Bima Source

Navigating Risks with Precision & Intelligence

Founder

Mititek 

My personal mission through AgenTiX is to uplift and empower the vast community of insurance agents in India, comprising over 25 lakh individuals, by leveraging technology and innovation. I aim to transform the perception of insurance agents from mere salespeople to respected professionals, equipping them with the tools and resources they need to thrive in today's dynamic business landscape.

Where this mission leads to ? >> Significant increase in insurance penetration in India and the protection of more than 25 million SMEs, driving economic stability and prosperity for our nation.

Director

Raghnall

Built Products, Technology and set up Digital Business at Raghnall.

Sr. Vice President - Products & Digital 

Global Insurance Accelerator

Mentoring Insurance Startups on Product propositions and structuring

Mentor

HDFC ERGO General Insurance

Vice President - Product Innovation

L&T General Insurance Company Limited

Head - Health Underwriting & Product Development

Universal Sompo General Insurance Co. Ltd.

Manager - Underwriting & Product Development

Apollo Munich Health Insurance Company Ltd.

Deputy Manager - Regional Operations

ICICI Lombard

Manager - Underwriting & Product Development 

Max Life Insurance Company Limited

Agent & Advisor

A seasoned insurance and finance professional with over 20 years of experience. I have a proven track record of success in product development, underwriting, Technology, Sales and growth strategies across all lines of insurance. 

Connect with me for:

Product Innovation
Technology
Strategic Consulting
Risk Management for your Business

Bhakti Dama

Founder @ Protector IQ | Driving Insurance Innovation through AI | Innovating Products | Champion for Inclusivity and Micro Insurance

I recently showcased CoverPiX, our latest innovation at AgenTiX , to a senior leader in the IT sector. This tool, designed to revolutionize policy analytics and management for businesses garnered genuine interest and a flurry of questions from him, a testament to its potential to change the game.

His curiosity was palpable, yet one question he asked really made me pause: "Where did you get the inspiration for this? Was it from something abroad?" It was asked with no malice, but it subtly echoed a broader skepticism about homegrown innovation.

With a sense of pride, I explained the journey behind Cover PiX and that the inspiration came from right here in India.🇮🇳 How it was entirely conceived and developed in India, from countless conversations with businesses and how it was challenging for them to access their own policy analytics in P&C with struggles on #valuation at the time of claims.

Here's to believing in our capabilities and championing local innovation on a global scale! 💼✨ 

📣And cheers to the team who made it !!

#MadeInIndia #TechInnovation #BelieveInIndia #technology

Courage doesn't always roar

Sometimes it's the quiet voice at the end of the day whispering, 'I will try again tomorrow'

#swiftie  #Leadership #motivation

Founder @ PROTECTOR IQ | Insurtech | Product Innovation

Most insurers have struggled to capture the vast potential of India's MSME and startup market. 

A recent discussion highlighted a crucial question from a CEO of top insurer: How to crack the code? Why are MSMEs and startups reluctant to adopt insurance solutions?

I think key answer lies in how insurers incentivize their sales teams and underwriters. 

Traditionally, the focus has been on maximizing premium size, often neglecting the sheer volume of policies required for significant MSME/startup penetration. 

Checkout Insights on why a shift towards rewarding the "Number of Policies" issued could be the game-changer for insurers and intermediaries and Role of analytics in capturing this market!
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✍️ Strategizing on growth in MSME & Startup insurance? let's connect! 
♻️ Reshare if you found this valuable.

#startups #MSMEs #businessinsurance Protector IQ

The MSME/Startup Insurance Landscape in India The MSME sector is the backbone of the Indian economy, contributing over 30% of GDP and employing over 1

Open article: Cracking the MSME & Startup Insurance Code: Numbers Game vs. Value Play?
 by Bhakti Dama • 2 min read

Cracking the MSME & Startup Insurance Code: Numbers Game vs. Value Play?

Beyond Hospital Bills !!

For many years, I've dedicated my career to developing innovative health insurance products. From specialized coverage to women's health plans, I've focused on providing diverse options for a variety of needs. Yet, ironically, when it came to my own plan, I settled for a basic one.

A recent news story about Kate Middleton's cancer diagnosis at a young age served as a stark reminder: health issues can strike anyone, anytime. This, coupled with alarming reports on India's high cancer rates, prompted a closer look at my own coverage.

To my surprise, my plan lacked critical illness benefits, the very coverage I championed for others. 

This highlighted a crucial gap in awareness – many individuals, myself included, might be unknowingly underinsured.

Fortunately, I secured a comprehensive plan covering both minor and major health concerns, including job loss, just before a new age restriction came into effect. This experience underscored the importance of proactive insurance management.

🌟 The Takeaway: Advocate for Comprehensive Coverage

This incident has driven home a powerful message: we all need comprehensive health insurance. Don't wait for a wake-up call.

Let's work together to raise awareness about the importance of comprehensive health insurance. Do share your thoughts and experiences in the comments below.

#HealthInsurance #StaySafe #CancerAwareness #health #protectoriq Protector IQ

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♻️ Reshare to help others on the platform.

Founder @ Protector IQ | Empowering Startups & SMEs with Customized Risk Management & Insurance Solutions | Championing Inclusivity & Innovation in Insurtech

Interesting Takeaways from the Munich Re Cyber Insurance: Risks and Trends 2024 Report:

✳ GEN AI era has just started !! More AI = Higher Cyber Risk

✳ Cyber Insurance Market Growth Hindered by Uninsured Risks. 87% of global decision makers report their companies are not adequately protected against cyber-attacks.

✳Nation-State Cyber Activities: There's a growing threat from nation-state sponsored cyber activities, including disinformation campaigns and attacks aimed at undermining democracy.

🧠 Challenges in Cyber Insurance: The industry faces challenges in keeping pace with the dynamic nature of cyber risks and ensuring sustainable insurability.

🧠Need for Innovation in Cyber Insurance: There's a critical need for innovative insurance solutions tailored to the dynamic and complex nature of cyber threats.

Any views on product offerings and how companies can asses their risk better in this space? do share ! 

I'm eager to collaborate with insurers and providers innovating in this space for Product Development and implementation. 

link to the Munich Re report - https://lnkd.in/dYA4JVGA

PROTECTOR IQ
#cybersecurity #ai #insurance #collabrate

💸 More than just your Premium !! 

We all love the convenience of grabbing a coffee or that new phone without a thought. [things that you DONT NEED,  just want].

But do you expect the sales person to explain you where those things come from, what's in them, every little ingridient ? We don't look down on them and wouldn't dream of treating them with disrespect.

Now, picture this: You NEED insurance. A complex financial product designed to safeguard you from life's worst moments.  

Here's the Agent or Broker who has invested hours in training, understand legalities most of us would balk at, explains every little fine print and can tailor a plan that protects what matters most. They don't walk away with that sale like in case of consumer products. They are with you through the worst life moments. 

Respect them !! 

~~~~~~

📝 Are we undervaluing the expertise insurance professionals bring to the table? Let's talk respect in the insurance industry!

♻️ Share if you agree

#insuranceforallby2047 #insurance #respect #value #motivation

Founder @ Protector IQ | Empowering Businesses with tailored Risk Management & Insurance Solutions | Championing Inclusivity & Innovation in Insurtech

Empowering Women Through Insurance: My Journey with IFC-ILO In4Women CoP. 

Excited to share that I recently completed the IFC-ILO In4Women Community of Practice program (2023-2024)! This virtual peer learning initiative by IFC - International Finance Corporation and International Labour Organization focused on equipping participants with the knowledge and tools to better understand and serve the specific needs of the women's insurance market.

As many of you know, India presents a significant untapped opportunity in women's insurance. Here's a glimpse into the landscape:

🌟 Low Penetration: Only 15.12% of women in India hold life insurance policies. And for other segments like Women held businesses - the data is not even available.

🌟Protection Gap: Women are more likely to face financial hardships due to unforeseen events. Closing this gap is crucial for their economic security.

🌟Untapped Potential: The insurance sector can unlock immense growth by designing products and services tailored to women's needs and life stages.

The In4Women CoP provided valuable insights on:

✍ Developing gender-responsive insurance products that address health, Business, education, and maternity needs.

✍ Building trust and overcoming barriers to women's insurance access through financial literacy initiatives and micro-insurance solutions.

✍ Leveraging technology to simplify insurance processes and reach a wider audience in urban & rural areas.

I'm excited to leverage these learnings to develop new insurance products & Eco systems catering to Women and businesses led by Women. Also advocate for women's #financialinclusion and #investmentinclusion 

Happy to collaborate with companies and people in this space, lets connect!

And here's a big shout out to the program team and leaders Prapti Sherchan | Morgan Lisa| Craig Churchill | Fatou Giwa | Katherine Báez for investing their time and energy in the program. 

#WomensInsurance #FinancialInclusion #IFC #ILO #In4WomenCoP #investmentinclusion #insurance #technology

How AI will reshape Business Risk Assessment 🧠 

Imagine a world where businesses could anticipate challenges before they emerge, making strategic decisions not based on past events but on future probabilities. This is not a distant reality but the present, thanks to Artificial Intelligence (AI). With AI, #riskassessment is changing dramatically, bringing new levels of innovation, accuracy, and forward-thinking strategies that are attracting both investors and businesses.

Today Businesses rely on traditional risk assessment methods alone—static, historical, and often reactive. Enter AI, the game-changer, turning risk assessment from a backward-looking exercise into a forward-thinking strategy. AI goes beyond just analyzing risks; it predicts future challenges by analyzing extensive data, helping to anticipate what's ahead.
Real Stories from the AI Frontier

Let's take a financial startup that uses AI to predict credit risk, transforming how loans are granted and minimizing defaults. Or a manufacturing firm that employs predictive maintenance, foreseeing equipment failures before they occur, thus avoiding costly downtime. These are not hypothetical scenarios but real successes, stories that are drawing the attention of savvy investors who see the potential of AI in creating more resilient, agile businesses.

Let's explore together how AI-driven strategies can redefine your approach to risk management and explore new growth opportunities.  Connect with us to discover how your investment or business can lead the charge in the AI revolution of risk management.

PROTECTOR IQ

#AI #artificalintelligence #riskassesment #insurance #investment

India's Business Protection Gap

Came across some eye-opening stats in a report by Swiss Re that really puts things into perspective. Jaw-dropping $81bn in uninsured natural catastrophe losses over the last decade in India, with a protection gap of 91% !!! 

It's an especially poignant fact for MSMEs and startups, often left vulnerable not by choice, but by a market filled with products that don't quite 'click'. You know the kind—complex, one-size-fits-all policies that are more confusing than helpful.

But here's the thing: #businesses evolve, #risks evolve, and so should the way we protect them. We don't need to shove every possible risk into one mega-policy from day one. That's a surefire way to be seen as the "money takers" rather than the protectors we are.

The game-changer? De-tariffing. It's finally here, opening doors to something that could really shake things up—parametric insurance or single risk policies. Imagine tailor-made policies covering specific perils like floods or earthquakes, designed to fit the unique needs of growing businesses.

This is where insurance becomes relatable, understandable, and, dare I say, even a bit exciting. It's a step toward making insurance something that MSMEs and startups look forward to rather than shy away from. Let's make insurance a tool for growth, not just a checkbox for catastrophes.

I am particularly also excited to see role of #AI in P&C Insurance Product innovation. Happy to collaborate & do connect if you are working in this area. Protector IQ


#InsuranceInnovation #MSMEProtection #ParametricInsurance #RiskEvolution #ProtectorIQ #india

90% of Startups Fail. Don't Let Yours Be One of Them!

Running a startup? Amazing! But are you neglecting a hidden killer: Risk management? ️

A whopping 90% of startups crash and burn, and a big reason is unforeseen risks. Let's face it, you can't dodge every bullet, but you can sure as heck build a shield!

Checkout the top 5 risk management mistakes that could cripple your startup before it takes off 👉 https://lnkd.in/dHgNmQVY
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Let's chat about how to build a risk management plan for your company

Request your Business Risk assessment here 👉 https://lnkd.in/ds37FvxJ

♻ Share to help a fellow business founder


#Startups #RiskManagement #BePrepared #GrowSmarter #MSME

Ever feel like you're constantly one lawsuit away from a PR nightmare? Liability risks are the landmines of the Indian business landscape. One misstep – a faulty product, a data breach, a disgruntled client – and your bottom line takes a shrapnel wound.

The most vulnerable sectors? Construction, healthcare, manufacturing, and tech – where a single misstep can be catastrophic. 

Proactive risk management is crucial for mitigating liability risks. Here are some key strategies:

👉 Implement Strong Safety Protocols: Regularly review and update safety protocols to minimize accidents and injuries.
👉 Product Quality Control: Establish rigorous quality control measures to ensure product safety.
👉 Cybersecurity Safeguards: Invest in robust cybersecurity solutions to protect customer data.
👉 Clear Contracts: Draft clear and concise contracts that limit liability.

🌟 The Importance of Liability Insurance

Liability insurance provides a financial safety net, covering legal costs and settlements in case of a lawsuit. It can be the difference between a minor setback and a financial catastrophe.

Let's Discuss!
Do you have questions about liability risks specific to your industry? Share your thoughts in the comments below!

DM to Get your complementary personalized risk assessment.  

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#IndiaBusiness #liability #CFO #Founder #riskmanagement

As an innovator in product development, I’ve seen how standardized insurance products by IRDAI have revolutionized the industry. The introduction of Bima Vistaar could be a turning point, addressing past challenges such as inconsistent pricing and distribution hurdles. 

With a uniform premium structure and distribution via Women Bima Vahak, this initiative not only promises uniformity in pricing but also champions gender inclusivity. These factors will play a pivotal role in narrowing the protection gap in insurance and ensuring a successful rollout of Bima Vistaar. 

Exciting times ahead for the insurance industry! 

#IRDAI #BimaVistaar #insurance #productdevelopment #genderinclusivity #uniformpricing #protectiongap

Open article: India: Regulator outlines proposal for all-in-one insurance bundle by asiainsurancereview.com • 1 min read

India: Regulator outlines proposal for all-in-one insurance bundle

Insurance terms can be challenging to grasp for individuals, SMEs, and startups alike. The difficulty often lies not in their complexity, but in how they're uniquely defined within the insurance world. 

Misunderstandings in this language typically leads to gaps in service and challenges during the claims process as well. 

Here's your quick guide to decoding some of the most cryptic insurance terms:

🌟 Premium: This isn't just a quality mark; it's the price you pay for your insurance policy.

🌟Deductible: Think of it as your financial participation in a claim - the amount you agree to pay out-of-pocket before the insurance kicks in.

🌟Endorsements: No, not a celebrity shout-out. These are revisions to your policy terms, tailoring coverage to your business's unique needs.

🌟Exclusions: The 'not covered' list. Knowing these can save you from unexpected surprises during a claim.

🌟Underwriting: This is how insurers decide if they can cover your business and at what cost, based on your risk profile.

Don't let #jargon keep you from protecting your #business. For a plain-language review of your policy, drop me a message. Let's make insurance simple. Protector IQ

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🆘  Secure your no-obligation, spam-free Business Risk Assessment. Check out the link in the comments for more details.
♻ Found this useful - Reshare 


#Insurance101 #SMEs #BusinessInsurance #InsuranceJargon #startup

Running a business is a rollercoaster, right? One minute you're celebrating wins, the next you're facing an employee error that could turn into a CEO nightmare.

Here's a recent case study that shows why having the right insurance is crucial:

A software company had a major issue. An employee accidentally tagged payment ID of one client with another. Chaos ensued: The rightful client was furious, the recipient wouldn't return the money, and a lawsuit loomed.

The good news? The company had some Cyber Crime & D&O insurance. This helped cover legal fees, offering some relief.

The lesson? Even a small mistake can have BIG consequences. Imagine facing this without any insurance!

Here's the key takeaway for Startups & MSMEs: Don't wait for disaster! Talk to a Risk Management Consultant to develop a customized plan that protects your business and gives you peace of mind.

What are your biggest concerns about business risks? Let's chat in the comments!

#EmployeeError #CEONightmare #RiskManagement #Insurance #Startups #MSMEs #liability #technology

E-commerce platforms might face the music for misleading people if they continue to market beverages as #healthdrinks. India's food rules could also lead to hefty fines if these drinks don't make the cut. 

But the bigger concern is the loss of trust. People have been relying on these drinks for health benefits for ages, and a change in labeling could make them seem less effective. 

Unfortunately, regular insurance won't cover hurt feelings. However, it might come in handy if someone sues over misleading #ads. 

https://lnkd.in/d6wTNRrZ

Open article: Bournvita to be removed from ‘Health drinks’ category. Govt says ‘there is no…’ by livemint.com • 2 min read

Bournvita to be removed from ‘Health drinks’ category. Govt says ‘there is no…’

Loving DALL.E 

Happy how this creative came up in just one prompt. 

Got to love #AI 

#chatgpt #creativity #generativeai

🛡️ Simplify Protection in a Complex World with Protector IQ 🌐

Navigating business risks shouldn't be as complex as the world we live in. At Protector IQ, we provide crystal-clear clarity in a landscape often shrouded in the fog of uncertainty.

🔍 Get a Personalized Risk Assessment - Unlock a tailored insurance strategy that safeguards your enterprise exactly where it's needed.

🖥️ Business Cyber Insurance: Fortify your digital defenses.
🏢 Directors & Officer Liability: Shield your decision-makers.
🤝 Employee Benefits: Invest in your team's well-being.
🏠 Property Insurance: Protect the spaces where your business thrives.

Don't let complexity hinder your success. Reach out to us today and secure your business's future!
#businessinsurance #msme #riskassesment #protectoriq #startups

Does Customer really Win? New Health Insurance Rules

-  Lower the PED waiting period, sooner the repricing by Insurers & upward revision in premiums !!  The effect of PED starts kicking in from 4th year where loss ratios start moving from 40% to 70% gradually. Once the loss ratio goes beyond ~70% which means combined ratio of more than 100%, Product goes for repricing. 

This means upward revision in premium from 4th or 5th year instead of 7th/8th with 4 year PED waiting period.

- Market data suggests a large portion (nearly 90%) of existing products  already offer a 3-year PED waiting period. 

- Additionally, the long-term effects of the reduced moratorium period are yet to be fully understood. A TB, BP or Diabetes, not disclosed and found from discharge summary during hospitalization, is a Fraud and will not be paid!!

While the focus on improving policyholder experience is laudable, the actual customer benefit remains to be seen. 
Protector IQ
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✍️ What's your view?
♻️ Reshare if you feel this message.

#HealthInsurance #analytics #insurance #protectoriq

Open article: 3 changes in health insurance claim rules to help consumers: Reduced waiting period for pre-existing diseases, moratorium by economictimes.indiatimes.com • 3 min read

economictimes.indiatimes.com • 3 min read

3 changes in health insurance claim rules to help consumers: Reduced waiting period for pre-existing diseases, moratorium

The ILO's In4WomenCoP is a fantastic initiative that is making a real difference on reducing gender protection gap and Financial Inclusion. The program covers essential topics like:

🎶 Developing gender-responsive insurance products
🎶Building trust and overcoming barriers to access
🎶Leveraging technology to reach wider audiences

I encourage anyone interested in making a positive impact to consider joining the next cohort of the In4WomenCoP! Apply here ➡ https://lnkd.in/epB2VeNZ

Together, we can bridge the gender gap in insurance and unlock greater financial security for women around the world.

P.S. Share this post with anyone in your network who might be interested in this important program!

#WomensInsurance #FinancialInclusion #GenderEquality #ILO #In4WomenCoP #insurance

View company: The ILO's Social Finance Programme

In March 2024, IFC - International Finance Corporation and ILO organized a virtual ceremony to celebrate the end of our second cohort of the IFC-ILO Women’s Insurance Community of Practice (CoP), also known as #In4Women. 👏 

During the CoP, we highlighted the women’s insurance business case and gave participants tools and knowledge to penetrate the market and create jobs for women. A total of 18 insurance service providers from 13 countries across Africa, Asia, and Latin America took part in this year-long CoP. Here's a glimpse of what participants gained from being involved:

✅ Webinars and deep dives into developing technical and implementation skills to leverage the women’s insurance opportunity
✅ Check-in calls, for members to share their successes and challenges 
✅ Exercise to pick several commitments around IFC’s pillars of a successful women’s insurance market approach
✅ Simple sex disaggregation task of the participant’s portfolio 
✅ Exclusive one-on-one sessions with the CoP facilitators for support and troubleshooting 

Congratulations and thanks to the 2023/24 participants for making this latest CoP year a resounding success!

The third cohort of the IFC-ILO Women’s Insurance Community of Practice will be launching soon! If you are interested in participating, please complete this short form: https://lnkd.in/epB2VeNZ

Read more about #In4Women: https://lnkd.in/edNbCkAe

The CoP is being implemented in partnership with the Government of Ireland.

#financialinclusion, #women, #insurance, #genderprotectiongap #inclusiveinsurance, #SheforShield, #In4Women, #WomensInsurance 

w/ Prapti Sherchan, Katherine Báez, Lisa Morgan, Craig Churchill, Fatou Giwa, Barents Re , Erik Jarrin Peters, BBVA, Banco de las Microfinanzas - Bancamia S.A., Laura Fernandez Lord, Ángela María Panqueva Rodríguez, CHAMROEUN Microfinance Plc. / PRÉVOIR, Yannick Milev, Ali Tareque Parvez Cert CII ABIA (TYSER), RADIANT YACU LTD, Jackline  Chemtai Kapsukut, Emmanuel Nzanana, Thomas BIZIMANA, Mititek , Bhakti Dama, Veritas Kapital Assurance Plc, WRMS Global, Sarathy Srinivas, Neha Batra, doctHERs, Tanzeela Naz, Seguros Bolivar S.A, Lina María Jaime Páez, Mardiyath Sena Olouwatoyin YESSOUFOU, Rokhaya FATI, Paola Cuadros Sierra, SANASA General Insurance Company, Ravinda Herath

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