The 10 Most Trusted Insurance Tech Solution Providers To Watch in 2022 by The Enterprise World

WWW.THEENTERPRISEWORLD.COM | APAC EDITION | JANUARY 2022

The 10

Most Trusted Insurance Tech Solution Providers To Watch in 2022

CEO & Co-Founder

Simplifying Insurance with Customized Solutions

From Editor’s Desk

he emergence and growth of insurance tech has been gradual and the term has been around for over a decade. Just like ﬁntech, this industry has also shown tremendous improvement in terms of automating the processes for people and making their lives easier a notch.

The evolution of technology has proved to be of vital importance in the evolution of businesses and the processes. In this scenario, the rise of insurance tech has played a huge role in the way the insurance claims are processed and other policies are assessed. This issue of The Enterprise World of The 10 Most Trusted Insurance Tech Solution Providers To Watch in 2022 features the companies that have changed the insurance tech space with their innovative services. For the Cover Story readSafeTree Insurance, a brand name of A2V Insurance Brokers Private Limited, is an Insuretech player that seeks to protect the interest of their clients (both corporate and individuals) against variety of risks. SafeTree Insurance is integrating technology and design into customer-centric solutions, based on industry insights to deliver their brand promise of 'insurance simplified'. The main driving force of the start-up is to improve their client's business outlook through meaningful product innovations by introducing new-age insurance propositions in order to enhance their brand proposition in addition to risk coverage. SafeTree Insurance is the coming together of experienced financial experts and technocrats and is a licensed brokerage company as per IRDAI regulations. With an interview with The Enterprise World, read aboutmsg global solutions is a systems integrator, software development partner, and managed services provider focused on SAP solutions for accounting, finance, regulatory reporting, performance management, customer experience, and IoT. Operating from offices across the globe and growing, our expert teams help clients achieve operational efficiency and improve decision-making capabilities. While the heart of our expertise is in the financial services sector, our solutions are utilized in a wide range of industries. As an SAP solution development partner for over 20 years, msg global Solutions brings expert knowledge to every one of engagements in accounting, finance, regulatory reporting, performance management, and customer experience. Coverfox.com, is a leading insurtech start-up in India. It has over 50+ partners to offer 360+ insurance products across health, car, bike, term, and travel insurance policies in India. Since its launch in 2013, Coverfox.com has acquired over 3 million customers and is working towards making the entire process of insurance buying simpler. Coverfox Insurance has reinvented itself to adopt an omnichannel and automated insurance experience to tap into both, the often ignored rural segment and the uninitiated millennial & first time insurance buyers. Vieva InTech is one of the pioneers in insurance services and technologies playing a vital role in niche areas like claims management and control. In a very short span of time it has achieved quite a few accounts for its products into the Indian insurance companies. Managed by young and experienced insurance technology experts, Vieva is planning to launch many more products which are the need of the hour for the insurace sector in India. Vieva InTech's Philosophy – Mission Is Simple Become a trusted partner for insurance companies to meet their vision as well as short term goals. Quick churn out of unique innovative offerings which will auger with insurance companies processes, technology, and systems. Benchmark itself on evolving its products regularly to assist customer in TAT reduction, operational excellence, overcome leakages. Directly/Indirectly assist the insurance community to create an excellence benchmark for themselves in their areas of operation.

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This list is NOT a ranking. The companies on listed in magazine serve different aspects of the market, making ranking them in any order except revenue impossible and unfair. We try to bring a perfect platform for business organization to showcase their valued products/ services. Copyrights © The Enterprise World | 2019. All Rights Reserved. The images and content included in this magazine should not be copied, transferred or reproduced in any form or by any means, electronics, mechanical, photocopying, recording, otherwise, without proper permission from The Enterprise World. The Enterprise World solely owns all the reprint rights.

Leaders in Spotlight For the Cover Story readSafeTree Insurance, a brand name of A2V Insurance Brokers Private Limited, is an Insuretech player that seeks to protect the interest of their clients (both corporate and individuals) against variety of risks. SafeTree Insurance is integrating technology and design into customer-centric solutions, based on industry insights to deliver their brand promise of 'insurance simpliﬁed'.

regulatory reporting, performance management, and customer experience. Coverfox.com, is a leading insurtech start-up in India. It has over 50+ partners to oﬀer 360+ insurance products across health, car, bike, term, and travel insurance policies in India.

The main driving force of the start-up is to improve their client's business outlook through meaningful product innovations by introducing new-age insurance propositions in order to enhance their brand proposition in addition to risk coverage.

Since its launch in 2013, Coverfox.com has acquired over 3 million customers and is working towards making the entire process of insurance buying simpler. Coverfox Insurance has reinvented itself to adopt an omnichannel and automated insurance experience to tap into both, the often ignored rural segment and the uninitiated millennial & ﬁrst time insurance buyers.

SafeTree Insurance is the coming together of experienced ﬁnancial experts and technocrats and is a licensed brokerage company as per IRDAI regulations.

Coverfox.com has developed India's ﬁrst fully unassisted capabilities for B2C Motor Insurance, unlocking disproportionate value for Stakeholders, and is a true InsurTech E-Com player.

“In the Indian market, we aim to introduce customized products that are tailormade to one's requirements. In today's day and age, the one-sizeﬁts-all concept is outdated and organizations have to relook as to how the customers have to be served.”

Vieva InTech is one of the pioneers in insurance services and technologies playing a vital role in niche areas like claims management and control. In a very short span of time it has achieved quite a few accounts for its products into the Indian insurance companies. Managed by young and experienced insurance technology experts, Vieva is planning to launch many more products which are the need of the hour for the insurace sector in India.

With an interview with The Enterprise World, read aboutmsg global solutions is a systems integrator, software development partner, and managed services provider focused on SAP solutions for accounting, finance, regulatory reporting, performance management, customer experience, and IoT. Operating from offices across the globe and growing, our expert teams help clients achieve operational efficiency and improve decision-making capabilities. While the heart of our expertise is in the financial services sector, our solutions are utilized in a wide range of industries. As an SAP solution development partner for over 20 years, msg global Solutions brings expert knowledge to every one of engagements in accounting, finance,

Vieva InTech's Philosophy – Mission Is Simple Become a trusted partner for insurance companies to meet their vision as well as short term goals. Quick churn out of unique innovative oﬀerings which will auger with insurance companies processes, technology, and systems. Benchmark itself on evolving its products regularly to assist customer in TAT reduction, operational excellence, overcome leakages. Directly/Indirectly assist the insurance community to create an excellence benchmark for themselves in their areas of operation.

12. Safetree

26.

THE FUTURE OF

S T C

42. Vieva InTech

32. msg globle solutions

22. Coverfox Insurance

ENTERPRISE SECURITY

R T I C L E

Keeping The American Dream Alive With Flexible Rent

38.

Mr. Vikas Anand CEO & Co-Founder

JANUARY 2022

Cover Story

Simplifying Insurance with Customized Solutions

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e live a life full of risks and uncertainties, which has significantly increased in recent times. Whether it be an individual, one's family, or business, every aspect of our life has been subjected to a myriad of uncertainties. This includes loss of life, impact on business, asset depreciation etc. To combat these problems, the financial industry, over the decades, has evolved and developed products that protect customers financially (both businesses and individuals alike) against a variety of risks and the impending losses that may be caused due to such occurrences. In a nutshell, we call this insurance. Featuring for the Cover Story of The Enterprise World's issue of 'The 10 Most Trusted Insurtech Solution Providers To Watch in 2022' is SafeTree, an insurtech company that has simplified insurance with their customized solutions and advisory. The CompanySafeTree, a brand name of A2V Insurance Brokers Private Limited, is an insurtech player that seeks to protect the interest of their clients (both corporate and individuals) against variety of risks. The Company is integrating technology and design into customercentric solutions, based on industry insights to deliver their brand promise of 'insurance simplified'. The main driving force of the startup is to improve their client's business outlook through meaningful product innovations by introducing new-age insurance propositions in order to enhance their brand proposition in addition to risk coverage. Safetree is the coming together of experienced financial experts and technocrats and is a licensed brokerage as per IRDAI regulations. “In the Indian market, we aim to introduce customized products that are tailormade to one's requirements. In today's day and age, the one-size-fits-all concept is outdated and organizations have to relook as to how the customers have to be served.” The Insurance Market & Corona as its CatalystInsurance is needed more than ever today as the 'protection gap' – the gap between the amount of insurance that is economically and socially beneficial for individuals, households and firms and the amount of coverage actually bought – is getting wider and wider. According to the Swiss Re Institute, from 2000 to 2020 the protection gap has doubled and this was driven by global trends in digitisation, urbanisation, climate change and a lack of effective innovation. In private pensions alone, the gap is over $20 trillion today i.e., people cannot afford to live comfortably into old age according to the Geneva Association, an international think tank. In today's times, if the main family breadwinner dies, the majority of humanity will not able to maintain their living standards and repay debts. The Covid crisis has exposed and exacerbated this situation.

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Cover Story

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The insurance penetration in the Indian market is also very low. Data suggests that in the Indian market, the penetration of health and life insurance is around 5%. Apart from this, home insurance is also a branch that people are less aware of, where market penetration remains minuscule at less than 1%. Due to economic and human suﬀering caused by the Covid 19 pandemic, there has been a considerable shift in awareness and inquiries from people have increased manifold. This has also resulted in the increase in the number of policies, particularly that of health and life.

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“It's unfortunate that the pandemic has been the catalyst in terms of growth for the insurance sector.” As our country battled the onslaught of the pandemic, several health insurance companies launched simple corona products such as Corona Kavach. These products became extremely popular within a short period of time. This has highlighted the fact that if an insurance product is easy with simple terms and conditions, then

Cover Story

The Insurance market is seeing a bright future, where there has been strong growth in inquires and demand for insurance products post Covid, but there is a huge market of underpenetrated segment of society. This will keep the insurance companies and intermediates on their toes and will bring something new and innovative to the market that captures people's attention with ease. The Challenge of Being DifferentChallenges are at every step of the journey; it is how one chooses to tackle these obstacles, that builds a strong team and a credibility with their customers. Within the insurance sector, one of the biggest challenges is that of awareness. “At SafeTree, our USP would be our proprietary tools which we are developing for both retail and SME clients which can support their insurance buying journey and decision-making process.” Insurance is and will always be a risk mitigation product, but the downside of the industry in India is that people are not educated about the risks associated and how they can be handled. To increase awareness levels, Safetree intends to train and empower individuals to be their channel partners via their digital platform through their Saksham Bharat program. The tools will help with a better understanding of products and in turn help customers make informed decisions that suit their requirements. What makes SafeTree a trusted brand among people is how they help people identify their insurance requirements. At SafeTree, a customer is first assessed their risk profile, or the 'Risk Janampatri' as they call it at the firm. To give an easy example of their approach, if you have a high-risk appetite, you would be advised to buy a motor insurance product without any additional covers. However, if you have a low-risk appetite, the Company recommends you to buy additional covers with motor insurance such as zero depreciation, so that in case of an accident during policy period, most of the amount will be paid by the insurance company and this event does not financially and mentally impact you. “On the basis of customers risk profile from Risk Janampatri, we propose a product that suits the customer needs or works really well for them.” there is a larger acceptance by the customers. Taking a step ahead of these simple and easy products, SafeTree has been working on developing customized solutions that are selfexplanatory and avoid ambiguity. Capturing a Broader MarketWith Covid and increased digitalization, there has been a significant increase in the number of policies sold through online platforms.

At SafeTree, new tools are being developed to simplify the overall customer experience. Their unique tool 'Health Sum Insured calculator' is already popular with customers buying health cover. They plan to soon introduce tools to help SME clients to simplify their insurance buying process. Innovations and New AdditionsInnovation is a crucial factor for the growth of a Company and new product propositions will be the unique factor which distinguish Safetree from other players in the market.

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“I do believe that the future is extremely interesting and there is huge room for innovative products through new distribution channels to come into the market.”

JANUARY 2022

Cover Story

“What we are bringing on the table is something never done before. It is the kind of insurance propositions that help businesses to increase their customer satisfaction and improve your NPS score.” The Company will codevelop embedded and parametric products for corporate customers which enhance their customer loyalty and customer satisfaction score.

The Growth QuotientSafetree, commenced operations in August 2020 and has been growing aggressively in excess of 20% on month-on-month basis in the current ﬁnancial year 2021-22. They have increased their monthly gross premium collections from Rs 6m in April 2021 to INR 41m in December 2021.

Embedded Insurance

The Company aims on bringing new and innovative products to Indian customers through various distribution channels.

Insurance is something that nobody wants but everyone needs.

Shifts in the Insurance Sector and the Future-

Embedded insurance is emerging as a new way to distribute insurance services eﬃciently. It doesn't solve the protection gap, but it addresses many of the supply and demand issues. It could act and as a catalyst for wider industry business model transformation. It is about getting more aﬀordable, relevant and personalised insurance to people. It is enabled by abstracting insurance functionality into technology so that many more third-party organisations and developers can seamlessly incorporate attractive risk mitigation solutions into their customer journeys.

While the insurance sector opened to private players in 2000, the products have generally been the same and there is still a huge potential for innovation in insurance products and distribution.

Embedded insurance oﬀers a potential for lower cost distribution to more individuals and ﬁrms. Moreover, it provides access to more data for product innovation and reduces underwriting risks. For third party organisations, Embedded Insurance can enhance value propositions and create new revenue streams. In Property & Casualty alone, Embedded Insurance could account for over $700 Billion in Gross Written Premiums by 2030 accounting to 25% of the total market worldwide. Safetree plans to use this mechanism to increase the penetration of insurance products within masses. Parametric InsuranceThe challenge with the current insurance industry is uncertainty in the minds of customer at the time of claim event in terms of admissibility and amount i.e., whether they will receive their claims and the amount which will be reimbursed by the insurance company.

The Company believes new age insurance products through new distribution channels will fuel the growth and penetration of insurance products in the country. The customers can expect more customized products in the insurance markets in coming times as underwriters are ready to take new risks and new propositions. Let's hope that there is a 'policy in the hand of every Indian!' Mr. Vikas Anand- Leading the Way (CEO & Co-Founder) Vikas Anand is a Chartered Accountant with over 22 years of experience in Insurance and ﬁnancial services and has worked in both India and the United Kingdom. Vikas has held senior leadership roles in EY (Ernst & Young) and HSBC Insurance. Vikas aims to build an organization that will be a trusted Insurance partner for customers by developing innovative technology-based insurance solutions with a customer-centric approach. He wants to expand the utility of insurance products for corporate clients beyond risk mitigations.

“To help with that ambiguity the Company plans to develop parametric insurance with new age insurance companies. So, if an incident takes place, the customer will automatically receive money into their bank accounts. This removes the uncertainty in customers.” These products oﬀer pre-speciﬁed pay-outs based upon a trigger event. Through this, customers will be sure of the amount that they will be receiving. This would help build the trust factor and the reliability of customers towards insurance.

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Sanjib Jha, CEO

JANUARY 2022

The Easiest Way to Get Insured

here are a number of new technologies that have transformed the traditional insurance space. There are many insurance companies that have upgraded their game with digitization and have been able to offer convenience, security, and efficiency to their customers. Featuring in this issue of The Enterprise World's The 10 Most Trusted Insurance Tech Solution Providers To Watch in 2022 is Coverfox, a company that is giving its customers the easiest way to get insured. In this Interview with Sanjib Jha, CEO of Coverfox, let us find out more about their services. Brief us about the company. Coverfox.com, is a leading insurtech start-up in India. It has over 50+ partners to offer 360+ insurance products across health, car, bike, term, and travel insurance policies in India. Since its launch in 2013, Coverfox.com has acquired over 3 million customers and is working towards making the entire process of insurance buying simpler. Coverfox.com has reinvented itself to adopt an omnichannel and automated insurance experience to tap into both, the often ignored rural segment and the uninitiated millennial & first time insurance buyers.

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Coverfox.com has developed India's first fully unassisted capabilities for B2C Motor Insurance, unlocking disproportionate value for Stakeholders, and is a true InsurTech E-Com player. What were the initial challenges you faced? A decade ago in India, during 2000-2008, customers lacked the awareness about the importance of having insurance. They had less product knowledge & there was no transparency from the agents' side. The agents were mis-selling insurance to the buyers and had no proper claim management system. The insurance companies made huge profits when the policies were surrendered. Also, the Insurance Industry was looked down upon, for not being very customer centric. For decades, insurance has been sold as a push product by agents in India. The major challenges we faced were sparse and complicated partnerships, downstream distribution, regulatory & legal framework challenges, the untapping of the different sections of the society-demographic issues & mistrust among the buyers. Which was the point that triggered the growth of the company? In 2019, Coverfox.com underwent a management reorganization. The board concluded that new leadership was needed. It made certain important management appointments to re-evaluate the course of business, in order to achieve our new digital vision. The aim was to put Coverfox.com on a track towards becoming India's pioneer digital-first Insurtech E-com business. A business that would be aligned with market evolution & would be future-ready. The common goal was to stay dedicated to Coverfox.com's future by forming a new dynamic team to boost creativity & tech prowess to accelerate the company's next phase of growth. We're carving out a niche for ourselves in the insurtech sector. It's a difficult task but we believe in taking the company to the next level of growth & continuously evolving on the technology front.

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We are sure that through this, we'll be able to provide a seamless experience for our users while purchasing insurance products on our platforms. How have the company graphs changed since the foundation? Can you share a few statistics? The utilization of data and advanced analytics have aided in the creation of a link between client behavioral features and their insurance purchasing habits. This combined has provided us with a rich data for machine learning models. Coverfox.com had started as a pure contact center selling insurance products and aiding consumers in purchasing them. However, as time passed, it evolved into a fully automated capability for B2C Motor Insurance, with plans to also include Car & Health Insurance. We switched from a call center-heavy burn strategy to a digitally-led, unaided E-Commerce paradigm, which resulted in a 6x boost in our eﬃciency and a 6x rise in customer-centricity. We've adopted methods such as a lead scoring system that leverages data analytics to improve our call center operations and transition to a complete digital journey with the launch of our B2C mobile app. We also created an app to make purchasing insurance a more simple experience for users. Customers who contact us using the app are not called. Since the app's introduction a few months ago, we've already surpassed more than 1 lakh installation downloads and generated over a crore of business. Started as a B2C aggregator, Coverfox has now grown into becoming an ecosystem aggregator for insurance across B2C, B2B and B2B2C spaces. This has all b,een possible due to the business model pivot from a sales led model to a more product led consumer focused approach. The new vision allowed us to increase per person productivity immensely and achieve higher no. of customers covered with lesser no. of calls.

What is the reason behind your company's longstanding success?

How do you decide to take the company a step further in terms of your products/services?

Coverfox.com has achieved commitments towards simplifying insurance products through the innovative tech-enabled solutions that we are oﬀering! The Key things we are trying to accomplish are a DIY approach for our customers. We make them experience the 'Do It Yourself Insurance' process where they evaluate, choose and purchase.

We plan to get India insured & empowered by amalgamating technology, accessibility & ease of experience. The growth projection for the Indian insurance landscape looks promising; however, this scale will be unlocked through insurtech innovations. The need-gap we are solving for:

We provide our customers with seamless postpurchase services with easy renewal, entirely digital policy updates, and a very simplified claims process. This helps the customer have a flawless experience with Tech aid, ease and accessibility. We would like to bring disruption in the Insurance industry by making it a seamless experience for the customers. What are the products/services the company focuses on? How are your services different from those in the market? We are the first insurtech company to integrate with LIC to sell micro-insurance products fully digitally. Our prime objective is to create a seamless experience for our customers through our different platforms and have an automated insurance experience for the initial buyers, the next rising generation, and India's other demographic areas like the rural ones. Our service platter offers motor (both personal and commercial vehicles such as taxi and GCV- Goods Carrying Vehicle), health insurance, term life insurance, corona kavach, super top-up, personal accident insurance, critical illness cover, and ULIP insurance products on our platform. We are a fully cloud-native platform that empowers modern application development using complex technologies and have micro-services based backend. We offer you a systematic way to compare top insurance policies so that you can select the most suitable & convenient plans.

B2C innovations in the pipeline:

Reducing the dependency on call centres by increasing the share of unassisted sales.

Increasing the size of data science and machine learning practice to unlock more business opportunities, such as cross-sell and renewals.

New Developments in B2B

Multiple key partnerships onboarded and in the pipeline to ramp up motor and health sales.

Onboarded India's largest rural business partners to sell bite-sized rural policies in a fully digital fashion.

Is there any new addition to the list of products/services? Anything exciting you would like to share? Newest addition to our catalog of products is the best in class technology offering (Insurance Infrastructure as a service)IIAAS. With this, we are enabling offline merchants to set up an insurance selling platform with a hasslefree threeway integration across the length & breadth of our country & associating with POSP (Point of Sale Person) through our industry first initiative & latest technology. This newest addition is called the Cover Drive app which is a disruption in the Insurance ecosystem.

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THE FUTURE OF ENTERPRISE SECURITY Focus on to Protect Themselves and their Customers

JANUARY 2022

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t's no secret that not only are the threats to your company more numerous than ever before, but they are also becoming more sophisticated. You may have invested in expensive enterprise security solutions in the past only to see them rendered useless in a matter of weeks. The industry is at a crossroads. What do you need to be doing today to protect your customers and your business?

you valuable tips on how to stay ahead of hackers by using advanced protection technology that can detect known and unknown vulnerabilities. We'll discuss risks, prevention methods, and show you how to protect your customers with the best practices for today's market.

This blog post will explore what enterprises should focus on when it comes to security. It will also give

Company networks have faced an evolving threat landscape in recent years, alongside a rapidly-

The Evolution of Threats to Enterprise Networks

expanding list of threats. The number of high-profile data breaches has grown significantly over the past few years. In 2016, the largest breach of data in history took place when hackers stole the records of almost 150 million Verizon customers. Earlier that same year, Equifax suffered a massive data breach affecting over 140 million people. Many other companies have suffered cyberattacks and security breaches as well. Even in the face of these breaches, there has only been a nominal increase in cybersecurity awareness. Worse, many companies don't have effective systems or processes in place, such as a small and medium business password manager. A core issue is how rapidly the cybersecurity landscape changes, and how difficult it is for businesses to keep pace. Every new trend, from the rise of the cloud to the decline of physical devices, prompts various security upgrades for organizations. The reality is that any enterprise should both be

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aware of the myriad threats that exist and also understand the mindset that is necessary to address them.

detect all the software on a device to determine if they have been infected or if they have been attacked.

With that in mind, here are three major trends that have inﬂuenced the way we think about cybersecurity and the things that businesses should consider when it comes to safeguarding their customers and their businesses.

2. Data is the New Oil

1. IoT Goes Mainstream The Internet of Things essentially a catch-all term for any Internet-connected device or appliance that wouldn't ordinarily connect to a network — has seen explosive growth in recent years. IoT devices have become more commonplace than ever as we increasingly embed connectivity in everything from traﬃc lights to fridges and microwaves. This also means that devices in the business and consumer sectors are becoming increasingly sophisticated at collecting and sharing data. On the one hand, this means that, armed with eﬀective analytics, organizations can learn more about both themselves and their clientele than ever before. On the other hand, this means that even a small business may have to contend with an overwhelming threat surface, one in which anything could be an access point for a hacker. And yes, that includes the kitchen sink. For example, AI-powered intelligent security systems can detect threats like malware and illegal software. They can also

Success now hinges on data; availability, governance, orchestration, and analysis, for both the public and private sectors. This is especially true for the Fortune 1000. Moreover, many organizations now rely on their ability to generate and manage data — it is the key to understanding customer behavior, predicting what to sell, and determining how to market against competitors. It is impossible for any human being to eﬀectively organize and evaluate the vast quantity of data generated by even a small or mid-sized business. Instead, the role of human actors in this new ecosystem is to ensure the data is available and accessible for analytics tools. With that accomplished, they can unlock insights about everything from product intelligence to ﬂaws in their security posture. Orchestration alone isn't enough, either. Criminals are well aware of the value contained in corporate data. As such, in addition to availability, modern businesses must ensure all data is encrypted both at rest and in motion.

3. Machine Learning in Pentesting Artiﬁcial intelligence and machine learning have some incredibly compelling applications in the cybersecurity sector, and penetration testing is arguably at the top of that list. Pentesting typically requires an immense amount of manual labor. Through machine learning, security professionals can augment their own expertise with tools that automatically probe for weaknesses, becoming progressively better at doing so through trial and error. Unfortunately, pentesting isn't the only application of this technology—it can just as easily be weaponized in the hands of cybercriminals. Technologies that Will Shape the Future of Cybersecurity in 2022 Over the next few years, there will be several new technologies that will impact cybersecurity in ways neither seen nor predicted. From artiﬁcial intelligence to blockchain to IoT, the entire face of the security landscape is changing. And it will continue to change well into the future, evolving in ways we neither expected nor predicted.

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Jaideep Chatterjee, Managing Director

JANUARY 2022

msg global Achieving Operational Improvements Via SAP Solutions

stablished in 2009, msg global solutions serve the insurers and reinsurers in all lines of business and help in planning and deploying a range of services and solutions to help large and mid-size clients succeed with business and IT strategies, including digital transformation. msg global solutions are part of msg, an independent, international group of companies with more than 8,500 employees around the world. The group of companies offers a holistic service spectrum of creative, strategic consulting and intelligent, sustainable, and value-added IT solutions. The company is a consulting, implementation, and managed services provider that helps companies improve their operational efficiency and decision-making capabilities utilizing SAP technology. The Enterprise World got a chance to interview the Managing Director, Jaideep Chatterjee of msg global Solutions, and here is the exclusive chat, Brief us about the company msg global solutions is a systems integrator, software development partner, and managed services provider focused on SAP solutions for accounting, finance, regulatory reporting, performance management, customer experience, and IoT. Operating from offices across the globe and growing, our expert teams help clients achieve operational efficiency and improve decision-making capabilities. While the heart of our expertise is in the financial services sector, our solutions are utilized in a wide range of industries. As an SAP solution development partner for over 20 years, msg global brings expert knowledge to every one of engagements in accounting, finance, regulatory reporting, performance management, and customer experience.

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What were the challenges financial institutions face? The challenges that financial institutions face today are highly complex. Most insurance companies cannot fulfill high market demands due to a lack of knowledge and resources to modify existing digital solutions to suit changing customer expectations. Organizations constantly evolve, demanding innovative solutions in core business and user experience. A more datacentric approach is becoming the new norm, in which integration, consistency, transparency, and real-time access to financial data are the foundations. The key to success is identifying the best solutions and consultants to help navigate through the path ahead. This is where msg global comes into play with the SAP for insurance portfolio. What are the products/services the company focuses on? How are your services different from those in the market? msg global supports the entire SAP Business Suite for the insurance industry, from the front office customer solution to the middle office work engine to the back office operational systems. Working in close cooperation with its customers and industry partners, msg global delivers implementation and consulting services to help Insurers achieve operational efficiency, meet regulatory standards, and achieve digital excellence. Our services include end-to-end insurance, Finance transformation, Innovation Management, and Support. We deliver our solutions and Services across Insurance, Reinsurance, Banking, Automotive, and Food industries. As an SAP co-development partner, msg global creates industry-specific solutions marketed exclusively as SAP Solutions Extensions. It also develops and offers the industry solutions to complement an SAP strategy or work as a stand-alone solution.

“Innovation is taking two things that exist and putting them together in a new way.” With technologies like Big Data, Predictive Analytics, AI, and ML (Machine Learning), Internet of Things, BlockChain, Telematics, Chatbots, and other emerging technologies, insurers can custom tailor insurance offerings to individual users. It will gain higher ROI (Return on Invest) and grow its customer base. With growing databases and financial information, cybersecurity also has a vital role in making insurance technology safer to use without any data compliance issues. Can you please brief us about your professional experience? Jaideep has over 25 years of experience in SAP consulting, management, and leadership roles, including Fortune 100 companies. Therefore, it is not a surprise that Jaideep chose msg which is tightly connected to SAP since its beginning in 2008. msg global solutions is a systems integrator, software development partner, and managed services provider focused on SAP solutions for accounting, finance, regulatory reporting, performance management, and customer experience. According to you, how has the Insurance sector changed over the years?

How do you decide to take the company a step further in terms of your products/services?

Moving from legacy applications to enterprise business solutions that have evolved to a cloud-based architecture, the insurance sector has come a long way and is now moving towards digitalization

The company is working towards its 2025 goals. With a focus on the insurance industry, we are ready to support our customers with global expertise and skilled insurance professionals on their digital journey. As the company grows, we will further strengthen our relationship with SAP and ensure the two-decades-old relationship continues to serve its customers.

Digitalization – the development of digital innovations – is one of the vital business trends for the economy's growth, alongside business innovation. Digitalization presents the opportunity to increase market share and proﬁtability among insurers. It also encourages insurers to use digital technologies in new ways to provide value to customers.

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Companies must build digital strategies and concentrate on the most critical aspects of digital transformation. Technology adoption in the insurance industry has been happening for a long time, and it continues to evolve every day. How do you look after your employees? What makes your team unique? Our company tagline is Passion. People. Performance. and it accurately summarizes who we are. Passion is how we approach our work – loving what we do and joyfully delivering on our promises. People make it all possible. Our people are the best in the business and provide the power to deliver our mission and vision. Performance and speciﬁcally 'superlative performance' is our ultimate goal, Dynamic. Fun. Innovative. Creative. Challenging. These are some words people frequently use to describe their careers at msg global. The company encourages people to be innovative and create fun at work. msg global oﬀers a high degree of freedom for independent work, individualized training, and many growth opportunities.

Tell us about the experience customers can expect, including the engagement models and the aftersale support. As an experienced industry specialist, msg global is a knowledgeable partner for all insurance companies. With strategic consulting, established standard software, and other intelligent IT (Information Technology) solutions, the company helps its clients with data management and analytics, customercentric customization, and the standardization and digitization of their processes. With broad global experience, our consultants are ready to support customers in insurance, reinsurance, and functional areas such as ﬁnance and risk, technology, and analytics. The teams help customers evaluate their current landscape and provide technical and functional guidance around SAP's endto-end insurance and reinsurance solutions.

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JANUARY 2022

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Homeownership: Is The American Dream Now Unattainable? Since the birth of our nation, homeownership has been considered as a core component of the American dream, it is, after all, one of the biggest investments many people plan for in their lifetime. It symbolizes autonomy, achievement, and upward mobility to the middle-class. A big part of that dream is to become a landlord and build wealth through real estate. Despite the fact that a majority of Americans are working towards homeownership, they worry about the hurdles that make homeownership seem impossible– like saving up for a down payment, their crippling student loan debt, and low credit scores that make it hard to access credit. U.S. Home Prices Are Soaring, but Income Has Remained Relatively Flat

Throughout 2019 to 2021, we have seen a steep deterioration of on time payments. These were only interrupted only by the months when the big stimulus checks which allowed more households to make timely rent payments. A Common Anxiety Causes a Gap Between Landlords and Renters Though the global pandemic affected each party in different ways, fear and uncertainty is mutual among renters and landlords. While renters find ways to balance their paychecks, landlords still face the pressure to sustain collections and maintain growth and fear they need to make increased capital investments, diminishing their cap rate over time. The sad truth is that both sides are dealing with the same problem. But are there mutually beneficial solutions to ease their shared anxiety? Closing The Landlord-Tenant Gap What landlords do not realize is that renters value flexible payments and that they are willing to pay more for the convenience.

For the mom and pop landlords who manage to aﬀord investment property, things haven't been too easy either. During the pandemic, the massive job-loss, stay-at-home mandates and eviction moratoria aﬀected the landlord's ability to collect rent and they saw a big drop in on-time payments. Landlords Struggle To Pay Bills

In a survey done with renters and landlords, over half of renters in our survey said they'd pay more for ﬂexible payment options in a rental property. Less than a quarter of landlords thought renters would pay more. Letus brings Flexible Rent And Financial Empowerment with Rent Now, Pay Later The ﬁnancial uncertainty brought about by the COVID-19 pandemic highlighted the need to have a budget, however small it may be. Saving every penny has become more important than ever before.

JANUARY 2022

Enter LetUs by RentMoola, a FinTech company easing a common anxiety and closing the renter-landlord gap. Their platform is the first to offer Rent Now, Pay Later at checkout. “As renters and landlords ourselves, the LetUs team has a deep understanding of the anxieties that affect both sides of the equation,” shares Manimozhi. “We are the first company to combine rent with financial services. It just makes perfect sense, since rent payments are typically a household's largest expense.” Rent Now, Pay Later benefits both the landlords and the tenants since the service allows landlords to collect in full and on time while providing renters with the flexibility of an interest-free line of credit at checkout. But there is a lot more that can be done to put landlords and renters in better financial standing.

And all this can be done without complicated logins. Renters and landlords can simply sign up on their own and transact as if making a venmo payment. From Burden To Benefit Rent and rent-related payments have long been seen as a burden and a deterrent to financial stability. “Our goal is to empower renters and give them a stepping stone to their next financial goal–whether it's to save for a downpayment, to increase their credit score, or to simply be able to balance their paychecks,” continues Manimozhi. “And for landlords, LetUs empowers them to not only stabilize their collections, but also increase the value of their holdings.” LetUs is shifting the way the rental industry has operated for decades. And during a time when renters and landlords have felt the strain the most, the company has provided relief and hope.

Because landlords and property management companies aren't considered creditors, they do not automatically report your payment history to the three major consumer credit reporting bureaus. This means renters could be missing out on the easiest way to build their credit without debt. Reporting rent to the credit bureaus can be beneficial to everyone–not just for individuals who are starting out or have had a hit in their score. Reporting rent payments to the credit bureaus is perhaps the easiest way to build credit without debt and it can be done directly on the letus platform. “We know a favorable score can give potential homebuyers an advantage in securing a mortgage” shares Manimozhi. “Instead of being a deterrent to their dream, rent can be a tool to reach their next financial goal. That's why we make it simple and accessible.” Ultimate Flexibility With Zero-Login 360° Payments At letus, payment flexibility is at the core of their business and goes beyond their Rent Now, Pay Later service. The platform makes rent payment convenient, simple, and inclusive for both renters and landlords by offering the most extensive payment options to accommodate renters across all demographics and payment habits with the LetUs Wallet. Renters have the flexibility to pay with any payment method they prefer, from cash to checks, debit and credit cards, bank transfers, Rent Now Pay Later, pay by text, digital wallet, and even crypto.

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Dhiren Ved, CEO 42

JANUARY 2022

Vieva InTech Pioneers in Insurance Services and Technologies

he pandemic has played a huge role to push digitization in the insurance sector. And with digitization on board, several insurance companies were able to provide their customers with more eﬃcient services and could cater to their needs in a more speciﬁc way. Featuring for The Enterprise World's this issue of The 10 Most Trusted Insurance Tech Solution Providers To Watch in 2022 is Vieva InTech, a company that is a pioneer in insurance services and technology. In this Interview with Dhiren Ved - CEO of the company, let us know more about their products and services.

and experienced insurance technology experts, Vieva is planning to launch many more products which are the need of the hour for the insurace sector in India. Vieva InTech's Philosophy - Mission Is Simple Become a trusted partner for insurance companies to meet their vision as well as short term goals. Quick churn out of unique innovative oﬀerings which will auger with insurance companies processes, technology, and systems. Benchmark itself on evolving its products regularly to assist customer in TAT reduction, operational excellence, overcome leakages. Directly/Indirectly assist the insurance community to create an excellence benchmark for themselves in their areas of operation.

Brief us about the company. Vieva InTech's Vision Proﬁle Vieva InTech is one of the pioneers in insurance services and technologies playing a vital role in niche areas like claims management and control. In a very short span of time it has achieved quite a few accounts for its products into the Indian insurance companies. Managed by young

To become a numero uno trusted partner to insurance community to bring about. innovative solutions for eﬃciency and fraud control in insurance processes in India and internationally. disruptive/novel processes utilizing latest technologies in every insurance process.

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What were the initial challenges you faced?

The Products/Services

In 2003-4, claims were not settled online through online assessment. There was no concept of SAAS. Also, the insurance companies had spent considerable capex on buying core. To make them use our solution was a real challenge. It is then that we came up with the concept of Use as you pay, the IT had not even got used to this. Moreover, the Businesses were reluctant to bring about disruption in their existing processes.

What are the products/services the company focuses on? How are your services diﬀerent from those in the market? We always come up with a Niche industry solution where we do not have a competition. So far we have focussed on Claims management with Motor in focus. We have a host of products/services around those. To name few products

Which was that point that triggered the growth of the company?

MotoVeys – Online and Oﬄine Claims Management Systems that works with Core insurance System and ERP.

It was in 2005 during the Mumbai ﬂoods when the number of claims had increased drastically. where companies who were piloting our solution realized how easy, convenient, and fast it was to settle the claims using our solution. That was the real turning point for us.

Claimdroid - A mobile application for surveyors which supports real time audio, video , photo synchronization, and latest technology features to control leaks

How have the company graphs changed since the foundation? Can you share a few statistics? What is the reason behind your company's longstanding success?

MotoStream – A realtime video streaming and geo-tagging tool for Self-assessment of claims MotoAI – An Artiﬁcial Intelligence tool that automatically builds Indian Car Make Model part master (Part, Labor and Paint Cost) for customer based on its existing data bringing Intelligent Automation to the motor claim process MotoRobo – An OCR based Robot tool to do an AUTOMATIC VERIFICATION of documents without manual intervention MotoAlly – Voice interactive customer app for claims and assistance services MotoExame - Real time watch dog System for the claims to optimize controls and reduce leaks Claims Analisi - A decision making Business Intelligence tool to Analyze Claims across businesses Vreck Veiling - Online Salvage Management Auction Portal to help liquidate salvage faster with ease and better recovery

Following are the key driving factors Ÿ Ÿ Ÿ Ÿ

Innovation through out-of-the-box ideas ALWAYS AHEAD OF TIMES AND TECHNOLOGY Customer focus Deep Passion for our Products, its usage and regular feedback from Product users.

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Motoveys - TP, PA module - Contains Investigation and Advocate modules MobiVeys - Mobile Device/White Goods claims We also have Products for Underwriting (MotoPI) which can help mitigate risk through PreInspections.

How do you decide to take the company a step further in terms of your products/services? SPEED, TRANSPERENCY, AND SEAMLESS PROCESSES through State of Art technologies within the regulatory guidelines in the direction which the company is focussed on. An unforgetable end customer experience is the in thing of this age. We are providing multiple solution using technologies like voice communication, mobile and social media as well as ﬁeld services, etc. to end customer. To achieve this, we are not just providing IT products but also the insurance services required as a bundled solution. We are further expanding/creating new solutions to the broader family in the whole eco system which includes Insurance Brokers and Agents, Workshops and Service Providers, Used Car Aggregators, Workshop Aggregators, etc. Coupled to this is a D2C approach that we aim to bring in this ecosystem. The essence of this is to have a fastest connect and provide a seamless service experience to the end customer. Is there any new addition to the list of products/services? Anything exciting you would like to share? As explained earlier, we are coming up with a bundled solution that includes technology and services hovering around the automobile sector. Vieva Group has recently launched Ÿ Ÿ Ÿ Ÿ

Warranties Door Step Servicing Door Step Health Check and Valuation Claim Assistance

companies motor claims survey in its CSC3 zone and achieved to reduce average Claim TAT from 3 months to 32 days in that year. Just by online controlling surveyor assessment and documentation resulted in drastic savings in their Average Claim Cost (ACC). Post that Vieva created products for Risk Inspections (MotoPI), the end-to-end motor claims solution that aids companies with their Dealer SLAs, Real time claims Provisioning, Watchdogs for Leak Prevention, etc. The product had/is been used by IFFCO, Reliance General Insurance, Universal Sompo General Insurance, Shriram General Insurance, L&T General Insurance, SBI General Insurance. We also introduced the concept of mobile assessment by Surveyors way back in 2012. Now we are working on the latest buzzwords in the digital Age – Video streaming, AI-based assessment, etc. The Insurance industry welcomes his ideas and thoughts and 'WHAT NEXT' from you is what they ask for?

What are the key achievements of your entrepreneurial journey? The very first one was a first contract which enabled me to prove the solution that I had. Ÿ We have many firsts to our credit in the Insurance Sector in India. People use our templates and processes for their reference. Ÿ In this journey, we have integrated our solutions with 5 leading Core Insurance Systems and around 12 leading OEM broking systems. Ÿ 5 million claims have been processed through our system. Ÿ

How do you look after your employees? What makes your team unique?

Leadership Can you please brief us about your professional experience?

Our Company DNA focusses on 3 words Ÿ Innovate Ÿ Never Give Up Ÿ Everything is NOW – Tomorrow never comes

Dhiren was working with motor insurance surveyors and was also creating an online claims assessment solution since 2002. This made him create his visionary product Motoveys (Copyright Vieva Intech) – a first online claims management solution (from intimation, assessment till finalization) in India and founded Vieva Intech in the year 2005. It was in the same year during Mumbai floods when Motoveys was used for IFFCO Tokio General Insurance