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TATA AIG Launches CyberEdge: A Comprehensive Cyber Insurance Solution for Indian Businesses

Newsmantra — Wed, 22 Jan 2025 13:20:21 +0000

· Offers comprehensive financial and operational support, covering forensic investigations, legal fees, data recovery, extortion payments among others

· CyberEdge aims to capture 25% of the cyber insurance market in the coming five years.

Bengaluru, 22 January 2025: TATA AIG General Insurance Company, a leading general insurance provider, has introduced CyberEdge, a new cyber insurance solution designed to protect businesses of all sizes against a wide array of cyber risks. The policy offers robust financial and operational support, covering forensic investigations, legal fees, data recovery, extortion payments, and losses from business interruptions. With a strong commitment to enhancing cybersecurity resilience, CyberEdge aims to capture 25% of the cyber insurance market in the coming five years.

A recent report by Prahar highlighted that 79 million cyberattacks were recorded in India in 2023 and the threat landscape is rapidly evolving. The report also projected that these attacks could surge to 1 trillion annually by 2033.

Commenting on the launch, Mr. Najm Bilgrami, National Head, Financial Lines, said, “The Indian cyber insurance market, valued at INR 850 crores in 2024, has witnessed significant growth in recent years. With a projected CAGR of 25% between 2025 and 2030, cyber insurance is set to become an integral part of risk management strategies, enabling businesses to mitigate damages effectively, recover operations seamlessly, and thrive in today’s digital-first economy. A cyber breach itself may not be catastrophic, but failing to address it properly can lead to even bigger challenges. CyberEdge has been meticulously designed to provide both financial safeguards and swift, expert-led responses to incidents.”

Post-pandemic, there has been a remarkable surge in demand for cyber insurance from various sectors, including IT companies, BPOs, banks, and other industries. Additionally, small and medium enterprises (SMEs) are increasingly targeted by cybercriminals due to their often-limited infrastructure, making robust cyber insurance solutions essential for their risk management.

Key Features of CyberEdge Include:

· First Response Cover: It gives Insured immediate access to Tata AIG’s panel of incident response experts 24/7/365during a cyber incident. The first 24 hours are critical, and the First Response service (where provided) ensures best-in-class legal and IT forensics within 2 hours of contacting the dedicated hotline.

· Bricking Recovery Expenses: If a cyber incident renders your computer system where the data was inoperable, it covers the costs of replacing damaged equipment and helps resume normal business operations.

· Comprehensive Network Loss Calculation: Option for the client to opt Gross Profit or Net Profit basis, based on method best suited your business. Additionally, Policy also cover third-party forensic accounting firm’s professional fees to calculate the loss can also be covered.

· Wider Computer System Protection: Coverage extends to cover BYOD (Bring Your Own Device), OT Systems, Industrial Control System, and SCADA systems.

· Network Interruption Coverage: Addresses interruptions up to 120 days post-incident including the proactive mitigation cost.

· Insured Events: Under the Network Interruption section, policy extended to cover security and system failures including the voluntary or regulatory shutdowns, and OSP-related security and system failures (if opted).

· Mitigation Costs and Loss Prevention Services: Extend cover beyond indemnity where policy offers Loss Prevention Services with no extra premium.

· Coverage for Cyber Crimes: Protects against losses resulting from cyber-related crimes.

· Multimedia Activity Protection: Covers liabilities from digital media content published on websites or social platforms.

When a cyber incident occurs, insured under CyberEdge Policy can access TATA AIG’s dedicated hotline. This service ensures immediate guidance, with legal and technical experts available to manage the situation promptly. The process includes initial assessment, activation of an Incident Response team if required, and support in terms of regulatory notification to ensuring minimal disruption to business operations and effective managing the liabilities on the company.

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TATA AIG General Insurance Company appoints Amit Ganorkar as the MD and CEO

Newsmantra — Fri, 03 Jan 2025 07:46:06 +0000

Bengaluru, January 3 2025: TATA AIG General Insurance Company, a leading general insurance provider, has announced the appointment of Amit Ganorkar as the new Managing Director and Chief Executive Officer. Amit succeeds Neelesh Garg, following the board of directors’ approval. All necessary regulatory approvals have been secured, ensuring a smooth transition of responsibilities. Amit has officially taken charge of the office as of January 1, 2025.

Amit Ganorkar, MD and CEO, expressed his gratitude, stating, “I am honored to be entrusted with this significant responsibility. TATA AIG has a legacy of excellence built on the trust and confidence of our customers and stakeholders. I am committed to continuing this journey of success alongside our talented team. Together, we will focus on strengthening our customer-centric approach, enhancing digital transformation, and driving sustainable growth to meet the evolving needs of our clients”

Amit brings over two decades of extensive experience in the general insurance industry, with a proven record of accomplishment across key areas such as sales and distribution, product development, marketing, operations, and technology. In his previous role, Amit served as the Managing Director of Royal Sundaram General Insurance. Prior to that, he was the Chief Operating Officer at TATA AIG.

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TATA AIG targets accelerated growth in health insurance with launch of innovative riders

Newsmantra — Thu, 24 Oct 2024 08:04:45 +0000

Five new riders offering over 60 benefits, including industry-first comprehensive preventive mental health coverage.

Bengaluru, October 24, 2024: TATA AIG General Insurance Company Limited, a leading general insurance provider in India, today announced the launch of five new riders offering more than 60 benefits, aimed at enhancing the flexibility and comprehensiveness of its retail health insurance products. As medical costs continue to rise and healthcare needs evolve, these riders are designed to provide customized protection, addressing emerging health concerns and lifestyle changes. The launch reflects TATA AIG’s commitment to advancing growth in the health insurance sector by offering innovative and pertinent solutions for its customers.

The new riders—Mental Wellbeing, EmpowerHer, OPD Care, CanCare, and Flexi Shield—are tailored to meet critical healthcare needs, such as mental wellness, female health and cancer coverage. EmpowerHer rider focuses on comprehensive healthcare issues of female, like infertility, PCOS and other gynaecological concerns, while Mental Wellbeing introduces an industry-first mental health preventive screenings and rehabilitation coverage. CanCare provides enhanced cancer protection, OPD Care and Flexi Shield ensure customers are protected against rising medical costs and everyday health expenses.

Strategic Expansion and Market Growth

TATA AIG aims to enhance its health insurance operations over the next two years, targeting an expansion of its agent base from 92,000 to over 150,000 as part of its broader strategy. The company’s health insurance segment currently contributes 21% to its overall Gross Written Premium (GWP).

With the introduction of new riders and expansion of its distribution network, the company projects its retail health insurance to grow at a CAGR of 30% over the next three years. This growth reflects TATA AIG’s focus on positioning health insurance as a cornerstone of its business strategy, targeting both urban and rural markets.

Enhancements in Claims Process:

Tata AIG has also made significant improvements to its claims settlement process, which is critical to maintaining customer trust. The company’s cashless claims utilization has risen from 67.7% in FY 2022-23 to 76.95% in FY 2024-25, with 96% of cashless claims processed within four hours and 85% of reimbursement claims settled within five days.

The company aims to target 100% through cashless anywhere in coming years. These enhancements demonstrate Tata AIG’s commitment to providing fast, seamless service, setting new benchmarks in the industry for efficiency and customer satisfaction.

Network Expansion

Tata AIG has aggressively expanded its network to ensure access to quality healthcare services across the country. With 11,700+ network hospitals across India, representing a 64% increase in the last 18 months, Tata AIG is committed to growing its presence, especially in underserved regions. The OPD network, which includes over 5,000 listed doctors and 3,000+ diagnostics providers, ensures comprehensive healthcare coverage, supported by a robust teleconsultation service in over 10 languages, further enhancing customer convenience.

Pratik Gupta, Senior Executive Vice President & Head– Agency at TATA AIG General Insurance Company Limited, emphasized the company’s commitment to innovation and growth: “The launch of these new riders is a critical step in our strategy to accelerate growth in the health insurance segment. We are focused on driving expansion across India, particularly in tier 2 and 3 cities, where healthcare access and awareness are rapidly increasing. By scaling up our network of branches, agents, and hospital partners, we aim to make quality healthcare more accessible to millions, supporting our projected growth in health insurance.”

Key Rider Highlights:

EmpowerHer: Dedicated rider for comprehensive female health concerns, including PCOS, infertility, gynaecological issues, female-specific cancers and many more. It also includes preventive care coverages such as cervical cancer vaccinations.
Mental Wellbeing: Industry first coverages for mental health concerns that includes preventive mental health screenings, psychological therapy, rehabilitation services, with a focus on early and timely intervention.
CanCare: Expanded cancer coverage with lump sum payment of sum insured on diagnosis of cancer of specific severity.
OPD Care: Covers outpatient expenses like doctor consultations, diagnostics, pharmacy bills, and vision care, ensuring that the day-to-day health needs are met.
Flexi Shield: Designed to protect policyholders against medical inflation, offering unlimited restoration of sum insured with Restore Infinity+ and an Inflation Shield for protecting enhancing sum insured against rising medical cost, as well as other premium benefits like International second opinion, day 31cover for pre-existing disease/s, worldwide hospital cash and many more.

With a presence in over 220 locations and a network of 11,700+ hospitals, TATA AIG is well-positioned to drive innovation in health insurance while enhancing its footprint nationwide.

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83% of Indian Businesses See Tech Risks as Top Threat, Reveals TATA AIG and Dun & Bradstreet Report

Newsmantra — Mon, 21 Oct 2024 08:34:30 +0000

69% of businesses are concerned about legal challenges.
67% of businesses face growing regulatory pressures related to data privacy and environmental risks.

Bengaluru, October 21: TATA AIG General Insurance Company Limited and Dun & Bradstreet India released the Horizon Watch Emerging Risk Report, a collaborative research effort identifying and analysing emerging risks that Indian businesses will face over the next five years. The report is based on a detailed survey conducted among 300 business leaders across 25 sectors, including IT & ITeS, Chemicals & Pharmaceuticals, Auto & Auto-ancillary and Financial Services among others.

The report highlights a rapidly changing risk landscape where technology advancements, geopolitical conflicts, legal challenges and other risks are forcing businesses to rethink their risk mitigation and business continuity strategies. 83% of businesses cited technological advancements as the leading driver of new risks, followed by 69% expressing concerns over legal challenges and 67% for growing regulatory pressures related to data privacy and environmental risks. Meanwhile, 63% expect international conflicts to severely impact their operations.

Key Insights from the Report:

Technology Challenges: 83% of respondents identified technology advancements as a major risk factor, raising critical concerns around data privacy, security vulnerabilities, and regulatory compliance.
Legal Challenges: 69% of businesses identify legal challenges as one of the leading contributors to emerging risks. As regulatory landscapes grow increasingly complex, organizations are becoming more concerned about the potential impact of legal disputes on their operations and long-term strategies.
Regulatory Risks: 67% of businesses are concerned about data privacy and protection regulations, which rank among the top regulatory risks. Additionally, environmental regulations and compliance changes are emerging concerns as businesses struggle to navigate increasingly stringent requirement
Geopolitical Gaps: While 63% of businesses recognize international conflicts as a significant risk, only 19% conduct regular assessments for geopolitical risks, leaving many companies vulnerable to unforeseen disruptions.
Supply Chain Risks: 63% of respondents ranked logistics and transportation disruptions as a top concern. However, with ongoing geopolitical tensions and natural disasters, businesses must strengthen their resilience against supply chain vulnerabilities.
Consumer Behaviour Shifts: 51% of businesses are worried about evolving consumer preferences, driven by demographic shifts and the increasing demand for sustainable and digital-first solutions. Companies must rapidly adapt to these changes to stay competitive.
Financial Instability: 48% of businesses expressed concern over financial instability due to economic downturns, rising interest rates, and inflation, prompting companies to focus more on liquidity and risk management strategies.

The Horizon Watch Emerging Risk Report introduces the Impact-Probability-Control (IPC) Framework, a structured methodology for assessing and mitigating emerging risks. It helps businesses prioritize risks based on their potential impact, likelihood of manifestation, and the effectiveness of control measures, providing decision-makers with a practical approach to risk mitigation.

Mr. Sushant Sarin, President – Commercial Business, TATA AIG General Insurance, stated, “At TATA AIG, we understand that in today’s rapidly evolving global landscape, managing emerging risks is crucial to the sustainability and growth of any organization. Our aim is to empower organizations to anticipate emerging challenges, mitigate risks, and ensure business continuity, enabling them to thrive in an increasingly complex world. This report provides a comprehensive framework to help businesses identify and address risks, fostering resilience and enabling long-term growth.”

Mr. Avinash Gupta, Managing Director of Dun & Bradstreet India, added, “Businesses today face unprecedented challenges in a rapidly changing landscape marked by geopolitical tensions, climate crises, and technological threats. The TATA AIG – Dun & Bradstreet Horizon Watch Report serves as a vital tool for organizations, offering insights through our ‘Impact-Probability-Control’ framework. By identifying emerging risks and their implications, we empower businesses to navigate uncertainty with confidence, ensuring resilience in a world where adaptability is key to survival.”

Understanding Emerging Risks

In today’s volatile business landscape, businesses must manage risks across political, technological, environmental, economic, and competitive forces. As benign risk environments fade, resiliency is key to thriving amid challenges. Emerging risks are grouped into four categories: Known Knowns (predictable risks), Known Unknowns (risks with uncertain timing), Unknown Knowns (unclear impacts from familiar areas), and Unknown Unknowns (unforeseen risks). The report shows 60% of businesses manage Unknown Knowns, 43% address Known Unknowns, and 47% recognize Unknown Unknowns but are underprepared. Additionally, 53% overlook these unpredictable threats, underscoring the need for stronger risk management strategies.

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