Page 29 - Insurance Times November 2023

these risks. It's not only about risk transfer but also about Financial Stability
understanding the impact of insurance on risk mitigation.
The policy helps ensure the financial stability of banks by
covering the losses they may incur due to employee
Customization misconduct or errors. This stability is essential for
It's crucial for bankers to invest time in developing SOPs that maintaining public confidence in the banking industry.
help in continuously understanding the evolving operational
risk exposures and then mapping them to appropriate tailor- Conclusion
made risk mitigation solutions to develop the perfect tool
for ensuring that the Bank has the right type and level of In summary, the Bankers Indemnity Policy is not just a
insurance coverage as per Bank's specific situation that financial tool; it is a critical element of risk management,
helps in building operational excellence for a bank. regulatory compliance, and financial stability in the banking
industry. A Bankers Indemnity Policy serves as a safety net,
ensuring that banks and financial institutions can maintain
Financial Service ecosystem
their financial health even in the face of internal dishonesty
Banks are at the core of the financial services ecosystem. or errors. In India, where trust in the banking system is
Their financial health and stability have a ripple effect on crucial for economic stability, these policies are not just
other financial institutions, businesses, and consumers. financial instruments; they are guardians of public
Banker's Indemnity insurance helps maintain the integrity confidence.
of this ecosystem.

While the policy provides a level of protection, it should
Reputation Management always be seen as a complement to a broader strategy that
In the event of employee misconduct or financial losses, emphasizes ethical conduct, strong internal controls, and risk
effective coverage can help protect the bank's reputation. management. By combining these elements, Indian banks
Public trust in the bank's operations is critical, and insurance can offer a secure and trustworthy financial environment
coverage can assist in managing reputational risks. for their customers while protecting their own interests. T

ManipalCigna Health Insurance launches 'ManipalCigna Accident

Shield’

ManipalCigna Health Insurance announced the launch of 'ManipalCigna Accident Shield’. This new advanced personal
accident plan offers comprehensive coverage for accidental death (AD), permanent total disablement (PTD), and
permanent partial disablement (PPD), ensuring that policyholders are safeguarded against a wide array of accidents.
For adventure enthusiasts, the plan goes beyond financial security. Whether it's mountain biking, rock climbing, or
other adventurous activities, this plan provides comprehensive coverage, ensuring their passion is matched with robust
protection.
Speaking about the product launch, Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance, said,
“As a health insurance expert, our commitment to providing easy access to quality healthcare is at the heart of our
product innovations. Thus keeping in mind the increasing accident incidences and cost, ManipalCigna Accident Shield
plan allows policyholders to choose from a range of sum insured options, spanning up to 25 crores, tailoring their
coverage to their specific needs. This plan also offers a claim benefit of up to 200 per cent of the sum insured for
accidental death and permanent total disablement. In addition, the plan provides coverage for accidental
hospitalisation including OPD expenses ensuring even minor injuries are covered.”

Sikdar further added, “We understand that accidents can range from minor mishaps to more severe incidents, which
is why we've gone the extra mile to include features like shield against EMIs, loan outstanding, and education of
children in case of an accidental death or disability. With customisable coverage options and exceptional claim benefits,
this plan covers policyholders in case of death, disabilities, and debt and reflects our commitment to customer-centric
solutions.”

28 November 2023 The Insurance Times