Page 6 - The Insurance Times August 2022

tronic speed control could save an es- Tomar said the Centre has made According to a Cognizant release, The
timated 347,258 lives globally each PMFBY simple and convenient as per company will help NICL improve cus-
year, while measures to tackle drunk the suggestions of states. It is working tomer experience at every step of their
driving such as enhanced drink driving continuously with states to improve the journey, including applications, claims
condition of farmers and transform processing, and underwriting, while
enforcement could save a further
agriculture into advanced farming. continuing to improve ease of doing
16,304 lives, the study says.
business, provide greater operational
In the meeting, the Andhra Pradesh
An estimated 121,083 and 51,698 lives
agility and efficiency, application secu-
Chief Minister thanked the Centre for
could be saved by passing and enforc-
rity, financial and regulatory compli-
reimplementing PMFBY in the state.
ing rules on wearing seat belts and
ance, and drive business growth.
motorcycle helmets respectively. On July 7, a team headed by Union
"We are committed to supporting the
Agriculture Secretary Manoj Ahuja had
Improving seat belt use would have a
forward-looking technology vision of
given a presentation to the chief min-
particularly large effect on reducing
National Insurance Company and facili-
ister regarding the scheme.
road deaths in the United States (sav-
tating their digital transformation jour-
ing an estimated 14,121 lives every Keeping in view the suggestions of
ney," said Achal Kataria, Vice-President
year) and China (13,228). Tackling Andhra Pradesh and other states, the
and India Country Head, Cognizant.
speeding would be the single most ef- Centre had revamped the scheme in
"Our strong technology consulting and
fective measure to reduce road fatali- February 2020 with new features, such
digital capabilities will be applied to
ties in most countries, preventing an as voluntary enrolment for all farmers,
assist NICL in offering an improved and
estimated 88,374 deaths in China, wider use of technology in yield estima-
secure customer experience."
1,027 in Spain, and 815 in the United tion, risk coverage to choose for pay-
Kingdom. ment of sum insured to states as per
Premium mobilisation:
the option and prevailing risk profile.
AP decides to rejoin Fasal PSU general insurers lose
Cognizant wins multi-year market share in Jun quar-
Bima Yojana in current
contract from National In- ter
kharif season after tweaks
surance Company With public sector insurance general
Andhra Pradesh has decided to rejoin
companies, which once monopolised
the Pradhan Mantri Fasal Bima Yojana Cognizant Technology Solutions has
the sector, focusing more on profits,
(PMFBY) from the ongoing kharif sea- been selected as a technology provider
they have lost market share in gross
son, the Union Agriculture Ministry by National Insurance Company to ac-
premium underwritten to the aggres-
said. celerate and help manage its digital
sive private sector during the quarter
transformation. NICL is one of India's
The decision to rejoin the scheme was
leading public-sector general insurance ended June 30, 2022.
taken after virtual talks between Union
companies. While the market share of private
Agriculture Minister Narendra Singh
companies rose to 51.82 per cent in
Tomar and state's Chief Minister Y S NICL awarded the multi-year mandate
June 2022 from 47.63 per cent a year
Jagan Mohan Reddy. to the US-based software company
ago, PSU general insurers lost the
with a large presence in India to el-
"Andhra Pradesh has decided to imple-
market share from 42.23 per cent to
evate its technology roadmap, help
ment the PMFBY from kharif-2022 sea-
37.85 per cent. Gross premium collec-
manage its centralised web-based core
son," an official statement said.
tion of general insurance companies
insurance solution comprising multiple
Tomar said with this important deci- showed a growth of 23 percent at Rs
applications, underlying technology in-
sion, crops of more than 40 lakh farm- 54,492 crore for the quarter ended
frastructure and security, and provide
ers of the state will get insurance June 30, 2022.
consulting services, among other
cover in case of natural calamity.
things. Cognizant will also support According to the data available from
PMFBY and Restructured Weather- NICL's technology roadmap by leverag- the General Insurance Council, private
Based Crop Insurance Scheme ing digital technologies such as artifi- sector companies registered higher
(RWBCIS) were implemented in cial intelligence, machine learning, growth of 33.8 percent at Rs 28,235
Andhra Pradesh from kharif-2016 to automation, and microservices-based crore in premium collection for the
kharif-2019. architecture. June quarter. However, four public sec-
6 The Insurance Times, August 2022