Edelweiss Tokio Life Innovates Risk Management Practices To Strengthen Business Quality

* Only insurer to win the prestigious Golden Peacock Award 2023 for Risk Management practices

With a continuous focus on strengthening business quality, Edelweiss Tokio Life has introduced innovative risk management practices including driving a risk-conscious culture across the organization to proactively detect and prevent fraudulent practices.

Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, "Fraudulent incidences are detrimental not only to the business but also to the customer. They have a wide-ranging impact across product pricing, bonus payouts, claim settlement, and more. As an organization, we wanted to be proactive in our fraud-fighting efforts. Be it the use of automation or driving a risk-conscious culture, we have undertaken a score of measures that are enabling us to not only safeguard company profitability but also deliver innovative best-in-class products and services to our customers.”

At the end of FY2023, the life insurer reported a claim settlement ratio of 99.20%*, a 13th-month persistency ratio of 75%, and an NPS (a measure of customer satisfaction) of 54. The company also boasts innovative products across categories in the sector and has been known for trend-setting products like Edelweiss Tokio Life Wealth Ultima, Edelweiss Tokio Life Zindagi Protect, Edelweiss Tokio Life Flexi-Savings Plan, and more. 

The company has introduced the unique Certified Risk Assessor (CRA) program for its front-line sellers. This program equips them with the skills to assess risk effectively, making them pseudo-underwriters. It also employs machine learning models to detect and prevent fraud at different intervals of customer journeys, more notably at issuance and claim settlement. It also uses statistical models, and industry intelligence to investigate and resolve cases.

This year, the life insurer was rewarded the Golden Peacock Award for Risk Management practices. The forum received 370 responses for Corporate Governance, Sustainability, ESG, and Risk Management practices. Only 10 organizations, including Edelweiss Tokio Life, were awarded the Golden Peacock Award for Risk Management.

About Edelweiss Tokio Life Insurance

Edelweiss Tokio Life Insurance established nationwide operations in July 2011 with an immovable focus on protecting people’s dreams and aspirations. Guided by customer insights, Edelweiss Tokio Life has been offering need-based and innovative life insurance solutions to help customers live their #ZindagiUnlimited. With a customer-centric approach, the company endeavours to build a multi-channel distribution network to effectively serve its customers across the country. As of March 2023, the life insurer has established 109 branches in 88 major cities.

Awards:

Edelweiss Tokio Life Insurance has been recognized at multiple and reputed industry forums over the years. Here are some noteworthy awards:

·         Ranked #38 in India's Best Companies to Work For 2023 and has received 6 other recognitions in a single year by the Great Place to Work Institute

·         Most Trusted BFSI Brands in 2023-2024 by the Marksmen Network

·         Employee Excellence Award 2023 by The Economic Times

·         Golden Peacock Award 2023 for Risk Management

·         Excellence in Customer Experience at The Economic Times CX Summit 2022

·         GUINNESS WORLD RECORDS title for collecting the highest number of pledges for organ donation in a single day.

To learn more about Edelweiss Tokio Life Insurance, visit www.edelweisstokio.in

Global Dental Services, Parent Of Clove Dental, Secures USD 50MM Investment From Qatar Investment Authority (QIA)

Global Dental Services, parent of Clove Dental, India's largest tech-enabled-dental-platform, is delighted to announce a strategic equity investment of USD 50 MM from Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.

Combined with USD 66 MM raised in December 2022, in a round led by Invest corp, this investment underscores the group’s historical performance and confidence in the significant growth potential. The total investment of USD 116 MM (INR 963 Crore) will be used to rapidly grow the Clove Dental clinical network, expand world-class smile-enhancing solutions, and develop a therapeutic oral care products range.

Founded in 2011, by Amarinder Singh, the group, as on date, operates 422 company owned & managed dental clinics under the “Clove Dental” banner, spread across 24 cities in 12 states.

This investment in Clove Dental comes as QIA looks to further diversify its portfolio in India’s fast-growing economy and comes on the back of recent investments in India within the technology, media and telecoms sector, retail sector, and in green energy investments.

Sheikh Faisal Thani Al-Thani, Chief Investment Officer, Africa & APAC at QIA added, “QIA is committed to supporting innovative companies with high-growth potential and sees great potential in India’s fast-growing healthcare and retail markets. We have been impressed by Clove’s rapid expansion across India, commitment to quality, and innovative approach to dental care and look forward to welcoming them to our diverse global healthcare portfolio."

Louis Shakinovsky, Chairman of Global Dental, stated, "From inception, we have been, and are, very selective in whom we bring on as partners and shareholders. QIA is an outstanding example of a shareholder who is aligned with the long-term vision of the group. At Global Dental we have made significant investments in people, technology, equipment, and infrastructure.”  

Amarinder Singh, Founder & CEO of Global Dental said, “This investment from QIA will enable our group to pursue its ambitious growth plans in both existing and new tier I & II cities across India, ensuring that more Indians have access to reliable, high-quality, & affordable dental care”. 

Clove clinics are equipped with state-of-the-art dental equipment and managed by a team of over 1,010 highly qualified dentists. 78% of Clove Dentists are women and 61% of Dentists hold advanced Master’s (MDS) degrees in Dentistry. Clove has extensive standard operating procedures (SOPs), standardized pricing, non-commission-based compensation systems, in-clinic audits, peer-to-peer case (treatment) reviews and AI-based chair sterilization systems that collectively, have set new benchmarks in dentistry in India and globally. 

Iranshah - A Legacy Restored: A Book Published By Shapoorji Pallonji

The book, ‘Iranshah A Legacy Restored’, captures the extensive structural restoration of the Iranshah ?tash Behram and the buildings in the campus in Udwada, Gujarat, India. The book records the progress of the work as it unfolded, interventions which were discovered, conservation of the art and antiquity within the ?tash Behram, a glimpse of life in Udwada, the significance of a consecrated fire and a brief introduction of the Zoroastrian religion. It is humbly dedicated to the loving memory of Mr. Pallonji Shapoorji Mistry and Mr. Cyrus Pallonji Mistry. 

“The restoration of the ?tash Behram is in gratitude to the legacies our priests have preserved. And although all that is written is not enough to express the effort and perseverance of the teams, the book is a tribute to everyone who has toiled on this restoration project,” says Shapoor Mistry, Chairman, Shapoorji Pallonji And Company Pvt Ltd.  

This Iranshah ?tash Behram building was constructed nearly 130 years ago and consecrated on 31st October 1894. Vada Dasturji Khurshed Dastoor of the Iranshah ?tash Behram, feeling the need to repair and upgrade the deteriorating physical condition of Iranshah, approached Shapoorji Pallonji, with an appeal to help, not just by providing funds but also the construction experience of SP honed over more than 155 years.  

Over the last century, this building and other structures in the campus had undergone many changes and renovations. The aim was to restore the buildings as originally envisaged by Bai Motlibai Manockjee Wadia, who’s generous contribution led to the construction of the ?tash Behram. The construction of the buildings adhered to strict religious doctrine, and every restoration decision was taken only after consultation with the Udwada Anjuman Association (UAA), the nine priestly families who serve the Iranshah fire. On 14th December 2021, just  after midnight, the Iranshah ?tash Padshah moved back to its throne in the restored ?tash Behram. 

Shapoorji Pallonji conducted a detailed examination and prepared a meticulous plan for strengthening the structural stability of the buildings. The restoration proved to be more complex than anticipated due to the lack of technical drawings or plans of the buildings, which are of significant value in the process of restoring heritage structures. On ground discoveries led to modification of workflow plans while adhering to the requirements of religious customs and practices followed by the priests. Hence a decision to publish this book was taken to build a visual record and provide comprehensive data to aid future generations in preserving the ?tash Behram and other buildings in the compound.  

This book is a collective effort of the teams at Shapoorji Pallonji, with guidance and support from scholars of Zoroastrianism. We thank all individual professionals and firms, for their significant contributions and expert support towards crafting this manuscript on the revered Iranshah ?tash Behram, the principal place of worship of the Parsi, Irani Zoroastrian faith and community.   

The published hardcover ‘Iranshah A Legacy Restored’ is available in Kitabkhana, Mumbai, and will soon be available on www.amazon.in.  

About Shapoorji Pallonji And Company Pvt Ltd 

Shapoorji Pallonji And Company Pvt Ltd, established in 1865 in India, is a global diversified institution, with a leading presence in the sectors of Engineering & Construction, Infrastructure, Real Estate, Water, Energy and Financial Services. A strong employee base of over 35,000 people, deliver end-to-end solutions across 40 nations. We build mega-structures, develop multifaceted iconic landmarks, drive innovative technologies in water management, renewable energy, oil & gas and power, with a focus on good governance and sustainable development, to engineer a better planet. To know more, visit: www.shapoorjipallonji.com.   

Union Bank of India – Receives ISO27701:2019 PIMS (Privacy Information Management System) Certification

Union Bank of India has received the prestigious ISO 27701:2019 PIMS (Privacy Information Management System) certification , which makes Union Bank of India, the First organization in BFSI sector to achieve this milestone.  This certification signifies that Bank has put in place requisite control & measures to protect personally identifiable information. This empowers our customers with more control over their personal data and ensures compliance with data protection laws and regulations on a global scale. 

Union Bank of India has always been at forefront to implement industry leading practices with international standards, to manage its Information systems which displays Bank’s efforts to build highly secured system to strengthen customer trust and ensure privacy and security of our customers’ & stakeholders’ data. 

ISO 27701 is an international standard that provides a framework for establishing, implementing, maintaining, and continually improving a Privacy Information Management System. Union Bank of India’s systems, processes and IT facilities are also ISO27001:2013, ISO22301:2019, ISO31000:2018 & PCI-DSS certified by International certification bodies which provide safe, secure and resilient Banking experience to its customers. 

Navigating The Revised “NEET UG 2024 Syllabus: Expert Guidance And Strategic Insights” From Aakash BYJU’S

The recent revision of the NEET UG 2024 syllabus by the National Medical Commission (NMC) has generated a palpable mix of anticipation and concern among aspiring medical students. As candidates gear up for these changes, Aakash BYJU’S, India’s leader in test preparation services, has unveiled a comprehensive guide to aid students in navigating the transformed Revised NEET (UG) 2024 Syllabus. 

Mr. Nabin Kaarki, National Academic Director - Medical, Aakash BYJU’S, emphasized the need to address the apprehensions faced by aspiring medical students amidst the evolving NEET UG 2024 syllabus. “In light of the changes, aspirants find themselves at a pivotal moment, necessitating astute adoption. The balance between reduced content and the intensity of competition makes it necessary for candidates to adopt a strategic blend of resource gathering and focused practice,” he stated.  

Kaarki further highlighted the importance of embracing this transformation, stating, “Success in this transformed landscape requires not only diligence but also a profound shift in approach. Aspirants must use trusted study materials, engage in rigorous practice, and assimilate the experience of experimental learning. The key lies in the synergy of old foundations and new insights, ensuring a comprehensive grasp of the revised syllabus. Anchoring oneself in a disciplined study routine while embracing the opportunities these changes present is essential.” 

Syllabus Alterations 

The revamped syllabus introduces notable alterations across various subjects, redefining the preparation landscape: 

Physics: 

Class XII: “Experimental Skills" is the only new addition, with no deletions from the existing syllabus. 

Class XI: “Physical World” has been removed, with no new topics included. 

Chemistry: 

Class XII: "Principles Related to Practical Chemistry" is newly included, while "The Solid State," "Surface Chemistry," "General Principles & Processes of Isolation of Elements," "Polymers," and "Chemistry in Everyday Life" have been deleted. 

Class XI: No new topic has been added, but "States of Matter: Gases & Liquids," "Hydrogen," "The S-Block Elements," and "Environmental Chemistry" are no longer there in the syllabus. 

Botany: 

Class XII: “Biodiversity and Conservation (Sacred Groves)" is a new addition, while chapters such as “Reproduction in Organisms”, “Strategies for Enhancement in Food Production”, and “Environmental Issues” have been excluded. 

Class XI: “Morphology of Flowering Plants” (Malvaceae, Cruciferae, Leguminosae, Compositae, Gramineae) is a new inclusion, whereas “Transport in Plants” and “Mineral Nutrition” have been removed. 

Zoology: 

Class XII: No new topics but deletions include "Reproduction in Organisms" and "Strategies for Enhancement in Food Production - Animal Husbandry." 

Class XI: “Structural Organisation in Animals - Animal Morphology (Frog)” has been added, while “Digestion and Absorption” has been removed. 

Advice for NEET Aspirants 

Navigating the revised syllabus presents both challenges and chances for NEET aspirants. Key guidance provided by Aakash BYJU’S includes acknowledging that reduced content does not diminish competition. Emphasis is placed on the collection of study materials for new topics, relying on trusted sources and both old and new NCERT books. Rigorous practice through solving ample questions, embracing experimental learning for deep comprehension, and maintaining the relevance of omitted topics within chapters are highlighted as crucial strategies. Above all, unwavering dedication to a consistent study routine remains imperative for success amidst these changes. 

KMC And Hospital’s Transfusion Medicine Center Introduces Monocyte Monolayer Assay For Safe Transfusions

Ensuring safe blood transfusion is essential as any mismatches between the donor's blood and the recipient's blood can potentially result in life-threatening complications.

A team of dedicated doctors, led by Dr Shamee Shastry, Professor, and head of the Department, has standardized and validated the Monocyte Monolayer Assay (MMA), a cellular test that plays a pivotal role in predicting the risk of significant adverse reactions during blood transfusions. The MMA can effectively assess the suitability of antigen-positive blood units for transfusion when serologically compatible blood is unavailable. This test is particularly valuable for selecting donor blood units in cases where patients have serologically incompatible crossmatches, such as those with autoantibodies or antibodies to high-frequency antigens on red blood cells.

In these challenging situations where finding compatible blood is difficult, the MMA provides a much-needed solution. The serological tests, which are commonly used, may not always accurately predict the in vivo response when an incompatible unit is to be transfused into a patient. The MMA takes approximately 6 to 8 hours to complete, ensuring thorough and accurate assessment.

Dr. Padmaraj Hegde, the Dean of Kasturba Medical College Manipal, has expressed that the Department of Immunohematology and Blood Transfusion is ready to extend this invaluable service to other medical centers. Lt. Gen. (Dr.) M. D. Venkatesh Vice Chancellor, MAHE, has commended the team's efforts, highlighting that their pioneering work makes Kasturba Hospital Blood Center, the first Transfusion Medicine centre in India to offer this test. Speaking on the occasion Dr. Sharath Rao Pro Vice Chancellor (Health Sciences), MAHE, Manipal said ‘This advancement promises enhanced patient care and, most importantly, the safety of blood transfusions”.

KPIL Awarded New Orders Of Rs 2,263 Crores In T&D Business

Kalpataru Projects International Limited (KPIL) & its international subsidiaries have secured new orders/notification of awards of Rs  2,263 Crores.

The details of the aforesaid new orders are as follows:

·         Orders in the T&D business of Rs  1,564 Crores in India and overseas markets

·         Order in Water business of Rs  458 Crores    

·         Orders in B&F business of Rs  241 Crores

Manish Mohnot, MD & CEO, KPIL, said, “We are delighted with the new order wins, particularly in our T&D business. The T&D business continues to witness strong traction in terms of both order inflows and tender pipeline. We expect the T&D business to be significant growth driver for KPIL in coming years. Additionally, these T&D orders have strengthen our order book in India, Latin America, Africa and Sweden.

We continue to focus on strategic orders wins within our B&F and Water business with a focus to improve our market presence and deliver sustainable growth in these businesses. Our YTD FY24 order inflows stands at ~ Rs  14,441 Crores, providing improved visibility for future growth.”        

About Kalpataru Projects International Limited (KPIL)

KPIL is one of the largest specialized EPC companies engaged in Power Transmission & Distribution, Buildings & Factories, Water Supply & Irrigation, Railways, Oil & Gas Pipelines, Urban Mobility (Flyovers & Metro Rail), Highways and Airports. KPIL is currently executing projects in over 30 countries and has a global footprint in over 70 countries. KPIL has maintained a leadership position in all its major businesses backed by strong organisational capabilities, superior technical know-how, and adherence to best-in-class sustainability standards.