBIL score is high. In a similar vein, an insurance score is also likley to see a light of the day soon. Insurance buyers will get benefits of lower premiums if there insurance score is good. Anurag Shah reports citing his top sources

People seeking loans get them at lower interest rates if their CIBIL score is high. In a similar vein, an insurance score is also likley to see a light of the day soon. Insurance buyers will get benefits of lower premiums if there insurance score is good. Anurag Shah reports citing his top sources.
Insurance Information Bureau has all the informance related to policies of all the insurance companies and now there are plans for corporatisation of Insurance Information Bureau.
This means that the insurance companies will now be able to do risk analysis of data of the customers. This will help in creating insurance scores of policy holders and with the help of insurance school, the rebate in the premiums of the policy will be calculated.
See Zee Business Live TV Streaming Below:
Plans to create insurance scores of customers in line with the CIBIL score: Sources
The score will be decided by Insurance Information Bureau: Sources
Insurance companies will calculate risks by analysing the IIB data: Sources
The policy premiums will increase or decrease based on the insurance score: Sources
This will also help in curbing frauds in the insurance sector. इंश्योरेंस में हो रहे फ्रॉड्स पर लगाम लगाने में मदद मिलेगी
The insurance premiums will reduce if total bogus claims come down.
Benefits for policy holders: Insurance Score
-- Insurance score will help in calculating risk analysis of customers.
-- Premium will increase or decrease base on insurance score
-- It will also form the basis for giving no-claim bonus
-- The companies will be able to provide wellness benefits in thier policies
-- The use of technology is expected to go up.
-- The move is aimed at reducing fraud claims and increase genuine claims
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

SIP Calculation at 12% Annualised Return: Rs 10,000 monthly SIP for 20 years, Rs 15,000 for 15 or Rs 20,000 for 10, which do you think works best?

FD Rates for Rs 10 lakh investment: Compare SBI, PNB, HDFC, ICICI, and Post Office 5-year fixed deposit returns

LIC Saral Pension Plan: How much should you invest one time to get Rs 64,000 annual pension for life?

SIP Calculation at 12% Annualised Return: Rs 1,000 monthly SIP for 20 years, Rs 4,000 for 5 years or Rs 10,000 for 2 years, which do you think works best?

UPS vs NPS vs OPS: Last-drawn basic salary Rs 90,000 and pensionable service 27 years? What can be your monthly pension in each scheme?

Monthly Pension Calculations: Is your basic pension Rs 26,000, Rs 38,000, or Rs 47,000? Know what can be your total pension as per latest DR rates
03:17 PM IST