Page 7 - The Insurance Times October 2021

ACKO General Insurance India almost halved in the first quarter Payments Bank said, "Through these
of FY22 when compared with Q1FY21 tie-ups, we have further strengthened
Extends Partnership with
even as they rose globally. our insurance portfolio offerings and
Chennaiyin FC According to TransUnion's latest quar- hope to add more products in future
Two-time Indian Super League (ISL) terly analysis, fraudsters in India are that will ensure financial well-being for
champions Chennaiyin FC (CFC) have re-focusing their efforts from financial our customers."
extended their association with purely services to travel & leisure, online fo- Neelesh Garg, MD and CEO, Tata AIG
digital insurer ACKO General Insurance rums and logistics industries. The de- GI said, "The aim is to offer new age
as an Associate Sponsor on a multi- cline in fraud in India is being attrib- technology backed innovative solutions
year deal. uted to stronger fraud control mea- that are simple for customers to under-
CFC and ACKO shared a fruitful associa- sures being adopted by the financial stand. Tata AIG's trust and IPPB's rich
tion after joining hands for the first services industry. legacy together will help build trust
time in the 2020/21 season of the In- Across industries, the rate of digital and long-standing connect with diverse
dian Super League.
fraud attempts rose 16.5% globally and evolving customers."
"After a successful first year of the when comparing Q1FY22 to Q1FY21.
partnership last season, we're glad to However, for transactions coming from Cyberattacks cost Indian
welcome ACKO General Insurance back India, the percentage of digital fraud SMBs Rs. 3.5 crore in past
as part of the CFC family. The faith that attempts decreased at a rate of over
ACKO have displayed in Chennaiyin FC 49% during the same period. 1 year: Cisco
is clear in the multi-year renewal that More than half of small and medium
the brand has chosen to enter into India Post Payment Bank businesses in India that suffered cyber
with the club. We hope for a success- incidents in the past 12 months said
ful season ahead, insured by ACKO," ties up with Tata AIG Gen- that cyberattacks cost their business
Vita Dani, co-owner of CFC, said. eral Insurance more than Rs. 3.5 crore, according to
Through this partnership, CFC along India Post Payments Bank has an- a new study by Cisco titled
with ACKO will look to strengthen their nounced antieup with Tata AIG Gen- 'Cybersecurity for SMBs: Asia Pacific
association and engage with CFC's pas- eral Insurance Co. Ltd. for distribution Businesses Prepare for Digital Defense'.
sionate fan base across the country. of non-life insurance products across The Cisco study found that while SMBs
the country.
AM Best reaffirms credit in India are more worried about
As part of the alliance, IPPB will make cybersecurity risks and challenges,
ratings of General Insur- available affordable insurance products they are also taking a planned ap-
ance Corporation of India through its network of 650 branches proach to understand and improve
and over 136,000 banking access their cybersecurity posture through
AM Best (US-based credit rating
agency) has re-affirmed the ratings points to people. strategic initiatives.
assigned to General Insurance Corpo- The scope of products will include SMBs are ramping up their invest-
ration of India Limited (GIC Re) and health insurance products, personal ments in cybersecurity, with almost
further revised the outlook of Long- accident, motor insurance amongst half of Indian SMBs having increased
Term issuer Rating. others.
their security investment since the
The company said in a filing said that Nearly 200,000 postal service provid- start of the pandemic by more than
A M Best has reaffirmed the Financial ers (GraminDakSevaks and postmen) 5%. These investments are well distrib-
Strength Rating at B++ (Good); Stable. who are equipped with micro-ATMs uted across areas such as cybersecurity
The long-term issuer credit rating is and biometric devices will distribute solutions, compliance or monitoring,
bbb+ (Good) with the outlook revised and promote these insurance prod- talent, training, and insurance, sug-
to Stable from Negative. ucts, focussing especially on unbanked gesting a strong understanding of the
and underserved customers at the last need for a multi-faceted and inte-
E-frauds from India reduce mile. grated approach to building a robust
Online fraud attempts originating from J. Venkatramu, MD & CEO, India Post cyber posture. T

The Insurance Times, October 2021 7