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Cyber insurance premiums rise 20% on higher claims

Premium on cyber insurance covers has risen by nearly 20% for corporates, as insurers see a surge in cyberattacks and higher claims arising out of such attacks.Future Generali India Insurance (FGII) said the claims arising out of cyberattack has increased from 20% in March to 45% in August, 2020. This has led to the cost of premium of cyber insurance covers going up by 40% between March-September. For example, under the corporate cyber policy for a minimum sum assured of Rs 5 crore, the cost of premium has risen by Rs 4.5-Rs 4.8 lakh, as compared to Rs 3-Rs 4 lakh earlier. For a maximum coverage of Rs 50 crore, the cost of premium increased to Rs 30 lakh as against Rs 20-Rs 25 lakh earlier.However, insurers say the cost of retail or individual cyber insurance policies have not changed much as marginal claims are reported. 50% growth has been seen in the number of policies underwritten as compared to last year, besides customer enquiries gone up by 50% since lockdown.

Banned Chinese apps re-enter in new avatars

Scores of new Chinese apps have flooded Indian app stores in the last few months including several rebranded versions of applications banned by the government in recent months citing threat to national security. For instance, Snack Video, launched by Tencent-backed Kuaishou, is similar to Kwai, an earlier offering by the Chinese company that was banned in June. Govt officials say that this should not be the case.  The ministry of electronics and IT (MeitY) has issued advisories that none of the banned Chinese apps should be available in any form.It has also banned close to 47 clones that have come up in the weeks following its initial action in June.

Online grocery to become $18 billion industry in India by 2024

Online grocery is going to be the next battleground for growth, expanding to over $18 billion by 2024. According to a joint report by Bengaluru-based market consulting firm RedSeer and Bigbasket (Brand Intelligence), driven by the significant rise in organic adoption during Covid-19, eGrocery has been on a surge with clocking 1.7 times in gross merchandise value (GMV) in June this year as compared to January.Online grocery will remain steady for the rest of the year to reach more than $3 billion, the report mentioned.The industry has seen more than 70 per cent ARR (annual recurring revenue) jumps in the last quarter across categories. This brings the opportunity to serve a larger set of customers, and some challenges with it. The report found that demand for comfort foods like noodles and cookies, immunity boosters like lemon and hygiene products like sanitizers picked up after the pandemic while essentials remained strong.

WhatsApp will soon let you send time-bound messages

WhatsApp may soon bring out the Snapchat-like feature where messages will be destroyed after they have been read. Same goes for videos and photos as well. The new addition of self-destructing videos, photos will be introduced as “Expiring Media”. The company is already in the works with the “Expiring Messages” feature and the “Expiring Media” feature will be an extension to it.This means that WhatsApp users will now have an option to send whatever they want to send in the form of a self-destructing message. As soon as the media is checked by the recipient, the photos/ videos will manage. However, this feature is not to be confused with the current delete option WhatsApp offers its users.

CSC eStores post record sales riding on rural demand surge

The central government-backed Common Services Centres (CSC) Grameen eStores exclusively servicing rural markets has done a record Rs 73 crore in sales in the months between April and August, with rural growth continuing to grow faster than urban for packaged consumer goods.CSC has partnered with close to half a dozen packaged consumer goods companies including Coca-Cola, appliances maker Whirlpool, PepsiCo and cookies maker Unibic, and is in talks with another 20 companies including Britannia, Nivea and Adani Group.The Grameen eStores, a rural e-commerce platform which now has 1.2 lakh online stores, was launched in April after the nationwide lockdown was announced.

Facebook to help scale early-stage brands

Facebook has partnered with venture capital firm Matrix Partners as part of its VC Brand Incubator Program to help scale and support early-stage small and medium businesses. Following the tie-up, over 20 portfolio companies including Country Delight, Stanza Living, OZiva, ManMatters, Zupee, The Whole Truth and Dealshare have joined the programme. Over the past year, the social networking giant has partnered with six venture capital firms in the country for the initiative, including Sequoia Capital, SAIF Partners, Fireside Ventures, DSG Ventures and Sauce.VC. The company also has a new programme called Campaign Lab that helps direct-to-consumer small businesses get support for creative solutions, and to ‘go live’ with mobile friendly creatives and strategy in less than 72 hours.

 



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