Riskpro insurance advisory services 2013


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Riskpro insurance advisory services 2013

  1. 1. Risk Consulting & Advisory Services Insurance SectorRiskPro India Ventures (P) Limited New Delhi, Mumbai, Bangalore 1
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  3. 3. Riskpro’s Network Presence New Delhi Agra Ahmedabad Kolkata Mumbai Pune Hyderabad Bangalore Salem 3
  4. 4. Who is Riskpro… Why us? ABOUT US MISSION Riskpro is an organisation of member firms around India devoted to client service  Provide integrated risk management excellence. Member firms offer wide range consulting services to mid-large sized of services in the field of risk management. corporate /financial institutions in India Currently it has offices in three major cities  Be the preferred service provider for Mumbai, Delhi and Bangalore and alliances complete Governance, Risk and Compliance in other cities. (GRC) solutions. Managed by experienced professionals with experiences spanning various industries. VALUE PROPOSITION DIFFERENTIATORS You get quality advisory, normally delivered by large consulting firms, at fee levels  Risk Management is our main focus charged by independent & small firms  Over 200 years of cumulative experience High quality deliverables  Hybrid Delivery model Multi-skilled & multi-disciplined organisation.  Ability to take on large and complex projects Timely completion of any task due to delivery capabilities Affordable alternative to large firms  We Hold hands, not shake hands. 4
  5. 5. Risk Management Advisory Services Basel II/III Advisory Corporate Risks Information Security  Market Risk  Enterprise Risk Assessment  IS Audit  Credit Risk  Fraud Risk  Information Security  Operational Risk  Risk based Internal Audit  IT Assurance  ICAAP  Operations Risk  IT Governance  Forensic servicesSERVICES Operational Risk Governance Other Risks  Process reviews  Corporate Governance  Business/Strategic Risk  Policy/ Process Review  Business Strategic risk  Reputation Risk  Process Improvement  Fraud Risk  Outsourcing Risk  Compliance Risk  Forensic Accounting  Contractual Risk  Insurance Risk Training Recruitment  Banking – E Learning  Virtual Risk Managers  Corporate Training  Full Time Risk Professionals  Regular Risk Management Training  Part time Risk Professionals  Online Training material  Risk Managers on call – free  Workshops / Events 5
  6. 6. Insurance Industry Prologue… How we Do  Insurance industry has seen numerous changes in recent past with increased players, products mode of distribution, regulatory changes, technological improvements with a moderate healthy growth.  Key stakeholders in insurance industry include- insurers, corporates, brokers, TPA’s and surveyor’s who run the entire cycle of acquisition to settlement process of clients.  Key risks arising in todays fast-paced, ever-evolving world will have to be managed through effective risk management in insurance solutions to clients.  Emerging challenges continue to impact insurance industry in form of De- regulation, Global markets impact, Self insurance need & Market driven pricing. 6
  7. 7. Insurance Risk Advisory Services*This presentation and its contents in part or whole should not be copied or distributed to anyone. 7
  8. 8. Focus areas for Insurance Risk advisory services How we Do Identification of Internal & External Insurance Industry Continues to Respond to Risk Dynamics Pure Risks  Existing Risk Control Measures Review  Risk inspection  Risk Audit Scrutiny of Existing Insurance Covers Dynamic ERM & Risk Financial Economic  Coverage Analysis Capital  Rates & Deductibles Cash flow (Compulsory self insurance) testing Cash flow testing ALM Defining Standard SOP for Claims ALM Control Traditional Traditional  Guidelines on documentation Risk Risk Management Management Time 8
  9. 9. Key Industry Risks Focus Areas… How we Do 9
  10. 10. RiskproInsurance Risk Management Services – Generic Offerings Service Offerings Value Proposition •Risk •Risk Reporting •Industry Inspection Benchmarking •Insurance •Training services- •Due Diligence – Manuals Processes/ Claims Current handling Insurances •Risk •Risk Audits- •Indemnity Evaluation Coverage/Exclusions/ Advisory and covenants Renewals ‘We at Riskpro help cover entire spectrum of •Valuation of •Claims Management as •Insurance insurance risk management Capital per T&C valuation/ liaison Market trends/ solutions for your Assets for with surveyors for quicker Regulatory loss coverage disbursement compliances- organization’ ! IRDA, ICDR, SEBI. 10
  11. 11. Key Risks Services Overview How we Do Value Proposition •Accidental damage •Insured perils •Policy coverage evaluation inclusion advisory for premises / F&F Damage to Physical Assets •Sum insured •Claims processing calculation and FSR 11
  12. 12. Key Risks Services Overview How we Do Value Proposition •Regulatory changes •Investing in Risk •Loss control for & Impact management Credit Risk Monetary Loss • Actuarial Risk •Systematic Risk of •ALM- Liquidity Risk Liabilities 12
  13. 13. Key Risks Services Overview How we Do Value Proposition •Risk Survey & •Operations Risk •Product launch Analysis through management- risks analysis documentary review Employees/Contractual parties/Third parties Operational Loss •Non fulfillment of contractual obligations & recourse 13
  14. 14. Key Risks Services Overview How we Do Value Proposition •Employee Benefit •Workplace risk •Expatriate risk Risk impact analysis Employees Loss •Personal accident coverage 14
  15. 15. Risk Category Solutions…1/4 How we Do Employee Benefits Insurance Value Proposition Portfolio Analysis Program Analysis Plan implementation Group Health Benefits •Evaluation and •Optimize the benefits •Endorsement Group Accidental Benefits assessment of cover program with tracking & Monthly over premium spends established Data Reconciliation benchmarks Life Insurance Benefits •Comprehensive •Cost optimization •Claims Advisory, analysis for through vendor Control and Retirement Benefits competitiveness and relationship and Management cost-benefit volumes handled •Review of prior claim •Optimizing •Monthly report card and losses to identify administrative time benchmarking trends & issues and workload performance against SLA •Funding Alternatives •Optimizing Analysis communication 15
  16. 16. Risk Category Solutions…2/4 How we Do Liability Insurance Value Proposition Risk Assessment Risk Presentation & Plan Design Commercial General liability & Claims Administration •Exposure •Information gathering •Coverage Product liability identification for underwriter’s Design Public liability •Risk retention •Presentation of risk •Peer advisory to market benchmarking Retirement Benefits • Claims •Negotiating with •Monthly report management insurer’s for optimum card Employment practices liability coverage/ price benchmarking performance Public offerings of securities against SLA • Assistance in •Policy structuring for claims right pricing documentation 16
  17. 17. Risk Category Solutions…3/4 How we Do Project Insurance Value Proposition Contract Risk Management •Contractual •Contractual risk •Competitive Obligations flows stress Peer Benchmarking •Technological •Regulatory •Risk presentation Development requirements to credit analysts Underwriting to reinsurers •Insurer / •Insurance •Claims Advisory, Reinsurer carrier advisory Control and Strategic Claims selection Management 17
  18. 18. Risk Category Solutions…4/4 How we Do Claims Handling Services Value Proposition •Claims resolution •Loss assessment •Documentation and support for right compensation •Compelling presentation of client’s •Client on-site support as solution • Best overall value for quick and claims provider capable claims cycle management • Understanding existing processes, • Notification of all Claims and Claim •Coordination and guidance in philosophies, service needs and circumstances to the appropriate submission of all Claims related challenges in Claims handling insurers documents •Management of complex claims •Consultation and advice on coverage •Assistance in Claim settlement questions prior to Claim notification and negotiation issues likely to arise post Claim notification • Maintaining Claim records • Producing Claim reports and analysis • Creating efficient, effective, and pro- as required active strategies to reduce Claim costs • Providing Claims review meetings on and mitigate exposures regular basis 18
  19. 19. Insurance Claims Management Process How we Do -Assisting client in registering - Interaction with surveyor for Insurance Firm claim with Insurance Company a) Survey of Loss - Collection of loss details to b) Assessment of loss organize insurance Survey c) Finalization of report - Preparation of claim papers once d) Early issuance of report to survey is over Insurance Company Riskpro Client Surveyor Follow up with Insurance firm for claim settlement 19
  20. 20. Insurance Broking Services*This presentation and its contents in part or whole should not be copied or distributed to anyone. 20
  21. 21. Composite Insurance Broking Services- Individuals & Corporates How we DoFunctional Definition : An insurance broker ( or agent) sells, solicits or negotiates insurancefor its clients with a compensation percentage. Riskpro offers a wide spectrum of brokingservices covering your enterprise needs with optimal risk solutions & advisory. Mortgage redemption Saving’s Plan Term Insurance Plan Plan Hire Purchase Risk cover Keyman Insurance cover Supplementary Executive Plan to HNI’s Retirement Plan Rider & Claim Settlement Group term insurance for Group Gratuity Schemes Advisory employees /Deposit linked Plans Group superannuation Benefits 21
  22. 22. Insurance Training Services*This presentation and its contents in part or whole should not be copied or distributed to anyone. 22
  23. 23. Risk Management Trainings Delivery Model 1. Corporate/ Institutional Trainings- Onsite  RiskPro has strengths in providing resources for Institutional and Corporate Training.  All our Trainers and Faculty are industry professionals who have deep knowledge of Insurance Risk Management.  Suitable for companies with specific needs – Senior management /Business & Functional Heads. 2. Classroom Trainings - Onsite  Customized /Audience relevance capability  Middle Management/Frontline staff 3. Online Web platform trainings  Low cost training at regular, fixed dates.  Specific for a corporates/SIG’s or combined with generic trainings with multiple participants  Multi city delivery access capability 4. Webinars- “GTM” by Citrix Online  Conducted live by industry experts on topics of interest /industry and relevance. 23
  24. 24. Insurance Risk Training 24
  25. 25. Insurance Risk Training – We Address your FAQ’s How we Do• What is Insurance product and what is suitable for me.• What extent of insurance cover I should take depending on potential loss event and risk exposure.• How to negotiate Insurance claim for total Loss claim.• Scrutiny of major insurance policies for applicable premium, any relevant discounts, warranties, clauses and conditions.• Guidelines advisory for fixing sum insured.• Evaluation of business interruption exposure due to known risks.• Guidelines for documentation fulfillment , procedures for claims under policies.• What are different payment options for my insurance policy.• Life insurance regulations for NRI’s.• Policy servicing- Nomination procedure 25
  26. 26. Insurance Training Areas & Services How we DoRiskpro offers unparallel array of insurance training services by our industry expertsteam with decades of experience combined with deep insight of insurance businessmodel and needs of staff training as per changing market, regulatory, customer life-cycle aspects. Reinsurance & Various Underwriting business Introduction/Concepts Risks Management training workflows Types of Insurance Plans for Regulatory Framework Policy servicing customer segments and Compliances Insurance portfolio Risk Management & Claims management management services Monitoring Designing Business strategic insurance programs 26
  27. 27. Training Delivery MethodologyNeed Analysis - Program Coverage • Discussion with Company’s Training Dept to define training scope and objectives • Development of relevant content considering industry best practices • Incorporation of practical examples from client operationsDesign and development • Coordination with your company to segment audience based on similar background and job responsibilities Development of training material relevant to your employees • Development of hand – outs and materials, case studies relevant for engagement of audienceImplementation and Delivery of Training • Coordination relating to faculty travel. • Delivery of training by highly qualified faculty. • Follow through on remaining open questions.Evaluation • Feedback and assessment with respect to meeting training objectives • Periodic Assessment of use test of knowledge in day to day engagements 27
  28. 28. Training Focus Areas… Quality Training Delivery Thought RiskPro Training leadership Client Value Creation Knowledge RepositorySkills Base To provide a base for deploying industry wise skills, knowledge assets, and best practices to proposals and client engagements.Showcase To provide a showcase for thought leadership and capabilities as your preferred Training partner. Training To support client engagements with knowledge skills required for relevant resources covering business overview, Developing functional expertise in area of operation. 28
  29. 29. Riskpro Clients Our Clients *Any trademarks or logos used throughout this presentation are the property of their respective owners 29
  30. 30. Team Experiences Our Experiences Our team members have worked at world class Companies *Any trademarks or logos used throughout this presentation are the property of their respective owners 30
  31. 31. Team Experiences - Insurance Sector Our Experiences Our team members have worked at world class Companies *Any trademarks or logos used throughout this presentation are the property of their respective owners 31
  32. 32. RESUMES – Our Team Credentials  Co-Founder - Riskpro  CA, CPA, MBA-Finance (USA), FRM (GARP) Manoj Jain  Over 10 years international experience – 6 years in Bahrain and 4 years USA  15 years exp in risk management consulting and internal audits, Specialization in Operational Risk, Basel II, Sox and Control design  Worked for Ernst & Young (Bahrain), Arab Investment Company (Bahrain), Navigant Consulting(USA), Kotak Mahindra Bank (India) and Credit Suisse(India)  Sox Compliance project for Fannie Mae, USA ( $900+ Billion Mortgage Company)  Co- Founder - Riskpro  CA (India), MBA (Netherlands), CIA (USA) Rahul Bhan  Over 15 years of extensive internal and external audit experience in India and abroad.  Worked with KPMG United Arab Emirates, PKF South Africa, Ernst and Young Kuwait, Deloitte Netherlands and KPMG India.  Worked with clients in a wide variety of industries and countries including trading, retail and consumer goods, NGO, manufacturing and banking and finance. Major clients include banks, investment companies, manufacturing organizations, aviation etc. 32
  33. 33. RESUMES - Our team Credentials  Co-Founder - Riskpro Casper Abraham  PGD (Electrical & Electronics & Computer Programming)  30 years of experience in Information & Communications Technology (ICT) Solutions for Retail, Garments, Manufacturing, Services Industries.  Has created Companies, Divisions, Products, Brands, Teams & Markets.  Consulting in Business, Technology, Marketing & Sales & Strategic Planning.  Advisory, Training, Workshops & Implementation in Systems Thinking, Systems Modeling & Balanced Scorecard  Worked with TIFR, Mahindra, Ambience, Communico-Graphique & Ionidea Inc, USA,  Vice President – Risk Management  MBA, PDFM, NSE-NCFM, PMP, CSSGB,Trained ISO 9001:2000 I.A,GARP-FBR, ITIL Hemant Seigell  Professional with 17 years of rich experience into diverse Consumer finance/ Lending operations ,Risk Management,BPMS, Consumer Banking, NBFC, Management Consulting & Housing finance in BFSI industry having successfully led key business strategic engagements across multi-product environment in APAC, Australia and US regions.  Worked with GE, ABN AMRO Bank, Citigroup, Accenture, Deutsche Postbank  Highly skilled and expert Trainer in Risk areas across Fraud, Credit, Operational, Corporate Risk management, GRC.  Specializes in Fraud Control, Compliance QA ,ERM and Regulatory governance. 33
  34. 34. RESUMES - Our team Credentials  Head - Insurance Risk Advisory services  B.sc, Associate of Indian Institute of Insurance Licensed Category A Insurance surveyor R. Gupta   26 years of experience in Insurance advisory services, Loss adjusting for large corporates,Claims management.  Has assessed more than 4500 high value insurance claims across various industry sectors.  Risk management inspection  Valuations of fixed assets for insurance purpose.  Head - Human Capital Management Nilesh Bhatia  Chartered Accountant, Lead Assessor ISO 9000, Six Sigma Trained, Trained on Situational Leadership, Trained on interviewing skills and Whole Message Model.  Over two decades of international, multi-cultural experience in finance and human resources viz. internal audit, accounting operations, accounting process review & re-designing, risk management, business solutioning, six sigma projects, talent acquisition, talent retention, organization design/redesigning, compensation and appraisal processing, employee and customer satisfaction surveys, knowledge management and finance services.  Worked with Citicorp/MGF, India Glycol, Delphi, American Express India, American Express USA, Fidelity International and Macquarie Global Finance Services India. 34
  35. 35. Our team Credentials  Co-founder- Riskpro Rajesh Jhalani  B.Com, FCA  Senior Partner with 48 year old Delhi based Chartered Accountant firm, Mehrotra and Mehrotra  Over 19 years of experience in the field of Audit, Taxation, Company law matters.  Major clients served are NTPC, BHEL, Bank of India, PNB, Airport Authority of India etc.  Specialist Risk Consultant – ERP & IT Compliance  SAP Certified, MBA (Finance), SAP Security trained (from SAP India), SAP GRC Access Gourav Ladha Controls trained (from SAP India)  Over 7 years of experience working in the area of ERP/IT Risk advisory, primarily focusing on SAP, for ‘Fortune 500’ clients in around 8 countries including US, UK, UAE, Hong Kong, etc  Specializes in SAP Risk & Controls Advisory, SAP Business Process Controls Audit, SAP Security & Segregation of Duties Control Audit, ERP Trainings,  Strong Industry experiences ranging from Beverages, Insurance, Energy, FMCG, Pharmaceutical, Retail, Telecommunication to IT Services  Worked for risk advisory teams of reputed organizations like Ernst & Young, EXL Services 35
  36. 36. RESUMES - Our team Credentials  Vice President & Head – IT Risk Advisory Ravikiran Bhandari  Over 14+ Years of Experience in Information Security and Risk Management & CISM certified  Headed the Global Information Security team of Daimler (Mercedes-Benz) Worldwide at Bangalore for 9 years, previously worked at organization like Wipro, Bangalore Labs  Multi-sector experience including Banking, Insurance, Finance, Energy, Manufacturing, Retail, Hi-Tech & Telecom, and Automobile  Well known Ethical hacker: Was featured in BusinessWorld Magazine in an article about leading ethical hackers in India and published several articles in Print and Online Media  Rich experience in Information Security Audits across Corporations, 3rd Party Suppliers, Joint Ventures across several countries in the world including US, UK, China, Germany Vice President – Legal Risk Advisory Aashish Shrivastav   B.B.A. LL.B. (Hons.)  About half a decade experience in legal services to client’s with respect to Contract and Commercial Laws, Joint Ventures, Inbound & Outbound Investments, Private Equity Investment Transactions, Real Estate & Infrastructure, Energy and General Corporate.  Have advised various social enterprises and start ups in setting up business in India.  Worked for the leading law firms of India such as FoxMandal Little. 36
  37. 37. RESUMES - Our team Credentials  Vice President – Riskpro India Phanindra Prakash  FCA [India], ACMA [India], CFE [USA], CertIFRS [UK]  Over 16 years of extensive consulting experience which includes financial & systems audit, process transformation, implementation of internal controls, SOX compliance, fraud audits & due diligence, US-India taxation  Engaged in consulting roles as trusted advisor to finance, internal audit and information technology executives of multiple Fortune 1000 companies with project sites in US, Canada, Europe & Asia  Worked with E&Y and Deloitte Consulting in USA  Some of the major clients served internationally are GE Capital, UBS, McKesson, Eaton, Imation, Albertsons,  EVP and Head – Telecom Risk Advisory  M.Tech, IIT Kharagpur, India; IES; Doctoral study, research and teaching in Linkpoing University/Sweden; Lead Auditor (BVQI). Asok Sit  Over 30 years on International experience in networks and mobile Handsets from top global companies /institutes like ISRO, Ericsson, Nokia, Nokia Siemens Networks and based mostly in its head quarter locations in India, EU, USA.  Expertise: Setting up capability, behaviour, culture in turning Risk, Quality, Innovation for competitive advantage, customer delight and sustainability; key skill sets are Engagement, Handholding, Coaching, Mentoring and lot of best practices, benchmarking/standards like CMMI, TL9000, Six Sigma, ISO, SAS 70 etc. 37
  38. 38. Advisors Credentials  Founder partner of Mehrotra and Mehrotra, a 48 year old CA firm in India  B.Com, FCA, LLB M P Mehrorta  Over 48 years of experience in audits, taxation, legal matters, loan syndication etc.  Trustee of Cochin Port Trust, Member of Task Force for MOUs, Ministry of Heavy Industries & Public Enterprises, Govt. of India, Ex- Member of Central Board of Trustees, Employees’ Provident Fund Organisation (EPFO), Ministry of Labour, Govt. of India, New Delhi.  Ex - Director, Canara Bank  Practicing chartered accountant in Delhi  CA, ICWA  Over 35 years of professional experience. P K Gupta  Trustee, Kargil Shaheed Smarak Samiti  Hony. Treasurer, World Academy of Spiritual Sciences (WASS).  Panel Arbitrator, International Centre for Alternative Dispute Resolution  Arbitrator, Cement Corporation of India  Arbitrator, Bombay Stock Exchange Limited  Arbitrator, Central Depository Services (India) Limited  Arbitrator’s Panel of Indian Council of Arbitration 38
  39. 39. RESUMES - PARTNERSHIPS  Specialist Risk Consultant – Business ContinuityAndrew Hiles  Founder and 15-year Chairman of Survive, the first international user group for Business Continuity professionals  Founding director and first Fellow of the Business Continuity Institute  Over 25 years international consulting expertise in Risk, Crisis, Emergency, Incident, and Business Continuity and ICT Disaster Recovery Management  Multi-sector experience including Banking, Insurance, Finance, Oil, Gas, Energy, Manufacturing, Retail, Hi-Tech & Telecom  Western Press Award for services to business, 1994; BCI/CIR nomination for lifetime achievement in BC, 1999, London; inducted into BC Hall of Fame by CPM magazine, 2004, Washington DC.  Specialist Risk Consultant – Enterprise Risk ManagementChris E. Mandel  Highly skilled risk and insurance professional with 25 years of experience designing, developing and implementing large, global corporate risk management programs for Fortune 500 firms.  Principal Consultant and Founder - Excellence in Risk Management, LLC. (Texas, USA) Co-founder and EVP, Professional Services, rPM3 Solutions, LLC (Maryland, USA).  Past experiences include Head of Global Risk Management for USAA, PepsiCo/Tricon Global and American National Red Cross  Additional risk and insurance experience at Verizon Corp,. Marsh USA and Liberty Mutual Insurance Co.  2004 Risk Manager of the Year – 2007 recipient of the Alexander Hamilton Award for “Excellence in ERM” (at USAA) – former President, Risk and Insurance Management Society, Inc. 39
  40. 40. Key Contacts Corporate Mumbai Delhi Bangalore Riskpro India Manoj Jain Rahul Bhan Casper Abraham Ventures (P) Limited Director Director Director M- 98337 67114 M- 99680 05042 M- 98450 61870 manoj.jain@riskpro.in rahul.bhan@riskpro.in casper.abraham@riskpro.in info@riskpro.in www.riskpro.in Sivaramakrishnan Hemant Seigell Vijayan Govindarajan President – Banking & FS SVP – Risk Management EVP – Risk Management C 561, Defence colony M- 98690 19311 M- 99536 97905 M- 99166 63652 New Delhi 110024 smaran.iyer@riskpro.in hemant.seigell@riskpro.in vijayan.govindarajan@riskpro.in Ahmedabad Pune Kolkata Gurgaon Maulik Manakiwala M.L. Jain Kashi Banerjee Nilesh Bhatia Associate Firm Principal – Strategy Risk EVP – Risk Management Head – Human Capital Mgt. M – 98256 40046 M- 98220 11987 M- 98304 75375 M- 98182 93434 mljain@riskpro.in kashi.banerjee@riskpro.in nilesh.bhatia@riskpro.in Gourav Ladha Sap Risk Advisory M- 97129 52955 Salem Ghaziabad Agra Hyderabad Chandrasekeran R Gupta Alok Kumar Agarwal Phanindra Prakash Recruitment franchisee Head – Insurance Risk Associate Firm Member Firm M – 94435 99132 M- 98101 07387 M- 99971 65253 M- 95500 61616Copyright- © 2012 Riskpro ,India .All rights reserved. 40
  41. 41. Key Contacts (Continued) Corporate Bangalore Gurgaon Riskpro India Ravikiran Bhandari Asok Sit Ventures (P) Limited VP – IT Risk Advisory EVP, Head – Telecom Risk Advisory M- 99001 69562 M- 98105 03463 info@riskpro.in ravikiran.bhandari@riskpro.in www.riskpro.in asok.sit@riskpro.in C 561, Defence colony New Delhi 110024Copyright- © 2012 Riskpro ,India .All rights reserved. 41