January 2019 Insurance E-Bulletin - E-BULITTIN... · 2019. 12. 16. · Volume-24 I N D I A Insurance E-Bulletin THE ASSOCIATED CHAMBER OF COMMERCE AND INDUSTRY OF INDIA ASSOCHAM Corporate

Volume-24

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Insurance E-Bulletin

THE ASSOCIATED CHAMBER OF COMMERCE AND INDUSTRY OF INDIA

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Tel: 011-46550555 (Hunting Line) Fax: 011-23017008, 23017009 Email: [email protected] Web: www.assocham.org

January 2019

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02 - ASSOCHAM Insurance-Bulletin - Volume - 24

Piyush Goyal had assured truckers' IRDA TO STOP FIXING 3RD organisations to reduce this to 15%, PARTY INSURANCE PREMIUM which has not yet happened. “The FROM 2021regulator said they can't do anything The Insurance Regulatory and now since eight months of the current Development Authority (IRDA) has financial year have already passed. So, indicated that it would disband the there was proposal if they could limit practice of annual fixing of premium for next year's hike to 10% or 10.5% and third party (TP) insurance for motor notify the increase early rather than vehicles from 2020-21. This would pave waiting for March-end.the way for insurance companies to https://timesofindia.indiatimes.com/india/irdaquote their own premiums, which may tostopfixing3rdpartyinsurancepremiumfrom20

bring it down because of stiff 21/articleshowprint/66929248.cms

competition. Currently, the insurance

regulator announces the fixed premium IRDAI PROPOSES CHANGES IN

for TP insurance cover, which is REGISTRATION NORMS FOR

mandatory for every vehicle that plies on INSURANCE MARKETING the road. The transporters have been FIRMSdemanding that the regulator fix the cap Regulator IRDAI Monday proposed to for premium and allow insurance relax norms for registration of insurance companies to offer discount so that marketing firms with an aim to improve policy-buyers have greater choice. Since penetration of insurance products in the there is no fixed premium for “own country. Insurance marketing firms damage”, insurance companies offer (IMFs) are registered by the Insurance huge discount. Insurance companies Regulatory and Development Authority collected about Rs 50,000 crore of India (IRDAI) to solicit or procure premium for motor vehicle insurance in insurance products. Earlier this year, the 2016-17, according to Insurance regulator had constituted a committee Information Bureau of India (IIB). for review of IMF regulations. Based on Insurance companies have been more the recommendations of the panel, keen to sell comprehensive insurance IRDAI has proposed several changes in policies, which include both TP and own the existing framework governing IMFs. damage (OD). Officials told TOI that de-As part of the proposed changes, IRDAI tariffing TP premium came up for is considering to reduce the net worth discussion last week when the Prime requirement to Rs 5 lakh for applicants Minister's Office held a meeting on the opting for an aspirational district. The demand of truckers to roll back the steep NITI Aayog has designated 117 districts increase in premium for the current in 28 states as aspirational districts. The fiscal. Truckers had gone on strike current capital requirement for raising a host of demands including registration as an insurance marketing rollback of nearly 28% hike in third party firm is minimum Rs 10 lakh. IRDAI has premium. Then interim finance minister

Top Insurance News

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also proposed expansion of the basket will need to pass resolutions before

of products which can be solicited or Parliament enacts a law for the

procured by an IMF to include group constitution of the NHA. Senior officials

insurance products for Micro Small and at the Health Ministry, NITI Aayog and

Medium Enterprises (MSMEs), crop the National Health Agency refused to

insurance for non-loanee farmers and comment on the proposal.

combi products. Simplification of

process of resignation of insurance sales WHY SEPARATE BODY MAY person and expansion of the scope of HELPwork of Principal Officer are some of the Globally, state health insurance other key changes proposed in the programmes and price models are under current regulations. a system that bypasses the national https://www.moneycontrol.com/news/india/ir health ministry. In India, there are dai-proposes-changes-in-registration-norms-

concerns that since PMJAY only caters to for-insurance-marketing-firms-3247891.html

around 40% of the population, setting

the price for 50 crore people could TO MANAGE INSURANCE FOR

artificially inflate health costs for the ALL, NITI AAYOG PLANS NEW

remaining 80 crore. Hence, the AUTHORITY, NOT HEALTH argument for a distinct authority. The MINISTRY PMJAY is the most ambitious social The NITI Aayog has proposed the sector scheme of the NDA government. formation of a National Health Authority Launched on September 23 by Prime to administer the Pradhan Mantri Jan Minister Narendra Modi, the scheme Arogya Yojana (PMJAY) and will be entitles 10.74 crore families to an annual chaired by the Health Minister with the health cover of Rs 5 lakh. A part of the Aayog as its administrative body. The overarching Ayushman Bharat scheme, proposal will need to be cleared by the PMJAY is currently administered by the Union Cabinet and if accepted, will mean National Health Agency which is a that the Union Health Ministry will have registered society under the Health little say in the NDA government's Ministry. While the Health Ministry is not flagship health scheme. The NHA, for all responsible for the day to day running of practical purposes, will report directly to the scheme, it does have a say in policy the Prime Minister's office and will stay at matters. For example, the package rates “arm's length” from the Union Health were decided by the Directorate General Ministry. Envisioned as an autonomous of Health Services. An authority with body, the NHA, according to officials, statutory backing will also have penal could initially be formed by an executive powers and can issue orders to its state order as with the Unique Identification counterparts rather than the “advisories” Authority of India (UIDAI) but will that the National Health Agency eventually need statutory backing. But currently issues to the state health with health and public health being state agencies. Penal powers will also mean subjects, two or more state legislatures that the NHA can act against errant

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hospitals. Currently, even to de- FROM JAN 1, IRDAI ALLOWS empanelling a hospital violating norms, UNBUNDLING OF COMPUL-the agency has to go via the Health SORY PERSONAL ACCIDENT Ministry and the only recourse left is to COVER IN MOTOR POLICIESfile an FIR.

Back in October, car and two-wheeler There are, however, concerns in some owners were hit by an Insurance sections of the government on the NHA's Regulatory and Development Authority powers to decide package rates. Given of India (Irdai) ruling that saw an increase that the PMJAY currently caters to 50 in the overall cost of ownership of a crore people, there are apprehensions vehicle. Irdai had increased the that with government buying services for compulsory personal accident coverage one section of the population, health amount from Rs 1 lakh to Rs 15 lakh and expenses for the other 80 crore could get thus, pushing the cost up. The insurance artificially inflated. A chain of command regulator has some good news though for a national health insurance for vehicle owners. Effective January 1, programme that is independent of the 2019, IRDAI has unbundled the Health Ministry is a common practice compulsory personal accident (CPA) internationally. In China, for example, the cover and permitted the issuance of a State Medical Insurance Administration stand-alone policies. This move can reports directly to the Politbureau. It also reduce the cost of ownership of a has full say over the prices of medical vehicle. Here's how this can happen. As a services. Medicaid in the US too has say policyholder, the premium of Rs 750 per over prices as does the Universal annum for annual CPA cover for both Coverage Scheme in Thailand. Such a cars and two-wheelers was to be paid. structure is important because currently, Now, effectively, this is the amount of every fresh proposal that the Agency savings if one already has a stand alone moves for the minister's approval has to personal accident cover. traverse the entire hierarchy of the

Ministry from the level of an BUYING STANDALONE COVERundersecretary before it reaches the Effective January 1, on expiry of a minister. Valuable time is lost in all this bundled CPA cover, it may be replaced and often the proposal does not even with a standalone CPA cover and the make it. That is not good for a scheme of same may be taken from any registered this nature general insurer. Since a general personal https://indianexpress.com/article/india/to-

accident cover also includes cover manage-insurance-for-all-niti-aayog-plans-

against motor accidents, if an owner new-authority-not-health-ministry-5483937/driver already has a 24 hour personal

accident cover against death and

permanent disability (total and partial)

for CSI of at least Rs.15 lakh, there is no

need for a separate CPA cover to be

taken. "Insurers now have to come up

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with a stand alone PA cover of Rs. 15 lakh THE BACKGROUND which will be available for the customers. Earlier, Irdai had asked insurers to

If he has a CPA cover from another provide a minimum cover of Rs 15 lakh

insurance company then it is not under CPA for owner-driver vehicles at a

mandatory for him to buy it again," says premium of Rs 750 per annum for annual

Sajja Praveen Chowdary, Business Unit policies for both cars and two-wheelers.

Head- Motor Insurance, Insurers can offer higher covers in

multiples of Rs 1 lakh or Rs 5 lakh as well Policybazaar.com

but the minimum has to be Rs 15 lakh.

On October 9, 2018 Irdai issued a circular OPTIONSstating that it is the choice of the owner-Now, if a policyholder chooses to opt for driver to opt for a one-year CPA or long-the CPA cover as part of the liability only term CPA and insurers cannot compel policy or the package policy as it exists owner-drivers to go in for long-term today, one can continue to do so. In the package policy or long-term PAC policy. event the policyholder chooses to take a Irdai has directed insurers to ensure that stand-alone CPA policy, the CPA cover they necessarily offer the choice of one-offered as part of liability only or year CPA to an owner-driver.package policy shall be deleted. https://economictimes.indiatimes.com/wealth/

insure/from-jan-1-irdai-allows-unbundling-WHY UNBUNDLED of-compulsory-personal-accident-cover-in-Irdai, in its statement, said it had motor-policies/articleshow/67057085.cms

received from various quarters wherein

it has been pointed out that many GST COUNCIL MAY LOOK AT owner-drivers already have existing REDUCING TAX ON THIRD general Personal Accident covers which

PARTY INSURANCE PREMIUM: ought to be taken cognizance of. Also,

REPORTthe fact that owner-drivers may own

The Goods and Services Tax (GST) more than one vehicle needs to be taken

Council may consider cutting the tax rate into consideration in a more rational

on payment of third-party vehicle manner so that the owner-driver does

insurance premium in order to "ease the not have to take different policies for

burden on consumers". The Prime different vehicles that one owns.

Minister's Office (PMO) has asked the Coverage under the stand-alone CPA will

finance ministry (Department of extend to all the vehicles owned by the

Financial Services) to look into the issue owner-driver under the same policy. In

and "prepare a proposal that can be other words, the cover under the stand-

placed before the GST council. Third-alone CPA policy will now be valid when

party insurance premium is taxed at 18 the owner-driver drives any of the

percent right now, and it is mandatory vehicles one owns.

for every vehicle owner to have a policy.

There was a unanimous view that the

GST rate needs to be rate needs to be

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rationalised in this case since the vehicle insurance plans (Ulips), except that they

owner has no choice than buying the do not offer insurance currently. Your

policy. The GST council is expected to money gets invested in the funds of your

meet in the next 10 days to consider choice and just like Ulips, ULPPs come

various contentious issues, including with a lock-in of five years.

bringing petroleum and aviation fuel The similarity with Ulips ends here under its ambit. though. Being a pension plan, ULPPs'

Insurance Regulatory and Development product construct discourages early

Authority of India ( IRDAI) was withdrawals. They don't allow partial

considering cutting third-party vehicle withdrawals and if you choose to

insurance premium by 10 percent. liquidate your investments before the

Commercial vehicle owners have been policy term, you can only keep one-third

asking for a rate cut as the mandatory of the money. The balance needs to be

tax makes the vehicles expensive. They annuitised on withdrawal, (an annuity

believe that a reduction in tax rate will product pays regular income). Or, you

also help increase the insurance cover, can use the balance to buy a single-

which at present is only 50 percent of all premium pension policy. Even on

vehicles maturity, you can keep only one-third of

https://www.moneycontrol.com/news/business the corpus; the rest needs to be /economy/gst-council-may-look-atreducing- annuitised. In NPS, you need to contribute taxonthirdpartyinsurancepremium3286731.html a minimum sum every year and it doesn't

allow you to liquidate all your money INSURANCE PENSION PLANS before turning 60 years old. If you do, it TO BE FLEXIBLE, BUT NPS annuitises 90% of the corpus, allowing

only 10% to be taken as lump sum.STILL CHEAPEROnce popular, now forgotten, pension But it allows partial withdrawals. After plans offered by life insurance staying invested for about three years, companies may become attractive once you can withdraw up to 25% of your again if the latest product regulation contribution for emergencies such as draft by the Insurance Regulatory and child's education, marriage, buying a Development Authority of India (Irdai) is house or treatment of a critical illness implemented. The draft makes the ailment. You can make up to three partial design of unit-linked pension plans withdrawals during the tenure and this (ULPPs) more flexible and puts it puts NPS a notch above ULPPs. At the time squarely in competition with the of maturity, when you are 60 years of age, National Pension System (NPS). But an you can keep up to 60% of the important drawback remains: ULPPs accumulated corpus and annuitise the continue to be more expensive than NPS. rest. In ULPPs, you can only pocket We tell you how the two compare. 33.33% of the corpus.

The draft on ULPPs proposes to increase ON PRODUCT STRUCTURE withdrawable corpus to 60% and allow ULPPs are much like unit-linked partial withdrawals after the lock-in

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period, which will make ULPPs similar to In case of NPS too, as per the G.N. Bajpai

NPS. Committee report, a 100% allocation to

equities is recommended, and PFRDA

has already increased the equity ON INVESTMENT PATTERNallocation from 50% to 75%. ULPPs don't offer pure equity funds

because they are currently mandated to

offer a minimum non-zero positive ON COSTSreturn on the investment, on maturity or Cost is the significant differentiator on death of the policyholder. In NPS, you between the two. NPS can charge only can invest up to 75% in equity. But this 0.01% as investment management story is set to change for both. The draft fee—this may undergo some revision in on ULPPs mandates capital guarantee the near future—whereas ULPPs come only on death and not on maturity; this with a fund management charge of up to will allow insurance companies to offer 1.35% and distribution costs of 7.5% of more aggressive funds. “The draft has the premium in the first year and 2% made it optional to offer capital subsequent ly . Under NPS , the guarantee on maturity which would distribution fee is capped at 0.25% of the enable customers to invest in more contributions to a maximum of ?25,000. aggressive funds which is ideal for After factoring other sundry costs in building corpus over a long term,” said both products as well, NPS emerges the Manik Nangia, director marketing and winner. For example, as per the benefit chief digital officer, Max Life Insurance illustration of an online ULPP, where the Co. Ltd. only costs are fund management cost

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and charge of capital guarantee, at an 8% corpus to an annuity rate applicable in

growth rate, an annual investment of ?1 the future is taking a huge risk,” said

lakh for 15 years will return around ?24 Suresh Sadagopan, founder, Ladder7

lakh. At the same rate of return and F inanc ia l Adv isor ies . “ I would

equal investment, NPS would return recommend not more than 20% of one's

around ?29 lakh. money in NPS and the remaining in a mix

of Public Provident Fund, exchange-

traded funds and mutual funds,” he WHICH IS BETTER?added. NPS is a low-cost product, and In terms of cost and flexibility, NPS that doesn't change even if the Irdai draft emerges the clear winner and now it also proposals are implemented, but both has a tax advantage. “(In NPS), you get an products suffer limitations and, extra deduction of ?50,000 under therefore, can't be the main vehicle for Section 80C and now the 60% corpus that building a retirement corpus.one can withdraw is also tax-exempt. In https://www.livemint.com/Money/oV51bbPfseIfact, you also don't pay any GST (goods RZ8fStJLaBP/NPS-vs-unit-linked-insurance-and services tax) when you buy an pension-plans-vs-ulips-What-yo.html

annuity product through NPS whereas

you pay a GST of 1.8% of the corpus when PRIVATE LIFE INSURERS POST

you buy annuity through a pension plan,” 23% GROWTH IN NEW said Sumit Shukla, chief executive PREMIUMS IN APRIL-officer, HDFC Pension Management Co.

Ltd. In case of ULPPs, you are currently NOVEMBER; LIC DOWN 8%Private sector life insurance companies allowed to withdraw up to 33.33% of the

posted a 23.2 percent growth at Rs corpus tax-free. However, according to

40,197.86 crore in their new premiums C.L. Baradhwaj, executive vice-president

for April-November 2018, compared to a (legal and compliance) and company

year ago. Life Insurance Corporation of secretary, Future Generali India Life

India (LIC), on the other hand, posted a Insurance Co. Ltd, if the draft proposal is

7.9 percent YoY drop in new premium implemented, even 60% of the corpus

collection to Rs 83,148.64 crore leading will be tax-exempt. “Income tax

to a mere 0.33 percent overall premium exempts the entire commutable corpus

growth. Life insurance collected new under Irdai-approved pension policy,”

premiums of Rs 1.23 lakh crore for the he said.

April-November period. For the NPS continues to score due to low costs individual regular premium segment, LIC which over the long term can magnify saw a 30.6 percent YoY drop in first year into a huge advantage, but financial premium collection during the period. planners advice caution. “The annuity Similarly, the country's largest insurer income remains taxable and under both also saw a 64.7 percent YoY drop in group the products, 40% has to be annuitised. regular premium business for the period. This is not suitable for a retired Private sector insurers saw a 9.6 percent individual who continues to be in the YoY growth in individual regular premium highest tax bracket. Plus, locking in the

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collection. But, they witnessed a 49.3 of India, sources said. Besides, three

percent YoY decline in group regular insurance sector experts -- G N Bajpai,

premium collections. Among the listed Mathew Varghese and T Bhargava --

insurers, HDFC Life Insurance saw a 40 have been appointed on the selection

percent YoY premium growth at Rs panel.

https://economictimes.indiatimes.com/news/e8,518.69 crore. ICICI Prudential Life conomy/policy/government-forms-panel-Insurance saw a 3 percent YoY growth in under-bbb-to-select-md-for-psu-insurance-first year premium collection to Rs firms/articleshow/67081386.cms

5,870.03 crore. SBI Life Insurance posted

a 30.6 percent YoY growth in new EY TO ADVISE ON MERGER OF

premium to Rs 7,728.44 crore during the 3 PSU GENERAL INSURERSperiod. For the month of November alone, Multinational consultancy firm EY has the sector saw a 13 percent YoY drop in been shortlisted to advise on the premium collections at Rs 14,857.77 proposed merger of three public sector crore. Here, LIC posted a 23 percent YoY general insurers as announced in this drop to Rs 9,511 crore while private year's budget. The government has insurers saw a 15 percent YoY increase to proposed to merge three public sector Rs 5,346.76 crore in November 2018. The general insurance companies -- fourth quarter that begins in January is National Insurance Company, Oriental when a majority of insurance sales are Insurance Company and United India made, since it is a tax-saving period. Insurance Company. As on March 31, Almost 55 percent of the entire year's 2017, the three companies together had policies are sold during Q4.more than 200 insurance products with a https://www.moneycontrol.com/news/businestotal premium of Rs 41,461 crore and a s/economy/private-life-insurers-post-23-

growth-in-new-premiums-in-april-november- market share of around 35 per cent. lic-down-8-3284521.html Their combined net worth is Rs 9,243

crore with total employee strength of GOVERNMENT FORMS PANEL around 44,000 spread over 6,000

offices. The consultant is expected to UNDER BBB TO SELECT MD advise on organisational restructuring, FOR PSU INSURANCE FIRMSrationalisation of human resources, The government has constituted a management of operational issues, seven-member panel to select regulatory and compliance issues. It is managing directors of public sector also expected to handhold the insurance companies. According to management of the three companies, sources, the panel would be headed by throughout the merger process till the Banks Board Bureau (BBB) chairman B P new organisation is formed and set in Sharma. The other members of the panel place.are Financial Services Secretary,

Department of Public Enterprises Finance Minister Arun Jaitley in the

Secretary and Chairman of Insurance Budget speech had announced that the

Regulatory and Development Authority three companies would be merged into a

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single insurance entity. The process of verification of mParivahan QR Code is

merger is likely to be completed during also available on this platform. The

the current fiscal. The profitability of enforcement agencies can also carry out

many general insurance companies complete challaning operation including

including the state-owned ones has tagging of driving licence or registration

been under pressure owing to rising certificate for impounding or suspension

underwriting losses and higher claims. of a vehicle. The Ministry has urged

In 2017, state-owned New India states and Union Territories to adopt the

Assurance Company and General SOP in compliance with the provisions of

Insurance Corporation of India were Rule 139 of the Central Motor Vehicles

listed on bourses. Initial estimates Rules, 1989.

https://www.financialexpress.com/auto/car-suggest that the combined entity formed news/no-need-to-carry-driving-license-rc-by merging the three insurers will be the i n su rance-says-gov t-bu t-he res- the-largest non-life insurance company in catch/1418363/

India, valued at Rs 1.2-1.5 lakh crore.

https://www.moneycontrol.com/news/businesNEED TO MINIMISE FRAUD IN s/companies/ey-to-advise-on-merger-of-3-

psu-general-insurers-3295601.html POLICIES: LIFE COUNCILThere is a need to minimise the risk of

fraud in life insurance policies, as stated NO NEED TO CARRY DRIVING by the secretary general of the Life LICENSE, RC, INSURANCE SAYS Insurance Council. V Manickam of the GOVTLife Council stated that steps are being The Ministry of Road Transport & taken by the industry to identify frauds. Highways issued a Standard Operating Manickam added that the assistance of Procedure (SOPs) to make sure that Insurance Information Bureau of India is vehicle owners are not required to carry also being taken to identify and help documents l i ke ce r t i f i c a te o f curb fraud. With respect to frauds, the registration, insurance, fitness and panel at the event said there is a need to permit, driving licence or certificate for eliminate such instances at the pollution in physical form. So, from now underwriting stage itself. Insurers are on, motorists may not be required to already taking the assistance of data carry these documents in hard copy from credit information companies to format now. People can produce the minimise frauds. Further, some life documents in electronic form through insurers are also experimenting with DigiLocker or mParivahan app. From the fraud detection on an instant basis.apps, driving licence or registration For instance, at the time of accepting a certificate can be downloaded on to new proposal, an insurance company mobile phones. The enforcement could get real-time data on past records agencies can simultaneously access of such individuals. This data could be these details from eChallan app, which used to take a decision. In terms of the has data for online verification of vehicle fraud, in FY18 about 49 percent of the and its licence status. Off-line total number of frauds were perpetrated

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by intermediaries while 28 percent were HERE ARE THE TOP DEVELOPMENTS IN THE by policyholders. In certain cases, INSURANCE SECTOR IN 2018employees were also found to be

involved. Section 45 of the Insurance Act

TAX DEDUCTION BENEFITS that does not allow any claims to be

repudiated after three years has also FOR SENIOR CITIZENSbeen a bone of contention for the The union budget increased tax deduction

industry. Companies have sought benefits for elderly people, which will offer

permission to deny fraudulent claims dual benefits to retired citizens. This

since this may impact payments to benefit include a health cover providing

honest policyholders. There is also a medical treatment expenses incurred on

proposal to get insurance companies to specified diseases for senior citizens to Rs

exchange data with each other on 1 lakh and tax savings of up to Rs 50,000

fraudulent claims so that a repository is under Section 80DDB of the Income Tax

created for such cases. This database Act at the same time.

could be used as a reference point at the Previously, a taxpayer could maximise time of issuance of any policy. On an tax benefit under Section 80D to a total annual basis, the industry loses about Rs of Rs 55,000 if his/her age is below 60 40,000 crore to frauds. Manickam said years, while parents' age is above 60. For about 8.5 percent of revenue is lost to those taxpayers who are above the of fraud by insurance companies. age 60 and are also paying health https://www.moneycontrol.com/news/busines insurance premium for their parents, the s/economy/need-to-minimise-fraud-in- maximum tax benefit would be a total of policies-life-council-official-3312381.html

Rs 60,000 under section 80D.

The table below can be referred to while REGULATORY CHANGES KEEP

claiming tax deductions under section INSURERS ON TOES IN 2018;

80D for FY 2018-19.PRODUCT CHANGES WILL DOMINATE 2019Insurance companies witnessed a slew of

regulatory changes in the sector in 2018.

These included changes in the product

structure in life, health and motor

insurance products that impacted the

way these features were structured in the *Above age 60 refers to a senior citizen policy. in the above context

LONG-TERM THIRD PARTY The major changes -- both implemented MOTOR INSURANCE MADE and proposed -- have an impact on the MANDATORY FOR CARS, existing and potential policyholders.BIKESThe Supreme Court made it mandatory

for all car owners to take three-year

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motor insurance cover and five-year offer flexible policy tenures for certain

cover for bikes, from September 1. This products. IRDAI said that insurers can

led to an immediate increase in the price design term, credit life and micro-

of motor insurance policies and hit auto insurance products that have a range of

sales since the covers were made policy tenures to choose from. However,

mandatory. Devendra Rane, Founder and these regulations would mean that

CTO at Coverfox.com stated that vehicle insurers will have to withdraw existing

owners get cover for a longer period products and re-launch new ones with

along with freedom from the hassle of appropriate features.

yearly renewals, the insurers got a

chance to rein in the lapsation ratio. AYUSHMAN BHARAT "However, vehicle owners will have to LAUNCHEDbear the higher outflow of premiums

The government launched the Pradhan right at the time of purchasing their

Mantri Jan Arogya Yojana in September vehicle," he added.

2018. Under the scheme, also called The Insurance Regulatory and Ayushman Bharat or Modicare, about 10 Development Authority (IRDAI) also gave million families (50 million people) will motor vehicle owners a reason to cheer. get access to Rs 5 lakh worth of health The mandatory third-party insurance insurance free of cost. This will include cover along with personal accident cover families from lower income groups that for vehicle owners-drivers has been fall under the socio-economic caste unbundled. Personal accident cover -- census (SECC) data of 2011. This will be which was mandatory in every third- the largest such scheme in the world.party insurance cover -- will now be

According to Dhirendra Mahyavanshi, available as a standalone policy and you

Co-Founder of Turtlemint, "The new only need to buy it once, as opposed to

Ayushman Bharat scheme is an initiative for every vehicle you have owned earlier.

which has been implemented by the Proposal to trim health insurance Government of India which addresses exclusions the health care problem of the Insurance Regulatory and Development economically backward class of India. Authority of India (IRDAI) released a This scheme promises free health report on standardisation of exclusions insurance coverage of up to Rs 5 lakh (on in the health insurance space. On one a family floater basis) to designated hand, this was intended to improve e c o n o m i c a l l y b a c k w a r d c l a s s transparency in the sector, but on the individuals.”other, there is a fear that riskier NEW CHAIRMAN IRDAI customers would be excluded from the CHAIRMANsystem.

In May 2018, Subhash Chandra Khuntia, Life insurance plans to see makeover a 1981-batch Indian Administrative In its draft regulations on life insurance Services (IAS) officer and former products released in November, IRDAI Karnataka chief secretary, was has said that companies will be able to

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appointed as IRDAI chairman for three within a close group of customers to get

years. The post was vacant for over two their views and to ascertain the

months after TS Vijayan's tenure came to commercial viability of the product.

an end on February 21. The first task for

Khuntia was to look into the deal where NEW CAPITAL NORMSLife Insurance Corporation of India (LIC) In the future, insurance companies will was to hold majority stake in IDBI Bank. have to maintain capital depending on IRDAI cleared the deal. the type of business that they write. This

will be called risk-based capital (RBC)

regime. If a company writes riskier WHAT TO EXPECT IN 2019The year 2019 is expected to bring out business, they will have to maintain

more technology-linked products into more capital in their reserves. IRDAI is

the insurance sector. Here is a look at the expected to bring out a detailed timeline

on how RBC will be implemented and the top trends for 2019:processes to be followed by insurers for

pricing each risk.USE OF WEARABLES IN INSURANCE

MENTAL HEALTH INSURANCE Insurance companies may soon require

you to buy a fitness tracker to capture PRODUCTS TO BE WIDELY your health status in an accurate AVAILABLEmanner. An IRDAI committee has While the Mental Healthcare Act was recommended that insurance companies passed, offering insurance for mental make use of activity data monitored by ailments was made mandatory by law. fitness trackers in pricing their products. However, due to a lack of clarity on the Although it is currently not clear if the product structure, insurers stayed away cost of these trackers will be borne by from offering these products. In 2019, the customer or insurance companies. If insurers could bring out products with a the recommendations are taken on series of inclusions and exclusions. Even board, it will mean lower premiums for therapy sessions will be covered.people adhering to a fitter lifestyle.

DIGITISATION OF INSURANCE INSURANCE ON PILOT MODE PRODUCTSIRDAI will allow companies to test IRDAI may make it mandatory for products in a particular geography, or insurance companies to offer insurance among a set of policyholders before they policies only in a digital format. This will are made available in the market. Using a be done through the use of insurance sandbox method where products can be repositories where each policyholder will tested, IRDAI Chairman Subhash Khuntia have an electronic insurance account said that if they are successful, such with a unique identity number. products can be filed for approval. So Currently, the number of digital insurers may begin testing products insurance policies are very low since it is

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optional for a wide category of products. licence, to SORIL Holdings and Ventures

https://www.moneycontrol.com/news/busines Limited (SHVL), at a face value for an s/personal-finance/regulatory-changes-keep- aggregate cash consideration of Rs 5 insurers-on-toes-in-2018-product-changes- lakh. “It has already raised around two will-dominate-2019-3278511.html

times the requisite equity capital required

under the business plan for the next IRDA ASKS INDIABULLS TO

threefour years,” said the company's BRING IN RS 1,200 CRORE

spokesperson. “As and when we get R1, INVESTMENTS FOR LIFE we can infuse capital within 24 hours and INSURANCE LICENCE all records required for this have been The insurance regulator has asked submitted to Irda, including the details of Indiabulls to bring in about Rs 1,200 crore the institutional investors which have as investments to provide sufficient infused capital in IISL.” Irda has been cushion for the life insurance business insisting on higher capital than the initial amid the recent NBFC sell-off that hurt requirement. The last life insurance valuations at the housing finance licence was issued in 2012 to a joint subsidiary as well. “We have asked venture between Ergo, a Munich Re group Indiabulls to show capital commitment of company, and the Avantha Group, an Rs 1,200 crore before it gets the Indian business conglomerate led by preliminary licence to start the life Gautam Thapar. The venture was called insurance business,” said a source close off five years after receiving the to the development at Irda. The Irda board preliminary licence. There are 24 life is meeting on December 21 and is likely to insurance companies in the country. clear Indiabulls Life Insurance's R1 State-run Life Insurance Corporation is licence. This is Indiabulls' second attempt the largest. Private companies entered the to enter the life insurance sector. Earlier, it life insurance business after 2000-2001.had tied up with Societe Generale, but the https://economictimes.indiatimes.com/market

s/stocks/news/irda-asks-indiabulls-to-bring-proposal was not pursued. “We have in-rs-1200-crore-investments-for-life-infused the life insurance company with insurance-licence/articleshow/67188186.cms

around Rs 100 crore and the parent has

kept around Rs 1,200 crore of additional GST RATE CUT MAY BOOST capital, which it recently raised to infuse INSURANCE RENEWALS OF as and when we get the R1,” said a

company spokesperson. The parent COMMERCIAL VEHICLESThe reduction in goods and services tax company of the applicant is Indiabulls

(GST) rate for third-party motor Integrated Services Ltd (IISL). IISL is not

insurance of commercial vehicles to 12 related to Indiabulls Housing Finance.

percent from 18 percent may improve Earlier this year, Indiabulls Housing

renewal rates for the segment. Sasikumar Finance had sold its 100 per cent

Adidamu, Chief Technical Officer, Bajaj shareholding in Indiabulls Life Insurance

Allianz General Insurance stated that the Company Limited, presently a non-

cut in GST rates will be beneficial for the operational company with no business or

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consumers as it will result in a reduction CARLYLE-GIC SET TO in their premium outgo. "We believe it will ACQUIRE 10% IN SBI LIFE help the insurance industry improve INSURANCE FOR RS 5,200 penetration of motor third party CROREinsurance which is mandatory by law in

A consortium of US private equity firm our country," he added. Goods carrying

Carlyle Group and Singapore's sovereign vehicles have the highest premium outgo

wealth fund GIC is set to buy a 10 per in the third party segment because their

cent strategic stake in SBI Life Insurance claims ratio is high. Industry estimates

Co from BNP Paribas Cardif as the French suggest the claims ratio in this segment

insurer looks to trim its holding in the is almost 125 percent, meaning for every

17-year-old joint venture with State Rs 100 collected as premium, Rs 125 is

Bank of India to meet regulatory terms paid out as claims.

for a public float. Carlyle and GIC will buy Third party insurance protects the shares at Rs 510-520 apiece, which is at vehicle owner from financial liabilities a 9.2 per cent discount to the insurer's. incurred due to accidents. If a pedestrian The total deal size comes to around Rs or another vehicle's passenger gets 5,100-5,200 crore ($742 million), injured or dies during a mishap by making it the second-largest transaction vehicle X, the motor third party cover of in the sector this year. The investment the vehicle X owner will pay for the proposal has been sent to the Insurance damages. "The reduction in GST is not Regulatory and Development Authority across the board but specifically for the (Irda) late last week for approval and is third party section with respect to goods expected to get ratified in the coming carrying commercial vehicles. While this weeks. ET in its December 18 edition will provide relief to vehicle owners to first reported that Carlyle is emerging some extent, it is unlikely to have any the frontrunner to acquire SBI Life shares significant impact for insurers as it is ahead of peers such as KKR and only the tax component which is Temasek.. The stake sale process is changing and not the premium," as being managed by BNP Paribas, Kotak stated by Subramanyam Brahmajosyula, Mahindra Capital and Citigroup. BNP Head, Underwriting and Reinsurance, SBI Paribas Cardif formed the life insurance General Insurance. However, he pointed joint venture with state-run lender SBI in out it is too early to assess whether this 2001. SBI currently owns 62.1 per cent in move will spur demand for commercial the company while BNP Paribas Cardif vehicles as prices of vehicles are not holds 22 per cent. In December 2016, SBI likely to drop. Earlier, truck owners would Life sold 3.9 per cent stake to KKR and delay or defer insurance purchase since Temasek for around Rs 1,794 crore, the total outgo would be higher. But with valuing the insurance giant at Rs 46,000 a 6 percent reduction in the tax rate, crore, through a pre-IPO placement of overall premium payable will be lower. shares. Carlyle bought out GE Capital's https://timesofindia.indiatimes.com/city/delhi stake in SBI's credit cards business last / c l a s s-x i i -boy t akeso f fw i t hdads-ca r-

year. For the 2017-18 financial year, SBI rs135l/articleshow/67248770.cms

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Life's net profit increased to Rs1,150.38 rate of more than 7 per cent, the report

crore from Rs 954.65 crore a year ago, said. “This confidence of PE/VC investors

the company said in a regulatory filing. in the Indian financial services story

Total income in FY18 grew to Rs could be, in our view, further bolstered

33,760.54 crore compared to Rs by Berkshire Hathway's first investment

30,276.42 crore in the previous fiscal in India, in Paytm — a PE/VC backed

year. New business annualised premium financial services company,” as stated by

equivalent increased 26.9 per cent in Vivek Soni, Partner and National Leader

FY18 to Rs 8,540 crore from Rs 6,730 for Private Equity Services, EY India.

https://economictimes.indiatimes.com/marketcrore in the preceding year, it said. Deal s/stocks/news/carlyle-gic-set-to-acquire-10-Street The financial services sector has insbilifeinsuranceforrs5200crore/articleshow/6emerged as a key segment of interest for 7265593.cms

private equity and venture capital

investments as deals worth $4.2 billion

CVC EXAMINING AUDIT were announced in the first half of this

year, according to a report by EY and REPORTS OF PSU BANKS, Indian Venture Capital Association. INSURERSHowever, PE investors have been fighting The Central Vigilance Commission (CVC) tough rules to back insurance ventures. is examining audit reports of state-run Investors have to form a special purpose banks and insurance companies to check vehicle or a limited liability partnership incidents of fraud and suggest corrective for any deal of above 10 per cent in an measures . The move assumes insurance venture. The fund would also significance with banks reporting large-be automatically classified as a scale fraud cases and rising non-promoter. Financial services witnessed performing assets (NPAs). The CVC was 28 transactions in 16 targets from 2015 getting a review done of central statutory to the first half of this year while NBFCs reports, concurrent auditors' reports attracted 107 PE/VC investments. Since and other auditor reports through chief 2015, the insurance sector received a vigilance officers of all public sector total of 29 PE/VC investments, housing banks and insurance companies, finance sector saw 18 transactions, vigilance commissioner T.M. Bhasin payments segment had 26 deals and said. “The same (audit reports) are fintech involved 96 deals, IVCA-EY note analysed in the Commission and a said. Insurance alone has seen 10 corrective action plan is advised for transactions in 2018 year to date of a time-bound implementation.” Chief total quantum of $1.4 billion, excluding vigilance officers act as a distant arm of the SBI deal, as per data from Venture the CVC to check corruption and other Intelligence. Investors are betting on this fraudulent activities in an organisation. segment as a significant section of the According to government data, various Indian population is yet to be covered by banks reported an increase in cases of financial services and the Indian fraud during 2015-16 to 2017-18. A economy continues to grow at a healthy total of 8,802 frauds were reported by

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scheduled commercial banks and public manufacturing and industry, agro,

sector banks in 2017-18, against 7,794 media, aviation, service and project,

in 2016-17 and 7,482 in 2015-16, discounting of cheques, trading,

according to a written reply given by the information technology, export

finance ministry in the Lok Sabha business, fixed deposits, demand loan

recently. and letter of comfort.

The Reserve Bank of India (RBI) monitors The modus operandi of these top 100

frauds reported by banks. For loans had been thoroughly analysed and

management of fraud risk and to direct various loopholes or lapses had been

the focus of banks to early detection of identified, Bhasin had said after

loan frauds, prompt reporting to RBI and releasing a report on the matter. Based

investigative agencies and timely on the findings, various industry specific

initiation of staff accountability suggestions for systemic improvement

proceedings, the central bank recently were given in the final report. The

issued a framework for dealing with loan suggestions have also been sent to the

frauds and Red Flagged Accounts (RFA). Department of Financial Services and the

Timelines have been given for action RBI in order to plug the loopholes

incumbent on banks in dealing with loan observed by the Commission, he added.

https://www.livemint.com/Industry/a5RKhOOvfrauds of Rs 50 crore and above.PoztLhtS285GUI/CVC-examining-audit-The red flagging is done on an reports-of-PSU-banks-insurers.html

information technology platform where

all banks report large exposure to SOON, PINCODE-WISE FRAUD entities/individuals so other banks can DATA TO WILL BE AVAILABLE be forewarned about fraud risks. In

October, the CVC completed a first-of- TO LIFE INSURERSLife will soon be more difficult for its-kind analysis of top 100 banking

fraudsters filing false insurance claims, frauds, including those in the jewellery

with the Insurance Information Bureau of and aviation sectors, and shared its

India (IIB) analysing data that will help findings with the RBI, the Enforcement

insurers keep a track on repeat Directorate (ED) and the Central Bureau

offenders. Many fraudsters buy of Investigation (CBI), among others.

insurance policies just to file claims The analysis focussed on the modus worth a few lakh rupees. V Manickam, operandi, amount involved, type of Secretary General, Life Insurance Council lending (viz. consortium or individual), - the industry body of life insurance anomalies observed, loopholes that companies - stated that companies have facilitated perpetration of the fraud already shared the data with IIB. He said c o n c e r n e d a n d t h e s y s t e m i c that they will process the data and improvements required to plug the gaps provide relevant information to the in the system and procedures.industry. On an annual basis, the The frauds were classified and analysed industry loses about Rs 40,000 crore to for 13 sectors — gems and jewellery, frauds. Manickam said about 8.5 percent

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of revenue is lost to fraud by insurance insurers have frauds where sum assured

companies. is between Rs 2 lakh to 10 lakh. Now, for

this segment and a relevant pin-code, Here, the changes in underwriting would medical tests could be made mandatory. mean that certain pin-codes that are Further, for cases of death claims, a prone to fraud will have a tougher thorough investigation will be done to process of policy issuance and claims. ascertain the identity of the deceased.Pin-codes that have been shown as https://www.moneycontrol.com/news/businesbeing locations of fraud in the past will s/companies/soon-pincode-wise-fraud-data-be under the insurer's radar.to-wi l l-be-ava i lab le-to- l i fe- insurers-

3328691.html

SECTION 45 OF THE INSURANCE ACT LIFE INSURANCE As per Section 45 of the Insurance Act, POLICYHOLDERS TO GET no claim can be denied after three years

DIGITAL DELIGHT IN 2019of the policy being in force. Insurers had

The advent of a new year always comes opposed this provision of the Act saying

with promise, and 2019 has the potential that this will encourage fraudulent

to be a very promising year for life elements to buy policies and claims after

insurance in India. The world's fastest three years. "Frauds have been on the

growing large economy with a rise and there has been some misuse of

burgeoning pool of customers, strong some provisions of the Insurance Act.

macro-economic factors and a robust The pin-code initiative will help identify

financial ecosystem make the ideal the problem regions and also price the

backdrop to take the life insurance product accordingly," as stated by the

sector to the next level. The traditional head actuary of a mid-size life insurer.

Indian family has undergone a Section 45 was aimed at reducing the

significant evolution over the last few claims payment time, and enable death

years. The expectations of young claims to be settled without undue

customers from service providers are delays.

pushing companies across sectors to

work smarter, deliver faster and engage HOW WILL IT AFFECT better to not only be preferred but to be

POLICYHOLDERS? loved by this set.

Policyholders whose addresses feature

among the list of pin-codes prone to DIGITAL DRIVEfrauds, will face additional questions at The government's drive towards the time of policy issuance. As per law, digitalisation and a cashless economy insurance companies cannot deny has seen in the last few years a steady policies on the basis of an individual movement from physical assets such as belonging to a particular region property and gold, towards financial /address. However, insurance companies assets. Adding further impetus, is the can seek a compulsory medical insurance heightened awareness around insurance for ticket-sizes prone to fraud. Most

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in general, thanks to government upward. So how's this reset moment

schemes such as Aayushman Bharat for going to manifest itself for the industry?

health insurance, Pradhan Mantri Jiwan Despite a steady expected growth of 12-

Jyoti Bima Yojana (PMJJBY) for life 15% CAGR growth for the sector over the

insurance, Pradhan Mantri Suraksha last couple of years, we still see life

Bima Yojana for accidental death and insurance penetration standing only at

disability insurance and the Atal Pension 2.72%, as against a global average of

Scheme for retirement planning. This is 3.47%. What the industry will see going

moving the country towards a culture of ahead, is in my belief the holy trinity of

securing the future of one and one's life insurance: protection power,

family, which is the most fundamental consultative selling stars and digital

job of life insurance. As an industry, delight. We continue to be one of the

there has never been a greater digital most underinsured countries and the

drive to harness the power of data and “protection gap” as per some estimates

analytics, to digitise the customer's is at `489 trillion. The industry sum

journey and to enable the life insurance assured grew by 36% CAGR between

seller to work smarter and more 2001-10, however, the same grew at

efficiently. Moving way ahead of just B2C only 22% CAGR between 2010-18. This

or e-commerce, today the life insurance points to the enormous headroom to

sector is weaving on digital looms to further protect the country, and I believe

integrate the online and the offline and many insurers will be focusing on

create a beautiful fabric of seamless increasing their share of protection and

customer experience. From expanding educating customers on the need to

distribution networks, identifying protect one's family through life

individual customer needs, simplifying insurance. The agent advisor has

documentation and underwriting globally been the support pillar to any

processes and aiding agent advisors life insurer. In the coming months I

w i t h s o u n d a d v i c e b a s e d o n would expect to see an Agent 2.0,

sophisticated analytics, AI and machine digitally enabled, more efficient and

learning, the industry is best poised now smarter in approach. The role of the

to revolutionise its processes through agent advisor will undergo a change

digital interventions. from merely being a seller of life

insurance to being a financial portfolio

manager, backed with the power of deep REACHING CUSTOMERSdata analytics and equipped with the On the retail front, life insurers are

tools to save time, costs and increase innovating to reach out to customers at

efficiency. Digital delight is what I their fingertips and reduce time to issue

believe will be the outcome of all the a policy. I see a great scope going ahead

above. A frictionless journey for a on taking these conversations going and

customer from prospecting to purchase meaningfully engaging with customers

to service and finally to claims through the tenure of their policies, so as

settlement is what will delight the to drive persistency ratios further

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customer. This will only be possible health insurance scheme Ayushman

when the all three elements of the trinity Bharat will go a long way to bring the

work in tandem and synergize to take the poorer segment of the society under

industry to the next level. policy cover, he added.

https://www.financialexpress.com/money/life-

insurance-policyholders-to-get-digital-Mathur expects health insurance sector

delight-in-2019/1430908/to see more innovative and customised

products in coming years due to efforts INSURANCE INDUSTRY GOES

of the Irdai. HDFC Life's Executive ON TECH DRIVE TO EXPAND Director Suresh Badami said private COVERAGE sector has continued to gain market Technology is the new friend in town for share in last three years and industry insurance industry as it strives to add should continue to see growth more customers in a country that still momentum as the regulator is taking remains largely under-insured, after a very positive steps towards increased year full of reforms and introduction of transparency and benefits to customers. easier-to-understand products. The list "Insurers will introduce simpler products of reforms undertaken in 2018 is long -- which will provide customers with the diseases such as HIV and mental illness maximum value for their hard-earned were brought under policy covers, long- money. The exposure draft on the new term third-party motor insurance product regulations has been circulated became mandatory and the government with the member companies... The launched its ambitious scheme insurance industry at large has shared its Ayushman Bharat that seeks to cover comments with the regulator and almost 50 crore people. It was also a year hopefully, the recommendations would of digitisation and launch of customer- be incorporated in the notified friendly products as there was a rapid regulations," he said. However, he said, growth in online channel, Canara HSBC the protection gap is a serious concern Oriental Bank of Commerce Life that is being addressed through various Insurance's MD and CEO Anuj Mathur financial protection products designed said. The sectoral regulator Insurance for the changing lifestyles of Indian Regulatory and Development Authority consumers. According to a survey, life of India (Irdai) proposed to encourage insurance penetration in India is less companies to develop new technologies, than 3 per cent as compared to other asked insurers to make their products developing nations. "Insurers are more attractive and customer friendly. making continuous efforts to address "With increased use of digital mode... the challenge. The government has been there was increased focus on point of taking concrete steps towards this sale products and simple to use channels direction as well," Badami said. to increase penetration of life insurance The private life insurance industry products in sub-urban and rural areas," witnessed a 20 per cent compounded Mathur said. Government's massive annual growth rate (CAGR) during the

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year. "I expect the industry to continue to double-digit growth of the Indian

leverage the benefits from several insurance industry was aided by

initiatives it started in 2018. We will see enhanced penetration, increasingly

companies invest more in product informed and aware customers, efficient

innovations using the sandboxing distribution channels and government

platform, to offer more value-packed schemes, global insurance brokerage

products for customers," said Bajaj firm Willis Towers Watson's India Head

Allianz Life MD and CEO Tarun Chugh Rohit Jain said. The regulatory and

said. There will be robust adoption of legislative dynamism across the

technology-backed servicing initiatives spectrum of life, non-life and health

for customers, sales force and agents insurance is paving way for newer

alike. With the opening up of payment possibilities. There is a continuous

banks, small finance banks and other blurring of line between the digital and

similar partnerships, life insurance physical space, indicating the tectonic

products will reach many more Indians shift the industry will be witnessing in

and help them secure their and their the coming years, Jain said. "With a

family's future, he said. Ashish Mehrotra, healthy capital flow, the insurance

MD & CEO at Max Bupa Health Insurance, markets continued to price the risk softly

said some key trends to be watched in and generated a bit of consolidation

2019 will be greater technology activities too," he added. Bajaj Allianz

integration in health insurance products, General Insurance MD & CEO Tapan

with wearable playing a significant role. Singhel said 2018 was also a year of

Integration of wearables in health consolidation as many regulations were

insurance products will allow insurers to introduced by Irdai on motor insurance,

curate tailor-made products as per a health insurance, crop insurance which

person's current health records, thereby were focused on customer centricity and

curbing the need for pre-policy simplification of products and processes

checkups and charging premiums more for them

https://economictimes.indiatimes.com/industrappropriately as per an individual. y/banking/finance/insure/insurance-industry-During the year, health insurance goesontechdrivetoexpandcoverage/printarticle

policies were made more comprehensive /67319649.cms

and easy to understand for consumers.

The industry hopes that the reform

measures taken by Irdai may come into

action within the next 12 months. The

I N D I A


ASSOCHAM's NATIONAL COUNCIL FOR INSURANCE

Chairman

ASSOCHAM's National Council for Insurance

Shri G. SrinivasanFormer CMD, New India Assurance Co Ltd

National Summit on InfrastructureFinancing 2018

18th January 2019

NIBM Campus, Pune

Face To Face Interaction With Prof. Edward 08th February 2019

Hotel Sofitel, Mumbai

14th Social Banking Excellence Awards-cum- Banking Summit 2018

February 2019 Mumbai

ASSOCHAM Banking E-Bulletin 10th February 2019

Vol.- 45

ASSOCHAM Insurance E-Bulletin 10th February 2019

Vol.- 25

For Further Suggestions, Kindly Contact:

Sagar Jankar

M: 7042715794

E: [email protected]

IRDAI CIRCULARS

Date Ref. No Title Short Description

28-12-2018 TAC 2018-2019 Life Products Terms and Conditions of Life Products for F.Y. 2018-19

06-12-2018 To All Report of the Working Group on new standard on insurance contracts

Documents

January 2019 Insurance E-Bulletin - E-BULITTIN... · 2019. 12. 16. · Volume-24 I N D I A Insurance E-Bulletin THE ASSOCIATED CHAMBER OF COMMERCE AND INDUSTRY OF INDIA ASSOCHAM Corporate