The best of 5 Insurance Advisor

INSURANCE INSIGHTS
VOL 05 | ISSUE 07 | 2021
DR. K MURALIDHARA REDDY
Managing Director and
Principal Officer
AMAZE INSURANCE BROKERS
the
BEST OF
INSURANCE
ADVISOR
COMPANIES
HOWDEN
INDIA
Redefining
Insurance Insights
Dynamics of the
Indian Insurance
Advisory Space
Insurance Essentials
Why Insurance
is Important Today?
Praveen Vashishta
Co-founder and
Chairman
the Benchmarks
of Expertise and Excellence
We aim to
help you
thrive in a
changing
world

Editor’s Note
INSURANCE
ADVISORS –
FOR ALL YOUR
INSURANCE
SOLUTIONS
ragedies never come with a warning and while we
Tnever wish for a tragedy to happen, being
prepared for it is always a wise decision.
Unforeseen incidents like illness, injury, loss of movable
and immovable assets, even death may leave one’s
family financially and emotionally drained. Insurance
provides the financial security during life and after death.
The Covid-19 pandemic only pronounced this need
louder than ever.
Insurance helps in mitigating losses and ensures financial
security to the investor while keeping the flow of trade
moving continuously.
With number of insurance companies mushrooming
every year, it has spoilt people for choice. Here is where
insurance advisors make their entry guiding the investor
through their investment journey, beginning from the
company to choose and the best suited plan. The
insurance advisor is a significant entity for your insurance
investments. They bridge the gap between insurance
companies and policy holders. Despite insurance
policies being available online, it has not eliminated the
need or importance of an insurance advisor.

Sumita Sarkar
Editor-in-Chief
sumita@insightssuccess.com
It is one of the most challenging professions. But it can
also be the most lucrative and rewarding one. In fact, the
insurance sector is a huge ocean where one can swim
comfortably without colliding with the other. The trick is
to catch the pulse of the trend and relate it to the needs
of the customer.
Insurance advisors help in financial planning for the
future, be it post-retirement plans, education for your
children or health. However, becoming a successful
insurance advisor requires lot of meticulous planning,
knowledge of the subject and market, and convincing
skills.
Gaining confidence of the client is the topmost skill that
one needs to be a successful insurance advisor. For this,
one must be a patient listener and should prioritize the
client’s benefit first. Focusing merely on commission has
never made one a successful insurance advisor. But
client satisfaction has definitely given the perks and
more clients in turn. Persistence and patience are two
vital qualities that an insurance advisor must possess.
investment. Insurance advisors help the investor in risk
management. Along with regular coverage, many
insurance policies come with investment and saving
plans which can help the investor build wealth and
savings. The insurance advisor is the right person to
guide the investor keeping his/her needs and financial
state in mind while finding the best scheme.
Our latest edition of Insights Success, The Best of 5
Insurance Advisors, throws light on how these companies
stand out from the rest, what strategies they have
employed for the benefit of the client and for their
growth, and what it takes to be the best.
Have a valuable read!
Along with the perks that investing in insurance bring, risk
factor cannot be eliminated from any such kind of

08
C O V E R S T O R Y
CO
NT
EN
TS
Howden
India
Redefining the Benchmarks of Expertise and Excellence

CXO
I N S U R A N C E I N S I G H T S
20
24
WHY SHOULD YOU
PURCHASE HEALTH
INSURANCE WHILE
YOU'RE YOUNG?
AMAZE
INSURANCE BROKERS
Ensuring Total Customer
Satisfaction through
Innovative Solutions
16
A R T I C L E S
INSURANCE ESSENTIALS
Why Insurance is
Important Today?
28
INSURANCE INSIGHTS
Dynamics of the Indian
Insurance Advisory Space

Editor-in-Chief Sumita Sarkar
Deputy Editor Abhishaj Sajeev
Managing Editor Darshan Parmar
Assisting Editor Ananda Kamal Das
Contributing Writer Ashish Chandgude
Chief Designer Asha Bange
Designing Head Priyanka Rajage
Co-designer Vishal Pawar
Operations Head Megha Mishra
Business Development Manager Ashwini Pahurkar
Business Development Lead Tejswini Whaval
Business Development Executive Neha Bhilare
Technical Head Aditya Kothare
Technical Specialist Amar Sawant
Digital Marketing Manager Amol Wadekar
SME-SMO Executive Atul Dhoran
Circulation Manager Tanaji
sales@insightssuccess.com
MAY, 2021
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5
THE BEST OF
INSURANCE
ADVISOR COMPANIES
Company Name
Acme Insurance Broking
Service Pvt. Ltd.
Management
Nirmala Menon
Director
Brief
Acme Insurance Broking Service is a prominent name in the
insurance industry which is delivering excellent services to the
clients
Amaze Insurance
Brokers Pvt. Ltd.
Howden Insurance
Brokers India Pvt Ltd
Muralidharan Reddy
MD
Praveen Vashishta
CEO & MD
Amaze Insurance Brokers provides clients with amazing
benefits in terms of coverage, savings in premium, timely
renewals of Policies and expeditious & judicious settlement of
claims
Howden is the international challenger broker with a difference,
providing insurance broking, risk management, and claims
consulting services globally
Icici Lombard
Bhargav Dasgupta
MD & CEO
ICICI Lombard General Insurance Company Ltd. is one of the
leading private sector general insurance companies in India
offering excellent facilities to the clients
Troth Insurance Broking
& Consultants LLP
Hiren Vora
Director
Troth Insurance Broking and Consultants LLP is an Ahmedabad
based firm in the field of distribution of insurance products

C O V E R S T O R Y
Praveen Vashishta
Co-founder and
Chairman

Howden
India
Redefining the Benchmarks of Expertise and Excellence
We are one of the
largest employeeowned
international
insurance groups with
employee ownership
at the heart

In a modern world where risks are
becoming increasingly complex,
almost every risk needs to be
insured. The support and advice of an
effective insurance broker that provides
risk management and business critical
insurance solutions has become
essential.
Built on an uncompromising
philosophy of focus, expertise, and
service, Howden Insurance Brokers
India Private Limited (Howden
India) has acquired an unwavering
market position and reputation for
being a specialist player in providing
its customers with access to solutions
differentiated by its ability to achieve
what others cannot.
Howden India is a group company of
Howden Broking Group, which is the
insurance broking arm of Howden
Group Holdings headquartered in the
UK. A leading independent insurance
and reinsurance intermediary, Howden
Group Holdings comprises of two
arms: DUAL Underwriting Group
and Howden Broking Group.
Howden provides insurance broking,
risk management and claims consulting
services globally. Through its
international network (Howden One)
of over 15,000 specialists, Howden
services clients in over 90 territories
worldwide across Asia, Australia,
Europe, Africa, North and South
America.
“Our scale is global, but our approach
is founded on high quality local teams
who build solutions around our clients,
accessing our global knowledge and
expertise where appropriate for each
client. We are specialists, not
generalists. Our leadership teams in the
countries in which we operate are all
experienced practitioners who are
actively involved in working with our
clients”, says Praveen Vashishta the
co-founder and Chairman of Howden
India.
Our strong and sustained growth
regularly surpasses that of our industry
peers and is driven by a business
model that enables innovation and
fast expansion into new products and
The company offers risk management,
risk consulting, insurance broking,
insurance portfolio management and
claims management services aimed at
protecting the balance sheets of a wide
range of businesses and professional
service organizations.The company’s
vision is to be the best in all it does, in
every solution it offers. With
recognizable expertise in liability,
construction, property insurance and
employee benefits, it also provides its
customers risk management and
insurance solutions in marine,
infrastructure, and aviation sectors.
The company's claims advocacy
practice is a major source of its
strength and one in which it takes great
pride.
Howden India’s diverse list of clientele
includes large IT firms, Manufacturing
Companies, Pharmaceutical
Companies, Infrastructure
Development Companies, Private
Equity/Venture Capital Firms, Real
Estate and SEZ Developers, Oil and
Energy Production and Distribution
Companies.
“We are the broker built to serve
clients in a changing world – we have
the agility and attention to detail of a
specialist broker, combined with the
scale, advantage, and legacy of a
markets

The Best of 5 Insurance Advisor companies
business with over 25 years to its
name,” adds Mr. Vashishta.
Emphasizing on the Right Values
Howden India is led by an
experienced, multidisciplinary team of
professionals drawn from various fields
viz., finance, law, insurance,
reinsurance, financial services,
information technology, engineering,
loss prevention etc., and possess the
requisite experience, technical skills,
and professionalism to provide clients
with the right insurance solutions.
Additionally, the management team of
the company brings decades of
combined best practice-driven
experience and expertise.
Employee ownership is at the heart of
Howden Group, and that is evidenced
by the fact that nearly 44% of the
group is currently owned by
employees.
The company is driven by values such
as sustainability, client focus, integrity,
teamwork, entrepreneurial mindset,
and non-political approach. It is a
business that repeatedly proves to its
clients and insurers that it achieves
what others cannot.
“We take pride in being a business that
solves the toughest problems, not just
the easy ones. Our management style is
one of empowerment and autonomy,
relying on great people to ‘make it
happen’ in their area of responsibility.
And our promise is that if anyone can
do it, ‘Howden will know how’,” adds
Mr. Vashishta.
Howden India’s core values reflect its
culture and ethos, and it keeps these
values at the heart of everything it

Our global broking and underwriting
business provide a range of specialist
insurance solutions to clients. The two pillars
are supported by a strong backbone of
technology and service expertise
does. These include
entrepreneurialism, meritocracy, and
teamwork. With a strong emphasis on
people first, capability development
and mentoring, Howden offers its
employees the opportunity of a steep
upward learning curve.
Delivering Unparalleled Quality
When asked about his take on adopting
novel technologies, Mr. Vashishta says,
“With increased pressure on costs,
efficiencies have dictated automation
of business processes. This has led to
the use of software packages from
standard accounting applications to
integrated ERP solutions. The
production-based economy - founded
on plant, land, and labour, is
increasingly shifting to knowledge and
information-based environment. Most
mission critical functions of an
organization are today performed by
automated information systems and
network.”
“No wonder, therefore, that IT and IT
enabled services companies have been
the largest recipients of outsourced
work. With increased orders comes
increased complexity and ergo
increased risk. Organizations want to
know that IT companies can deliver on
projects and are demanding that
suppliers prove they are able to
mitigate the risk of delays or failures.
Howden has a focus group dedicated to
the IT, ITES and BPO sector with a
proven track record in providing risk
consulting and insurance solutions,” he
adds.
Through Howden’s Corporate Risk and
Insurance Solutions division, it
provides risk management and
insurance solutions to large, medium,
and small companies across various
sectors. This division operates through
three Business Verticals:
• Liability and Financial Risks
• Property and Construction Insurance
(including Infrastructure, Oil and
Energy Sectors)
• Health and Employee Benefits
When engaged to represent a customer,
Howden India is able to achieve
outstanding results through its large
team of professionals who possess
unique skills in risk management,
product design, insurance placement,
and claims settlement.
As the Indian market develops, access
to a competitive reinsurance market
becomes increasingly important. With
the support of strong international
wordings and competitive terms, the
Indian insurers can approach clients
with confidence particularly when their
reinsurance broker is easily accessible
both geographically and relationshipwise.
Howden India qualifies in all the above
aspects. Its seamless connection with
Howden Broking Group worldwide
puts it in a tactically strong position in
supporting all Indian insurers as well
as the GIC Re (National Re-insurer) in
seeking facultative and treaty
reinsurance capacity from international
markets.
The company also introduced inward
reinsurance business to GIC Re and
Indian Insurers from Asia, Africa, and

Middle east. It has proven strengths in
areas such as Liability, Financial Lines,
Casualty, Energy & Infrastructure
insurance.
Bequeathing the Keys to excellence
We asked Mr. Vashishta on his advice
to the budding entrepreneurs who wish
to enter the insurance advisory
business, to which he says, “my advice
would be, you take care of the
customers and the business will
automatically grow. We are a
customer-centric business completely.
And what the customer today expects
is great service. And what we mean by
Take care of the
customers and
the business will
automatically
grow
great service is, you must ensure in our
business that the quality of advice is
really the best. There is no compromise
on that. But then this sounds like a lot
of “pre-sales talk”. I think post-sales is
where the acid test comes. Make sure
that the customers get their fair and
just claims in time. So, you take care of
the customer and everything else
would kind of take care of itself. And
also take care of your people. You take
care of your people. They will take
care of your customer.”

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MAY 2021 | 16 | www.insightssuccess.in

Insurance Essentials
Why
Insurance
is
Important
Today?
We've all been told to get insurance at least once
in our lives — for life, health, and even for
buying a new car or starting a new business.
However, people typically avoid purchasing insurance
because we believe, "Why do I need to get life or health
insurance when I am young and healthy?" Alternatively,
why do I need vehicle insurance if I am an excellent driver?
Contrary to popular belief, we all require insurance
regardless of how healthy we are, how well we are doing
financially, or how good a driver we are. This is because
insurance serves as a financial safety net for you and your
family when things go wrong.
MAY 2021 | 17 | www.insightssuccess.in

What exactly is insurance?
Insurance is a straightforward idea to grasp. You pay an
insurance firm a monthly or yearly charge to insure your
life, health, automobile, property, and other assets for a set
period of time. In exchange, the insurer covers for any
financial losses incurred by the covered person or thing.
So, for a modest cost, you're shifting the risk of a financial
loss caused by life's uncertainties to an insurance firm. For
example, if you are involved in a car accident and require
hospitalisation. Your hospitalised medical expenditures will
be covered by your health insurance policy. In addition,
your automobile insurance will cover the damage to your
vehicle. Meanwhile, your family will receive a lump sum
payment for your term insurance if you die in the accident.
Insurance is offered for a variety of items, from arts to pets,
and one should choose insurance based on their
requirements and priorities. However, there are three types
of insurance that are absolutely necessary. They are
mentioned below:
Life Insurance:
Life insurance provides financial security to your family in
the event of your untimely death. This is how it goes. For a
set period of years, you pay a regular premium to the
insurance company. In exchange, the insurance company
promises to pay your family a certain amount if you die
during the policy's term. There are various sorts of life
insurance policies, and some of them pay out a lump sum if
you live to the end of the policy term. When compared to
other life insurance policies, term insurance, for example,
gives more coverage for a lesser price. If the policyholder
survives the period, however, no money is given to him.
Meanwhile, when endowment or moneyback policies are
purchased, the policyholder receives a lump sum payment
at the conclusion of the policy term. When compared to
term insurance, the premiums for such policies are
substantially more than the coverage.
Health Insurance:
Health insurance allows you and your family to receive the
greatest medical treatment possible without having to worry
about the expense.
The expense of medical treatment for the insured person(s)
is covered by the insurance company in a health insurance
policy. The insurance company pays for all expenses
associated to an illness for which the covered person
requires treatment in exchange for a regular payment paid
by you. This encompasses hospitalisation, childcare, posthospitalization,
and pre-hospitalization, among other things.
Your bill is directly settled between the company and the
hospital with the cashless facility.
Liability Insurance:
This type of insurance can be used to cover things like
homes, cars, and businesses. When you get liability
insurance, such as vehicle insurance, house insurance, or
business insurance, the insurance company will repay the
policyholder monetarily if the insured object or property is
damaged during the policy period.
Let's talk about why we need insurance now that we've
learned about the many types of insurance.
Reasons Why Everyone Should Get Insurance:
• Insurance Ensures Family’s Financial Stability:
An unexpected occurrence might burn a major hole in
your wallet or just imperil your family's financial future,
regardless of how much you have managed to save or
what your monthly income is.
• Insurance Brings Peace of Mind:
The premium you pay to the insurance provider is the cost
of ensuring that the damage will be covered in the event of
an unanticipated event. And having the assurance that your
risk is covered gives you peace of mind.
• Insurance Reduces Stress during Difficult Times:
An unforeseen event can entirely turn your life upside
down, leaving you physically, mentally, and financially
burdened, no matter how hard you try to make things
right. Having appropriate insurance helps in the sense that
you don't have to worry about money at such a difficult
period and can concentrate on getting better.
Insurance, such as life, health, and liability insurance, is an
important aspect of financial planning. It has the potential to
save you money in the event of unanticipated situations.
However, three things should influence your decision to
purchase insurance: the need, the advantages you will
receive from the coverage, and your ability to pay the
premium.
-Ashish Chandgude

AMAZE
INSURANCE BROKERS
Ensuring Total Customer Satisfaction through Innovative Solutions
Professionalism, Technical Competencies,
Experience, and Skills are a rare combination,
which are required to handle insurance portfolio of
clients on world class levels. These are now available to the
clients through Amaze Insurance Brokers Private
Limited getting the clients amazing benefits in terms of
coverage, savings in premium, timely Renewals of Policies
and expeditious and judicious settlement of claims. Dr. K
Muralidhara Reddy is Managing Director and Principal
Officer of Amaze Insurance Brokers. He is pioneer in the
field of Insurance and Insurance Broking sector, India with
32 years industry experience.
DR. K MURALIDHARA REDDY
Managing Director and Principal Officer
“
Amaze Insurance Brokers
Private Limited is committed
to providing quality advice
through expertise in dealing
with insurance products
Professional and Technically Competent Team
Amaze Insurance Brokers is licensed by Insurance
Regulatory and Development Authority of India (IRDAI)
vide License No. 549 on 24th February 2016. It has
professionals with proven professional skills and technical
competencies in insurance and insurance broking fields
with decades of experience in managing insurance
portfolios of clients ranging from SMEs to Big
Corporates/Mega Projects/ Industries bringing in customer
delight. It has well-defined Vision, Mission and Quality
Policy. It is a company with Ethics, Values and Principles. It
is committed to the objective of meeting
Policyholder’s/client’s expectations. It is also committed to
contribute to the healthy growth of the industry.
Excellence, Quality and Timely Service Delivery
Amaze Insurance Brokers’ vision is to establish and emerge
as one of the most preferred Insurance Brokers, providing
innovative solutions to ensure total customer satisfaction. In
the process, it aspires to combine excellence, quality and
timely service delivery with professionalism in risk
coverage, premium management, claim handling, risk
management and Insurance Portfolio Management services
to all its customers. Sustainability will be the key factor
whilst demonstrating and earning a reputation for good
ethics and trusted services to all its customers.
MAY 2021 | 20 | www.insightssuccess.in

Insurance Insights
Cost-effective and Comprehensive Insurance Solutions
Amaze Insurance Brokers’ mission is to be ethical,
principled and value-based organisation setting new
benchmarks in the industry. It aims to cater to the insurance
needs of all sections of the society and all types of
enterprises. It wants to provide cost effective and
comprehensive insurance solutions to the clients. It
prioritizes to bring in customer delight by adhering to the
TATs in underwriting and claims settlement. Its mission is
to design the best of its breed claims administration and
management systems ensuring speedy settlement of claims
and to deploy appropriate Risk Management practices
across the clients’ portfolios.
Commitment to Quality Service
Amaze Insurance Brokers is committed to quality service
that ensures total customer satisfaction which meets the
expectations besides being the most preferred service
provider in the market.
Towards this goal, Amaze Insurance Brokers is committed
to providing quality advice through expertise in dealing
with insurance products. It ensures that the products and
services are efficiently and consistently provided on time to
the customer for all their insurance needs at all times in
terms of risk coverage, premium management, claim
handling, risk management and Insurance Portfolio
Management services.
Competent and Skilful Leadership
Dr K Muralidhara Reddy is a Professional with 32 years’
experience in managing insurance portfolios of clients
ranging from SMEs to Big Corporate/Mega Projects/
Industries/ Government/Govt bodies bringing in customer
delight. He has rich experience of working in Insurance
Broking Field as MD and Principal Officer since January
2003. He is a Team Builder in various areas of operations
like underwriting, claims, marketing, IT, client relations and
Finance. He is known for high levels of competency in
underwriting and claims of all departments. He is skillful in
maintaining cordial relations with insurers, clients and other
organisations. He has special skills in designing and
implementing rural insurance schemes by devising suitable
procedures and involving software platforms.
Ethics, Values and Principles
• Compliance with IRDAI Regulations
• Compliance with other Statutory Bodies – ROC, IT, GST
etc
• Strict Adherence to the Code of Conduct
• Timely submission of Returns to IRDA (Quarterly, Half
Yearly and Yearly)
• Committed, Trusted and Dedicated Service to the clients
• Process Innovation to bring down TATs to minimum
levels
• Keeping pace with fast developing Technology and
leveraging the same
• Total Transparency in the transactions
High Level of Expertise
• Project Insurances – EAR/CAR/CPM/Marine Cum EAR
(MCE)/Global WC etc
• Operational Covers -IAR/ Fire &Special Perils
Policy/Marine/MBD/BPP/EEI/Money Insurance – Cash in
Transit & safe/ Employee Crime (Fidelity Guarantee),
Jewellers All Risks Insurance etc
• Business Interruption Covers: Advance Loss of Profits
(ALOP), Marine Delay in Start Up (Marine DSU),
Weather Insurance, Fire Loss of Profits (FLOP),
MAY 2021 | 21 | www.insightssuccess.in

Machinery Loss of Profits (MLOP)
• Liability Insurances: CGL/ Public
Liability
(Act)/E&O/D&O/Professional
Indemnity/Product
Liability/Clinical Trials/WC or
Employee Compensation etc
• Employee Benefits: Group
Health/Group Top Up/Group
PA/Group Term/Group
Gratuity/Superannuation/Leave
Encashment/Overseas Travel etc
• Other Insurances: Vehicle
Insurance for company’s and
employees’ vehicles/top up
health/unnamed PA/Special
Contingency covers/Export and
Domestic Credit Insurance
• Rural Insurance – Cattle Insurance
designing end to end software platform-based scheme
administration
• Retail Segment – Motor Insurance, Health, PA, Overseas
Travel, Life Covers
Solution oriented Services
• Designing the most suitable insurance program (MSIP)
for the clients duly meeting all their insurance
requirements.
• Thorough analysis and evaluation of existing insurance
covers and recommending definite solutions to fill up the
lacunae, if any, in coverage.
• Getting the clients, the best price and terms from the
insurance market since company deal with all insurance
companies.
• Ensuring prompt, timely and effective renewals.
• Recommendations to clients on ensuring proper and
adequate coverage of assets, operations and liability areas.
• Recommending and implementing the best of its breed
Employee Benefits like Group Health, GPA, GTI etc.
• Designing systems and procedures for proper claims
administration ensuring timely and judicious settlements.
• Insurance Audits - which enable total audit of insurance
portfolio periodically with suggestions based on the audit
findings.
• Providing total claims management for expeditious
settlement of claims ensuring peace of mind to clients.
• Rural Insurance covers including Cattle & Sheep
Insurance
• Hospitality - Hotels including 5-star hotels
• Hospitals including Corporate hospitals
• Power Sector -
Windmills/Hydel/Solar/Biomass/Gas/Thermal
• IT & ITES - Software companies
• Pharma Sector including big pharma companies listed in
NYSE
• Bio Tech and Clinical Research organizations
• Manufacturing Sector
• Service Sector
• SMEs
• Personal line of insurances like health insurance, vehicle
insurance, individual life insurance, home insurance etc.
Sectors/Clients Handled
• Government Departments/organizations
• Government undertakings/subsidiaries
MAY 2021 | 22 | www.insightssuccess.in

Why
Should You Purchase
HEALTH INSURANCE
While You're
YOUNG?
Many teenagers follow the mantra of bingewatching
their favorite shows or going to the
gym and doing whatever it takes to stay in
shape. That's a great way to stay amused, informed, and
safe, but it may not be enough! Risk awareness must also
be a part of their everyday lives, especially when it
comes to financial matters.
Health emergencies can strike at any time and with
anyone, regardless of age or income. Furthermore, the
tension associated with work-life balance and lifestyle
changes is taking a toll on much of our well-being.
Medical technology is improving all the time, but newer
diseases, such as COVID-19, are on the rise as well. In
all of this, one thing seems to be looming: the increasing
cost of hospitalization.
As a result, the best way to combat rising hospitalization
costs is to purchase a health insurance plan and enjoy
peace of mind. By paying a portion of the health
insurance coverage (known as the amount insured) as a
premium, one guarantees that the insurer covers the
policyholder's medical bills.
But “I am young and safe, so why should I purchase a
health insurance plan?” is a popular misconception. Let's
look at why young people need to understand the value
of purchasing health insurance early in life.
The Best Time to Buy a Health Insurance Policy:
According to the wise saying, time and tide wait for no
one. When you realize that healthcare expenses are likely
to increase in the future as a result of the overall rise in
Dr. (Ms.) Satinder Malhotra
About the Author
Dr. (Ms.) Satinder Malhotra is a teacher, an author, a
researcher, and an interior designer. She is the Founder
and CEO of Signature Interior Designs.
She is a successful woman who has earned several awards,
written books, and has been an inspiration for all. India
Iconic Education Awards have conferred the Best Teacher
of the year 2021, Institute of Scholars, Bangalore, also has
awarded her for InSc Research Excellence Award 2021 and
Asian Education Awards has conferred her with two
International Awards i. e., the Best Author of the Year and
the Best Researcher of the year, 2021. She has been
conferred The Best Interior Designer of the Year 2021 by
SME Bizz Entrepreneur’s Star Awards and the Women
Entrepreneur of the Year 2021 by Global Triumph
Foundation. Signature Interior Designs has been nominated
as the Best Interior Design Firm of the Year 2021 by
Teaching Excellence Awards.
the cost of living, among other factors, it's time to
purchase a healthcare policy. It is in your best interests to
recognize the facts as soon as possible. To put it another
way, you can purchase a health insurance policy when
you're young to take advantage of a variety of benefits.
MAY 2021 | 24 | www.insightssuccess.in

Insurance Essentials
There are many explanations why experts encourage
people to purchase health insurance while they are
young. It has numerous advantages, which are described
below:
1.Waiting period: Most health insurance plans have a
30- to 90-day waiting period during which you are
unable to file any claims, even though you have a
medical emergency. Purchasing a health insurance policy
at a young age is thus advantageous in this sense since
you will be able to complete the waiting period without
any worries. Many illnesses, such as cataracts, urinary
tract stones, knee replacements, arthritis, and so on, have
a waiting period. Most insurance companies list at least
10 to 15 conditions that include a waiting period. In
certain cases, people over the age of 60 have a longer
waiting time.
2.Comprehensive: If you purchase a health insurance
policy when you're young, you'll be able to benefit from
comprehensive and holistic coverage. As a result, you
will feel more secure both during your jobs and after you
retire.
3.Low premium: An insurance provider's premium rate
is usually determined by the current age. You can get a
lower premium if you buy a policy while you're young.
4.Duration: It's important to keep in mind that most
health insurance plans have an upper age limit. You
won't have to think about age limitations if you purchase
a health insurance policy while you're young, and you'll
be able to reap the benefits of health insurance for a
longer period.
5.Tax benefit: Purchasing a health insurance policy at a
young age allows you to take advantage of tax
advantages for a longer period so you can subtract the
premium you pay from your total income under Section
80D of the Income Tax Act of 1961.
6.Coverage: Getting a health insurance policy while
you're young means you'll have more coverage. Many
new insurance programs cover a wide range of services,
including daycare practices and vector-borne illnesses, as
well as maternity compensation and out-of-pocket
expenses. In other words, when you get older, the
insurance premiums will rise due to further medical
problems.
7.Pre-existing conditions: Purchasing health insurance
in your late 40s would only add to your financial strain
by reducing your benefits. Many health insurance
companies refuse to cover many pre-existing conditions,
which defeats the intent of purchasing health insurance.
8.Incentive: In the absence of any claims in the
intervening year of a policy term, most insurance
providers receive a "no claims bonus." You can get a
cumulative benefit if you purchase a health insurance
policy when you're young and you'll most likely extend
it every year. As a result, the bonus you've accumulated
increases the amount of coverage you have, which can
come in handy later in life when you're old and grey. In
most cases, the no-claim bonus will range from 5% to
100% of the amount insured.
9.More choices: If you start looking for health insurance
when you're young, you'll have more options than if you
wait until you're in your late 40s. You have the option of
selecting a package that best meets your needs by
analyzing all relevant parameters.
10.Lifelong renewal: You can opt for lifetime renewal of
your health insurance plan and thereby, avail of extended
coverage. Consequently, you can for your entire life by
opting for the renewal of your policy.
11.Poor health: Sedentary lifestyles have led to an
increase in the occurrence of many diseases related to the
heart and lungs claiming lives at a young age. The young
and salaried segment of India’s population is vulnerable
to several diseases.
It's important to remember that a health insurance plan
covers the whole family, not just the person. There are
Family Floater health insurance policies that suit the bill
if you are young and married. Remember that purchasing
health insurance at a young age is the first step toward
being prepared for unknown health risks. Work on the
body while still purchasing a health insurance policy for
peace of mind!
MAY 2021 | 25 | www.insightssuccess.in

MAY 2021 | 28 | www.insightssuccess.in

Insurance Insights
Dynamics
of the Indian
Insurance
Advisory
Space
The Indian insurance sector is not a tiny speck, but a
massive sphere where no one has remained
untouched. The entire population is connected with
insurance in one way or other. The insurance industry is
divided into two segments namely Life Insurance and Non-
Life Insurance (General). The non-life insurance segment
covers different domains such as two wheeler insurance, car
insurance, home insurance, personal accident insurance,
and so on.
The insurance companies in India have to abide by the rules
laid down by the Insurance Regulatory and Development
Authority of India (IRDAI). This statutory body plays an
important part in regulating and promoting the insurance
and re-insurance industries in India. The Indian market is a
hub of 24 life insurance and 33 non-life insurance
companies which serve the common people with various
insurance products all throughout the country. These
companies pride a wide variety of services to the customers.
MAY 2021 | 29 | www.insightssuccess.in

Defining IRDAI
Before delving any deeper, let us learn about the Insurance
Regulatory and Development Authority of India (IRDAI).
The company is dedicated towards protecting the interests
of people regarding insurance. Some functions of IRDAI
are as follows:
• It looks after the rapid growth of insurance industry and
ensures the people’s benefit by providing long-term funds
and ensuring economic growth
• It focuses on maintaining high standards in terms of high
integrity and financial soundness and the exact dealing to
ensure financial stability
• It aims to increase the genuine number of claim settlement
to prevent various malpractices such as insurance frauds
Transformation in the Insurance Sector throughout the
Decade
Change is inevitable for anything and everything. The same
is in case of the insurance sector. This industry has
undergone several changes in the last ten years. The last
decade has witnessed the Indian insurance industry record
specific growth. It is still achieving gradual success and is
expected to perform even better in the years to come.
Insurance has been Simplified over the Years
Initially, insurance worried people because of its long and
complicated process that was almost hard handled.
Nowadays, owing to advanced technology, the scenario has
completely changed. The sector has achieved a major
facelift due to these advanced innovations. With advent of
the internet, AI, machine learning, and other such
innovations, the insurance sector has been completely
transformed. Some of the prominent developments over the
years have been described below:
documents with them whenever they had to visit the
insurance provider’s office. But nowadays with the
availability of online medium, these documents can be
easily accessed at any time.
• Enhanced Convenience: From the customer’s viewpoint,
buying insurance policies has become quite feasible and
convenient. Policyholders can go to the website of any
insurance provider and collect various information
regarding the procedure of insurance policy, the claim
status, and other necessary requirements. However,
earlier, in order to resolve any query, people had to visit
allocated branches to gather even the simplest of
information.
• Intervention of Social Media: Social media has provided
penetration ability to both insurance sellers as well as
customers. Through this global platform, people can get
information regarding various aspects such as insurance
claims, policy renewals, and so no. By using social media,
insurance companies can also advertise their new policy
plans and products to the customers along with exciting
offers. Furthermore, social media also acts a platform
through which customers can also discuss about various
insurance policies and schemes with each other.
The insurance sector in India is growing rapidly, while
creating numerous employment opportunities. With the
passage of time, the sector is introducing innovative and
customized features for its clients and is marching forward
with the objective of serving them better.
- Ananda Kamal Das
• Paperless Transactions: This is the age where people buy
insurance online rather than opting for any other medium.
In the internet, they get the opportunity to compare
various policy premiums and select the best one.
Additionally, they can take advantage of various insurance
offers as per the guidelines of the insurance provider.
• Low Risks with High Benefits: Nowadays, people do not
have to worry about losing hard copies of important
insurance-related documents as everything is available
online. Clients can download a copy of an insurance
policy from their account and keep it safe in any digital
format. Earlier, it was difficult for people to carry
necessary copies of important insurance-related
MAY 2021 | 30 | www.insightssuccess.in