Page 7 - Insurance Times April 2021

institution basis the perils/climatic insurance thought leadership), and an Director, Liberty General Insurance
conditions that the location is prone to. Al Studio. stated, "We have been working with
At the launch, Anurag Rastogi, Chief "TCS is helping insurers adopt a partners for almost two years now to
Actuary and Chief Underwriting Officer, purpose-driven, ecosystem-led automate our car inspection process.
HDF ERGO General Insurance approach to explore new business Through this partnership we have
Company commented, "Over the past models, launch new products and developed an efficient and elegant
few years, we have seen a rise in services, enhance customer product, which will help us reduce cost
natural calamities such as floods and experiences and establish competitive and time required for motor
cyclone, which impact the livelihoods differentiation in the post-pandemic inspections significantly. This capability
of people residing in these calamity- world," stated K Krithivasan, Business will further enhance customer
prone areas. Group Head, Banking, Financial experience with lower turnaround on
Services & Insurance, TCS. "This
Moreover, such calamities also claims and renewals."
recognition by an independent third-
severely impact the lending businesses
in these areas. Business Kisht Suraksha party research firm is a validation of Rajya Sabha passes
aims to address these concerns by our vision, rich domain capabilities,
indemnifying against these climatic investment in innovation and customer- Insurance (Amendment)
changes whilst also protecting financial focused offerings across the L&A value Bill, 2021 increasing FDI
institutions from rising NPAs occurring chain."
due to the impact of natural disasters." limit to 74% from 49%
Liberty General Insurance The Rajya Sabha has recently passed

TCS named leader in life & introduces AI-based the Insurance (Amendment) Bill, 2021
which seeks to amend the Insurance
annuities insurance automated car inspections Act, 1938. The amendment will now
application and digital Liberty General Insurance has recently increase the limit of foreign

services automated vehicle inspections for car investment allowed in Indian insurance
insurance policy renewals and claim companies. The Bill provides to
Tata Consultancy Services has been assessments using AI-based technology. increase the Foreign Direct Investment
recognized as a leader in the Everest This move is expected to transform the limit from existing 49% to 74%. It also
Group PEAK Matrix® for Life & has a provision for the removal of
Annuities (L&A) insurance application car inspection process replacing restrictions on ownership and control
and digital services. TCS was placed humans in repetitive work at a very of the insurance companies.
highest for its vision and capability in high accuracy level.
an assessment of 21 global service Under this AI-based car inspection Replying to a discussion, Indian Finance
Minister Nirmala Sitharaman said that
providers offering application and process, for renewing car insurance
digital services to L&A insurers. and/or for claim assessment, a higher FDI limit of 74% is not a
compulsion for every insurance
Highlighted as a key differentiator is customers will just have to capture the company, as it sets only an upper limit.
the targeted investments of TCS to photos or videos of their car and She further clarified that increasing the
solve IT needs of the insurers such as upload them on the Liv Mobile App or limit doesn't mean automatic foreign
actuarial advisory and business services on the link shared with them. investment to that level to all
to build solutions, frameworks, These photos or videos are sent to the companies, and every company will
training, and other business or IT issues cloud and an automated inspection
for actuarial services. The report decide the limit of investment.
report, covering damage and claim
recognized the continued efforts of TCS According to Sitharaman, the hike in
assessment, gets generated within a
towards building a comprehensive few seconds. It not only saves cost but foreign investment will help meet the
innovation footprint through growing capital requirements of
investments into solutions such as the also increases customer satisfaction by insurance companies as they are facing
Personality Radar Solution, offerings reducing the time required to settle a liquidity pressure. The move will help
such as innovation forums (open claim or renew a car insurance policy. in the deep penetration of insurance
discussion on innovation themes), BFSI Commenting at the development, cover into the country and will also
Innovation-as-a-Service (providing Roopam Asthana, CEO & Whole Time ensure insurance inclusion.

The Insurance Times, April 2021 7