12th Edition of ET Now Insurance Summit
Overview of the Award
The ET Now Insurance Awards, in-partnership with our Knowledge partner ‘PwC India’, is a premier recognition platform that celebrates excellence, innovation, and leadership in the insurance sector. Designed to honor outstanding achievements, the awards recognize organizations, and initiatives that have significantly contributed to the growth and transformation of the industry.
More than just an awards ceremony, this event is a celebration of the transformative power of insurance in building a resilient and inclusive economy. By recognizing outstanding contributions, the ET Now Insurance Awards aims to elevate the industry’s standards and align its progress with India’s vision of achieving universal insurance coverage by 2047.
The evaluation process for the ET Now Insurance Awards is a comprehensive and transparent approach that identifies and recognizes the most deserving companies. It follows a structured multi-step process:
Identification of Eligible Companies
Companies are identified across award categories based on their business performance and eligibility criteria.
Data Assessment
Performance data is analyzed from public disclosures, IRDAI, Life Insurance Council, and General Insurance Council records.
Desktop Research
Key numbers are sourced primarily from public disclosure reports available on company websites and the IRDAI website.
Evaluation Parameters
Companies are assessed on parameters such as:
- Financial Management
- Customer Friendliness
- Sales Performance
- Claims Management
Scoring Methodology
Each award category includes 3-6 parameters scored individually with assigned weightages to calculate an indexed score.
Shortlisting
The top three companies in each category are shortlisted based on the indexed scores.
Jury Meet
The shortlisted results are reviewed by a distinguished jury, and winners are decided through detailed discussions and unanimous concurrence among jury members.
Awards Ceremony
Winners will be honored during the Awards Ceremony on December 19, 2024, at the ET Now Insurance Summit at Taj Santacruz, Mumbai.
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Smart Insurer
Awarded to an insurer demonstrating excellence in maintaining robust business and financial parameters with a smart and strategic approach.
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Amiable Insurer
Recognizes insurers with outstanding customer experience and a strong focus on customer orientation.
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Sales Champion
Honors an insurer with the ability to cater to market demands through diversified products and a strong market presence.
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Prompt Insurer
Acknowledges an insurer with the quickest claim settlement processes, ensuring swift and effective service for policyholders.
To qualify for the awards, companies must meet the following conditions:
| Company Should be in Business for at least 3 years |
|---|
| Company | Large Sized | Compact |
|---|---|---|
|
Life |
>=8,000Cr (New Business Premium) |
<8,000Cr (New Business Premium) |
|
Non-Life |
≥ ₹9,000 Cr (Gross Written Premium) |
≥ ₹9,000 Cr (Gross Written Premium) |
The Event is organised by Times Strategic Solutions Ltd., (“Organiser”) along with PwC (“Knowledge Partner”).
- The nominees will be shortlisted through an analysis done by the Knowledge Partner for this Award based on information available in public domain.
- Knowledge Partner shall decide on evaluation/ disqualification/ qualification/ re-categorisation. Decision of Knowledge Partner shall be final non-contestable and binding on all participants. The Organiser will not entertain any queries in this regard.
- Organiser shall not be part of the decision-making process.
- Organiser shall not be liable for any loss or damage that awardee or shortlisted brands or any 3rd party may suffer as a result of attending the Award or Awards being withdrawn. Participants agree that they shall hold harmless the Organiser, its employees, officers or representatives and shall defend them against any loss, claim, demands, costs, damages, judgments, expenses or liability arising out of or in connection with any claims in connection with participation or winning the Award.
- Participant/ Awardee grants the Organiser a royalty-free, irrevocable, worldwide, non-transferable, non-exclusive license to use and display their participation in the Awards, and any intellectual property in relation to and arising out of such participation in the Awards and picture and footage thereof, which shall include but not limited to trade publications, press releases, electronic posting to the Website.
- Organiser cannot and shall not be accountable /liable for any disruption /stoppages /interruptions or cancellation of the Awards due to any reasons.
- If no Applicant in a category is found to be credible of inclusion by the Knowledge Partner, such Award category may be change or cancelled or merged with another category as per decision of the Knowledge Partner.
- Organisers may modify the terms of the Award without notice hence Applicants are requested to keep themselves updated at regular intervals.
- Organiser will have no liability if the Winner who is unable to participate in the Award ceremony, for whatever reason.
- Organiser cannot and shall not be accountable / liable for any disruptions / stoppages / interruptions or cancellation of the Awards due to any force majeure reasons.
- The decision of Organiser in relation to the interpretation of any of these Terms shall be final and binding on the Awardee. The Organiser will not entertain any queries in this regard.
- Advertisement by Awardee should be only for the category in which they have received the award and not for some other category. Awardee may promote receipt of Award subject to compliance with ASCI guidelines and other applicable laws.
- No disputes, challenges, or appeals regarding any aspect of the entry process, selection process, or results will be entertained under any circumstances.
- All disputes relating to or arising out of the Awards /shortlisting shall be subject to the laws of India and exclusive jurisdiction of the courts at Mumbai, India.
For any queries or experience difficulties of any kind, nominees can write to et.edge@timesgroup.com.
Jury
BD Banerjee
Ex-MD of GIC India and CMD of Oriental Insurance and National Insurance (addl charge) and Insurance Ombudsman, Mumbai
Sudhin Roy Chowdhury
Ex - Member (Life), IRDAI
TL Alamelu
Principal Advisor, International Financial Services Centres Authority Ex - Member(Non-Life), IRDAI