Page 7 - Insurance Times December 2023

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New Policy for Cricket match from ACKO Bimakavach, a recently licensed insur-
ance broking startup, is placing a sig-
There are risks associated with watching a cricket match during the World nificant stake in this market.
Cup because of the large audiences and intense emotions it evokes in view-
ers. A modern insurer is now trying to profit from these risks by providing Cyber insurance is a crucial component
spectators with personal injury insurance, whether they are inside the sta- of Tejas Jain's comprehensive insurance
dium or not. product suite, which he is developing
for modern small- and medium-sized
Acko's "100 Over Insurance," a general insurer, provides Rs 100 in personal enterprises to ensure the security of
injury protection and would reimburse Rs 5,000 for injuries sustained while their operations. Jain founded
watching the game.
Bimakavach.
While watching the match, there is a cover for a single day. The coverage "Software service providers and fintech
covers a wide range of situations, including boisterous spectators, enthused companies store a lot of data, but his-
supporters, an errant ball, and even an unintentional injury sustained at torically they haven't taken the proper
home due to the intensity of the game. All of these scenarios are covered insurance coverage. Now, even their
as long as there is a prescription and a legitimate evaluation from a licensed
investors are pressuring them to get
medical professional.
covered," Jain continued.
New generation companies are taking
Businesses scramble for because of the product's complexity and up products like cyber insurance, fraud
high claim rate, insurance companies
cyber insurance due to are hesitant to offer it. Additionally, it protection, which includes both insider
and third party fraud, directors and
digitization and data laws might be very challenging for startups officers liability, etc. "With India pass-
Selling insurance is always challenging, to be eligible for a suitable cover. ing the data protection law too, there
but this isn't the case with products The need for cyber insurance has been are a lot of talks going on about cyber
like cyber insurance. Industry sources progressively rising. In the last three insurance coverage," Jain stated.
claim that the market is currently ex- years, the market has expanded at a
periencing rapid demand growth and compound annual growth rate of 27- Motor Vehicles Act: DFS
that insurance companies may not be 30%, with a current valuation of $50-
ready to keep up with it just yet. 60 million, according to Dhirandra requests a compliance ef-
According to a number of insurance Mahyavanshi, CEO of insurance bro- fort from insurers
brokers, the need for cyber insurance kerage firm Turtlemint. In order to guarantee adherence to
has been growing over the past few He continued by saying that India's the Motor Vehicles Act, the Depart-
years and is predicted to continue grow- need for cyber insurance is predicted ment of Financial Services invited pri-
ing now that India has passed its own to increase by about 30% over the next vate sector general insurance compa-
data protection legislation. However, years. nies to work with state governments

The Insurance Times December 2023 7