Page 37 - The Insurance Times January 2025

the art 24x7 Call Centre to cater to the all business ciples in shaping a sustainable future. Our commitment to
need, support, and services to our customer. The sur- ESG is reflected in various aspects of our operations and
vives are available in 6 languages for more personalised product offerings:
connect with the customer. Environmental Stewardship: We are dedicated to reduc-
ing our environmental impact through energy-efficient prac-
9. Data Security and Privacy : As digital transactions be-
tices and promoting digital transactions to minimize paper
come more prevalent, the company has placed a strong
emphasis on data security. New India Assurance uses usage. Our goal is to significantly lower our carbon footprint
advanced encryption and secure data storage systems and contribute to a greener planet. Organizational-wide ini-
to protect customer information from potential tiatives, including videoconferencing and energy-efficient
breaches. This commitment to privacy helps build trust measures, aim to reduce energy consumption. Additionally,
with customers in the digital environment. we have undertaken CSR projects focused on reducing
greenhouse gas emissions.
10. Educational Initiatives through Digital Content : To
Social Responsibility: Our initiative "Insurance for All by
ensure that customers fully understand their policies and
2047" aims to ensure every individual in India is financially
the insurance process, New India Assurance has in-
vested in creating educational content available on our protected by the nation's centennial year of independence.
This goal highlights our dedication to making insurance ac-
website and customer portals. This includes Manuals,
FAQs, video tutorials, that help demystify insurance and cessible and affordable for all, especially the underserved.
guide policyholders through the process of buying, We innovate in product offerings, enhance digital outreach,
managing, and claiming insurance. and collaborate with government bodies to create an inclu-
sive insurance ecosystem, contributing to economic resilience
Q: As competition intensifies in the non-life insurance and social equity.
market, what strategies does New India have to retain "Bima Vistaar" extends insurance coverage to remote and
its market leadership while balancing profitability and underserved areas, offering tailored products for rural popu-
growth? lations, small businesses, and the informal sector. "Bima
A: New India Assurance employs a multi-pronged strategy Sugam" simplifies the insurance buying process through an
to maintain its market leadership while balancing profitabil- integrated digital platform, empowering consumers to make
ity and growth: informed decisions.
Customer-Centric Product Development: Offering innova- Robust Governance: At New India Assurance, our Enter-
tive and tailored insurance solutions to meet diverse cus- prise Risk Management plays a pivotal role in identifying and
tomer needs.
mitigating risks, including those related to ESG factors. Con-
Digital Transformation : Enhancing customer experience and tinuous monitoring ensures smooth operations and enhances
operational efficiency through technology adoption. overall performance. The Board oversees our risk manage-
Optimized Distribution Network: Strengthening agent net- ment framework, providing strategic guidance and making
works, bancassurance, and digital sales channels for deeper informed decisions to mitigate potential risks. This collabo-
market penetration. rative approach fosters a culture of risk awareness and ac-
countability throughout the organization. Our holistic ap-
Risk Management: Prudent underwriting practices and
proach to ESG concerns, such as climate change and socio-
claims management to sustain profitability.
equity, is integral to our strategy, ensuring we contribute
Geographical Diversification: Leveraging its global presence meaningfully towards a sustainable world.
in 25 countries to diversify risks and revenue streams.
Through these initiatives, New India Assurance is commit-
Focus on Emerging Segments: Expanding in areas like ted to driving positive change and fostering a sustainable,
health, MSME insurance, and cyber risk policies. responsible business environment.

Q: With ESG (Environmental, Social, and Governance) be- Q: Fraud prevention and claims management are critical
coming a priority for businesses worldwide, how is New aspects of non-life insurance. What technologies or prac-
India Assurance incorporating ESG principles into its op- tices has New India adopted to improve efficiency and
erations and product offerings? transparency in these areas?
A: At New India Assurance, we recognize the critical impor- A: Fraud prevention and claims management are indeed piv-
tance of Environmental, Social, and Governance (ESG) prin- otal in the general insurance sector, as they safeguard

The Insurance Times January 2025 33