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

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 The 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 read- SafeTree 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 about- 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 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. Shalmali Shalmali W.

The Enterprise World, Pride Purple Square, Wakad, Pune, 411057 Follow Us On: For Editorial Concerns: [email protected] For Sales & Branding Enquiries: [email protected] For Subscription: [email protected] Publisher The Enterprise World Creative Content Editor Shalmali W. | Adeeb Marketing Coordinator(APAC) Meera B. PR & Marketing Coordinator James H. Business Development Executive Suchita P. Creative Design Head: Sushant K. Social Media Manager Narendra S. Digital Circulation Manager Amanda V. 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 read- regulatory reporting, performance management, and customer experience. SafeTree Insurance, a brand name of A2V Insurance Brokers Private Limited, is an Insuretech player that Coverfox.com, is a leading insurtech start-up in India. seeks to protect the interest of their clients (both It has over 50+ partners to offer 360+ insurance corporate and individuals) against variety of risks. products across health, car, bike, term, and travel SafeTree Insurance is integrating technology and insurance policies in India. design into customer-centric solutions, based on industry insights to deliver their brand promise of Since its launch in 2013, Coverfox.com has acquired 'insurance simplified'. over 3 million customers and is working towards making the entire process of insurance buying The main driving force of the start-up is to improve simpler. Coverfox Insurance has reinvented itself to their client's business outlook through meaningful adopt an omnichannel and automated insurance product innovations by introducing new-age experience to tap into both, the often ignored rural insurance propositions in order to enhance their brand segment and the uninitiated millennial & first time proposition in addition to risk coverage. insurance buyers. SafeTree Insurance is the coming together of Coverfox.com has developed India's first fully un- experienced financial experts and technocrats and is a assisted capabilities for B2C Motor Insurance, licensed brokerage company as per IRDAI unlocking disproportionate value for Stakeholders, regulations. and is a true InsurTech E-Com player. “In the Indian market, we aim to introduce Vieva InTech is one of the pioneers in insurance customized products that are tailormade to one's services and technologies playing a vital role in niche requirements. In today's day and age, the one-size- areas like claims management and control. In a very fits-all concept is outdated and organizations have to short span of time it has achieved quite a few accounts relook as to how the customers have to be served.” for its products into the Indian insurance companies. Managed by young and experienced insurance With an interview with The Enterprise World, read technology experts, Vieva is planning to launch many about- more products which are the need of the hour for the insurace sector in India. msg global solutions is a systems integrator, software development partner, and managed services Vieva InTech's Philosophy – Mission Is Simple provider focused on SAP solutions for accounting, finance, regulatory reporting, performance Become a trusted partner for insurance companies to management, customer experience, and IoT. meet their vision as well as short term goals. Quick Operating from offices across the globe and growing, churn out of unique innovative offerings which will our expert teams help clients achieve operational auger with insurance companies processes, efficiency and improve decision-making capabilities. technology, and systems. Benchmark itself on While the heart of our expertise is in the financial evolving its products regularly to assist customer in services sector, our solutions are utilized in a wide TAT reduction, operational excellence, overcome range of industries. leakages. Directly/Indirectly assist the insurance community to create an excellence benchmark for As an SAP solution development partner for over 20 themselves in their areas of operation. years, msg global Solutions brings expert knowledge to every one of engagements in accounting, finance,

12. Safetree

22. CONTENTS Coverfox Insurance 32. msg globle solutions 42. Vieva InTech 26. THE FUTURE OF ENTERPRISE SECURITY A R T I Keeping The American Dream C 38.L Alive With Flexible Rent E





Mr. Vikas Anand CEO & Co-Founder 12 J A N U A R Y 2 0 2 2

Cover Story Simplifying Insurance with Customized Solutions www.theenterpriseworld.com 13

We 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 Company- SafeTree, 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 customer- centric 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 Catalyst- Insurance 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. 14 J A N U A R Y 2 0 2 2

Cover Story www.theenterpriseworld.com 15

The insurance penetration in the Indian market is also very low. Data “It's unfortunate that the pandemic has been the suggests that in the Indian market, the penetration of health and life catalyst in terms of growth for the insurance sector.” insurance is around 5%. Apart from this, home insurance is also a branch that people are less aware of, where market penetration remains As our country battled the onslaught of the pandemic, minuscule at less than 1%. several health insurance companies launched simple corona products such as Corona Kavach. These Due to economic and human suffering caused by the Covid 19 products became extremely popular within a short pandemic, there has been a considerable shift in awareness and inquiries period of time. from people have increased manifold. This has also resulted in the increase in the number of policies, particularly that of health and life. This has highlighted the fact that if an insurance product is easy with simple terms and conditions, then 16 J A N U A R Y 2 0 2 2

Cover Story there is a larger acceptance by the customers. Taking a step The Insurance market is seeing a bright future, where there has ahead of these simple and easy products, SafeTree has been been strong growth in inquires and demand for insurance working on developing customized solutions that are self- products post Covid, but there is a huge market of explanatory and avoid ambiguity. underpenetrated segment of society. This will keep the insurance companies and intermediates on their toes and will bring Capturing a Broader Market- something new and innovative to the market that captures people's attention with ease. With Covid and increased digitalization, there has been a significant increase in the number of policies sold through The Challenge of Being Different- online platforms. Challenges 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.” 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 Additions- Innovation 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. www.theenterpriseworld.com 17

“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.” 18 J A N U A R Y 2 0 2 2

Cover Story “What we are bringing on the table is something never done The Growth Quotient- before. It is the kind of insurance propositions that help businesses to increase their customer satisfaction and improve Safetree, commenced operations in August 2020 and has been your NPS score.” growing aggressively in excess of 20% on month-on-month basis in the current financial year 2021-22. They have The Company will codevelop embedded and parametric increased their monthly gross premium collections from Rs products for corporate customers which enhance their customer 6m in April 2021 to INR 41m in December 2021. loyalty and customer satisfaction score. The Company aims on bringing new and innovative products Embedded Insurance 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 While the insurance sector opened to private players in 2000, insurance services efficiently. It doesn't solve the protection gap, the products have generally been the same and there is still a but it addresses many of the supply and demand issues. It could huge potential for innovation in insurance products and act and as a catalyst for wider industry business model distribution. transformation. It is about getting more affordable, relevant and personalised insurance to people. It is enabled by abstracting The Company believes new age insurance products through insurance functionality into technology so that many more new distribution channels will fuel the growth and third-party organisations and developers can seamlessly penetration of insurance products in the country. The incorporate attractive risk mitigation solutions into their customers can expect more customized products in the customer journeys. insurance markets in coming times as underwriters are ready to take new risks and new propositions. Embedded insurance offers a potential for lower cost distribution to more individuals and firms. Moreover, it Let's hope that there is a 'policy in the hand of every Indian!' provides access to more data for product innovation and reduces underwriting risks. For third party organisations, Embedded Mr. Vikas Anand- Leading the Way Insurance can enhance value propositions and create new revenue streams. (CEO & Co-Founder) In Property & Casualty alone, Embedded Insurance could Vikas Anand is a Chartered Accountant with over 22 years of account for over $700 Billion in Gross Written Premiums by experience in Insurance and financial services and has 2030 accounting to 25% of the total market worldwide. worked in both India and the United Kingdom. Vikas has held senior leadership roles in EY (Ernst & Young) and HSBC Safetree plans to use this mechanism to increase the penetration Insurance. of insurance products within masses. Vikas aims to build an organization that will be a trusted Parametric Insurance- Insurance partner for customers by developing innovative technology-based insurance solutions with a customer-centric The challenge with the current insurance industry is uncertainty approach. He wants to expand the utility of insurance in the minds of customer at the time of claim event in terms of products for corporate clients beyond risk mitigations. admissibility and amount i.e., whether they will receive their claims and the amount which will be reimbursed by the insurance company. “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. www.theenterpriseworld.com 19





Sanjib Jha, CEO 22 J A N U A R Y 2 0 2 2

The Easiest Way to Get Insured There 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. www.theenterpriseworld.com 23

Coverfox.com has developed India's first fully un- We are sure that through this, we'll be able to provide assisted capabilities for B2C Motor Insurance, a seamless experience for our users while purchasing unlocking disproportionate value for Stakeholders, insurance products on our platforms. and is a true InsurTech E-Com player. How have the company graphs changed since the What were the initial challenges you faced? foundation? Can you share a few statistics? A decade ago in India, during 2000-2008, customers The utilization of data and advanced analytics have lacked the awareness about the importance of having aided in the creation of a link between client insurance. They had less product knowledge & there behavioral features and their insurance purchasing was no transparency from the agents' side. The agents habits. This combined has provided us with a rich data were mis-selling insurance to the buyers and had no for machine learning models. proper claim management system. Coverfox.com had started as a pure contact center The insurance companies made huge profits when the selling insurance products and aiding consumers in policies were surrendered. Also, the Insurance purchasing them. However, as time passed, it evolved Industry was looked down upon, for not being very into a fully automated capability for B2C Motor customer centric. Insurance, with plans to also include Car & Health Insurance. For decades, insurance has been sold as a push product by agents in India. The major challenges we We switched from a call center-heavy burn strategy to faced were sparse and complicated partnerships, a digitally-led, unaided E-Commerce paradigm, which downstream distribution, regulatory & legal resulted in a 6x boost in our efficiency and a 6x rise in framework challenges, the untapping of the different customer-centricity. sections of the society-demographic issues & mistrust among the buyers. We've adopted methods such as a lead scoring system that leverages data analytics to improve our call center Which was the point that triggered the growth of operations and transition to a complete digital journey the company? with the launch of our B2C mobile app. In 2019, Coverfox.com underwent a management We also created an app to make purchasing insurance reorganization. The board concluded that new a more simple experience for users. Customers who leadership was needed. It made certain important contact us using the app are not called. Since the app's management appointments to re-evaluate the course of introduction a few months ago, we've already business, in order to achieve our new digital vision. surpassed more than 1 lakh installation downloads and The aim was to put Coverfox.com on a track towards generated over a crore of business. becoming India's pioneer digital-first Insurtech E-com business. A business that would be aligned with Started as a B2C aggregator, Coverfox has now grown market evolution & would be future-ready. into becoming an ecosystem aggregator for insurance across B2C, B2B and B2B2C spaces. This has all The common goal was to stay dedicated to b,een possible due to the business model pivot from a Coverfox.com's future by forming a new dynamic sales led model to a more product led consumer team to boost creativity & tech prowess to accelerate focused approach. The new vision allowed us to the company's next phase of growth. increase per person productivity immensely and We're carving out a niche for ourselves in the achieve higher no. of customers covered with lesser insurtech sector. It's a difficult task but we believe in no. of calls. taking the company to the next level of growth & continuously evolving on the technology front. 24 J A N U A R Y 2 0 2 2

What is the reason behind your company's long- How do you decide to take the company a step standing success? further in terms of your products/services? Coverfox.com has achieved commitments towards We plan to get India insured & empowered by simplifying insurance products through the innovative amalgamating technology, accessibility & ease of tech-enabled solutions that we are offering! The Key experience. The growth projection for the Indian things we are trying to accomplish are a DIY approach insurance landscape looks promising; however, this for our customers. We make them experience the 'Do scale will be unlocked through insurtech innovations. It Yourself Insurance' process where they evaluate, The need-gap we are solving for: choose and purchase. Ÿ B2C innovations in the pipeline: We provide our customers with seamless post- purchase services with easy renewal, entirely digital Ÿ Reducing the dependency on call centres by policy updates, and a very simplified claims process. increasing the share of unassisted sales. This helps the customer have a flawless experience with Tech aid, ease and accessibility. We would like to Ÿ Increasing the size of data science and machine bring disruption in the Insurance industry by making it learning practice to unlock more business a seamless experience for the customers. opportunities, such as cross-sell and renewals. What are the products/services the company Ÿ New Developments in B2B focuses on? How are your services different from those in the market? Ÿ Multiple key partnerships onboarded and in the pipeline to ramp up motor and health sales. We are the first insurtech company to integrate with LIC to sell micro-insurance products fully digitally. Ÿ Onboarded India's largest rural business partners to Our prime objective is to create a seamless experience sell bite-sized rural policies in a fully digital for our customers through our different platforms and fashion. have an automated insurance experience for the initial buyers, the next rising generation, and India's other Is there any new addition to the list of demographic areas like the rural ones. products/services? Anything exciting you would like to share? Our service platter offers motor (both personal and commercial vehicles such as taxi and GCV- Goods Newest addition to our catalog of products is the best Carrying Vehicle), health insurance, term life in class technology offering (Insurance Infrastructure insurance, corona kavach, super top-up, personal as a service)IIAAS. With this, we are enabling offline accident insurance, critical illness cover, and ULIP merchants to set up an insurance selling platform with insurance products on our platform. a hasslefree threeway integration across the length & breadth of our country & associating with POSP We are a fully cloud-native platform that empowers (Point of Sale Person) through our industry first modern application development using complex initiative & latest technology. This newest addition is technologies and have micro-services based backend. called the Cover Drive app which is a disruption in the We offer you a systematic way to compare top Insurance ecosystem. insurance policies so that you can select the most suitable & convenient plans. www.theenterpriseworld.com 25

THE FUTURE OF ENTERPRISE SECURITY Focus on to Protect Themselves and their Customers 26 J A N U A R Y 2 0 2 2

www.theenterpriseworld.com 27

It's no secret that not only are you valuable tips on how to stay expanding list of threats. the threats to your company ahead of hackers by using advanced The number of high-profile more numerous than ever protection technology that can data breaches has grown before, but they are also becoming detect known and unknown significantly over the past more sophisticated. You may have vulnerabilities. We'll discuss risks, few years. In 2016, the invested in expensive enterprise prevention methods, and show you largest breach of data in security solutions in the past only how to protect your customers with history took place when to see them rendered useless in a the best practices for today's hackers stole the records of matter of weeks. The industry is at market. almost 150 million Verizon a crossroads. What do you need to customers. Earlier that be doing today to protect your The Evolution of Threats to same year, Equifax customers and your business? Enterprise Networks suffered a massive data breach affecting over 140 This blog post will explore what Company networks have faced an million people. enterprises should focus on when it evolving threat landscape in recent comes to security. It will also give years, alongside a rapidly- 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 28 J A N U A R Y 2 0 2 2

aware of the myriad threats that detect all the software on a 3. Machine Learning in exist and also understand the device to determine if they have Pentesting mindset that is necessary to address been infected or if they have them. been attacked. Artificial intelligence and machine learning have some incredibly With that in mind, here are three 2. Data is the New Oil compelling applications in the major trends that have influenced cybersecurity sector, and the way we think about Success now hinges on data; penetration testing is arguably at cybersecurity and the things that availability, governance, the top of that list. Pentesting businesses should consider when it orchestration, and analysis, for typically requires an immense comes to safeguarding their both the public and private amount of manual labor. Through customers and their businesses. sectors. This is especially true machine learning, security for the Fortune 1000. professionals can augment their 1. IoT Goes Mainstream own expertise with tools that The Internet of Things Moreover, many organizations automatically probe for now rely on their ability to weaknesses, becoming essentially a catch-all term for any generate and manage data — it progressively better at doing so Internet-connected device or is the key to understanding through trial and error. appliance that wouldn't ordinarily customer behavior, predicting connect to a network — has seen what to sell, and determining Unfortunately, pentesting isn't the explosive growth in recent years. how to market against only application of this IoT devices have become more competitors. technology—it can just as easily be commonplace than ever as we weaponized in the hands of increasingly embed connectivity in It is impossible for any human cybercriminals. everything from traffic lights to being to effectively organize and fridges and microwaves. This also evaluate the vast quantity of Technologies that Will Shape the means that devices in the business data generated by even a small Future of Cybersecurity in 2022 and consumer sectors are becoming or mid-sized business. Instead, increasingly sophisticated at the role of human actors in this Over the next few years, there will collecting and sharing data. new ecosystem is to ensure the be several new technologies that data is available and accessible will impact cybersecurity in ways On the one hand, this means that, for analytics tools. With that neither seen nor predicted. From armed with effective analytics, accomplished, they can unlock artificial intelligence to blockchain organizations can learn more about insights about everything from to IoT, the entire face of the both themselves and their clientele product intelligence to flaws in security landscape is changing. And than ever before. On the other their security posture. it will continue to change well into hand, this means that even a small the future, evolving in ways we business may have to contend with Orchestration alone isn't neither expected nor predicted. an overwhelming threat surface, enough, either. Criminals are one in which anything could be an well aware of the value access point for a hacker. And yes, contained in corporate data. As that includes the kitchen sink. such, in addition to availability, modern businesses must ensure For example, AI-powered all data is encrypted both at rest intelligent security systems can and in motion. detect threats like malware and illegal software. They can also www.theenterpriseworld.com 29





Jaideep Chatterjee, Managing Director 32 J A N U A R Y 2 0 2 2

msg global Achieving Operational Improvements Via SAP Solutions Established 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. www.theenterpriseworld.com 33

What were the challenges financial institutions face? “Innovation is taking two things The challenges that financial institutions face today are highly complex. Most insurance companies cannot fulfill that exist and putting high market demands due to a lack of knowledge and them together in resources to modify existing digital solutions to suit a new way.” changing customer expectations. With technologies like Big Data, Predictive Analytics, AI, Organizations constantly evolve, demanding innovative and ML (Machine Learning), Internet of Things, solutions in core business and user experience. A more data- BlockChain, Telematics, Chatbots, and other emerging centric approach is becoming the new norm, in which technologies, insurers can custom tailor insurance integration, consistency, transparency, and real-time access offerings to individual users. It will gain higher ROI to financial data are the foundations. (Return on Invest) and grow its customer base. With growing databases and financial information, The key to success is identifying the best solutions and cybersecurity also has a vital role in making insurance consultants to help navigate through the path ahead. This is technology safer to use without any data compliance where msg global comes into play with the SAP for issues. insurance portfolio. Can you please brief us about your professional What are the products/services the company focuses on? experience? How are your services different from those in the market? Jaideep has over 25 years of experience in SAP consulting, management, and leadership roles, including msg global supports the entire SAP Business Suite for the Fortune 100 companies. Therefore, it is not a surprise that insurance industry, from the front office customer solution Jaideep chose msg which is tightly connected to SAP to the middle office work engine to the back office since its beginning in 2008. msg global solutions is a operational systems. Working in close cooperation with its systems integrator, software development partner, and customers and industry partners, msg global delivers managed services provider focused on SAP solutions for implementation and consulting services to help Insurers accounting, finance, regulatory reporting, performance achieve operational efficiency, meet regulatory standards, management, and customer experience. and achieve digital excellence. According to you, how has the Insurance sector Our services include end-to-end insurance, Finance changed over the years? transformation, Innovation Management, and Support. We deliver our solutions and Services across Insurance, Moving from legacy applications to enterprise business Reinsurance, Banking, Automotive, and Food industries. solutions that have evolved to a cloud-based architecture, the insurance sector has come a long way and is now As an SAP co-development partner, msg global creates moving towards digitalization industry-specific solutions marketed exclusively as SAP Solutions Extensions. It also develops and offers the Digitalization – the development of digital innovations – industry solutions to complement an SAP strategy or work is one of the vital business trends for the economy's as a stand-alone solution. growth, alongside business innovation. Digitalization presents the opportunity to increase market share and How do you decide to take the company a step further profitability among insurers. It also encourages insurers to in terms of your products/services? use digital technologies in new ways to provide value to customers. 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. 34 J A N U A R Y 2 0 2 2

Companies must build digital strategies and concentrate on the most Tell us about the experience customers can expect, critical aspects of digital transformation. Technology adoption in the including the engagement models and the after- insurance industry has been happening for a long time, and it sale support. continues to evolve every day. As an experienced industry specialist, msg global is a How do you look after your employees? What makes your team knowledgeable partner for all insurance companies. unique? With strategic consulting, established standard software, and other intelligent IT (Information Our company tagline is Passion. People. Performance. and it Technology) solutions, the company helps its clients accurately summarizes who we are. Passion is how we approach our with data management and analytics, customer- work – loving what we do and joyfully delivering on our promises. centric customization, and the standardization and People make it all possible. Our people are the best in the business digitization of their processes. and provide the power to deliver our mission and vision. Performance and specifically 'superlative performance' is our With broad global experience, our consultants are ultimate goal, ready to support customers in insurance, reinsurance, and functional areas such as finance and risk, Dynamic. Fun. Innovative. Creative. Challenging. These are some technology, and analytics. The teams help customers words people frequently use to describe their careers at msg global. evaluate their current landscape and provide The company encourages people to be innovative and create fun at technical and functional guidance around SAP's end- work. msg global offers a high degree of freedom for independent to-end insurance and reinsurance solutions. work, individualized training, and many growth opportunities. www.theenterpriseworld.com 35





Keepin Amer Dream Al Flexibl Rent Now Pay La Possibilities For La 38 J A N U A R Y 2 0 2 2

ng The rican live With le Rent ater Creates Infinite andlords and Renters www.theenterpriseworld.com 39

Homeownership: Is The American Dream Now Throughout 2019 to 2021, we have seen a steep Unattainable? deterioration of on time payments. These were only interrupted only by the months when the big stimulus Since the birth of our nation, homeownership has been checks which allowed more households to make timely rent considered as a core component of the American dream, it payments. is, after all, one of the biggest investments many people plan for in their lifetime. It symbolizes autonomy, A Common Anxiety Causes a Gap Between Landlords achievement, and upward mobility to the middle-class. A and Renters big part of that dream is to become a landlord and build wealth through real estate. Though the global pandemic affected each party in different ways, fear and uncertainty is mutual among renters and Despite the fact that a majority of Americans are working landlords. towards homeownership, they worry about the hurdles that make homeownership seem impossible– like saving up for While renters find ways to balance their paychecks, a down payment, their crippling student loan debt, and low landlords still face the pressure to sustain collections and credit scores that make it hard to access credit. maintain growth and fear they need to make increased capital investments, diminishing their cap rate over time. U.S. Home Prices Are Soaring, but Income Has Remained Relatively Flat 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 In a survey done with renters and landlords, over half of investment property, things haven't been too easy either. renters in our survey said they'd pay more for flexible payment options in a rental property. Less than a quarter of During the pandemic, the massive job-loss, stay-at-home landlords thought renters would pay more. mandates and eviction moratoria affected the landlord's ability to collect rent and they saw a big drop in on-time Letus brings Flexible Rent And Financial payments. Empowerment with Rent Now, Pay Later Landlords Struggle To Pay Bills 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. 40 J A N U A R Y 2 0 2 2

Enter LetUs by RentMoola, a FinTech company easing And all this can be done without complicated logins. a common anxiety and closing the renter-landlord gap. Renters and landlords can simply sign up on their own and Their platform is the first to offer Rent Now, Pay Later transact as if making a venmo payment. at checkout. From Burden To Benefit Rent and rent-related payments have long been seen as a “As renters and landlords ourselves, the LetUs team burden and a deterrent to financial stability. “Our goal is to has a deep understanding of the anxieties that affect empower renters and give them a stepping stone to their both sides of the equation,” shares Manimozhi. “We next financial goal–whether it's to save for a downpayment, are the first company to combine rent with financial to increase their credit score, or to simply be able to balance services. It just makes perfect sense, since rent their paychecks,” continues Manimozhi. “And for payments are typically a household's largest expense.” landlords, LetUs empowers them to not only stabilize their collections, but also increase the value of their holdings.” Rent Now, Pay Later benefits both the landlords and LetUs is shifting the way the rental industry has operated the tenants since the service allows landlords to collect for decades. And during a time when renters and landlords in full and on time while providing renters with the have felt the strain the most, the company has provided flexibility of an interest-free line of credit at checkout. relief and hope. But there is a lot more that can be done to put landlords and renters in better financial standing. www.theenterpriseworld.com 41 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.

Dhiren Ved, CEO 42 J A N U A R Y 2 0 2 2

Vieva InTech Pioneers in Insurance Services and Technologies The pandemic has played a huge role to push and experienced insurance technology experts, Vieva is digitization in the insurance sector. And with planning to launch many more products which are the need digitization on board, several insurance companies of the hour for the insurace sector in India. were able to provide their customers with more efficient services and could cater to their needs in a more specific Vieva InTech's Philosophy - Mission Is Simple way. Become a trusted partner for insurance companies to meet Featuring for The Enterprise World's this issue of The 10 their vision as well as short term goals. Quick churn out of Most Trusted Insurance Tech Solution Providers To Watch unique innovative offerings which will auger with insurance in 2022 is Vieva InTech, a company that is a pioneer in companies processes, technology, and systems. Benchmark insurance services and technology. itself on evolving its products regularly to assist customer in TAT reduction, operational excellence, overcome In this Interview with Dhiren Ved - CEO of the company, leakages. Directly/Indirectly assist the insurance let us know more about their products and services. community to create an excellence benchmark for themselves in their areas of operation. Brief us about the company. Vieva InTech's Vision Profile To become a numero uno trusted partner to insurance Vieva InTech is one of the pioneers in insurance services community to bring about. innovative solutions for and technologies playing a vital role in niche areas like efficiency and fraud control in insurance processes in India claims management and control. In a very short span of and internationally. disruptive/novel processes utilizing time it has achieved quite a few accounts for its products latest technologies in every insurance process. into the Indian insurance companies. Managed by young www.theenterpriseworld.com 43

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 What are the products/services the company focuses on? insurance companies had spent considerable capex on How are your services different from those in the buying core. To make them use our solution was a real market? 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. We always come up with a Niche industry solution where Moreover, the Businesses were reluctant to bring about we do not have a competition. So far we have focussed on disruption in their existing processes. Claims management with Motor in focus. We have a host of Which was that point that triggered the growth of the products/services around those. To name few products company? It was in 2005 during the Mumbai floods when the number MotoVeys – Online and Offline Claims Management of claims had increased drastically. where companies who Systems that works with Core insurance System and ERP. were piloting our solution realized how easy, convenient, and fast it was to settle the claims using our solution. That Claimdroid - A mobile application for surveyors which was the real turning point for us. supports real time audio, video , photo synchronization, and How have the company graphs changed since the latest technology features to control leaks foundation? Can you share a few statistics? What is the reason behind your company's long- MotoStream – A realtime video streaming and geo-tagging standing success? tool for Self-assessment of claims Following are the key driving factors MotoAI – An Artificial Intelligence tool that automatically Ÿ Innovation through out-of-the-box ideas builds Indian Car Make Model part master (Part, Labor and Ÿ ALWAYS AHEAD OF TIMES AND TECHNOLOGY Paint Cost) for customer based on its existing data bringing Ÿ Customer focus Intelligent Automation to the motor claim process Ÿ Deep Passion for our Products, its usage and regular MotoRobo – An OCR based Robot tool to do an feedback from Product users. 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 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. 44 J A N U A R Y 2 0 2 2

How do you decide to take the company a step further companies motor claims survey in its CSC3 zone and in terms of your products/services? achieved to reduce average Claim TAT from 3 months to 32 days in that year. Just by online controlling surveyor SPEED, TRANSPERENCY, AND SEAMLESS assessment and documentation resulted in drastic savings in PROCESSES through State of Art technologies within the their Average Claim Cost (ACC). regulatory guidelines in the direction which the company is focussed on. Post that Vieva created products for Risk Inspections An unforgetable end customer experience is the in thing of (MotoPI), the end-to-end motor claims solution that aids this age. We are providing multiple solution using companies with their Dealer SLAs, Real time claims technologies like voice communication, mobile and social Provisioning, Watchdogs for Leak Prevention, etc. The media as well as field services, etc. to end customer. To product had/is been used by IFFCO, Reliance General achieve this, we are not just providing IT products but also Insurance, Universal Sompo General Insurance, Shriram the insurance services required as a bundled solution. General Insurance, L&T General Insurance, SBI General Insurance. We also introduced the concept of mobile We are further expanding/creating new solutions to the assessment by Surveyors way back in 2012. Now we are broader family in the whole eco system which includes working on the latest buzzwords in the digital Age – Video Insurance Brokers and Agents, Workshops and Service streaming, AI-based assessment, etc. Providers, Used Car Aggregators, Workshop Aggregators, etc. Coupled to this is a D2C approach that we aim to bring The Insurance industry welcomes his ideas and thoughts in this ecosystem. and 'WHAT NEXT' from you is what they ask for? The essence of this is to have a fastest connect and provide What are the key achievements of your entrepreneurial a seamless service experience to the end customer. journey? Is there any new addition to the list of Ÿ The very first one was a first contract which enabled me products/services? Anything exciting you would like to to prove the solution that I had. share? Ÿ We have many firsts to our credit in the Insurance Sector As explained earlier, we are coming up with a bundled in India. People use our templates and processes for solution that includes technology and services hovering their reference. around the automobile sector. Vieva Group has recently launched Ÿ In this journey, we have integrated our solutions with 5 leading Core Insurance Systems and around 12 leading Ÿ Warranties OEM broking systems. Ÿ Door Step Servicing Ÿ Door Step Health Check and Valuation Ÿ 5 million claims have been processed through our Ÿ Claim Assistance system. Leadership How do you look after your employees? What makes your team unique? Can you please brief us about your professional experience? Our Company DNA focusses on 3 words Ÿ Innovate Dhiren was working with motor insurance surveyors and Ÿ Never Give Up was also creating an online claims assessment solution Ÿ Everything is NOW – Tomorrow never comes 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 www.theenterpriseworld.com 45