Most Trusted Insurance Broking Companies Of India-2022

Rajiv spoke more about his over a decade old journey in
Enterprise Risk Management along with Bharat RE, his
present and future plans, in an exclusive interview with
Insights Success for its edition 'Most Trusted Insurance
Broking Companies- 2022.’
Sir, please tell us about Enterprise Risk Management
and Bharat RE's role in it.
At Bharat RE, we always approach risk and risk
management from two perspectives.
Ÿ Presentation of your risks to the underwriters to ensure
that information on the process, layout, safety,
housekeeping and other parameters to ensure risk-based
rating. We have developed our in-house engineering
team to undertake this exercise for our clients.
Ÿ
Risk identification and management requires a different
set of skills for which we have associated with Asia
pacific Risk Management Services Ltd, who specialize
in Risk and consequence Analysis, GAP Analysis,
Hazop Studies, Safety Audit, Emergency Preparedness
and Disaster Management, Accident Investigation, Fire
Protection Systems, Business Continuity Plan, using
specialized and globally recognized software for
identifying, Maximum Loss, Compliance and validation
with Indian Safety Regulations, Models to assess all
major hazards and associated risks, Validating the
effectiveness of the Fire Protection systems.
Now for example, take Property. It looks simple, however,
it is certainly not. Deciding how much to insure for requires
an in-depth understanding of commercial aspects of a
business – be it methods of accounting, taxes, duties,
subsidies and its bearing on the values to be insured and
consequently the certainty of getting compensation in full in
the event of an accident. Another factor is risks to ensure
for, where it is far easy to miss the woods for the tree.
I mean, the coverage and exclusions in a policy you have
require to be analysed and reviewed by a practiced eye as in
many cases, what you think and you are protected against is
quite likely to be very different from what is said to be
covered when a claim arises.
As we all are aware of, the term and conditions in a
property contract may look simple and straight forward.
Think again – as they say, the devil is in the details and
more so in the terms and conditions of an insurance
contract. Major hassles slipping through minor gaps in the
terms and conditions are surprisingly common.
This is where Bharat RE plays a significant role by
matching risk to cover, by forming policy schedule suited to
your needs, advice based on real claims experience, and
blending commercial requirements seamlessly into
insurance protection.
Sir, will you please elaborate on Bharat RE's USPs, and
how it is leading in Business Risk Management.
Let me tell you the difference between survival and
insolvency. Protecting Physical Assets against accidental
damages is well understood by the commercial world. On
the other hand, the effect of major losses on the financials of
the company is grossly underestimated. In many loss
situations, the Business Interruption losses far exceed the
Material Damage losses.
In today's business environment focused on cost reductions
and optimum utilization of capacities, any significant loss
situation affects the finances of the company immediately
and with drastic consequences.
Most Corporates do not grasp the importance of a welldesigned
Business Interruption cover which could mean the
difference between growth and continuity to insolvency!!
We are leading in business risk management because, we
thoroughly evaluate business interruption risks, we design
our cover based on that thorough research, we provide
holistic claim supports, and we have expertise of handling
over hundreds of business interruption claims.
31 | April 2022 | www.insightssuccess.in