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The 10 Most Valuable Insurance Solution Provider in 2018

Insights Success “The 10 Most Valuable Insurance Solution Providers in 2018” In this issue, we have presented the leading Insurance Solution Providers delivering customized and innovative insurance services.<br>

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The 10 Most Valuable Insurance Solution Provider in 2018

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  1. www.insightssuccess.in August 2018 10 Insurance The Company of the Month MOST Valuable Valuable Valuable Solution Provider Dr. Jaideep Devare Founding Member & MD Mahindra Insurance Brokers Ltd. (MIBL) in 2018 Ritesh Kumar Managing Director & CEO Building Milestones in Indian Insurance Industry

  2. Editorial rior to the privatization of the Indian Insurance sector, the life P several private companies have entered into life and non-life insurance sector. Today, the insurance industry comprises 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. The consumer has numerous choices in life as well as in non-life insurance products and many times it confuses the customers to select the right policy for them. With increasing digitalization customers are becoming more demanding. They expect insurers to come up with the personalized plans that cater to their specific needs. Insurtech is using new business models which are enabled by a variety of technologies. It uses automation, data analytics, connected devices, and machine learning to build complete policies for consumers that can be switched on and off on-demand. and general insurance market was predominantly dominated by LIC and GIC. After the privatization of insurance sector, The insurance industry has been driven by product innovation and vibrant distribution channels, along with targeted publicity and promotional campaigns by the insurers. Insurance companies today have wide amount of customer data such as customer specific habits, family background, spending trends and more which helps to decide customer acquisition strategy. There are several digital platforms available which help them to compare and buy the best insurance plan. The Indian insurance sector is set to achieve significant growth in the coming years. It has untapped market segment in semi-urban and rural area which has huge potential. The level of awareness in this market segment is very low and it is required to promote more awareness among the people about insurance. India has the most dynamic micro insurance sector in the world. Micro Insurance refers to insurance to low income families. Apart from this, micro insurance can be termed as an innovative, demand based, lower cost or premium product for consumer with specific needs. It can be a new opportunity for insurance company to deliver micro insurance for this niche segment. The micro insurance industry requires innovation, creativity, and flexibility to pursue long term growth. Striding Towards a Bigger and Better Future Shweta Priyadarshini Shweta Priyadarshini

  3. Editor-in-Chief Pooja M. Bansal Shraddha Deshpande Senior Editor Managing Editor Shweta Priyadarshani Copy Editor Nilam Thakkar Art & Design Director Amol Kamble Co-designer Mayur Koli Picture Editor Alex Noel Asha Bange Art Editor Visualiser Savita Pandav Business Development Manager Akansha Garewal Marketing Manager Dhruv Apte Business Development Executives Mohit Dhake, Dnyaneshwar Kamble Research Analyst David Circulation Manager Vivek Bangade Database Management Prashant Chevale Technology Consultant Swapnil Patil sales@insightssuccess.com August, 2018 Corporate Ofces: Insights Success Media and Technology Pvt. Ltd. Off. No. 513 & 510, 5 Flr., Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017 Phone - India: +91 7410079881/ 82/ 83/ 84/ 85 Email: info@insightssuccess.in For Subscription: www.insightssuccess.in Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com th Cover Price : RS. 150/- https://twitter.com/insightssuccess Follow us on : www.facebook.com/insightssuccess/ We are also available on : Copyright © 2018 Insights Success, 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 Insights Success. Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd.

  4. 08 Cover Story HDFC ERGO General Insurance Company Building Milestones in Indian Insurance Industry 16 INTERVIEW WITH INSIGHTS SUCCESS Tru-Worth Finsultants: Providing Customized Solutions to Meet the Financial Need Articles 28 INVESTMENT APPROACH Child Life Insurance: Smart Way to Secure Child's Future 22 EDITOR’S CHOICE Cyber-Insurance-Emerging as the Driving Force of Growth in Insurance Industry 36 TECH TREND Blockchain Technology is Creating Waves in the Financial Arena COMPANY OF THE MONTH Mahindra Insurance Brokers Ltd.: Providing Improved Customer Satisfaction, Innovative Solutions and Redening Productivity in the Insurance Industry 42

  5. CXO 32 20 Aarvi Insurance Brokers Private Ltd Delivering Diversied Range of Innovative Insurance Services FINANCIAL TALK Arising with the Financial Technology Ecosystem 26 40 GIBL.IN Assuring 'Best' Pick through Its Innovative Platform EXPERT TALK Things Your Health Insurance Policy Needs To Cover 34 Zoom Insurance Brokers: An Ideal Partner for Corporates to Fulll All Insurance Needs Contents

  6. 1 Most Valuable T H E Solution Provider in2018 Adoption of Technological Innovations in the Insurance Industry I nnovation and adoption of new technologies is a key driver of change in the insurance sector. With the increase in smartphone users, the traditional way of buying insurance has decreased. Several insurance providers are coming up with numerous tech-enabled products and services to ease up the process of insurance purchase, comparison, claim settlement, and more. The insurance industry is on the verge of digital revolution and tech-driven shift. In the issue of “The 10 Most Valuable Insurance Solution Providers in 2018” we have presented the leading Insurance Solution Providers delivering customized and innovative insurance services. On the cover, we have showcased, ‘HDFC ERGO General Insurance’, one of the reputed general insurance companies in India that offers wide range of general insurance products in the corporate as well as in the retail sector. We have listed Mahindra Insurance Brokers Ltd., as company of the month which is one of the leading insurance companies that delivers innovative, cost effective insurance solution for under penetrated markets in the rural and semi-urban cities of India. Besides, we have listed Aarvi Insurance Brokers, provides online platform for personalized insurance needs. They offer auto, travel, health and property insurance from India’s leading general insurance companies. GIBL is the largest online & offline insurance distribution network that provide digital platform to their customer to search, compare, buy or renew insurance policies online.Zoom Insurance Brokers is a composite insurance broking house focusing on corporates.Aegon Religare Life Insurance is one of the leading financial services organizations, providing life insurance, pensions and asset management. Alliance Insurance offers various services, such as insurance solutions, claims management, insurance audit, renewal review, and risk assessment. IRM Insurance is the property, fire, rural, health, car, travel, bike and life insurance brokers in India. JLT Independent Insurance Brokers is one of the largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. Landmark Insurance offers insurance services for car, health, travel, home insurance as well as term insurance, endowment, personal, accident, pension, and child plans. We have included Interview with Insights Success, ‘Tru-Worth Finsultants’ thatassist people in attaining their financial goals by providing Guidance, Counseling and Advice in the Personal Finance. We have encompassed insightful CXO: ‘Things Your Health Insurance Policy Needs to Cover’ written by Rakesh Goyal, theDirector of Probus Insurance Broking. We have also included some astute articles like ‘Child Life Insurance: Smart Way to Secure Child’s Future’ and ‘Cyber-Insurance-Emerging as the Driving Force of Growth in Insurance Industry’ scripted by our in-house editors in the wonderful pages of this magazine. So, flip through the delightful pages of our magazine and enjoy reading!

  7. 1 Most Valuable T H E Solution Provider in2018 HDFC ERGO General Insurance Company Building Milestones in Indian Insurance Industry T exponentially over the last decade and it has a huge potentiality and several business opportunities in the near future. To accelerate the growth of insurance industry it is important to raise the level of insurance awareness in India. Lack of awareness regarding insurance is one of the major hurdles that companies face while penetrating the minds of people in terms of insurance. The most prominent insurance company, HDFC ERGO, has undertaken various initiatives for the growth of the insurance sector as well as to spread awareness among the customers about insurance from time to time. The company understands the insurance needs of its customers and provides them with customized insurance solutions tailored to their requirements. he Indian insurance sector has one of the largest insurance markets in the world. The insurance industry in India has grown We focus on providing the 'Right Insurance Solution' for all ‘

  8. ‘‘ HDFC ERGO General Insurance Company Limited is a joint venture of two powerful and renowned brands, the HDFC Group and Munich Re Group. HDFC Group is amongst the largest financial services Group in India with its pan India presence and market leading position across all financial services products. Munich Re Group is the largest reinsurer based in Germany and having a global presence for over 125 years. ERGO is an insurance company which is owned by Munich Re Group. In 2008, HDFC entered into a joint venture with ERGO and since then it has been consistently achieving a profitable growth. WE INVEST IN AI AND BIG DATA ANALYTICS TO PREDICT CUSTOMER BEHAVIOR AND SENTIMENTS TO PROVIDE OUR CUSTOMERS WITH A FULLY DIGITAL EXPERIENCE HDFC ERGO’s vision statement is “To be the most admired insurance company that enables the continued progress of customers by being responsive to their needs.”, guided by its values ‘SEED’ i.e., Sensitivity, Excellence, Ethics, and Dynamism to achieve its vision. HDFG ERGO has more than seven million loyal customers. The company has been certified with ISO certification for claim services, operations & services, policy issuance, customer servicing, risk & loss mitigation, and more. Innovative and First-of-its-kind Products and Services HDFC ERGO offers a comprehensive range of General Insurance products to its retail, corporate, and rural customers. In the retail segment, it offers several products such as Motor, Health, Travel, Home and Personal Accident Insurance. It offers customized products like Property, Marine, Liability Insurance and more in the corporate segment. In past one year, it has launched numerous innovative products like Cyber Insurance, Inherent Defects Policy, Solar Energy Shortfall Insurance Policy, Title Insurance Policy and Ticket Cancellations Insurance Policy. The company heavily invests in the digitalization of products and services, which sets it apart from other players in the market. ‘‘ The company provides digital tools and apps to its clients for effective and prompt services which include Insurance Portfolio Organizer (IPO) App, the IPO App on the Apple Watch, DIA – AI Chatbot on Amazon Alexa, Google Assistant and the Company website, Motor Self- Inspection App, End-to-End (E2E) Motor Claims App, Overnight Vehicle Repair Service, the HDFC ERGO Community portal accessible at community.hdfcergo.com and more. Glimpse of Some Major Achievements In FY08 with total premium of INR 223 Cr. HDFC ERGO th was ranked as the 8 largest private insurance company, it has grown significantly at a CAGR of 41% in a decade

  9. ‘ ‘ and in FY18 the Company has achieved tremendous premiums of INR. 7,401 Cr. and has become the third largest private insurer in India. Moreover, market share of the company has grown from 0.8% (FY08) to 4.9% (Fy18). farmers have started insuring their crops under the insurance schemes. HDFC ERGO ventured into the crop insurance business with the implementation of the first Weather Based Crop Insurance Scheme (WBCIS) in 2009-10 and later under the Pradhan Mantri Fasal Bima Yojana (PMFBY). Today the Company covers Assam, Goa, Gujarat, Madhya Pradesh, Andhra Pradesh, Maharashtra, Karnataka, West Bengal, Odisha, Rajasthan, Chattisgarh and Uttarakhand under the government’s Crop Insurance schemes in the respective states. OUR CONSTANT EFFORTS ARE TO IMPROVISE AND CATER TO EVERY NEED OF THE MODERN DAY CUSTOMER WITH SUPERIOR CUSTOMER- CENTRIC SUPPORT SERVICE In 2016, the company acquired Larsen & Toubro General Insurance Company and till date across life, health and non-life insurance segments, it is the first Indian insurer who has successfully done an acquisition in India. Furthermore, HDFC ERGO has been ranked ‘iAAA’ rating by ICRA that indicates its highest claim paying ability with highest safety levels. The company has won many prestigious awards for quality customer services and significant contribution in the industry. The company has been awarded by ICAI for ‘Excellence in Financial Reporting’, one of the most valuable awards for four consecutive years. This indicates the highest level of governance and transparency in the company. An Ardent Trailblazer Ritesh Kumar is the Managing Director and CEO of the HDFC ERGO. Ritesh has more than 24 years of rich work experience in the Financial Services sphere, of which he has spent 14 years in the Insurance sector. Ritesh joined HDFC ERGO in the year 2008. He is a commerce graduate from Shriram College of Commerce, Delhi and holds an MBA degree from Faculty of Management Studies, Delhi. Taking Electronic Services to Rural India In February 2014, HDFC ERGO started Common Service Centre (CSC) platform, the access points for delivery of various electronic services to rural areas in India, in the states of Uttar Pradesh and Andhra Pradesh. Later, the states of Maharashtra, Punjab and Meghalaya too, were added and in August 2014 the company expanded CSC coverage to a pan-India level. Enhancing Insurance Awareness through Distinctive Programs HDFC ERGO has launched India’s first HDFC ERGO Insurance Awareness Award Junior – Quiz in September 2016 in Mumbai as a learning initiative to educate school students about insurance. The awareness program through the quiz got immense success and the company extended it to five cities - Delhi, Mumbai, Kolkata, Chennai and Bengaluru to make it a national level competition in 2017. Moreover, Insurance experts from HDFC ERGO conducted townhalls in more than 160 schools and imparted basic insurance knowledge to over 33,000 students of 8 and th 9 standards. More cities like Ahmedabad, Hyderabad, Pune, and Ranchi have been also added to the third edition of the HDFC ERGO Insurance Awareness Award Junior– Quiz in 2018. Today, CSC platform has over 10,000 service points actively recommending HDFC ERGO’s products. Since, CSCs are present in almost all the rural areas, it is easier for farmers to go to these centers and get the policy issued. th In July 2016, the company commenced soliciting insurance policies for motor third party liability insurance, Kisan Sarva Suraksha Kawach Insurance (Farmers’ Package Policy), Personal Accident Insurance and Standard Fire & Special Perils Insurance (Dwellings Only) through the CSC centres. HDFC ERGO is the largest contributor to Common Service Centre (CSC) channel, which is a strategic cornerstone of the National e-Governance Plan (NeGP) approved by Government of India. Apart from this, to educate farmers about the crop insurance schemes the Company has conducted several marketing campaigns & awareness programs with the help of central and state government in the rural India. The Company has received positive response through these initiatives and

  10. Customer-Centric Approach For HDFC ERGO the customer always comes first. It follows a customer centric approach and places the customer’s interests at the heart of its offerings. The Company develops new products based on customer needs and offers service suitability to the customers. Recently the Company has launched the Overnight Vehicle Repair Service for motor insurance customers, where the vehicle can be repaired overnight and delivered to the customer the next morning, so that the daily routine of the customer is not disrupted. Customer service, digitization processes, product development, product refinement, and product & service delivery are based on an ever-evolving understanding of the insurance needs of the diverse customer base – from large, institutional customers at one end to retail individual customers at the other. Challenges in General Insurance Industry Insurance is an old concept globally but the awareness levels in the Indian market continue to be low. The general insurance penetration to GDP is just 0.8% in India, while it is 1.8% for Asia and 2.8% at a global level. India is the second most populous country in the world and very small portion of total population opts for insurance. With the ever-increasing healthcare costs, only 32 million individuals, or under 3%, have opted for an individual health insurance cover as of March 2017. Owing to various efforts being undertaken by IRDAI and the players in the Indian insurance industry, the awareness is improving, but on a fairly low base. Also, it is important to build long term relationship along with securing trust in the minds of the consumers and it is one of the challenging areas in general insurance industries. to business ‘‘ Customer centricity is a key pillar of our approach Strides for Better Future HDFC ERGO is poised to continue to grow profitably going forward. The company believes that the acquisition of L&T General has helped it to achieve a balanced product and channel portfolio and the company shall continue its customer centric approach to further build on its success. There are many growth opportunities in the Indian insurance market and one of them is cyber risk. The company is focusing to provide innovative cyber insurance products/schemes in the near future.

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  12. 1 Most Valuable T H E Solution Provider in2018 Management Company Name Brief Pradeep K Shah Founder, Ms. Radhika V Shah CEO, Director & Principal Officer Aarvi insurance is the online platform for personalized insurance needs. They offer auto, travel, health and property insurance from India's leading general insurance companies. Aarvi Insurance Brokers Pvt. Ltd. aarviinsurance.co.in Aegon Religare Life Insurance Company Ltd. aegonlife.com Aegon Religare Life Insurance is one of the leading financial services organizations, providing life insurance, pensions and asset management. Vineet Arora MD Alliance Insurance Brokers Pvt. Ltd. allianceinsurance.in Alliance Insurance offers various services, such as insurance solutions, claims management, insurance audit, renewal review, and risk assessment. S. V. Thakkar CEO Greenlife Insurance Broking Pvt Ltd. gibl.in GIBL is the largest online & offline insurance distribution network that provide digital platform to their customer to search, compare, buy or renew insurance policies online. Subir Mukherjee MD HDFC ERGO General Insurance Company Limited hdfcergo.com HDFC ERGO is one of the reputed general insurance companies in India that offers wide range of general insurance products in corporate as well as in the retail sector. Ritesh Kumar MD & CEO IRM Insurance Brokers Pvt. Ltd. irminsurance.in IRM Insurance is property, fire, rural, health,car,travel,bike and life insurance brokers in India Chandan Bhartia CEO JLT Independent Insurance Brokers Pvt. Ltd. jltindependent.com JLT Independent Insurance Brokers is one of the largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. Sanjay Radhakrishnan CEO Landmark Insurance Brokers Pvt. Ltd. policyboss.com Landmark Insurance offers insurance services for car, health, travel, home insurance as well as term insurance, endowment, personal, accident, pension, and child plans. Susheel Tejuja MD Mahindra Insurance delivers innovative, cost effective insurance solution for under penetrated markets in rural and semi-urban cities of India, where customers are often deprived off insurance coverage. Mahindra Insurance Brokers Ltd. mahindrainsurance.com Dr. Jaideep Devare Founding Member & MD Zoom Insurance Brokers Pvt. Ltd. zoominsurancebrokers.com Zoom Insurance Brokers is a composite insurance broking house focusing on corporates. Prashant Gupta MD

  13. Tivesh Shah Founder | AUGUST, 2018 16 |

  14. INTERVIEW WITH INSIGHTS SUCCESS TRU-WORTH FINSULTANTS: Providing Customized Solutions to Meet the Financial Need T the Personal Finance areas like Investments, Insurance, Loans and more. In an interview with Founder of Tru-Worth Finsultants, Tivesh Shah, gave some insightful answers highlighting the influences made by his company to take Financial Planning towards newfound heights. ru-Worth Finsultants was formed to assist people in attaining their financial goals by providing Guidance, Counseling and Advice in generation starting early, with utilization of digital medium. The penetration of various financial products as well as insurance is still low as compared globally but with the government’s various initiatives and the Financial Industry’s will to create awareness, the movement has beginning to pick pace. 3. What are your biggest leadership challenges as a CEO? How did you manage to cope up the difficulties? 1. Kindly brief about Tru-Worth Finsultants and tell us about the vision and mission of your company. Biggest challenge was to make clients look beyond their short term requirements and take a holistic view of their life by prioritizing what’s more important than just money. Tru-Worth Finsultants is personal finance firm providing service to individuals who want to be prepared for their future by protecting from various risks, achieving life-goals and leaving behind a legacy. Over the period, we have created stages in our financial plan to engage with them in between and help them understand importance of what we are doing and also engaging them post-plan delivery to execute the suggestions to achieve their goals. The mission is to provide value for each rupee an investor has invested by enriching his life through various goal achievements and create wealth in the process. 4. Tell us how Tru-Worth Finsultants is helping their clients in Financial Planning? Which kind of unique services and solutions do you provide to clients that make you stand out from the other competitors in your field? The vision is to have informed, aware and happy investors by hand-holding them through various stages of their life. 2. Being in the financial service sector for years, please share your point of view about the industry. We, at Tru-Worth Finsultants, engage with clients in a holistic manner to cover various areas of personal finance through customized detailed financial plan or a goal based plan, as per requirements of clients. As a part of the process, the clients are taken through each The Personal Finance Industry is still in its infancy in India. The awareness is now getting created with next AUGUST, 2018 | | 17

  15. stage of the financial plan and only when they are convinced the next stage is taken up, with the suitable products coming up only in the last stage after completely understanding their cash flows and goals. These engagements with clients at each stage makes clients adhere to the suggestions provided and execute them, which otherwise remains an academic exercise. The priority is given to making contingency funds, have proper risk cover through suitable insurance products, provision for short term goals and then long term investment in suitable products based on their asset-allocation. having fruitful relationship. Client’s satisfaction is our biggest award. 8. What are the values and factors that you attribute your success to? Also, suggest the one quote which adorns your company very well. Our focus on providing “Customized, Planned Solutions” to our clients, which is also our tag line. We always try to find out what is most suitable thing for the client to do, which will be beneficial in his overall life span rather than just taking short term views. To have empathy with our clients and then provide answers has helped us to engage with clients better to provide them with most suitable solutions. 5. Customer relationship is an important part of the financial service sector, share some tactics and strategies to build long term customer relationship. The quote which goes very well is “Your customers are the judge, jury, and executioner of your value proposition. They will be merciless if you don’t find fit!” by Alexander Osterwalder. a) Don’t suggest products, without understanding the purpose of investing money for it. b) Hand-hold the client through various stages of his life, without expecting to earn from him at all points. c) In times of volatile market conditions, help him to stay focused on his goals or purpose of his investments rather than taking calls based on market scenarios. d) Keep in touch through various touch points like social media, mails, etc. not only related to his investments but also his other areas of interest like sports, music, etc. 9. Please tell us about Tru-Worth Finsultants’s future plans to expand new market and new product or services. In pursuit of our mission and to reach more individuals, we have started working with advisors who want to move on from only-distributing financial products to provide value based solutions to their clients. We assist advisors by helping them design and also implement process; provide outsourced financial planning services; provide them various customized tools to provide desired solutions to their clients. 6. Tell us about the company’s work culture and how do you keep employees motivated? We are a small team with focused individuals for each task with “Clients First” approach. We treat our employees as internal clients, to provide them an engaging and learning work environment. 7. Mention some of the awards, achievements, recognitions and clients’ feedback that you feel are notable and valuable for Tru-Worth Finsultants. The fact that he keeps coming back to us for our feedback on various things is our achievement in | AUGUST, 2018 18 |

  16. 1 Most Valuable T H E Solution Provider in2018 AARVI INSURANCE BROKERS PRIVATE LTD: Delivering Diversied Range of Innovative Insurance Services Passionate Leaders of the Company Mr. Pradeep K Shah is the Founder of Aarvi Insurance Broking Private Ltd. He is an expert in the field of insurance and has more than 44 years of robust experience. He started his career as an administrative assistant at New India Assurance,India’s largest General Insurance Company, in 1971.He started working as General Manager Marketing in Reliance General Insurance in 2000. Apart from this, he also has a tremendous experience as an entrepreneur; he is founder and director of a data analytics company called “Pentation Analytics”. He has also started private reinsurance company “ITI Reinsurance Company” as well as a health insurance company called “OCARE Health Insurance Company”. His hard work, innovative ideas, and creativity have differentiated the company from their competitors. Pradeep K Shah, Founder Radhika V Shah, CEO, Director & Principal Ofcer Radhika Shah Aarvi Insurance. She has abundant experience of 12 years in the insurance sector. She started her career as a business development head at IFFCO TOKIO General Insurance Company Ltd. where she was responsible for business development and retail as well as corporate relationship management. In the year 2006, she joined as a corporate agent at Aarvi along with her father Pradeep Shah. She was responsible for client relationship management. According to her, Aarvi Insurance has made her learn new ways of client building and improved her knowledge about brokerage and insurance industry. CEO Director , Principal Officer and is of T personalized services has augmented. The Insurance companies have to focus on the clients’ need and imply personalized strategies to different customer segments. With a strong desire to change people’s lives and revolutionize the way people buy insurancethe prominent insurance company,Aarvi Insurance Broking Pvt. Ltd was incepted in 2006. The company emphasizes more on innovation and invests more in the latest technologies to serve its clients in better way. The company always believes that innovation is the key factor to sustain in the market. “If you have the love and passion for the work you do, then the sky is the limit.” says the founder of the company. This quote clearly defines company’s work culture and potentiality. here are multiple players in the Indian insurance sector and due to this steep rise in the level of competition; the need for sophisticated and Friendly Working Environment to Motivate the Employees Aarvi Insurance Broking Private Ltd has an employee-friendly culture and accentuates more on innovation and creativity. Their team is always ready to | AUGUST, 2018 20 |

  17. and easy access to get the policies and claims. To maintain positive and long-term client relationship, the company focuses more on the client needs and provides quality and timely service to them. The company has its own toll free number through which company provides guidance and timely assistance to their clients. Perfect destination for innovative insurance product and services Opportunities and Challenges in Insurance Industry The brokers of the industry are facing lots of challenges; there is a fear of losing the business to someone every single day. There are lots of options available in the market for the customers with lots of varieties. The competition among the brokers is also rising day-by-day in the industry. Technology can play a big role in such competition; with the adoption of the smart and latest technology any company can do wonders by reaching grass root level customers. The insurance industry has many opportunities to grow and expand; the rural market of India is still not covered by the insurance companies. Insurance companies are also adopting e-marketing and institutional marketing to get deeper into the rural market. Underwriters should find a new range of pricing for insurance products of the rural market. The insurance products with a specific coverage for a specific need at a lower cost to customers are also a future of the insurance industry. serve its clients by working 24 hours a day round the clock. As total work is done online, the company provides work from home facility to their employees for delivering better customer services. They also arrange brainstorming sessions among their employees to make their product and services better and to reach to the customers effectively. The company focuses more on employees’ needs and provides support to their employees. The company provides various forms of training to their employees to make them expert in the respective fields and inculcate related skills. The dedication, hard work, and team support are the important factors for the company’s success. Footsteps for the Future According to Aarvi Insurance Brokers Private Ltd., though there are several players in the Indian market still it is under penetration. The penetration level is just about 1 %, which is contributed by the urban area. The rural parts are not yet penetrated, the insurance sector has a greater penetration potential to rural market and Aarvi Insurance Brokers Private Ltd.’s next step is to capture rural segment with innovative distribution channels and products. Innovative Products and Services Aarvi Insurance Broking Private Ltd. offers a range of auto, travel, health, property insurance and many general insurance services. They provide advising services for purchasing the best insurance policy and also help clients during the claim issues. They also offer online products like Online Third-Party Insurance product in Motor Insurance. For online third-party insurance, the company has developed more than 500 franchises. The company is about to launch home insurance and dental insurance which would be customer friendly, economical AUGUST, 2018 | | 21

  18. Child Life Insurance SMART WAY TO SECURE CHILD’S FUTURE A The thought of bringing a new member into a family is full of delight and happiness. However, it does bring new challenges and responsibilities along with it. A life insurance policy can somehow provide support in these duties. The insurance is a simple way of getting coverage for the financial protection of a family. Every parent is concerned about child’s future, safety and always wants to give them better life. Whether it is injuries, accidents, school activities, or trips, parents can never turn a blind eye towards their child. These worries can be sorted out by securing the financial end of a family, which can relieve the pressure of being around a loved one from the parent’s shoulders. child can change everything in the parent’s life and can be a moment of joy for the couples who are thinking to start their family. | AUGUST, 2018 22 |

  19. INVESTMENT APPROACH AUGUST, 2018 | | 23

  20. Compared to the last decade, the cost of emergency medical situations has increased. Nowadays, parents have become more aware and earlier there were not so many complications. The transformation towards the digital life has definitely increased the costs, which have created a problem for generating immediate cash for people who do not have insurances. However, things have changed now and there are various affordable insurances, which are available. It is, therefore, important for the parents or the ones who are about to start a family to grasp the knowledge about the insurance and pay attention towards it. from term can be transferred, converting it into the permanent life coverage. How Child Insurance Work The life insurance works the same way for the kids and adults. A policy can be purchased, which will remain effective for years. Permanent or whole life insurance adds the benefits in building the cash value in the policy. This policy stays for the whole life of the child as long as the premiums are paid. On the other hand, the term life insurance is less expensive and can be renewed when expired. When the child is old enough, he/she can increase or decrease the coverage all by himself. Furthermore, a child can borrow the accumulated cash from the policy. The Types of Child Insurance Plans The life insurance of a child is of two types: term life or permanent term life insurance. The Life Insurance Pricing Term life is the most affordable kind of life insurance. A lot can be covered in it at a very low price. The purchased policy can cover the buyers for ten, twenty, or thirty years. The term life insurance is sufficient for a lot of families. By purchasing the term wise policy, parents can also save, build, pay debts and raise capital on their own. And at the end of the term, when the kids are independent and financially self-dependent, the insurance can be accumulated and parents can enjoy the savings or can save it for their own retirement. The pricing depends on the various factors like the type of policy, the amount of coverage, and the length of the term. Some factors governing the price of the insurance are: Age: The younger the child, the less will be the price. Sex: The women pay less when compared to the men. Health: Healthier people have to pay less than an unhealthier one, for example, an obese person. Permanent term policies are more complex. These are expensive and are useful for the lifelong financial dependency. These appeal to the parents due to the cash value incentives. Developed with the low-risk, long-term savings these provide various options for the parents. Once the cash value is substantial, the money can be borrowed and can be used for payments, or buying additional coverage. It is also catered towards the needs of the child. A child with special needs will definitely benefit from this policy. This policy works for the child that has a serious medical condition or is on the verge of developing one. The policy with the accelerated death benefit would allow drawing money against its value to provide the expenses for the ill child. When compared to the other investments like mutual funds or individual stocks, these do not show much growth. Consequently, this insurance policy can also be used as a supplement along with the other investments. Parents can invest heavily if they want a bigger payoff, however, they should also be aware of its higher risk factors. Most of the purchased term policies can be converted into the permanent life coverage. Small portions Smoking: The smokers have to pay more than the non-smokers. Hobbies: People with the dangerous hobbies like, skydiving have to pay more for the insurance. There are various ways of purchasing the life insurance. However, it is always advised to consult a professional financial advisor beforehand. Parents must take time in searching for various available policies and should compare their premium costs and coverage limits. They should also consider the fact that early the insurance is bought, the more beneficial it will be for the child. Parents must also be cautious and should buy policies according to their financial needs and budget. | AUGUST, 2018 24 |

  21. 1 Most Valuable T H E Solution Provider in2018 GIBL.IN: Assuring ‘Best’ Pick through Its Innovative Platform Customized Value-Added Services GIBL is a tech-enabled company that offers a smooth and unbiased online comparison of various general insurance policies from the top-rated insurance companies in India. People can have the personalized policy and best insurance plans at just a click of a mouse. It makes the entire process of insurance buying easier, faster, transparent, and smoother for its consumers. Subir Mukherjee Managing Director The company provides several customer services such as 24hours Claims Assistance & Login System, One Click Policy Renewal, Self inspection app for expired policies, Renewal alert through SMS and Emails and so on. GIBL offers insurance services in general insurance policy viz. Motor Insurance, Health Insurance, Travel Insurance, Personal Accident Insurance, Home Insurance, Business & Commercial Insurance etc. I becomes very difficult for the customers to do a comparative study of these plans in a lucid manner. Many times multiple insurance options confuse the customers instead of helping them in picking the right policy. With an objective to assist customers in making an informed decision when buying a policy online, GIBL was founded in 2013. This promising company provides the ‘compare and buy’ insurance online platform in India. Presently, GIBL.IN is the largest insurance distribution portal in India with more than 1.5 Lakh pages listed within generating tones of user experiences. Accolades and Achievements n India, there are numerous insurance companies which offer different types of insurance plans with diverse features at different premium rates. It thus In a shorter span of time, from 2013 to 2018, GIBL has established a powerful image in the online insurance broking sector and is counted among the emerging name in the FinTech space in Indian subcontinent. GIBL has been awarded as the ‘Best Use of Technology in Insurance’ by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in 2018. The company has been selected as the top seven Insurtech startups by MEDICI for APAC region. In 2018, world’s leading insurance software provider, EBIX, a NASDAQ listed company has selected GIBL’s Technology platform for its new Insurance exchange venture in India. | AUGUST, 2018 26 |

  22. plunged into the mobile based marketplace where customer can purchase or renew insurance policy right away via GIBL Mobile App. Through these technologies, one can easily search, compare, buy or renew insurance policies at GIBL from 3000+ policies that are offered by 32+ top insurance companies in India. Being one of the leading insurance brokers in India, we always put our customer's interest rst by ensuring they get the best policies as per their requirement Creating New Entrepreneurship Opportunities The main purpose of GIBL is to reach out to the rural and urban area network through the implementation of advanced technology in the online insurance distribution sector and bring the offline customers to the online platform using POS Program. Through this POS program, GIBL has taken an extraordinary initiative by creating the entrepreneurship opportunity for those who really need employment to cope up with financial needs. GIBL POS agent works for its sales process of the products and in return of each sale takes away a guaranteed portion of the profit as a commission. Goals for the Future Frontrunner with Excellent Industry Acumen The team of GIBL works diligently to satisfy each customer’s needs and by making sure that they get the best assistance. The future goal of GIBL is to shine bright as the biggest star in the sky where online insurance distribution takes the leap. The company aims to lead in the coming age of personalized insurance and is totally geared up to plunge deep into this new era of insurance buying where modern technological devices are being used in profusion to offer insurance in the best way possible. GIBL is the 1st Company in Eastern India to open up 500+ insurance points and 30k POS agents in 2000 cities in the next three years, focusing primarily on the incredible business possibilities and opportunities in this particular sector. Subir Mukherjee is the Managing Director of GIBL with more than nineteen years of rich work experience in multinational companies across the globe with specialization in software, internet & mobile technology based company build up. He has also worked as a software development consultant in America Online (AOL), PWC, and other fortune 500 companies. In a very shorter span of time, he has made GIBL as one of the top three insurance market places in India. Subir is a dynamic leader with a practical hands-on approach, who always perseveres to achieve the best results. Tech-Led Insurance Service Provider The company uses big data analysis to get customers’ insights in terms of the particular kind of policy they are actually looking for. On that basis, they create custom packages by sending the insight reports to the insurance companies in order to provide better policies that suit the requirements of individual customers. Thus, it helps customers in the process of insurance comparison to select the best insurance plans for them. GIBL also AUGUST, 2018 | | 27

  23. Dr. Jaideep Devare Founding Member & Managing Director MIBL IS SERVING 10 Million CUSTOMERS IN OVER 2 LAKHS VILLAGES BY PROVIDING INNOVATIVE INSURANCE SOLUTIONS | AUGUST, 2018 28 |

  24. COMPANY OF THE MONTH MAHINDRA INSURANCE BROKERS LTD. Providing Improved Customer Satisfaction, Innovative Solutions and Redefining Productivity in the Insurance Industry Since their inception, MIBL has served over 10 million retail customers and spread across 2 lakhs villages. The Company provides direct insurance broking for Corporate, SME, and Retail customers and offers a range of products for the Non-Life and Life insurance segments. In addition, MIBL also offers value-added services like Insurance Diagnostics, Risk Management and Claims Assistance. Standing Different from the others MIBL offers services to its customers through B2C as well as B2B business models. In B2C, they serve retail customers for individual needs related to health, life and motor. On the other hand, through B2B business model, they cater to corporate and SMEs for their group health and asset insurance requirements. In B2C (Retail), MIBL has a philosophy of designing innovative solutions for the rural market which is often neglected. MIBL has developed several innovative solutions like Mahindra Loan Suraksha (MLS) and Mahindra Arogya Suraksha (MAS), specially designed to adapt to the prevailing conditions in the rural and semi-urban areas and provide them comprehensive coverage for their lifecycle needs. W (MIBL) delivers innovative and cost effective insurance solution. Mahindra Insurance Brokers Ltd., a subsidiary company of Mahindra and Mahindra Financial Services Ltd. (Mahindra Finance), is a one-stop shop for a customer’s varied insurance needs. MLS is a customised, innovative insurance solution offered to Mahindra Finance vehicle and tractor loan customers, through which, in the unfortunate event of the customer’s death, the outstanding loan amount is waived off and the vehicle or tractor can be retained by the customer’s family. MIBL co-created this unique solution along with Mahindra Finance and an insurance company, with a focus on customer-centricity. To facilitate the process of claim settlement for the customer’s family, MIBL evolved innovative practices along with insurance companies to facilitate faster and hassle-free claims. ith the commitment to provide value to their customers by understanding their insurance needs and risk profile, Mahindra Insurance Brokers Ltd. MIBL was granted a Direct Brokers License in May 2004 from the Insurance Regulatory and Development Authority of India (IRDAI). The company spread its wings and upgraded its license to a Composite Broker License in September 2011, thus foraying into Reinsurance Broking business along with Direct Broking. Through its Direct Broking, MIBL primarily services the rural and semi-urban markets in India with more than 400+ branches and has business relations with insurers and reinsurers in over 40 countries for its Reinsurance broking business. In B2B (Corporate Solutions), MIBL caters to 1000+ Corporates and SMEs and insures their employees and physical assets. MIBL also offers value-added services like Risk AUGUST, 2018 | | 29

  25. Management/Audit which include risk inspection and gap analysis, and portfolio management which includes claims consulting. leadership, the gross premium generated by MIBL in F2017-18 was INR 20.49 Billion with a compounded annual growth rate of over 40% since its inception. MIBL have served over 10 million retail customer cases since May 2004 till date. companies, banking institutions can be leveraged for distributing affordable and need-based insurance solutions. The recent Point of Sale Person (POSP) regulations by IRDAI provide a new opportunity for insurers and brokers to sell basic insurance policies through individuals. MIBL is planning to leverage Mahindra ecosystem as well as open market for enrolment of individuals as POSP. This would help in reducing manpower cost and expand penetration in the market. Through its Reinsurance vertical, MIBL caters to insurers and reinsurers in 40+ countries. Reinsurance broking product is used by insurance companies to transfer their portfolio risks to reinsurers, protecting the insurer’s balance sheets and enabling continuity of business operations. The Reinsurance Broking team uses its international domain knowledge and expertise to provide innovative and customized solutions to insurance companies, nurturing long term business relationships and expanding the company’s industry network. With the aim of driving positive change, Jaideep has contributed significantly to promote insurance awareness. Jaideep earlier served as a member on the Life Insurance & Pensions Committee of the Bombay Chamber of Commerce and Industry (BCCI) from F2004 to F2006 and as a member of the Managing Committee of the BCCI for the year F2016. He is currently a member of the Insurance Institute of India’s (III) Committee on Research Grants. He has been awarded with Asia Pacific Entrepreneurship Award for 2017. Experts Insights in Future of Insuretech Technical innovations are increasingly playing an important role for determining growth of insurance industry. Wearable & Artificial intelligence helps in real time tracking of the customers, their lifestyle, habits and patterns to customise offerings. Preventive health care leads to lower claims. Advanced analytics is expected to play an important role in insurance. Predictive and optimization models are being adopted in business processes such as sales, marketing, and service. New sources of external data, new tools for underwriting risk, and behaviour-influencing data monitoring are the key developments that are shaping up as game changers Innovations in analytics modelling will also enable carriers to underwrite many other emerging risks that are underinsured, including those related to cyber security and industry-wide business interruption stemming from natural disasters. The Thought-leader in Transforming the Insurance Industry Dr. Jaideep Devare is Founding Member and Managing Director of Mahindra Insurance Brokers Ltd. He joined Mahindra & Mahindra Ltd. in 1992, and has been involved in various assignments across different businesses of the Mahindra Group. In 2002, he was appointed as Head – New Initiatives at Mahindra & Mahindra Financial Services Ltd. (MMFSL),a subsidiary of M&M. After successfully setting up the insurance distribution business at MMFSL, he played a key role in forming the insurance broking company, Mahindra Insurance Brokers Ltd. (MIBL) which commenced operations in 2004 and was subsequently he was appointed as the managing director of MIBL in 2009. The Pioneer Believes in Turning Challenges into Opportunities The Insurance industry has seen dynamic changes in recent times due to introduction of new IRDAI regulations, change in consumer behaviour, increase in competition and adoption of technology in the sector. According to MIBL, new players are disrupting the industry with their simple offerings and innovative products. IRDAI introduced Motor Insurance Service Provider (MISP) as new class of intermediaries which changed the distribution model for motor insurance. As a result, the industry’s commission structure has undergone a change. Hence, MIBL is planning for innovative business models like Pay-as-you-can where network of large service providers like telecom MIBL is currently working on predictive analytics model to understand customer lifecycle better and bring them products that suit their needs. At MIBL, Jaideep has conceptualized and built a sustainable business model to deliver the benefits of insurance to millions in rural India. Under his | AUGUST, 2018 30 |

  26. ARISING FINANCIAL TECHNOLOGY ECOSYSTEM WITH THE Rajesh Nair Founder About The Author A career banker with 12 years of experience in Financial Planning. Founder of EarnWealth Solutions Pvt Ltd, a wealth management company in mid 2014. Successfully set up the Treasures Priority Banking & Wealth Management franchise for DBS Bank Pune. Joined the private life insurance space in 2001 on opening of the sector as an agent with Bajaj Allianz Life Insurance. Joined ICICI Prudential Life Insurance in June 2006 as Sales Manager & established Beed branch. Moved to Aurangabad and took over a struggling branch and created many records. Joined Tata AIG Life as a branch head in May 2009. Successfully established PCMC branch & built one of the most admired sales teams in TALIC. Got promoted as an Area Manager in June 2010. | AUGUST, 2018 32 |

  27. FINANCIAL TALK O funding pouring in, even global players like Google and Whatsapp are looking to get a piece of this pie. According to NASSCOM, the Indian fintech market is expected to grow at a CAGR of 22 percent for the next five years. Another KPMG report states that the transaction value for the Indian fintech sector was estimated to be approximately $33 billion in 2016 and is expected to reach $73 billion by 2020. My key observations are as below • The talent pool is not ready for the future ver the last year and a half, the financial technology ecosystem has emerged as one of the hottest sectors in India’s internet play. With As many as 87 percent founders identified that employees focused on technology development or coding are the core of their workforce. On average, 33 percent of total employee strength (in Indian fintech) comprises of coders; this number is as high as 67 percent for idea and pre-revenue stage startups. However, the current talent pool for Indian fintech is low on future tech skills or knowledge. About 71 percent of respondents state lack of deep tech expertise as a key impediment to their growth. All fintechs using Block chain technology highlighted that the availability of coders in the technology is especially low, with many respondents hiring their coders from Russia, Poland, or Silicon Valley. • Fintech in India is still young Data shows that almost 64 percent of fintech organizations in India have been in business for close to three years now, with median employee strength of 14 people. Furthermore, 61 percent of the founders are under the age of 40 (25 percent less than 30 years of age, and 35 percent between the age of 31-40). Being at a nascent stage, only 7 percent of respondents have seen their companies turn profitable. • Proof of concept and early stage funding is still limited Fintech funding in India rose from $300 million in 2016 to $2.7 billion in 2017. This shows that fintechs have shown a 34 percent year-on-year jump. However, Proof of Concept (PoC) and early-stage funds are limited. As many as 71 percent of pre-revenue and 81 percent at idea stage fintechs noted “severe difficulty” in raising funds. • India has the second highest global fintech adoption rate with collaboration • Managing burn rate is emerging as a key issue for Indian fintech According to a data 74 percent of the startups have a burn rate between $10,000 and $50,000 per annum, with only 7 percent of them being profitable. As per a report in EY, the fintech adoption index in India is the second highest and 59 percent higher than the global average. It shows that incumbents and fintechs have moved from competition to co-opetition and collaboration. Seventy-nine percent of respondents view incumbents as partners while 13 percent are indifferent and only 8 percent of them view them as competitors. • Accelerators and incubators might actually be supporting in commercialization • Lending is a massive opportunity There’s report which states that Rs 26.5 trillion of the SME debt demand unmet by formal channels presents a huge opportunity for fintech firms. Further, it highlights that MSMEs often do not have access to formal lending channels, and rely on the informal sector, at interest rates as high as 30 percent. Moreover, smaller businesses also have limited financial history and might not have detailed documentation available at hand, which becomes a major hurdle in the loan disbursement process. Fintech hubs, accelerators, and incubators might be playing an important role due to their ability to provide mentorship and access to investors, corporates, and funding. AUGUST, 2018 | | 33

  28. 1 Most Valuable T H E Solution Provider in2018 ZOOM INSURANCE BROKERS: An Ideal Partner for Corporates to Fulll All Insurance Needs enormous empire. Believing in the words of the legendary Walt Disney, “All our dreams can come true, if we have the courage to pursue them”, Prashant took a bold step of giving up an already successful career with one of the leading insurance companies, in the pursuit to fulfill his much cherished dream of setting up an insurance broking company. Started from a small infrastructure, with three people on roll and an insurance premium of INR one million, the company celebrates its decade of glorifying success in the year 2018. Zoom, in its initial years, was incepted as a direct non-life insurance broker. Within a few years it acquired the license to operate as a life insurance broker as well. Moreover, in 2017, it was credited with the license to start Reinsurance broking. Today, Zoom is a composite broker, focusing on corporates, with an accumulated premium placement of over INR 1000 cr. From Indian to Foreign MNC’s to SME’s it renders a full service spectrum for all. The firm has an equal exposure and balanced approach of the Public as well as Private sector Insurance Industry functionality. Prashant Gupta Managing Director W although the existence of this industry can be traced years back. Comparatively, Insurance Broking in India is much new-fangled. The first broking firm in India made its appearance in 2003. Today, the insurance industry is flourishing at a pace faster than the economy and the broking industry is two steps further ahead of the insurance industry. ith the passing of Insurance Brokers Act in 1977, insurance brokers were first recognized by the British Parliament, An Ambitious Dreamer and Perseverant Leader Prashant began his career with the state-owned United India Insurance Co. Ltd., two and a half decades back and holds an ICWA and company secretary degree. After the year of 2000, Malhotra Committee report opened the doors for private insurers and paved way for many enterprising insurance professionals to switch to private companies. Prashant was amongst the few who took that plunge and led two private insurers for 7 long years. During this time, he honed technical and marketing skills. The entrepreneur in him pushed him to start Zoom. Prashant is one of the youngest leaders to start an An insurance broking firm, Zoom Insurance Brokers Pvt. Ltd., was established in the city of Dwarka, near New Delhi, in 2008. It was a small dream of a young and charismatic entrepreneur, Prashant Gupta, MD, which with time and constant efforts has grown into an | AUGUST, 2018 34 |

  29. Identifying the client’s need and stitching together the ideal insurance program with the help of right insurers, standing by their sides always during the difficult times of accidental losses or offering risk management suggestions, are some of the characteristics Zoom prides on. We keep the best interests of our clients, insurers, employees, and stakeholders rst The Pre-eminent Employer “To excel in the corporate world, one has to win the hearts of the employees at the workplace”. Over the years, Zoom has practiced this successfully. Excellence for it is not an act, but a habit. With numerous competitors attracting talents at every stage, the company has managed to retain the best over the years, some even since inception. A citation proclaiming the company as one of the “top employers” of Gurugram is a testimony to its success in the area of employee engagement. Since its inception, the firm has not only grown in stature, but also inculcated a culture and attracted a pool of talent. insurance broking firm in Indian insurance industry. Under his able leadership, Zoom has grown into a force to reckon with, in the last decade. Buoyancy about a Bright Future “Milestones like a decade of success, are indicators of many more such landmarks, yet to be achieved,” asserts Prashant. The vision and mission of Zoom is to strive to work hard, look ahead, and march on till the zenith of success is reached. Continuously thriving for innovations, the company is working on a new initiative. Online and digital insurance being call of the hour, with its new mobile application on “point of sales”, the firm plans to foray into smaller cities and towns. The Secret behind its Growing Clientele From a regulator to an esteemed customer, Zoom has drawn accolades from everywhere. Its transparency, honesty, and the zeal are some of the qualities that have been talked about by the insurers as well as the customers. The technical prowess of the company coupled with the sales acumen, has attracted and retained number of clients. Its ever-growing client base is the testament for the same. Auto- ancillary, steel, mobile and accessories, power plant, renewable energy, real estate, roads and infrastructures, hospitality, food and beverages are among the leading industry sectors where the corporate have found Zoom strong and worthy ally to handle their insurance portfolio. A strong retention of the clients year after year, undeterred by the raging competitions in the market, speaks volumes of the technical and servicing capabilities of the company. AUGUST, 2018 | | 35

  30. | AUGUST, 2018 36 |

  31. EDITOR’S CHOICE CYBER INSURANCE- EMERGING AS THE DRIVING FORCE OF GROWTH IN INSURANCE INDUSTRY C yber-attacks of large-scale and massive data-breaches are occurring frequently in the digitized world of business. Cyber insurance is becoming more of a necessity than a privileged service. Cyber insurance is emerging as a segment in itself and many new insurance companies are entering the market. They will further expand their teams with the cyber-security professionals and tools to enhance the protection of valuable data. The speed at which this segment is being propagated among businesses, it will remain a driving force of the industry in coming years. Cyber Insurance for Information Security The impact of cyber threats on businesses is relatively broad compared to the scope of the protection provided by current insurance products. Hence, insurance companies continue to develop their services to match the requirements of the companies. They provide cover for businesses and help them to return to normal after a cyber-security attack and reduce the need for assistance from the government. It aims at dispensing the risk fairly in a way that companies with a higher risk of cyber-attacks will be paying a higher premium than those with a lower risk. Cyber Insurance Market The cyber insurance market is relatively small but is growing rapidly unlike many other types of insurance products many insurance providers consider this as a major contributor to the growth of their business. These providers are concerned about their ability to identify incidents of a cyber-security breach and are building robust models to predict such events. Insurance providers may end up paying Cyber insurance is an insurance product in which businesses and individual users are provided with the protection from the risks of loss of information. It is like any other basic insurance product and offers the protection against cyber-crimes and the attacks which can result in financial, data and other losses. AUGUST, 2018 | | 37

  32. Coverage of Cyber Insurance too much in case of widespread cyber-attacks as differentiate between cyber-related incidents and damages that are covered by other kinds of insurance. Cyber insurance covers the claims relating to damage of information from computer systems and networked applications. Policies usually include assistance in the recovery and management of the event of the breach itself, which can be indispensable when faced with business losses combined with damage of reputation. Generally, cyber risks fall into the first party and third party risks. Insurance products exist to cover either or both of these types of risk. Types of coverage are multiple based on needs like prior acts coverage, reputation damage expense, forensic specialist expenses, both paper and electronic data, liability coverage, loss control and mitigation services, business interruption, and personal cyber insurance. Current and Upcoming Trends Segmentation of Services The cyber insurance market has two divisions based on the size of the company and vertical segments. Based on the size, the market can be categorized into small and large enterprises. There are vertical segments like retail & e-commerce, utilities, media & entertainment, BFSI, telecom & IT, transportation, healthcare, government, and education. Nature of Cyber Risks Cyber risks can be identified with specific parameters like its exposures are hard to define and quantify. Data of insurance claims available from old records are very rare and cannot be used for good predictions. Cyber-threats are constantly surfacing in new ways which can spread widely and rapidly. A series of consecutive large events is likely to happen and with high interconnectivity, it may result in a possibly unlimited impact on businesses. Small businesses are the primary targets of cyber-attacks in which data breaches happen more frequently, precisely because they do not spend much on data security. Some business owners are not as tech savvy as the modern world demands. The trends of increasing number of security vendors will support these efforts by providing insurance guarantees. Cyber extortion coverage will take the lead as the most demanded cyber insurance product. Cyber-attacks like Ransom-ware are exploding across geographies, industries and all size of businesses. Another future trend is increase in demand for tools that will allow insurance companies to do the risk assessment in an accurate, scalable and affordable manner which will streamline the entire risk quantification methodology. New regulations will be introduced by government agencies that will support the expansion of the cyber insurance market. Approaches for Quantification of Risks The cyber insurance market is relatively insignificant compared to other insurance products. Its overall influence on evolving cyber threats is hard to quantify. Insurance companies have formulated several approaches to tackle this issue. Studies by the third party concluded that almost half of the policyholders with insurance on business income had insured for the lower than needed amount. Studies also show that organizations have inadequate cyber insurance as well. Especially, small and mid-sized companies are lagging behind mainly because these companies do not consider themselves vulnerable to attacks. There is an increase in the number of insurance companies which are starting to offer cyber-security services. One thing is certain that next time the data is being shared on the internet or with networked business; customers can relax with the security assured for their information in the digital world. First is developing data analytics that analyzes the nature of cyber risk and preparing data protocols with digital risk indicators for all company information. Novel approaches are being taken to analyze the risk and corresponding threats affecting the size of damage and vulnerability of systems. Companies are including threat assessments while developing in-house technical know-how with the help of external experts. Charting cloud-related interconnectivity is in full swing and using machine learning to judge the frequency of claims and exposure to multi-dimensional risk. | AUGUST, 2018 38 |

  33. Things Your Health Insurance Policy Needs To Cover Rakesh Goyal Director I this information in advance might help you to smartly choose the best insurance plans for you and your family. f you are looking for a new health insurance policy or not sure of the details of your current insurance plans, there are few important things that you need to know about your insurance plan. Knowing ABOUT THE AUTHOR Rakesh Goyal is the Director of Probus Insurance Broking Pvt. Ltd. Mr. Goyal has extensive and diverse experience in the insurance industry spanning over 22 years. His previous work experiences include several prestigious Brands; Bausch and Lomb (India), World Index Investment, International Foreign Currency Market & Gogia Capital Ltd which has helped him in developing an utmost understanding of the market. There have always been long lasting questions from the customers regarding the health insurance plan. The only benefit that most individuals are aware of is tax benefit. People still are unaware of what makes the health insurance policy a winner. Following are few things that your health insurance policy needs to cover: Essential Health Benefits There are many insurance companies that offer a set of preventive services at no extra cost under your cover. This might include pre-medical test and health screening. So, one must compare various quotes available online and find the best health insurance plans that come with the essential health benefits. Below mentioned are few essential health benefits that need to be covered by your insurer: Hospitalization (it includes surgery) Various emergency services Maternity and new born care (includes care pre-birth and post-birth) Prescription drugs Rehabilitative and habilitative services and devices (services and · · · · · | AUGUST, 2018 40 |

  34. EXPERT TALK Check for the Waiting Period One must check whether the policy they are planning to take up covers pre-existing diseases or not and from when. It is worthwhile that you should disclose your pre-existing disease while buying the policy to take the advantage of this cover. devices to aid people with injury, disability, or chronic conditions gain or recover mental and physical skills) · Laboratory services · Preventive and wellness services and chronic disease management · Pediatric services · Mental health and substance use disorder services · Behavioral health treatment which includes counseling and psychotherapy Flexibility in the policy Requirements and choices differ from person to person depending on the age, gender and the situation, hence it is recommended to check beforehand for the flexibility in the policy. Even in a family, there can be different needs of each family member as well. While you would be requiring cover for expenses for maternity, your parents would be in a need of getting a cover for pre-existing disease as quickly as possible. With the best options available, one must be able to find out what he wants and choose his or her plan simultaneously which best suits them. Check whether your Policy Covers Preventive Services Preventive services can help in detecting diseases or help prevent illness or other health related issues. This preventive service purely depends on the age, gender, family history or medical history. However, this coverage for preventive services varies by state, so it is recommended to review the services before choosing a plan. Medical Necessity There can be several cases in which the doctor might set the requirement of medical care that is not covered by your health insurance plan. No-Claim Discount that your Policy Offers The No-Claim bonus is a common thing in health insurance and it varies from insurer to insurer. All the insurers offer these services in one form or the other. However, there is a limit on the maximum amount that can be obtained as no claim bonus. No Claim discount encourages the non-claimant by giving a defined reduction in renewal premium. Hence, it is important to check the no claim discount before selecting the health insurance plan. There are insurance companies that determine what tests, drugs, and services they will cover. The choices depend on the understanding of the kinds of medical care that the particular patient needs. So, it is always suggested to check for this detail before opting for the health insurance plan. Look for the Network Hospitals Insurers have tie-ups with some hospitals, so based on the instructions the claims are settled by these hospitals from a particular insurer. So, it is always better to check which hospitals are within the network of the insurance company that you are planning to opt for. Also, one must check for its specialty and reputation. Cumulative Bonus In simple words, cumulative bonus helps in increasing the coverage amount in a defined way. So always check for the most suitable options that suit your requirement and financial capability. At last, make sure to read all terms and conditions carefully before finalizing a health insurance policy. If you do not do that, you might end up facing some unpleasant surprises when you seek a claim. So take some time and choose the best. Health insurance plans keep on changing, so be diligent to make sure you get the plan that makes the most sense for you and suits your budget. In addition to this, cashless hospitalization options at these network hospitals are the key features that your health insurance policy offers. It assures you and your family by getting you cashless treatment along with peace of mind. Understand the Exclusions of your policy One of the most important factors that need to be considered is exclusions. Ensure that you read all the policy documents well and check for all the exclusions before opting for any policy. Additionally, check for which diseases you won’t be paid for a specific time period. AUGUST, 2018 | | 41

  35. Blockchain Technology is Creating Waves in the Financial Arena B “ lockchain” is not a new word; it was first coined in the year 2008 but its compelling effect starts resonating a decade later, across all business verticals. According to a leading technological firm; private investments into blockchain companies have risen to a new high and pulled more than $4.5 billion in the current financial year itself. A blockchain is an uninterruptedly growing list of financial records called blocks, which are linked and secured using advanced cryptography. It is digitized, decentralized, public ledger of all crypto currency transactions. It enables all stakeholders to keep track of digital currency transactions without the need of central recordkeeping repository with the added advantage of advanced security. Reasons behind the Blockchain Popularity Financial Transactions becomes much cheaper: Any type of trade requires exchanging assets between two or more parties, and unless the trade follows the bartering system, there is always at least one central third party that is brokering the deal, providing trust into the trade and seeking their own compensation for the role that they undertake. Blockchain alters this exchange platform by bringing stakeholders together in a trusted network without a third party and by | AUGUST, 2018 42 |

  36. TECH TREND recording each financial transaction sequentially and securely. It eliminates the need of intermediaries required in any financial transactions. The benefit of that consultancy amount goes directly into the customer’s pocket. Thus, it makes financial transaction much cheaper as compare to the traditional transaction where a customer has to pay some operational fees for the economic transaction. business days, which comprises the final mile transfer via a native payment network, such as Automated Clearing House. But with blockchain technology it is possible to clear cross border payment in real time, this facet of blockchain making it more attractive among financial giants. Recent Business developments in Blockchain Technology According to the World Bank, money transfer worth over $430 billion was sent in 2015 in the US alone. Now, just imagine the magnitude of money transfers happen across the globe every financial year. With blockchain technology, huge customer amount will get saved with the elimination of intermediaries. • Global tech giant, IBM has collaborated with a Silicon Valley Stellar.org and regional services firm KlickEx Group, for making global payments much efficient and faster using Blockchain. • Technology major Intel has partnered with a startup firm Ledger to provide innovative solutions for digital currency and Blockchain; in order to cater their growing client base. • The Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority has signed a memorandum on a blockchain-based solution for trade finance. Eliminates the Problem of Double Spending: In the digital transaction area, Double Spending is a well-known problem. It has created havoc in the past and thus being one of reasons; many people chose not to trust digital financial transactions at all. But blockchain technology has eliminates the risk of it with the help of intensive number-crunching and complex algorithms that take up a great deal of computing power. Many known hackers tries to exploit spending same currency twice but failed miserably since it is difficult to duplicate or falsify the block chain because of the immense amount of computing power that would be required to do so. Applications beyond Financial Services However, blockchain technology is made by keeping financial services in mind, but its application can be used in wider array of sectors. Commodity, Data Management, Energy, Gaming & Gambling, Organizational governance, IoT, Job market, Market forecasting, Media and Content distribution, Real estate, Social networks, Supply and chain management and many more. Enhanced Data Security & Redundancy: Block chain uses distributed ledgers to carry out its operations. Distributed ledgers enable any financial transactions or contracts to be maintained in a decentralized form across different location using advanced cryptography. This creates multiple copies of the highly secure identical data across multiple nodes in the block chain network. These facets makes block chain database much more immune from the cyber-attacks, manmade and natural disaster as compare to centralized databases which is being use by majority of enterprises as of now. Due the impactful facets it brings into the financial transactions, Blockchain is now faster gaining the recognition across globe. Many notable economist and entrepreneurs believe that Blockchain is the next revolution in the the financial sector. Larry Summers, former chief economist of the world bank had said in an event that “I’m reasonably confident … that the blockchain will change a great deal of financial practice and exchange,” and adding further to his comment he said “40 years from now, blockchain and all that followed from it will figure more prominently in that story than will bitcoin.” Payment becomes much Faster: Cross border payment is on the rise since the globalization gains momentum. Clearing a cross border payment; has always had a tedious and time consuming task for many financial institutions. According to a leading research firm, the average time to complete a cross-border transaction needs three to five AUGUST, 2018 | | 43

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