Page 8 - Insurance Times Octoberr 2022

cent premium growth for the month, Zopper, whose last funding round took Aon Study Finds Economic
translating to 14 per cent YTD. place eight years ago in 2014, is also
Slowdown or Slow Recov-
looking to expand to other geogra-
While the momentum was weak in the
phies, amid rising demand from global ery as the Top Risk for
initial months, it is gradually picking up
players to use their platform. "We are
even as a double-digit base hereon Businesses in India
looking to deploy our products in a
raises the bar. AON a leading global professional ser-
couple of other geographies in this fis-
The standalone health insurers contin- vices firm, has announced the results of
cal year or the first quarter of the next
its 2021 Global Risk Management Sur-
ued to gain share by 400 bps yoy to
fiscal year," said Kuila. vey for India. The study gathers input
53.4 per cent, with Star Health at 33.6
from thousands of risk managers globally
per cent from 32.1 per cent in August
PSU non-life insurance every two years to identify key risks and
2021. The growth for private general
challenges their organisations are fac-
insurers were flat, while government unions demands EY re-
ing. The past two years have proved to
companies lost share. be incredibly volatile, with the global
structuring report
COVID-19 pandemic having a ripple ef-
The employee unions in the public sec-
Insurtech start-up Zopper fect across other types of risk, such as
tor general insurance companies have
heightened awareness of reputation
raises $75 million in series reiterated their demand for a copy of
and cyber, as long-tail risks have be-
the Ernst & Young (EY) report on the
C funding come increasingly important to manage.
restructuring of the four companies.
Insuretech player Zopper has raised $75 The 2021 edition surveyed more than
According to Girish Khurana National
million in series C funding led by Creaegis, 2,300 respondents in 60 countries/terri-
Convener, Joint Forum of Trade Unions tories across 16 industries at both public
with participation from ICICI Venture and
and Associations (JFTU), the unions got and private companies. With more em-
Bessemer Venture Partners.
only the powerpoint presentation from phasis and reliance on technology, cyber
Funding was raised to double down on
General Insurers' (Public Sector) Asso- risk topped the list as the number one
growth, revealed Surjendu Kuila, co-
ciation of India (GIPSA) and not the full current and predicted future risk globally,
founder and CEO of Zopper.
EY's report. its highest rank since the inception of
Investments will be used to bolster the the survey. In India, Economic Slowdown
"Bullet points contained in PPT
and Accelerated Change in Rate of Mar-
firm's technology team to help ecosys-
(powerpoint presentation) reveal no
tem partners distribute insurance in a ket Factors topped the list of risks in
details and we are unable to submit
technologically seamless way, he said. 2021, while Business Interruption and
our view-points and suggestions in the
Liquidity risks were cited as two of the
"Data analytics will help us push the
matter," Khurana said in a letter to projected top five risks for 2024.
next frontier of innovations in the
Suchita Gupta, Chairperson GIPSA and
insurtech space," added Kuila. "Indian businesses are maturing to the
Chairman-cum-Managing Director,
need for periodic insurance assessment
Insurance penetration in India has seen National Insurance.
and proactively planning to mitigate
an increase in recent years, jumping
"In the meanwhile, we find that the insurable risks," said Jonathan Pipe,
from 3.76 per cent in 2019-20 to 4.20
Companies are going ahead with their chief executive officer, India at Aon.
per cent in 2020-2021, according to
action plan implementation in haste "We have seen a significant increase in
IRDAI data. However, this is still much the use of captives to transfer risks as
without taking the workforce into con-
below the global average of 7.4 per well as greater support of external
fidence on these vital issues. Our Man-
cent. Penetration in rural areas is even experts in assessing all possible business
agement must appreciate the benefits
worse. risks. Companies are committing addi-
of consensus and collective prudence
tional budgets to manage and mitigate
"Data generated from all our partner- rather than unilateral decisions," he
their potential risks, particularly accel-
ships will enable us to grab a higher said.
erated rates of change in market fac-
share of wallet from customers and. In
The employees are agitated as the tors, economic slowdown, and business
turn, help the client make an additional
National Insurance has started imple- interruption. With better planning and
ten to fifteen per cent bonus on top of
menting the key performance indica- expert advice, most of the risks can be
what they currently rake in," said Kuila.
tor (KPI) norms. managed efficiently."
8 The Insurance Times, October 2022