Flight delayed? Now, claim coffee expenses

Passengers can buy cover for even short delays.

In an attempt to help people stuck at the airport waiting due to delayed flights, newage non-life company Digit Insurance has come up with an insurance scheme which compensates the passengers for whatever they buy to pass their time at the airport.

Digit Insurance is using data mining and analytics to develop low-cost micro products including a cover for flight delays of 60-75 minutes for a double-digit premium. The idea behind the flight delay policy is that passengers usually end up spending more money in the airport if they have to wait an additional hour. They will either buy a book or spend time in a coffee shop. The insurance cover compensates them by paying a claim amount of ₹1,000.

Given availability of flight data, the insurer can alert the buyer to claim an entitlement as soon as the flight is delayed. All the customer has to do is click on a link and upload the image of his boarding pass to receive the claim amount. According to Digit Insurance chairman Kamesh Goyal, the flight delay policy is bundled into the travel cover currently, but the company will be offering this as a standalone product that can be bought directly or through distributors. The insurer’s analytics of flights have shown some interesting findings such as the morning flights on Tuesdays are the best option to avoid delays while those who fly after 10 pm on a Friday are most likely to face a delay.

Source: Economic Times

Date: 17th September 2018


Department of Posts to set up insurance firm in 2 years

Department of Posts to set up insurance firm in 2 years

 Communications minister Manoj Sinha says the request for proposal to appoint a consultant for setting up insurance unit will be floated in the coming week.

The Department of Posts (DoP) is working to set up an insurance company after launching of a payments bank and the parcel directorate, communications minister Manoj Sinha said.

“DoP is now reincarnating itself. After diversifying its business with parcel directorate and payments bank, the department has decided to set up insurance firm as a special business unit in two years,” Sinha told PTI. “The request for proposal to appoint a consultant for setting up insurance unit will be floated in the coming week,” Sinha said.

PM Narendra Modi launched India Post Payments Bank (IPPB) on 1 September that aims to take banking to the doorstep of every citizen by arming three lakh postmen and ‘Grameen Dak Sewaks’ with digital aids to deliver financial services. IPPB, which will be available through 650 branches and 3,250 access points immediately, scaled to all 1.55 lakh post offices by December 2018, is like any other bank but with a smaller scale of operations and without involving any credit risk. The freshly-minted payments bank will accept deposits of up to ₹1 lakh, offer remittance services, mobile payments/transfers/ purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.

Source: LiveMint

Date: 10th September, 2018

10 questions to ask HR manager candidates  

10 questions to ask HR manager candidates         

Not long ago we shared some of the most challenging questions to ask candidates so you can understand their real personality. But a specific job like an HR manager requires more curated questions to make sure the prospective employee actually fits in with the rest of the team.

Glassdoor recently shared a list of interview questions that are useful when you are considering hiring an HR manager or promoting one. These questions help identify the strongest candidate who possesses the necessary skills and attributes to excel in the position.

Prepare some of these before you go on meeting the next candidate.

  1. What is your management style?

 Every person has their individual management style. That said, depending on how flexible your company allows, the perfect candidate should be able to communicate openness to the established style in your company. After all, the last thing you need is someone who bucks the system without proper justification.

  1. As an HR manager, how will you drive results?

 More and more leaders are expecting HR to come up with initiatives to drive business results. This question allows you to better understand the value the candidate could bring to your company.

  1. What do you like least about the world of human resources?


This question allows you to get to know more about the candidate’s preference. It is a red flag if the candidate flat out says they hate certain part of the job and gives no explanation.

  1. Describe an ideal workplace for you.

 This question serves two purposes. First, you get to see if the candidate will be a good fit with your company’s culture. Second, the candidate’s answer may bring some insights on how to shape the company to be a better workplace.

  1. As an HR person, what is your view on job eliminations?

Layoffs and firing are difficult but also inevitable parts in the HR field. By asking this question, you can see what aspects and factors the candidate would consider before resorting to eliminations. For example, a performance improvement plan could be an alternative as suggested in the article. The question will also reveal whether the candidate has the essential communication skills when breaking bad news or making difficult decisions.

  1. Describe a difficult experience you had with an employer/manager/coworker and how you handled it.

While you may think this is just another common interview question, this one is especially important for the role in HR as it illustrates how well the candidate handles conflicts, which is one of the most important parts of the job.

  1. Tell me about a time when you didn’t follow policy or had to deviate from policy.

While rules and policies are extremely important in any company, there are times that management needs to be flexible. This question sheds lights on their values, judgement and agility, but of course, it needs to be supported with sound reasons.

  1. How do you deal with an unethical situation? Any examples?

 HR plays a crucial part in safeguarding ethical practices. This question allows you to know if the candidate has what it takes to be a component HR manager. If you have time, prepare a scenario in case the candidate doesn’t have a relevant, first-hand experience to share, which is possible.

  1. What questions would you ask me if you were the interviewer?

 By asking this question, you will see if the candidate has the technical knowhow in recruiting. Also, the answer given shows how well the candidate understands the specific needs of your company. For example, if your company has been making effort in going more data-driven, well prepared candidates will be able to ask questions like what experience the candidate has with reporting and analytics.

  1. What trends will shape Human Resource departments over the next five years?

 An experienced HR practitioner should be ready to talk about the low-down on the industry. The candidate’s answer will give you an idea how well they know about these trends, and whether they have been keeping up with the latest development by citing information from HR newsletters, trade magazines or conferences. A few important trends in 2018 according to Glassdoor’s chief economist Dr. Andrew Chamberlain include artificial intelligence, transparency and lateral movements.

Source: HumanResourcesOnline

Date: 10th September, 2018


Ayushman Bharat and concepts of insurance


Many states have agreed to launch Ayushman Bharat through a trust model and not the insurance model

Nearly 500 million people or 40% of India’s population will have health insurance as the government gears up to launch Ayushman Bharat, a health policy for the under-privileged. Modalities with respect to its pricing are still being worked out, but the scheme will be financed by the centre and the state governments.


Many states have agreed to launch Ayushman Bharat through a trust model and not the insurance model.

Under the trust model, the premium will not be paid to an insurance company, but will be pooled into a trust. It is this trust that will manage and administer the health scheme and also pay the claims. Under the insurance model, the state will pay premiums to an insurance company just like you do to your health insurer. The onus will be on the insurer to administer and pay the claims.

Both insurance and trust models depend on two basic principles: pooling of risk and law of large number.

Pooling of risk

What are the chances of a theft occurring in the entire neighbourhood at once? Close to zero, but chances that one house gets robbed are much higher. Now imagine the entire neighbourhood gets together and pools money to insure themselves against the common threat of theft. So if one house gets burgled, the pool can compensate for that burglary. This is called pooling of risk. Here, the risk of an event is spread out among all the people facing the risk who are prepared to pay a small sum or premium to get protection from that risk.

Law of large numbers

But pooling of risk is just one part, it’s important for this pool to be large to avoid adverse selection and improve the predictability of a risky event actually taking place to be able to price the product right. This predictability increases as more people join the pool. This is called the law of large numbers. According to this law, the average of the results obtained from a large number of trials will be closer to the expected result. Insurers can predict risk more accurately through this law.

So the larger the sample size, the greater is the predictability for insurance—this also leads to pricing the risk right. This is what Ayushman Bharat model depends on given that it’s meant for 500 million people. Comparatively, till FY17, insurers covered about 100 million people, excluding government cover




HR pressured by job market to invest in wellness benefits

Dive Brief:

  • It’s an employees’ market, and employers are feeling pressured to up their benefits offerings in response, according to a new study from Wellable, a firm specializing in employee wellness. Wellable gathered responses from 105 employee wellness professionals.
  • Over one third (35%) of respondents said employers would spend more on wellness programs in 2018, while just 15% stated that they would decrease spending. Areas targeted for increased spending include telemedicine, mental health and financial wellness, while the opposite trend is predicted for health fairs, fitness classes, health coaching and health risk assessments, largely because these services are harder to scale and cost more per engaged employee, Wellable said.
  • Results also showed that, when determining benefits investment, 79% of respondents cited a competitive benefits plan as an influencer, and 77% cited cost. The least influential factor was healthcare reform; less than 50% of respondents expect to be significantly influenced by legislative activity from Congress, while 20% expect healthcare reform to have little influence on employers.

Dive Insight:

For wellness programs to be worth the investment, employers and workers must agree on the value and effectiveness of those programs. In a 2018 Willis Towers Watson study, more than half of employers believed their wellness programs were effective, while just 32% of employees agreed. The demand for financial wellness has increased, with money problems being a major source of stress and distraction for employees at work.

Employers also must factor in their wellness programs’ impact on recruitment, retention and engagement. Employees who generally are dissatisfied with their benefits will leave to work for an organization with better benefits. In fact, a 2018 Randstad U.S. survey showed that benefits can be a bigger employment draw than money; more than half of workers polled said they had left a job for one with better benefits.

Of course, return on investment (ROI) is a common test for wellness programs, and ROI measurements can be especially disappointing during the first year of implementation. One study released earlier this year showed no improvements in health behaviors, medical expenditures, employee productivity or self-reported health status after year one of an example program.

Employers must invest in the kind of wellness, or well-being, programs workers value most and avoid over-estimating the significance of these programs without proof of positive outcomes.

Source-HR Dive


Is HR doing enough to navigate the #MeToo world?

From compliance to the future of work, HR teams today are hit with a multitude of priorities.

In fact, addressing each one individually is an immense effort and likely beyond the capacity of any single HR team, according to Steve Reid, chief people and culture officer, oOh!media.

“The #MeToo scandal is a clear example of why HR should be primarily and obsessively focused on building culture,” Reid told HRD.

“A great culture promotes openness, inclusion, belonging, enables change and demands acceptable standards of behaviour.

“The question is: Is HR doing enough to create cultures that prevent these scandals in the first place? Maybe not.”

Jessica Ciccozzi, general manager people and capability, QinetiQ Pty Ltd, added that she is “acutely aware” that employees don’t always feel comfortable stepping forward to raise workplace harassment concerns.

“The #MeToo campaign provided us with a valuable platform to proactively discuss these issues more openly,” said Ciccozzi.

“It’s easy to become complacent, but we have a duty of care to ensure we are always focused on reviewing our workplaces, training, and frameworks.”

This requires a continuous, long-term strategy that is driven both top down and bottom up, requiring open and honest discussions, according to Ciccozzi.

It also requires all leaders to be engaged and communicating with their teams regularly on acceptable behaviours, even when problematic behaviours aren’t evident.

The #MeToo movement has swept the country over the past year and businesses all over the world have moved to improve their HR policies, according to Matt Paine, ICC Sydney’s director of human resources.

Indeed, Paine cited research by the Society for Human Resource Management which indicates that half of businesses surveyed have, or are planning to, make changes to policies to improve how their businesses manage harassment.

“This is an opportunity to take stock, to set up or reconsider processes,” said Paine.

“HR has a leading role in educating teams and creating safe places for everyone.

“It’s up to every one of us to ensure our people are aware of what’s ‘right’ and what’s ‘wrong’ in any work environment.”


Source: https://www.hcamag.com
Dated: 8th August 2018

Rs 15,167 crore unclaimed money of policyholders lying with life insurers

As much as Rs 15,167 crore amount of policyholders is lying unclaimed with 23 life insurers, according to Irdai data. Insurance regulator Irdai has already asked insurers to take steps to identify the policyholders or beneficiaries and disburse the claims.


Board level committee for policyholder protection of every insurer is entrusted with the responsibility of monitoring the timely payout of the all dues to policyholders.


It also oversees the steps taken by the insurers to reduce unclaimed amounts as part of the standard procedures on customer service.


Out of the total unclaimed amount of Rs 15,166.47 crore, as on March 31, 2018, insurance behemoth Life Insurance Corporation (LIC) is sitting on Rs 10,509 crore, while the 22 private sector insurers account for the remaining Rs 4,657.45 crore.


Among the private insurers, ICICI Prudential Life Insurance Co has 807.4 crore of unclaimed insurance claims followed Reliance Nippon Life Insurance (Rs 696.12 crore), SBI Life Insurance Co (Rs 678.59 crore) and HDFC Standard Life Insurance Co (Rs 659.3 crore).


The Insurance Regulatory and Development Authority of India (Irdai) had asked the life insurance companies to provide a search facility on their website to enable policyholders or beneficiaries or dependents to find out whether any unclaimed amounts due to them are lying with these companies.


Policyholders/beneficiaries are required to enter the details like policy number, PAN of the policyholder, name of the policyholder, date of birth or Aadhaar number, in a window provided on the website of the insurer to find out the unclaimed amount.


The insurers have to update information regarding unclaimed amounts on their websites on half-yearly basis.


Source-Asia Insurance Post