Marsh & McLennan receives final regulatory approvals on buying JLT on April 1

The $5.6 billion deal, which was hammered out in about 11 days between MMC CEO Dan Glaser and JLT Group CEO Dominic Burke, looks to b one of the largest ever involving insurance brokers. Last year, KKR & Co. and Canada’s Caisse de Depot et Placement du Quebec acquired USI Insurance Services for $4.3 billion

The European Commission has approved its $5.6 billion acquisition of Jardine Lloyd Thompson Group plc, said Marsh & McLennan Cos. (MMC) March 22 t.

With the approvals from European Commission, all regulatory and competition authority approvals required to close the transaction have now been satisfied, said MMC.

A hearing at the UK High Court has been set for March 29, 2019. Subject to the court’s approval, the transaction is expected to close on April 1, MMC affirmed.

The deal was first announced in September 2018.

The $5.6 billion deal, which was hammered out in about 11 days between MMC CEO Dan Glaser and JLT Group CEO Dominic Burke, looks to b one of the largest ever involving insurance brokers. Last year, KKR & Co. and Canada’s Caisse de Depot et Placement du Quebec acquired USI Insurance Services for $4.3 billion.

JLT shareholders approved the deal last November. The U.S. Federal Trade Commission and Justice Department cleared the deal of anti-trust concerns in October.

On Sept. 18, MMC agreed to buy JLT for about 4.3 billion pounds ($5.6 billion) to expand its global offering of reinsurance and consulting services. MMC agreed to give JLT shareholders, including Jaardine Matheson Holdings that owns 40 percent, 19.15 pounds-a-share ($25.11M), which is a 34 percent premium to JLT’s closing price on Sept.17 and 25 times JLT’s estimated 2019 earnings.

MMC said it aims to become the world’s leading company offering advice on risk, strategy and personnel. The purchase of JLT will strengthen MMC’s specialty risk broking, expand its global reinsurance network and enhance its position in Asia and Latin America, the firm said.

MMC’s revenues will be an estimated $17 billion as a result of the acquisition.

Source:- The Asia Insurance Post

Date:- 25th March,2019-Monday

 

Digit Insurance crosses 2 mn customers in 16 months

During the tenure the company has also closed more than 30,000 claims this March 2019 with 92% claim settlement ratio for private cars own damage, 91 per cent for two-wheelers own damage, 99.5% for domestic travel, 97 per cent  for mobile and 93 per cent  for international travel during the period April 2018 to February 2019.

Bangalore:

Digit Insurance today announced that it crossed a landmark achievement of two million customers within a short span of 16 months of operation.

During the tenure the company has also closed more than 30,000 claims this March 2019 with 92% claim settlement ratio for private cars own damage, 91 per cent for two-wheelers own damage, 99.5% for domestic travel, 97 per cent  for mobile and 93 per cent  for international travel during the period April 2018 to February 2019.
Digit’s Chairman, Kamesh Goyal said, “The one thing that has got us this far, this quick is our strong foundation, our mission of simplifying insurance for people on the back on simple documents, simple processes and reimagined products with real benefits.”

He added, “As we strive to achieve bigger milestones, our focus in the coming year would be to further simplify claims, using technology as an enabler, for example with processes like Video Calls during Claims and to launch more products that would challenge the standard products available in the market currently.”

Digit started its operations in October 2017, and it has expanded its distribution through its direct channel partners including e-commerce giants like Policybazaar, Flipkart and Cleartrip. Digit Insurance has built a strong network of 1500 strategic partners including agents, brokers and dealers. Today, the company has a presence in large and small cities and towns alike, through its distribution network.

Date-26th March,2019-Tuesday

Source-Asia Insurance Post

 

How to Convince Hiring Managers to Work with HR

Early in her career, Julie Blankenship, SHRM-SCP, worked with a line manager who bypassed HR to recruit and hire a skilled tradesperson. Along the way, the manager told the top candidate that the company’s health insurance was comprehensive. However, Blankenship recalled, “he left out the fine print.” The company’s insurance didn’t cover pre-existing conditions.

“I didn’t know anything about this conversation until after I was on the receiving end of the [employee’s] spouse’s rage,” said Blankenship, who’s now HR director for Perio, the Dublin, Ohio-based, parent of Barbasol and PureSilk shaving products. The company’s insurance program offered no wiggle room, so “there wasn’t anything to be offered to recover from this miscommunication.” Because the employee accepted the position largely for the health insurance, he quit soon afterwards.

Similar stories abound throughout the HR community. Especially in smaller organizations, where processes may be loose and HR is either overworked or not particularly popular, hiring managers take matters into their own hands when they have a role to fill.

They may do so for expediency’s sake, or because the business is on a growth track that pressures them to favor speed over process. Perhaps the most common scenario occurs when managers don’t see HR as a credible partner and only trust the department to handle the basic administrative tasks involved with hiring, said Tom Veitz, SHRM-SCP, vice president of human resources for 500-employee Nutrisystem in Fort Washington, Pa. Whatever the reason, “the outcome is rarely ideal,” he said.

Sometimes hiring managers connect with someone they’ve previously worked with and decide it’s a perfect match with an open job, Blankenship added. In her experience, “they were either so excited about the opportunity to work together that they simply forgot to include HR, or they intentionally bypassed me because they ‘knew’ I would be the stereotypical ‘HR enforcer,’ ” she said.

Unfortunately, industry experts and practitioners say, a number of HR departments have less-than-stellar reputations within their own organizations. “If your department has become what we might call ‘the Department of No,’ then people won’t want to go to you even for things that are relatively benign, like recruiting new people,” said Adam Calli, principal consultant for Arc Human Capital in Northern Virginia. “If your department has this reputation, you’ve got to work to overcome it.”

Building Relationships

Accomplishing that requires both developing trust and demonstrating how much effort and headache managers can avoid by working with HR. Managers juggle so many responsibilities, Blankenship observed, and vacancies increase their workload while multiplying the pressure they’re under—even as they spend additional time filling the open position. HR can help lighten that burden by sourcing and pre-screening candidates so managers can focus on the applicants who are genuinely interested in the job and represent the best possible match.

Another way HR professionals can help is by outlining the role and key competencies needed for success, Veitz said. They also can save managers significant time by crafting and communicating a compelling recruiting brand and compensation and benefits package, applying market and employment trends to the search and, once a candidate is selected, organizing the offer and creating an onboarding plan.

Of course, all this can only happen when HR takes the time to develop solid working relationships with line managers. Practitioners can lay the groundwork for that kind of partnership by being proactive in their outreach.

To start, sit down with hiring managers before they begin a search, advised Yessica Cancel, SHRM-SCP, chief operating officer of Pace Center for Girls, a 500-employee nonprofit in Jacksonville, Fla. Ask how the manager wants to be involved and offer to take appropriate chores off their hands. That kind of approach, Cancel said, “helps to build that partnership.”

Often, managers don’t really know how they want the process to work. In those cases, simply talking through the steps can help them formulate their approach, Cancel said. For example, some might prefer to review all of the applicants, pick their top 10, then have HR conduct the phone screens and identify three finalists. In other cases, HR might review the initial set of resumes, present the manager with the 10 most promising prospects, then conduct phone screens for whatever finalists the manager selects.

Cancel believes it’s important to keep the hiring process flexible. “It’s almost like an a la carte menu that gives managers the ability to become engaged where they want to be engaged,” she said. “But at the same time, they see where they can hand off tasks without backing away from the process.”

Steering Clear of Risk

Another dynamic at play is risk. When HR’s not involved, managers may unwittingly put both themselves and the company in legal peril.

“The manager may ask questions that get them in legal hot water or find themselves involved in compensation discussions with no facts as it relates to current market and internal equity,” Veitz said. Also, as more employees work across functions, the consequences of hiring in a vacuum become greater. Without HR’s guidance, managers may not see “how the role and talent fits into the bigger picture of the organization,” he explained.

Working with HR also helps managers keep the hiring process focused on business needs and not emotions. “Taking the time to get a second opinion and/or compare their ‘ideal match’ to other candidates can help ensure an unbiased evaluation of the candidate,” Blankenship said.

On top of that, HR’s involvement should result in a fair and inclusive selection process. Without HR, “hiring could become limited to the manager’s network, restricting their ability to view a wide array of diverse candidates that can add tremendous value to the organization,” Veitz said.

“Managers get an applicant who looks really good on paper, so they go forward but don’t check out anything,” said Andrea Thomas, director of human resources at Casablanca Design Group, a restaurant design firm in Marietta, Ga., with 98 employees. “They don’t find out enough to really know if they’re the right employee. They only take the application at face value.”

If HR sees itself being bypassed by managers, Blankenship suggested finding out why. “Make sure to get honest feedback and identify the true root cause of the problem, if there is one,” she said. The reasons could range from managers not knowing they could or should work with HR to, in the worst case, intentionally excluding HR because it has lost their trust. “Once we know the reason, we can assess our options and collaborate with management to find ways for HR to add value, not bureaucracy, to the talent acquisition process,” she said.

“Learn the business and the pain points of your hiring managers,” Veitz added. That will help establish credibility and respect. “Hiring managers need to see that you’re helping them solve a business problem versus simply completing a transaction. This fosters trust and often leads to managers actively seeking your advice.” The key, he believes, is to demonstrate that HR practitioners are “in it with them and are committed to finding the best team member to drive their success, too.”

Source:-SHRM

Date:- 26th March,2019- Tuesday

“The New Engine Of HR”

An organization is only as good as its people, and therefore, effective human resource management is vital for the success of a business. This is the reason why millions upon millions of dollars are poured into HR efforts each and every year. Everyone wants the best piece of the talent cake.

However, nothing comes without a struggle, and with the changing job market, alongside a widening skills gap, employers are starting to call for better and more effective ways to attract, acquire, and retain top talent. Artificial intelligence(commonly dubbed as AI) is here to answer that calling.

Change is the only constant, and as the world continues to change in the wake of digital disruption, human resource management is beginning to follow track and keep pace, especially in the past few years. Employers and recruiters are beginning to leave the traditional ways of talent management, and starting to utilize the power of AI in their HR functions, such as using digitalized screening methods.Technology is developing at rapid rates, and AI, data science, and the like are constantly making strides in the corporate world. Unless you’re really good at ignoring the news, it’s hard to avoid the headlines of how AI is penetrating all industries, and revolutionizing economies.

It is no secret that online is the main outlet for all talent management processed. The majority of respondents to the Bayt.com Middle East and North Africa Hiring Practices Survey affirm that and they believe that online recruitment has facilitated hiring process greatly.

In fact, the reality confirms the research. Bayt.com, one of the Middle East’s largest job site and CV database, reported that CV searches undertaken by employers in the MENA region approached the three million mark in 2018 alone. This high job activity goes hand-in-hand with the number of CVs that were contacted: 1.5 million job seeker contacts revealed on the site in 2018, which is a significant increase when compared to previous years. At the same time, Bayt.com witnessed a 104% growth in job announcements.

The concept of AI and how it may impact jobs can certainly be a debatable issue, where many argue that AI might cost them their jobs. While others state that it will be tasks that would get automated, not jobs. Now, regardless of what side one may be on, there is one thing that is for sure and that everyone agrees to, which is: AI is making many possibilities a reality, especially in the HR sphere.

How exactly will AI impact the world of human resource management? Here are some AI-powered developments that will change how employers and recruiters operate.

  1. THE PULL EFFECT: AI TO HELP ATTRACT TOP TALENT
  2. According to the Bayt.com poll, Employer Branding in the Middle East and North Africa, 93% of MENA jobseekers research a company online before applying for a job. This study can emphasize the extent to which employer branding can make an impact on attracting the right kind of candidates when hiring.

It’s no secret that prior to applying for a job, job seekers research the company in question, and make their decision on whether to apply or not based on their perception of the company. Employers can now utilize automated branding platforms to tweak their employer brand to compel certain kinds of job seekers that they are interested in and classify as “fit.”

Not to mention that online branding platforms can give employers exclusive access to real-time data and analytics, where, with the aid of AI-powered tools, they can instantly dive into their follower breakdown and demographics, which can help them in discovering, measuring, and recording their followership as well as brand strength. With this kind of data, employers can launch campaigns that promote their company profiles to their target audience of job seekers.

2. THE PUSH EFFECT: AI TO HELP SOURCE AND FIND TOP TALENT

According to the Bayt.com Middle East and North Africa Hiring Practices Survey, 80% of employers claim that the hiring process can last up to two months at their company, which sometimes can be considered way too long. However, by utilizing AI-powered tools, employers are now able to take talent acquisition to the expedited level and leave the costly and time-consuming traditional methods behind.

More precise candidate selection

More often times than not, the process of searching for, finding, and selecting candidates for a job opening can be timeconsuming and costly. Where employers need to search high, low, and everywhere in between to find the right candidate that’s fit for the job. Hiring can cost a pretty penny; hiring mistakes can cost even more, making this a key part of the recruitment process that employers shouldn’t rush through.

Now, one might think that the ability to thoroughly understand a CV, not only as words on a piece of paper, but as a potential candidate, would be a skill that only humans can hold. Well, not anymore, as AI-powered tools such as Bayt.com’s CV Search tool are able to sift through millions of CVs and select those that are most applicable to the employer’s preset requirements.Among the most exciting AI features accompanying this technology is meaning ontology. This new logic can now make meaning-based search suggestions that are far more accurate than text-based suggestions. For example, if an employer is looking to hire an “account manager,” the CV Search bot will suggest titles of similar meanings like “sales manager,” or “business relationship manager.”

Another highly useful tool that employers will depend on is the auto-stamped feature. When a company is looking for an employee using a university name, company name, job title, or such, they are likely to face the issue of name variations: there are usually different spellings, acronyms, and pseudo-names that may limit their search results. With the AI-supported version of CV Search, the system will automatically gather all CVs that are related to the employer’s search query, including all the variations that should fall under that name being searched for.

One more impressive feature is the ability to reverse search. Employers who already have a CV of their ideal hire can simply upload the document, and allow the CV Search technology to find exact matches to their sought after employee.

Smarter applicant screening and tracking

The recruitment and interviewing process can prove to be challenging at times, especially with limited resources and time, which can lead employers to make subpar decisions, and ultimately leaving them with a bad hire.

Old conventional screening methods tend to be based on what’s written on a candidate’s CV, which can certainly give an incomplete picture of their capabilities. But thankfully, with further strives in the world of AI and automation, comprehensiveonline recruitment tools such as Bayt.com’s video assessment platform Evalufy can help employers understand the full potential of each candidate and thus make more informed decisions while hiring.

Evalufy dispatches assessments to a large number of candidates, auto-tracked, and graded by multiple evaluators. Upon completing the assigned assessment, candidates’ report cards are automatically plotted on a benchmark, based on the desired hiring criteria. These score cards are then used by employers to identify and understand the true potential of candidates.

Similar to screening, each and every stage of the recruitment process produces large amounts of data that are eventually not recorded nor measured. So, every time an employer goes through the hiring process, it’s like they have to start all over again, wasting time and very valuable information. However, automated applicant tracking systems, which provide employers with insights and analytics on their recruitment activities, is solving this complexity. Beyond organizing and managing the entire recruitment process, these platforms offer auto-trackers and data-plotters to assess the company’s own hiring efficiency, and potentially identify key areas of importance such as hiring velocity and time to hire.

3. MAINTAINING MOMENTUM: AI TO ENGAGE AND KEEP TALENT ABOARD

Paving the way for new hires to adjust to their new jobs, and then integrating them with your organization’s work environment can be a difficult task, especially with the high demands of today’s workforce. However, onboarding is considered as one of the most important steps in improving employee performance and retention, and thus making it vital for a hire to be considered successful. As in today’s competitive job market, hiring the right candidate is truly only the beginning.

The beginning of candidate engagement and talent management is known as onboarding. The onboarding process requires employers to go through a wide range of steps, ranging from paperwork to goal setting and KPIs, which can certainly be a huge hassle and cost them time and money that they don’t necessarily have to spare.

However, with the emergence of new AI-powered tools such as Bayt.com’s online onboarding platform AfterHire, a tedious process is becoming that much easier. AfterHire allows employers to design their own onboarding process using a Workflow Editor, as well as keep their new hires engaged by assigning them onboarding tasks with the ability to give them clarifications on a task through the comments feed. Most importantly, AfterHire helps automate paperwork, it quickly assigns tasks to appropriate personnel to streamline mundane activities like equipment provisioning and financial formalities. Moreover, employees can be assigned learning and training tasks to build up their job knowledge.

With automated onboarding, HR gets a high-level overview of each employee’sonboarding process, monitor performance and progress through detailed insights and analytics, while also cutting down time and cost of the onboarding process.

Source: Enterpreneur

Date: 24th March, 2019

Insurance player Acko raises $65 million in Series C funding

Insurance player Acko raises $65 million in Series C funding

Binny Bansal also participated in the funding round.

Non-life insurance company Acko has raised $65 million in its Series C financing round from Binny Bansal, co-founder of Flipkart; RPS Ventures, led by Kabir Misra, ex-managing partner at SoftBank; and Intact Ventures Inc. – corporate venture arm of Canada’s largest property and casualty insurer.

The round also saw participation from existing investors such as Amazon, Accel, SAIF and TechPro Ventures.

Founded by Varun Dua in 2016, Acko General Insurance, it is among the first digital-only insurance company. It is among the newest entrants to the general insurance sector.

Acko uses a direct-to-consumer approach for distributing motor insurance, to enable favourable risk selection. It also offers small ticket insurance products such as rider insurance, mobile and appliance protection, ticket cancellation etc in partnership with more than 15 players in the internet ecosystem such as Ola, Amazon, redBus, Zomato and UrbanClap.

The insurer, that has completed 12 months of operations, has distributed insurance policies to over 20 million customers.

“The current round of funding demonstrates the confidence investors have in us and in our ability to transform how insurance will be delivered. We are excited to put the company on a rapid growth trajectory with this round of funding. Insurance is a capital intensive sector and as we grow, we will be raising more capital in compliance with the guidelines of the regulator” said Varun Dua, Founder and CEO, Acko.

 

Talking about this investment, Binny Bansal said, “Technology led insurance is expected to play a significant role in growth of the underpenetrated insurance sector in India.” He further added, “Acko is the pioneer of digital-native insurance and I am delighted to partner in its exciting growth journey”

With this latest round of Series C funding, Acko’s total funds raised stands at $107 million. Avendus Capital was the advisor to Acko on this fundraise.

Previously, Acko raised $30 million in seed funding, one of the largest seed rounds in the Indian startup ecosystem, and later raised Series B funding of $12 million led by Amazon.

Bharti AXA Life adds 10,000 new employees during FY19

Bharti AXA Life adds 10,000 new employees during FY19

Bharti AXA Life added 10,000 new hires for the role of Life Insurance Advisors to embark on the journey of aggressive business expansion.

Earlier the company has registered a 33 percent rise in advisor hiring to 38,000 agents during 2018-19 as against 28,638 insurance advisors as on March 31, 2018. In the current fiscal, the company has already added 10,000 employees and 50 new branches.

Vikas Seth, Managing Director of Bharti AXA Life Insurance, shared in media, “The addition of 10,000 insurance advisors and 50 new branches during the current financial year will strengthen our distribution bandwidth and help in new customer acquisition.”

He further shared, “With branch expansion and recruitment of insurance agents, the company is aiming to create a stronger presence and enhance the width and depth of its reach in the country.”

The company recorded a 40 percent growth in its new business premium to Rs 617 crore during the April-December period of 2018-19 from Rs 442 crore in the corresponding period a year ago.

Source-People Matters

Date-14-03-2019

Know The Smart Question That These 3 Entrepreneurs Ask While Hiring

Know The Smart Question That These 3 Entrepreneurs Ask While Hiring

Founders share one go-to interview query they ask in a successful hiring process that helped them hire intelligently

Mayank Bhangadia | CEO & Co-founder, Roposo

“Since our initial phase of business to this day, here’s an important question that we’ve always asked all job interviewees: ‘Tell us one thing that you like and one thing that you don’t like about our app.’ While the former response helps us understand if the candidate has really engaged on our platform and appreciates what we do, the latter part of the answer helps us gauge a person’s honesty, maturity level and analytical skills. We seek an interesting, honest input that should come basis their engagement on the app and the overall understanding of the industry. In our experience, the candidates who answer this question properly are the ones who are not on a random job-hopping spree, but are there to stay with us in our journey and help us grow exponentially.”

Zishaan Hayath | CEO & Founder, Toppr

“In an ed-tech company, where we personalize learning for students, we don’t believe in standard interview questions. We do test every potential hire on culture fitment. We pose questions that are based on our values of integrity, efficiency, openness, empathy, among others. Their answers help us understand if their personal principles are aligned with the company’s values. For example: innovation is high on our list of values, because we find new and better ways to help children. So one of the questions could be, ‘What do you excel in within or outside your scope of work?’ We want to see if a candidate is passionate, self aware and seeks excellence and innovation in what they love doing. This gives us an idea of their potential and willingness to go above and beyond.”

Rahul Garg | Founder & CEO, Moglix

“When I started Moglix in 2015, mediocrity was not an option. I was convinced about building India’s largest and fastest growing B2B commerce company and thus, hiring the right talent was a must. My focus was to find candidates who are self-motivated, come from a reputed institute, have prior experience in technology/ manufacturing and are willing to learn and scale-up while developing out of the box offerings for the manufacturing sector. To check if the person is fearless we ask our candidates what one tough decision they have made till date and what compelled them to take such a decision?”