Page 7 - Insurance Times September 2020

ance policies based on their require- March 24 till December 31, 2020. Un- compare and buy different policies,
ments and offering them the best der the existing guidelines, such claims while the portal will also provide ad-
choices available. "With a network in were required to be submitted vanced assistance in registering and
more than 450 cities across the coun- through the employer. settling claims," he said.
try, InsuranceDekho has achieved rapid "Gangwar said claims can now be sub- The move to launch the portal would
growth, with the company business mitted directly (by workers)," accord- put it in direct competition against
doubling every quarter and tie-ups
ing to a statement issued by the labour leading digital aggregators and brokers
with 26+ general insurance compa- ministry. Workers will also be able to such as Policybazaar, Coverfox, Paytm
nies," the company said in a state-
file the unemployment allowance claim and the traditional players in the insur-
ment. online, according to the ESIC circular. ance and reinsurance market, such as
Marsh and Anand Rathi.
ESI will settle Covid-re- Mahindra Finance set to The insurance broker, setup in 2004, is

lated jobless claims within enter digital insurance rural focused, with concentration in
motor and tractor-based insurance
15 days broking segment products through a cross-sell model
Formal sector workers registered un- Mahindra Finance's insurance arm is with Mahindra's vehicle dealerships
der the Employees' State Insurance set to enter the business of online across India.
(ESI) scheme will receive Covid-19-re- broking giving digital services to the The company is now actively building
lated unemployment cash allowance customers of its subsidiary, Mahindra its health, life, two-wheeler, and
within 15 days of filing the claim. Insurance Brokers, through a soon-to- fourwheeler portfolios. It is also aim-
The ESI Corporation released the re- be launched portal called PayBima. ing to expand its reach among the ur-
vised unemployment allowance The move comes at a time when the ban customers through the new digi-
scheme Atal Beemit Vyakti Kalyan demand for insurance products per- tal portal, said Devare.
Yojana (ABVKY). "The payment shall be taining especially to health and life is
made in the bank account of the IP (in- at a high due to increased urgency Insurers see turnaround in
sured person) within 15 days from the
among individuals and businesses to PMFBY from 2021
receipt of the claim. Aadhaar shall be get themselves covered against medi-
used for identification," the ESIC said Insurance companies are hopeful of a
cal and business risks, amid the ongo-
in its circular. turnaround in the government's flag-
ing coronavirus pandemic. ship crop insurance scheme - the
The decision to revise the guidelines
According to a senior company execu- Pradhan Mantri Fasal Bima Yojana
was taken in a meeting of the ESIC tive, the new portal would play a role (PMFBY) - with new guidelines and use
chaired by Labour and Employment of innovative measures. They also ex-
Minister Santosh Kumar Gangwar in in the transformation of Mahindra's
insurance broking services to a pect more States as well as insurers to
August.
"phygital" model, which would lever- participate from next year.
Workers unemployed during the pan- age its feet-on-the-street agents at For instance, the Agriculture Insurance
demic are set to receive cash to the more than 400 locations in the coun- Corporation of India (AIC) has been
extent of 50 per cent of the wage (as
try, with the digital aggregation and working with States like Maharashtra
against 25 per cent meant for ESI sub- settlement services. and Madhya Pradesh and is using the
scribers affected during the precovid
"Insurance is not about selling policies cupping and capping mechanism.
times).
as much as it is about honoring the Starting with Beed district in
It will be paid for a maximum of 90
claims," said Jaideep Devare, MD at Maharashtra last year, AIC has also
days. The relief will be paid directly
Mahindra Insurance Brokers. "The used it in Madhya Pradesh and con-
into the bank account of workers, who
settlement of claims will be a critical vinced the State to remain in the
will be eligible to file the claim after 30
part of our operations on the portal. scheme. "The objective is to provide
days of getting unemployed. Through our partnership with leading comfort to States and encourage them
The benefit can be availed of by work- public and private insurers, we would to continue with the scheme," said a
ers who became unemployed from also give our customers the options to person familiar with the development.

6 The Insurance Times, September 2020