In this exclusive edition of “The 10 Most Recommended Insurance Solution Providers in 2019. These companies are the torchbearers in strengthening and expanding the insurance services into every corner of the country.

1. www.insightssuccess.in
June-2019
VOL 6
ISSUE 3

4. “Insurance is a subject matter of solicitation”
his is the most read statement that is included in every
Tadvertisement or documents related to the Indian Insurance
sector. A majority of the Indian population are quite
intruded by the fact that insurance is a basic element of life and
not just a choice! People are still missing out the true essence of
insurance – it safeguards against the losses occurred due to
unforeseen events and gives the noticeable push that helps to
align life again!
With the liberalization of the Indian Insurance industry almost
three decades back, the sector has steadily expanded by the
virtue of urbanization and changing lifestyles. As per reports,
there are over 63 insurance companies that are segregated as –
24 in life insurance and 39 in non-life insurance providers in
India.
Major investments from MNC's and international players have
lightened up the insurance sky and the emergence of players
introducing niche products and services are a breather – both for
citizens and for the industry. Few factors that are fuelling the
growth are:
• Distribution channels
• Consumer demands
• Untapped potential
• Reforms accelerating the market
Out of all these critical factors, the most crucial part is educating
and informing the citizens about insurance. Along with being a
lifesaver for countless people, the insurance sector stands
amongst the backbone towards strengthening the economic
development of the country. Although the industry is progressing
to reach up to US$ 280 billion by 2020, the overall insurance
penetration stands very low as compared globally. However, as
there's always a silver lining at the end, awareness and the
continual inclusion of innovative products and services by the
players are rapidly changing this scenario.
Desk

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8. ountless players introducing a wide range of products and services – securing life to automobiles,
Cgadgets, cards and almost everything, the Indian Insurance service providers are going places!
In this exclusive edition of “The 10 Most Recommended Insurance Solution Providers in 2019 we
have showcased the journey of some of the iconic players in the industry. These companies are the
torchbearers in strengthening and expanding the insurance services into every corner of the country.
On the cover page of this edition, we have introduced COCO By DHFL General Insurance. As a leading
provider of Insurance products using new age technology, it stands amongst the most talked about player
withintheIndianinsurancefraternity.
Alongside, we have AHI Insurance Brokers that is an IRDA approved Mumbai based Insurance Broking
Company which helps customers in advising to choose differentiated Insurance products. Ensign Insurance
Brokers is one of the trusted brokers for life and general insurance in India. Catering requirements of both
individuals and corporate clients, it has made a niche market today. Founded in 2011, OneAssist Consumer
Solutions Pvt. Ltd is an online platform that caters to secure valuable appliance within the household.
Featuring next is PolicyX - is a leading online insurance web aggregator that offers unmatched guidance to
consumers in selecting insurance plans. Quickinsure Insurance Brokers Private Limited has launched
‘Quickinsure.co.in’- anonlineinsurancecomparisonportal.
That’s not all! The industry experts have penned their thoughts on diverse topics that give an insight to the
core. Finally, the editor has crafted a special content that exhibits the shining pointers of the insurance
industry. Happy Reading!
Every Step is a Giant Leap
towards Developing India
“

12. he imminent rise of the Fintech companies over the last
Tdecade is rapidly transforming the face of the Indian
Insurance industry. Although technology always stood as
the backbone of the traditional insurance industry, its prominence
was limited at the backend. Over the years, as the consumers have
been more adaptive towards this sector and technology taking the
center stage, the Indian Insurance industry is set on the right
trajectory of growth.
As technology continues to play a pivotal role in various financial
verticals, InsureTech has evolved as the latest platform for the
insurance industry. Much like the e-commerce industry, the
insurance sector has taken colossal steps by embracing cutting-edge
technologies like Artificial Intelligence, Machine Learning and lot
more. Today, along with empowering the buyers by offering a
plethora of offerings, technology is assisting the customers to have
complete control and access the online insurance platform in the
most secure way. From enhanced customer experience,
recommendations, and offering tailored packages as per the
requirement of the customers, the growth of the Indian Industry has
been phenomenal.
One such player that has embraced technology to the core and has
been hugely successful in converging customer’s expectation in a
very short span of time is COCO By DHFL – General Insurance
Limited. Launched in November 2017, it is headquartered in the
business capital city of Mumbai. COCO stands amongst the most
talked about player within the Indian insurance fraternity. By the
end of the first financial year, the GWP was INR 141 Crore, a feat
that was seldom witnessed from a new entrant in the industry
specifically in the de-tariffed regime.
The InsurTech, COCO, within a short span, has managed to grab
the eyeballs by winning countless accolades and appreciations at
various platforms. It was recognized amongst Top-10 Promising
Insurance Startups by Silicon India Startup City Magazine in 2018.
Other prestigious awards include:
Ÿ Brand Excellence in BFSI category - CMO Asia in Singapore
Ÿ Mobby’s Award - COCO launch on November 30, 2018
Ÿ Drivers of Digital Award - COCODrive Launch Campaign
Ÿ DIGIXX Award - Best use of Digital in BFSI

13. These accolades are just the
foundation for a burgeoning
InsurTech juggernaut in the private
general insurance space that has just
begun its endeavor so emphatically
that the future is immensely
revolutionary and profitable.
The Leader
With more than three decades of
professional experience, Vijay Sinha
is the founding Managing Director
& Chief Executive Officer of COCO
by DHFL General Insurance Ltd.
Throughout his illustrious career, he
has been a strategic business leader
who led key leadership positions at
prestigious companies like LIC, Tata
AIA Life Insurance Company, Bajaj
Allianz Life Insurance Company, and
Dewan Housing Finance Ltd. Right
from streamlining complex
distribution development, defining
corporate marketing &
communication strategies, creating
sales & distribution network and
defining moments through Product
Development, Project Management,
and Sales Process Re-engineering, he
has managed it all.
One of the key highlights of his
journey at COCO was his expertise
in launching the venture without any
foreign alliance. He opined
‘Digitisation’ to be the future and
worked diligently to put an Insurance
manufacturer into the InsurTech
space. Earlier, he is credited with
rebuilding the Bajaj Allianz brand
story - with elevating its customer
experience to world-class standards.
His sprawling career is defined by
four core elements - Business
acumen, an assiduous eye for detail,
the ability to invigorate multifarious
organizations spread across various
cultures, and a vision for what should
be - rather than what is defined!
Creating a Mark in the Industry
The brand name COCO is a
combination of ‘Connected
Coverage’ that emerges from brand
purpose of ‘Connectivity’ in a
‘Digital World’, and ‘Coverage’ that
is wholly based on their offering of
insurance protection. COCO is the
forerunner in the Indian InsurTech
space and is geared towards a digital
future where customers can truly
understand the insurance they buy
and experience what can’t be
matched by traditional channels.
Rather than focusing on a ‘2-minute
buying’ concept, COCO had a
different outlook right from the
inception that has led to such market
accreditations bestowed on the
company. The differentiation and
uniqueness delivered by COCO in
the areas of property & casualty
business is nothing short of a
welcome disruption for the customer
as well as for the industry.
By leveraging the capabilities and
power of digital technology, it has
crafted an ecosystem that
recommends products and coverage
which are customizable as per the
customers’ needs & requirement.
Furthermore, it’s easy-to-explore-
online-platform assists customers to
make an informed choice on the
same.
The company is soon going to
launch plethora of ‘micro-moment’
products that provides the buyer a
cover from specific risks. The USP
of these categories of products is the
freedom of choice given to the
buyers without forcing them to buy
pre-bundled rigid packages. Another
flagship product that is to be
unveiled is COCOCure – a
dedicated health insurance product
that aims to disrupt the health cover
space by its innovative features.
Syncing the intuitiveness and
customizability that is offered under
the Motor Insurance products
(COCORide and COCODrive),
COCOCure is all set to simplify and
transform the current health
insurance eco-system.
Bridging the Gaps
The journey of the Indian insurance
industry that commenced over a
decade earlier has witnessed a
paradigm shift with regards to the
process and being pro-active in
Care More.
Have More
“ “

14. embracing a customer-centric approach. Today, a majority of
prominent players are offering a clutch of value-added services beyond
insurance schemes such as customer care packages, roadside
assistance, and more.
As a dominant InsureTech player in the insurance sector, COCO is a
forerunner in incorporating innovative concepts by walking an extra
mile that differentiates themselves in this competitive technological
era. The entity has identified three valuable areas that are yet to be
offered to the buyers.
True Customization: COCO emphasizes educating the buyers about
the salient features of the add-on services and why it can be beneficial
for them. With extensive research, the company is able to understand
customer profiles and suggests relevant add-ons accordingly.
Automation: Banking on the new-age technologies like AI and ML, the
entity presents an interactive online platform analyzing consumer
behavior data to provide an insurance plan that makes sense and
engages customers in the most interesting ways. Content, user flows,
and suggestions on the website are customized based on the
information collected from each user’s hyper-local profile.
Ultra-competitive Market Rate: Insurance products from COCO allow
customers to customize the insurance plan as per their requirements
and facilitates the purchasing of these products directly from the web
portal. This allows the customers to only pay for what they require
without having to pay for rigid, pre-bundled insurance policies.
The Road Ahead
Analyzing the performance and scope of the insurance industry in
India, COCO carries a very optimistic outlook of the future. As the
industry is growing at a CAGR of 17% since privatization, there is a
huge potential for the players. With the emerging InsurTechs, the
penetrations through digital mediums are going to speed up the growth
rate.

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16. The Knowledge of Insurance
O
f late, Indians have been acknowledging the necessity of Insurance. While they always have had
a compulsion for regulatory compliance or habit of savings, Insurance has been a different ball
game altogether. With changing times, changes in lifestyle, increase in private jobs, and
uncertainty of life, taking insurance for oneself and assets possessed by hard earned money have become
the norm but taking just any insurance off-the-shelf doesn’t help. One needs to study carefully, how I am
insured and up to which extent. As such one needs the assistance of someone who knows the insurance
inside out and helps decide on an insurance solution that best fits their case. For this Trade expert required
to attend your objective to be insured.
Our uniqueness
lies in seeking to
consistently execute
better and perfect
this recipe of Life
Cycle management
for continued success
‘‘
Chintan P. Mehta
CEO & Principal Ofcer
14 JUNE 2019

17. Assisting people in finding the
correct insurance policy is AHI
Insurance Brokers (Auto Hangar
India, A Mariwala Group initiative,
1991) 2017 Startup initiative. AHI
acts as an advisor to choose the best
plans through its transparent and
unbiased recommendations. It helps
customers in selecting different
insurance policies and products like
motor, health, life, travel, investment,
pension, pa and business among
others. AHI with its associated
insurance companies in India guides
client a step-by-step purchasing
process of insurance plans.
An Experienced Proponent
“In India, there are two challenges
pertaining to the insurance industry.
First is the acute lack of awareness
of Insurance in the mass segment and
second is its commoditization in the
segment which is aware but is
completely price driven. AHI
Insurance Brokers wants to address
(applying expert knowledge-base
using AI & Big Data) this in best
possible manner.” quotes Chintan P.
Mehta, CEO & Principal Officer.
He brings in two decades of
experience in bridging awareness &
operational excellence in Insurance
domain. He is catering to the
insurance needs of HNI clients at
AHI. His industry expertise during
all these years courtesy his major
journey with Shriram group at
various Level across India.
Chintan, a CIAFP - Certified
Insurance Anti-Fraud Professional
(III & NATG – North American
Training Group-Florida), along with
his team is master of innovation &
disruption for the mass & class of
society. He focuses on in-depth
insurance business analysis, claims
management, reinsurance and
Customer Retention. His team
manages client business through
most trained data-centre and field
associates.
Exclusive Insurance Services
AHI Insurance Brokers’ focus is on
advisory and relationship building
while dealing with customers. It aims
at offering the best insurance services
for free of cost with its team of
experts and industry professionals to
help customers understand policy
features and costs better. It serves as
a one-stop portal for all the insurance
needs.
Every advisor onboard AHI
understands that the role of any good
broker is to represent customer first
and not the insurer during the entire
life cycle of the customer. We want
to be his custodian to every insurance
category.
AHI is not in topline seeking
valuation game at all and understands
its growth path will be slow but
solid. From day one the advisors
adhere to the game plan. They only
sell to the ones seeking trusted
service and those who are open to
insurance advice. “Cross-selling and
reference selling becomes key when
you opt to venture out on this path.
Claims assistance is our forte; it is
‘The Moment of Truth’ for every
insurance provider. We want to score
highest here to have maximum repeat
client. As ultimately its trust of
customers which create a brand.”
says CEO AHIBL Chintan.
Challenges and the Road Ahead
The Insurance industry in India is
already battling its two major
challenges. First is the lack of
awareness and second is its
commoditization. The common
human psychology of the average
Insurance consumer implies that
insurance does not provide any
immediate gratification and works
only on probabilities and
uncertainties. It is not an easily
understood concept, remains
intangible and so it’s not a priority
for most consumers.
AHI seeks to eliminate these
roadblocks by providing trusted
advice and helping customers make
an informed choice. AHI is also
looking forward to broadening its
product line up. Motor Insurance is a
core business as of now. It is also
approaching several insurance
companies for creating such
differentiated products accessible to
its wide set of customers. It would
like to service its HNI customers in
emerging areas like cyber insurance,
pet insurance specialized personal
asset insurance cover (for paintings,
jewellery, etc.) and other niche
areas.
15JUNE 2019

18. T
H
E
BIGGER
PICTURE
O
ver the years, the Indian Insurance Industry has ourished and has come a long way
since its inception. Having completed the journey – from an open competitive market
getting nationalized and further entering into a liberal market again has been a
journey to reckon!
Let’s celebrate the journey of the Indian life
insurance sector by showcasing the milestones.
1912
Formation of the
Indian Life Assurance
Companies Act
1928
IACA was authorized
for enabling the
government to collect
statistical information
on both life and
non-life insurance
businesses
1956
Formation of LIC
with a capital
of 5 crores
Despite the gigantic growth, it still needs to bridge a huge gap as the insurance penetration in
India stands amongst the lowest in the world today. To an extent globalization, urbanization,
lifestyle has driven the growth alongside the business-friendly reforms from the Government,
but yet the journey is far from being accomplished. As technology and innovation are playing
the masterstroke and making their presence felt, this sector is not to be left behind.
16 JUNE 2019

19. The contribution of the startup culture is playing a vital role
in expanding the footprints of the players into the tier II &
III cities. Researching, collaborating with global brands,
exploring new markets, these players are creating their
own path of success that is a perfect blend of creativity and
innovation. As new ideas continue to chip in, these players
are not resisting themselves to create their own forte and
niche markets.
Startups – Dening a New Era
As the Insurance industry is a prime example of a data-
rich industry, analytics plays a major role in harnessing the
needs of the consumers. With the world in their palms,
today's customers are much more intelligent, curious, and
diverse. Smart applications that share info at a click along
with the AI-powered chat boxes are few of the innovations
driving the market.
Technology to the Core!
SECURING INDIA
- Devasish Kanojiya
17JUNE 2019

22. This exceptional journey talks about a few visionaries who wanted to make a splash in the insurance
world. The aspiration to make a positive difference in society and deliver customer-centric insurance
services is what this journey is all about! Ensign Insurance – one of the trusted brokers for life and
general insurance in India
With a vision to be the most trusted and preferred broker both to Insurers and client in the Market, a group
visionaries with great experience in the field of finance and insurance came together and founded Ensign
Insurance Brokers. Anantha Rama Krishnan. S, CEO of the company is charting the course for the future of
the company. The key management team of ensign insurance brings with them the years of acumen and
professionalism in the business.
‘‘
CEO
20 JUNE 2019

23. In July 2017, the company started its
journey as a Broker in Life and
General Insurance in catering
requirements of both individuals and
corporate clients and has registered
growth in revenue of over 100%. Since
then, the company has garnered the
trust of numerous retail and
commercial customers in the insurance
sector. Ensign Insurance has bagged
many awards from various reputed
insurance companies. On account of its
outstanding services, the company has
won an award in its first operational
year. The company consistently
integrates quality, integrity, and
transparency across all its business
activities thereby adding real value to
both client and insurers.
Diversified Insurance Services
With the aim to make a positive
difference in the insurance sector, the
company is offering life and general
insurance services to the clients. The
company also offers exclusive after
sales services. The company brings fair
discussions and activities to the table in
the most transparent way. It is
providing insurance services
comprising of motor policies, health,
personal accident, travel and many
more. The company’s services also
include numerous corporate insurance
such as property insurance, marine
insurance, liability insurance,
engineering insurance, employee
benefits insurance, miscellaneous
insurance, etc.
Walk an Extra mile for Customers
Customer service is the only way to
excel in the business. The company
understands the importance of staying
connected with the client and
accordingly provides maximum ways
for the client to reach them. The
company is at the forefront of using
technology in its services. It is working
on a few applications which can guide
the client to choose the best available
insurance solutions for their
requirements. Since inception, the
company has been able to retain their
trust and win their confidence in a
remarkably differentiated way.
“We understand the pulse of the
customer better and offer exclusive
solutions to customers. We bring to
table the fair discussions and act in the
most transparent way and in time. We
offer best of the After-Sale Services”,
says the CEO.
Keeping Pace with Industry
Dynamics
The beauty of the Insurance industry in
India is its dynamism. The dynamics of
the Indian insurance sector is changing
at an amazing pace. It has become
mandatory to keep updated with these
changes. It is also vital to keep the
clients aware of the same, so that they
can be adequately prepared, both
morally and financially. In this sector
certain segment of the distribution
forces are still not thoroughly updated
about the changes. This has a direct
impact on the relationship with the
client. Ensign Insurance is dedicated to
keeping pace with industry volatility
and tries best to keep its clients abreast
about it. The company prominently
trains the team to keep pace with these
changes so that they can confidently
take on the market and help more and
more clients.
In the insurance sector, customer
awareness is of paramount importance.
Ensign insurance follows a thorough
engagement process with the client
starting from understanding business
and its risk perspective thereby
suggesting the right solutions. The
company helps its clients on all matters
related to identifying the suitable
policies, appropriate add on covers,
fixing the right sum insured, finalizing
basis of sum insured, Dos & Don’ts
during the currency of policy and when
the loss or damage happens, etc.
Ensign Insurance has successfully
managed to overcome the challenges
that come in its path with a customer-
centric approach.
The Road Ahead
Technology has been a key driver in a
number of ways right from
promotional to sales and customer
service at the time most crucial hour
i.e. claims servicing. Increased
participation of private companies
brought in a lot of good things
including customer as a major focus
than anything else. This has largely led
to various innovative products in a
different segment. This has also
brought innovation in distribution and
has helped the penetration of insurance
in rural areas. The private players have
brought in a paradigm shift in the way
insurance is looked at.
Progressing forward with the positive
approach, ensign insurance is focusing
on both retail and corporate segments.
The company is focusing more on
specialized types of policies where
there is a void in terms of customer
education or customer service or where
the type of cover in itself is quite
complex. Over a period of time, the
company’s goal is to extend its
footprints into Risk Engineering in a
bigger way and Reinsurance, etc.
21JUNE 2019

24. Today, Cyber Law is emerging
as a fastest growing legal
discipline and needs to be
looked beyond boundaries since its
applicability extends all over. Different
countries are waking up to the cyber
legal ethical ramifications arising out
of AI (Artificial Intelligence), Cyber
Attacks & Breaches, Block-Chain, IOT
(Internet of things), Cryptocurrency,
Data Analytics, Cloud, Mobility, Social
Media etc.
AI (ARTIFICIAL
INTELLIGENCE)
The application of AI extends to
various domains including judiciary.
The AI systems will play an
increasingly important role in IP
administration of the future per se. The
AI software's are also likely to predict
the judgements of future based on the
previous judgements. AI brings in a
huge remit of legal issues including
issue of legal liability, privacy issues,
data protection, issues relating to big
data sets fed into AI to name a few.
The cyber security of AI is already
beginning to be breached. It is hard to
pounder over a through that if the
Cyber Criminals on Dark Net use these
AI services (these services are offered
for consideration) for targeting other
Corporates. Cyber Crime & AI go hand
in hand, and this shall be to determent
to the people of the Govt and of
Nations per se. Will AI strip people of
their privacy? Cyber Security should
now be built as part of AI Structures
failing which it shall be like building a
devastation bomb that's going to be
used without your consent and often
with undesirable results.
GDPR COMPLIANCE ON THE
WORLD
GDPR (General Data Protection
Regime) has consequently changed the
dimensions of data protection law and
has impacted almost every nation. An
illustration will help understand the
impact of GDPR in India. Further, if
you could be fined for 4% of your
global annual turnover, then it is a lot
to worry in case of non-compliance.
ILLUSTRATION
Today, if a European Citizen lands in
an Airport in India, the immigration
department in that Airport has be
GDPR Compliant since there are
dealing, handling with European
Citizen's data. Moving a little further
from the time he/she takes an Uber/
Ola to reach the Hotel and orders for
food and uses a mobile or a credit card
for payment, all these service providers
need to be GDPR compliant.
CYBER ATTACKS & BREACHES
Cyber Attacks are coming galore, and
Ransomware attacks specifically has
become the jewel of the crown. One of
the latest Symantec Report identified a
major cyber security breach in the
Defence Contractor and even satellite.
Recently, a satellite of one country was
suddenly taken over by the other
country and lost control of the same for
16 odd hours. Huge Data Breaches are
happening since the data is new
resource of the collaborative economy.
Data back is the need of the hour to at-
least keep safe during Cyber Attacks.
Cyber Emergencies are the new toast
of the times. The Cyber Insurance has
also started to emerge.
IOT (INTERNET OF THINGS)
There are many IoT devices hacked so
far. The legal policy issues on IoT have
not yet been addressed at both National
& International Levels. IoT malware is
going to be massive and cyber law
frameworks must be doing something
substantive to move in this since big
data is all around.
DATAANALYTICS LEGAL
ISSUES
Data Analytics is going to be
increasingly important since there will
be issues of data retention, jurisdiction,
privacy, archival and all of these needs
to be properly addressed.
SMART REFRIGERATOR HACK
CASE
A smart refrigerator was used to hack a
EXPERT'S INSIGHT
22 JUNE 2019
CYBER LAW & BEYOND
INTERNATIONAL & CASE STUDIES PERSPECTIVE

25. system in an office since it was capable
of being connected to the internet.
IoT DEVICE- PRIVACY ISSUE
The IoT devices like Alexa, Google
Home keep listening to our
conversations. In one such case, the
IoT device not just heard the
conversation, but went a little further
and interpreted an order and ordered
for something based on the
conversation. This case raises lot of
issues on privacy.
IOT DEVICES- AMAZON ECHO
AS EVIDENCE
In 2015, James Bates was charged with
the murder of Victor Collings, who was
found strangled and drowned in
Bates’s hot tub. Though Bates claims it
was probably accidental drowning and
that he was asleep at the time of death.
However, based on inconsistencies in
the timeline and his story, the police
suspected him of the murder.
Further, among the IoT devices
possessed by Bates, the police sent a
warrant to Amazon asking for
recordings from his Amazon Echo.
Home Assistant Devices such as
Google Home, Echo have mics that are
always recording. This data could
potentially break open the case.
CASINO CASE
The entire database of a Casino was
comprised using a fish tank as the fish
tank’s temperature is connected and
controlled via the internet.
CYBER EXTORTION IN
SCHOOLS
Today, schools are being targeted for
Cyber Extortion and the cyber
criminals are using the school system’s
for extorting money through Salami
Transactions wherein students are
asked to pay 1$ or 2$ before they could
actually open their system.
AMAZON'S SYSTEM DEFRAUD
CASE
One person defrauded the Amazon’s
th
system 166 times, however 167 time
he was caught, however luck runs out
sometimes.
CYBER SECURITY LAW
Cyber Security Law is the new
evolving Paradigm. Currently, there is
no single International Treaty on Cyber
Law, Cyber Security. Countries are
now trying to come up with distinctive
Cyber Security Laws to keep their
houses in order. However, in the
absence of International Treaty or
Framework, it would still be a
challenge how the National
Approaches would help in addressing
issues pertaining to Cyber Space as a
global paradigm.
China has been a thought leader in
Cyber Security Law in two years, three
legislations on Cyber Security Law.
The cumulation of all these is a
massive message that Cyber Security is
a part of National Security, so it shall
do everything possible to protect and
preserve Cyber Security and all kinds
of Cyber Security Breaches have been
Sai Sushanth is a Cyber Law
Expert and Techno Legal
Consultant. He is the CEO of
Sushanth IT Law Associates, a
full service cyber laws consulting
rm in Hyderabad.
ABOUT THE AUTHOR
Sai Sushanth
CEO
23JUNE 2019

26. included within the ambit of National
Security. The Cyber Security Law has
put in place the rights, duties and
obligations of various stake holders
and there is a dedicated department
working for the same.
CYBER SOVEREIGNTY
The concept of Cyber Sovereignty has
already seen evolution wherein
countries have included not just the
physical boundaries, but also have
extended the same to the Outer Space,
Deep Seabed, Arctic and Antarctic
regions.
DATA LOCALISATION LAWS
Russia has adopted an approach of
Data Localisation which essentially
means that in case any entity intends to
do business with a Russian Entity, then
data of Russians should be physically
present in Russia only. This approach
is now adopted by many nations
including China, Vietnam
CRITICAL INFORMATION
INFRASTRUCTURE LAW
Germany has come up with a law to
deal Critical Information Infrastructure
that outlines the rights, duties,
obligations of stake holders on the
same.
NATIONAL CYBER SPACE LAWS
Vietnam has brought in a new National
Cyber Space Law as per which the
entire internet is their National Cyber
Space and therefore the same is
amenable to Vietnam’s Law.
CRYTOCURRENCY LAW
Belarus has come up with a dedicated
law on Crypto currencies which has
legalised Crypto-currencies and
Crypto- currency mining. They have
identified specified areas where
Crypto-Currencies can be mined and
are used as Legal Tender which have
legal sanction of the law.
BLOCKCHAIN LAW
The Blockchain brings across large no
of legal issues including the issue of
legality of a blockchain contract.
Liechtenstein has recently come up
with a new regulation concerning
Blockchain and Tokens. Further, the
Blockchain intends to regulate all
activities possible on technical systems
including blockchain systems,
distributed ledgers thereby providing
legal certainty and security through a
reliable framework of digital and
digitalised assets. The Blockchain Law
also enables every possible asset to be
tokenized and listed on Cryptocurrency
Exchange.
3D PRITING – LEGAL ISSUES
The legal issues relating to 3D Printing
have already seen light specifically
relating to breach of Intellectual
Property and creation of guns, arms
etc. and legal framework needs to be
created to deal with issues specifically
relating to 3D Printing.
WEARABLE DEVICES- DATA
SECURITY
The wearable devices raise a lot of
questions on data processing, security
since a lot of sensitive and personal
information relating to health, medical
vitals, biometrics are processed, shared
across and can be prone to Cyber
Attacks. The devices in the hands are
being made as a basis of Cyber Crimes.
QUANTUM COMPUTING
The Quantum Computing has already
arrived and many companies like IBM,
Google have already developed
50-cubit & 20-cubit Quantum
Computers. These Quantum
Computers is going to break all
algorithms, passwords within couple of
hours. The legalities of Quantum
Computing also need to be addressed
properly as we go forward.
DRIVERLESS CARS LEGALITIES
Driverless Cars were fabulous, and
everybody’s imagination was hunky
dory until the first accident happened.
This raises lots of questions regarding
liability, is it the car owner or the car
manufacturer or the coder who has put
the code, since this car is 70% code
(source code) per se.
FAKE NEWS- LAW
Fake News is a big epidemic in India
and is likely to grow further. Legal
Frameworks need to step in to address
the issues of Fake News. Malaysia has
come up with a new law on Fake Law
i.e. Anti-Fake Law, which states that in
case you disseminate, transmit Fake
Law, then you shall be liable for fine
and imprisonment. There are already
convictions in Malaysia over Fake
News issue.
CONCLUSION
Cyber Law as a discipline evolving
from a mere e-commerce enabling
mode to a fire fighting mode to fight
Cyber Security Breaches & Attacks.
Many countries are giving centre stage
attention to Cyber Law and are not just
updating their Cyber Laws but are
coming up with new Cyber Legal
Frameworks. It is the time for
transformational leap frogging.
However, if you were to write a book
on Cyber Law today, I think we just
could fill in only 5 or 6 pages and a lot
of work need to happen in the niche
area as time passes by.
24 JUNE 2019

28. A Novel Way of Securing Household Appliances
With a rich history, the Indian Insurance sector has gone through multiple evolutions with the
progression of time. Dated back to 1818, when insurance business started during the British era till
today when liberalization and privatization are driving the industry, the journey of the insurance
sector is much talked about.
A major transformation in the insurance industry is due to the embracing of technology by the service providers.
As one of the highest ‘data-rich’ sector, technology is playing a pivotal role in improvising and streamlining the
sector. With reforms and regulations in place, private players have entered in a big way by creating a niche for
themselves and with a plethora of services on the offering, buyers have the option to select the best!
One such entity that has emerged as one of the leading players in today's tech-enabled insurance industry is
Live Assisted.
Stay Protected
‘‘
Gagan Maini, Subrat Pani
Co-founders
26 JUNE 2019

29. OneAssist Consumer Solutions Pvt.
Ltd. Founded in 2011; it is
headquartered in the business capital of
India – Mumbai. The spark that led to
the inception of OneAssist is a glimpse
of their research and insights about the
industry. The Co-founders analyzed
that there was a growing trend of
dependence on daily objects in
everyone's lives. These are things that
we take for granted and only realize
how dependent we are when they are
damaged or lost.
The two indispensable necessities
without which today’s life is quite
unimaginable are ‘Wallet’ and ‘Mobile
phones’. Based on this raw idea, the
dynamic duo of Gagan Maini and
Subrat Pani created the platform.
OneAssist is a one-stop solution expert
that not only covers the financial losses
but also handles all the leg work
involved when a buyer loses a wallet,
cards or if the mobile phone is
damaged. The entity launched
OneAssist for Wallets in 2012 followed
by OneAssist for mobile plans in 2014.
By the virtue of its uniqueness and
catering a niche market, OneAssist has
scaled up to new heights and continues
to create new milestones by each
passing day. With more than 1.5
million active customers today,
OneAssist’s offerings have grown in
strength and as the company continues
to evolve as per the ever-changing
needs of its customers, it stands
amongst the most preferred solution
provider.
The Leaders – Creating Their Own
Benchmarks
Gagan Maini and Subrat Pani are the
two veterans of the Fintech industry
who have acquired the acumen and
expertize over the years and finally
entered the entrepreneurial world by
conceptualizing OneAssist as
Co-founders.
Gagan Maini – Having industry
experience of over two decades, Gagan
has previously been associated with
renowned companies managing
leadership roles. An MA in Economics,
he is passionate about customer
connect and focused on driving
customer experience. A Marketer by
instinct, Gagan enjoys the challenge of
finding out customer needs gaps and
has been instrumental in building
brands & products across categories
and has set up and run a successful
business.
Subrat Pani – As a veteran in retail
banking and consumer goods, Subrat is
always inclined towards working on
new business opportunities. Setting up
businesses at the initial stages is his
forte alongside managing diverse role
in sales-distribution, CRM, marketing
and much more! An IIM-C grad, he has
worked with prestigious brands
Godrej-GE, Arvind Mills, ICICI Bank
and Kotak Mahindra Bank, and
SBI-GE before giving wings to his
entrepreneurial dreams.
The Success Saga
With the passage of time and
innovations continuing to disrupt the
market, one thing that was evident and
constant was the customer’s
requirement that kept shifting with
time. OneAssist realized that today’s
household was heavily dependent on
the usage of home appliances and any
such loss or damage to these gadgets
can be a great discomfort for the
family. Also, the fact that there was no
single solution provider that covered
multiple brands of appliances was a
market opportunity that needs to be
answered.
Tapping this prospect, the company
launched ‘HomeAssist’, a single plan
that covered all appliances that covered
every brand and model. Additionally, it
also launched an Extended Warranty
Plan for Home Appliances that comes
into effect after the regular warranty
gets expired. By handling all the leg
work and stress that normally
associated, these packages have turned
out to be the perfect solutions for
ensuring peace of mind for the
customers. Going forward the team
intends to focus on protecting the
costly gadgets, both in the offline and
online space.
Challenges in the Industry
One of the biggest hindrances faced by
the insurance industry is the fact that a
lot of time and energy goes in building
customer awareness regarding the
importance of securing the gadgets at
home. There is a lack of interest among
the consumers when it comes to
protecting the appliances within a
house. People are more inclined
towards ensuring their lives, homes or
even automobile, however, they are
still skeptical about insuring their
valuable gadgets.
Team OneAssist has partnered with
some of the biggest brands in the
country including Airtel, Xiaomi, and
Amazon. Also, by getting associated
with premium banking providers like
ICICI, HDFC, and Axis Bank have
assisted the company to educate and
create awareness about the importance
of securing valuable appliances.
27JUNE 2019

30. The Future of Customer
Satisfaction and how Data Science
will separate the Boys from Men
hanging customer expectations and what
Cdrives satisfaction is changing at a faster pace
than ever before. There is a reason why the
world's most successful companies have a laser focus
on customer satisfaction. Poor customer service has
been the top reason for customers leaving
organisations. Emergence of new products with new
and differentiated capabilities is continuously
increasing, but customer still tend to stick with
companies that have serviced them well over time.
This is why companies focus so much on customer
loyalty and advocacy. Net Promoter (NPS) system
continues to be a very reliable and consistent measure
for assessing companies’ future growth potential as
well as projections of revenue.
Application of Data Science and Analytics to help
improve satisfaction
With the emergence of new technologies and
application of data science methods on large amounts
of data, it is becoming more and more commonplace
for companies to put a stronger focus on factors that
help increase customer loyalty for their specific
products.
Data science, analytics, statistical testing and machine
learning are growing at an astronomical rate and
companies are building capabilities or hiring experts
to sift through the goldmine of data and help them
drive the right business decisions swiftly. It is no
longer enough for companies to believe that they
understand what the customers want. It is not so
simple anymore. Companies now understand that they
don’t just have one common group of customers.
There are various sub-groups of customers who
frequently have varying and sometimes diametrically
opposite needs. Some customers may be interested in
the product features and another set of customers may
be with them for great customer service or
convenience. These could be two very different groups
who have different motivations for using the
company’s products or services.
Data scientists are able to create different customer
profiles and understand what drives satisfaction or
dissatisfaction for various customer segments. Each
customer is unique in their expectations and desires,
however data modelling can create groups of
customers using Cluster analysis to segment those that
have similar expectations and needs from the product.
Cluster analysis is a class of techniques that are used
TECH INSIGHTS
28 JUNE 2019

31. Ashutosh Sharma is the founder of datapotential.com (an advanced online survey platform) and Aselector.com (an
Artificial Intelligence based knowledge management platform). Data Potential also provides six sigma based process
optimisation, CX improvement and data science consulting services. Ashutosh is a writer, speaker and thought leader on
AI and statistical methods.
ABOUT THE AUTHOR:
ASHUTOSH SHARMA
Founder
29JUNE 2019

32. to classify objects into related groups called clusters.
It can also be used as a predictive analytics tool. New
customers can be profiled and if they belong to a well
understood cluster, an assessment can be made that
can predict customer preferences and buying patterns.
The models continue to evolve to keep updating the
clustering patters as more data becomes available.
The other frequently used application is sentiment
analysis. Customers are constantly giving feedback on
surveys, social media and other channels about the
services and products. Sentiment analysis can
automatically calculate a sentiment score of each
comment. Automated actions can be taken to improve
responsiveness on poor feedback. Natural Language
processing (NLP) is commonly used in chat bots and
automated emails or IVR responses.
Importance of doing it right
While there is a lot of buzz about latest data science
and AI techniques, one shouldn't deviate from the
basic logical understanding of their business
environment. Majority of the techniques available
today help us do what we want to do faster and better.
These techniques do not tell us what we should be
doing, not do they tell us which techniques are more
applicable for our business. Technology isn’t the final
solution, it’s an enabler. The data scientist’s role is
therefore not only to understand the benefits and
limitations of various analysis, but more importantly
to understand when they should or should not be used.
They need to understand that correlation does not
mean causation. Incorrect data analysis interpretations
can do more harm than good because most
management teams would not know the inner
workings of the analysis. This is the reason we need
experienced, reliable and trusted data science experts.
A small error could lead to big impacts, especially in
more automated scenarios where people may not get
an opportunity to apply common sense before taking
decisions.
Solving the puzzle
Most organisations are beginning to use data science,
analytics and machine learning tools in different areas.
When it comes to using these tools to improving
customer service, it needs to start with collecting true
customer feedback.
Online surveys are the most commonly used tools for
collecting and understanding customer preferences as
well as feedback. Online surveys provide automated
calculation of survey sample size to enable better
analysis at the end of the surveys. Customer
satisfaction surveys are adopted by almost all large
organisations to constantly be in touch with customer
requirements. The Data Potential online survey
platform makes it seamless and effective for
organisations with an easy tool to build beautiful
surveys including automated sampling, calculations
and statistical reports. Successful organizations
constantly take feedback from their customers at
different stages of their customer life cycle.
Once data is collected, the first step is a high level
analysis of the data including data cleansing,
preparation and exclusions. The next step is usually to
apply descriptive statistics, segmentation and
visualisations. At this stage we have a high level
understanding of trends but usually not enough to take
intelligent business decisions. It would be fair to say
that at this stage we have information, but not
knowledge. Data science tools than help take it to the
next level by really understanding the trends and
preferences not only to establish accurate satisfaction
drivers, but also in being able to highlight areas of
improvement and opportunities for building customer
loyalty. Data science experts help do all these with
experience, mathematics and statistical skills to help
identify the actions that need to be taken to improve
customer satisfaction and loyalty in a scientific
manner. Data potential helps companies through the
complete process from gathering customer feedback
on our survey platform to using expert data science
skills to provide the distilled knowledge and
intelligence to take smart business decisions.
30 JUNE 2019

34. Insurance Advisor you can Trust
Life is surely uncertain. We can’t decide on the events of our life, but instead can be prepared for
them. Insurance is just one thing we do to secure certain stages in the lives of our dear ones. But
deciding which one to take is an ardent task. To simplify it, PolicyX.com is helping customers in
comparing different insurance policy quotes and products. One of the fastest growing IRDA approved
insurance comparison portals; PolicyX.com envisions becoming the most trusted insurance marketplace.
An Innovative Leader
PolicyX.com, a leading online insurance web aggregator is CEO Naval Goel’s entrepreneurship dream
come true. While working with AIG in New York, he noticed a gap in the country within the insurance
We want to
be able to serve
each and every
Indian with
convenience
and choice of
best insurance
plan suited
for them
‘‘
Naval Goel
CEO
32 JUNE 2019

35. sector. Indians were purchasing
insurance the traditional way there
was a lack of technology in
providing solutions. Naval could
strongly sense a huge potential in this
area and ample space for innovation
and established PolicyX.com in
2013.
Naval is an MBA from IIFT, Delhi
and also a Chartered Financial
Analyst from CFAI, US. An ardent
tennis lover, he is also fond of
reading and investing in stock
markets.
Trustworthy Services
PolicyX.com was founded with an
aim to provide consumers with
expert guidance in selecting health,
life, term, investment, travel & car
insurance plans from some of the top
insurance providers in the country. It
runs complex algorithms to find
plans that fit customer requirement,
complete with live quotes, dynamic
cash flow charts (first in the
segment), videos and info-graphics
with 0.6 million page visits per
month. These technological
innovations in its system make a
customer's experience an easy ride.
In its five years run, PolicyX.com has
partnered with almost 25+ top
insurance companies. The company
considers it’s over two hundred fifty
employees as its warriors who
represent it across the globe. It has
also achieved some major goals:
• It is the only bootstrapped
company in top 5 aggregators in
India
• It has accomplished a high level of
customer satisfaction because of its
customer centricity.
• Its platform is the fastest and
smoothest amongst competitors on
multiple parameters like search
results, the speed of website,
simplicity, ease of purchase, trust,
advisor quality.
• It has achieved the Trust of its
loyal customers.
An Evolving Industry
The Insurance Industry has already
evolved from the traditional
paperwork and human approach to
the laptop lifestyle. Insurance is now
majorly handled from backend and
the rest of the information is offered
to the customer through a platform
which provides every detail needed
at the moment. Be it Cloud
Computing or CRM’s, digitization
has managed to renovate this
ordinary industry into an exciting
one. However, there is still a huge
gap where technology can still play a
major role in changing the entire
aspect of this industry.
The most important problem with the
insurance industry in India is that it is
a highly complex product and most
of the products sold in the market are
not beneficial for the customers.
PolicyX.com offers much-needed
transparency in the system by giving
the power of choosing the right
policy to the customers. They can
also compare features and benefits at
a click of a button and purchase
through an online seamless process.
Technology at Disposal
Technology has enabled
transparency, quick customer service;
small micro-sized insurance products
which would not be possible to sell
with high costs of offline distribution.
PolicyX.com is constantly improving
its technology to enable better
customer service. It is building
speech recognition software to
enable its experts to guide customers
on helping them how to choose. It is
working on AI enabled chatbots for
customers to be able to choose the
best plans.
Insurance sector will be heavily
influenced by technology in the
coming years. The future is
customer-centric and will be shaped
by behavioral science, with social
and peer-to-peer networking and
smart devices all playing a part.
Insuring the Future
Right now, the team of PolicyX.com
is focusing on building trust among
customers towards online insurance.
It is working towards filling the gap
between traditional policy buyers and
digitally motivated customers. It is
keen to make sure that it provides
unbiased and helpful services to its
customers. Naval says, “We really
want to build the gap with trust and
awareness so that we can live in a
safe and secure India. For the same,
we are planning to come out with
several different campaigns with the
brand ambassador of PolicyX.com-
Mr Virender Sehwag.”
33JUNE 2019

36. Insurance Simplied
The Indian insurance sector plays a dominant role in today’s economy as it maximizes the savings and
secures the future of the citizens. Also, the sector is a major contributor to the capital market and has a
decent share in contributing to the GDP. Over the last decade, there has been a rapid growth in the
insurance sector with the advent of private players and foreign investments in India.
Quickinsure Insurance Brokers Private Limited is one such premier entity that has designed an online
insurance comparison platform ‘Quickinsure.co.in’ that stands as one of the pioneers in comparing General
Insurance Products. It also has an offline sales force using state- of-the-art technology to help customers
compare and choose from the basket of Insurers in India. Established in 2016, this platform enables the
We bring you
real time price
and features
comparison of
Insurance policies
from nearly all
Indian Insurers
‘‘
Anand Shrikhande
CEO
34 JUNE 2019

37. insurance agents to source quotations
from multiple insurance companies
within a quick time and offer the best-
suited options to the customers. By
simplifying the agent’s process of
business and connecting them to the
customers in a hyper-personalized
manner, Quickinsure has evolved as
the preferred technology partner for the
agents.
The application is built on a stringent
platform that ensures complete security
while buying insurance in a safe online
mode as the payment is directly made
to the Insurance Company. The
application caters to insurance related
to two & four wheelers, health, travel,
and personal accident covers.
Envisioning being the leaders in
creating an innovative insurance
platform by embracing cutting-edge
technologies like IoT, Quickinsure has
gained the trust of its business partners
through its best and transparent
business practices. As the insurance
market is so widely spread, the entity
has a proficient R&D team that assists
to focus on the upcoming opportunities
and tap the unexplored territories.
The Founder
With over two decades of acumen in
sales and distribution across different
sectors including FMCG, Anand
Shrikhande is the CEO of
Quickinsure. He is skilled in Business
Process, Business process
improvement, Business Development,
Developing sales and distribution
network, Implementing Business
Strategy, and Strategic Management.
Anand started his professional career at
Amul that gave him a fine
understanding of a large-scale
enterprise. Before entering the
insurance sector in 2008, he has
worked closely in the financial services
sectors. While managing a retail
general insurance business on a tele-
calling module, he noticed a gap in the
process-flow that was obstructing to
increase the scale of business, and this
led to a spark that later formulated as
Quickinsure. Anand cracked an
innovative concept of having a simple
platform for agents that were unheard
until the time.
Online Insurance Industry: Game
Changer
The Internet has been the fuel that has
helped countless businesses and
different industries to expand their
horizons in the new decade. Like every
other industry, the insurance sector has
undergone an immense overhaul
because of technical innovations in
recent years. While one aspect of tech
innovation revolves around
innovations in the internal business
process, systems, decision making and
simplification of processes of the
insurance companies, the other
revolves around customer-facing
technology.
The Indian online insurance industry
has steadily progressed and today it has
transformed into a complete online
market. With IRDA allowing insurance
brokers to have agents working for
them, a new era has started in the
insurance sector. Although the pioneers
of this industry have struggled in the
initial days to bring grab the attention
of the online customers, today the
scenario is completely reformed.
Having an online presence ensures
prosperity for an insurance broker and
compliments the other business
channels.
Eyeing the opportunity to deliver its
innovative solution to the masses, it
was a conscious decision to steadily
build a property insurance website that
was aimed to boost the simplicity
alongside enjoying the trust of
customers. As broker’s works with
multiple insurance companies along
with their agents, aligning them to an
online platform has bought in a higher
degree of efficiency with more output
that has ultimately helped to simplify
the entire process. The application
from Quickinsure offers seamless
management of insurance business
from one single platform nullifying the
current need of an agent for working
directly with insurance companies.
The Success Path
With over 3 million registered agents
in the country, Quickinsure is
empowering the agents with
technology that enables them to scale
their business in an utmost manner.
Since an individual insurance company
can’t implement this as it deals with its
own products and services,
Quickinsure stands out to be a winner
as it deals with multiple insurance
companies and their products.
The private insurance industry is going
through the best of times and has set
the right trajectory of growth for the
upcoming years. Going with the
current trends, the future will witness
the emergence of small players with
innovative products having leaner
business models. Also, there would be
good scope for startups that will
emerge with specific need-based
products majorly driven by private
participation.
35JUNE 2019