Outlook Money in conversation with Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.
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#GeneralInsuranceMadeEasy #CaringlyYours #Insurance #CoverTheRisks #InsuranceCover #Money #OutlookMoney #OutlookMagazine #OutlookGroup
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NewsTranscript
00:00 [MUSIC PLAYING]
00:03 This is the digital age, a time when everything we do
00:09 is online, from shopping to communicating,
00:12 from bank transfers to our tax returns,
00:14 we do it all in cyberspace.
00:16 It's incredibly convenient, but one wrong move,
00:19 and we are all at the mercy of cyber criminals.
00:22 Luckily, in addition to all the best practices that we have,
00:26 the insurance sector has evolved with the changes in technology
00:29 and offers a wide range of policies to keep us safe.
00:34 Tapan, I only use my laptop to just go online and surf
00:38 and maybe browse some sites.
00:40 Do I still need insurance?
00:41 For a person like me also, for a long time
00:43 I still used checkbooks and all, but today if I see,
00:46 I do transact on the web.
00:49 So at times, this is a kind of a misnomer.
00:53 There are a lot of risks that are actually happening,
00:55 which you're not noticing.
00:56 All said and done, for a simple reason,
00:59 let us say if you have nowhere to go,
01:01 if something goes wrong on cyber,
01:03 call up the insurance guys.
01:05 They know what to do and how to help you out of it.
01:08 Just for that, 700 rupees a year is not a bad proposition.
01:12 OK, so what kind of situations can cyber insurance
01:15 protect us from?
01:16 If you read the newspapers, what do you watch?
01:19 A phishing has happened.
01:20 A malware has struck.
01:21 Or ransomware has happened.
01:23 A cyber stalking is happening.
01:25 Or there's an identity theft of somebody on social media
01:28 and it's getting misused.
01:30 So what do we think of on all these lines that are discovered?
01:33 And to me, cyber stalking was something
01:35 I was very, very particular about.
01:37 Imagine you're a young lady and somebody is stalking you.
01:40 The mental trauma you're going through,
01:42 you do not know where to go.
01:44 Here, you talk to the insurance companies.
01:46 You have lawyers.
01:48 Your defense cost will be taken care of.
01:49 They know the entire procedure.
01:51 And if the guy is really--
01:53 or the lady, whoever is stalking is really out of--
01:56 like really harassing, they can put behind bars also.
02:01 Imagine, do you really think an insurer does all this?
02:04 They do.
02:05 And that is why when you look at a cover,
02:07 look at the price of it and the kind of protection you get,
02:10 you should have one.
02:11 OK, but well, we all go online.
02:13 We do surfing.
02:14 We browse.
02:15 Then we purchase things.
02:17 And you also see layers of security built in.
02:19 But do we still need insurance?
02:21 Yeah, the day in the newspapers you
02:23 don't read any cases of cyber crime happening,
02:25 that day you don't buy insurance.
02:27 So I remember in my times, pickpocketing was a huge risk.
02:31 I got my pocket picked three times.
02:34 In spite of being an insurer and all the protection
02:36 that I took for putting my money in different wallets and all,
02:40 it happens.
02:41 Every day it's happening to somebody or other.
02:43 You'll be amazed to see.
02:44 I've been to a data center of one of these big companies.
02:48 And they show across the world how cyber attacks are happening.
02:52 My mind was blown.
02:53 It's happening every microsecond, some way or the other.
02:58 If you're not protected, you're in serious trouble,
03:01 is the way I can put it.
03:02 I strongly recommend that have one cover.
03:05 Great.
03:06 This has been really an eye opener.
03:08 I think I'm going to invest in a cyber insurance policy soon.
03:11 But first, I think I need to update my operating system.
03:14 And you should too.
03:15 Don't hesitate.
03:16 Don't wait.
03:17 Buy insurance.
03:18 Buy peace of mind.
03:19 [MUSIC PLAYING]
03:22 (upbeat music)