Page 21 - Insurance Times September 2023

However, no quantum of financial compensation can be The Way Ahead
enough to cover human fatalities and serious injuries causing
Insurance is evolving beyond its core area to encompass
permanent total disablement. It is sometimes necessary to many new frontiers. Just as it is becoming important that
work with a vision of a better world to achieve the best for insurers become sensitive to environmental, social and
society. governance (ESG) concerns it is also necessary that they
reflect many new and modern concepts in their operations
If the gold-standard of safety as envisaged by Vision Zero and create value.
can be applicable for rail and air-traffic, logic says that it
must be also applicable to road-traffic. In the rare event of It would be pertinent to recall here that the world's leading
an air-crash or a rail-accident the media, government and Lloyd's of London insurance market have apologized publicly
the common public are vocal in their strident calls for for their participation in the transatlantic slave trade. They
investigation and remedial measures. now aim to reflect diversity in their work-force by recruiting
more black and minority ethnic people, amongst other
measures.
The same standard should be applicable to road-accidents
and occupational accidents as well. They should also be
Thus insurance is being re-defined and re-imagined and it
treated as avoidable occurrences.
remains for insurers to take the Vision Zero movement
forward to contribute to a better and humane society where
As far as the question of cost is concerned, it would be
the fundamental right to life and physical integrity is
pertinent to review the costs of accidents. The International
established for all.
Labour Organization (ILO) estimates indicate that
approximately 4% of the world's gross domestic product is References
lost due to the cost of injury, death and disease through 1. https://www.wricitiesindia.org/content/safer-roads-
absence from work. Hence, in financial terms alone there vision-zero
would be significant tangible gains from incorporating these 2. https://visionzero.global/sites/default/files/2019-05/
safety protocols in society. VISION%20ZERO%20The%20Global_Prevention%20Strategy.pdf

ManipalCigna Health Insurance targets Rs. 1,000 crore biz

in South in 2 years

ManipalCigna Health Insurance is looking to double its business to Rs. 1,000 crore GWP (gross written premium) in
the next two years in the southern region.

With robust growth from the southern region (Kerala, Andhra Pradesh, Karnataka, Telangana, and Tamil Nadu), the
company has garnered over Rs. 500 crore GWP with 37 per cent growth in the FY23.
As part of its expansion plan in the southern region, ManipalCigna Health Insurance aims to launch new branch of-
fices and plans to hire more employees and nearly 10,000 agents in FY24.
The company has close to 20,000 advisors, major partners present in around 5,000 point of sale locations across the
region through its distribution network, and 25 branch offices in South India. It has 3,300+ network hospitals in South
India, out of the 8,700+ hospitals across the country.
Sapna Desai, Chief Marketing Officer, ManipalCigna Health Insurance, said, "Kerala is reputed to have the best health
system in India, and at the same time, it ranks second highest in terms of Out-of-Pocket expenditure, which is above
the national average. With 68 per cent of medical expenditure being paid from dipping into retirement corpus, tak-
ing a personal loan, or selling gold or other assets. Keeping in mind the increasing healthcare incidences and treat-
ment costs, ManipalCigna is committed to securing an individual's and a family's domestic and global healthcare
requirements by offering affordable, predictable, and simple health insurance solutions.
ManipalCigna also has a corporate agency agreement with Geojit Financial Services and South Indian Bank to distrib-
ute its health insurance products through their extensive network of branches.

The Insurance Times September 2023 19