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India Newsletter

News and views

Keeping our stakeholders informed about the latest trends, insights, and developments shaping the insurance and risk management landscape in India.
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by Sanjay Kedia , 

CEO, Marsh McLennan India and President & CEO, Marsh India Insurance Brokers Pvt. Ltd

Welcome to 2025!

As we embrace the opportunities of a new year, I am pleased to present the latest edition of News & Views. This issue is filled with expert insights and practical solutions designed to help you navigate an ever-evolving landscape of risks and opportunities.

In this edition, we address critical areas such as rising medical trend rates and their impact on employer budgets, the future of employee benefits, and key market trends in insurance. Additionally, we delve into actionable solutions for building resilience, including cybersecurity and political risk management.

Our goal is to empower you with the knowledge and strategies necessary to make informed decisions and drive your business forward. As always, we are committed to supporting your journey toward growth and success in 2025 and beyond.

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Report

Global Insurance Market Index 2024

Discover the latest pricing trends and insights in the insurance industry with the Global Insurance Market Index Q3 2024 results. For a detailed breakdown of the results by region and product level, including property, casualty, financial lines, and cyber insurance, read the full report.
Political risk 2025

Report

Political Risk Report

The Political Risk Report serves as your essential guide to navigating the uncertainties of the 2024 political and economic landscape. Based on a thorough analysis of 197 countries and territories, this report offers a concise summary of the key information you need to understand the risks and opportunities for the year ahead.
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Report

Health Trends 2025

Health Trends 2025, underscores ongoing challenges such as expensive cancer claims, cardiovascular and metabolic health issues, unmet mental health needs, and escalating medical costs. However, significant changes are emerging that require employers and insurers to adapt their strategies. Innovative medical treatments for conditions like obesity and cancer are expected to drive up insurance claims costs. To maintain affordable healthcare, it is essential to explore new plan management options and cost containment strategies while evolving healthcare provision to address the needs of a diverse workforce.
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Guide

How to build an affinity insurance program

Our comprehensive guide, "How to Build an Affinity Insurance Program," provides essential insights into each stage of the process and highlights their potential effects on your program's performance. By taking a straightforward and practical approach, we demystify the challenges and intricacies of creating an affinity insurance program. Within this guide, you will uncover the advantages of affinity insurance, including embedded options, assess whether it aligns with your organization's needs, follow a detailed step-by-step framework for developing or improving your program, and identify the key resources and partners required for successful execution.
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Article

As ransomware and other cyberattacks loom, transportation companies should consider 3 key actions

Cyberattacks, particularly ransomware, have emerged as a significant threat to organizations across various industries, with a notable increase in both frequency and severity driven by more sophisticated attackers. Transportation companies, including trucking and logistics firms, have become prime targets as they digitize their operations, experiencing a concerning 36% rise in ransomware attacks over the past year. These incidents can severely impact companies, their partners, and clients, causing crippling system outages that lead to delays, lost business, and lasting reputational harm. This highlights the urgent need for transportation companies to implement robust cybersecurity measures to enhance their resilience against cyber threats.
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Report

Future of Benefits Report

Reflecting on a successful series of MMB India's multi-city events. With 1000+ participants and over 30 panelists from leading organizations, we explored the Future of Benefits: Today's trends and tomorrow's possibilities Report. Key themes included Inclusion and Diversity, Outpatient benefits, Data and Analytics, Flexible benefits, and robust Technology. The 'Future of Benefits' interactive dashboard received overwhelming response. Grateful to our participants, panelists, and colleagues for another informative session.
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Activities

Corporate Social responsibility

At Marsh McLennan, we understand the importance of community support in an ever-changing world of risks and uncertainties. With a strong legacy of service, we are committed to making a difference in the communities where we operate and where our colleagues live. By harnessing our collective expertise, we strive to tackle society's greatest challenges and build a more resilient world. Our mission is to drive both business success and social impact, working together to create a brighter future for all. Join us in our journey to make a positive difference in the world. Know more about our initiatives.
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Cyber Self-Assessment tool

Cybersecurity is a strategic, enterprise-wide risk that requires a collaborative approach involving business, security, operational, and risk experts. However, the time it typically takes for organizations to identify, assess, and implement the necessary resources for a robust cyber program is often impractical in today’s fast-paced cyber landscape. The Marsh Cyber Self-Assessment is a digital tool designed to evaluate your organization’s cyber risks while streamlining the application process for cyber insurance. This enables you to make more informed and confident investments in both cyber insurance and security.

Here is an excerpt from the October 2024 edition of MMB newsletter, IIllumina, featuring insights from Srinath Krishnan- Leader India Total Rewards at Hewlett Packard Enterprise. He shares his perspectives on the ‘Evolving Role of Technology in Employee Benefits & Benefits Administration’.

Technology enablement for Employee Benefits has become a game changer for organizations, finding it a better and faster way to reach its employees and dependents. In the absence of a strong and intelligent platform, many of the processes are manual like payroll, taking employee feedback, gathering data or effectively managing and supporting our workforce. This affects the overall employee experience and productivity. 

Technology must be capable to provide effective global benefits administration & employee engagement platform, by providing local country and multinational routes to market. This enables the employer to drive employee engagement, control costs, manage risks and automate administration for their insured and uninsured plans in a more effective manner. 

Technology for Impactful Personalization:

The world of employee expectations has evolved. Employees desire from work and organizations fundamentally has not changed, however there is a shift in how employees prefer to engage with their work. It is important to address the needs of diverse and multigenerational workforce, with Gen Z, Millennials, Gen X and Boomers by providing personalized benefits programs which takes care of their specific needs. It is imperative that the benefits platform is intuitive, inclusive and easy to navigate, which can make benefits administration much more efficient resulting in a motivated and productive workforce. Technology platform should allow employers to customize benefits offerings and help meet the unique needs of our employees. Research has shown that increased reliance on technology and digital apps have improved employee experience and satisfaction. 

Technology for Effective Transformation: 

Technology should enable clients and HR administrators to oversee benefits administration functions, including census management, access to member and policy details, document access (invoicing and premium reporting) and workflow management to support administrative work requests. The reporting capabilities of the platform should provide insights into benefits utilization and help clients make informed decisions about offerings. It should simplify benefits management. 

As companies takes data security seriously, the platform should provide multi-factor authentication, encryption, and regular security audits to ensure data privacy and security. Technology platform has employees' sensitive data and should be protected by the latest cyber-security measures and protocols as required under statute or guidelines provided by companies. 

Optimize and Drive Meaningful Insights through Analytics: 

Superior technology platforms help companies in understanding utilizations, trends, proposed areas of focused investments and have a handle on the costs through periodic reporting apart from saving time and effort on data and premium reconciliation.

 

Srinath Krishnan 

Leader India Total Rewards, 
Hewlett Packard Enterprise