Page 45 - Insurance Times April 2024

Q: Corporate Social Responsibility (CSR) is increasingly responsibility extends beyond the activities listed above.
important. Can you share your company's initiatives in We strive to make a meaningful difference in people's
community engagement and CSR activities?. lives, contributing to a better world for all.
A: Certainly! At United India, we are deeply committed to
making a positive impact on our community and society. Our Q: In an era of rapid technological advancements, how
Corporate Social Responsibility (CSR) initiatives exemplify our is your company embracing innovation and digital
dedication to the country and its people, aligning with our transformation to stay competitive and enhance
mission of being the preferred insurer in India. Here are customer experiences?
some of our recent CSR activities (at the time of annual A: At United India, we are unwavering in our commitment
profit): to enhancing customer experiences and driving continuous
1. Education and School Adoption: We firmly believe in efficiency in our business operations. Our approach involves
empowering the next generation. As part of this embracing innovation and digital transformation, positioning
commitment, we have adopted several schools that us at the forefront of change.
required infrastructure support. United India Insurance One of our notable achievements is the complete digitization
Company Limited (UIICL) has taken responsibility for of our motor claim settlement process. From initial
everything from basic facilities to educational projects intimation to surveyor appointments and loss payments,
in these schools.
everything is seamlessly handled through digitally. This
2. Village Adoption: UIICL has extended its support to achievement has garnered recognition in various forums.
villages facing significant challenges in meeting basic
In summary, our dedication to innovation and digital
needs. Through dedicated efforts, we have transformed
transformation empowers us to deliver exceptional
these villages, ensuring they now have access to experiences to our valued customers.
essential amenities for a better quality of life.
3. Healthcare Initiatives: Our contributions to healthcare Q: Finally, any other insights or information you would
include funding facilities, organizing awareness like to share with our audience.
campaigns, and conducting medical camps throughout A: As we navigate the challenges of the 21st century, we
the year. Our intermediaries, Third-Party recognize the critical importance of integrating
Administrators (TPAs), also play a crucial role in these sustainability into our business model. By doing so, we are
noble endeavors. positioning ourselves for long-term success and to contribute
4. Beyond the List: Our commitment to corporate social for more resilient and responsible future.

LIC, GIC Re and New India Assurance Company retain the 'D-SII' tag

The public sector insurance companies – Life Insurance Corporation of India (LIC), General Insurance Corporation of
India (GIC Re) and the New India Assurance Company continue to be identified as Domestic Systemically Important
Insurers (D-SIIs) by the Insurance Regulatory and Development Authority of India (IRDAI).
“LIC, GIC Re, and New India continue to be identified as Domestic Systemically Important Insurers (D-SIIs), as in the 2022-
23 list of D-SIIs,” IRDAI said. D-SIIs are insurance companies which are perceived as ‘too big or too important to fail’ (TBTF)
based on their size, market importance, and domestic and global interconnectedness. LIC and New India are the largest life
and general insurance companies in the country, respectively. Meanwhile, GIC Re is the sole Indian reinsurer.
The distress or failure of these D-SIIs would lead to a significant dislocation in the domestic financial system. Therefore,
the continued functioning of D-SIIs is critical for the uninterrupted availability of insurance services to the national
economy. The perception and the perceived expectation of government support by these entities is likely to amplify
risk-taking, reduce market discipline, create competitive distortions and increase the possibility of distress in the future.
It is due to these considerations that D-SIIs are subjected to additional regulatory measures to deal with systemic
risks and moral hazard issues with an increased level of corporate governance and the need for these insurers to
identify all relevant risks and promote a sound risk management framework and culture.

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