Page 43 - The Insurance Times November 2024

information requests from banks, TPAPs, and law- needed measures that will allow users to uphold the caution
enforcement agencies to aid in compensation and standards. To effectively apportion liability, factors such as
investigation processes. weak execution of KYC norms, non-flagging of suspicious
accounts to users, or poor cybersecurity standards may be
Determining liability for the compensation through a prescribed
considered as starting points.
procedure: The responsibility for executing the compensation
process can rest with the transaction participants, such as the UK's Authorised Push Payment (APP) Scam Reimbursement
issuer bank, the acquirer bank, and/or the TPAPs. The Policy is set to come into effect in October 2024. Some
designated entity can be required to determine whether the dimensions, such as exceptions to be made for socially
flagged transaction involved social engineering fraud, whether vulnerable users, upper limits for compensation and
the complaint can be considered authentic, and whether the liability apportionment amongst system participants, have
user adhered to the set caution standards. been conceptualised. Its experience can serve as an
example of similar frameworks that can work for India's
There are several other dimensions to consider for such a
unique requirements. Other innovations in the financial
compensation mechanism. The compensation offered to
sector such as low-cost cyber insurance cover can protect
fraud victims would need to have an upper cap, which could
be determined by a committee comprising representatives customers and cover for losses over and above any
compensation cap.
from the government, industry, and civil society. Similarly,
assessing a user's eligibility for compensation using A multifaceted approach will encourage wider adoption of
established caution standards can only occur after it has digital transactions and ensure that users feel secure in
been established that banks and TPAPs have implemented navigating the digital financial landscape. Business Line

PRESS RELEASE

BLS E-Services partners with SBI General Insurance to Enhance

Customer Access to Essential Insurance Products Pan India

B LS E-Services has partnered with SBI General Simplified policy management through BLS E-Services

Insurance to offer a range of essential insurance
products directly to customers across India. This Faster claim processing and enhanced customer
support
partnership aims to broaden access to key insurance
Commenting on the partnership, Mr. Shikhar Aggarwal,
offerings, such as Hospicash, vehicle insurance, personal
Chairman, BLS E-Services said, "This collaboration represents
accident insurance, and shop insurance, leveraging BLS’s
a pivotal moment in our journey towards financial inclusion.
extensive network.
By bringing insurance products, we're not just facilitating
Hospicash, a flexible income protection plan that offers daily transactions – we're empowering individuals and businesses
hospitalization benefits to those who are primarily earning also to secure their futures with confidence. This is about
their livelihood daily and giving a security of not losing on it. transforming the way India thinks about and accesses
Customers can choose between ?1,000 and ?2,000 daily insurance."
benefits, tailoring the coverage to their specific needs to
SBI General Insurance, Business Head, Ms. Priya Kumar said,
secure their financial well-being during medical
"Our partnership with BLS E-Services isn't just about
emergencies. The partnership has enabled BLS E-Services to
expanding our reach – it's about reimagining the insurance
leverage its strong presence in the E-Governance sector -
where it has already benefited over 40,000 customers - to experience for customers in the current digital era. We're
excited to leverage BLS's innovative platform to create more
provide these crucial insurance products.
responsive insurance solutions fulfilling the mission of
This strategic partnership aims to simplify the insurance improving insurance penetration in rural areas. This
acquisition process, making it more efficient and user- collaboration will allow us to gather real-time insights into
friendly. Customers will benefit from: customer needs, driving product innovation and setting new
Easy access to a wide range of insurance products benchmarks in customer-centric insurance services."

38 November 2024 The Insurance Times