The 10 Most Recommended Insurance Solution Providers in 2019

1. www.insightssuccess.in VOL 6 June-2019 ISSUE 3

4. Desk “Insurance is a subject matter of solicitation” T intruded by the fact that insurance is a basic element of life and not just a choice! People are still missing out the true essence of insurance – it safeguards against the losses occurred due to unforeseen events and gives the noticeable push that helps to align life again! his is the most read statement that is included in every advertisement or documents related to the Indian Insurance sector. A majority of the Indian population are quite With the liberalization of the Indian Insurance industry almost three decades back, the sector has steadily expanded by the virtue of urbanization and changing lifestyles. As per reports, there are over 63 insurance companies that are segregated as – 24 in life insurance and 39 in non-life insurance providers in India. Major investments from MNC's and international players have lightened up the insurance sky and the emergence of players introducing niche products and services are a breather – both for citizens and for the industry. Few factors that are fuelling the growth are: • Distribution channels • Consumer demands • Untapped potential • Reforms accelerating the market Out of all these critical factors, the most crucial part is educating and informing the citizens about insurance. Along with being a lifesaver for countless people, the insurance sector stands amongst the backbone towards strengthening the economic development of the country. Although the industry is progressing to reach up to US$ 280 billion by 2020, the overall insurance penetration stands very low as compared globally. However, as there's always a silver lining at the end, awareness and the continual inclusion of innovative products and services by the players are rapidly changing this scenario.

5. Editor-in-Chief Pooja M. Bansal Managing Editor Devasish Kanojiya Rahul Niraj Executive Editor Art & Design Head Amol Kamble Associate Designer Poonam Mahajan Art & Picture Editor Rahul Kavnekar Co-designer Shweta Ambilwade Business Development Lead Joan Ranbhise Business Development Executive Kaustubh Datar Technical Specialist Amar, Pratiksha Digital Marketing Manager Prashant Chevale SME-SMO Executives Manoj Shelge Circulation Manager Tanaji sales@insightssuccess.com JUNE, 2019 Corporate Ofces: Insights Success Media and Technology Pvt. Ltd. Ofce No. 22 & 510, Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017 Phone - India: +91 7410079881/ 82/ 83/ 84/ 85 Email: info@insightssuccess.in For Subscription: www.insightssuccess.in Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com Cover Price : RS. 150/- https://twitter.com/insightssuccess Follow us on : www.facebook.com/insightssuccess/ Copyright © 2019 Insights Success Media and Technology Pvt. Ltd., All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success Media and Technology Pvt. Ltd. Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd. RNI NUMBER: MAHENG/2018/75953

8. Every Step is a Giant Leap towards Developing India C In this exclusive edition of “The 10 Most Recommended Insurance Solution Providers in 2019 we have showcased the journey of some of the iconic players in the industry. These companies are the torchbearers in strengthening and expanding the insurance services into every corner of the country. ountless players introducing a wide range of products and services – securing life to automobiles, gadgets, cards and almost everything, the Indian Insurance service providers are going places! “ On the cover page of this edition, we have introduced COCO By DHFL General Insurance. As a leading provider of Insurance products using new age technology, it stands amongst the most talked about player within the Indian insurance fraternity. Alongside, we have AHI Insurance Brokers that is an IRDA approved Mumbai based Insurance Broking Company which helps customers in advising to choose differentiated Insurance products. Ensign Insurance Brokers is one of the trusted brokers for life and general insurance in India. Catering requirements of both individuals and corporate clients, it has made a niche market today. Founded in 2011, OneAssist Consumer Solutions Pvt. Ltd is an online platform that caters to secure valuable appliance within the household. Featuring next is PolicyX - is a leading online insurance web aggregator that offers unmatched guidance to consumers in selecting insurance plans. Quickinsure Insurance Brokers Private Limited has launched ‘Quickinsure.co.in’ - an online insurance comparison portal. That’s not all! The industry experts have penned their thoughts on diverse topics that give an insight to the core. Finally, the editor has crafted a special content that exhibits the shining pointers of the insurance industry. Happy Reading!

12. T he imminent rise of the Fintech companies over the last decade is rapidly transforming the face of the Indian Insurance industry. Although technology always stood as the backbone of the traditional insurance industry, its prominence was limited at the backend. Over the years, as the consumers have been more adaptive towards this sector and technology taking the center stage, the Indian Insurance industry is set on the right trajectory of growth. As technology continues to play a pivotal role in various financial verticals, InsureTech has evolved as the latest platform for the insurance industry. Much like the e-commerce industry, the insurance sector has taken colossal steps by embracing cutting-edge technologies like Artificial Intelligence, Machine Learning and lot more. Today, along with empowering the buyers by offering a plethora of offerings, technology is assisting the customers to have complete control and access the online insurance platform in the most secure way. From enhanced customer experience, recommendations, and offering tailored packages as per the requirement of the customers, the growth of the Indian Industry has been phenomenal. One such player that has embraced technology to the core and has been hugely successful in converging customer’s expectation in a very short span of time is COCO By DHFL – General Insurance Limited. Launched in November 2017, it is headquartered in the business capital city of Mumbai. COCO stands amongst the most talked about player within the Indian insurance fraternity. By the end of the first financial year, the GWP was INR 141 Crore, a feat that was seldom witnessed from a new entrant in the industry specifically in the de-tariffed regime. The InsurTech, COCO, within a short span, has managed to grab the eyeballs by winning countless accolades and appreciations at various platforms. It was recognized amongst Top-10 Promising Insurance Startups by Silicon India Startup City Magazine in 2018. Other prestigious awards include: Brand Excellence in BFSI category - CMO Asia in Singapore Mobby’s Award - COCO launch on November 30, 2018 Drivers of Digital Award - COCODrive Launch Campaign DIGIXX Award - Best use of Digital in BFSI Ÿ Ÿ Ÿ Ÿ

13. These accolades are just the foundation for a burgeoning InsurTech juggernaut in the private general insurance space that has just begun its endeavor so emphatically that the future is immensely revolutionary and profitable. experience to world-class standards. His sprawling career is defined by four core elements - Business acumen, an assiduous eye for detail, the ability to invigorate multifarious organizations spread across various cultures, and a vision for what should be - rather than what is defined! “ Care More. Have More “ customers’ needs & requirement. Furthermore, it’s easy-to-explore- online-platform assists customers to make an informed choice on the same. The Leader Creating a Mark in the Industry With more than three decades of professional experience, Vijay Sinha is the founding Managing Director & Chief Executive Officer of COCO by DHFL General Insurance Ltd. Throughout his illustrious career, he has been a strategic business leader who led key leadership positions at prestigious companies like LIC, Tata AIA Life Insurance Company, Bajaj Allianz Life Insurance Company, and Dewan Housing Finance Ltd. Right from streamlining complex distribution development, defining corporate marketing & communication strategies, creating sales & distribution network and defining moments through Product Development, Project Management, and Sales Process Re-engineering, he has managed it all. The brand name COCO is a combination of ‘Connected Coverage’ that emerges from brand purpose of ‘Connectivity’ in a ‘Digital World’, and ‘Coverage’ that is wholly based on their offering of insurance protection. COCO is the forerunner in the Indian InsurTech space and is geared towards a digital future where customers can truly understand the insurance they buy and experience what can’t be matched by traditional channels. The company is soon going to launch plethora of ‘micro-moment’ products that provides the buyer a cover from specific risks. The USP of these categories of products is the freedom of choice given to the buyers without forcing them to buy pre-bundled rigid packages. Another flagship product that is to be unveiled is COCOCure – a dedicated health insurance product that aims to disrupt the health cover space by its innovative features. Syncing the intuitiveness and customizability that is offered under the Motor Insurance products (COCORide and COCODrive), COCOCure is all set to simplify and transform the current health insurance eco-system. Rather than focusing on a ‘2-minute buying’ concept, COCO had a different outlook right from the inception that has led to such market accreditations bestowed on the company. The differentiation and uniqueness delivered by COCO in the areas of property & casualty business is nothing short of a welcome disruption for the customer as well as for the industry. One of the key highlights of his journey at COCO was his expertise in launching the venture without any foreign alliance. He opined ‘Digitisation’ to be the future and worked diligently to put an Insurance manufacturer into the InsurTech space. Earlier, he is credited with rebuilding the Bajaj Allianz brand story - with elevating its customer Bridging the Gaps The journey of the Indian insurance industry that commenced over a decade earlier has witnessed a paradigm shift with regards to the process and being pro-active in By leveraging the capabilities and power of digital technology, it has crafted an ecosystem that recommends products and coverage which are customizable as per the

14. embracing a customer-centric approach. Today, a majority of prominent players are offering a clutch of value-added services beyond insurance schemes such as customer care packages, roadside assistance, and more. As a dominant InsureTech player in the insurance sector, COCO is a forerunner in incorporating innovative concepts by walking an extra mile that differentiates themselves in this competitive technological era. The entity has identified three valuable areas that are yet to be offered to the buyers. True Customization: COCO emphasizes educating the buyers about the salient features of the add-on services and why it can be beneficial for them. With extensive research, the company is able to understand customer profiles and suggests relevant add-ons accordingly. Automation: Banking on the new-age technologies like AI and ML, the entity presents an interactive online platform analyzing consumer behavior data to provide an insurance plan that makes sense and engages customers in the most interesting ways. Content, user flows, and suggestions on the website are customized based on the information collected from each user’s hyper-local profile. Ultra-competitive Market Rate: Insurance products from COCO allow customers to customize the insurance plan as per their requirements and facilitates the purchasing of these products directly from the web portal. This allows the customers to only pay for what they require without having to pay for rigid, pre-bundled insurance policies. The Road Ahead Analyzing the performance and scope of the insurance industry in India, COCO carries a very optimistic outlook of the future. As the industry is growing at a CAGR of 17% since privatization, there is a huge potential for the players. With the emerging InsurTechs, the penetrations through digital mediums are going to speed up the growth rate.

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16. The Knowledge of Insurance ‘‘ Our uniqueness lies in seeking to consistently execute better and perfect this recipe of Life Cycle management for continued success Chintan P . Mehta CEO & Principal Ofcer O uncertainty of life, taking insurance for oneself and assets possessed by hard earned money have become the norm but taking just any insurance off-the-shelf doesn’t help. One needs to study carefully, how I am insured and up to which extent. As such one needs the assistance of someone who knows the insurance inside out and helps decide on an insurance solution that best fits their case. For this Trade expert required to attend your objective to be insured. f late, Indians have been acknowledging the necessity of Insurance. While they always have had a compulsion for regulatory compliance or habit of savings, Insurance has been a different ball game altogether. With changing times, changes in lifestyle, increase in private jobs, and 14 JUNE 2019

17. Assisting people in finding the correct insurance policy is AHI Insurance Brokers (Auto Hangar India, A Mariwala Group initiative, 1991) 2017 Startup initiative. AHI acts as an advisor to choose the best plans through its transparent and unbiased recommendations. It helps customers in selecting different insurance policies and products like motor, health, life, travel, investment, pension, pa and business among others. AHI with its associated insurance companies in India guides client a step-by-step purchasing process of insurance plans. Training Group-Florida), along with his team is master of innovation & disruption for the mass & class of society. He focuses on in-depth insurance business analysis, claims management, reinsurance and Customer Retention. His team manages client business through most trained data-centre and field associates. insurance provider. We want to score highest here to have maximum repeat client. As ultimately its trust of customers which create a brand.” says CEO AHIBL Chintan. Challenges and the Road Ahead The Insurance industry in India is already battling its two major challenges. First is the lack of awareness and second is its commoditization. The common human psychology of the average Insurance consumer implies that insurance does not provide any immediate gratification and works only on probabilities and uncertainties. It is not an easily understood concept, remains intangible and so it’s not a priority for most consumers. Exclusive Insurance Services AHI Insurance Brokers’ focus is on advisory and relationship building while dealing with customers. It aims at offering the best insurance services for free of cost with its team of experts and industry professionals to help customers understand policy features and costs better. It serves as a one-stop portal for all the insurance needs. An Experienced Proponent “In India, there are two challenges pertaining to the insurance industry. First is the acute lack of awareness of Insurance in the mass segment and second is its commoditization in the segment which is aware but is completely price driven. AHI Insurance Brokers wants to address (applying expert knowledge-base using AI & Big Data) this in best possible manner.” quotes Chintan P. Mehta, CEO & Principal Officer. He brings in two decades of experience in bridging awareness & operational excellence in Insurance domain. He is catering to the insurance needs of HNI clients at AHI. His industry expertise during all these years courtesy his major journey with Shriram group at various Level across India. AHI seeks to eliminate these roadblocks by providing trusted advice and helping customers make an informed choice. AHI is also looking forward to broadening its product line up. Motor Insurance is a core business as of now. It is also approaching several insurance companies for creating such differentiated products accessible to its wide set of customers. It would like to service its HNI customers in emerging areas like cyber insurance, pet insurance specialized personal asset insurance cover (for paintings, jewellery, etc.) and other niche areas. Every advisor onboard AHI understands that the role of any good broker is to represent customer first and not the insurer during the entire life cycle of the customer. We want to be his custodian to every insurance category. AHI is not in topline seeking valuation game at all and understands its growth path will be slow but solid. From day one the advisors adhere to the game plan. They only sell to the ones seeking trusted service and those who are open to insurance advice. “Cross-selling and reference selling becomes key when you opt to venture out on this path. Claims assistance is our forte; it is ‘The Moment of Truth’ for every Chintan, a CIAFP - Certified Insurance Anti-Fraud Professional (III & NATG – North American 15 JUNE 2019

18. E BIGGER PICTURE O journey to reckon! T H ver the years, the Indian Insurance Industry has ourished and has come a long way since its inception. Having completed the journey – from an open competitive market getting nationalized and further entering into a liberal market again has been a Let’s celebrate the journey of the Indian life insurance sector by showcasing the milestones. 1928 IACA was authorized for enabling the government to collect statistical information on both life and non-life insurance businesses 1912 1956 Formation of the Indian Life Assurance Companies Act Formation of LIC with a capital of 5 crores Despite the gigantic growth, it still needs to bridge a huge gap as the insurance penetration in India stands amongst the lowest in the world today. To an extent globalization, urbanization, lifestyle has driven the growth alongside the business-friendly reforms from the Government, but yet the journey is far from being accomplished. As technology and innovation are playing the masterstroke and making their presence felt, this sector is not to be left behind. 16 JUNE 2019

19. SECURING INDIA Startups – Dening a New Era The contribution of the startup culture is playing a vital role in expanding the footprints of the players into the tier II & III cities. Researching, collaborating with global brands, exploring new markets, these players are creating their own path of success that is a perfect blend of creativity and innovation. As new ideas continue to chip in, these players are not resisting themselves to create their own forte and niche markets. Technology to the Core! As the Insurance industry is a prime example of a data- rich industry, analytics plays a major role in harnessing the needs of the consumers. With the world in their palms, today's customers are much more intelligent, curious, and diverse. Smart applications that share info at a click along with the AI-powered chat boxes are few of the innovations driving the market. - Devasish Kanojiya 17 JUNE 2019

22. ‘‘ CEO T general insurance in India his exceptional journey talks about a few visionaries who wanted to make a splash in the insurance world. The aspiration to make a positive difference in society and deliver customer-centric insurance services is what this journey is all about! Ensign Insurance – one of the trusted brokers for life and With a vision to be the most trusted and preferred broker both to Insurers and client in the Market, a group visionaries with great experience in the field of finance and insurance came together and founded Ensign Insurance Brokers. Anantha Rama Krishnan. S, CEO of the company is charting the course for the future of the company. The key management team of ensign insurance brings with them the years of acumen and professionalism in the business. 20 JUNE 2019

23. In July 2017, the company started its journey as a Broker in Life and General Insurance in catering requirements of both individuals and corporate clients and has registered growth in revenue of over 100%. Since then, the company has garnered the trust of numerous retail and commercial customers in the insurance sector. Ensign Insurance has bagged many awards from various reputed insurance companies. On account of its outstanding services, the company has won an award in its first operational year. The company consistently integrates quality, integrity, and transparency across all its business activities thereby adding real value to both client and insurers. company is at the forefront of using technology in its services. It is working on a few applications which can guide the client to choose the best available insurance solutions for their requirements. Since inception, the company has been able to retain their trust and win their confidence in a remarkably differentiated way. and its risk perspective thereby suggesting the right solutions. The company helps its clients on all matters related to identifying the suitable policies, appropriate add on covers, fixing the right sum insured, finalizing basis of sum insured, Dos & Don’ts during the currency of policy and when the loss or damage happens, etc. Ensign Insurance has successfully managed to overcome the challenges that come in its path with a customer- centric approach. “We understand the pulse of the customer better and offer exclusive solutions to customers. We bring to table the fair discussions and act in the most transparent way and in time. We offer best of the After-Sale Services”, says the CEO. The Road Ahead Technology has been a key driver in a number of ways right from promotional to sales and customer service at the time most crucial hour i.e. claims servicing. Increased participation of private companies brought in a lot of good things including customer as a major focus than anything else. This has largely led to various innovative products in a different segment. This has also brought innovation in distribution and has helped the penetration of insurance in rural areas. The private players have brought in a paradigm shift in the way insurance is looked at. Keeping Pace with Industry Dynamics The beauty of the Insurance industry in India is its dynamism. The dynamics of the Indian insurance sector is changing at an amazing pace. It has become mandatory to keep updated with these changes. It is also vital to keep the clients aware of the same, so that they can be adequately prepared, both morally and financially. In this sector certain segment of the distribution forces are still not thoroughly updated about the changes. This has a direct impact on the relationship with the client. Ensign Insurance is dedicated to keeping pace with industry volatility and tries best to keep its clients abreast about it. The company prominently trains the team to keep pace with these changes so that they can confidently take on the market and help more and more clients. Diversified Insurance Services With the aim to make a positive difference in the insurance sector, the company is offering life and general insurance services to the clients. The company also offers exclusive after sales services. The company brings fair discussions and activities to the table in the most transparent way. It is providing insurance services comprising of motor policies, health, personal accident, travel and many more. The company’s services also include numerous corporate insurance such as property insurance, marine insurance, liability insurance, engineering insurance, employee benefits insurance, miscellaneous insurance, etc. Progressing forward with the positive approach, ensign insurance is focusing on both retail and corporate segments. The company is focusing more on specialized types of policies where there is a void in terms of customer education or customer service or where the type of cover in itself is quite complex. Over a period of time, the company’s goal is to extend its footprints into Risk Engineering in a bigger way and Reinsurance, etc. Walk an Extra mile for Customers Customer service is the only way to excel in the business. The company understands the importance of staying connected with the client and accordingly provides maximum ways for the client to reach them. The In the insurance sector, customer awareness is of paramount importance. Ensign insurance follows a thorough engagement process with the client starting from understanding business 21 JUNE 2019

24. EXPERT'S INSIGHT CYBER LAW & BEYOND INTERNATIONAL & CASE STUDIES PERSPECTIVE T looked beyond boundaries since its applicability extends all over. Different countries are waking up to the cyber legal ethical ramifications arising out of AI (Artificial Intelligence), Cyber Attacks & Breaches, Block-Chain, IOT (Internet of things), Cryptocurrency, Data Analytics, Cloud, Mobility, Social Media etc. oday, Cyber Law is emerging as a fastest growing legal discipline and needs to be Nations per se. Will AI strip people of their privacy? Cyber Security should now be built as part of AI Structures failing which it shall be like building a devastation bomb that's going to be used without your consent and often with undesirable results. become the jewel of the crown. One of the latest Symantec Report identified a major cyber security breach in the Defence Contractor and even satellite. Recently, a satellite of one country was suddenly taken over by the other country and lost control of the same for 16 odd hours. Huge Data Breaches are happening since the data is new resource of the collaborative economy. Data back is the need of the hour to at- least keep safe during Cyber Attacks. Cyber Emergencies are the new toast of the times. The Cyber Insurance has also started to emerge. GDPR COMPLIANCE ON THE WORLD GDPR (General Data Protection Regime) has consequently changed the dimensions of data protection law and has impacted almost every nation. An illustration will help understand the impact of GDPR in India. Further, if you could be fined for 4% of your global annual turnover, then it is a lot to worry in case of non-compliance. AI (ARTIFICIAL INTELLIGENCE) The application of AI extends to various domains including judiciary. The AI systems will play an increasingly important role in IP administration of the future per se. The AI software's are also likely to predict the judgements of future based on the previous judgements. AI brings in a huge remit of legal issues including issue of legal liability, privacy issues, data protection, issues relating to big data sets fed into AI to name a few. The cyber security of AI is already beginning to be breached. It is hard to pounder over a through that if the Cyber Criminals on Dark Net use these AI services (these services are offered for consideration) for targeting other Corporates. Cyber Crime & AI go hand in hand, and this shall be to determent to the people of the Govt and of IOT (INTERNET OF THINGS) There are many IoT devices hacked so far. The legal policy issues on IoT have not yet been addressed at both National & International Levels. IoT malware is going to be massive and cyber law frameworks must be doing something substantive to move in this since big data is all around. ILLUSTRATION Today, if a European Citizen lands in an Airport in India, the immigration department in that Airport has be GDPR Compliant since there are dealing, handling with European Citizen's data. Moving a little further from the time he/she takes an Uber/ Ola to reach the Hotel and orders for food and uses a mobile or a credit card for payment, all these service providers need to be GDPR compliant. DATA ANALYTICS LEGAL ISSUES Data Analytics is going to be increasingly important since there will be issues of data retention, jurisdiction, privacy, archival and all of these needs to be properly addressed. CYBER ATTACKS & BREACHES Cyber Attacks are coming galore, and Ransomware attacks specifically has SMART REFRIGERATOR HACK CASE A smart refrigerator was used to hack a 22 JUNE 2019

25. ABOUT THE AUTHOR Sai Sushanth is a Cyber Law Expert and Techno Legal Consultant. He is the CEO of Sushanth IT LawAssociates, a full service cyber laws consulting ?rm in Hyderabad. Sai Sushanth CEO system in an office since it was capable of being connected to the internet. warrant to Amazon asking for recordings from his Amazon Echo. Home Assistant Devices such as Google Home, Echo have mics that are always recording. This data could potentially break open the case. he was caught, however luck runs out sometimes. IoT DEVICE- PRIVACY ISSUE The IoT devices like Alexa, Google Home keep listening to our conversations. In one such case, the IoT device not just heard the conversation, but went a little further and interpreted an order and ordered for something based on the conversation. This case raises lot of issues on privacy. CYBER SECURITY LAW Cyber Security Law is the new evolving Paradigm. Currently, there is no single International Treaty on Cyber Law, Cyber Security. Countries are now trying to come up with distinctive Cyber Security Laws to keep their houses in order. However, in the absence of International Treaty or Framework, it would still be a challenge how the National Approaches would help in addressing issues pertaining to Cyber Space as a global paradigm. CASINO CASE The entire database of a Casino was comprised using a fish tank as the fish tank’s temperature is connected and controlled via the internet. CYBER EXTORTION IN SCHOOLS Today, schools are being targeted for Cyber Extortion and the cyber criminals are using the school system’s for extorting money through Salami Transactions wherein students are asked to pay 1$ or 2$ before they could actually open their system. IOT DEVICES- AMAZON ECHO AS EVIDENCE In 2015, James Bates was charged with the murder of Victor Collings, who was found strangled and drowned in Bates’s hot tub. Though Bates claims it was probably accidental drowning and that he was asleep at the time of death. However, based on inconsistencies in the timeline and his story, the police suspected him of the murder. Further, among the IoT devices possessed by Bates, the police sent a China has been a thought leader in Cyber Security Law in two years, three legislations on Cyber Security Law. The cumulation of all these is a massive message that Cyber Security is a part of National Security, so it shall do everything possible to protect and preserve Cyber Security and all kinds of Cyber Security Breaches have been AMAZON'S SYSTEM DEFRAUD CASE One person defrauded the Amazon’s system 166 times, however 167 time th 23 JUNE 2019

26. Computers. These Quantum Computers is going to break all algorithms, passwords within couple of hours. The legalities of Quantum Computing also need to be addressed properly as we go forward. included within the ambit of National Security. The Cyber Security Law has put in place the rights, duties and obligations of various stake holders and there is a dedicated department working for the same. Crypto-Currencies can be mined and are used as Legal Tender which have legal sanction of the law. BLOCKCHAIN LAW The Blockchain brings across large no of legal issues including the issue of legality of a blockchain contract. Liechtenstein has recently come up with a new regulation concerning Blockchain and Tokens. Further, the Blockchain intends to regulate all activities possible on technical systems including blockchain systems, distributed ledgers thereby providing legal certainty and security through a reliable framework of digital and digitalised assets. The Blockchain Law also enables every possible asset to be tokenized and listed on Cryptocurrency Exchange. DRIVERLESS CARS LEGALITIES Driverless Cars were fabulous, and everybody’s imagination was hunky dory until the first accident happened. This raises lots of questions regarding liability, is it the car owner or the car manufacturer or the coder who has put the code, since this car is 70% code (source code) per se. CYBER SOVEREIGNTY The concept of Cyber Sovereignty has already seen evolution wherein countries have included not just the physical boundaries, but also have extended the same to the Outer Space, Deep Seabed, Arctic and Antarctic regions. DATA LOCALISATION LAWS Russia has adopted an approach of Data Localisation which essentially means that in case any entity intends to do business with a Russian Entity, then data of Russians should be physically present in Russia only. This approach is now adopted by many nations including China, Vietnam FAKE NEWS- LAW Fake News is a big epidemic in India and is likely to grow further. Legal Frameworks need to step in to address the issues of Fake News. Malaysia has come up with a new law on Fake Law i.e. Anti-Fake Law, which states that in case you disseminate, transmit Fake Law, then you shall be liable for fine and imprisonment. There are already convictions in Malaysia over Fake News issue. 3D PRITING – LEGAL ISSUES The legal issues relating to 3D Printing have already seen light specifically relating to breach of Intellectual Property and creation of guns, arms etc. and legal framework needs to be created to deal with issues specifically relating to 3D Printing. CRITICAL INFORMATION INFRASTRUCTURE LAW Germany has come up with a law to deal Critical Information Infrastructure that outlines the rights, duties, obligations of stake holders on the same. CONCLUSION Cyber Law as a discipline evolving from a mere e-commerce enabling mode to a fire fighting mode to fight Cyber Security Breaches & Attacks. Many countries are giving centre stage attention to Cyber Law and are not just updating their Cyber Laws but are coming up with new Cyber Legal Frameworks. It is the time for transformational leap frogging. However, if you were to write a book on Cyber Law today, I think we just could fill in only 5 or 6 pages and a lot of work need to happen in the niche area as time passes by. WEARABLE DEVICES- DATA SECURITY The wearable devices raise a lot of questions on data processing, security since a lot of sensitive and personal information relating to health, medical vitals, biometrics are processed, shared across and can be prone to Cyber Attacks. The devices in the hands are being made as a basis of Cyber Crimes. QUANTUM COMPUTING The Quantum Computing has already arrived and many companies like IBM, Google have already developed 50-cubit & 20-cubit Quantum NATIONAL CYBER SPACE LAWS Vietnam has brought in a new National Cyber Space Law as per which the entire internet is their National Cyber Space and therefore the same is amenable to Vietnam’s Law. CRYTOCURRENCY LAW Belarus has come up with a dedicated law on Crypto currencies which has legalised Crypto-currencies and Crypto- currency mining. They have identified specified areas where 24 JUNE 2019

28. A Novel Way of Securing Household Appliances Live Assisted. Stay Protected ‘‘ Gagan Maini, Subrat Pani Co-founders W sector is much talked about. ith a rich history, the Indian Insurance sector has gone through multiple evolutions with the progression of time. Dated back to 1818, when insurance business started during the British era till today when liberalization and privatization are driving the industry, the journey of the insurance A major transformation in the insurance industry is due to the embracing of technology by the service providers. As one of the highest ‘data-rich’ sector, technology is playing a pivotal role in improvising and streamlining the sector. With reforms and regulations in place, private players have entered in a big way by creating a niche for themselves and with a plethora of services on the offering, buyers have the option to select the best! One such entity that has emerged as one of the leading players in today's tech-enabled insurance industry is 26 JUNE 2019

29. OneAssist Consumer Solutions Pvt. Ltd. Founded in 2011; it is headquartered in the business capital of India – Mumbai. The spark that led to the inception of OneAssist is a glimpse of their research and insights about the industry. The Co-founders analyzed that there was a growing trend of dependence on daily objects in everyone's lives. These are things that we take for granted and only realize how dependent we are when they are damaged or lost. expertize over the years and finally entered the entrepreneurial world by conceptualizing OneAssist as Co-founders. single solution provider that covered multiple brands of appliances was a market opportunity that needs to be answered. Gagan Maini – Having industry experience of over two decades, Gagan has previously been associated with renowned companies managing leadership roles. An MA in Economics, he is passionate about customer connect and focused on driving customer experience. A Marketer by instinct, Gagan enjoys the challenge of finding out customer needs gaps and has been instrumental in building brands & products across categories and has set up and run a successful business. Tapping this prospect, the company launched ‘HomeAssist’, a single plan that covered all appliances that covered every brand and model. Additionally, it also launched an Extended Warranty Plan for Home Appliances that comes into effect after the regular warranty gets expired. By handling all the leg work and stress that normally associated, these packages have turned out to be the perfect solutions for ensuring peace of mind for the customers. Going forward the team intends to focus on protecting the costly gadgets, both in the offline and online space. The two indispensable necessities without which today’s life is quite unimaginable are ‘Wallet’ and ‘Mobile phones’. Based on this raw idea, the dynamic duo of Gagan Maini and Subrat Pani created the platform. OneAssist is a one-stop solution expert that not only covers the financial losses but also handles all the leg work involved when a buyer loses a wallet, cards or if the mobile phone is damaged. The entity launched OneAssist for Wallets in 2012 followed by OneAssist for mobile plans in 2014. By the virtue of its uniqueness and catering a niche market, OneAssist has scaled up to new heights and continues to create new milestones by each passing day. With more than 1.5 million active customers today, OneAssist’s offerings have grown in strength and as the company continues to evolve as per the ever-changing needs of its customers, it stands amongst the most preferred solution provider. Subrat Pani – As a veteran in retail banking and consumer goods, Subrat is always inclined towards working on new business opportunities. Setting up businesses at the initial stages is his forte alongside managing diverse role in sales-distribution, CRM, marketing and much more! An IIM-C grad, he has worked with prestigious brands Godrej-GE, Arvind Mills, ICICI Bank and Kotak Mahindra Bank, and SBI-GE before giving wings to his entrepreneurial dreams. Challenges in the Industry One of the biggest hindrances faced by the insurance industry is the fact that a lot of time and energy goes in building customer awareness regarding the importance of securing the gadgets at home. There is a lack of interest among the consumers when it comes to protecting the appliances within a house. People are more inclined towards ensuring their lives, homes or even automobile, however, they are still skeptical about insuring their valuable gadgets. The Success Saga With the passage of time and innovations continuing to disrupt the market, one thing that was evident and constant was the customer’s requirement that kept shifting with time. OneAssist realized that today’s household was heavily dependent on the usage of home appliances and any such loss or damage to these gadgets can be a great discomfort for the family. Also, the fact that there was no Team OneAssist has partnered with some of the biggest brands in the country including Airtel, Xiaomi, and Amazon. Also, by getting associated with premium banking providers like ICICI, HDFC, and Axis Bank have assisted the company to educate and create awareness about the importance of securing valuable appliances. The Leaders – Creating Their Own Benchmarks Gagan Maini and Subrat Pani are the two veterans of the Fintech industry who have acquired the acumen and 27 JUNE 2019

30. TECH INSIGHTS The Future of Customer Satisfaction and how Data Science will separate the Boys from Men C hanging customer expectations and what drives satisfaction is changing at a faster pace than ever before. There is a reason why the world's most successful companies have a laser focus on customer satisfaction. Poor customer service has been the top reason for customers leaving organisations. Emergence of new products with new and differentiated capabilities is continuously increasing, but customer still tend to stick with companies that have serviced them well over time. This is why companies focus so much on customer loyalty and advocacy. Net Promoter (NPS) system continues to be a very reliable and consistent measure for assessing companies’ future growth potential as well as projections of revenue. Data science, analytics, statistical testing and machine learning are growing at an astronomical rate and companies are building capabilities or hiring experts to sift through the goldmine of data and help them drive the right business decisions swiftly. It is no longer enough for companies to believe that they understand what the customers want. It is not so simple anymore. Companies now understand that they don’t just have one common group of customers. There are various sub-groups of customers who frequently have varying and sometimes diametrically opposite needs. Some customers may be interested in the product features and another set of customers may be with them for great customer service or convenience. These could be two very different groups who have different motivations for using the company’s products or services. Application of Data Science and Analytics to help improve satisfaction Data scientists are able to create different customer profiles and understand what drives satisfaction or dissatisfaction for various customer segments. Each customer is unique in their expectations and desires, however data modelling can create groups of customers using Cluster analysis to segment those that have similar expectations and needs from the product. Cluster analysis is a class of techniques that are used With the emergence of new technologies and application of data science methods on large amounts of data, it is becoming more and more commonplace for companies to put a stronger focus on factors that help increase customer loyalty for their specific products. 28 JUNE 2019

31. ASHUTOSH SHARMA Founder ABOUT THE AUTHOR: Ashutosh Sharma Ashutosh Sharma is the founder of datapotential.com (an advanced online survey platform) and Aselector.com (an Artificial Intelligence based knowledge management platform). Data Potential also provides six sigma based process optimisation, CX improvement and data science consulting services. Ashutosh is a writer, speaker and thought leader on AI and statistical methods. 29 JUNE 2019

32. to classify objects into related groups called clusters. It can also be used as a predictive analytics tool. New customers can be profiled and if they belong to a well understood cluster, an assessment can be made that can predict customer preferences and buying patterns. The models continue to evolve to keep updating the clustering patters as more data becomes available. When it comes to using these tools to improving customer service, it needs to start with collecting true customer feedback. Online surveys are the most commonly used tools for collecting and understanding customer preferences as well as feedback. Online surveys provide automated calculation of survey sample size to enable better analysis at the end of the surveys. Customer satisfaction surveys are adopted by almost all large organisations to constantly be in touch with customer requirements. The Data Potential online survey platform makes it seamless and effective for organisations with an easy tool to build beautiful surveys including automated sampling, calculations and statistical reports. Successful organizations constantly take feedback from their customers at different stages of their customer life cycle. The other frequently used application is sentiment analysis. Customers are constantly giving feedback on surveys, social media and other channels about the services and products. Sentiment analysis can automatically calculate a sentiment score of each comment. Automated actions can be taken to improve responsiveness on poor feedback. Natural Language processing (NLP) is commonly used in chat bots and automated emails or IVR responses. Importance of doing it right Once data is collected, the first step is a high level analysis of the data including data cleansing, preparation and exclusions. The next step is usually to apply descriptive statistics, segmentation and visualisations. At this stage we have a high level understanding of trends but usually not enough to take intelligent business decisions. It would be fair to say that at this stage we have information, but not knowledge. Data science tools than help take it to the next level by really understanding the trends and preferences not only to establish accurate satisfaction drivers, but also in being able to highlight areas of improvement and opportunities for building customer loyalty. Data science experts help do all these with experience, mathematics and statistical skills to help identify the actions that need to be taken to improve customer satisfaction and loyalty in a scientific manner. Data potential helps companies through the complete process from gathering customer feedback on our survey platform to using expert data science skills to provide the distilled knowledge and intelligence to take smart business decisions. While there is a lot of buzz about latest data science and AI techniques, one shouldn't deviate from the basic logical understanding of their business environment. Majority of the techniques available today help us do what we want to do faster and better. These techniques do not tell us what we should be doing, not do they tell us which techniques are more applicable for our business. Technology isn’t the final solution, it’s an enabler. The data scientist’s role is therefore not only to understand the benefits and limitations of various analysis, but more importantly to understand when they should or should not be used. They need to understand that correlation does not mean causation. Incorrect data analysis interpretations can do more harm than good because most management teams would not know the inner workings of the analysis. This is the reason we need experienced, reliable and trusted data science experts. A small error could lead to big impacts, especially in more automated scenarios where people may not get an opportunity to apply common sense before taking decisions. Solving the puzzle Most organisations are beginning to use data science, analytics and machine learning tools in different areas. 30 JUNE 2019

34. Insurance Advisor you can Trust ‘‘ We want to be able to serve each and every Indian with convenience and choice of best insurance plan suited for them Naval Goel CEO L comparing different insurance policy quotes and products. One of the fastest growing IRDA approved insurance comparison portals; PolicyX.com envisions becoming the most trusted insurance marketplace. ife is surely uncertain. We can’t decide on the events of our life, but instead can be prepared for them. Insurance is just one thing we do to secure certain stages in the lives of our dear ones. But deciding which one to take is an ardent task. To simplify it, PolicyX.com is helping customers in An Innovative Leader PolicyX.com, a leading online insurance web aggregator is CEO Naval Goel’s entrepreneurship dream come true. While working with AIG in New York, he noticed a gap in the country within the insurance 32 JUNE 2019

35. Technology at Disposal sector. Indians were purchasing insurance the traditional way there was a lack of technology in providing solutions. Naval could strongly sense a huge potential in this area and ample space for innovation and established PolicyX.com in 2013. • It has accomplished a high level of customer satisfaction because of its customer centricity. • Its platform is the fastest and smoothest amongst competitors on multiple parameters like search results, the speed of website, simplicity, ease of purchase, trust, advisor quality. • It has achieved the Trust of its loyal customers. Technology has enabled transparency, quick customer service; small micro-sized insurance products which would not be possible to sell with high costs of offline distribution. PolicyX.com is constantly improving its technology to enable better customer service. It is building speech recognition software to enable its experts to guide customers on helping them how to choose. It is working on AI enabled chatbots for customers to be able to choose the best plans. Naval is an MBA from IIFT, Delhi and also a Chartered Financial Analyst from CFAI, US. An ardent tennis lover, he is also fond of reading and investing in stock markets. An Evolving Industry The Insurance Industry has already evolved from the traditional paperwork and human approach to the laptop lifestyle. Insurance is now majorly handled from backend and the rest of the information is offered to the customer through a platform which provides every detail needed at the moment. Be it Cloud Computing or CRM’s, digitization has managed to renovate this ordinary industry into an exciting one. However, there is still a huge gap where technology can still play a major role in changing the entire aspect of this industry. Trustworthy Services Insurance sector will be heavily influenced by technology in the coming years. The future is customer-centric and will be shaped by behavioral science, with social and peer-to-peer networking and smart devices all playing a part. PolicyX.com was founded with an aim to provide consumers with expert guidance in selecting health, life, term, investment, travel & car insurance plans from some of the top insurance providers in the country. It runs complex algorithms to find plans that fit customer requirement, complete with live quotes, dynamic cash flow charts (first in the segment), videos and info-graphics with 0.6 million page visits per month. These technological innovations in its system make a customer's experience an easy ride. Insuring the Future Right now, the team of PolicyX.com is focusing on building trust among customers towards online insurance. It is working towards filling the gap between traditional policy buyers and digitally motivated customers. It is keen to make sure that it provides unbiased and helpful services to its customers. Naval says, “We really want to build the gap with trust and awareness so that we can live in a safe and secure India. For the same, we are planning to come out with several different campaigns with the brand ambassador of PolicyX.com- Mr Virender Sehwag.” The most important problem with the insurance industry in India is that it is a highly complex product and most of the products sold in the market are not beneficial for the customers. PolicyX.com offers much-needed transparency in the system by giving the power of choosing the right policy to the customers. They can also compare features and benefits at a click of a button and purchase through an online seamless process. In its five years run, PolicyX.com has partnered with almost 25+ top insurance companies. The company considers it’s over two hundred fifty employees as its warriors who represent it across the globe. It has also achieved some major goals: • It is the only bootstrapped company in top 5 aggregators in India 33 JUNE 2019

36. Insurance Simplied ‘‘ We bring you real time price and features comparison of Insurance policies from nearly all Indian Insurers Anand Shrikhande CEO T insurance sector with the advent of private players and foreign investments in India. he Indian insurance sector plays a dominant role in today’s economy as it maximizes the savings and secures the future of the citizens. Also, the sector is a major contributor to the capital market and has a decent share in contributing to the GDP. Over the last decade, there has been a rapid growth in the Quickinsure Insurance Brokers Private Limited is one such premier entity that has designed an online insurance comparison platform ‘Quickinsure.co.in’ that stands as one of the pioneers in comparing General Insurance Products. It also has an offline sales force using state- of-the-art technology to help customers compare and choose from the basket of Insurers in India. Established in 2016, this platform enables the 34 JUNE 2019

37. insurance agents to source quotations from multiple insurance companies within a quick time and offer the best- suited options to the customers. By simplifying the agent’s process of business and connecting them to the customers in a hyper-personalized manner, Quickinsure has evolved as the preferred technology partner for the agents. insurance sector in 2008, he has worked closely in the financial services sectors. While managing a retail general insurance business on a tele- calling module, he noticed a gap in the process-flow that was obstructing to increase the scale of business, and this led to a spark that later formulated as Quickinsure. Anand cracked an innovative concept of having a simple platform for agents that were unheard until the time. Eyeing the opportunity to deliver its innovative solution to the masses, it was a conscious decision to steadily build a property insurance website that was aimed to boost the simplicity alongside enjoying the trust of customers. As broker’s works with multiple insurance companies along with their agents, aligning them to an online platform has bought in a higher degree of efficiency with more output that has ultimately helped to simplify the entire process. The application from Quickinsure offers seamless management of insurance business from one single platform nullifying the current need of an agent for working directly with insurance companies. The application is built on a stringent platform that ensures complete security while buying insurance in a safe online mode as the payment is directly made to the Insurance Company. The application caters to insurance related to two & four wheelers, health, travel, and personal accident covers. Envisioning being the leaders in creating an innovative insurance platform by embracing cutting-edge technologies like IoT, Quickinsure has gained the trust of its business partners through its best and transparent business practices. As the insurance market is so widely spread, the entity has a proficient R&D team that assists to focus on the upcoming opportunities and tap the unexplored territories. Online Insurance Industry: Game Changer The Internet has been the fuel that has helped countless businesses and different industries to expand their horizons in the new decade. Like every other industry, the insurance sector has undergone an immense overhaul because of technical innovations in recent years. While one aspect of tech innovation revolves around innovations in the internal business process, systems, decision making and simplification of processes of the insurance companies, the other revolves around customer-facing technology. The Success Path With over 3 million registered agents in the country, Quickinsure is empowering the agents with technology that enables them to scale their business in an utmost manner. Since an individual insurance company can’t implement this as it deals with its own products and services, Quickinsure stands out to be a winner as it deals with multiple insurance companies and their products. The Founder The Indian online insurance industry has steadily progressed and today it has transformed into a complete online market. With IRDA allowing insurance brokers to have agents working for them, a new era has started in the insurance sector. Although the pioneers of this industry have struggled in the initial days to bring grab the attention of the online customers, today the scenario is completely reformed. Having an online presence ensures prosperity for an insurance broker and compliments the other business channels. With over two decades of acumen in sales and distribution across different sectors including FMCG, Anand Shrikhande is the CEO of Quickinsure. He is skilled in Business Process, Business process improvement, Business Development, Developing sales and distribution network, Implementing Business Strategy, and Strategic Management. Anand started his professional career at Amul that gave him a fine understanding of a large-scale enterprise. Before entering the The private insurance industry is going through the best of times and has set the right trajectory of growth for the upcoming years. Going with the current trends, the future will witness the emergence of small players with innovative products having leaner business models. Also, there would be good scope for startups that will emerge with specific need-based products majorly driven by private participation. 35 JUNE 2019