Page 7 - Insurance Times April 2021
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institution basis the perils/climatic  insurance thought leadership), and an  Director, Liberty General Insurance
         conditions that the location is prone to.  Al Studio.                 stated, "We have been working with
         At the launch, Anurag Rastogi, Chief  "TCS is helping insurers adopt a  partners for almost two years now to
         Actuary and Chief Underwriting Officer,  purpose-driven,  ecosystem-led  automate our car inspection process.
         HDF ERGO General Insurance         approach to explore new business   Through this partnership we have
         Company commented, "Over the past  models, launch new products and    developed an efficient and elegant
         few years, we have seen a rise in  services,   enhance     customer   product, which will help us reduce cost
         natural calamities such as floods and  experiences and establish competitive  and time required for motor
         cyclone, which impact the livelihoods  differentiation in the post-pandemic  inspections significantly. This capability
         of people residing in these calamity-  world," stated K Krithivasan, Business  will further enhance customer
         prone areas.                       Group Head, Banking, Financial     experience with lower turnaround on
                                            Services & Insurance, TCS. "This
         Moreover, such calamities also                                        claims and renewals."
                                            recognition by an independent third-
         severely impact the lending businesses
         in these areas. Business Kisht Suraksha  party research firm is a validation of  Rajya Sabha passes
         aims to address these concerns by  our vision, rich domain capabilities,
         indemnifying against these climatic  investment in innovation and customer- Insurance (Amendment)
         changes whilst also protecting financial  focused offerings across the L&A value  Bill, 2021 increasing FDI
         institutions from rising NPAs occurring  chain."
         due to the impact of natural disasters."                              limit to 74% from 49%
                                            Liberty General Insurance          The Rajya Sabha has recently passed

         TCS named leader in life & introduces                   AI-based      the Insurance (Amendment) Bill, 2021
                                                                               which seeks to amend the Insurance
         annuities           insurance automated car inspections               Act, 1938. The amendment will now
         application and digital            Liberty General Insurance has recently  increase the limit of foreign

         services                           automated vehicle inspections for car  investment allowed in Indian insurance
                                            insurance policy renewals and claim  companies. The Bill provides to
         Tata Consultancy Services has been  assessments using AI-based technology.  increase the Foreign Direct Investment
         recognized as a leader in the Everest  This move is expected to transform the  limit from existing 49% to 74%. It also
         Group PEAK Matrix® for Life &                                         has a provision for the removal of
         Annuities (L&A) insurance application  car inspection process replacing  restrictions on ownership and control
         and digital services. TCS was placed  humans in repetitive work at a very  of the insurance companies.
         highest for its vision and capability in  high accuracy level.
         an assessment of 21 global service  Under this AI-based car inspection  Replying to a discussion, Indian Finance
                                                                               Minister Nirmala Sitharaman said that
         providers offering application and  process, for renewing car insurance
         digital services to L&A insurers.  and/or for claim assessment,       a higher FDI limit of 74% is not a
                                                                               compulsion for every insurance
         Highlighted as a key differentiator is  customers will just have to capture the  company, as it sets only an upper limit.
         the targeted investments of TCS to  photos or videos of their car and  She further clarified that increasing the
         solve  IT needs of the insurers such as  upload them on the Liv Mobile App or  limit doesn't mean automatic foreign
         actuarial advisory and business services  on the link shared with them.  investment to that level to all
         to build solutions, frameworks,    These photos or videos are sent to the  companies, and every company will
         training, and other business or IT issues  cloud and an automated inspection
         for actuarial services. The report                                    decide the limit of investment.
                                            report, covering damage and claim
         recognized the continued efforts of TCS                               According to Sitharaman, the hike in
                                            assessment, gets generated within a
         towards building a comprehensive   few seconds. It not only saves cost but  foreign investment will help meet the
         innovation    footprint  through                                      growing capital requirements of
         investments into solutions such as the  also increases customer satisfaction by  insurance companies as they are facing
         Personality Radar Solution, offerings  reducing the time required to settle a  liquidity pressure. The move will help
         such as innovation forums (open    claim or renew a car insurance policy.  in the deep penetration of insurance
         discussion on innovation themes), BFSI  Commenting at the development,  cover into the country and will also
         Innovation-as-a-Service (providing  Roopam Asthana, CEO & Whole Time  ensure insurance inclusion.

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