K Krithivasan

In an exclusive interview with Elets Banking and Finance Mr. Pankaj Gupta, our Chief Technology Officer, discusses how technological advancements and evolving consumer preferences will transform the life insurance industry in the coming decade.   Read more: https://lnkd.in/d3innUgn #TechInInsurance #DigitalTransformation #FutureOfInsurance

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A new rule about payments has stirred up some concerns. Jayanth Mutha, Director of the agri-electrical company Himlite Products, says that while the intention was correct, the scheme has failed sorely. “There is a big necessity to take away this ruling and bring in something better,” he says. 👉What is the 45-Day Payment Rule? Starting April 1, 2024, this rule requires buyers to pay small businesses within 45 days of receiving their goods or services. The goal is to help small businesses get their money faster. However, things haven’t gone as smoothly as hoped. 👉Problems for Small Businesses ✔Small businesses need quick payments to manage their daily operations, pay employees, and cover expenses. ✔Late payments cause financial stress and disrupt their cash flow. ✔Small businesses often face lots of paperwork and disputes. ✔These delays make it hard to follow the 45-day payment rule. ✔The pandemic has worsened financial problems for small businesses. ✔Many have struggled with lower demand, supply chain issues, and lack of cash. 👉Concerns and Solutions 1️⃣ The 45-Day Limit is Too Strict: Experts say the 45-day limit is too rigid. They suggest more flexibility to help businesses deal with real-life challenges. 2️⃣ Use Cheque Insurance: Encourage the use of post-dated cheques with insurance. This can reduce risks for small businesses and ensure they get paid on time. 3️⃣ Bill Discounting: Allow small businesses to get paid early by discounting their bills with banks. This provides immediate cash and helps with cash flow. 4️⃣ Simplify the MSME Samadhaan Scheme: Make the process for resolving payment disputes faster and easier. Quick resolutions benefit both small businesses and buyers. We need to balance the need for timely payments with the challenges small businesses face. The government should revisit the 45-day payment rule, listen to feedback, and find better solutions. Supporting small businesses is a responsibility we all share. __________ Hey, it's Nilesh K Sule from CoCreators and Company .  Proudly leading Pune's top #coworking space. Follow me for insights into the latest coworking #trends and #innovative #business strategies.

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#India has witnessed a significant surge in the demand for insurance and hence reinsurance, marking a pivotal shift in the nation's #risk #management landscape. This rapid growth of #reinsurance portrays immense potential, serving as an essential facet in fortifying the country's #financial #resilience against #unpredictable events.

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"Insure Smart" with Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance. In conversation with Nidhi Sinha, Editor, Outlook Money, Singhel reveals how wellness incentives like gym discounts and mental health coverage lower claims and benefit everyone. Healthy living truly pays off! #BajajAllianz #Insurance #Health #InsureSmart

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How Sanjeev Barnwal and Vidit Aatrey Created Meesho ‌ Discover the inspiring journey of Sanjeev Barnwal and Vidit Aatrey, who transformed FashNear into Meesho, revolutionizing e-commerce in India and empowering over 13 million entrepreneurs. Their story highlights the importance of understanding core stakeholders and pivoting based on real-world insights. Swipe through to learn how Meesho became the first Indian startup to receive funding from Facebook and how their innovative approach can inspire you to tackle real problems with empathy and creativity. Stay tuned with Nilesh Dasri for such more updates #financialwealth #financialfreedom #financialplanning #debtservicing #debtcollection

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Celebrity power couple Virat Kohli and Anushka Sharma are set to reap substantial rewards from their investment in Go Digit General Insurance ahead of its IPO. Kohli invested ₹2 crore for 266,667 shares, while Sharma invested ₹50 lakh for 66,667 shares in January 2020. With Go Digit announcing a price band of ₹258 to ₹272 per share for its IPO, Kohli's stake could yield ₹7.5 crore, and Sharma's could realize ₹1.85 crore, totaling a significant profit of ₹6.75 crore. The grey market already shows a premium of around 18% above the official price range, indicating strong investor interest.    Go Digit offers a diverse portfolio of insurance solutions, including health, liability, property, marine, travel, and auto insurance policies, with 74 active products across various business lines, and theirs is one of the most eagerly awaited IPOs of the year.    Read the full article here: https://lnkd.in/dWFdqbwU   #CelebrityInvestors #GoDigitIPO #ViratKohli #AnushkaSharma #InvestmentSuccess #WealthGrowth #InsuranceSolutions #InvestmentOpportunity

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Unveiling the the most talked about new launch: ICICI Lombard Health Advantage Apex Plus! 🌟 💵 With a whopping 3 crore sum insured,  🎉100% no claim bonus,  🌍Worldwide coverage, Plus, benefits like maternity coverage, newborn expenses, and more! Looks like the plan has it all? But is it the right plan for you? Know all that you need! Click the link in the pinned comment for details! 💥 #icicilombard #healthinsurance #unbiased #productreview #review #newproduct #besthealthinsurancein2024 #bestpolicy #insurancetips

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Insurtech startup Go Digit General Insurance saw its profit after tax (PAT) soar 74% to INR 101 Cr in the June quarter (Q1) of the fiscal year 2024-25 (FY25) from INR 58 Cr in the year-ago quarter👇 On similar lines, Go Digit’s total gross written premium (GWP) jumped 22.2% year-on-year to INR 2,660 Cr in the quarter ended June 2024. The insurtech startup clocked a GWP of INR 2,178 Cr in Q1 FY24. The surge came largely on the back of growth in third-party motor, health, travel, and personal accident premiums. Go Digit’s net earned premium rose to INR 1,824 Cr during the period under review from INR 1,475 Cr in the year-ago quarter. 🔗 To read more in detail, click here: https://lnkd.in/guVKP2rV #news #financials #revenue #insuretech

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In a recent article in businessline, Mr. Nitin Mehta, our Chief Distribution Officer – Partnership Distribution and Head Marketing, shared his views on how bancassurance can play a key role in achieving ‘Insurance for All by 2047.’ Read more: https://bit.ly/463p53G  

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The Unsung Heroes of Sales in India: Why Field Support Makes All the Difference The vast and fragmented nature of India's market presents a unique set of challenges for sales teams. After all the business is an aggregation of very small transactions – running into billions. Scorching summers, unpredictable weather patterns, intense competition, and tremendous sales pressure all contribute to the pressure of performing. In this dynamic environment, the role of HO and regional sales support teams becomes even more critical. Beyond Transactions: Building a Collaborative Partnership While achieving sales targets is crucial, a successful sales strategy goes beyond individual transactions. It's about building a strong, collaborative partnership between Head Office (HO) and field teams. Both sides are integral parts of the sales process, working together to achieve shared goals. Empowering Field Teams for Success The HO sales team acts as a strategic partner, providing crucial support to field teams in several ways: Market Insights and Support: Equipping field teams with actionable market understanding, competitor analysis, and customer trends which has been obtained from market visits. This includes providing in-depth data and insights that can be immediately applied in the field. Effective Sales Enablement: Developing relevant sales strategies, training programs, and practical sales tools to empower field teams. Regularly gathering feedback from the field ensures these tools and strategies remain effective. Data-Driven Guidance: Continuously monitoring sales performance together, identifying areas for improvement, and providing data-driven guidance. This creates a shared accountability for results, fostering open communication. Proactive Problem Solving: Proactively addressing challenges faced by field teams, such as logistical issues, product concerns, or customer roadblocks. This includes prioritizing solutions and going the extra mile to ensure field teams have the resources they need. Collaboration Leads to Success Studies have shown that strong collaboration between HO and field teams leads to significant improvements in sales performance. A Harvard Business Review report revealed that companies with strong collaboration achieved 17% higher sales growth compared to those with limited collaboration. In fact every function has a great role to play, if there is a common will and zeal. Conclusion: Fostering a Winning Team Environment In the competitive Indian market, fostering a culture of collaboration between HO and field teams is essential for sustainable sales success. By breaking down silos, promoting open communication, and working towards shared goals, organizations can empower their entire sales force, creating a winning team environment that achieves remarkable results. What are your experiences with HO and field team collaboration? How can HO teams better support field sales success in India? Love to hear your thoughts and observations!

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#Congratulations to Shri Bhupesh Sushil Rahul We are thrilled to welcome Shri Bhupesh Sushil Rahul as the new Chairman cum Managing Director of United India Insurance Co. Ltd. Your leadership marks a significant milestone for the company, and we look forward to the exciting changes and advancements under your guidance. Your remarkable #achievements and dedication to your work have undoubtedly led you to these esteemed positions, and we have no doubt that you will excel in your new roles. As you embark on this new journey, we wish you every success in your role. May your tenure be marked by continued growth, prosperity, and excellence. Your leadership will certainly inspire others and contribute to the advancement of the #insurance sector. In our recent discussion, we explored the transformative role of technology in streamlining claim processing. It’s inspiring to see a focus on reducing #TAT (Turnaround Time) and enhancing #efficiency by leveraging advanced tech solutions to detect and prevent fraud. This strategic approach not only promises faster service for policyholders but also significant cost savings. Best wishes for your journey ahead in leading United India Insurance to new heights of innovation and success! #Leadership #Insurance #NewBeginnings #Congratulations #Inspiration #Growth #healthclaims #IRDIA #NHA #vitraya #Insuretech #Claimautomation Mrinal Sinha, Ankur Shrivastava, Vidit Kamboj, Yash Arya

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Digit Insurance General Insurance, a leading player in India's insurance sector, has raised Rs 1,176 crore ($141 million) from anchor investors ahead of its much-anticipated Initial Public Offering (IPO)! According to regulatory filings accessed from the Bombay Stock Exchange Limited, Digit Insurance has offered its anchor investors 4,32,57,009 equity shares at an issue price of Rs 272 each. Heavyweight names include SBI, ICICI Prudential Life Insurance Company Limited, Axis Mutual Fund, Mirae Asset Global Investments, Tata Group Flexi, Motilal Oswal Financial Services Ltd, PGIM India Mutual Fund, and Edelweiss Financial Services Limited. Notably, 11 domestic mutual funds have been allocated a substantial portion of these shares. The public offering, which began on May 15th and will run until May 17th, 2024, offers shares in the price band of Rs 258-272 with a minimum bid quantity of 55 shares. This move comes as Go Digit moves closer to its IPO, as outlined in its Draft Red Herring Prospectus (DRHP), where the company proposed to raise funds through the issue of equity shares amounting to Rs 1,125 crore, along with an offer for sale of up to 5,47,66,392 equity shares. While the road to the IPO hasn't been without its challenges, including a fine by the Insurance Regulatory and Development Authority of India (IRDAI) over a delay in filing joint venture agreement particulars, Go Digit seems poised for a strong market debut. With Go Digit Infoworks Services holding the most significant stake in the firm at 80.57%, followed by other major stakeholders such as TVS Shriram Growth, A91 Engineering, Faering Capital, and Peak XV, all eyes are on the company's growth trajectory. The company's financial performance has been robust. During the nine months of FY24, it posted a net revenue of Rs 5,631 crore and a profit of Rs 129 crore. In FY23, it posted a revenue of Rs 5,909 crore and a profit of Rs 35.5 crore. This successful fundraising by Go Digit General Insurance reflects the current market trend, as seen in recent similar endeavours like travel tech firm TBO Tek, which raised Rs 689 crore ($83 million) from its anchor investors. Stay tuned as we watch Go Digit General Insurance's journey towards its IPO debut and beyond! Read More: https://lnkd.in/eHdWwdjp #GoDigitIPO #InsuranceSector #AnchorInvestors #IPOAlert #MarketNews

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Our Chief Business Officer, RAKESH KAUL, recently shared his insights with ETBFSI on the alarming increase in insurance fraud in India and its far-reaching consequences. Read more: https://lnkd.in/didpPFiv #PreventInsuranceFraud #FinancialProtection #SBIGeneralInsurance

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This company might overtake Blinkit, Zepto, and bigbasket.com, and it has only been on the market for 4 years. It is Mukesh Ambani’s JioMart. JioMart is an online grocery store that provides 50,000+ grocery products at discounted rates to your doorstep through an express delivery system. It follows an on-demand model. Instead of a warehousing system, the company will partner with local retailers.  These retailers will source the grocery products and deliver them to the customers. What makes it so different from other e-commerce giants? > JioMart operates on an online-to-offline business model; it connects local retailers and delivers goods to customers by procuring them from the nearest store located in the customer’s vicinity. Grofers and Amazon Now do not use this warehouse model. > The company wants to correct the unorganized retail sector and help local shopkeepers whose businesses were adversely affected due to the competitive pricing and warehousing strategies of online retail stores. > In addition to increased sales and margins, these shopkeepers will be equipped with point-of-sale (PoS) terminals, integrated billing applications, and GST compliance. It will also upskill them in inventory management and supply chain management. RIL wants to establish its new venture, termed 'Desh Ki Nayi Dukaan', in this manner. JioMart claims to offer the following consumer-friendly services: - Free home delivery - There is no minimum value in order to obtain free delivery. - Express delivery within 24 hours - No questions asked, return policy - Early bird discount of INR 3000 Mukesh Ambani already has a formidable customer base in the retail sector with Reliance Fresh, which functions successfully on the brick-and-mortar model. His ambitious project emulates his desire to compete with global e-commerce giants such as Amazon and Walmart-owned Flipkart. When Jio entered the telecom segment, it stirred a revolution and turned the tables. Big shots like Airtel and Vodafone, who dominated for years, were sent tumbling. A potential revolution is on the cards again thanks to Reliance's JioMart. Do you think JioMart can take over Zepto? #jiomart #casestudy

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And,... DriveU in the process generated over INR 215 Cr ($33M at a blended exchange rate) in income for our driver partners. And, importantly all this accomplished with just under INR 15 Cr in total marketing spend. Business 101 - This is how you maximize ROI to shareholders.

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Insurance, innovation, technology -- if any of these or the combination excites you then you cannot afford to miss India Insurtech Association's India Spotlight panel tomorrow at ITC Asia 2024. Our  Co-founder & Executive Vice Chairman, Alok Bansal will be sharing his expert insights in this panel alongside industry veterans. Join for a deep dive into the future of insurtech. #Insurtech #Innovation #Technology #Insurance #ITCAsia #IndiaSpotlight #IndustryExperts #FutureOfInsurance

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These strategic shifts have heralded a "#customerfirst" approach, placing significant #responsibilities on insurance companies to bridge the existing gap in India's health insurance landscape. Yet, it's no walk in the park. The real test lies in the #effective execution of these initiatives by #insurers, instilling trust among clients. The ultimate goal? Witnessing a surge in individuals opting for health insurance coverage. Let's not overlook the stark reality: #Healthinsurance penetration in India currently stands at a mere 4% of its #GDP. It's time for #action, #innovation, and a #commitment to prioritizing the well-being of every #Indian. Follow Aarvi Insurance for more informative posts like this! #aarviinsurance #insurancebrokers #rules #GDP #healthinsurancecoverage #healthinsurance #updatednews #penetration #insurers #customerfirst #wellbeing #responsibilities

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