marsh india yearbook 2018

YEARS INI N D I A15

Marsh India

Yearbook 2018

Dear all,

In the second edition of our yearbook, we hope to bring together our achievements, experiences of our clients and challenges we overcame in this journey to reach our goal of client centricity. The year 2017 has been a very significant one for the insurance industry as several important regulatory and path breaking changes were introduced.

With the introduction of the National Health Protection Scheme – Ayushman Bharat, we are likely to see a greater emphasis on the development of the health care industry.

These developments and the advent of digital means of distribution demands real-time connectivity with our clients and ensure we enhance not only the customer experience but also provide meaningful insights which will further add value to them.

Through this yearbook, we have attempted to piece together case studies and client testimonials which mark the milestones of our journey towards serving our clients better.

In 2017, we saw a significant growth in our client base and our employee strength. We are now around 540 employees strong supporting over 4,000 clients including many large domestic and multinational companies across 12 branches. Financial & Professional Liability (FINPRO), Private Equity Mergers & Acquisitions (PEMA), India Client Service (ICS) and Treaty Reinsurance practices did exceedingly well. We also launched the Client Feedback Survey to ensure that we understand and address the client’s true needs.

In the coming year, we hope to strengthen our orientation keeping clients at the heart of everything we do and empowering them to move on to the next stage of growth.

We hope the Year Book will help engage our clients and other stakeholders of the insurance industry in continuing the conversation on risk. I would like to reiterate that your feedback and ideas are important to us.

Please write to us at [email protected].

Warm regards,

2 Marsh India

SANJAY KEDIA Country Head and CEO

Marsh India

2 CEO Message

3 The Marsh India Story 2017

7 Case Studies

10 Major Regulatory Changes in 2017

11 What we published

18 Policyholders First

20 View from the Risk Street

21 Marsh India Client Risk & Insurance Forum

23 Client Speak

25 Marsh Cares

26 Mash Events

28 Marsh India Leadership

WHAT ISIN STORE

Marsh India EH&B’s focus on delivering value to our clients was further strengthened in 2017 by strategically addressing six important areas:

1. Claims administration:

• Marsh worked with leading third-party administrators to improve:

- Claim settlement turnaround time

- Preauthorization and discharge turnaround time

• Monitor and drive closure of claims in real-time basis.

• Review claim rejections proactively and have reversed 30% of all cases referred by TPA for rejection.

2. Policy wordings:

• We continue to innovate and bring best policy wordings to group insurance plans. From income protection plan to diversity & inclusion, we have helped clients to make best of their benefit plans to address changing needs of employers and employees.

• We launched our GPA Facility which was the first of its kind to o�er most comprehensive cover under accident plan and also protect personally identifiable information exchange between stakeholders.

3. Cost management:

• Premium cost continues to escalate in double digits for many organizations. Marsh developed a unique proposition to address this:

Marsh Employee Health & Benefits kicked o� the year with the release of 9th Annual EH&B survey results - Benefits on Demand. More than 900 delegates participated in six such events held across the country.

Yearbook 3

THE MARSH INDIA STORY 2017EMPLOYEE HEALTH & BENEFIT PRACTICE

BENEFITS ON DEMAND

Key Highlights - 9th Annual EH&B Survey

More than 70% of the employees are willing to spend up to 5% of their salary on Voluntary Benefits

O�er Choice to Employees

Enhance Benefits

Maintain Cost as Budgeted

The top three strategic measures adopted by the corporates

WHAT WE DIDDIFEFRENTLY

MULTINATIONALCLIENT SERVICE

MCS India has seen an eventful year in 2017. This year we have put in focused e�orts to increase interactions of the Client Executives (CEs) with their clients as well as the Global Colleagues. In 2017 India MCS team built on many of its initiatives from the previous years as well as pioneered new ones to ensure that we stay ahead of the curve.

CRM Initiative

The CRM Initiative was launched for EH&B clients with the aim to help manage and track meaningful interactions between CEs and their clients. This has propelled our engagement levels further with the

6. Travel, expat, retirement benefits:

• Marsh continues to bring market leading products in this space. This includes complete spectrum of solutions like ability for a senior executive to avail most advanced treatment abroad to covering all domestic travelers for travel inconvenience are been developed.

All our initiatives are focused around driving value to employer and improving employee experience. We will continue to invest in the areas of network optimization, cost management and flexible benefits.

FINANCIAL & PROFESSIONAL LIABILITYMarsh India last year started the practice of Sports, Events and Entertainment Insurance.

We are delighted to share that in the very first year of its operation we have made some impressive inroads:

Sports:

• Franchise League:The team has made a significant inroad across all major sporting leagues like, Indian Premier League (Cricket), Indian Super League (Football), Pro Kabaddi League , Premier Badminton League.

• Cricket associations: Successfully empaneled in various cricketing bodies, namely, The Board of Control for Cricket in India (BCCI) , Mumbai Cricket Association (MCA), Punjab Cricket Association (PCA) and The Andhra Cricket Association (ACA).

- Hospital Assist: Allows employees to know the rates of a particular treatment from 5 hospitals before they make their choice. This helps reduce the out of pocket expenses and overall claim cost, improves accessibility and convinience.

- Modular and Flex Plans: We developed plan structures which allow employers to contain cost and make provisions for increased premiums.

• Minimizing the employee burden requires good understanding of insurance market and consumer behavior. Marsh has been able to successfully launch such complex structures with simplified admin process for ease of use.

• We ended the year with yet another successful launch of flexible benefits for a leading IT company with more than 10,000 employees.

4. Health risk management:

Marsh launched a number of services to address the underlying health risks of an individual. This includes:

• Health portal with health risk assessment, doctor on call, health resources like calculators.

• Habit formation to drive healthy behaviors.

• Health check programs to understand the risk factors.

• Condition Management and various other intervention programs.

5. Voluntary benefit plans:

Customized insurance policies meeting individual needs of employees were launched in 2017. This includes health, motor, life and critical illness products.



Entertainment and event:

• Designed tailor-made insurance solutions for various production houses which include good number of online web-series across various online platforms.

• The events space has been equally happening with the team successfully providing insurance been a solutions to di�erent event management houses for various shows during 2017 including - Road to Ultra music event, IFFA Utsavam, World Biggest Guest List Festival , Sunburn with KYGO, etc.

Claims:

• The team has been proactive in getting the contingency lines claims delivered including:

- The player’s loss of fees cover claims for sporting leagues

- Shoot cancellation claims of various shows.

4 Marsh India

• Engaged with existing clients and prospects alike for improving risk management practices, which includes highlighting the importance of NATCAT studies; risk engineering activities and valuation of assets.

• Improved our relationship and client engagement activities through various initiatives like marine loss control surveys and specific claim-related meetings with the surveyors and insurers.

TRADE CREDIT AND POLITICAL RISK INSURANCE (TCPRI)We are one of the foremost Trade Credit specialties team in India o�ering comprehensive solutions for all four components of the practice, that is, trade credit, political risk, structured finance and sureties.

We are contributing roughly around 20% of volume and 23% of value of total (non ECGC) trade credit insurance business in India.

• Marsh India TCPRI team placed India’s first global program in IT sector for a company with eight subsidiaries and more than 25 group companies.

• Ensured record number of political risk proposals being processed and also getting a prestigious market like ISIEC to support Indian clients.

• Structured a multi-year political risk program for one of our key clients, for a risk of more than USD 80 million.

• Conducted two events on political risk and trade credit in India and four roadshows in Singapore.

ENERGY & INFRA

Energy

• Engaging insurers, reinsurers on key energy renewals for developing aggressive terms from cross border re-insurers. These resulted in the breaking of the strong influence of public sector insurers on the account and provide pricing e�ciency to the client.

• The global energy risk engineering (GERE) team is now fully integrated with the Marsh India’s Energy Practice and supported to win new clients as well as successfully renewing the existing accounts.

• The GERE team is uniquely qualified to provide risk managers and underwriters with the essential information they need to determine the right limit and scope of cover and the right price.

• Proactively initiate client-market interactions by inviting CBR underwriters to engage in client meetings.

Infrastructure

• Educate clients about emerging risk covers like cyber, pollution legal liability, merger and acquisitions and various renewable energy covers.

• Designed and promoted solutions like Solar Performance Warranty Cover for Operators and Manufacturers and Weather Parametric Covers primarily for Wind and Solar operators.

• Engaged with new categories of prospects, like potential buyers of former business houses that have applied for NCLT and related processes.


WHAT WE DIDDIFFERENTLY THIS YEAR

clients. The client relationships got a boost as the initiative helped CEs plan and manage various meetings/events for each of them throughout the year.

Global Colleague Engagement Initiatives

As our primary clients, GC engagement has been our focus. The following initiatives were carried out and continued to enhance GC engagement-

• Activity Tracker was made live, in order to communicate the local initiatives with GC’s.

• Placement summary was launched, which conveys the services and value additions extended to the client during the renewal of the policies. This would help the GCs have an in depth view of the program in India and manage their network e�ciently.

• The MCS newsletter – India@Risks and Insurance provides the GCs with the emerging risks and trends across all lines, in the Indian market, and also addresses their FAQs to help understand the Indian Insurance better.

• The Annual GC feedback survey, aims at collecting feedback regarding the interface and experience with the CEs.

MCS EH&B Consulting team

The team was created to ensure that we excel at client consulting. With the help of data and analytics the team continues to assist CEs in getting insights into their client’s policy performance, benchmarking etc. This initiative has been well received by the clients.

Yearbook 5

The above measures proved to be popular with clients, as seen from the overwhelming take-up rates, as well as from the fact that more than 95% of existing clients chose to retain our services.

PLACEMENTS The biggest challenge in 2017 for intermediaries like Marsh India was to manage the expectations of clients as well as the insurers. Marsh India had undertaken some key initiatives to address this.

• Focused and strategic approach towards the risk.

• Portfolio engagement with clients and insurers to help the finalization of the best rates on Employee Health and Benefits.

• Risk consulting services for clients to help them get the best rates on M12 risks.

• Claims advocacy so that a proper claim number can be worked out and premium loading can be reduced.

• Reinsurance terms for large mega risks to create competition in the market.

• Timely engagement with clients and insurers for understanding risks and rendering customized solutions.

• Alternate options for Marsh’s Employee Health and Benefits clients like top-up modular approach, opt-out options, parents plan and life and accident plans.

• Creating competition for leveraging and negotiating on price and coverage.

Placement strategy at Marsh India has been successful in fulfilling client expectations. There has been optimum management of policy renewal and also winning of new accounts.


6 Marsh India

Marsh India MRC team was appointed to help achieve “Highly Protected Risk” status for its manufacturing units in India as part of their global loss prevention policy program.

Our client is an established player in the habitat and construction market. The company designs, manufactures and distributes high-performance building materials providing innovative solutions to energy e�ciency and environmental protection. In India the company operates in two sectors: Innovative Materials and Construction Products.

CASE STUDIESMARSH RISK CONSULTING (MRC)

THE TASK THE RESULTSTHE PROJECT

HOW WE HELPED TO ACHIEVE “HIGHLY PROTECTED RISK” STATUS

The client is covered under a master policy with premium allocations based on risk quality. Risk quality is determined by an audit conducted by insurer at their various manufacturing locations. MRC was engaged to provide local audit support, consulting, and training to improve risk levels prior to a visit by insurer’s risk manager at these units.

Marsh India MRC consultants helped prepare client in improving risk levels, which resulted in a premium allocation reduction and achieving “Highly Protected Risk” status. Client is engaging MRC India for other services like business continuity and continued risk management support.

Yearbook 7

HOW WE ADDED VALUE TO OUR CLIENT USING PROFESSIONAL LIABILITY AND ERRORS & OMISSIONS POLICY, BY MAKING THE PROCESS MORE CONVENIENT AND HASSLE FREE.

The client, an association of doctors has taken PI (professional liability) and E&O (errors and omissions) policy for 12,000 members who are mostly senior medical practitioners. Marsh India A�nity team assisted the client in developing a back-end support to facilitate quick and hassle-free service starting from policy issuance to claim experience.

The association had a back-end administra-tion team to support and manage the insurance related issues of its members. However the processes were dated and used a third party vendor for managing the client information. Hence, getting data for renewals claims and alterations in the policy were often time consuming.

The a�nity team met the association members and proposed setting up a back-end support system which would include new software and IT management process. The idea was to reduce the administration cost and connect with the members by making process more convenient and quicker.

• The a�nity team developed a web console to take care of the administration at the client’s end and support the policy holders.

• Developed an application for members who had taken the policy.

• Brought all polices to a single date.

• Reduced premium rates and enhanced policy coverage

• 7,000 members took up PI cover; 800 doctors taken E&O policy

• Reduction in admin cost after setting up web console

• Facilitate policy issuance, renewals, claim initiation, policy changes on a real-time basis

• Premium calculator to generate instant premium quotes

HOW WE HELPED IN PROPERTY RISK EVALUATIONS FOR INDIAN ASSETS

Our client in India o�ers integrated communications products and services to global enterprises in cloud computing, unified communications and collaboration.

Marsh India MRC team was appointed to assist in quantifying their property risk exposures (PRE) and asserting business interruption value (BI). The properties included their o�ce locations and rented warehouses in India.

Marsh India MRC team defined the various property risks and mitigation strategies. Helped them understand maximum foreseeable losses (MFLs) at multiple locations and quantified the potential financial impacts resulting from physical losses occurring at the respective sites.

From our property risk evaluation studies, client was able to gauge various risk exposures to their Indian assets and employees from perspective of business interruption as well as human safety. Based on our recommendations, client initiated various loss prevention programs and entrusted MRC to develop and monitor checklists for property risk control. MRC was also engaged to help them comply with their EHS Policy to suite Indian regulatory requirements.

THE TASK

THE SITUATION

THE PROJECT

THE JOB

THE RESULT

THE RESULTS

THE PROJECT

AFFINITY

With the help of the app, a member can renew his policy, get certificate of insurance, settle/intimate claims, calculate premiums and alter policy details on a real time basis. The team is also working on providing online payment solution in the app through a payment gateway.

8 Marsh India

2.1. B. ENRICH THE EXISTING COVER


To gain advantage in the highly competitive talent market, respondent employers must di�erentiate themselves from their competitors. “Di�erentiation” is often considered when o�ering a comprehensive

HOW WE HELPED IN PROCESSING AN ERRORS & OMISSIONS CLAIM - I

Our client, one of world’s leading IT companies, entered into a contract with its customer for Business Process Reengineering (BPR).

Milestones or timelines could not be adhered to and customer claimed for damages due to delay in delivery of services.

While renewing the policy the client did not specify to the insurer about any circumstances or situations that could escalate into a possible claim (arising out of service issues raised by the customer). However, when the complaint turned into an actual claim, the insurer denied the claim on the basis of non-disclosure of claim/circumstance at the time of renewal of the policy.

HOW WE HELPED IN PROCESSING AN ERRORS & OMISSIONS CLAIM - II

One of our large IT clients entered into a contract with their customer for implementation of three help desks across the globe.

These help desks although independent were meant to go live in a sequential manner under a single master service agreement. Due to some internal issues, there was a delay in going live in the first help desk which caused an inordinate delay in the other two help desks. The customer claimed damages relating to delay of the implementation of the help desks and the delay in starting work on the second and third help desks.

The main challenge in this claim was to make the insurer understand that these three assignments were interrelated and the total damages are meant to be treated as one single claim under the policy with a single deductible.

Marsh liaised extensively with the client and guided them in framing suitable responses to insurer to convince them to consider di�erent work orders performed by the client under the aegis of one large contract and agree to treat this as a single claim. Our e�orts resulted into a claim payout of USD 2.56 million net of deductible to the client.

Marsh India worked to bridge the gap between client’s understanding on the claim and that of an insurer. Team deep dived into chronological order of instances and worked to resolve issues with insurers by convincing them that the incident was merely a complaint by our client’s customer before the renewal. This complaint transformed into circumstance/claim only after the policy was renewed.

Marsh leveraged its experience of dealing on claims in the IT Industry and brought an understanding that such issues are common among IT companies. IT companies are experienced in dealing with such customer issues/complaints and often manage to get a favorable solution. This simplified the case for both the parties and Marsh successfully negotiated a settlement for the client.

FINANCIAL & PROFESSIONAL LIABILITY

THE SITUATION THE SITUATION

THE JOB

THE JOB

THE RESULT THE RESULT

Our client challenged the damages with reasonable support for delay and debated the claim with their client

There was a lot of resistance from the insurer to treat this as a single claim as they saw this situation as three separate claims applying three deductibles which would have resulted in almost no payout to the client.

Yearbook 9

themselves from their competitors. “Di�erentiation” is often considered when o�ering a comprehensive

1. IRDAI (Insurance Brokers) Regulations*, 2017: Exposure Draft released in March 2017

• Claims Consultancy limits increased from INR 10 million to INR 100 million

• Brokers allowed to undertake risk management services and charge fees

• Removal of mandate requirement for individual and retail business

2. IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries), 2017 released

3. Foreign Reinsurance Branches now operational in India since February 2017

4. Review of Reinsurance Regulatory Framework was conducted through the IRDAI Reinsurance Expert Committee

5. Motor Insurance Service Provider Guidelines:

• Dealers allowed to tie-up with multiple insurers; di�erential remuneration for insurance brokers removed.

MAJOR REGULATORY CHANGES IN 2017

* IRDAI notified the final IRDAI (Insurance Brokers) Regulations in January 2018

10 Marsh India

WHAT WE PUBLISHED: INSIGHT REPORTSCYBER VULNERABILITY IN INDIAN FINANCIAL INSTITUTIONSIn India, as in other countries, business and technology innovations that financial services companies are adopting in their quest for growth, innovation, and cost optimization have increased cyber risk and made it an enterprise level risk. The financial services technology ecosystem is rapidly evolving and the adoption of alternate channels like automated teller machines (ATMs), kiosks, internet, mobile, cloud, and social media technologies, have potentially increased the number of opportunities for cyber-attacks.

In addition, outsourcing, o�shoring, and third-party contracting, driven by the need to reduce cost, may have further diluted financial institutions’ control over information technology systems and access points. Another consequence of this trend is the development of an increasingly boundary-less ecosystem, which o�ers multiple end points, devices, and attack surfaces for cyber criminals to exploit.

The following are a few of the vulnerabilities of financial institutions:

Account takeovers: Cyber criminals have demonstrated their ability to exploit the internet of things, especially the online interface between financial and market systems, such as automated clearing house (ACH) systems, card payments, and market trades.

Payment systems: Fraudulent monetary transfers and counterfeiting of stored value cards are one of the most common cyberattacks against financial institutions, payment processors, and merchants.

FINANCIAL INSTITUTIONS AND CYBER SECURITYAs a regulated sector, financial institutions, including banks, are greatly a�ected in the event of cyber-attacks, such as a data breaches. Theseinstitutions have to pay fines and penalties for losing personal identifiable information. They also tend to lose the most business and customers after a cyber-attack.

In India, there have been quite a few instances of banks losing valuable

WHY FINANCIAL INSTITUTIONS ARE ESPECIALLY VULNERABLE

• Banks are undergoing a transformational change. Almost all are using advanced technology, including bots, to improve customer experience. In the process, new opportunities as well as new risks are emerging. Cyber risk is one of the most important non-financial risks that have emerged after the financial crisis of 2008.

• Devices have become ubiquitous. It is normal for a customer to access her bank account from her computer, mobile phone, or tablet. This seamless bank transaction, while ushering in ease of use, also leads to multiple points of data vulnerability.

• Regulations and governance have become stricter, which means the consequences of a data breach have multiplied over the past few years.

information to cyber criminals, through di�erent kinds of cyber-attacks.

Yearbook 11

ATM skimming: ATM skimming is a common cyber-crime in India, similar to other countries. In this crime, a criminal installs a skimming device on an ATM to collect card numbers and personal identification number (PIN) codes.

Point of sale terminals: Point of sale (POS) terminals in India are a prime target for cyber criminals in India. Credit and debit cards from many

by cyber-attack events that target POS terminals.

Mobile banking exploitation: As more mobile devices are being

introduced in personal, business, or government networks, they are many instances of PIN thefts. Cyber criminals have successfully used man-in-the-middle attacks against mobile phones using malwares. It is a technique where the attacker secretly relays and alters the communication between two parties who believe they are communicating with each other.

Given that financial institutions’ work is of a sensitive nature, it is important for them to understand, plan, and prepare for a cyber event and its aftermath.

Reference:

• 2016, Data Breach Study: India; Ponemon Institute LLC

• Cybercrime Survey Report: 2015; KPMG

• Cybersecurity in financial institutions: A necessary framework for action; Tapestry Networks

THE TOP 10 CYBERSECURITY THREAT FOR FINANCIAL INSTITUTIONS

RESPONSE TO CYBER THREATS FI INCUR THE HIGHEST COST PER STOLEN RECORD ACROSS ALL INDUSTRIES

Unencrypteddata

New hackeropportunities

Foreign-sponsoredattacks

Insecure third-partyservices

Business email compromise and

other scams

Advanced spoofing attacks

Manipulated data

Mobile banking risks

Malwareattacks

New chip and pin attacks

1 2 3 4 5

6 7 8 9 10

74% 78% 61% 62%

No detailed cyber risk assessment

Have no cyber incident response plan

Lack data leakage prevention tools

No logging and monitoring systems

78% 61% 62%

Have no cyber incident response plan

Lack data leakage prevention tools

No logging and monitoring systems

Source: KPMG Cybercrime Survey, 2015;

sectors and organizations.

Source: 2016 Cost of Data Breach Study: India by Ponemon Institute; based on a study of 37 companies in 12 industry sectors

Source: MDCyber.com

0 1000 2000 3000 4000 5000 6000

FIServices

IndustrialTechnology

Life SciencesRetail

ConsumerEnergy

TransportationCommunications

ResearchPSUs

12 Marsh India

First-party coverage

CYBER INSURANCE AS A SOLUTION While cyber insurance policies were introduced in the developed countries more than a decade ago, in India these policies were first adopted only about four years ago. Since then, however, the adoption, wording innovation, and acceptance of cyber insurance have grown.

The cyber insurance coverage that began as a simple data privacy insurance policy, which covered only privacy related losses, has now expanded to provide additional coverage, such as:

• The coverage indemnifies an organization for its own data loss, income loss, business interruption costs, system damage, and restoration costs, or for other direct harm to the organization resulting from a data breach or information security incident.

• Third-party coverageThe coverage indemnifies an organization’s liability to third parties, including customers and

governmental entities, arising from a data breach. This may include media liability (copyright and trademark infringement), privacy liability to employees or customers for breach of privacy, bodily injury (certain cyber-attacks can cause physical harm), and/or defensive litigation services (to defend against class actions, derivative actions, and regulatory actions). This is often referred to as liability coverage.

• Extortion and theft coverage This extension covers cyber extortion and ransomware etc. (including computer fraud or funds transfer fraud).

• Remediation coverage – This coverage typically

indemnifies an organization for legal services during the response to a data breach, forensics services, crisis management services (including, public relations expenses beyond consumer notification), consumer notification, regulatory notification, credit monitoring, and identity theft protection services.

• Fines and penalties coverageThis coverage indemnifies an organization for the expenses of regulatory investigations, civil judgments, fines and penalties imposed by regulatory authorities, and fines and penalties for payment card industry compliance violations.

Yearbook 13

NICHE BENEFITS EMERGE AS KEY DIFFERENTIATORS FOR ORGANIZATIONSAs organizations grapple with objectives, such as attracting, and retaining talent and balancing costs, a few niche benefits can help organizations

surgeries, are valued, and one of the factors that influence employees to remain in an organization. In India, changing lifestyles together with long work hours have led to the emergence of diseases, such as diabetes, hypertension, and coronary heart ailments. Medical inflation is also high. Given these, such benefits are appreciated by employees.

If organizations want to develop competitive advantage through human resource (HR) processes, it is important for them to define, identify, and

empowers the HR department to influence organizational strategy, and also provides a link between talent management and strategy.

Organizations in India, in tandem with other countries, are taking baby steps toward providing coverage that are more relevant to employees as well as

direction, but most organizations have a long way to go in the path to provide comprehensive and useful health insurance and benefits to their employees.

THE CURRENT HR TRENDS

Marsh India’s 9th Annual Employee Health and Benefit survey showed that 31% of 2,029 organizations representing diverse industries, whose employees range from millennials to baby boomers, have adopted benefits for their women employees. Also, 30% of the companies surveyed had provided coverage for advanced medical procedures in their health insurance benefits.

About 42% of the organizations had implemented health and wellness or preventive care measures, such as yoga, to inculcate healthy living in their employees’ lives.

An interesting finding of the survey is that employees are pragmatic, and are willing to share the cost of such benefits. In addition, the majority of the employees appreciate the cost savings and the benefits of organization-provided health and related benefits.

WHAT ORGANIZATIONS ARE DOING TO ENHANCE BENEFITS

To gain an advantage in the highly competitive talent market, respondent organizations have realized the need to di�erentiatethemselves from their competitors. Most organizations are exploring plan enhancements that will allow them to provide value, especially for health insurance and disability benefits, to attract and retain their employees.

of the organizations had implemented health and wellness or preventive care measures, such as yoga,

to inculcate healthy living in their employees’ lives.42%

14 Marsh India

while the remaining 55 % of employers said they would like to introduce benefits that employees can choose to enroll in, depending on their circumstances and health issues.

Source: Marsh India 9th Annual Employee Health & Benefit Survey Data is from 2,029 organizations surveyed

KEY BENEFIT STRATEGIES IMPLEMENTED BY ORGANIZATIONS

A FEW NICHE OFFERINGS CURRENTLY OFFERED BY ORGANIZATIONS

© 2015 Marsh LLC. 71 9th Annual Employee Health and Benefits Study

Employers are becoming increasingly aware of the importance of including coverage that are more relevant to employees as well as o�er benefits for their short-term needs. These trends are a step in the right direction, but most employers have a long way to traverse in the path toward providing comprehensive and useful health insurance and benefits to their employees.

FOCUS AREAS TO ENHANCE BENEFITS

In the survey, 31% of the respondents said that they have adopted benefits for their women employees, while 30% said they have incorporated advanced medical procedures in to their health insurance coverage.

PROMINENT BENEFIT STRATEGIES IMPLEMENTED BY CORPORATES, WHO WERE ON TRACK IN ENHANCING BENEFITS.

Women specific

31%

Medical advancements

30%

20%

31% 30% 29%

Out of pocket medical expenses

Women specific Chronic conditions Medical advancements

Chronicconditions

26%

18%

Childrenspecific

Diversity and Inclusion

26%

16%

Disability/Rehab support

Long-termcare

26%

My insurance reimbursed cost of cervical vaccination. Am happy that our company cares for Women employees“

(27 years Banking professional)

We are always on a lookout for program and approaches which help our employees unlock the true value of the suite of bene� t offering within the company and online portal has helped us in that endeavor”

-Delphi

Employee Speak






Women specific

31%


30%

20%

31% 30% 29%



Chronicconditions

26%

18%

Childrenspecific


26%

16%


Long-termcare

26%




-Delphi

Employee Speak



To gain advantage in the highly competitive talent market, respondent employers must di�erentiate themselves from their competitors. “Di�erentiation” is often considered when o�ering a comprehensive benefits package. Employers are exploring plan enhancements that will allow them to provide value, especially for health insurance and disability benefits.





Women specific

31%


30%

20%

31% 30% 29%



Chronicconditions

26%

18%

Childrenspecific


26%

16%


Long-termcare

26%




-Delphi

Employee Speak








Women specific

31%


30%

20%

31% 30% 29%



Chronicconditions

26%

18%

Childrenspecific


26%

16%


Long-termcare

26%




-Delphi

Employee Speak








Women specific

31%


30%

20%

31% 30% 29%



Chronicconditions

26%

18%

Childrenspecific


26%

16%


Long-termcare

26%




-Delphi

Employee Speak

Yearbook 15

9th Annual Employee Health and Benefits Study

relevant to employees as well as o�er benefits for their short-term needs. These trends are a step in the

In the survey, 31% of the respondents said that they have adopted benefits for their women employees,

WORKPLACE WELLNESS PROGRAMS

Organizations are also adopting workplace wellness programs. About 42% of the organizations surveyed said they have introduced preventive health and wellness programs as a measure to maintain their cost budgets.

These programs are becoming popular among employees for two reasons: they improve the health and well-being of employees and the productivity of the organization. Also, they infuse the notion of health and wellbeing in the overall workplace culture.

As for organization, these programs reduce organizations’ health care and associated costs.

Wellness programs lead to savings by lowering common risk factors found among employees. They educate employees about the preventive measures to delay or reduce the chances of developing lifestyle diseases, including obesity, diabetes, and heart disease. The reduction of health risks among employees leads to lower expected healthcare costs, pharmaceutical purchases, hospital visits, and absenteeism In addition to reducing healthcare expense claims, these also have

in organizations.

The study also found that more than 30% of the employee respondents are spending more than Rs. 5,000 of their own money per annum on popular wellness programs.

Most organizations are taking note of the benefits of wellness programs, and more than 40% of the employers

wellness programs on a cost sharing basis.

MEDICAL AND DISABILITY BENEFITS Despite the progress, medical and disability benefits provided appear to be inadequate in India. About 53% of the respondents feel that medical insurance plans were inadequate, while 57% felt the same for disability insurance plans. Many employees end up depending on their personal finances to cover these kinds of expenses. The adequacy gap of insurance plans is increasing, which is leading to increased out of pocket expense for employees.

ORGANIZATIONS NEED TO ADOPT A HOLISTIC VIEW OF EMPLOYEES RISK EXPOSURE

Organizations realize their employees are their greatest asset, and allocate a budget for employee costs, including recruitment, overtime, and insurable expenses, such as compensation, health, and safety. These costs ultimately

There are also other costs associated with inadequate insurance and health benefits, which are often overlooked. These include costs that result from absenteeism and low productivity. If these costs are

bottom line.

Such employee risks are too large to ignore. A holistic view of employee risks, without just factoring in short-term costs of insurance and benefit policies, is important to drive long-term profitability.

employee aspirations and well-being. Often, these important risks are not addressed in the traditional HR benefit strategies. A through study of the direct and indirect people costs allows organizations to understand the total costs-benefits ratio of employee benefit spends.

of the organizations surveyed said they have introduced preventive health and wellness programs

as a measure to maintain their cost budgets.42%

SURESH BABU - President, EH&B practice

References: Marsh India 9th Annual Employee Health and Benefit Survey and Report.

Benefit Type Co-pay on claims 2010 13% 2011 33% 2012/13 32% 2014/15 34% 2016/17 37%

16 Marsh India

The occurrence of an extreme weather event is the single most prominent risk the world could face in 2018, according to the 13th edition of the World Economic Forum's Global Risks Report, prepared in partnership with Marsh & McLennan Companies. The report also highlights uncertainties in the global economic recovery and rising geopolitical and cyber risks as the other prominent factors likely to dominate the global risk landscape in 2018.

As was the case in 2017, environmental risks were by far the greatest concern raised by experts. Among the 30 global risks the experts were asked to prioritize in terms of likelihood and impact, all five environmental risks – extreme weather; biodiversity loss and ecosystem collapse; major natural disasters; man-made environmental disasters; and failure of climate-change mitigation and adaptation – were ranked highly on both dimensions. Extreme weather events were seen as the single most prominent risk.

The report, released in January every year, shares the perspectives of global experts and decision-makers on the most significant risks that face the world – cautions that we are struggling to keep up with the accelerating pace of change. It highlights numerous areas where we are pushing systems to the brink, from extinction-level rates of biodiversity loss to mounting concerns about the possibility of new wars.

The annual Global Risks Perception Survey (GRPS) suggests that experts are preparing for another year of increased risk. When we asked nearly 1,000 respondents for their views about the trajectory of risks in 2018, 59% of their answers pointed to an intensification of risks, compared with 7% pointing to declining risks.

GLOBAL RISK REPORT

TOP GLOBAL RISK CONCERNS OVER A 10 - YEAR HORIZON

Cybersecurity risks are also exacerbating, according to the report. In five years, attacks against businesses have doubled worldwide. “Unlike natural disasters, we are not prepared for cyber-attacks despite them causing billions of damage each year”, said John Drzik, president at Marsh Global Risk and Digital.

(Source: Global Risk Report 2018)

LIKELIHOOD IMPACT

EXTREMEWEATHER 1 1

2 2

3 3

4 4

5 5

EXTREMEWEATHER

WEAPONS OFMASS DESTRUCTION

NATURALCATASTROPHES

NATURALCATASTROPHES

CYBERATTACK

DATAFRAUD

CLIMATE CHANGEMITIGATION AND

DAPTATION FAILURE

CLIMATE CHANGEMITIGATION AND DAPTATION FAILURE

WATERCRISIS

GLOBAL RISKCOMMUNITY

ENVIRONMENTAL TECHNOLOGICAL GEOPOLITICAL

SOCIETAL ECONOMIC

Yearbook 17

Indian banking sector has been attracting lot of public attention o� late. Be it recent fraud reported at major public sector bank, NPAs resolution, need for recapitalization and impact on fiscal deficit or rising cyber-crimes.

But before we look into various risk issues, let me make a provocative statement on the state of Indian banking industry and the use of Insurance as an e�ective risk transfer solution. ‘Banking sector in India is largely not buying insurance covers for the risks which they need to transfer; rather, they are buying insurance for the risks they don’t need to transfer.’ This may sound concerning for any stakeholder of the bank and I would attempt to explain this below, given my experience of over 15 years as risk and insurance advisor.

How banks must use insurance to cover risks

Marsh India is known as an established insurance industry player and a leader in broking and risk consulting space in India. Sanjay Kedia, Country Head and CEO of Marsh India is respected across the industry and is regarded as one of the foremost thought leader in the risk consulting industry. Recently, Sanjay has started to pen down his views on di�erent industry issues pertaining to the Policyholders’ interest in his column: POLICYHOLDERS FIRST. Given below is the first such article which was published by leading national business daily Business Standard.

POLICYHOLDERS FIRST

We all know that the real value of insurance is to transfer low frequency and high severity risks i.e., big risks which could impact the net profit or balance sheet of an organization.

Typically big risks for banks and financial institutions can be categorized as: Credit Risks, Market Risk and Operational Risk. Operational risk is most suited for using insurance to transfer the risk. Fraud / Crime accounts for almost 85% to 90% of the big losses in the operational risk for Indian banking sector and globally also it remain the biggest threat. Professional Indemnity and Management Liability ranks as another major risk for banks globally. Cyber risk is the biggest emerging risk for the sector.

Most banks in India either do not have any coverage for the above top three operational risks or even if they have some restrictive cover, the limits purchased are abysmally low ranging from around INR 2 to 5 crores and in some cases going up to INR 25 crore. Globally for similar sized banks it is common to see Crime insurance cover of USD 100 million to USD 500 million limits and more. Interestingly, the deductibles in such global insurance program is around INR 5 crores which is the size of insurance purchased here locally in most cases.

Crime/fraud insurance with proper limits remains biggest risk exposure not covered adequately by Indian banks. There is an inherent legacy when it comes to insuring crime. Generally, most banks are uncomfortable in sharing data about employee frauds. Besides, delay in getting a final police report on the fraud act as an impediment against processing claims. Given the severity of this risk, banks need to become comfortable in opening up with the insurers so that they can provide meaningful solution to this risk.

Source: Business Standard

18 Marsh India

Cyber security is the biggest emerging risk and not many banks till date have a robust cyber insurance programme. Only four private sector banks and two public sector lenders have cyber risk insurance programme but the limits in most of them are on the lower side compared to the potential risk exposure.

The professional Indemnity risk and management liability, which can potentially cause major losses, are not addressed by most banks insurance programs. Private sector banks with foreign listings have reasonably good protection with Directors & O�cers (D&O) liability insurance. The new Companies Act in India also empowers class actions. Any major impact on share price of a bank due to alleged negligence by the management can also trigger class action suits and claims by investors. So absence of proper D&O policy with most banks is concerning.

The question to ask is, if a major operational risk loss was to happen in India, will the insurance policy protect the investors and other stakeholders? With the current coverage and limits, the answer is clearly - NO.

Most banks are buying insurance for small operational risk like theft, burglary, laptop, glass plates, etc with very small limits which they need not buy. Banks by the nature is

in the business of providing Capital and taking risks. Using insurance for such a low value risk item is a bad financial decision and waste of time and administrative costs. It is simply trading Rupees between banks and insurance company without any real risk transfer. Banks should self-insure such risks.

It is interesting that the Reserve Bank of India proactively came up with Risk Mitigation guidelines in 2014 itself under Basel-II framework. It allowed capital relief up to 20% of the total operational risk capital of a bank, provided the bank carries out a true assessment of their entire operational risk (Advance management Approach) and buy prescribed quality insurance programme. Banking sector can have lower capital requirement of several thousand crore with capital relief under these guidelines.

Given the challenge on fiscal deficit and a need for recapitalization post the NPA restructuring under the Bankruptcy code, buying adequate insurance cover can considerably reduce the operational risk exposure and help in capital preservation for banks.

The recent fraud at a major public sector bank could be a wake-up call for the entire banking sector in India. It is about time for the regulators to revisit banks’ strategies

..the limits purchased are abysmally low ranging from around INR 2 to 5 crores and in some cases going up to INR 25 crore. Globally for similar sized banks it is common to see Crime insurance cover of USD 100 million to USD 500 million limits and more.

on the operational risk management framework and the use of Insurance Market Capital with minimum level of insurance coverage and limits commensurate with risk exposure. This can be advised by RBI proactively to de-risk the banking system before we are faced with a crisis.

Source: http://www.business-standard.com/budget/article/bs-insurance-round-table-2018-govt-s-health-scheme-needs-realistic-pricing-118020801607_1.html

Yearbook 19

The section highlights the most talked about risk trends of 2017 and how it impacted the policyholders and insurers.

VIEW FROM RISK STREET

CYBER SECURITY With multiple attacks like WannaCry and others surfacing on a global scale, Cyber risks have become the focus of many organizations. It is the most significant emerging risk that is plaguing the world today. Organizations have been forced to have a re-look at their own systems, and that is in fact the most e�ective defense against this peril. Employing safe IT practices across all verticals, educating all employees and having in place covers that protect against scenarios when there has actually been a breach, can go a long way in safeguarding against any such attacks.

There has been an uptick in the enquiries of cyber policies from our clients and prospects alike. In today’s age of connectivity, organizations are slowly realizing the threat they face due to a Cyber exposure.

POLLUTION RISKThe next emerging risk that we foresee, especially in India in the coming years, is related to pollution. Although it might not pose a very sizable risk today, there are signs that uncontrolled emissions might soon incur the wrath of governments and anti-pollution bodies. With most of the damage being quietly slid under the rug today, the same might not be possible in the coming years. The potential fallout for major organizations, if they are not mindful of this risk that arises from within their own premises, could be huge and immensely demoralizing for their stakeholders and customers alike.

UNDER-VALUING PROPERTYProperty insurance revolves around valuation, as claim is directly depended on it. With growing cities and spread of infrastructure, the process of valuing assets has become a challenge.

Corporates need to understand their assets better and ensure that irrespective of the changes in their accounting method or the addition of newer assets, a timely valuation – often recommended between once every 2-3 years – becomes a norm rather than a knee-jerk reaction after a claim.

OUT-PATIENT DIAGNOSTIC BENEFITSOPD benefits are now emerging as organizations start to put more emphasis on the preventive care to increase engagement with employees and control costs. Lifestyle diseases if curbed can help save health and money. Thus, there are Comprehensive OPD Insurance products which are now available in the market to cater to these needs of organizations.

COVERAGE OF WAREHOUSE OR BONDED PREMISESIn 2017, a notification was released by the Ministry of Finance regarding the coverage of bonded premises. The notification says that an applicant has to procure an all risk insurance policy in favor of the President of India. The policy should cover natural calamities, riots, fire, theft, skillful pilferage and commercial crime, for a sum insured equivalent to the amount of duty involved on the goods to be stored in the private warehouse at any point of time. Public sector insurance companies have come up with a product called “Customs Duty Package policy” carter to the requirements of customs authorities.

20 Marsh India

MARSH INDIA CLIENT RISK &INSURANCE FORUM (MICRIF)The recent time is governed by changes. The dynamic aspect of this change is associated with each and every aspect of human life, be it home, workplace or business environment. Both individuals and corporations are grappling to manage this ever-changing environment. As every other aspect of life changes, the risk landscape also becomes more uncertain and challenging.

In order to address the changing risk landscape and insurance, we felt that there was a need for providing a common platform wherein risk and insurance managers from diverse industries could come together and exchange their ideas. The forum

intends to provide a knowledge sharing platform where the stakeholders discuss and analyse existing and emerging risks that all organizations are likely to face, be it the growing threat of floods, rising number of cyber-attacks or increasing vulnerability of our cities to di�erent risk events and the consequent business interruption that they cause.

Marsh India Client Risk & Insurance Forum (MICRIF) is an ongoing forum of select executives and decision makers from large and diverse organizations who are leading market players in the area of risk and insurance.

Core objectives of this forum are as follows:

• To develop a self-sustaining community capable of representing policy holders’ interest.

• To Identify and benchmark best practices in risk management and insurance.

• To Collaborate and provide actionable insights on emerging and long-term risks.

• Thought Leadership through articles, white papers etc.

Currently, the forum consists of 16 members from diverse organizations and industries.

Yearbook 21

MICRIF AS VIEWED BY MEMBERS:

First of all I would like to thank Marsh for creating this platform and arranging for meeting with full passion. This forum brings insurance perspective from diverse industries on a single platform which is unique concept in itself.

This helps us to understand di�erent perspective of same risk, specific risk for di�erent industries and best practices. There were insightful sessions on di�erent important topics by experts, which have been very useful in understanding emerging risk trends as well as nuance of various aspect of risk management.

The contribution from its members and Marsh commitment with respect to feedback on Fire and MBD policy wording was also noteworthy. Last but not the least this forum has brought togetherness in relationship of its members.

NEERAJ JAIN

General Manager - Finance, Wockhardt Ltd

Insurance is a type of protection to cover certain unknown risks and where change is constant. Indian market is still in a nascent stage when it comes to insurance. Marsh forum has set a platform for peer interactions of risk managers, senior decision makers and stakeholders from across all industry sectors.

The forum has assisted in providing market update and insights on various products especially in property and liability lines. The forum acts as a guide and addresses important queries like “how”, “when”, “why”, insurance is important to us. It also provides us with valuable inputs about things to look out while pursuing an insurance cover.

Most of the sessions during the year were interactive and it addressed practical problems faced by various sectors and or identical entities. There were insights which were shared by experts from the respective fields and were relevant to the market.

The journey in the past one year has been very eventful, and assisted in gaining market knowledge as well as the best practices followed abroad.

HARINI RAVI

Senior Vice President, Yes Bank

This is a first of its kind forum in India which has helped bringing insurance policyholders across diverse sectors together. The forum is not just for sharing the best practices, but it also provide a platform to represent the policyholders’ interest with the industry bodies and regulators.

The first year of the journey has been very insightful. It has given us an opportunity to interact and share ideas with industry peers and I look forward to continuous engagement from this forum.

I expect to this forum to now mature into bringing in thought leadership and representations to the industry and regulators on policyholders’ requirements and challenges. Marsh team has played a pivotal role in enabling this platform and has made significant e�orts to keep up the momentum. I would like to congratulate the team working on this.

NISHITH AGARWAL,

General Manager - Treasury, Insurance & Credit Control, Finance, Tata Communications Ltd

22 Marsh India

CLIENT SPEAK

At Godrej, we strongly believe that besides our strong financial performance and innovative, much-loved products, we remain a good company. At the heart of all our e�orts, is our talented team. We take much pride in fostering an inspiring workplace, with an agile and high performance culture. We value our people the most and continuously review our policies and benefits to make life more comfortable and easy for our team members. We are selfish about our employees’ happiness and support our employees through their various life stages.

One of the important benefits that we o�er is the medical insurance policy. We realized that this policy is a special one as it is used by employees in times when they need the maximum support from a company. We have always had a self-insured medical scheme. This model has enabled us to run a pro-employee scheme by providing wider coverage with minimal restrictions for our employees. However, there were some disadvantages of this model. The two important ones being the lack of cashless payments and employees were required to pay taxes on the reimbursed amounts. These were our primary reasons to look for an insurer-led model.

To make a seamless switch, it was imperative to maintain the current medical insurance scheme and its o�erings for all employees while evaluating a policy that continues to support our requirements for a pro-employee initiative. This meant that the new insurance policy

needed to be mirrored to the current one in terms of all coverages and benefits and yet o�er a competitive cost point.

Marsh, our risk advisor, started a comprehensive review of the existing policy terms and coverage limits to understand the policy structure and mapped the organization’s practices over the last few years. They started by reviewing claims from the past two years and had multiple discussions with our in-house doctors. Post this in-depth analysis, Marsh designed a Group Mediclaim Insurance Product customized for Godrej, which o�ered an even improved benefit value proposition for our employees. Some of the additional features of the new policy are:

• Fertility treatments were included in the cover

• Policy was extended to cover AIDS patients

• Generic non-inclusions to a standard insurance policy were included like coverage of genetic disorders, pace makers, artificial limbs, Ayurveda and Homeopathy treatments

• In order to provide more choice to the employees, Voluntary Top-Up Plan and additional dependent coverage were introduced

• Cover for surviving dependents in case of unforeseen demise of the employee (until continuing policy period)

The next challenge was to manage the transition from a self-insured to an insurer-led model. This change was going to impact 4500+ Godrejites who had never experienced an insurance vendor before this, and there were many apprehensions around the quality of customer service, especially in case of a cashless model. Marsh planned a multi-level communication plan around this change.

Firstly, the HR teams were trained about the new policy and its benefits. The next step was a targeted communication plan for employees with mailers, SMS campaigns, and roadshows across India. Marsh’s BenefitMe portal was also introduced to make the end-to-end journey from enrolment to claims process smoother for employees. This was followed by a feedback process to understand employee experience during various stages of hospitalisation to claim reimbursement.

Its been 10 months into the policy and Godrejites have welcomed and adopted an insurer-led plan. This transition from self-insured to an insurer-led plan has been seamless and hassle-free for our employees. Marsh has played a key role in this transition, not only as a risk advisor but as our active partner. They have executed this process by extending seamless support, from managing the coordination with multiple vendors (insurer, TPA etc.) to even handholding one-on-one employee queries on priority. This policy has grown to now cover 7200+ Godrejites across our five business units.

The team has paid significant attention to detail and have delivered a tailor-made program to suit every Godrejite. They have taken sincere e�orts to simplify the process and communication at each step and extended their support and guidance to our employees throughout the transition to the new policy. It has been an absolute pleasure to work with the Marsh team on this program and we look forward to a fruitful partnership in the long run.

PRAFUL BHATTHead HR, Agri Business, Godrej Agrovet Ltd.

MEGHA GOELLead - Performance and Rewards, Godrej Industries Ltd. and associated companies

Yearbook 23

Managing insurance is not about just managing the outflow of premium but to align risk management with the corporate goals. The need for flexible but at the same time e�ective operational and strategic planning in insurance arises for a number of factors like growth in business complexity, rapid changes in economic environment, regulatory aspect, competition etc. The tab of umbrella covers which insurance company o�ers supports organizations to manage unforeseeable losses which may jeopardize the vary existence of the organization.

The objective of the insured should be to create a truly viable and cost-e�ective specialty insurance program covering both physical and human assets. On the other hand, the insurance companies should support in creating value at core for its esteemed clients who lay trust in their insurance products. Ideally, an insurance broker acts like a bridge between all stakeholders enabling them to collaborate. An ideal arrangement will be an industry which is extremely e�cient in managing costs, generates high returns for stakeholders and most importantly attracts high customer loyalty.

Marsh has always been on the forefront in accepting the challenge of chalking out new avenues for risk mitigation and being instrumental in o�ering solutions for emerging risks.

MR. AMIT KUMAR AGARWALCFO.Polyplex Hydro Pvt. Ltd

Let me take this as an opportunity to share a token of appreciation for the fantastic partnership you provided in facilitating the Employee Benefit Policies for ADP Pvt Ltd . You are a rare service professional I have come across, very well demonstrated in your behaviors the true meaning of “being a partner” with a smile always on your face and open to support as a DNA of yours. You are very “proactive” in your approach and possess very good “listening skills” and most importantly the domain knowledge. You always “walked that extra mile” to accommodate our requests and never hesitated to work on holidays if the situation demanded. I worked with multiple vendors and you have unique people skills which enticed us to work with you.

You have added value to the organization with your diligence and friendly approach.

MR. SATYANARAYANA VINJAMOORISr.Director HRADP Pvt Ltd.

Client Speak...

24 Marsh India

Bengaluru

Colleagues in Bengaluru visited Acharya Sri Rakum School for the Blind, a free school for visually impaired and under privileged children. Apart from regular education till post-graduation, students are also trained in social skills, yoga, karate and other vocational programs. Our colleagues visited the Indiranagar branch at Bengaluru. The branch was started in 1998 with just three students and now has over 100 students. During their visit, Marsh colleagues conducted various activities like passing the Ball quiz, Antakshari (spoken parlor game), quiz on Bollywood movies, gift distribution. They also sponsored lunch for all the children& donated funds for three storage cupboards for the school.

Mumbai

Marsh India colleagues in Mumbai came up with the noble idea of visiting Ashadaan at Byculla, Mumbai which is a home for the underprivileged and is run by 12 Sisters of Mother Teresa Society. Host to about 400 people, su�ering from physical and mental disabilities, it provides a home to many living o� the streets as well as those who are a�ected by HIV/AIDS along with their family. Volunteers also ran a donation camp where they appealed all the colleagues to donate books, clothes and utilities.

MARSH CARES !!!Under the umbrella of the global initiative ‘Marsh Cares’, Marsh supports a variety of causes related to environment and education. Every year in the month of May, Marsh across all its o�ces around the globe celebrates global volunteer month wherein contribute their time for a noble cause.

This year the buzz around Global Volunteer Month started early with Marsh India colleagues eagerly waiting for the volunteering initiative. This year the Marsh India volunteers wanted to take their responsibilities to the next level. Marsh India colleagues in Mumbai, Gurgaon and Bangalore shortlisted their respective activities, post evaluation of various avenues.

Gurgaon

Colleagues in Gurgaon visited ‘The Blind Relief Association’. Their approach included helping and educating the children through variety of activities like wall painting, paper bag manufacturing and candle making. They also conducted Joy of Giving Week during Diwali and the donations raised were donated to Gurukool Kids’ home in Gurgaon. Enthusiasm and involvement was apparent among the Marsh volunteers in both the events.

In addition to the Global volunteer month, Marsh India also participates in the Mumbai marathon every year. Around 25 Marsh India colleagues ran in support of Concern India Foundation this year.

Marsh colleagues volunteer for a variety of reasons. No matter who we are or where we live, we all want to make a di�erence in our communities. Together, we have a real impact on the causes that we care about.

Yearbook 25

MUMBAI/HYDERABAD

Marsh India launched the 9th Annual Employee Health & Benefits Survey report in Mumbai on February 15. The Mumbai event was the first among the seven cities which hosted the same event. This was for the first time such report was launched nationally, in line with our e�ort to engage with our clients spread across the country. About 810 delegates attended these events.

Events play an important role in client engagement. They allow us to understand the clients better, provide an avenue to share insights and experiences, and also to further develop relationships.

Marsh events often act as a platform to exchange ideas and feedback not only between existing clients but also between other stakeholders like industry bodies and regulators.

In 2017, Marsh India had a busy year in terms of events. Marsh India organized & participated in 34 events across India.

MARSH EVENTS

Title Insurance

9th Annual Employee Health & Benefit Survey Event

MICRIF Launch Event

Structured Trade Credit & Political Risk

MCS Boardroom Discussion

Round Table on EH&B

CREDAI BANM (Builders Association of Navi Mumbai)Title Insurance . Structural Defect

AMCHAM’s Western Region Signature Event : ‘India 2018 & Beyond’

Feb 1

Feb 15

April 6

May 23

June 13

June 28

Aug 18

Dec 6

MUMBAI

9th Annual Employee Health & Benefit Survey EventFeb 16

BENGALURU

DELHI/NCR


Economic Times – India Realty Congress – Title Insurance

MCS Boardroom Discussion

10th Annual Health Insurance Conference by FICCI

Feb 22

May 26

June 13

Dec 18

PUNE


CREDAI MAHACON – Title Insurance

Cyber & Emerging Risk

Feb 17

June 16

Dec 6

HYDERABAD 9th Annual Employee Health& Benefit Survey Event

Highly Protected Risks: Way Forward For Business Resilience And Property Protection

Round Table on Title Insurance

Feb 23

Sep 22

Nov 16

CHENNAI 9th Annual Employee Health & Benefit Survey Event

Round Table on Emerging Risk in ever changing environment

March 1

Oct 6

KOLKATA

9th Annual Employee Health & Benefit Survey EventFeb 24

26 Marsh India

A Roundtable discussion on Title Insurance was organized in Mumbai on February 1. Around 60 delegates attended the event.

PUNE

Cyber and emerging risk event at Pune, on December 6. The vent was attended by 90 delegates.

CHENNAI

A Roundtable on Emerging Risk in ever changing environment was organized in Chennai on October 6. Around 150 delegates attended the event.

Yearbook 27

MARSH INDIA LEADERSHIP

28 Marsh India

MOHIT AGARWAL MANISH LALWANI

JOSEPH LONAPPAN

SANJAY KEDIA

Country Head and [email protected]

KADAMBINI JOSHI

NITESH GOYAL

ASHISH PARAKH

PRAKASH RAJAN

ANURAG DHARNIDHARKA

Managing Director,Branches & Multinational

Client [email protected]

Managing Director,Employee Health & Benefits,

A�nity, Operations & [email protected]

Managing Director,Sales

[email protected]

President & [email protected]

Senior Vice President,Strategy, Risk Management Practise,

Marketing & [email protected]

Senior Vice President,Legal, Compliance & Public A�[email protected]

Senior Vice President,Human Resource

[email protected]

Managing Director,Energy, Aviation, Infra,

Marine & [email protected]

ABOUT MARSH

A global leader in insurance broking and innovative risk management solutions, Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in over 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$14 billion and nearly 65,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. In addition to Marsh, MMC is the parent company of Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.

Disclaimer: Marsh India Insurance Brokers Pvt Ltd is a joint venture between Marsh International Holdings Inc. and its Indian partners. Marsh is one of the Marsh & McLennan Companies, together with Guy Carpenter, Mercer and Oliver Wyman. This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy.

Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any modeling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially a�ected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. Insurance is the subject matter of the solicitation. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

Marsh India Insurance Brokers Pvt. Ltd’s corporate and the registered o�ce is at 1201-02, Tower 2, One Indiabulls Centre, Jupiter Mills Compound, Senapati Bapat Marg, Elphinstone Road (W), Mumbai 400013. Marsh India Insurance Brokers Pvt. Ltd is registered as composite broker with Insurance and Regulatory Development Authority of India (IRDAI). Its license no. is 120 and is valid from 03/03/2018 to 02/03/2021. CIN: U66010MH2002PTC138276.

Copyright 2018 Marsh India Insurance Brokers Pvt Ltd. All rights reserved. Compliance IND 20180306-A.

Marsh India Communications Team

For any information, please contact:NILADRI [email protected]

Yearbook 29

HEAD OFFICE

MUMBAI1201-02, Tower 2, One Indiabulls Centre, Jupiter Mills Compound, Senapati Bapat Marg, Elphinstone Road (W) Mumbai , 400 013Tel.: +91 22 6651 2900Fax: +91 22 6651 2901Website: www.marsh.co.inEmail: [email protected]

MARSH INDIA BRANCH CONTACTS

AHMEDABAD301, Zodiac Plaza, Beside NABARD,HL College Road, Off C. G. RoadNavranagpura, AhmedabadGujarat -380 009, IndiaTel.: +91 79 4023 2200Fax :+91 79 4023 2211

BANGALORETower C Land Wing, 4th FloorRMZ Millennia Murphy RoadUlsoor, Bangalore , 560008Tel.: +91 80 41857800Fax: +91 80 41857777

BHUBNESHWAROffice no. 19, Dindayal Bhaban, Ashok Nagar,Bhubneshwar - 751001

CHENNAIAlamelu Terrace, 3rd Floor# 163, Annasalai Opp. Spencer plazaChennai - 600 002Tel.: +91 44 4348 6969Fax: +91 44 4348 6965

DIBRUGARH301 3rd Floor, Hotel Varsa,Marwari Patty,Dibrugarh 786 001, Assam Tel: +91 7578014118

GURGAONUnit-I, 7th Floor, Tower-ADLF Infinity Towers, DLF Cyber CityGurgaon – 122002Tel.: +91 124 4049 200Fax: +91 124 4049 201

HYDERABAD203, 2nd Floor, Ashoka Vishnu Capital, Plot No: 90, Road No: 2, Banjara Hills, Hyderabad – 500034, IndiaTel.: +91 40 4664 8800Fax: +91 40 4664 8888

INDORERegus, DNR 90, Unit Nos. 301,3rd floor, 569/3, MG Road, Indore – 452003 Tel : +91 731 4785000 Fax : +91 731 4785003

KOLKATAPS Arcadia Central Unit #2C,2nd Floor, 4A, Abanindranath Thakur, Sarani, (CAMAC Street), Kolkata - 700 017 Tel: +91 33 6940 0016 Fax: +91 8100265030

NOIDA91Springboard, Sector C-2,Noida-201301Uttar Pradesh

PUNE2nd Floor, GE Plaza, Airport Road,Yerawada, Pune 411 006Tel: +91 (20) 67090600 Fax : +91 (20) 67090666

VADODARAOffice No. 203, Pavanveer Square, Hari Bhakti Extension Colony, Near Malhar Point, Old Padra Road, Vadodara, Gujarat - 390007 Tel :+91 265 3023898 Fax : +91 265 3023898

YEARS INI N D I A15

marsh india yearbook 2018

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