Page 8 - Insurance Times November 2022

Hyundai Motor India en- Company said one Abhishek Pandey
Cyber Insurance Policy was appointed as an agent for Point of
ters General Insurance
Sale at the company's satellite office in
for digital transactions
market Gonda. In September 2021, the com-
SafeHouse Tech, a cyber security pany came to know that Pandey had
Hyundai Motor India in FY22 ventured
solutions company, has launched a issued a two-wheeler liability policy to
into the "Insurance" segment through
cyber insurance policy that offers a commercial four-wheeler owner. This
Hyundai India Insurance Broking Pri-
a cover of Rs. 25,000 on digital caused a loss to the company of pre-
vate Limited.
transactions carried out on mobile mium meant for a four-wheeler, GST
The new company has obtained regis-
phones. loss to state and Central governments
tration with IRDAI as a Direct Broker -
and also to the customer as well,"
"We have tied up with HDFC ERGO - General, Hyundai Motor said. The
to launch this instrument. We are Company will initially cater to servicing The fraudulent practice by Pandey sur-
charging Rs. 999 for BodyGuard motor insurance policies and later faced following an internal inquiry.
VIP Plus, a cyber security subscrip- branch out into other general insur- Bajaj Allianz Head Vikas Dave said that
tion that comes with the insurance ance policies. the fraud is pan-India, in which 1.36
cover. It covers financial losses up lakh four/three wheelers have been
to Rs. 25,000 against any Bajaj Allianz loses 110 registered as two wheelers causing a
unauthorised digital transactions," loss of around Rs 110 crore to the com-
crore due to fraud
Aditya Narang, Co-Founder and pany and Rs 20 crore to the govern-
Bajaj Allianz has alleged that owners
Chief Business Officer of SafeHouse ment as GST.
of 21 commercial four and three-
Tech, told. Dave further said as per records,
wheelers in the state have got their
The insurance policy covers all 26,000 commercial four wheelers have
vehicles insured as two-wheelers in the
kinds of UPI frauds, phishing, spoof- been registered as two wheelers in
last one month and paid less premiums
ing, and any other financial loss Uttar Pradesh within a year (October
resulting in loss of Rs.110 crores to the
due to unauthorised access to a 2021-October 2022), causing loss of
company.
user's funds. It also covers all bank around Rs 20 crore.
The company claimed it suffered huge
accounts, credit, debit cards, and
loss amounting to lakhs due to the
payment wallets, the company Bajaj Allianz General In-
fraud, which was found during an au-
claimed.
dit. The company suspects it to be surance posts PAT at Rs.
"Upon filling basic user details, the handiwork of an all-India level gang
747 crore
subscribers will receive the policy that uses an online portal for getting
Bajaj Allianz General Insurance has
document on the app which is also vehicles insured.
posted its profit after tax at Rs 747
sent via SMS or email," he said.
In the complaint filed in Lucknow, crore for the first half of 2022-23,
The Insurance Times November 2022 7