Introducing Neeraj Kaushik
Neeraj Kaushik is a Product Leader for the Infosys McCamish NGIN platform initiative at Infosys McCamish Systems. Neeraj is an innovative and effective leader recognized for achieving exceptional results in highly competitive environments requiring continuous improvement and has driven the business of large-scale technology projects based out of the US, UK, India, and China Geography for the last 20+ years. He has an excellent business domain, architecture, design, and implementation skills in various life insurance administration as well as producer management & compensation systems.
Neeraj has been part of Big 4 Consulting firms where he led digital transformation programs for the Insurance Industry. He also holds Linkedin top voice badge for Insurtech, AI and Business Analysis. He holds a master's degree in insurance & risk management from BIMTECH (India) and the designations of ALMI (LOMA) and Fellow (III India). He is also a Fellow Member of RMAI and RMAI-Industry Expert-Life Insurance and AI for US Markets.
Q. How parametric insurance is different from traditional indemnity insurance models?
A. Parametric insurance, also known as index-based insurance, differs fundamentally from traditional indemnity insurance. Instead of reimbursing for the actual loss incurred, parametric insurance pays out a predetermined amount based on the occurrence of a specific event. These events are typically quantifiable and can include natural disasters like hurricanes, earthquakes, or even specific weather conditions such as rainfall levels or temperature extremes.
The key components of parametric insurance are:
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About Dr Anil Subba Rao Paila
IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.
Risk Management 2.0 in the new Gen Z Milieu
I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.
International News
Growing demand in Europe: Munich Re remains disciplined while further expanding
Life Insurance News
About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.
