new india assurance company ltd Management discussions

MANAGEMENT DISCUSSION AND ANALYSIS - 2022-23

"To the Members: Your Directors have immense pleasure in presenting the Hundred and Fourth Annual Report of the Company together with the audited statement of accounts and balance sheet for the year ended 31st March, 2023."

1. The snapshot of your Companys financial performance is as below:

I. CLASS-WISE PERFORMANCE SUMMARY:

						Rs. in Crores
			Fire	Marine	Misc	Total
Gross Direct Premium Income	India	CY	4238.05	977.83	29268.17	34484.05
		PY	3959.27	871.78	27741.85	32572.90
	(% growth)	CY	7.04	12.17	5.50	5.87
		PY	4.98	2.45	15.95	14.10
	Outside India	CY	1148.37	47.26	1802.36	2997.99
		PY	1084.16	38.79	1819.10	2942.05
	(% growth)	CY	5.92	21.85	-0.92	1.90
		PY	13.25	-0.39	-10.33	-2.74
	Global	CY	5386.42	1025.09	31070.54	37482.04
		PY	5043.42	910.56	29560.96	35514.95
	(% growth)	CY	6.80	12.58	5.11	5.54
		PY	6.66	2.32	13.89	12.48
Reinsurance premium accepted		CY	1052.34	30.24	226.86	1309.44
		PY	1009.13	49.65	260.88	1319.67
Global Gross written premium		CY	6438.75	1055.33	31297.39	38791.48
		PY	6052.56	960.21	29821.84	36834.61
Growth in Global Gross Written Premium	% growth	CY	6.38	9.91	4.95	5.31
		PY	2.96	2.10	13.70	11.46
Reinsurance premium ceded		CY	3334.64	481.24	3849.03	7664.91
		PY	3232.01	438.78	3403.59	7074.38
Global Net Premium		CY	3104.11	574.09	27448.37	31126.57
		PY	2820.55	521.43	26418.25	29760.23
	(% growth)	CY	10.05	10.10	3.90	4.59
		PY	-8.19	21.04	12.60	10.36
Addition/Reduction in Unexpired Risk Reserves		CY	-79.29	-46.88	-756.01	-882.18
		PY	11.53	-35.90	-830.59	-854.96
	(% to Net Premium)	CY	-2.55	-8.17	-2.75	-2.83
		PY	0.41	-6.88	-3.14	-2.87
Earned Premium		CY	3024.82	527.21	26692.36	30244.39
		PY	2832.08	485.53	25587.66	28905.28
Incurred Claims Net		CY	2157.99	343.94	26407.18	28909.10
		PY	2114.80	372.10	26263.24	28750.14
	(% to Earned Premium)	CY	71.34	65.24	98.93	95.59
		PY	74.67	76.64	102.64	99.46
Commission Net		CY	400.10	77.17	1934.96	2412.24
		PY	452.82	81.73	1758.39	2292.95
	(% to Net Premium)	CY	12.89	13.44	7.05	7.75
		PY	16.05	15.67	6.66	7.70
Operating Expenses		CY	421.64	77.98	3801.04	4300.66
		PY	377.82	69.85	3566.11	4013.78
	(% to Net Premium)	CY	13.58	13.58	13.85	13.82
		PY	13.40	13.40	13.50	13.49
Under Writing Results		CY	45.09	28.11	-5450.82	-5377.62
		PY	-113.37	-38.14	-6000.08	-6151.59
	(% to Earned Premium)	CY	1.49	5.33	-20.42	-17.78
		PY	-4.00	-7.86	-23.45	-21.28
Investment Income Policyholders		CY	987.63	132.89	6354.61	7475.12
		PY	622.97	73.78	3983.59	4680.34
Contribution from Shareholders		CY	0	0	0	0
		PY	0	0	0	0
Revenue (Policyholder) Account Surplus		CY	1032.72	161.00	903.79	2097.51
		PY	509.60	35.64	-2016.49	-1471.25
Investment Income Shareholders		CY				2966.68
		PY				1985.19
Other Income less Outgo		CY				-3818.97
		PY				-354.04
Profit before Tax		CY				1245.22
		PY				159.91
Provision for Tax		CY				189.83
		PY				-4.36
Profit after Tax		CY				1055.39
		PY				164.27

1. PERFORMANCE REVIEW (Global)

			(Rs. in crores)
		2022-23	2021-22
A	Gross Written Premium (Indian)	34800.67	32837.08
	%change over previous year	5.98	14.56
	Gross Written Premium (Foreign)	3990.81	3997.52
	%change over previous year	-0.17	-8.80
	Global Premium	38791.48	36834.61
	%change over previous year	5.31	11.46
Gro of 5 Global Written Premium has increased to Rs. 38791.48 crore in 2022-23 from Rs. 36834.61 crore in 2021-22, recording a growth 31% in 2022-23. The Company continues to be the market leader in India.
B.	Net Premium	31126.57	29760.23
	%change over previous year	4.59	10.36
The crore net premium income of the Company grew by Rs. 1366.34 crore in 2022-23 i.e. from Rs. 29760.23 crore 2021-22 to Rs. 31126.57 e in 2022-23.
C.	Change in Unexpired Risk Reserve	882.18	854.96
D.	Earned Premium	30244.39	28905.28
	%change over previous year	4.63	10.18
E	Incurred Claims (Net)	28909.10	28750.14
	% to Earned Premium	95.59	99.46
F	Commision	2412.24	2292.95
	% to Net Premium	7.75	7.70
G	Operating Expenses	4300.66	4013.78
	% to Net Premium	13.82	13.49
H	Underwriting Results	-5377.62	-6151.59
I	Investment Income (Less Provision)
	Apportioned to Policyholders	7475.12	4680
	Apportioned to Shareholders	2966.68	1985
	Total	10441.80	6666
J	Contribution from Shareholders	0	0
K	Revenue (Policyholders) Account	2097.51	-1471.25
L	Other Income/Outgo	-3818.97	-354.04
M	Profit Before Tax (PBT)	1245.22	159.91
N	Profit After Tax (PAT)	1055.39	164.27
O	Paid Up Capital	824	824
P	Reserves and Surplus	19505.38	18228.00
Q	Total Assets	96603	94530
R	Investments (at cost)	55472	50599
S	Solvency Margin
	i. Required Solvency Margin under IRDAI Regulations	8964.48	8842.44
	ii. Available Solvency Margin	16736.91	14646.88
The	Companys Global Solvency Ratio is 1.87 times (PY 1.66 times)
T	Compliance with Section 40C
	i. Expenses prescribed under the Act	10327	9829
	ii. Actual Expenses	6431	5980
	iii. Difference	3896	3849

General Insurance Industry Vis-a-vis Indian Economy

The Indian economy has been growing steadily over time, and the general insurance industry has played a significant role in supporting this growth. The Indian GDP grew at 7.2% in FY 2023 from the 7% estimated by the Government of India. Indias growth continues to be resilient despite some signs of moderation in growth, (World Bank in its India Development Update dated 4th April 2023). The recovery of private consumption, which has boosted production activity, higher capital expenditure (Capex), nearly universal vaccination coverage that allows people to spend money on contact- based services like restaurants, hotels, shopping centers, and theatres, as well as the return of migrant workers to cities to work on construction sites, the strengthening of the U.S. dollar, and the strengthening of the global economy, has enabled the healthy growth of the Indian Economy

India has demonstrated its economic resilience by successfully overcoming the task of reducing external imbalances brought on by the Russian-Ukrainian conflict without losing impetus for growth. Compared to other advanced countries and regions, Indias inflation rate did not become too high. According to the Reserve Bank of India (RBI) forecast, the real GDP is expected to grow by 6.5% in FY2023-24.

In FY 23, Non life insurers (comprising general insurers, standalone health insurers and specialized insurers) recorded a growth of 16.41%, with the total Gross Direct Premium of INR 2.57 trillion. With numerous legislative improvements to promote insurance penetration in the nation, FY 23 turned out to be a game-changing year for the general insurance business.

With the automobile industry resuming its growth, the Indian motor insurance market has emerged as one of the fastest- growing business segments within the General Insurance space. The motor insurance market in India accounted for 32% of all non-life insurance premiums collected in Financial Year 2023.

Increased awareness about the need of Health Insurance, rising medical inflation and high out of pocket expenses for Medical treatments, Medical insurance is likely to remain a high growth segment in the coming years. The non-life Insurance Industry has offered quality health insurance products with an aim of serving the general populace at a fair and reasonable price.

Today, insurance is no longer seen as an industry where goods are sold by insurance consultants via an archaic administrative process. With the advent of technology, the industry underwent a significant transformation recently, and the sector is now incredibly vibrant and innovative. Insurance careers offer an attractive option for those working in IT, finance, products, marketing, and other related fields as well.

IRDAIs goal of Insurance for All by 2047, announced in November 2022, would also help the business growth. The regulator put out a number of measures as part of this strategy, including easing the burden of compliance on insurance businesses, encouraging the entry of new specialty insurers, developing new cost-effective products, and bolstering distribution channels. The penetration of insurance in India will dramatically rise as a result of these measures.

Bima Sugam is a recently approved excellent initiative by the Insurance Regulatory and Development Authority of India (IRDAI) that aims to provide a comprehensive platform for all insurance needs. It will serve as a one-stop solution, facilitating the entire insurance process from policy purchase to claim settlement and more. One of the key features of Bima Sugam is the introduction of E-BIMA or E-IA accounts for policyholders in a Dematerialized format, eliminating the need for physical documents and paperwork during renewal.

By opting for Bima Sugam, policyholders and their families can consolidate their insurance policies by a single repository of their choice. This centralized storage of information will streamline claim settlement for nominees and beneficiaries and help curb fraudulent activities. The platform will cover various insurance categories, including life, health, motor and travel insurance.

Bima Sugam aims to enhance the ease of doing business in the insurance industry and make life and health insurance more accessible to all at subsidized premiums. It will benefit insurers, agents, intermediaries and customers by providing a common platform for their interactions. The initiative will be closely monitored by IRDAI and involve key stakeholders such as the Life Insurance Council, General Insurance Council, public sector banks and brokers associations.

Some of the important changes also include the revised Expenses of Management Regulations, which will come into effect from April 1,2023. The revised regulations aim to improve the transparency and governance of insurance companies by putting a cap on the expenses that can be incurred on management.

Shift to INDAS Accounting standards: The insurance industry in India is in the process of shifting to the Indian Accounting Standards (INDAS) from the Insurance Accounting Standards (IAS). The INDAS are based on the International Financial Reporting Standards (IFRS), which are the globally accepted accounting standards. This shift will help to improve the transparency and comparability of financial statements of insurance companies.

To summarise, the development of Indias insurance industry will be aided by significant government initiatives, robust demographic factors, a favourable regulatory environment, increased mergers and acquisitions, increased foreign direct investment limits in insurance companies, the emergence of digital platforms for insurance products, global technology, processes, increased awareness, vibrant distribution channels, and international best practices.

OVERVIEW OF COMPANYS OPERATIONS:

Gross Written Premium has increased from Rs. 36,835 crores in 2021-22 to Rs. 38,791 crores in 2022-23, recording a growth of 5.31% in 2022-23. The Company continues to be the market leader in India.

• INDIAN OPERATIONAL RESULTS

Sr. No	PARTICULARS	2022-23		2021-22
		(Rs. in Crore)	%	(Rs. in Crore)	%
1	Gross Written premium	34800.67	5.98	32837.09	14.56
2	Net premium	27880.82	4.86	26587.78	13.35
3	Change in unexpired risk reserve	839.41	4.33	804.55	3.60
4	Net earned premium	27041.41	4.88	25783.23	12.61
5	Commission	1634.85	7.92	1514.81	(9.57)
6	Incurred claims	26,446.32	1.33	26100.34	33.26
7	Management expenses	4087.85	6.75	3829.39	13.95
8	Underwriting Profit/Loss	(5114)	13.98	(5945)	(1.33)

* Change in other income is due to one-time Wage Revision Arrears due to employees w.e.f August 2017

B. FOREIGN OPERATIONAL RESULTS:

Sr. No	PARTICULARS	2022-23		2021-22
		(Rs. in Crore)	% change	(Rs. in Crore)	% change
1	Gross Written premium	3990.81	(0.17)	3997.52	(8.80)
2	Net premium	3245.75	2.31	3172.45	(10)
3	Change in unexpired risk reserve	-42.77	(15.15)	50.41	3.79
4	Net earned premium	3202.98	3.00	3122.04	(6.44)
5	Commission	777.39	(0.10)	778.13	(1.69)
6	Incurred claims	2462.79	(7.06)	2649.80	5.98
7	Other income (net of outgo)	212.81	(13.54)	184.39	(6.68)
8	Underwriting Profit/Loss	(264)	(28.16)	(206)	0.14

The Company commenced its foreign operations shortly after its formation in 1919. The London branch was opened in 1920. Subsequently, the Company saw a steady increase in presence abroad with Manila, Port Louis, and Japan. Today New India has presence in 25 countries including presence in 2 countries with Associates.

The company operates in the following countries:

Branches & Agency offices:

• United Kingdom

• Japan

• Hong Kong

• Philippines

• Thailand

• Australia

• New Zealand

• Mauritius

• Fiji

• Dubai

• Abu Dhabi

• Bahrain

• Kuwait

• Oman

• Aruba

• Curacao

Apart from these countries, the Company has subsidiaries in

Nigeria (Prestige Assurance PIc.), Trinidad and Tobago (New India Assurance T&T) and Sierra Leone. The New India T&T also operates in countries such as St. Lucia, Dominica, St. Maarten, and Guyana.

The Company has its presence in Singapore (India International Pte. Singapore) and Kenya (Ken India Assurance Co. Ltd., Nairobi).

The Hong Kong Office and Philippines Office has been put in run off w.e.f. 1st April 2022 and 1st January 2023 respectively after review in view of increased regulatory requirements and business portfolio.

The Companys foreign operations saw a gross written premium turnover in rupee equivalent of Rs 3,990.81 crores and a Net Premium of Rs 3,245.75 crores in 2022-23.

The foreign operations recorded an underwriting loss of Rs 263.71 crores and Loss after Tax was Rs 107.14 crores.

• ORGANISATION STRUCTURE

• Domestic

Our Company has been consistently restructuring its various Offices after reviewing their performance and financial viability for continuation of business at their location.

During the year, 1 Micro Office has been opened for better servicing and 4 Divisional Offices, 21 Branch offices and 232 Micro Offices were closed, after review..

As on 31st March 2023, the Company has a network of 31 Regional Offices, 7 Large Corporate Offices, 1 Auto Hub, 1 RGBO, 1 IFSC, 1 Digital Hub, 469 Divisional Offices, 564 Branch Offices, 23 Direct Agent Branches and 816 Micro Offices, totaling 1915 offices inclusive of Head Office.

• Foreign

The Company operates in 25 countries.

OVERVIEW OF COMPANYS OPERATIONS

• FIRE AND ENGINEERING

The Company performed well in the Property Insurance segment despite the fierce competition prevailing in the market. The Company continued to maintain its leadership position in this segment of the General Insurance Market. The results of the Fire & Engineering segment are summarized below:

Segment	Premium (in Crore)	Growth (%)	ICR on Earned Premium (%)	Market Share (%)
Fire	4512.02	8.79	59.30	17.70
Engineering	944.03	18.67%	60.97	21.57

During the year, the company continued with occupancy based approach for rating as a part of improvement in underwriting. The Company decentralized policy underwriting in a controlled manner at regional offices, which improved the customer servicing and efficiency. Workshops on underwriting and claims management were conducted for the technical teams in various offices

Strict claims control was achieved by optimum utilization of the resources, careful selection of risks and thrust on quicker claims settlement. This resulted in reducing the cost of claims and increased profitability.

We aspire to maintain our leadership in this segment in the years to come.

• HEALTH INSURANCE

The health portfolio remains a dominant portfolio with the completion of a premium of Rs 16,682 crores in FY 2022-23.

Some of the initiatives taken for growth in Retail Health to fuel growth and enhance retail penetration are as under:

• Yuva Bharat Health Insurance, an exclusive and very comprehensive policy targeting the youth up to 45 years of age, was launched as a niche product for this segment. The coverage includes suitable benefits for this age group such as vaccination and infertility. The product has been competitively priced to incentivize the youth to enter the insurance at a young age. The installment facility for payment of premium has been given here as an incentive to enhance penetration.

• Credit Guard Health Insurance Policy was launched for Bancassurance partners, covering 18 critical illnesses listed as well as Personal Accident coverage for bank loanees This policy has reinsurance support and acts as collateral for the bank to protect their financing.

• Atmanirbhar policy was launched for differently abled people.

INITIATIVES to BOOST HEALTH INSURANCE

1. Ongoing interaction with policyholders, periodic notifications sent to them about their policy coverage, accrued bonuses and claim payment notifications.

2. Several interactive sessions were held with agents, health officials and APEP officials to disseminate product knowledge and guidance and encourage retail health penetration.

3. Interactive sessions held with the call center teams to handle enable them to handle the customer grievances in a better and knowledgeable manner.

4. Utmost care is taken to ensure prompt handling of Customer Grievances.

• GROUP HEALTH:

With a view to ensure growth with profitability, we have consciously weeded out loss making standalone accounts, rightly priced the policies on renewals and weeded out accounts where premium is inadequate, thereby ensuring self-correction of the portfolio.

• MOTOR OWN DAMAGE

The Companys overall Motor Premium showed a growth by 20.75% and achieved a total premium of Rs. 3,153 cr. for the year 2022-23 as compared to Rs. 2,611 cr. of the previous year and market share for Motor has increased to 11.04% with No. 1 position.

During the year, Department has launched two products viz. (1) Pay As You Drive Motor Policy for Private Cars & Two Wheelers, (2) Hybrid Protect Add On Cover for Hybrid Vehicles under Private Car Insurance. .The endeavour of the company is to launch new products in the coming year as well, to suit the market requirements.

Claim Settlement in Motor Own Damage segment stands at 92.88% in comparison with 92.22% of the previous Financial Year. Company has ties-up with reputed motor workshop/garages spread across the country, for providing cashless service to all our customers.

The focus of the Company is to be more digital, with an objective of facilitating efficient service for our customers. A few significant initiatives commenced in the previous year have got stabilized and further strengthened during the year. Digital Survey Report is introduced assisting our offices for faster settlement of claims Pan India. The

Department had taken up the initiative of assessment of Motor OD claims using Artificial intelligence and Live/ Video streaming on pilot basis. Vahan integration has been implemented in the system for validation of vehicle details and for auto population of vahan data in all New India Portals.

Periodic training to our claims handling officials are conducted to enable them to handle the Motor OD claims quickly and fairly.

• AUTO TIE-UP

The Company has tied-up with Motor Dealers and major brands across India The Government initiative given for electric vehicles, has encouraged the Company to approach various OEMs, manufacturing Electric vehicles. With new tie-ups in the pipeline the Companys penetration in this important channel will become deeper / stronger.

We are sourcing business at dealer points through centralized tie ups as well as direct tie-ups.

The growth in Auto Tie-up has played a major role in the growth of Motor LOB of the Company and cement its position as the market leader in Motor Insurance Segment. Auto Tie-up, as a provider of seamless services to the customer, such as instant policy, cashless claims and best in market products has enhanced the Companys commitment to its customer centric approach.

• MOTOR THIRD PARTY CLAIMS AND MOTOR THIRD PARTY CLAIMS HUB

In Motor Third Party the focus was on expeditious settlement of claims. In the present context and scenario, the Department has taken cognizance of the fact that the need of the hour is a focused shift towards expeditious settlement, in addition to usual Court-driven judicial mechanism(s), as was the trend in the past. Settlement of claims through conciliatory mechanisms has been a practice which we have been following in recent years and the same is expected to be the new norm in light of the new Motor Vehicle Amendment Act.

It is imminent that the future of Insurance Industry is going to be more oriented towards digitalization as well as work automation. In view of the same, the Department had initiated steps for implementation of technologically driven aspects, which have been operationalized during the current fiscal.

Movement of physical files have been dispensed in majority of the cases, and documents are now uploaded online. This has facilitated quick decision making as well as the flexibility to access the files from any location, without the need or overt reliance on physical files.

Similarly, paperless work-flow based structure has been implemented in a full-fledged manner which enables tracking the movement and the stage in which a legal claim file is at. The dashboard to have a comprehensive view are also under development.

Advocate Portal, Advocate App, Investigator Portal as well as Judgment Store are other features which are a major step towards Digitization of Motor TP Claims Processing and Tracking.

With regard to the performance in the previous Fiscal, our Settlement Ratio increased to 30.21%, against 25.43 % in the last FY and the Throughput Ratio was 104.5% against 93.48% in the previous FY. The ICR on net earned premium is 88.76%

Company has 2 Legal Hubs at Mumbai and Delhi and 49 Motor TP Claims Hubs which are effectively and efficiently handling legal TP claims. Delhi Legal Hub works as the face of the Company in Supreme Court and NCDRC Matters.

• TECHNO MARKETING

Techno Marketing is a specialized department created at the Corporate office to cater to the needs of Large Corporate clients for their high value operational business units as well as normal and specialized erection and construction projects of high value. The Operational business units and projects are insured either situated in India or outside India for Indian companies. Stand Alone Terrorism is also issued.

Corporate clients with newer and newer business models are always looking for customized covers which is being addressed by the department by devising need-based Insurance solutions with the expertise available in the department.

With the support of national and international reinsurers, company is able to provide unique covers to fulfil the requirement of Corporate clients. With the aim of providing the best customer service, Seminars are organized for Large corporates at their workplaces to educate their employees and executives about the Large risk and Large Project policies along with the claims modalities. In line with the corporate strategy of Underwriting the risk with profitability, clients are educated about the Risk Management practices and Loss Minimizing activities. Risk inspections for complex risks are conducted by globally reputed risk engineers. Moreover, the company conducted online training sessions on underwriting and claims management for the education and better coordination with the technical teams in various offices. The company is well prepared to face the challenges in this segment and aims to maintain the leadership in coming years as well with our proactive approach and technical competence.

• MARINE CARGO & MARINE HULL

Company continue to maintain leadership in the Marine Line of Business in the Indian market. Marine portfolio has shown growth of 15.45% with ICR of 72.90% in Marine Hull and 9.04% with ICR of 66.96% in Marine Cargo segment, despite challenging situation. At a portfolio level, Marine line of business has registered an overall premium of Rs. 977.83 crores with market share of 19.34%. The New India Assurance Co Ltd insures major shipping lines of India, majority of Inland and Coastal vessels, sailing vessels and fishing vessels navigating in and around Indian waters. In the oil and energy segment, we have consistently been the market leaders since inception. We are also the only insurance company in India which offers P&I cover to the Indian coastal vessels. We also provide Delay in Startup (DSU) cover for major construction projects initiated in the country to cover loss of profits resulting from marine transit perils.

Popularity of our products and services in the maritime domain helped the company to become Insurer of the year by the coveted International Samudra Manthan Awards-2022.

Changing geopolitical scenario, especially after the recent Russia-Ukraine war and resultant spree of vide ranging sanctions imposed on individuals and entities has brought huge challenges before marine insurers. Market capacity wasnt abundant due to the exclusion of specified territories. We took initiative in formation of Marine Cargo Excluded Territory Pool (MCET) and participated in the same. Despite various challenges, we continue to provide unhindered support to Indian enterprises. We have purchased a comprehensive sanctions compliance check facility Compliance Assist for prudent underwriting as well as protecting our financials.

As the leader in Marine Insurance, the Company is committed to delivering best-in-class service to its clients. We have upgraded our E-Marine portal which allows it to initiate claims, upload documents, and auto intimation to WKW in case of overseas claims.

As the dynamics of the shipping industry is changing, we are committed to bring out of the box solutions for our clients.

• AVIATION

New India continues to be preferred Insurer of most major airline operators and General Aviation business.

With the advent of Government sponsored Regional Connectivity scheme, New India has been extending insurance support to smaller airlines/ new entrants under UDAN scheme.

New India continues to be a preferred re-insurer in international market extending its support to around 60 Aviation Reinsurance Programme across the Globe.

• MISCELLANEOUS AND LIABILITY INSURANCE

The Companys visibility in the industry as pioneers in writing Event Insurance which includes Sporting Events and other Lines of Business such as Liability Insurance and Film insurance continues, and these lines of business have been sustained due to increase in premium rates and reinsurance support from international market. The company also caters to the insurance needs of the telecommunication service providers, film industry and small and medium sized entrepreneurs.

It has been our endeavour to continuously support our banking sector by providing them with Cyber Liability Insurance and Commercial Crime insurance which are the most critical cover in the existing scenario. Cyber liability

has special significance in the current working environment where technology-based working has proved to be the mainstay of our economy.

Efforts are being made to approach International Markets to bring newer products to Indian Market depending on market needs to ensure sustainable and stable growth with profitability. Our Regional Offices have been empowered in respect of policy underwriting, which has been decentralized to a greater extent and has contributed towards improving the turn-around time, client servicing and efficiency. We have introduced two new products in the year viz, New India Pension Protect PA and MyCyber Insurance. Workshops on underwriting and reviews of claims management were conducted to ensure that the technical teams in various offices are constantly updated. We are focused on improving our performance year after year.

• REINSURANCE

"The Companys Reinsurance protection continues to be optimal and commensurate with its risk profile and financial position. Renewal of all proportional and non-proportional treaties for domestic business and foreign operations, at good terms, was completed as per schedule. The IFSC office of the Company in GIFT city, doing foreign Inward business, continues to grow profitably. The year has not seen any major CAT event exceeding the deductible in the domestic excess of loss treaties. However, there was one major Risk loss which impacted the Fire Surplus Treaty. On the global front there were losses due to Cyclone Gabrielle in New Zealand, and a few other minor Cat and Risk losses."

• BROKER

Brokers are the preferred channel of business in India in commercial line of business which includes marine, aviation, engineering risk and liability insurance.

Broker Channel is a business model which offers immense opportunities for sourcing various lines of Business in the field of non-life sector. It is a significant distribution channel, contributing a sizeable percentage of the total premium income of the Company.

As of March 2023, 594 Insurance Brokers have been licensed by IRDAI. Presently 588 out of the said 594 Brokers are working with us. We have been successful in aligning with more than 98 % of the brokers operating in Indian Market.

To give stimulus to our online business, we have been issuing Portals to Brokers/Insurance Marketing Firms (IMFs), to facilitate quick issuance of policy and also to encourage them for more usage of portals. Also, we have integrated the Brokers website with our system for issuance of policies through their website.

Insurance Broker Association of India has awarded our Company, "The New India Assurance Co. Ltd." as the Most Broker Friendly Insurer.

In order to have seamless interaction and communication with Brokers fraternity and updating them about national and international developments, the Company has launched a digital Magazine "SANYOJAN".

• BANCASSURANCE

Banks, due to their geographical spread and penetration in terms of customer reach in all segments, have emerged as an important channel of distribution of Insurance products. New India Assurance has tie-up with Canara Bank, Punjab and Sind Bank, Central Bank of India, India Post Payment Bank and IDBI, South Indian Bank, Axis Bank, etc. besides 30 Scheduled Co-operative Banks and 2 RRB. In FY 20222023 Bancassurance contributed Rs 248.12 cr. premium income.

Various campaigns were launched during the year, to increase the awareness & reach. New India Assurance has increased its focus on developing world class Technology platform. To improve availability, efficiency, TAT, ease of doing business & providing service to customers, this is the core requirement. Portal integration with various Banks has been implemented. New India is constantly in effort to tie-up with more Banks.

• AGENCY

Agency Department has been a key channel for procuring business for our Company contributing substantial share of premium income with a favorable claim ratio. In the FY 2022-23, premium procured by Agents was Rs. 9685.49 Crore. 3716 New Agents were added in FY 2022-23 to make a total of 111029 Agents.

The Agency Department has implemented various reward schemes during the year to incentiwise agents.

Agency Department has been promoting Agents Portal to enable agents to issue policies quickly on 24x7 basis. Agent App with new features which are available in smart phones enables agents to quickly renew policies and better manage their renewals and claims. The Company has made constant efforts by training for encouraging and motivating agents for usage of agent portal and App. Electronic Data Media / FLASH / AT A GLANCE of newly launched products uploaded on Agent portal, so that Agents can know about the product features readily. Regular Agent portal revision is done with technical department approval. A total of 53,096 portals to agents have been issued as on 31st March,2023.

• RURAL AND SOCIAL SECTOR AND MICRO INSURANCE

The Company is continuously striving to offer best possible products customized according to the needs & requirements of Rural population.

The company provides protection for various assets of rural communities. A wide variety of covers are now available for the rural areas to meet the specific needs of the Rural mass e.g. Cattle Insurance, Sheep & Goat Insurance, Agriculture Solar pump sets, Poultry Insurance, Janata Personal Accident, Horticulture/Plantation Insurance, Personal Accident Insurance Cover to Kisan Credit Card Holders (KCC) etc. for the safety & security of the rural populations.

We have also devised a new product named as "Saral Sampurna Kisan Bima Yojana" which is a comprehensive product for Indian Farmers covering all their insurance needs under one Umbrella i.e. their House & Contents, Personal Accident (JPA), Cattle, Agriculture Pump set, Animal Driven Cart & Pedal Cycle.

The Company has always shown keen interest in various Government sponsored Schemes for Cattle/ Livestock Insurance schemes under National Livestock Mission in various States, Raj Rajeshwari Mahila Kalyan Yojana etc. for benefit of the rural population. The Company has opened up Operating Offices at remote & interior parts of the country to ensure smooth distribution of exclusive rural centric products. Our extensive network of rural Agency force has been provided with Portal for immediate issuance of policy even in remote corner of the country. It has always been the objective of the Company for growth & promotion of micro insurance products for the Rural & marginalized population.

The company has made the claim processing procedure simple & easy to popularize the micro products. The company has believed in the philosophy that right product design and right pricing are essential to make the rural insurance products more attractive and meaningful to rural community. With more than 50 Rural Insurance Products, the Company has been doing its bit for sustained Rural development which is a backbone of Indian Economy.

• GOVERNMENT HEALTH BUSINESS

The New India Assurance company ltd. participate in Govt. schemes, and reaches out to masses with insurance solutions.

We are insuring Mukhyamantri Chiranjeevi Swasthya Bima Yojana scheme of Government of Rajasthan which is helping us to reach out to Below Poverty Line / Needy / Employee Welfare Scheme families. The Rajasthan scheme is a unique universal health scheme in India, covering nearly 1.4 crore families including BPL, Socially and economically weaker sections of the society besides other paid group. The sum insured of Rs 5 lacs per family. A dedicated office Regional Government Business Office (RGBO) was created to provide technology-based service upfront to take forward the mission of mass health scheme. We have introduced AI/ML based apps for monitoring the scheme.

The company also covers a total of 17 Crore lives under RuPay Card Personal Accident scheme and 5.6 Crore lives under the Governments flagship Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme.

• ALTERNATE BUSINESS CHANNEL

Alternative business channel department is a separate vertical to manage various digital channels that address a gamut of business requirements, streamlines the operations, and supports our nodal offices for effective handling of routine issues. In the new normal, the acceptance of digital channels has rapidly increased, creating a wide range of opportunities to address new challenges, transformation of existing processes and sustainable growth in the future.

For instance, a few digital channels whereby the business and operations are streamlined to a large extent are now excluded from our department and handed over to a dedicated nodal office e.g. Customer Portal, Mobile apps etc.

In FY 2022-23, the vertical contributed Rs. 271 Crores of domestic premium with selected digital channels. This has been achieved through Web Aggregators, Brokers, Corporate Agents, CPSC, Akshaya, corporate customer portals. The end-to-end implementation and management of Payment Gateways (PGs) & the state-of-the-art "Contact Centre" are other projects whereby the company focuses on improving the overall payment experience of stakeholders of NIA. The "Contact Centre" remains a one stop solution for all customer grievances.

• CORPORATE SOCIAL RESPONSIBILITY INITIATIVES (CSR)

As a responsible Corporate entity, New India recognizes its roles in contributing to the well being of society and sustainable development. In line with this commitment, the Company has continues its focus on CSR initiatives that address key social, environmental, and economic challenges, aiming to make a positive and lasting impact on the communities in which we operate.

During FY 2022-23, the Company was allocated a budget of Rs. 23.06 crore for CSR. New India has fully utilized the allocated funds in various activities that align with the Companys CSR Policy, its objectives and Schedule VII of the Companies Act 2013.

To ensure the effectiveness of our CSR initiatives, New India has implemented a robust impact assessment and monitoring system. Regular evaluations and stakeholder feedback help us gauge the outcomes of our initiatives, identify areas for improvement, and enhance the overall impact of our CSR activities.

We remain committed to upholding our CSR responsibilities and will continue to work towards sustainable development and creating a positive difference in society. Our efforts align with our core values, and we strive to set new benchmarks in CSR practices in the years to come.

• CUSTOMER CARE

Customer Care Department functions well at Companys Corporate Office as well as all Regional Offices. Dedicated Customer Care Officers are working in all the operating offices throughout the country for extending quality service to the Policyholders and the prospects. Online information on the Companys products is provided on the website www.newindia.co.in for the benefit of the public. The companys Call Center was transformed into a Contact Center on 1st October 2022 for customer service. It is Fully Integrated Multi-channel, Multilingual Contact Centre. The toll-free number of the company 1800-2091415 is available to the customer 24*7 for enquiries on various Products, Claims and Grievances.

The Company has a Grievance Redressal Policy approved by the Board of Directors of the Company which lays down the guidelines for timely redressal of customer grievances maintaining a high level of quality. The Company also has a Policy for the Protection of Policyholders Interests approved by the Board of Directors which formulates the high standard of service the Company aspires to extend to its Policyholders and the prospects. Both these Policies are made available in English and Hindi in our website for easy access by customers.

Grievances received orally, over telephone or in writing are registered in the CRM Module. Customers can register their grievance through our website https://www. newindia.co.in/portal/login/customer. The Company has a dedicated e-mail ID customercare.ho@newindia.co.in for getting customer grievances and service-related issues and this is monitored by the Head Office. With a view to give special attention to the grievances and service- related issues of the senior citizens, the Company has a dedicated e-mail address seniorcitizencare.ho@ newindia.co.in which is also monitored by the Head Office. Customer grievances received by IRDAI gets registered in Bima Bharosa. Our CRM Module is integrated with Bima Bharosa on a real time basis. We also receive customer grievances registered in Centralized Public Grievance Redress and Monitoring System (CPGRAMS) portal and National Consumer Helpline portal. We resolve grievances, intimate the customers and post the resolution through the portal. The Grievance Redressal position for the period 1.4.2022 to 31.3.2023 is as under:

Source	Outstanding as on31/03/2022	Received From 01/04/2022 To 31/03/2023	Resolved From 01/04/2022To 31/03/2023	Outstanding as on 31/03/2023	Disposal Ratio
ALL	11	5567	5576	2	99.96%

• ENTERPRISE RISK MANAGEMENT

Enterprise Risk Management (ERM) is a fundamental component of our companys governance and strategic decision-making process. We recognize the importance of effectively managing risks to safeguard our business and ensure sustainable growth. As our Company has also been identified as Domestic Systematically Important Insurer in India (D-SII), it becomes even more essential that the ERM structure of the Company is robust.

Our ERM framework enables us to proactively identify, assess, and mitigate risks across our operations. By adopting a comprehensive approach, we analyze internal and external factors, conduct risk assessments, and engage with stakeholders to gain insights into emerging risks. This helps us prioritize risks based on their potential impact and likelihood of occurrence.

Once risks are identified and assessed, we develop and implement risk mitigation strategies tailored to each risk category. Our strategies involve risk avoidance, risk transfer, risk reduction, or risk acceptance, depending on the nature and severity of the risks.

We continuously monitor the evolving risk landscape to ensure the effectiveness of our risk management practices. Regular risk reporting and communication provide valuable information to our Board of Directors and executive management, enabling them to make informed decisions and take necessary actions.

Our risk governance structure ensures clear roles, responsibilities, and accountabilities throughout the organization. The Board of Directors oversees the ERM program, ensuring alignment with our strategic objectives and regulatory compliance.

Key risks we actively manage include market risk, operational risk, financial risk, and cybersecurity risk. Market risk is mitigated through market research, innovation, and strategic partnerships. Operational risk is addressed through robust controls, business continuity planning, and adherence to regulations. Financial risk is managed through prudent financial practices and appropriate insurance coverage. Cybersecurity risk is mitigated by investing in advanced security measures and providing ongoing training to our employees.

Our commitment to ERM helps us protect our stakeholders interests, enhance operational efficiency, and create sustainable value. We remain dedicated to continuously improving our ERM framework and fostering a risk-aware culture across the organization.

By effectively managing risks, we can seize opportunities, navigate challenges, and ensure the long-term success and resilience of our company.

• CLAIMS MANAGEMENT

Effective claims management is vital for our companys success and reputation. We are committed to handling claims with integrity, fairness, and efficiency, ensuring the best outcomes for all parties involved. Our robust claims management process allows us to mitigate potential risks, protect our assets, and maintain the trust of our stakeholders.

• Towards this goal, the Company carried out the following activities in this vertical during the FY 2022-23.

• Close monitoring of Non-Suit claims with a target to increase settlement ratio and reduce outstanding claims and monitoring of Incurred Claims Ratio.

• Review and Monitor Catastrophe claims to enable faster claim settlement.

• Monitoring of long pending claims.

• Implementation of the guidelines enumerated under the Surveyors Management Policy adopted by Board and completion of surveyors screening exercise under Surveyors Management Policy for 2022-23.

• Focus on claim automation under Motor OD Twowheeler and Private car segment. Roll out of digital survey report functionality in claim processing offices.

• Undertaken virtual & physical meetings with designated officials of all Regions on non-suit claims management & motor OD claims automation including digital survey report.

Parameter	Non-Suit	Suit	Total
Number of Claims OS as on 01.04.2022	3,42,995	1,81,598	5,24,593
Number of Claims Intimated during 2022-23	97,47,934	73,070	98,21,004
Number of Claims Settled during 2022-23	95,56,099	75,799	96,31,898
Number of Claims OS as on 31.03.2023	5,34,830	1,78,869	7,13,699
Claims OS for less than 3 months	4,10,023	8,019	4,18,042
Claims OS for more than 3 months but less than 1 year	1,03,747	30,620	1,34,377
Claims OS for more than 1 year	21,060	1,40,230	1,61,290

 

Non-Suit Claims - Parameter	31.03.2023	31.03.2022	31.03.2021
No of claims O/s	5,34,830	3,42,995	1,97,025
Amount of claims O/s (Amount in Rs Crores)	9046	9,436	8,990
No of claim O/s for more than one year (Excl.GA and Coinsurance)	20,459	14,437	7,976
Non Suit Claim Settlement Ratio	94.70%	95.27%	95.26%

 

Suit Claims - Parameter	31.03.2023	31.03.2022	31.03.2021
No of claims O/s	1,78,869	1,81,598	1,76,596
Amount of claims O/s (Amount in Rs Crores)	11,190	11,134	10,149
No of claim O/s for more than one year (Excl.GA and Coinsurance)	1,40,230	1,49,836	1,48,718
Suit Claim Settlement Ratio	29.76%	24.88%	21.75%

• CORPORATE COMMUNICATION

Our Corporate Communication Department plays a pivotal role in maintaining strong relationships with stakeholders and effectively conveying our companys messages, values, and achievements. By facilitating transparent and consistent communication, we enhance our reputation, build trust, and promote understanding among our diverse audience.

Corporate Communication Department continued its branding activities vigorously to enhance visibility of the Largest Non-Life Insurance Company of India through various promotional tools with impetus to improve visibility in all platforms of advertisement on Pan India basis and exploring new places of public confluence.

To imprint the Brand Image of our company into the mental spectrum of General Public, effective use of outdoor media like hoardings, Glow Signs, Digital Screens in and around PAN India locations. Displays have been placed at prominent Airports, Metro Stations, Railway Stations & Trains, Road junctions, Highways, Bus Stands, New Electric Buses, Containers, Malls as well as various print and digital media channels.

• RIGHT TO INFORMATION ACT

As an insurance company committed to transparency and accountability, we recognize the importance of the Right to Information Act (RTI Act). The RTI Act empowers individuals to access information held by public authorities, including our company, ensuring greater openness and fostering a culture of trust.

At our company, we adhere to the principles of the RTI Act and proactively promote access to information. We believe in the right of our stakeholders, including policyholders, shareholders, and the general public, to access relevant information about our operations, financial performance, and governance practices.

The Central Public Information Officers (CPIOs) of Regional Offices and LCBOs / HUBs contributed to the promotion of the ideals of the Act, under the umbrella of RTI vertical at the Corporate office.

To improve efficiency & speedy disposal, the functions of First Appellate Authority has been decentralized at Regional Offices/ BO (Business Office) level.

Company has appointed Transparency Officer in the rank of General Manager.

During the year 2022-23 the total number of RTI Applications and First Appeals (including online) received were 1808 and 276 respectively.

As per DOPT Guidelines Third Party Transparency Audit of RTI Proactive Disclosure of the New India Assurance Co. Ltd., was conducted during the year by the National Insurance Academy, Pune for the year 2022-23.

In compliance with the CIC guidelines / RTI Act, the Companys official website is updated from time to time disclosing and uploading maximum information under xvii points as mandated under the provisions of Section 4(1) (b) of the RTI Act, 2005.

• INDUSTRIAL DISPUTES AND DISCIPLINE

The Company acknowledges that the employees are its best asset and discipline among employees plays vital role not only in Companys growth but also in physical and mental health of its employees. Therefore, the Company educates the employees to maintain a disciplined, comfortable and worry-free environment at the workplace. The Company imparted interactive zone- wise training sessions throughout the Country on The New India Assurance Company Ltd. (Conduct, Discipline & Appeal) Rules, 2014, and on the policy on Prevention, Prohibition & Redressal of Sexual Harassment of Women at the Workplace, 2020 to ensure maintaining the peaceful & congenial atmosphere at the workplace.

Furthermore, the Company made efforts to review legal matters of employees. It resulted in updating status of pending court cases and approaching the Honble Courts to vacate stay, wherever ordered, so that the cases may be disposed of timely.

By effectively managing industrial disputes and maintaining discipline, we foster a positive work environment that promotes employee engagement, productivity, and ultimately enhances our ability to serve our customers and stakeholders. Our commitment to fair and transparent practices demonstrates our dedication to upholding high ethical standards and creating a culture of respect and accountability.

• INFORMATION TECHNOLOGY

Financial Year 2022-23 had seen the enhancement of initiatives propelled in the previous year to achieve the Goal of a fully Automated Organisation. This includes launching of Digital enabled Retail Insurance Products like Yuva Bharat in Health. The utility value of FWA (Fraud, Waste and Abuse) tool had been fully consumed by the Company thus identifying the Claim leakages and arresting the same in Government Health Scheme of Rajasthan administered by the Company.

While the Company continues to use strong database enabled by TCS Bancs, new features in the Portals drew appreciation from Intermediaries like Agents for its seamless navigation facilities and empowering the end mile user. Value Additions like auto upload of Vaahan details in Motor Proposals has made the customer journey more interesting.

Constant upgrade on IT Security systems and focussed efforts of IT Security Team enabled the Company to be Certified as ISO 27001-2013 compliant and placing in the league of highest IT security compliant insurance Companies in the Country. This is more important from Data Protection perspective.

Know Your Customer (KYC) process has been implemented as per Regulatory guidelines on Anti Money Laundering Act., Company has been registered with CERSAI for CKYC. The alternative mode of e-kyc through Aadhaar is also provided to the customers.

The Digital Surveyor Portal for Motor Own Damage Claims has been enabled to capture Harmonised System Nomenclature (HSN) codes to enable the Analytical approach on Risk exposures and chart the course of action. A unique feature of this portal is reduction of claim processing time as the data auto populates for Claim Managers thus reducing Turnaround Time on Claims processing.

Business Continuity and Seamless scale up are the important elements of Risk Management touching Information Technology Department. The drills for DR and NDR have been completed successfully to check and maintain the backup facilities of Data Centre in a robust manner.

The Employee Portal and Mobile Application has been enhanced with new features thus making Employee Benefit related requirements more digitalised. The projects on digital allotment of Company Quarters, digitalised travel bill submission are under work in progress.

The New initiatives on Website, Chatbot enabled by Natural Language Processing are under development. The Contact centre has been enabled to do Telemarketing through a dedicated portal thus making call centre as a customer service and revenue generation model.

As part of using Artificial Intelligence more into business communication, Company plans to have an E-mail solution facility that suits the Organisation in the days to come and the process of identifying new facilities are in progress.

The Company is already using latest facilities of Payment Gateways thus reducing leakages in using physical currency. Alternative Business Channel Department of the Company keeps the Research and Development efforts to identify emerging technologies and augment the business with right partners to bring the fusion of Technology related efforts.

The Company continues to scale up on Digital innovations with the promise to have the Information Technology and Data Security as functional and ethical eyes of the Organisation.

• HUMAN RESOURCE DEVELOPMENT AND PERSONNEL STAFF WELFARE SCHEMES

• STAFF WELFARE SCHEMES

In line with the tradition of keeping the interest of its employees foremost, the Company has continued to implement welfare schemes for its employees. Active as well as retired employees along with their dependent and non-dependent family members are covered under Group Staff Mediclaim Policy covering all kinds of diseases with minimal exclusions, Group Personal Accident Policy providing 24 hours cover to employees against accidental death or permanent disablement, Group Savings Linked Life Insurance, Group Term Life Insurance, Employees Deposit Linked Life Insurance, Lump sum payment for Domiciliary Medical Treatment, Group Baggage Policy, Education Advance Scheme for children of employees to pursue quality education, Housing Loan at subsidized rate of interest, Medical Check-up facility to Manager and above cadres, Directors Mediclaim Scheme for reimbursement of medical expenses of active as well as retired Directors along with their dependent family members etc.

The Company provides Ex-gratia relief scheme to its employees which provides for reimbursement of medical expenses beyond the Mediclaim cover. Special leave is sanctioned and medical expenses are reimbursed if an employee meets with accident whilst on duty which is in addition to the 24 hours Personal Accident cover provided to employees. Special leave is also granted for participating in National & International sports events including Mountaineering, Expedition and Trekking events. Employees are encouraged to pursue higher post graduate academic courses for which financial assistance is provided.

Other welfare schemes like Vehicle Loans at subsidized rate of interest, Leased accommodation to all cadres of employees, Retirement Benefit and Death Relief Schemes managed by Mutual Benefit Society for employees, Leave Travel Subsidy, Labour Welfare scheme are provided.

To facilitate more transparency and expeditious settlement, the Company has implemented online access for all its employees for availing the benefits and necessary training has also been imparted to them.

HUMAN RESOURCES

Employee strength as on 31st March 2023

Category of Employees	Male	Female	Total
Class I	4861	2499	7360
Class II	248	17	265
Class III	3256	1082	4338
Class IV (Excluding Part Time Sweepers)	610	240	850
Part Time Sweepers	3	0	3
TOTAL	8978	3838	12816

RECRUITMENT AND RESERVATION

Number of employees recruited during 2022-23

Category of Employees	SC	ST	OBC	EWS	Total	Ex Servicemen	PWD
Class-I	46	23	81	30	296	0	11
Class-II	-	-	-	-	-	-	-
Class III	12	5	3	0	31	0	0
Class IV (Excluding Part Time Sweepers)	7	2	6	0	23	0	0
Part Time Sweepers	-	-	-	-	-	-	-
TOTAL	65	30	90	30	350	0	11

Representation of Scheduled Caste, Scheduled Tribe and Other Backward Classes employees under various cadres as on 31.03.2023

Category/Level	Total			Number and Percentage
	Number	SC	%	ST	%	OBC#	%
Class-I	7360	1470	19.97%	671	9.12%	1270	17.26%	39	0.53%
Class-II	265	33	12.45%	24	9.06%	21	7.92%	0	0.00%
Class III	4338	801	18.46%	368	8.48%	847	19.53%	0	0.00%
Class IV (Excluding Part Time Sweepers)	850	423	49.76%	97	11.41%	76	8.94%	0	0.00%
Part Time Sweepers	3	2	66.67%	1	33.33%	0	0.00%	0	0.00%
TOTAL	12816	2729	21.29%	1161	9.06%	2214	17.28%	39	0.30%

# OBC reservation was introduced in 1993. The prescribed OBC reservation % is being maintained in all direct recruitments since then.

The Company Strictly adheres to Brochure provisions and Government DoPT guidelines regarding reservations and concessions in the matter of recruitment and promotion and safeguards the interest of employees belonging to SC/ST/ OBC/EWS/PwBD and Ex-servicemen.

Pre-promotional training programs are duly organized for all eligible SC/ST/OBC employees for promotion to various cadres. Regular training programs are conducted on personality development, stress management, motivation etc. for SC/ST/ OBC employees of various cadres. Various benefits under Dr. B. R. Ambedkar Welfare Trust have been given to SC/ST/OBC employees. SC/ST/OBC employees have been nominated for NIA, Pune training programmes on a regular basis. Prerecruitment training programmes are also arranged for SC/ST/ OBC candidates at various centres on all-India basis.

A separate reservation cell is actively functioning at Head Office and Regional Office level for SC/ST/OBC/EWS/PwBD/ Ex-servicemen employees. A Liaison Officer under the charge of Chief Liaison Officer manages this cell at Head Office, whereas Assistant Liaison Officers head the cells at various Regional Offices.

A well-defined mechanism has been provided under which, on a yearly basis, the Liaison Officer from the Head Office inspects the Rosters pertaining to recruitment and promotions at all Regional Offices. The inspection report with observations of Liaison Officer, are put up to the Chief Liaison Officer & General Manager (Personnel) for further directions and sent back to the respective Regional Offices with necessary advice. Based on the inspection report, action is being taken by the concerned Regional Offices in co-ordination with the Head Office to rectify shortcomings in procedure, if any, observed by the Liaison Officer.

Special attention is given to complaints/grievances raised by SC/ST/OBC employees and they are resolved within shortest possible timeframe.

The Company is providing financial support on behalf of Dr. B. R. Ambedkar Welfare Trust, to various SC/ST/OBC welfare activities. On the eve of Mahaparinirvan Day i.e. December, 6th every year these welfare activities are supported to observe the death anniversary of Dr. B.R. Ambedkar at Chaitya Bhumi, Dadar.

• GENDER ISSUES AND EMPOWERMENT OF WOMEN

The Company has a strong women force and provides adequate opportunities for self and career development. A significant number of women Officers, as on 31.03.2023, are holding senior positions in our Offices:

Chairman-cum-Managing Director	1
General Manager	1
Deputy General Manager	15
Chief Manager / Regional Manager	45
Divisional Manager / Sr. Divisional Manager	84
Branch Manager / Sr. Branch Manager	62

• Women executives are nominated for various programmes organized by Forum of Women in Public Sector (WIPS)

• Women Officers are also nominated in large numbers to the Programme for Women Managers conducted by National Insurance Academy, Pune

• Womens Committees are constituted at Head Office and various Regional Offices and are actively involved in resolving all gender-related issues/cases referred to them.

• International Womens Day is celebrated on March 8th in all Offices across the country. Seminars are organised at various centers on topics such as Women Entrepreneurship, Stress Management, Work-Life Balance, Mental & Physical Health, Nutritious diets, Rights of women under various laws of the country, and new law for protection of the women at workplace etc.

• TRAINING

In the present competitive scenario of the insurance industry, it is of utmost importance to our employees to be abreast of the changes and to develop their insurance skills both in underwriting and claims settlement. Keeping this in mind, the Company conducts regular training programs. The Company also nominates employees for various training programs organized by External Institutes from time to time. The focus of the training is on policy awareness, technical matters, specialized topics, and marketing strategies.

Keeping an eye on future market prospects, we also focus on Computer Literacy, Cyber Risk Management, Advanced IT, Artificial Intelligence and Digital Marketing Training programmes.

Apart from emphasizing on mainstream training, the Company encourages nominations in alternate training programs, as arranged for homogenous group of employees such as.

• Women employees are nominated for specialized trainings like Women Managers Training, Prevention of Sexual Harassment (POSH) training Programmes etc.

• Pre-promotional training to all eligible SC/ST/ OBC employees of all cadres.

• Pre-recruitment training to all SC/ST/OBC applicants desirous of availing the same.

• To build the strong, competent marketing force, the more emphasis is being given on training of Marketing Officers & Agents.

• Along with development of Technical Skills, taking into consideration employees mental and physical health, we also focus on soft skills trainings like Personality Development, Physical Fitness Trainings, Yoga Sessions etc. and for betterment of employees post-superannuation life, we conduct

Pre-retirement trainings.

Based on our study of previous nominations, the system of Training Nominations has shifted from nomination-based to employees work profile based, i.e., the employee is nominated for training relevant to his line of working. It is our endeavor to provide an opportunity to train maximum number of employees. For achieving this goal, we are restricting nomination of an employee for a single training programme in a year.

• OFFICIAL LANGUAGE IMPLEMENTATION

The functioning of the Department of Official Language is implemented based on the guidelines issued by the Department of Official Languages and The Department of Financial Services, Ministry of Finance, Government of India.

According to these guidelines, every effort is made to increase the implementation and propagation of official language in all the offices and Departments of the company.

Hindi workshops are organized by the Department of Official Language from time to time to enable and skill the Employees to work in hindi with ease in their respective Departments. In this financial year, the Head Office, Department of Official Language organized 4 workshops and a special workshop cum training program was organized in Hyderabad for the Employees of the "C" Region.

In this financial year, the Head Office Official Language Department conducted a hundred percent i.e. official language inspection of all 31 Regional offices. The third sub-committee of the Parliamentary Official Language Committee inspected Srinagar divisional office, Udaipur Divisional office, Rohtak Divisional office, Head Office and Ernakulam Regional office. Parliamentary Alekhevamsakshay committee inspected gurugram Divisional office and Meerut Divisional office. In these inspections, the official language implementation in the company was found to be satisfactory.

Four Hindi quarterly meetings were held in each quarter during the year 2022-2023 at Head Office. Similarly, meetings of the Official Language Implementation Committee were held regularly in all the offices. In order to promote the Hindi official language and to increase interest, motivate and encourage the employees towards the official language Hindi, Hindi fortnight was organized in the Head Office from September 14, 2022 to September 29, 2022.

A total of 7 competitions were held during this period. Similarly, Hindi Day was also organized at each Regional Office, Divisional Office and Branch Office.

In the year 2022-2023, All India Hindi Officers Conference was organized in Varanasi from 03rd to 04th February under Kanpur Regional Office. Regional offices were also rewarded for the best performance in the conference. This year, two issues of corporate inhouse magazine Arjan were published, in which employees working in various offices of the company participated through their articles. Similarly, in-house Hindi magazines are regularly published by the Regional offices. In this financial year, the Department of Official Language all over India received a total of 35 awards. On World Hindi Day, an online global official language seminar was organized by the Department of Official Language, in which representatives of offices located abroad also participated. The employes are being trained in large numbers in prabodh, praveen, Pragya and Parangat training programmes organized by Hindi Training Scheme, Department of Official Language, Ministry of Home Affairs, Government of India.

The Department of Official Languages is constantly striving to play an important role in the promotion of regional languages along with Hindi.

• INTERNAL AUDIT

Internal Audit has been playing a vital role in strengthening the Corporate Governance and complying with the management objectives to improve and strengthen the internal controls.

Internal Audit functions through Audit teams stationed at various regional offices and supervised by IAD, Head Office. An Annual Audit Plan is drawn up to ensure that all operating offices (including Branches and Micro Offices) are audited atleast once in the financial year. Regular audits of their Regional Offices, Claims Hub, Broker DO, LCBOs, Auto Tie-up Offices & HO departments are conducted to ensure proper implementation of corporate guidelines.

The Internal Audit vertical at Head Office has assisted in enhancing the performance of Audit Compliance Cells at various Regional Offices for expediting the resolution of pending audit queries - both CAG and internal. At the end of the financial year, of the yearly performance of this vertical is placed to the Audit Committee and the Board. The Company has been complying with the Prevention of Money Laundering Act (PMLA) 2002 since it has been made applicable to insurance companies w.e.f 01.08.2006. IRDAI has issued Master Guidelines on AntiMoney Laundering/ Counter Financing of Terrorism (AML/ CFT), dt. 01.08.2022. The Principal Compliance Officer posted at the Corporate Office monitors the compliance of AML guidelines.

We are committed to continuous improvement in our internal audit function. Our Internal Audit Vertical keeps abreast of evolving regulatory requirements and industry best practices. This allows us to enhance our audit methodologies, adopt innovative technologies, and leverage data analytics to provide valuable insights to the organization.

• LEGAL & CONSUMER FORUM

The legal and consumer forum vertical at the Head Office primarily handles legal matters pertaining to Arbitration cases and Consumer fora cases/ Supreme Court matters and civil/commercial suits other than T.P claims. All court notices received from various fora/courts in the country are properly monitored on an urgent basis and due care is taken to ensure that the same are attended to by Regional

Offices.

263 consumer cases have been settled in FY 2023, through the mechanism of Lok AdalatAn overall settlement of 4534 cases in dispute with a settlement ratio of 24.23 % and throughput ratio of 92.77 % was achieved.

With the influx of high value cases being filed at District forums, a hand-holding practice of HO approval in selection of advocate and forming best strategy/line of defense, has been introduced (in respect of high exposure consumer cases exceeding Rs. 1 crore). This helps the ROs to put their best foot forward in defending/ resolving such matters from the beginning. Towards shift to digitization, steps are also being taken to make our offices compliant with the handling of electronic court notices and filing appeals/defenses electronically before the Courts.

At New India Assurance, we place great importance on legal compliance and consumer protection. Our engagement with the legal system and consumer forums reflects our dedication to maintaining ethical business practices and ensuring positive customer experiences. By upholding legal standards and actively addressing consumer concerns, we strengthen our position as a trusted insurance provider in the market.

• VIGILANCE

The Vigilance Unit is responsible for vigilance administration in the organization under the general superintendence of Central Vigilance Commission. It is headed by the Chief Vigilance Officer who is assisted by the Chief Manager, Desk Officers at H.O & field Vigilance Officers at Regional Offices.

This vertical is in constant pursuit of creating a sound vigilance culture in the Organization with a focus predominantly on preventive vigilance mechanism which will bring about a safe environment conducive of doing good business. It i committed to maintain integrity, transparency & efficiency in the organization which will ultimately lead to highest standards of corporate governance, and help in achieving organizational excellence.

During the Financial year 2022-23, surprise Inspections were conducted at 610 offices, comprising of Divisional Offices, Branch Offices, Micro Offices, LCBOs and Regional Office TP/ OD Claim Hubs. Regular Preventive Vigilance Workshops were conducted at various offices to educate and sensitize the staff with an objective of creating a Vigilant Workforce which is the most desired asset of any Organization.

Vigilance Awareness Week was observed from 31.10.2022 to 06.11.2022 with the theme of the year - "Corruption Free India for a Developed Nation". During the Vigilance Awareness Week various activities / events / competitions within and outside the organization were organized to generate awareness in the public at large about the ill effects of corruption.

By upholding the principles of vigilance, we safeguard the interests of our policyholders, shareholders, and other stakeholders. Our commitment to integrity, transparency, and ethical conduct differentiates us in the marketplace and strengthens our reputation as a trusted insurance provider.

We remain steadfast in our commitment to maintaining a culture of vigilance and ethical behavior, continuously reviewing and enhancing our vigilance practices to adapt to emerging risks. By doing so, we ensure the long-term sustainability and success of our company.