Most Influential Leaders in Health Insurance to Follow in 2024 April

www.ciolookindia.com LOOK I N D I A VOL-04 | ISSUE-04 | 2024 Most Influential Leaders in I surance to Follow in 2024 Beyond Coverage The Evolu?on of Influen?al Leaders Redefining Health Insurance in a Changing World H n ealth Healthcare Heroes How the Most Influen?al Leaders are Shaping Health Insurance's Future?

Most Influential Leaders in I surance to Follow in 2024 H n ealth

HEALTHCARE REVOLUTIONARIES: THE VISIONARIES SHAPING A HEALTHIER TOMORROW he healthcare insurance landscape is a churning sea T towards a healthier future. As we navigate 2024, it's paramount to recognize these pioneers. Their expertise, vision, and commitment to excellence serve as guiding lights for the industry as a whole. The future of healthcare insurance hinges on learning from these trailblazers. By staying attuned to their perspectives, initiatives, and contributions, we gain invaluable insights into the trends, advancements, and best practices shaping the industry. of change. Yet, amidst the waves, a select few stand as beacons – the influential leaders who pilot us These CIOLook India’s ‘Most Influential Leaders in Health Insurance to Follow in 2024,’ aren’t alone. They inspire a movement, and we all have a role to play. By learning from their leadership, advocating for positive change, and embracing innovation, we can collectively shape a future where healthcare insurance serves as a pillar of health and well-being, not a barrier to it. These influential leaders bring a wealth of experience and insight to the table, leveraging their expertise to address the challenges and opportunities facing the healthcare insurance sector. Through their leadership, they inspire innovation, foster collaboration, and advocate for policies that prioritize the well-being of individuals and communities. As we look to the future of health insurance, it's crucial to follow the lead of these influential figures. By staying informed about their perspectives, initiatives, and contributions to the field, we can gain valuable insights into the trends, developments, and best practices shaping the industry. Together, we can work towards a future where healthcare insurance is more accessible, affordable, and equitable for all. These leaders aren't merely equipped with experience and insight. They're architects, wielding their expertise to forge solutions for the industry's pressing challenges and capitalize on untapped potential. They ignite the spark of innovation, fostering a collaborative spirit that transcends companies and silos. Their unwavering advocacy champions policies with a singular focus: the well-being of individuals and communities. Editor's Note - Gaurav PR Wankhade Managing Editor

Pro?les Articles Beyond Coverage The Evolution of In?luential Leaders Rede?ining HealthInsurance in a Changing World 12 Alert Insurance Brokers Private Limited 08 Honesty is Our Best Policy Healthcare Heroes 20 How the Most In?luential Leaders are Shaping Health Insurance's Future? 16 Neerav Agrawal Charting the Future of Health Reinsurance in India 24 Anand Rathi Insurance Brokers Ltd An Indigenous Exemplar in BFSI

FOLLOW US ON www.twitter.com/ciolookindia www.facebook.com/ciolookindia/ LOOK Most Influential Leaders in I surance to Follow in 2024 I N D I A www.ciolookindia.com WE ARE ALSO AVAILABLE ON H n ealth Abhishek Joshi Editor-in-Chief CONTENT CONTACT US ON Managing Editor: Gaurav PR Wankhade Assisting Editor : Prajakta Zurale Email sales@ciolookindia.com For Subscription www.ciolookindia.com Featuring Company Brief Akkshay M Nahar is the Managing Director and Principal Officer of Alert Insurance Brokers Private Limited, has been with the company since its inception and has 17 years of experience. With over 20 years of experience in the (re)insurance industry, Neerav Agrawal leads the business development and risk management functions for the Health, Life, and personal accident reinsurance segments. DESIGN Akkshay M Nahar, Managing Director and Principal Officer Alert Insurance Brokers Private Limited Visualizer: Sandeep Tikode Art & Design Director: Sameen Arif Associate Designer : Rashmi Singh Copyright © 2024 CIOLOOK India, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from CIOLOOK India. Reprint rights remain solely with CIOLOOK India. Neerav Agrawal, Head- Reinsurance (Life & Health) Gallagher Re, India SALES With 25 years of varied work experience, Rajesh Sharrma became a part of the Anand Rathi Insurance Broking team since March 2021. Anand Rathi Insurance Brokers Ltd Rajesh Sharrma, CEO and Principal Officer Vice President : Swapnali Vasaikar Asst. Vice President : Tejaswini Whaval Sr. Team Leader : Suraj Gadekar BDE : Tushar Katkeraju Rajiv Mathur is the Managing Director of Bharat Re Insurance Brokers Pvt. Ltd., and a mentor of Business Process Protection and Insurance Landscape Management. Rajiv Mathur, Managing Director Bharat Re-Insurance Brokers Private Limited TECHNICAL Technical Head : Prachi Mokashi Technical Specialist: Rajeshwari Avhad Technical Consultant : Tanaji Fartade Sanjay Nene is a result-oriented leader with over 30 years of rich experience in the insurance vertical covering direct insurance, insurance regulators, IT service provider and insurance product company. Sanjay Nene, Co-founder, Director & Principal Officer Capvirgo Insurance Broking & Services Pvt Ltd sales@ciolookindia.com April, 2024 SME-SMO Research Analyst : Renuka Kulkarni SEO Lead : Nikita Khadalkar Cover Price: Rs.300/-

Most Influential Leaders in Health Insurance to Follow in 2024 A buyers and policyholders. What is the reason? Because at the end of every insurance advertisement, the disclaimer is read out so quickly, that the listener will not even recognize it as something sensible, forget recognizing it in actual words. lertness, while buying an insurance policy is the most essential prerequisite. Yet, alertness is the quality lacking in most innocent insurance policy Honesty is in our DNA because the age-old philosophy of honesty is the best policy is Alert Insurance Brokers' motto. The disclaimer goes like this: 'Insurance is a subject matter of solicitation. The information provided in this brochure cannot substitute for the advice of a licensed professional. The information and data provided in this brochure and on our website are of a general nature and strictly for informational purposes. The Insurance selling company accepts no responsibility or liability for decisions taken by the policy buyer in regard to the information provided by us.' And so on and so forth. The entire instruction manual or brochure goes on into some pages, which naïve policy seekers could not read or understand at this complex level. It used to be a case earlier. However, today, Alert Insurance Brokers Private Limited has emerged in this regard as the one-stop insurance shop for all and every insurance seeker and claimer. And as the disclaimer itself suggest that the information cannot replace the advice of a licensed professional like Akkshay M Nahar, Managing Director and Principal Officer of Alert Insurance Brokers, insurance seekers' or claimants' interest is entirely safeguarded, when they approach Alert Insurance or Akkshay. Akkshay too reveals, "We strongly believe in "Honesty is the best policy." We have all the requisite Infrastructure, Technology, Knowledge, Experience and Passionate team for all your Insurance and Reinsurance requirements.” Akkshay is a Qualified Insurance Professional with 18 years of experience in the Insurance Industry. He is constantly innovating Alert Insurances' product and service offerings with his adept professionalism and astute leadership since Alert Insurance Broking's inception one and a half-decade earlier. complete honesty, integrity, and a customer-centric approach through Alert Insurance Brokers Pvt Ltd. Please describe Alert Insurance in detail. Alert Insurance Brokers Private Limited got its Insurance Broking Licence from the Insurance Regulator (IRDAI) on 10.09.2007. Policy99.com is an E-Commerce initiative of Alert Insurance Brokers Private Limited. Last financial year we sold 1.42 Lakh Insurance policies across India. As I already stated, our Mission is to provide all kinds of insurance services with total integrity – Honesty is in our DNA. Similarly, our vision is to make the customer experience world-class in all aspects of Insurance and Reinsurance services. We deal with every Insurance Company on behalf of our client. We deal in all Insurance products. The premium we offer to our clients is equal to or lesser compared to a customer buying the policy directly from an Insurance company. We do not charge any amount from our customers for our services. We also undertake Risk Inspection, Gap Analysis Reports and Claim Consultancy. We are always 100% compliant in all aspects. In an interview with CIOLook India for its exclusive edition of ‘Most Influential Leaders in Health Insurance to Follow in 2024,’ Akkshay spoke about their mission of providing all insurance services under one roof with What was your inspiration behind venturing into the field of insurance broking? We get immense pleasure when a claim is paid to our Honesty is Our Best Policy 8 | www.ciolookindia.com April, 2024 9 | www.ciolookindia.com April, 2024

clients on a cashless basis. There are so many innocent policyholders who require proper guidance while buying an Insurance policy and assistance during a claim. We offer them all kinds of products and every kind of service through our e-commerce platform policy99.com. So, every day it is inspiring to know that we are helping people bullied by some sharp but cunning salesmen under the guise of insurance selling. Since our inception to date, customer satisfaction has been our strongest motivation. What were the initial challenges after venturing into the insurance broking niche and what are the challenges now? Fifteen years back we were a startup. Eventually, because of our quality of products and services, honesty, and integrity, customers began trusting us. They believed in us, and we came true to their faith in us. We grew because of our customers. insurance broker is paid and borne by the insurance companies. There is no additional cost to the insurance buyer for placing business through an insurance broker. In such scenarios, it is imperative for an Insurance broking firm to always look after its customers and think ahead in the long term. That is why we already digitalized ourselves and launched our e-portal and mobile app, which has been an immense help to all of our customers throughout the pandemic. What efforts were taken by Alert Insurance Brokers during the pandemic to sustain your operations? Each and every employee gave their best services even during lockdowns through their laptop, WhatsApp and calls to our clients especially in handling Health claims. Our website Policy99.com helped our customers with online renewals claim makings, and other informative sessions all through their challenging times. So, whatever our initial challenges like Manpower, Training, Technology, etc., we got over them because of the appreciation and love of our customers. Today we are the best in Technology with an almost NIL attrition rate. What are your USPs that make you stand out as a trusted insurance broking company? Our Mission is our biggest USP. When we say that we are an insurance service provider with total integrity we mean it. Honesty is in our DNA because the age-old philosophy of honesty is the best policy is our motto. Over the past one and a half-decade, Lakhs of customers have trusted in our services and were completely satisfied. As an established industry leader, what would be your advice to the budding entrepreneurs and enthusiasts aspiring to venture into the insurance broking industry? India has huge untapped potential when it comes to the insurance broking sector. If you give your one hundred percent, and quality service to the client you are going to win. I am reiterating myself, that if your honesty, integrity, and compassion are reflected in your products, services, organizational values, and brand name, then customers will trust you in the long run. It is the only way to grow and prosper in this business. Those looking for short term gains should go for other things instead of insurance broking. How do you envision further strengthening of Alert Insurance Brokers' stronghold in 2024 and beyond? We have recently upgraded our licence from Direct to Composite Insurance Broker which means that we can also do Reinsurance Broking business. IRDAI approved our licence on 3rd Feb 2022. We are now travelling extensively and meeting the Insurance companies and Reinsurance companies all across the country so that we can expand our reach and scope. Our customers realized that we are service-oriented and not money minded. We also derive inspiration from others' success. We are a team with a positive mental attitude. We have the best relationship with all insurance companies, Surveyors, TPA, etc. From a business perspective, what is your opinion on the impact of the COVID-19 pandemic on insurance broking? We were fully prepared because of our website and App. Policy99.com. Since our establishment, we had always been a tech-oriented insurance broking firm. The insurance broker represents the insurance buyer, and not the insurance company (insurance seller), though the remuneration of an 10 | www.ciolookindia.com April, 2024

he landscape of health insurance is undergoing a T disruptive technologies are forcing a rethink of the traditional model. The role of health insurance leaders extends far beyond merely providing coverage. At the forefront of this change are a new breed of influential leaders who are redefining what health insurance means. As the healthcare industry undergoes transformative changes driven by technological advancements, shifting demographics, and evolving consumer expectations, these influential leaders in the health insurance sector are spearheading initiatives to redefine the paradigm of healthcare delivery. From fostering innovation to promoting accessibility and affordability, they are at the forefront of shaping the future of health insurance. dramatic transformation. Rising healthcare costs, evolving patient needs, and the emergence of The Evolution of Inuential Leaders Health Insurance Changing World Redefining in a Beyond the Policy: A Focus on Wellness These leaders understand that health insurance needs to go beyond simply covering medical bills. They are championing a shift towards a more holistic approach, one that emphasizes preventative care, wellness programs, and patient engagement. By investing in programs that keep people healthy, they aim to reduce healthcare costs in the long run and empower individuals to take charge of their well-being. One of the key areas where influential leaders are making strides is in embracing digital transformation. As technology continues to disrupt traditional healthcare models, innovative leaders are leveraging digital tools and platforms to enhance the customer experience, streamline operations, and improve health outcomes. By investing in telehealth services, mobile apps, and data analytics, health insurance companies are empowering consumers with greater control over their healthcare journey while driving efficiencies in service delivery. Embracing Innovation: Technology as a Catalyst Beyond Coverage Technology is playing a pivotal role in this evolution. Influential leaders are harnessing the power of data analytics, artificial intelligence, and telehealth to deliver more efficient and personalized healthcare experiences. 12 | www.ciolookindia.com April, 2024 13 | www.ciolookindia.com April, 2024

Imagine AI-powered chatbots providing health guidance, wearable devices monitoring vitals, and telemedicine consultations eliminating geographical barriers to care. These advancements are not just futuristic dreams; they are rapidly changing the way healthcare is delivered and managed. efficient system. Through collaboration, they are working towards a future where health insurance seamlessly supports the well-being of individuals and communities. In addition to these initiatives, influential leaders are also reimagining the role of health insurance in the broader context of healthcare delivery. By embracing value-based care models, fostering collaboration among stakeholders, and promoting transparency in pricing and outcomes, they are driving a shift towards a more patient-centered and value-driven healthcare system. This holistic approach prioritizes quality of care, cost-effectiveness, and patient satisfaction, ultimately leading to better health outcomes and greater overall value for consumers. Furthermore, influential leaders are championing initiatives to promote preventive care and wellness programs, recognizing the importance of proactive health management in reducing healthcare costs and improving population health. By incentivizing healthy behaviours, offering wellness incentives, and partnering with healthcare providers, insurers are fostering a culture of prevention and well-being that extends beyond the traditional scope of coverage. The Road Ahead Advocates for Transparency and Affordability These influential leaders are not just changing the health insurance industry; they are changing the conversation about health itself. They are paving the way for a future where prevention is prioritized, technology empowers patients, and healthcare is accessible and affordable for all. They are the architects of a new era in health insurance, one that goes beyond coverage to deliver true well-being. Transparency and affordability are key concerns for patients navigating the complexities of health insurance. These leaders are pushing for greater transparency in pricing and benefits, ensuring patients understand what their plans cover. They are also advocating for policy changes that make health insurance more affordable and accessible to everyone. The evolution of health insurance leadership is characterized by a commitment to innovation, accessibility, and equity in healthcare delivery. By embracing digital transformation, promoting preventive care, addressing healthcare disparities, and reimagining the role of health insurance, influential leaders are driving positive change and shaping a healthier future for individuals and communities around the world. Moreover, influential leaders are driving efforts to address healthcare disparities and promote health equity. By focusing on underserved communities, implementing culturally sensitive care initiatives, and advocating for policy changes, health insurance leaders are striving to ensure that all individuals have access to quality healthcare services regardless of their socioeconomic status or geographic location. Through targeted interventions and community partnerships, they are working to eliminate barriers to care and improve health outcomes for vulnerable populations. As the healthcare landscape continues to evolve, these leaders will play a crucial role in navigating the challenges and opportunities that lie ahead, ultimately driving meaningful progress towards a more equitable and sustainable healthcare system. The Power of Collaboration: Building a Sustainable Future The future of health insurance requires collaboration across the healthcare ecosystem. Influential leaders are fostering partnerships between insurers, healthcare providers, and technology companies to create a more integrated and 14 | www.ciolookindia.com April, 2024

Most Influential Leaders in Health Insurance to Follow in 2024 Neerav Char?ng the Future of Health Reinsurance in India Agrawal If the mindset of taking insurance just to get more than what is given as premium is ra?onalized, the healthcare industry is expected to grow more confidently as this will also lead to the growth of hospitals in small towns. W hile India's health insurance industry has grown exponentially, a crucial segment often goes unnoticed: Health Reinsurance. This sector, responsible for sharing and managing risk for primary insurers, acts as the backbone of financial stability and innovation in the health insurance landscape. And at the forefront of this often-underrated field stands Neerav Agrawal, Head- Reinsurance (Life & Health) at Gallagher Re, India. services via insurance at an affordable premium. This social welfare health insurance scheme concept fascinated him; he worked across different States while implementing such schemes. Neerav says India is diverse, as every state has its own story. The disease pattern, frequency and average claim size are different across states. This passion for understanding diversification has helped him to be motivated throughout this period. It's often challenging to explain to a foreign reinsurer how their experience differs so much in different states of the same country. Beyond mere knowledge, Neerav brings an influential presence to the table. He deeply understands the Indian health (re)insurance ecosystem, having witnessed its evolution firsthand throughout his career. His expertise extends beyond borders, encompassing global reinsurance trends and best practices. This holistic perspective allows him to identify opportunities and challenges with insightful foresight. Neerav developed a new line of business as a health reinsurance broker in two organizations and started from the ground up. It was challenging, but resilience, experience, relationships, and ethical practice helped him be in the field for so many years. By the end, he built a significant portfolio with many firsts in the industry in both organizations and rising to the largest. Health reinsurance broking is highly niche area requiring high end expert domain knowledge and he is one of the most successful reinsurance broker in this segment. As a trailblazer in the health insurance industry, Neerav's journey goes back two decades. Sharing his motivation to enter this field, Neerav says he has always been fascinated by working in the healthcare industry. “My diverse experience in the healthcare industry has provided me with a comprehensive understanding of health insurance from multiple perspectives. I've held positions in various sectors, including pharmaceuticals, hospitals, insurance, reinsurance, and reinsurance broking. This journey, combined with my personal experience as a customer, has equipped me with a deep understanding of both the benefits and challenges associated with health insurance.” Reinsurance in the health segment has not been so popular in India, but Neerav has made a mark in this segment. As a market leader in reinsurance broking in this segment, when asked how he has been able to break glass ceilings and be successful amid such a competitive environment, Neerav shares that the Health Insurance market can be broadly classified into Retail, Group and Government Health Schemes like Ayushman Bharat-PMJAY. “The reinsurance market for retail health insurance is generally profitable, while group policies often have highly competitive rates. As a result, reinsurance opportunities in the group segment are less attractive.” Government schemes are tender-based and offer reinsurance opportunities because of the very high volatility of claims due to multiple factors. It is a niche Neerav Agrawal, Head- Reinsurance (Life & Health) Gallagher Re, India A Niche Journey Begins Neerav joined the largest private company in 2005 to take advantage of this opportunity to provide the best healthcare 16 | www.ciolookindia.com April, 2024 17 | www.ciolookindia.com April, 2024

Ethically Reinsuring India’s Healthiest Future area, and Neerav is a successful reinsurance broker due to his deep understanding of business with 20 years of rich experience in this segment and having worked with all the stakeholders and ensuring client transparency and commitment. “Passion for my line of business has always driven me ahead,” says Neerav. says that the way forward is optimistic. Truly understanding India’s complex, diverse, and unique healthcare needs and developing solutions that work within that context will go a long way in finding tech solutions and market success. recent example is COVID-19. It is a case of adversity where the industry suffered losses due to the pandemic. Honoring claims was the need of the hour in such difficult times, irrespective of high losses. Resilience during such times helped the industry help customers in difficult times. Later, it emerged from the crisis as people started buying health coverage as they understood its importance in difficult times. The number of buyers increased along with the increased sum assured for existing buyers. Neerav cites, “Thus, health premium increased from ₹51,600 Crores in FY20 to ₹73,600 Crores in Fy22.” However, Neerav sees a hopeful way forward for India's health insurance market to grow. India’s health insurance sector has seen remarkable growth over the past decade. Ethical practices and social responsibility are crucial aspects of the modern Health insurance niche. Neerav accepts, “Completely agree, and unfortunately, this is yet to be imbibed fully by the industry.” That is why Neerav’s integration of these principles into his organization’s operations, contributes to a healthier future. “Global insurance penetration is 7-7.5%, whereas in India it is only 4.2%. According to a report, India is currently the 14th-largest insurance market globally and is projected to become the sixth-largest market by 2032. Health, being a major part of the industry with high growth, will play a major role in developing the insurance landscape in India.” An Ever-Driving Passion and Persistence According to him, reinsurers prefer having good data quality and trust is key for them, considering they are not based out of India; “It becomes more important to be transparent with stakeholders we are working with and share all possible risks of associated business.” This may sometimes make reinsurers avoid writing a business, but in the long run, it is crucial as the market values transparency and goodwill in the industry. “India has one of Asia's highest medical inflation rates, reaching 14 per cent. This has resulted in increasing awareness of health insurance and its importance. The Indian health insurance industry reported a growth of 26.3% in FY22, making it the largest non-life insurance sub-segment with a market share of about 36%.” He adds, “My commitment to integrity and creating mutually beneficial outcomes has been the foundation of my success in the niche health reinsurance broking market. I believe in conducting business ethically and ensuring win- win scenarios for all stakeholders involved.” A growing middle class, the country’s experience with COVID-19, and increases in individual, employer- sponsored healthcare and public safety-net schemes have each been important factors. While this growth has better positioned the population to seek care when needed and to withstand shocks from unexpected illness, there is still a large, underserved population. Addressing this gap while improving the health of those already covered will form the key agenda for the health insurance sector in the coming decade. With private health insurance accounting for only about 12 per cent of today’s national health expenditure, payers have substantial scope to deepen the financial protections available to people. The Crucial Aspects The Health insurance landscape is continually evolving. Yet, Neerav believes that one can be adaptable and ahead of industry trends, providing innovative solutions to their clients. “To accelerate progress and achieve a healthier population, we require prioritizing innovation and technology to build an innovative, resilient, and effective health ecosystem.” By doing so, India could leapfrog a generation in its healthcare ecosystem by the end of the decade, improving lives and livelihoods in the country while positively contributing to global healthcare resilience. Realizing this vision would require substantive work across various areas, from building capacities to innovating on care models. Fostering Social Health Transformation In the realm of health insurance, technology plays a pivotal role in enhancing efficiency. When asked how technology can be leveraged to optimize the health insurance sector’s services and stay ahead in a digital age, Neerav believes that in India, the landscape is rapidly reshaping as the country emerges as the fastest-growing insurance market globally and as InsurTechs gains market share. The industry is at a crossroads, and traditional carriers have upped their digitalization game with the modernization of legacy and the adoption of new-age tech, such as AI for more precise risk analysis, underwriting, and claims, IoT for real-time incident analysis, and cloud and data integration for seamless analytics. Incumbent carriers and InsurTechs are collaborating for better distribution and reach, core digitalization, and product innovation, above and beyond simply improving customer experience frontends. When asked why Social Health schemes need transformation to be more effective, Neerav says there is a need to initiate a journey towards a more effective, innovative, and equitable healthcare system. “I believe social health insurance schemes are the best solution for challenges faced by India.” Currently, many States are on the Trust model rather than the Insurance model. Converting them into insurance model will help better administration by experts who understand claims and effectively implement fraud control mechanisms. The model should be a win-win for all the stakeholders. Neerav states, “My observations suggest that some policymakers in certain states believe that an insurance model is only beneficial if the payout exceeds 100% of the collected premiums.” That is the incorrect way of looking at insurance and is detrimental to the insurance and healthcare industries and overall benefit of recipients. This is leading to increased insurance premiums in all such States. In terms of economics, insurance means a collection of funds that can be used to compensate people who suffered losses. If this mindset of taking insurance to get more than what is given as a premium is rationalized, the healthcare industry is expected to grow more confidently, as this will also lead to the growth of hospitals in small towns. The healthcare landscape in India has undergone a substantial change. However, there are critical unresolved challenges, such as ensuring equitable access to affordable, high-quality care for the entire population, with a focus on holistic well-being. Neerav states, “The business model we operate organizes around underlying motivation and thematic opportunity faced by our clients.” One major challenge is a scarcity of capital. “Our success comes from a disciplined focus on underlying client motivation, and this approach has been validated repeatedly in the market.” Thus, Neerav doesn't shy away from breaking the mould. He embraces innovation and actively explores new solutions for emerging risks. His forward-thinking approach positions him at the forefront of developing tailor-made reinsurance solutions for the unique needs of the Indian market. Health insurers must seize the unified payment interface (UPI) moment in Indian healthcare by reimagining traditional health interactions. India is charting its path to advancement in healthcare, as in other sectors. This concerns the unique challenges facing Indian healthcare, from disease burden patterns to access challenges and the digital-first approach it hopes to take to leapfrog to maturity. The Tranquil Leadership of a Thought Leader So, why is Neerav Agrawal a leader to follow in the dynamic world of health reinsurance? Neerav's leadership qualities aren't just theoretical. He's a trusted advisor and thought leader, recognized for his clear communication and ability to build strong relationships across the industry. He actively participates in industry forums, advocating for transparency and ethical practices in health reinsurance. His voice carries weight, guiding the sector towards a sustainable future. He's not just a repository of knowledge; he's a catalyst for change. His influential voice, strategic vision, and unwavering commitment to ethical practices make him a driving force in shaping a robust and innovative health reinsurance landscape for India. Neerav proves that leadership extends beyond titles and accolades; it's about your impact on the industry and the lives it touches. Triumphing Adversities Fraud control measures and their effective implementation in social health insurance schemes is crucial for their success. However, it will need time to happen because of the hurdles at different levels. The health insurance industry has faced its share of challenges. Sharing an instance where resilience and ingenuity triumphed over adversity, Neerav says the most According to him, the essence of Health insurance lies in seamless operations and long-term end-user coverage. He 18 | www.ciolookindia.com April, 2024 19 | www.ciolookindia.com April, 2024

he realm of health insurance is no longer confined T is more critical than ever before. It's a battleground where a new wave of influential leaders are evolving as healthcare heroes. Meet the Architects of Change How the Leaders are Shaping Health Insurance's to sterile policy documents and claim forms. In this dynamic realm, the role of health insurance leaders These healthcare heroes don't subscribe to the outdated model of health insurance as a mere financial safety net. They champion a holistic approach, recognizing the importance of preventative care and patient well-being. Imagine a future where health insurance goes beyond covering a broken bone; it incentivizes healthy habits and proactively manages chronic conditions through wellness programs and personalized guidance. This shift in focus, spearheaded by these leaders, aims to empower individuals to be active participants in their own health journey, ultimately leading to lower healthcare costs for everyone. Most Influential As the industry navigates through unprecedented challenges and opportunities, influential leaders emerging as true healthcare heroes are driving innovation, promoting access, and shaping the future of health insurance. These individuals are not wielding stethoscopes or scalpels, but their impact on our well-being is just as profound. They are redefining health insurance for a changing world, one where rising costs, evolving patient needs, and disruptive technologies demand a new approach. Future? Tech-Savvy Champions: Innovation as the Weapon The battlefield these leaders navigate is fuelled by innovation. They understand the power of technology to Healthcare Healthcare Heroes Heroes April, 2024

Driving Value-Based Care: The shift towards value-based care is transforming the healthcare landscape, and health insurance leaders are leading the charge. By promoting value-based payment models, incentivizing quality over quantity, and fostering collaboration among stakeholders, they are driving a paradigm shift towards a more patient- centered and value-driven healthcare system. This approach not only improves patient outcomes but also reduces costs and enhances overall healthcare value. revolutionize healthcare delivery. Data analytics are being harnessed to identify at-risk populations, allowing for early intervention. Artificial intelligence chatbots are becoming virtual health coaches, offering guidance and support 24/7. Telehealth is dismantling geographical barriers, bringing specialized care directly to patients. These healthcare heroes aren't just embracing technology; they're actively shaping its integration into the healthcare system. Fighting for Transparency and Affordability: The Patient's Champions Empowering Consumers: Empowering consumers with information and resources is key to improving healthcare outcomes. Health insurance leaders are leveraging technology and data to empower consumers with personalized health insights, decision support tools, and educational resources. By fostering greater transparency, engagement, and empowerment, they are helping individuals take charge of their health and make informed healthcare decisions. For patients, navigating the complexities of health insurance plans can be a daunting task. These leaders are fighting for transparency, demanding clear and concise explanations of benefits and pricing. They are the voice for patients, advocating for policies that make health insurance more affordable and accessible. How they are doing it? Collaboration: Building a Future for All Innovation at the Forefront: Influential leaders in health insurance are championing innovation as a key driver of transformation. By embracing emerging technologies such as artificial intelligence, data analytics, and telemedicine, they are revolutionizing the way healthcare services are delivered and managed. These leaders understand the importance of staying ahead of the curve and are investing in innovative solutions to enhance the customer experience, improve operational efficiency, and drive better health outcomes. The future of health insurance isn't a solo act. These healthcare heroes recognize the power of collaboration. They are fostering partnerships between insurers, healthcare providers, and technology companies. Imagine a future where these entities work seamlessly together, creating a more integrated and efficient healthcare system. This collaborative spirit holds the key to creating a sustainable future where health insurance becomes a true facilitator of well-being for all. Promoting Access and Affordability: Access to quality healthcare remains a pressing issue globally. Health insurance leaders are playing a pivotal role in addressing this challenge by promoting access and affordability. Through initiatives such as expanding coverage options, offering tailored insurance plans, and advocating for policy reforms, they are working tirelessly to ensure that individuals and families have access to the care they need, when they need it, without financial barriers. The heroes of this story aren't just changing health insurance; they're changing the way we approach healthcare itself. They are building a future where technology empowers patients, prevention is prioritized, and access to quality care is a right, not a privilege. These healthcare heroes are the architects of a new era, where health insurance transcends coverage to become the cornerstone of a healthier, happier tomorrow. Advocating for Health Equity: Disparities in healthcare access and outcomes persist across different populations and communities. Influential leaders in health insurance are actively working to address these disparities and promote health equity. By implementing targeted interventions, partnering with community organizations, and advocating for social determinants of health, they are striving to eliminate barriers to care and improve health outcomes for all individuals, regardless of their background or socioeconomic status. 22 | www.ciolookindia.com April, 2024

Most Influential Leaders in Health Insurance to Follow in 2024 A Anand Rathi Insurance Brokers Ltd n expert insurance broking firm thoroughly understands its client’s business and risk management philosophy. It mitigates the risk by highlighting astute market knowledge and providing accurate insights about the best financial services, including insurance covers. It also aids customers throughout the servicing to the claiming stage. Thus, the perfect insurance broking company not only intermediates, solicit and negotiates on behalf of its client, but it fights for its customers’ rights. During his long career, Rajesh was heading all the verticals, including corporate sales, retail, and reinsurance. His last assignment was as the Principal Officer of the firm, looking after the P&L of the company. After the opening of the insurance sector, the IRDAI issued regulations for insurance brokers in the year 2002, thus also paving the way for direct insurance brokers to enter the market. An Indigenous Exemplar in BFSI Rajesh adds, “We felt that the insurance sector presented a great opportunity in a dynamic growth environment.” Anand Rathi Insurance Brokers Ltd (ARIBL) has been doing it since its inception in 2003. It is a part of the Anand Rathi Group, a leading financial services company with a pan-India presence. The broking sector, especially the direct side, threw up interesting challenges like risk management and high- quality intermediation were at a nascent stage in those years. In those years, the insurance sector primarily operated in a straight-jacketed environment with offerings only from the PSUs. At ARIBL, customer-centricity is at the core of what we do, backed up by service excellence, and providing end-to-end solutions. , , ARIBL is one of India's major indigenous insurance brokers focusing on large corporate clients, especially in the BFSI space. In the recently concluded World BFSI Congress, ARIBL received the following awards: , , However, the entry of direct brokers and the private sector insurers presented opportunities to reach out to customers with better insurance solutions and service excellence. • • • Specialist Broker of the Year Broker Service New Category – Sarathi Commercial Recruiter of the Year Exciting Challenges Before 2003, insurance companies directly dealt with corporate clients and their offerings were limited to standardized terms and coverages. Rajesh Sharrma, Founder and CEO Anand Rathi Insurance Brokers Ltd (ARIBL Rajesh Sharrma, CEO and Principal Officer of ARIBL, states, “We have a strong team of insurance professionals working across the country, including major metros in India. Rajesh states, “When we entered into the insurance broking business, we realized that insurance awareness was low and market penetration was around 0.56% in non-Life and about 2% overall. We provide customized insurance advisory across all services and industrial sectors like Manufacturing, Infrastructure and Banking on the entire gamut of insurance products. The retail sector, especially for life insurance and health insurance, appeared attractive, and we expanded our network in this direction. Our products include the standard property and engineering insurances, bundled products such as banker’s blanket bonds, crime insurance, error and omission covers, marine covers, employee benefit plans, liability policies such as directors and officers liability, product liability, commercial general liability, etc.” However, after a couple of years, we re-examined our strategy, entered more aggressively into corporate sales, and gradually developed niche expertise and dominance in offering bespoke insurance solutions in the BFSI space.” A Leader to reckon with Recently, Rajesh also won the ‘CEO of the Year by Global HR Excellence’ award. He has over 25 years of rich experience. He worked with Mahindra Group for 20+ years, of which 17+ years were at Mahindra Insurance Brokers Ltd (MIBL). In 2003, he moved as a part of the founding team to MIBL, where he worked for 17 years before joining ARIBL. For example, some of the improved insurance policies in the liability and employee benefits segment have been adapted across multiple organizations. However, like any other business environment, new challenges keep emerging. In the current scenario, an extremely competitive environment, dynamic technology landscape and managing client expectations in a highly price-sensitive market continue to provide exciting 25 | www.ciolookindia.com April, 2024

Excelling the Benchmarks According to Rajesh, there are many USPs that make ARIBL stand out as a trusted insurance broking company. These USPs are, “At ARIBL, customer-centricity is at the core of what we do, backed up by service excellence and end-to-end solutions. Mental and physical well-being: Rajesh adds, “We went the extra mile for our clients and employees during these testing times and assisted in hospital admissions, supply of critical equipment and procurement of drugs, etc.” managed more easily. However, Rajesh says, “We at Anand Rathi Insurance Brokers Ltd. (ARIBL) acquired significant new clients with our innovative sales and marketing approach and proactive offerings. • This industry is ever-growing, and one must be on their toes with the latest news and trends in the business to stay ahead of their competition. Ideally, one must have a strong understanding of how insurance products work to find the policies that best suit their clients’ needs at a reasonable price. We created more virtual touchpoints through webinars and proactively reached out to them to help them manage their business through the pandemic without any interruptions.” Lockdown showed that social distancing and isolation made employees more sedentary and dependent on digital devices. We have a 50+ strong claims team with rich domain experience in claims management. Syncre-Tech Chariot of Future Synergy Regarding his envisioning ARIBLs future stronghold, Rajesh says, “Broadly speaking, we envision further strengthening our organization by holding our sway in the BFSI sector by offering innovative insurance products and services and expanding our presence in the infrastructure and manufacturing sectors. At ARIBL, the multiple challenges posed by the Covid-19 crisis were effectively managed by taking the following steps: Thus, Rajesh states, “We introduced workshops that helped employees deal with stressful situations.” We systematically engage with our clients throughout the year as per pre-agreed programs, which, inter alia, include regular knowledge exchange, webinars, and bulletins to keep our clients updated. Effective communication: Customer and employee engagement were really ARIBLs top priority. Consistent and effective communication and interaction have been vital in strengthening the company and its culture. Regular online group meetings with its clients and webinars were held. Performance efficiency: Established a cross-functional team to coordinate the activities of different business units and monitor and provide necessary information to the leadership. Developed an effective management decision-making process under various scenarios analysed the priority of ARIBL’s projects to focus the team’s efforts on the most essential and critical tasks and allow more flexibility with low-priority tasks. • • We also provide flexible technology solutions through our portal and apps developed by our in-house development team.” As business paradigms shift, we have consciously adopted a synergistic and syncretic approach within the organization to improve the performance of our different verticals.” Subjugating the Pandemic Generally speaking, the pandemic years were somewhat tough to acquire new clients, whereas renewals were For employees, training sessions, Conferences and Townhall were organised on a monthly basis to encourage transparency and a bottom-up communication strategy. This has helped ARIBL to achieve a better outcome of the interdependent initiatives. Digital adaptation: The COVID-19 crisis has accelerated the digitisation of customer interaction by several years. It was also the time to reset, pivot and think big to transform ARIBLs business operations to match new digital expectations. • Rajesh adds, “To leverage the growing awareness and need for life and health insurance, we launched a complete seamless, paperless, assisted point of sale (PoS) business model and branded it as Sarathi.” Rajesh adds, “Customer experience and support, regulatory compliance, process management and quality control are a few aspects where we have built firm foundations on the digital front.” API integration of the portal with ten insurance companies for 16 products was completed in six months (the shortest possible time) for personal lines of insurance products. This portal is live and has already touched thousands of lives in a short period. Safety culture: shared perceptions of the importance of safety and confidence in the efficacy of preventive measures effectively created a safe work environment. It demanded that employees strictly follow safety standards to not only ensure their own safety but that of others as well. • Rajesh terms ARIBLs tech-adoptions efforts as innovative. He says, “We have implemented robotic process automation (RPA) and optical character recognition (OCR) for key operational processes resulting in better efficiency, speed and accuracy.” A Leader to reckon with As an established industry leader, Rajesh’s advice to the budding entrepreneurs and enthusiasts aspiring to venture into the insurance broking industry is well thought out, “As insurance brokers, we are the representatives of our customers and always have their best interests.” Finally, Rajesh concludes faithfully, “We strongly believe in our 250+ strong and growing team of young achievers, who drive the agenda of our customer-centric philosophy enshrined in our motto – persistent investment in acquiring expertise, regular skill development of members and acquisition of the latest and modern tools required for “forging forward fearlessly” as our logo suggests.” So, one must have a strong relationship with the Insurance Company for seamless claim settlement. A well-networked entrepreneur can go a long way in the insurance broking business. 27 | www.ciolookindia.com April, 2024

LOOK I N D I A www.ciolookindia.com

Most Influential Leaders in Health Insurance to Follow in 2024 April

Most Influential Leaders in Health Insurance to Follow in 2024 April

Presentation Transcript

Most Influential Leaders in Instructional Technology

The Most Influential Business Leaders in Pune

The 10 Most Influential Businesswomen to Follow in 2020

The 10 Most Influential Leaders to Follow in 2022

The 10 Most Influential Leaders In Tech To Follow, 2023-compressed

Most Inspiring Business Leaders To Follow In 2023

Most Influential CMOs to Follow in 2023

Most Influential Canadian Women Leaders in Healthcare 2022

World’s Most Influential Women Leaders to Watch in 2023

The Most Influential Women Leaders to Watch in 2023

The 10 Most Influential CFOs to Watch in 2024

The Most Influential Leaders In Tech To Follow,2024

World’s Best Visionary Leaders to Follow in 2024

pdf-most influential women leaders of 2024-1-1

UK's Most Influential Public Speakers To Follow in 2024

The Most Influential Women Leaders in Hospitality, 2024

The 10 Most Dynamic Business Leaders to Follow in 2024