For PHD Chamber of Commerce Innovations in Liability Insurance UTTARA VAID ADVISORY Delhi 3rd June 2015 For PHD Chamber of Commerce

Contents The Changing Regulatory And Business Scenario Changing Mindsets reflecting International Best Practices Insurance Industry’s Response Changes in Liability Insurance Industry New Products : Cyber Insurance, Reputation Protect Innovations in Existing Products : D & O, Crime, E & O Conclusion – Questions ? Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

The Changing Scenario Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Changing Regulatory and Business Scenario Companies Act Changes which have impacted the D & O landscape Section 201 of the erstwhile Act scrapped Section 197 (13) grants statutory recognition to D & O insurance Class Actions permitted “Make in India” Government Initiatives Regulatory Mandates Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Changing Mindsets / International Best Practices Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Changing Mindsets/International Best Practices Deductibles Consolidation Higher involvement of senior management in risk transfer and insurance purchasing decisions Appreciation of necessity behind risk transfer and contractual mandates Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Liability Insurance Industry’s response to these changes Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

New Focus on meeting Industry’s needs Responding to demands from the Industry to introduce new policies which are combining various coverages from different classes of business to provide fit-for-purpose policies For existing policies endeavours to understand pain points and introduce wording to cover insurable risks Introducing sector-wise special forms to meet sector specific needs Bundling various policies together to provide comprehensive coverage Drive towards improvements necessitated from legal outcomes and claims experience Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Innovations from the Liability Insurance Industry Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

New Products Cyber Insurance Reputation Insurance Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Innovations in Existing Products - D & O Ins. Fewer Exclusions More protection to Non-Executive Directors More protection to Retired Directors Trending towards Side A covers Many different forms to cater to specific risk exposures More willingness to cover Incidental Expenses covers (To the main claim, though may often be sublimited) Claims handling procedures improved and more empathetic Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Innovations in Existing Products - E & O Ins. More emphasis on Sector Specific wording which meet sector specific requirements . Examples abound Industry/Sector E & O Form/Wording Construction Construction PI Health Care Medical Malpractice IT/Communication ITC E & O/ Technology E & O Financial Sector FIPI, Stock Exchange PI, IMI Media Multimedia E & O More reality based wording with need-based endorsements More choice to the Insured to select the claims handling protocols Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Innovations in Existing Products - Crime Ins. New Wording can be adapted for both Insured’s needs and also the Business Financier’s/ Lending Institutions’ needs More comprehensive wording takes care of both first party crime and third party crime in the same form. One bundled wording that eliminates the need to have specific policies such as Money-in-transit /Cash in safe policy Burglary and House-breaking policies (?) Fidelity Guarantee policies Many new, topical coverages added in the Crime form Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Conclusion Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Conclusion An exciting time to be in the field of Liability Insurance today, in any capacity – as a buyer, seller or broker ! Winds of change observed From the Insurer’s side - An increased readiness to achieve actual risk transfer From the buyer’s side - An increased awareness to get fit-for-purpose products with emphasis on coverage and claims handling From the broker’s side – Ask and you shall get ! Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent

Presented by Uttara Vaid Uttara Vaid Advisory Mobile - +91 9757129164 Email – uttara.vaid@uvadvisory.com Website – www.uvadvisory.com Uttara Vaid Advisory All IP rights to this presentation are owned by Uttara Vaid Advisory. No part of this presentation may be copied/reproduced without the author's consent