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.

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

4. Editorial
rior to the privatization of the Indian Insurance sector, the life
Pand general insurance market was predominantly dominated by
LIC and GIC. After the privatization of insurance sector,
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.
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

5. Editor-in-Chief Pooja M. Bansal
Database Management Prashant Chevale
Technology Consultant Swapnil Patil
Circulation Manager Vivek Bangade
Research Analyst David
Business Development Executives
Mohit Dhake, Dnyaneshwar Kamble
Copy Editor
Asha BangeArt Editor
Business Development Manager Akansha Garewal
Visualiser Savita Pandav
Marketing Manager Dhruv Apte
Picture Editor Alex Noel
Art & Design Director Amol Kamble
Co-designer Mayur Koli
Shraddha DeshpandeSenior Editor
Managing Editor Shweta Priyadarshani
Nilam Thakkar
Copyright © 2018 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or
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6. HDFC ERGO
General Insurance Company
Articles
CoverStory
Building Milestones in Indian
Insurance Industry
22
INVESTMENT APPROACH
Child Life Insurance: Smart
Way to Secure Child's Future
EDITOR’S CHOICE
Cyber-Insurance-Emerging as
the Driving Force of Growth
in Insurance Industry
TECH TREND
Blockchain Technology is
Creating Waves in the
Financial Arena
INTERVIEW WITH
INSIGHTS SUCCESS
Tru-Worth Finsultants:
Providing Customized Solutions
to Meet the Financial Need
16
COMPANY OF THE MONTH
Mahindra Insurance Brokers Ltd.:
Providing Improved Customer
Satisfaction, Innovative Solutions
and Redening Productivity in
the Insurance Industry
08
28
36
42

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

8. nnovation and adoption of new technologies is a key driver of change in the insurance sector.
IWith 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’ that assist 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, the Director 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!
Adoption of Technological Innovations
in the Insurance Industry
Most Valuable
Solution Provider in 20181T
H
E

10. HDFC ERGOGeneral Insurance Company
Building Milestones in Indian Insurance Industry
The Indian insurance sector has one of the
largest insurance markets in the world.
The insurance industry in India has grown
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.
We focus on
providing the
'Right Insurance
Solution' for all
‘
Most Valuable
Solution Provider in 20181T
H
E

12. 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.
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
WE INVEST
IN AI AND
BIG DATA
ANALYTICS TO
PREDICT
CUSTOMER
BEHAVIOR AND
SENTIMENTS TO
PROVIDE OUR
CUSTOMERS
WITH A FULLY
DIGITAL
EXPERIENCE
‘‘
‘‘

13. 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).
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.
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
th
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.
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
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.
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.
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.
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.
OUR CONSTANT
EFFORTS ARE TO
IMPROVISE AND
CATER TO
EVERY
NEED OF THE
MODERN DAY
CUSTOMER
WITH SUPERIOR
CUSTOMER-
CENTRIC
SUPPORT
SERVICE
‘‘

14. 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.
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.
Customer
centricity
is a key pillar
of our approach
to business‘‘

16. Read it FirstRead it First
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17. Management BriefCompany Name
Vineet Arora
MD
Greenlife Insurance
Broking Pvt Ltd.
gibl.in
S. V. Thakkar
CEO
HDFC ERGO
General Insurance
Company Limited
hdfcergo.com
JLT Independent
Insurance Brokers
Pvt. Ltd.
jltindependent.com
Mahindra Insurance
Brokers Ltd.
mahindrainsurance.com
Chandan Bhartia
CEO
Sanjay Radhakrishnan
CEO
Zoom Insurance
Brokers Pvt. Ltd.
zoominsurancebrokers.com
Prashant Gupta
MD
Ritesh Kumar
MD & CEO
Aarvi Insurance
Brokers Pvt. Ltd.
aarviinsurance.co.in
Alliance Insurance
Brokers Pvt. Ltd.
allianceinsurance.in
Aegon Religare Life
Insurance Company Ltd.
aegonlife.com
Landmark Insurance
Brokers Pvt. Ltd.
policyboss.com
Dr. Jaideep Devare
Founding Member
& MD
Subir Mukherjee
MD
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.
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.
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.
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.
IRM Insurance is 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.
Susheel Tejuja
MD
Landmark Insurance offers insurance services for car, health,
travel, home insurance as well as term insurance, endowment,
personal, accident, pension, and child plans.
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.
Zoom Insurance Brokers is a composite insurance broking
house focusing on corporates.
Pradeep K Shah
Founder,
Ms. Radhika V Shah
CEO, Director &
Principal Officer
IRM Insurance
Brokers Pvt. Ltd.
irminsurance.in
Most Valuable
Solution Provider in 20181T
H
E

18. Tivesh Shah
Founder
| AUGUST, 201816 |

19. Tru-Worth Finsultants was formed to assist
people in attaining their financial goals by
providing Guidance, Counseling and Advice in
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.
1. Kindly brief about Tru-Worth Finsultants and tell
us about the vision and mission of your company.
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.
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.
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.
The Personal Finance Industry is still in its infancy in
India. The awareness is now getting created with next
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?
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.
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.
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?
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
TRU-WORTH
FINSULTANTS:
Providing Customized Solutions
to Meet the Financial Need
INTERVIEW WITH INSIGHTS SUCCESS
AUGUST, 2018 | | 17

20. 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.
5. Customer relationship is an important part of the
financial service sector, share some tactics and
strategies to build long term customer
relationship.
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.
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
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.
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.
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.
| AUGUST, 201818 |

22. There are multiple players in the Indian insurance
sector and due to this steep rise in the level of
competition; the need for sophisticated and
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 insurance the 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.
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.
Radhika Shah CEO Director Principal Officeris , and of
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.
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
AARVI INSURANCE BROKERS
PRIVATE LTD:
Delivering Diversied Range of Innovative Insurance Services
Pradeep K Shah,
Founder
Radhika V Shah,
CEO, Director &
Principal Ofcer
Most Valuable
Solution Provider in 20181T
H
E
| AUGUST, 201820 |

23. 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.
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
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.
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.
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.
Perfect
destination
for innovative
insurance
product
and services
AUGUST, 2018 | | 21

24. Achild 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.
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
Life Insurance
SMART WAY TO SECURE CHILD’S FUTURE
| AUGUST, 201822 |

25. INVESTMENT APPROACH
AUGUST, 2018 | | 23

26. 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.
The Types of Child Insurance Plans
The life insurance of a child is of two types: term life or
permanent term life insurance.
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.
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
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 Life Insurance Pricing
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.
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, 201824 |

28. In India, there are numerous insurance companies
which offer different types of insurance plans with
diverse features at different premium rates. It thus
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.
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.
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.
Accolades and Achievements
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.
GIBL.IN:
Assuring ‘Best’ Pick through Its Innovative Platform
Subir Mukherjee
Managing
Director
Most Valuable
Solution Provider in 20181T
H
E
| AUGUST, 201826 |

29. Frontrunner with Excellent Industry Acumen
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
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
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.
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.
GoalsfortheFuture
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.
AUGUST, 2018 | | 27

30. Dr. Jaideep Devare
Founding Member &
Managing Director
MIBLIS SERVING
10Million
CUSTOMERS
IN OVER 2 LAKHS
VILLAGES BY
PROVIDING
INNOVATIVE
INSURANCE
SOLUTIONS
| AUGUST, 201828 |

31. With the commitment to provide value to their
customers by understanding their insurance needs
and risk profile, Mahindra Insurance Brokers Ltd.
(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.
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.
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.
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.
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
MAHINDRA
INSURANCE
BROKERS
LTD.
Providing Improved
Customer Satisfaction,
Innovative Solutions
and Redefining
Productivity in the
Insurance Industry
COMPANY OF THE MONTH
AUGUST, 2018 | | 29

32. Management/Audit which include risk
inspection and gap analysis, and
portfolio management which includes
claims consulting.
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.
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.
At MIBL, Jaideep has conceptualized
and built a sustainable business model
to deliver the benefits of insurance to
millions in rural India. Under his
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.
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.
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
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.
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.
MIBL is currently working on
predictive analytics model to
understand customer lifecycle better
and bring them products that suit their
needs.
| AUGUST, 201830 |

34. ARISING
Rajesh Nair
Founder
FINANCIAL
TECHNOLOGY
ECOSYSTEM
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.
About The Author
WITHTHE
| AUGUST, 201832 |

35. O
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
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
• 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.
• India has the second highest global fintech
adoption rate with collaboration
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.
• 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.
• The talent pool is not ready for the future
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.
• 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.
• 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.
• Accelerators and incubators might actually be
supporting in commercialization
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.
FINANCIAL TALK
AUGUST, 2018 | | 33

36. With the passing of Insurance Brokers Act in
1977, insurance brokers were first
recognized by the British Parliament,
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.
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
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.
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
ZOOM INSURANCE BROKERS:
An Ideal Partner for Corporates to Fulll All Insurance Needs
Prashant Gupta
Managing
Director
Most Valuable
Solution Provider in 20181T
H
E
| AUGUST, 201834 |

37. insurance broking firm in Indian insurance industry.
Under his able leadership, Zoom has grown into a force
to reckon with, in the last decade.
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.
We keep the
best interests of
our clients,
insurers,
employees,
and
stakeholders rst
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.
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.
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.
AUGUST, 2018 | | 35

38. | AUGUST, 201836 |

39. yber-attacks of large-scale and massive
Cdata-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
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.
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
AS THE DRIVING FORCE
OF GROWTH IN
INSURANCE INDUSTRY
CYBER
INSURANCE-
EMERGING
EDITOR’S CHOICE
AUGUST, 2018 | | 37

40. too much in case of widespread cyber-attacks as
differentiate between cyber-related incidents and damages
that are covered by other kinds of insurance.
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.
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.
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.
Coverage of Cyber 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
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.
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.
| AUGUST, 201838 |

42. Things Your
Health Insurance
Policy Needs
To Cover
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.
If 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
this information in advance might help you to smartly choose the best
insurance plans for you and your family.
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
Rakesh Goyal
Director
| AUGUST, 201840 |

43. 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
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.
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.
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.
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.
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.
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.
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.
EXPERT TALK
AUGUST, 2018 | | 41

44. “ lockchain” is not a new word; it was
Bfirst 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
Blockchain
Technology
is Creating
Waves
inthe
Financial
Arena
| AUGUST, 201842 |

45. 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.
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.
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.
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.
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
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
• 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.
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.
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.”
TECH TREND
AUGUST, 2018 | | 43