Insuring NDBI
The purpose of NDBI insurance coverage is to offer financial protection to businesses when their operations are interrupted or suspended due to non-physical loss or damage. Like traditional BI insurance, NDBI insurance covers a broad range of losses, including loss of income, extra expenses, loss of property or equipment use, loss of market or reputation, and loss of key employees. In the globalized business environment, just as BI expanded to include contingent BI, NDBI is also evolving to encompass contingent NDBI. Contingent NDBI provides financial protection to businesses if their operations are disrupted or suspended due to non-physical loss or damage to suppliers, customers, or other third parties. However, there are significant challenges in providing protection for NDBI.
Challenges in Insuring NDBI
BI insurance is considered complex for several reasons,including the wide range of perils it covers, complex policy wording, interconnected risks with other insurance coverage, and the challenges involved in assessing losses. NDBI risks, being intangible in nature, are even more complex and difficult to identify, predict, underwrite, price, or manage. Some of these challenges (see Figure 3) are outlined below.
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هذه القصة مأخوذة من طبعة July 2024 من THE INSURANCE TIMES.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
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