Edelweiss Life Records Its Highest-Ever Claim Settlement Ratio Of 99.23% In FY24

Underscoring its focus on customer centricity, Edelweiss Life Insurance has reported a Claim Settlement Ratio of 99.23% for the financial year 2023-24, the highest ever in company’s 13-year history.

Sumit Rai, MD & CEO, Edelweiss Life Insurance said, “Claim Settlement Ratio is an important marker of customer centricity; it is our ultimate moment of truth. It denotes whether the company will stand with your loved ones in their hour of need. We are extremely proud of this milestone, and it is proof that we are 100% customer obsessed.”

Through the years, the life insurer has been focused on improving the back-end processes including underwriting and advisory to enhance its Claim Settlement Ratio. It has brought down the overall TAT for claim settlement, and arrested incidences of bad claims through a meticulous fraud prevention process.

By driving a risk-conscious culture among its salesforce through Certified Risk Assessor (CRA) program, the life insurer has created pseudo-underwriters among its frontline staff to improve quality of customer acquisition. This includes identifying risk at sourcing or post issuance stage. The company has also brought down incidences of bad claims by leveraging AI & ML-powered fraud prevention model. 

“A bad claim is of significant concern to not only the insurer but also a genuine customer because they ultimately bear the financial burden of such activities. So, fraud prevention has been a focus area for us; we have leveraged automation and several other initiatives to identify and arrest such cases. In FY24, we saved nearly Rs. 143 crore through fraud prevention at sourcing and claims stages. We believe these are necessary steps towards offering the best customer experience – be it offering best solutions in the market or post-sale service – to our policyholders,” Rai said.  

The life insurer remains steadfast in its commitment to improve on its customer experience, especially at critical stages like claim settlement.

About Edelweiss Life Insurance:

Edelweiss Life Insurance (formerly Edelweiss Tokio Life Insurance) established nationwide operations in July 2011 with an immovable focus on protecting people’s dreams and aspirations. The company has been focussed on bringing innovation, simplicity, and a new-age approach to life insurance, aligned with the expectations of the customer today. It has been offering need-based and innovative life insurance solutions to help customers live their #zindagiunlimited. With a customer-centric approach, the company has been operating as a multi-channel distribution business to effectively serve its customers across the country. As of March 2024, the company has 109 branches in 88 major cities.

Awards:

The company has earned recognition from several reputed industry forums over the years. Here are some noteworthy awards:

·       Recognized as Great Place to Work for 4 consecutive years

·       Employee Excellence Award 2023 by The Economic Times

·       Golden Peacock Award 2023 for Risk Management

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

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

·       Won a total of 7 awards for the Organ Donation initiative, noteworthy among them were by Exchange4Media, Pitch BFSI Marketing Awards and Indian CSR Awards.

Convergence Of Technology Can Unlock Exponential Value: Nandan Nilekani At GFF, 2024

“There has been tremendous innovation in financial services around the world, in payments, in lending, in cross border transactions, data sharing, open banking, everything else. And we know this is happening around the world. In India of course we have the great example of NPCI and the amazing success they have had with UPI,” said Mr. Nandan Nilekani while speaking about the digital innovation that was revolutionizing financial services around the world over the last 30 to 40 years, at the Global Fintech Fest 2024.

One of the world’s largest annual fintech conferences, the Global Fintech Fest (GFF) is back with its fifth edition from August 28-30 at the Jio Convention Centre, Mumbai. The theme of this year’s conference is ‘Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient’.

Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), the Ministry of External Affairs, the Department of Financial Services (DFS), the Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

In his keynote address on ‘Finternet: Transforming Financial Services through Digital Innovation’, Mr. Nilekani underlined that the Finternet would empower people to participate in the upside of the economy and control all kinds of assets from user controlled to regulated and registered assets. He introduced the Finternet by adding that, “Convergence of technology can unlock exponential value.”  Mr. Nilekani threw light upon the concept of tokenization of assets in the digital world with the help of advances in cryptography and said, “The Finternet is a new approach to global finance which is defined by the three ‘U’s’ – it is user centric, unified, and universal – that is keeping the user at the centre and it has to be universal, that is it has to cut through asset classes of all types. The Finternet combines the best of the regulated world with the best that tokenization technology can offer us. It uses the basic construct of tokens and then enables universal interoperability and composability.”    

He closed the session with valuable insights on the importance of a universal infrastructure for financial services and continued with a demo of this new visionary Finternet architecture that aims to unify financial services with the support of advanced cyptography and tokenisation.

Philanthropist And Promoter Of RDB Group, Vinod Dugar Powers Fashion Entrepreneur Fund (FEF) As Investors And Promoter

Fashion Entrepreneur Fund (FEF) is pleased to announce that Mr. Vinod Dugar, Philanthropist and Promoter of RDB Group, is joining as one of the primary investors and promoters. Fashion Entrepreneur Fund had also recently announced substantial investments by marquee businessmen like Mr. Ravi Jaipuria, Mr. Gaurav Dalmia and from Bollywood veterans like Mr. Akshay Kumar and Mr. Karan Johar.

Mr. Vinod Dugar's contributions to the Indian ecosystem span across fashion, sports, and CSR, reflecting his commitment to holistic development. He has demonstrated exemplary work in the capacity of the Chairman of Jito Administrative Training Foundation (JATF) and nurtured talent in sports with the establishment of Inter Kashi Football Club. Mr. Vinod Dugar expressed his enthusiasm for the partnership, “I have always championed the growth of new and young talent. India’s diversity is reflected in its youth pursuing careers in creative fields. Fashion Entrepreneur Fund offers not just financial backing but also essential mentorship to entrepreneurs across the fashion spectrum, encouraging innovation and supporting the broader fashion segment. Our goal is to create opportunities that empower young talents to achieve their dreams and contribute to the industry’s evolution.”

Talking about the association, an ecstatic Mr. Vagish Pathak, Chairman and Mr. Sanjay Nigam, Founder of Fashion Entrepreneur Fund said, “The Indian fashion industry has earned global recognition, with our unique textiles and craftsmanship admired worldwide. With the support of a leader like Mr. Vinod Dugar, FEF aims to organize and streamline the industry, providing essential mentorship and resources to help fashion entrepreneurs elevate their businesses to new heights. This partnership is a step towards creating a structured and dynamic fashion industry in India.”

About the Fashion Entrepreneur Fund (FEF):

Fashion Entrepreneur Fund (FEF), a groundbreaking initiative, fosters a collaborative ecosystem within the fashion industry. FEF is investing a substantial amount to empower individuals in the fashion sector, helping turn their aspirations into thriving enterprises. This pioneering venture studio aims to cultivate innovation and entrepreneurship, providing essential resources and mentorship to budding talents. By bridging gaps and offering support, FEF propels the growth and success of emerging businesses, enriching the fabric of the fashion landscape. With its robust foundation and visionary approach, FEF sets the stage for transformative change and sustainable growth in the industry.

Website Link - https://www.thefef.net/

Instagram - https://www.instagram.com/fashion_entrepreneur_fund?igsh=MXByNzR3Zmxzenl1Mw==

Quest Global Honoured With U.S. Embassy DEIA Excellence Award

Quest Global, one of the world-leading engineering services firms, is proud to announce that Sonia Kutty, Senior Vice President & Global Head of People and Culture, has been honoured with the prestigious DEIA Excellence Award by the U.S. Embassy in New Delhi. This recognition celebrates Sonia's exceptional commitment to fostering diversity, equity, inclusion, and accessibility within Quest Global.  Quest Global as an organization has always focussed on encouraging women in engineering.

Under Sonia’s leadership, Quest Global launched an exclusive recognition for women during the annual performance awards under the category ‘Women in Engineering Award’ which reinforces the recognition of key women at Quest Global who excel in engineering/technology and make a difference further inspiring other women engineers. Quest Global has also collaborated with the Society of Women Engineers (SWE) and NASSCOM to launch initiatives like "together," promoting community and allyship through a global resource group.  Sonia has also advanced accessibility measures, ensuring equal access to resources for all individuals.

In the past year, Quest Global achieved over 25% gender diversity and aims to increase female representation to 30% across all levels through targeted recruitment strategies and outreach programs, reflecting a strong commitment to diversity and inclusion.  As Quest Global has grown inorganically by 40-50% over the past three years, Sonia has been instrumental in assimilating organizations from different parts of the world with diverse cultures.  She leads a dedicated task force to run a 'hearts and minds' campaign to assimilate new organizations, embracing their culture and integrating it with Quest Global's, emphasizing the importance of maintaining an inclusive culture. 

Commenting on the same, Sonia Kutty said, " This award signifies not only my success but also the unified commitment of the entire Quest Global team. Our goal has always been to foster an environment that empowers our people to excel while also contributing to a fairer and more inclusive society. I am truly honoured to receive this recognition and remain devoted to advancing the possibilities in diversity, equity, inclusion, and accessibility."  "Sonia Kutty exemplifies the values of diversity, equity, inclusion, and accessibility through her actions, initiatives, and unwavering commitment to creating a more inclusive and equitable workplace," said Ajit Prabhu, CEO and Chairman Quest Global. "Her leadership and dedication inspire others to follow suit and contribute to a more diverse, inclusive, and accessible environment for all."  “Diversity, equity, inclusion and accessibility make organizations, companies, and governments stronger, smarter, and more creative,” said Eric Garcetti, U.S. Ambassador to India. “We are proud to honour eight exceptional individuals who have gone above and beyond in their commitment to advancing DEIA. Their dedication and impactful contributions have set a high standard and serve as an inspiration to us all”          

About Quest Global  Founded in 1997, Quest Global is one of the world’s leading engineering research and development (ER&D) services companies. Quest Global believes engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow. For more than 25 years, we have strived to be the most trusted partner for the world’s hardest engineering problems. As a global organization headquartered in Singapore, the team at Quest Global live and work in 18 countries, with 78 global delivery centers and offices, driven by 20,000+ extraordinary people who make the impossible possible every day. Quest Global delivers world-class end-to-end engineering solutions by leveraging our deep industry knowledge and digital expertise. By bringing together technologies and industries, alongside the contributions of diverse individuals and their areas of expertise, we are able to solve problems better, and faster. This multi-dimensional approach enables us to solve the most critical and large-scale challenges across the aerospace & defense, automotive, energy, hi-tech, med-tech & healthcare, rail, communications, and semiconductor industries.

“Need To Look At Narrowing The Inclusivity Gap” Shri. Dammu Ravi, Secretary (Economic Relations), MEA, At GFF 2024

"With the world GDP at USD 85 trillion, world wealth at USD 400 trillion, and USD 125 trillion in investment flows, there is a sense of dilemma that we have not addressed the ‘inclusivity’ gap, and this is a challenge in front of Governments across the globe. We need to look at, can Digital Public Infrastructure narrow this ‘inclusivity’ gap,” said Shri Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, Government of India at the opening session of the Global Fintech Fest 2024. He was speaking at one of the world’s largest annual fintech conferences, the Global Fintech Fest (GFF), which is back with its fifth edition from August 28-30 at the Jio World Convention Centre, Mumbai. The theme of this year’s conference is ‘Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient’. 

GFF 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

Among other speakers at the session were Mr. Kris Gopalakrishnan, Chair - GFF2024, Co-founder Infosys and Chairman, Axilor Ventures; Mr. G Padmanabhan, Former Executive Director, Reserve Bank of India, and Ex-Chairman, Bank of India and Mr. Vishwas Patel, Joint Managing Director, Infibeam Avenues & Chairman, Payments Council of India.

“Globally while addressing the equality debate, there is significant interest around ‘inclusivity’, and we also need to be worried about the lack of significant progress on the sustainable development, and hence we need to think if fintech technologies will bring about the change in an accelerated manner. For a long time, India has been a ‘rule taker’, and we just abided by the western nations. But in the fintech revolution, India has an eminent role to play in ‘rule making’, as most of the digital technologies are made in India, and India should be at the forefront of taking the lead,” added Shri. Ravi.

Talking about how the next 10 years will look like and the future of the fintech industry, Mr. Gopalakrishnan, said, “Indian fintech industry has come a long way, combining emerging technologies, business models, innovation, and Digital Public Infrastructure. New technologies are emerging such as IoT, AI, ML, ChatGPT, voice recognition, etc., and every evolution of technology will require responses and how the fintech industry navigates this and maintains momentum. There is global collaboration to look at how we can leverage this new technology, and what we have been able to achieve in India. There is discussion around the responsible use of technology, ethical growth and the need to build trust with all stakeholders, and collaborations across borders with governments and we look forward to all these discussions.”

In his opening remarks Mr. Padmanabhan said, “The greatest achievement of Global Fintech Fest is bringing every stakeholder together to network, which is crucial for the development of any ecosystem.”

Concluding the inaugural session, Mr. Patel, said, “This event is an extraordinary gathering of visionaries and leaders who are seeking a future in financial technology. GFF has grown to be the largest fintech conference in the world and it is a testament to the vibrant community that drives innovation and transformation.”

The session also saw the launch of the report “Building Bridges for the Next Decade of Finance”.

Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries will address more than 350 sessions over three days of the conference. Delegates are expected from over 100 countries.

GFF 2024 Highlights

3 Days | 7 Tracks | 11 Stages |300+ Exhibitors| 350+ Sessions | 800+ Speakers | 

For more information on the conference, live agenda and list of speakers visit the website: Global Fintech Fest 2024.

Teach For India 2025 Fellowship: A Chance To ‘Lead With Love’ Starts In A Classroom

*   The deadline to apply for the 2025 Teach For India Fellowship is 1st September 2024 

Teach For India, a non- profit championing educational equity  has been accepting applications for its 2025 Fellowship. As a fellow, they will have a significant impact on the future of children, and will be leading the future leaders with love. . The deadline for applying is 1st September, 2024.

The Teach For India Fellowship is a two-year, full-time paid Fellowship program that brings under one roof fellows from different backgrounds and age groups drawn from over 500 universities, colleges, and 300 companies. The Fellowship application process is very rigid and receives applications from India's brilliant and most promising individuals. 

The chosen fellows will serve as full-time teachers in affordable private schools or English-medium government schools, where they will focus on guiding students through the challenges of India's inequities. It will also provide fellows with valuable insights into various aspects of leadership, including emotional skills such as empathy, active listening, and relationship-building, all of which will contribute to their professional development.

To date, over 670 fellows have joined the 2024 Cohort, united by their shared goal of creating a compassionate and equitable India through education. The fact that differentiates the Teach For India Fellowship is the opportunity to bring about a significant change in the existing education paradigm. 

Apply For the Teach For India Fellowship 2025 

About Teach For India: 

Teach For India is a nationwide movement of leaders, working towards the vision of ensuring that every child in India receives an excellent education. Driven by the belief that meaningful change happens when we cultivate a collective force of leaders, Teach For India envisions an India free of poverty and filled with love, our leaders choose education as the path to get there. Over the next decade, the organization aspires to build a movement of 50,000 leaders. They will work collectively, with love, to transform the lives of 1 in 10 children from low-income communities in and beyond Teach For India’s regions. Through its flagship 2-year Fellowship Program, Teach For India places India’s brightest young minds in the most under-resourced classrooms in the country, providing aspiring leaders with the support and ecosystem that they need in order to manifest change at all levels of the Indian education system. Today, 1000+ Fellows teach 34,000+ students directly in classrooms across eight cities. Over 5000 Alumni have gone on to establish or co-create more than 130 social impact organisations, and are able to consistently impact 50 million children across India.

3i Infotech Appoints Mr. Raj Ahuja As The New CEO

3i Infotech Limited (BSE: 532628) (NSE: 3IINFOLTD), a leading global IT company dedicated to delivering excellence, announced the appointment of Mr. Raj Ahuja to act as the Chief Executive Officer (CEO) with immediate effect.

Under his leadership, Mr. Ahuja will lead and oversee the company’s strategic, financial, and operational performance, globally. His strategic vision and dedication to create operational efficiency by empowering teams through control and process-based environment, aligns perfectly with the company's mission and long-term goals. His expertise lies in effectively managing business strategy, creating execution capabilities, managing large teams, analytics-based decision making and problem solving, operations, mergers, financial structuring and fundraising.

Mr Ahuja brings more than three decades of leadership experience across industries including IT, Bio-Med, Consumer Electronics, Media, FMCG, FinTech, Education, NBFC, Banking and Financial Services. He has held senior leadership roles at organizations like Yes Bank, Jio Financial Services, Ampersand, Capri Global, Star India, Philips, PayTM, and Wipro, with a proven track record of driving innovation, fostering growth, and championing operational excellence.

Speaking about his new role, Mr. Raj Ahuja, Chief Executive Officer, 3i Infotech said, “My vision is to steer 3i Infotech towards becoming a global leader, defined by our unwavering commitment to excellence, innovation, and a culture of growth. Together, we will build a company that inspires, empowers, and leads the way in shaping the future.”

Mr Ahuja is a Rank Holder Chartered Accountant (ICAI) and Cost Accountant (ICWAI) with a bachelor’s degree in commerce from SRCC, University of Delhi.

About 3i Infotech 

3i Infotech Limited, incorporated in 1993 and headquartered in Mumbai, India, provides information technology services and software solutions. With 30+ years of experience, the company has emerged as a leading name in propelling the current wave of digital transformation initiatives across BFSI, Healthcare, Manufacturing, Retail, and Government sectors. Operating through three key segments, Enterprise Services, Professional Services, and Digital Business Services, 3i Infotech has over 5000+ employees and 500+ clients worldwide.

Website: https://www.3i-infotech.com/