Welcome the Weekend…


Seven days in a week…
Monday morning is lazy.
Friday evening is crazy.
Moment of joy on Friday evening is immense.
Weekend is about to arrive in few minutes.
Leave the work load aside.
Welcome the weekend with joy.
Enjoy the time with full enthusiasm.
Don’t forget to add sarcasm.
Let’s be crazy for these two days.
It gives relaxation from hectic five days.
Live, love and release your stress.
Don’t take new stress.
Be crazy and dance.
Two days are for new chance.
Chance of happiness and enjoyment.
Be ready…
Leave the work load aside.
Welcome the weekend with joy.

Ashish Kumar

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We will rest…


Weather is cool and smooth.
Your companion is always soothe.
Your silence speaks more than your words.
I am diving deep in your love.
When you came suddenly in my arms.
I became wealthy by your charm.
Worthy are those who find their love.
What about me when you are my love.
Trust me you are the best.
Come in my arms and we will rest.
You can’t look back the atrocities of past.
Better to move on and bury the past.
You suffered a lot and its’ time to enjoy.
Come together and we will have joy.
Let’s begin and start our journey.
We will create a new history.
Life is not always what we expect.
Sometimes it does the patience test.
Be patient and hopeful.
As you are the best.
Yes..
Trust me you are the best.
Come in my arms and we will rest.

– Ashish Kumar

Furious mind…


Oh my furious mind!
Please relax and don’t get annoyed.
Life offers both good and bad.
Enjoy the good and fight the bad.
Every moment is a challenge.
Be cool and try to manage.
Be flexible and cope up with the changes.
Stand again and fight the challenges.
Be patient and rise.
Don’t indulge to patronize.
Life will offer mishap and concussion.
You need to offer the solution.
Patient, humble and trouble-shooter.
Let the brain should dissolve trouble maker.
Hence, I request…
Oh my furious mind!
Please relax and don’t get annoyed.

– Ashish Kumar

Introducing Regulatory Sandbox in Insurance


Insurance sector in India has witnessed many changes and reforms since 2000. Be it, opening the market for private players in 2000, Foreign Direct Investment (FDI) upto 26% in 2000, detariffing in 2007, allowing foreign reinsurers to open their branch offices in 2015, FDI upto 49% in 2015 etc.  These measures did had positive impact in the industry as a whole and one of the coming reform measures which Insurance Regulatory and Development Authority of India (IRDAI) has proposed is of Regulatory Sandbox in Insurance. This post will be discussing about the proposed Regulatory Sandbox.

IRDAI will be coming up with a separate regulation for the regulatory sandbox in insurance and draft of this regulation has been already published and once published in the Gazette of India after necessary changes if required will come into force and will be known as IRDAI (Regulatory Sandbox) Regulations, 2019.  There are two important terms which requires attention to understand what this proposed regulation is all about and what will be its impact in the insurance sector. These two terms are:

  • Regulatory Sanbox: This means an environment used in the financial service sector, which provides testing ground for new business models and applications that may not necessarily be covered fully by or fully compliant with existing regulations. Let’s understand this in simple terms. Insurance is a highly regulated sector and there is much regulatory compliance which needs to be followed in this market. Regulations are there in every step in insurance. What regulatory sandbox says is that it will be providing and environment for testing of new business models which will not require being fully compliant with the existing regulations. Having said that, this means insurance company can come up with new products and business models with relaxation in terms of being fully compliant with the existing regulations.
  • Sanbox Environment: This means a testing environment designed for experimentation for a specific period of time. Regulatory Sandbox provides testing grounds for new business with relaxation from being fully compliant and Sandbox environment gives the testing environment to experiment for specified period of time. Let’s understand this with a simple example. Suppose an insurance company had developed a new product covering those risks which are normally excluded. Product development requires many regulatory clearances but since the company has developed this product with the provisions of Regulatory Sandbox, all the regulations need not to be complied. As the insurance company had developed a new product, they require seeing how the product will perform and for that they need to experiment with the newly developed product which can be accomplished by Sandbox Environment which provides the ground for doing experiment. Regulatory Sandbox gave the opportunity to develop new product with relaxation in being fully complied with the regulations and Sanbox Environment gave the testing platform for the newly developed product.

As it can be inferred from the above discussion, the whole idea of Regulatory Sandbox is to allow insurance industry to come up with the new ideas, innovation, business models etc. with relaxation with existing regulations while keeping the interest of policyholder’s intact. An applicant may apply to the Authority seeking permission for promoting or implementing innovation in insurance in India in any one or more of the following categories:

  1. Insurance Solicitation or Distribution
  2. Insurance Products
  3. Underwriting
  4. Policy and Claims Servicing
  5. Any other category recognised by the Authority.

The application shall be accompanied by a non-refundable processing fee of rupees ten thousand plus applicable taxes. IRDAI will verify the application and once satisfied with the application can grant permission for the period of 6 months. However, extension can be granted if required but not more than for 6 months. This means, the applicant has to complete the task in six months and if granted extension, maximum one year. IRDAI will review the progress at periodical intervals.

On completion of the allocated time period or size of the proposal specified, the Applicant shall submit a report to the Authority within 15 days on how the proposal met the objectives along-with feedback from the policyholders. The applicant shall also submit a plan of action as to how to enable the proposal to be brought under regular regulatory supervision. On examining the report submitted by the applicant, IRDAI may grant permission to the applicant to adopt the proposal under regular regulatory supervision wherein in addition to provisions of Insurance Act, 1938, IRDA Act, 1999 all regulations, guidelines, circulars, etc will be applicable from the date of moving to regular regulatory supervision.

In brief, the introduction of Regulatory Sanbox allows the insurance industry to come up with new innovations in insurance with relaxation of from existing regulations for maximum period of one year. Once the performance of the proposal is up to the mark or meets the objectives as expected it can be converted into the normal regulatory supervision. Since there are provisions for regulatory relaxation and hence, regulatory sandbox can be considered as a good move for the innovation in insurance industry. Not only this, it will also allow to do experiment in untested areas of insurance which will also promote research and innovation in insurance sector in India.

What are your thoughts on this introduction of Regulatory Sandbox in insurance? Do share your views.

– Ashish Kumar

Learn to Unlearn



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Learning is a continuous process and we learn from our life which consists of ups and downs. We learn from our experience and our mistakes which plays drastic role in shaping our personality and our future. Life is full of startling moments and frankly speaking, this moment teaches us a lot. Be it good or bad, meets our expectations or not, those moments plays a significant role in life. What we read in our academics and what we learn from our work experience are crucial indeed but one should be ready to unlearn few things. Confused? What it means is, one should also try not to learn what he is willing to learn and on the other side, one should also unlearn which he had already learnt. Unlearning means, to discard something from your memory which you learnt previously. Let us see few things which one should try to unlearn:

  • Bad Habits: We learn many habits in our life easily and whether to continue with those habits is a choice. Habits can be good and bad and it’s better to unlearn the bad habits and keep the good habits. Again, one should also unlearn the habit of willing to learn the bad things. Put it simply, if one is willing to learnt some bad habits, he should unlearn his habit of learning bad habits.
  • Overconfidence: Confidence is required and necessary in our life but overconfidence can be dangerous. Being confident enough is good but one should not be overconfident as it leads to opposite results sometimes. Hence, it’s better to unlearn being overconfident.
  • Unrealistic: Be realistic in nature and set your standards as per your convenience. Simply stated, be pragmatic and unlearn being unrealistic.
  • Pretending; This is one of the most important things many possess which should be unlearned. Many people have the habit of pretending themselves to be smart in many aspects, be it academics or in day to life. In fact, many will indulge unnecessarily and start their knowledge sharing without being requested. Also, many people have the habit of late sitting in office pretending themselves to be very occupied with work. Many also do late sitting in order to get attention from their superiors. What they do by late sitting is a question mark. No doubt, if it is required sometimes late sitting should be done depending on the nature and complexity and emergency of work. But doing late sitting just to show-case is not correct. “Late sitting should not be considered as virtue.” There are several other aspects of pretending or show-casing which should be unlearned. Be natural in your work and behavior.
  • Claiming to be Omniscient: Here comes one more interesting thing which requires attention. Many people have the habit of claiming themselves to be omniscient, meaning they know everything. These people are so well self-motivated and self-proclaimed that they think what they are saying is always correct and no one knows more than what he knows. This is where ego and attitude starts growing and ultimately it reaches a stage where self-proclaimed omniscient person doesn’t considers and listens to others as what he thinks is only right. These people find difficult to get respected.  Nobody is perfect  in this world and hence, unlearn claiming to be omniscient.
  • Critic: It’s better not to criticize on everything and every time. Criticize only if it is requires and that too in a constructive manner. Criticism should never be made a habit and hence, unlearn being a critic. I have already discussed in my previous article titled, Unnecessary Criticism and hence will keep it short.

Learning is very important and in my opinion learning to unlearn few things is also important. There can be many other aspects of unlearning apart from what I have shared as the above list is not exhaustive. There might be one question in your mind and that is, which one is difficult; learn or learn to unlearn? The answer to this question is difficult and it is subjective. However, with my little experience, I think unlearning is difficult than learning or learning to unlearn is difficult. What is your take on unlearning and which one  is more difficult? Do share your views. 🙂 🙂

– Ashish Kumar

Wise Choice


World is full of rejection and denial.
This is a weather which is perennial.
Barking people often bite.
Ignoring them is the wise choice.
Move ahead with your views.
Don’t get distracted with others views.
The more you ask the more you get confused.
Have faith in yourself in order to not get misused.
Tolerate which can be tolerated.
Don’t take everything for granted.
Everyone is unique and different.
Hence…
Be different and make a difference.
Love yourself and your work.
Avoid doing unproductive work.
What you learn is what you earn.
Hence keep a habit to learn.
Don’t get distracted with the hearsay.
Move ahead and find your way.
As…
World is full of rejection and denial.
This is a weather which is perennial.
Barking people often bite.
Ignoring them is the wise choice.
Ignoring them is the wise choice.

– Ashish Kumar