Edelweiss General Insurance registers 49% growth in

                                 Edelweiss General Insurance registers 49% growth in FY21 making

it the 2^nd fastest growing General Insurer

InsurTech startup, Edelweiss General Insurance (EGI), registered a robust growth of 49% in premiums in FY21 over last year, while the Private GI industry grew at an average of 5.1% in the same time period. EGI’s achievement in tough and challenging times, is a true validation of its digital operating model.

EGI’s growth is primarily driven by its choice of segments - Private car and Retail Health insurance. Private Car YoY growth rate for EGI stood at 46% while the industry motor segment average is at -2%. Likewise, in Retail health, EGI had a YoY growth rate of 182%, against an industry average of 29%. EGI has more than doubled its customers in just 3 years of operations. Its retail business now has 1.6 million active customers.

Commenting on the performance, Shanai Ghosh, Executive Director & CEO, Edelweiss General Insurance, said, “The year was not just about strength and resilience against adversity, it was also about some strong wins for us, thanks to the energy, enthusiasm and hardwork by my entire team”

“Our digital operating model also held us in good stead, ensuring smooth business continuity and efficiency in operations. I am confident that we will continue performing well this year too. Along with our focus to offer innovative solutions to customers and enhance their experience, we also endeavour to continuously improve operational efficiency using our digital platform and leveraging data analytics for risk selection and pricing”, Shanai added.

Key achievements for EGI in FY21:

6.       Improved customer experience in Motors claims. 55% of claims in FY21 is processed through its video-based remote survey app, BOLT

7.       Developed Plug & Play insurance stack platform by launching 1st open API gateway for business partners & developers

8.       Launched India’s first digital, on-demand motor insurance product, Edelweiss Switch, enabling pay-as-you-drive

9.       Introduced IPOS (Integrated Partner Onboarding Solution), an industry first, end to end digital onboarding solutions for partners

10.   Partnering with digital ecosystem players

The company has also introduced a policy change for all its employees across India. EGI’s Work from anywhere (WFA) is a Hybrid work model that aims to empower and enable employees with their choice of workspace while ensuring optimum work productivity. With the introduction of this policy, employees will have the flexibility and convenience to work from anywhere in India and contribute to the organisation’s growth. Employees whose physical presence is not required in office, will be able to work from anywhere permanently, even once offices begin to reopen

Edelweiss General Insurance announces ‘Work from

 Edelweiss General Insurance announces ‘Work from Anywhere’ policy

InsurTech startup Edelweiss General Insurance (EGI), has introduced a policy change for all its employees across India. EGI’s Work from anywhere (WFA) is a Hybrid work model that aims to empower and enable employees with their choice of workspace while ensuring optimum work productivity.

The Covid pandemic has changed the way of working and functioning and has made organisations reevaluate their workplace strategies For EGI, although employees were physically distanced, the company’s digital operating model ensured that each one of them was well engaged and connected, with access to all necessary work infrastructure. Not only did this lead to smooth functioning, it also proved to be a happy and welcome workspace for employees leading to high productivity. This realisation led to a permanent policy introduction of WFA.

With the introduction of this policy, employees will have the flexibility and convenience to work from anywhere in India and contribute to the organisation’s growth. Employees whose physical presence is not required in office, will be able to work from anywhere permanently, even once offices begin to reopen.

Melvin Gladstone, Chief HR Officer, Edelweiss General Insurance said, “The last one year has presented an opportunity to analyse and understand more creative and productive ways of working and engaging. For EGI, WFA is an investment and commitment to employee happiness and well-being. With this flexible model, we have ensured that safety of our employees is not compromised, while work productivity is also maintained.”

Edelweiss General Insurance has also implemented many other Covid Care initiatives to support its employees. These include:

1.       Ensuring physical and mental wellbeing is top priority

a.       24*7 online teleconsultation with Doctors to address any medical and health related concerns

b.       Counselling sessions with Psychologists for employees to talk to experts and unburden themselves

c.       Webinars with medical experts who will allay fears and address all questions on Covid and related topics

d.       Yoga and Meditation sessions focusing on building immunity and reducing stress

2.       Covid Care leave

a.       14 days of COVID leave for

                  i.      Any employee testing positive for Covid

                 ii.      Any employee who is taking care of their COVID affected family members in their house

3.       Vaccination drive for employees

a.       This will be organized through approved service providers and will be conducted in a phased manner for employees and their families in select locations, subject to government rules and regulations

4.       Break from meetings

a.       The 3^rd Thursday of every month will be a No meeting day

5.       Financial support

a.       In case any employee needs financial support to meet Covid related exigencies, EGI will give them 3 months of their salary in advance

Being cloud native, EGI has always had a digital operating model, making its “work-from-home” transition, extremely seamless. The company has established daily governance protocols to keep a check on employee and business health and ensured employee discipline through regular monitoring of business operations, via virtual mediums. It has also provided access to various learning platforms, fitness and wellness solutions and engagement activities, to boost mood and uplift morale. In order to create and sustain a culture of innovation and agility among employees, EGI, in collaboration with AWS (Amazon Web Services), initiated a series of knowledge sharing sessions across topics like Big Data Architecture, Artificial Intelligence/ Machine Learning and Culture of Incremental and Disruptive Innovation. A deep dive into Amazon’s Sagemaker technology helped employees understand the nuances of AI and how one can build, train and deploy machine learning models.

Edelweiss General Insurance launches IPOS, an

Edelweiss General Insurance launches IPOS, an end to end partner onboarding solution

InsurTech start-up Edelweiss General Insurance (EGI), has launched yet another industry first digital offering, IPOS (Integrated Partner On-boarding Solution). This is a fully automated onboarding solution for all its existing and prospective partners including Agents, Brokers and Web Aggregators. EGI and its partners stand to gain through improved throughput and enhanced efficiency using this digital platform, which would entail minimal manual intervention.  

IPOS will enable the sales workforce to create or upload any number of prospects in real time, with the ability to scrutinise, approve and digitally process them with greater efficiency. IPOS has been envisioned to address the protracted time taken to onboard agents. It can help complete the whole process in under 24 hours! The digital platform allows the partner to undergo a DIY journey of uploading the documents and initiating the onboarding process with EGI.

Commenting on the launch, Rakesh Kaul, Chief Distribution Officer, Edelweiss General Insurance, said, “We are proud to come up with industry first solutions. IPOS is an end to end partner onboarding platform with intuitive and easy to use interface along with tight integration with our core systems. It is a DIY journey for a partner right from uploading documents, initiating onboarding, training, examination, etc. The objective here is to completely digitise a partner’s journey and bring in more efficiency.”

IPOS is a unified portal for all partner related onboarding requirements. It has multiple features like easy visualisation capabilities, a built-in learning system where partners can take up practice tests. The platform has taken care of privacy and data security requirements. It will also allow for more accurate data filing with the regulator. Overall, a digital platform that empowers partners and enhances their experience, resulting in a self-guiding onboarding journey.

EGI recently launched an Open API Gateway to strengthen digital capabilities of its partners and facilitate complete digital collaboration with them. It is the first of its kind by any General Insurance company in India. The platform will bring in transparency and enhance the experience for insurance partners who seek to access EGI’s services to provide a seamless journey to customers. The gateway will offer quicker integration with EGI services and policies with a shortened integration cycle, both time and cost-wise.

Madhu Malhotra joins Edelweiss General Insurance as

Madhu Malhotra joins Edelweiss General Insurance as Chief Technology Officer

Edelweiss General Insurance (EGI), one of the fastest growing digital insurance companies in India, has appointed Madhu Malhotra, as its Chief Technology Officer. 

Madhu will spearhead the Technology function at EGI and drive digital innovation in line with the brand’s strategy of transforming the insurance landscape in India through tech driven solutions and offerings.

Madhu is an eminent Technology leader who brings with her two decades of rich experience across FinTech and Telecom domains. She has a proven track-record in leading digital innovations, engineering modernisations & transformations and streamlining cloud initiatives. Madhu most recently served as head of Technology at Spectra. She was also associated with Airtel for 10 years and held many leadership positions there. While at Airtel Bank, she led the launch of the first payments bank of India, headed the financial inclusion vertical to deliver large scale customer impact and drove Agile adoption and transformation. 

 Welcoming Madhu, Shanai Ghosh, Executive Director & CEO, Edelweiss General Insurance, said, “Technology has proved to be a game changer for the Insurance industry, with the potential to transform the entire service ecosystem and enhance customer experience. At EGI, we are well placed to leverage this transformation, given our digital operating model. I am excited to welcome Madhu to be part of our digital journey and lead this strategic business function for us. Her experience and expertise will help build a robust technology function that will help drive our business strategy. I wish her the very best for an enriching career with us.”

Taking charge as CTO, Madhu Malhotra said, “Edelweiss General Insurance is one of India’s emerging technology-led non-life Insurance organisations which keeps customers at its core. Digital technology has a pivotal role to play in deepening of this relationship between the insurer and its customer. Thereby as CTO my focus will be to create future ready digital platform and products offering state of the art digital experience and capabilities to our customers. I will strive for a culture of innovation to make the customer experience simple and transparent. I am incredibly excited to play a key role in accelerating this digital journey in the growth of EGI that Shanai has envisioned.”

Edelweiss General Insurance (EGI) is India’s first cloud native insurer, which started operations in February 2018, with a digital operating model and a vision to help people lead happier, safer and healthier lives. The company aims to deliver innovative solutions to customers through a digital operating model leveraging data and analytics. EGI is creating an ‘Insurance as a service’ platform with a plug and play API gateway that enables easy integration with third parties. It provides customer insights and paperless experience with technology-powered execution and AI & ML driven processes. This is what differentiates EGI in the Indian Insurance Market.

Visit us: www.edelweissinsurance.com

Social handles: @EdelweissGI |  EdelweissGeneralInsurance |Linkedin.com/company/edelweiss-general-insurance/

 

Edelweiss General Insurance signs exclusive partnership with

 Edelweiss General Insurance signs exclusive partnership with Okinawa Autotech
for E-bike insurance

Edelweiss General Insurance (EGI), India’s first cloud-native and one of the fastest growing insurers, has entered into an exclusive partnership with Okinawa Autotech Pvt Ltd, India’s largest Electric Two-wheeler manufacturer with over 40% market share. EGI will leverage Okinawa’s vast dealership network (over 350 dealerships currently) across India, to offer customers simple, end to end, digital driven solutions, aimed at ensuring superior customer experience.

The partnership will help EGI provide customised solutions to customers of Okinawa across the country. Customers can now avail of a comprehensive insurance policy and will have the option to choose from multiple add-ons to suit their individual coverage requirements. The partnership is in sync with EGI's philosophy to invest in future technologies, support the adoption of electric 2-wheelers in India and contribute towards sustainable growth.

Commenting on the partnership, Shanai Ghosh, ED & CEO, Edelweiss General Insurance, said, “We are happy to partner with the market leader in Electric 2-wheelers. This partnership reflects our strategic focus on the electric vehicle market in the country. We believe the progressive transition to electric vehicles is integral to the India’s journey towards eco-friendly transportation and as a new digital insurer, we are excited to be part of this emerging technology driven mobility ecosystem.”

 “Apart from support from the government, customers are also becoming increasingly environmentally conscious and therefore interest in the EV segment is on the rise. This mindset shift will bring about a dramatic change in the industry. Our aim is to support this transformation, while keeping the customer requirement and expectations at the fore”, added Shanai.

 Jeetender Sharma, MD and Founder, Okinawa Autotech, expressed, “We are glad to partner with Edelweiss, a new-age digital Insurer which shares our conviction about the EV market potential in the country. This partnership is a step ahead in strengthening our commitment in providing continued support to our customers. Edelweiss will provide our customers with a digitally enabled platform and an ecosystem that offers need based and data-driven solutions. We look forward to a successful partnership that creates immense business values for both parties.”

EGI’s policy for 2-wheeler EVs covers the vehicle end to end, including the battery, which is a major component of any EV and takes up over 30% of the vehicle cost. EGI is also introducing covers to protect damage to chargers/ cables that are not a part of the vehicle and are used for charging at home etc.

Edelweiss General Insurance signs exclusive partnership with

 Edelweiss General Insurance signs exclusive partnership with Okinawa Autotech for E-bike insurance

Edelweiss General Insurance (EGI), India’s first cloud-native and one of the fastest growing insurers, has entered into an exclusive partnership with Okinawa Autotech Pvt Ltd, India’s largest Electric Two-wheeler manufacturer with over 40% market share. EGI will leverage Okinawa’s vast dealership network (over 350 dealerships currently) across India, to offer customers simple, end to end, digital driven solutions, aimed at ensuring superior customer experience.

The partnership will help EGI provide customised solutions to customers of Okinawa across the country. Customers can now avail of a comprehensive insurance policy and will have the option to choose from multiple add-ons to suit their individual coverage requirements. The partnership is in sync with EGI's philosophy to invest in future technologies, support the adoption of electric 2-wheelers in India and contribute towards sustainable growth.

Commenting on the partnership, Shanai Ghosh, ED & CEO, Edelweiss General Insurance, said, “We are happy to partner with the market leader in Electric 2-wheelers. This partnership reflects our strategic focus on the electric vehicle market in the country. We believe the progressive transition to electric vehicles is integral to the India’s journey towards eco-friendly transportation and as a new digital insurer, we are excited to be part of this emerging technology driven mobility ecosystem.”

 “Apart from support from the government, customers are also becoming increasingly environmentally conscious and therefore interest in the EV segment is on the rise. This mindset shift will bring about a dramatic change in the industry. Our aim is to support this transformation, while keeping the customer requirement and expectations at the fore”, added Shanai.

Jeetender Sharma, MD and Founder, Okinawa Autotech, expressed, “We are glad to partner with Edelweiss, a new-age digital Insurer which shares our conviction about the EV market potential in the country. This partnership is a step ahead in strengthening our commitment in providing continued support to our customers. Edelweiss will provide our customers with a digitally enabled platform and an ecosystem that offers need based and data-driven solutions. We look forward to a successful partnership that creates immense business values for both parties.”

EGI’s policy for 2-wheeler EVs covers the vehicle end to end, including the battery, which is a major component of any EV and takes up over 30% of the vehicle cost. EGI is also introducing covers to protect damage to chargers/ cables that are not a part of the vehicle and are used for charging at home etc.

Edelweiss General Insurance launches

Edelweiss General Insurance launches India’s first Open API Gateway for Insurance products

Edelweiss General Insurance (EGI), India’s first cloud-native insurer, has launched a first of its kind, Open API (Application Programming Interface) Gateway, to facilitate complete digital collaboration with its business partners. With this Gateway, EGI’s authorized partners can easily integrate their systems with the company’s robust technology platform, which will help further reinforce EGI’s linkages with both customers and partners.

Not only would this enable EGI’s distributors to speedily integrate available and new products and services, but also significantly lower the cost of integration and retrieve information such as product premium, policy details etc., in real-time, which would help in reducing turn-around time for customers. The Open API Gateway is also aimed to bring in a seamless and delightful experience to the end consumer. The integration will create more choices for the consumer and will also offer much better experience with regards to policy purchase, post issuance needs such as policy information updates, and claims.

Commenting on the development, Shanai Ghosh ED & CEO, Edelweiss General Insurance, said, “APIs have become an essential element in today’s digital economy and are rapidly transforming the way we work. Our Open API Gateway is aimed to make API consumption easy in a self-assisted manner. It is our endeavour to strengthen digital capabilities of our partners, in a simple and effortless manner. We have provided a robust and comprehensive documentation of APIs, including example code samples, so our partners can get started within a matter of minutes with an easy sign-up process.”

The Open API Gateway system allows partners to access documentation of the open APIs, leverage code samples, easily conduct testing in staging as well as on environment. With productivity for developers improving enormously, they can now focus on the unique proposition of their applications while outsourcing all the commodity functionality to APIs. The Open API Gateway will also offer quicker integration with EGI products with a shortened integration cycle, both time and cost wise, access to real-time information on product premium, etc. without having to rely on offline mechanism.

EGI has always aimed to provide insight based, simple and innovative solutions that provide tangible value to customers. Leveraging technology to meet evolving needs of consumers has always been the endeavour. It recently launched SWITCH, an on-demand, app-based motor product that offers savings and convenience together to consumers. Likewise, in the health space, EGI has a very unique product, Health 241, a first in the industry where if the first year is claim free, the customer is covered absolutely free for the second year.

 

Edelweiss General Insurance launches India’s first Open

Edelweiss General Insurance launches India’s first Open
API Gateway for Insurance products

 Edelweiss General Insurance (EGI), India’s first cloud-native insurer, has launched a first of its kind, Open API (Application Programming Interface) Gateway, to facilitate complete digital collaboration with its business partners. With this Gateway, EGI’s authorized partners can easily integrate their systems with the company’s robust technology platform, which will help further reinforce EGI’s linkages with both customers and partners.

Not only would this enable EGI’s distributors to speedily integrate available and new products and services, but also significantly lower the cost of integration and retrieve information such as product premium, policy details etc., in real-time, which would help in reducing turn-around time for customers. The Open API Gateway is also aimed to bring in a seamless and delightful experience to the end consumer. The integration will create more choices for the consumer and will also offer much better experience with regards to policy purchase, post issuance needs such as policy information updates, and claims.

Commenting on the development, Shanai Ghosh ED & CEO, Edelweiss General Insurance, said, “APIs have become an essential element in today’s digital economy and are rapidly transforming the way we work. Our Open API Gateway is aimed to make API consumption easy in a self-assisted manner. It is our endeavour to strengthen digital capabilities of our partners, in a simple and effortless manner. We have provided a robust and comprehensive documentation of APIs, including example code samples, so our partners can get started within a matter of minutes with an easy sign-up process.”

The Open API Gateway system allows partners to access documentation of the open APIs, leverage code samples, easily conduct testing in staging as well as on environment. With productivity for developers improving enormously, they can now focus on the unique proposition of their applications while outsourcing all the commodity functionality to APIs. The Open API Gateway will also offer quicker integration with EGI products with a shortened integration cycle, both time and cost wise, access to real-time information on product premium, etc. without having to rely on offline mechanism.

EGI has always aimed to provide insight based, simple and innovative solutions that provide tangible value to customers. Leveraging technology to meet evolving needs of consumers has always been the endeavour. It recently launched SWITCH, an on-demand, app-based motor product that offers savings and convenience together to consumers. Likewise, in the health space, EGI has a very unique product, Health 241, a first in the industry where if the first year is claim free, the customer is covered absolutely free for the second year.