Page 6 - Insurance Times April 2021
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block e.g., a financial year and is  facilitating new business and renewal  has pointed out that while India
         estimated in the first month of the  transactions.                    accounts for a low share of marine
         next year and so on i.e. the one-year  Kayzad Hiramanek, Chief, Operations &  insurance globally, its software
         persistency ratio is indicated as 13th-  Customer Experience, Bajaj Allianz Life  prowess can be used to give India the
         month ratio and so on.                                                necessary leg-up in the area.
                                            said, "We developed WhatsApp
         "In the case of persistency level, while  services just at the onset of the  Subhash Chandra Khuntia, Chairman,
         we had some issues in April 2020, but  pandemic. And over 11 lakh customers  IRDAI, stated that primary insurance
         May onwards we were back to doing  used this platform over the year for  (for marine sector) can grow if there
         more collections than the pre-COVID  renewal premium payment, sourcing  is presence of reinsurance and called
         times. Our 13th-month persistency has  new policies, and servicing existing  for starting a protection and indemnity
         gone up by 200 basis points compared  policies".                      club in India.
         to the same time last year," stated                                   Arti Mathur, GM, Oriental Insurance
         Kamlesh Rao, MD and CEO, Aditya Birla NICL asks Axis Bank to          Company stressed that growth in this
         Sunlife insurance. "Digitalization has  reclassify  as     public     area depends on the availability of
         played a big role here. Our Artificial                                ecosystem. Marine insurance business
         Intelligence (AI) driven Conversational  shareholder                  in India is in the range of 1.5-2%, which
         Renewal Bot offered a seamless digital  Axis Bank has recently said that one of  further shrunk during the pandemic,
         renewal engagement journey, helped  its promoters, National Insurance  Mathur added.
         policyholders to renew their policies  Company Ltd (NICL), has asked it to  According to the experts, Gujarat
         anytime, anywhere", he added.      classify the insurer as a public   International Finance Tec-City IFSC
                                            shareholder. The bank, in this regard,
         Ashish Rao, Chief Customer Experience                                 (International Financial Services
                                            received a request letter from NICL to
         & Operations, ICICI Prudential Life                                   Centre) can be a platform for such
                                            reclassify NICL to public category from
         Insurance said that recently, ICICI  promoter category, in accordance with  activities.
         Prudential Life has launched a speech
                                            listing regulations, Axis Bank stated in
         recognition AI-humanoid for renewal                                   HDFC ERGO launches
                                            a regulatory filing.
         premium reminder calling. "With this                                  Business Kisht Suraksha to
         automated solution, we can reach out  "The aforesaid request for re-
         to over 50,000 customers in an hour  classification will be tabled at the protect MFIs from natural
         and can converse with customers in  ensuing meeting of the Board of   calamities
                                            Directors of the Bank and all necessary
         multiple languages.
                                            steps will be undertaken in accordance  HDFC ERGO General Insurance has
         For the period from March 2020 to  with Regulation 31A of the Listing  recently introduced a unique cover,
         December 2020, we reached out to   Regulations," the bank said.       Business Kisht Suraksha, focused at
         over 4 lakh customers and                                             protecting the balance sheet of
         approximately 87% of customers     Marine insurance: IRDAI in         financial institutions, MFIs and banks in
         contacted paid their renewal                                          the event of natural disaster or
         premiums. Our customers can make   discussion with INSA to set        catastrophe.    Business    Kisht
         renewal premium payments through up P&I club                          predominantly aims to limit the
         net banking, UPI, ECS, credit and debit  IRDAI is in talks with Indian National  impacts on the balance sheet of
         cards, Google Pay and other mobile  Shipowners Association (INSA) to  financial institutions, due to non-
         wallets," remarked  Rao.           develop a protection and indemnity  payment of EMIs by borrowers,
         During the pandemic, technology has  insurance club (P&I club) in India, a  resulting out of listed calamities such
         been the centre of all customer    move which will support the        as floods, earthquakes, cyclones, etc.
         engagement activities for insurers.  development of a marine insurance  As a product, Business Kisht can be
         Whether it is self-servicing insurance  market in India.              customised as per the needs of an
         portal for customers or AI-enabled bot,  Marine premium formed about 2% of  individual MFI or financial institution.
         all-digital offerings have been designed  the gross domestic premium in FY20.  It can also be tailor-made depending
         to enhance customer experience and  India has been looking to put in place  on the geographical presence of the
         reduce time for servicing them and  a P&I club for a few years now. IRDAI  borrower, MFI or any financial

           6  The Insurance Times, April 2021
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