Latest news with #Qian
Time of India
2 days ago
- Business
- Time of India
Risk-aware SMEs propel commercial insurance like cyber and D&O liability: Qian's Umang Shah
In a space long dominated by legacy players and transactional relationships, Qian Insurance wants to rewrite the rules of B2B insurance. Founded by brother Umang and Hemik Shah with no prior experience in corporate insurance, Qian is today helping mid-sized enterprises navigate complex risks—from cyber threats to infrastructure guarantees. In a conversation with The Economic Times Digital, Umang Shah shares how the company identified a massive gap in the commercial insurance ecosystem, built trust in a traditional industry as young founders, and simplified complex procedures for Indian businesses. Edited excerpts The Economic Times (ET): What inspired you both to venture into the B2B insurance advisory space—something not typically seen as glamorous or startup-friendly? Why the name 'Qian'? Umang Shah (US): Initially, when we started off, we had no idea of what the B2B insurance space was. We were into selling term insurance and health insurance. Thankfully, right at the start we realised the gap in the B2B insurance space. We understood how underserved the B2B insurance space really was. We understood the risk of changing the entire business plan, but eventually did it because of the critical role it plays in business continuity. We kept seeing businesses were either underinsured or stuck with unsuitable coverages, mainly because they didn't have access to the right advice or clarity. Explore courses from Top Institutes in Select a Course Category Product Management Data Science Data Analytics Technology MCA PGDM Cybersecurity Others CXO Degree Leadership healthcare MBA Public Policy Operations Management others Artificial Intelligence Digital Marketing Finance Data Science Design Thinking Project Management Management Healthcare Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details As for the name "Qian" it's inspired by the Mandarin word for wealth or money, but for us, it represents more than that. It reflects value, prosperity, and long-term security, all of which align with our mission of protecting businesses and helping them thrive. Plus, it's short, unique, and easy to remember, much like how we intend to make business insurance: simple and impactful. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo ET: What were some of the biggest misconceptions or barriers you faced while building trust in a traditional industry as young founders? US: One of the biggest barriers we faced was the perception around age and experience. Business insurance is a deeply traditional industry. Many clients initially questioned whether young founders could truly understand the complexities of risk management, especially for large businesses. There's this misconception that unless you've spent decades in the industry, you can't offer valuable advice. Live Events But we turned that into an advantage. We weren't bound by outdated practices. We brought fresh thinking, deep research, and a problem-solving approach that was unbiased. Instead of just selling products, we focused on educating clients, explaining risks in simple terms, and structuring coverage based on actual business needs, not commissions. Our core today remains our advisory and customized business insurance solutions. ET: Qian is positioned as a long-term risk partner rather than just a broker. What does that advisory-first approach look like in practice? US: At Qian, our focus from the beginning has been to position ourselves as a long-term risk partner and not just as any other insurance broker. We have adapted the advisory-first approach, shifting our focus from just selling insurance policies. We start by assessing the business operations, risks, future plans, and past claims history. We don't rush to quote policies. Instead, we map out their risk exposures, identify gaps in their existing coverage, and even uncover risks they may not have considered. From there, we custom-structure solutions; whether it's through insurance or alternative risk strategies. Sometimes, the best advice is not to buy more insurance, but to optimize existing coverage or improve internal risk controls. We're also involved beyond just the policy purchase and we help clients with claims, renewals, and even contract negotiations to ensure their risks remain covered as their business evolves. Many brokers disappear after the policy is sold; we stay through the entire cycle. ET: What sets Qian apart when it comes to claims handling, which is often where most client dissatisfaction arises in insurance? US: Business insurance claims are often where most frustrations arise, not because insurers don't want to pay, but because the process is complex, technical, and stacked with fine print. At Qian, we recognized early on that claims are the real test of any insurance relationship. What truly sets us apart is that we, as the CEO and co-founders, are personally involved in the claims process. Yes, we have a dedicated team that handles the day-to-day documentation and coordination, but we carefully oversee every major claim ourselves. We believe that claims aren't just a service function and they're a critical moment where trust is either built or broken. That's why we actively engage with clients during claims, review the case strategy, and even step in to negotiate with insurers when needed. ET: With over 30 specialized insurance products, how do you decide which offerings to focus on for different clients and industries? US: We start by understanding our client's industry, business model and the specific operational risks. Every industry has its own unique exposures, and we understand the risks and the challenges involved. What matters to a tech startup is very different from what a manufacturing company needs. For example, a logistics company may need strong coverage for transit risks, while an IT business will prioritize cyber liability. We then map out the risks attached and what could possibly cause financial or operational disruption to the company. Our focus is on solutions that directly address these scenarios. In many cases, we advise clients to start with essential coverages first—then gradually build a broader risk program as their business evolves. It's not about selling every product; it's about protecting what matters most at that stage of their growth. ET: Which insurance categories are seeing the most growth or urgency in demand from Indian enterprises today? US: Today, Indian enterprises are increasingly moving beyond traditional insurance products and are interested in seeking specialised, risk-aligned solutions that ensure their business is covered against growing complexity. We have witnessed a heavy demand across four critical insurances-trade credit insurance that safeguards cash flows, surety bonds and contractor's all risk insurance for the infrastructure sector and cyber insurance to protect against digital threats. This shift signals a clear demand as people are no longer seeing it just as a cost, but as an enabler for business continuity, financial stability, and long-term resilience. ET: Cyber insurance and D&O liability aren't traditional lines for SMEs. Are Indian businesses becoming more risk-aware in these emerging areas? US: Yes, we're definitely seeing a shift. Traditionally, products like cyber insurance and Directors & Officers (D&O) liability were seen as relevant only for large corporations or listed companies. But that's changing—Indian SMEs and startups are becoming far more risk-aware in these areas. For cyber insurance, the trigger has been clear, the rise in cyberattacks, ransomware incidents, and regulatory pressure. Many SMEs now rely on digital tools, cloud systems, and online transactions, making them vulnerable. What's also driving adoption is that many clients and partners now demand proof of cyber coverage before signing contracts, especially in industries like tech, logistics, and financial services. D&O Liability Insurance has also gained momentum, especially among startups and growing businesses. Investors, particularly in the venture capital ecosystem, are making D&O coverage a pre-condition for funding. Beyond that, founders and directors themselves are realizing that personal liability risks, whether from lawsuits, regulatory issues, or shareholder actions—are very real. At Qian, we're seeing more first-time buyers asking for these covers, not because they're 'mandatory,' but because they now see them as strategic safeguards. Our role is to simplify these complex products, explain the real risks involved, and help clients decide what's essential at their stage of growth. ET: How do you see the Indian insurance market evolving—especially for B2B and mid-market clients—over the next five years? US: The Indian B2B insurance landscape is poised for a fundamental shift over the next five years, driven by increasing risk awareness, digitalisation, and the evolving needs of mid-market businesses. One of the most notable developments is the rapid rise of cyber insurance. As companies become more digitally interconnected, the surge in ransomware, data breaches, and regulatory scrutiny is compelling even traditional mid-sized firms to look beyond basic liability policies. Another emerging focus area is surety bonds, particularly with the government's push to replace bank guarantees in infrastructure contracts. With the IRDAI now opening up this segment, insurers are looking to scale up surety products for contractors and developers—unlocking liquidity and reducing dependence on banks. This shift could significantly alter risk transfer mechanisms in public projects. We're also witnessing an uptick in engineering and project insurance, especially as India's capex cycle revives across sectors like power, roads, and renewables. Mid-sized contractors and EPC firms are becoming more proactive in ensuring delay in start-up (DSU), advance loss of profit (ALOP), and project liability risks. Similarly, trade credit insurance is gaining traction as mid-market exporters and B2B suppliers seek protection against payment defaults—especially in uncertain global conditions. Overall, the next five years will mark a shift from passive to proactive risk management. ET: What were your revenue numbers last fiscal and what is your target for this year? US: Last fiscal, we closed with a premium of Rs 6.5 crore and this year, we're targeting Rs 15 crore. We're growing slow but steady, focusing on sustainable relationships, not just topline numbers. Of course, we're seeing players in the market operating at 0% cost or deep-discounted commissions. But we believe that long-term value lies in expertise, consistency, and advisory-led engagement, not undercutting. Our focus remains clear: to build a resilient, service-first insurance advisory for mid-market and B2B clients. ET: What's next for Qian in terms of expansion—new geographies, digital tools, or new sectors? US: At Qian, our next phase is focused on strategic depth and regional reach. We're actively expanding in tier II and tier III cities, where there's growing demand for commercial insurance but a clear lack of structured advisory. These markets are underserved, and we see significant potential to support mid-sized businesses with informed, relationship-driven brokerage, especially in sectors like manufacturing, distribution, and infrastructure. We're also keen on bringing parametric insurance solutions to clients in climate-sensitive sectors like agri and renewable energy. Additionally, we're building capabilities in the reinsurance placement space.
Sky News AU
06-07-2025
- Business
- Sky News AU
China seeks to boost technology relationship with Australia
China's Ambassador to Australia Xiao Qian is pressuring the Prime Minister to embrace AI as fertile ground for cooperation under the free trade agreement. Mr Qian has seized on Labor's pledge to boost productivity, promoting economic ties between Beijing and Australia as a method to end the slump. The move is expected to be a blow to the US in its tech and trade war with China, during a time of delicate relations between Australia and the United States. Mr Albanese is expected to visit Beijing later this week.
Time of India
03-07-2025
- Time of India
Can this new AI finally help tech beat the misinformation curse? Scientists say it shows its work
Imagine an AI that doesn't just tell you something is false—it shows you exactly why. In a significant shift from traditional AI systems, scientists at Soochow University in China have developed an artificial intelligence model that brings clarity to one of AI's most pressing dilemmas: explainability. According to an article from Science Blog, most existing AI tools resemble mysterious consultants. They deliver conclusions—sometimes accurate, sometimes flawed—but rarely justify them in ways humans can grasp. For professionals dealing with news verification, legal analysis, or academic research, this lack of transparency poses a serious problem. That's the problem Professor Zhong Qian and his team set out to solve. Their solution? HEGAT, or the Heterogeneous and Extractive Graph Attention Network , a model that acts more like a methodical detective than a silent judge. 'By showing exactly which sentences support our model's verdict,' Qian explains, 'we make its reasoning as clear as stepping through a well-explained proof.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The Architecture of Understanding Rather than reading text linearly, HEGAT constructs a web of relationships—between words, sentences, and contextual cues like negation or uncertainty. This graph-based reasoning enables the AI to dissect complex statements. For example, in a sentence like 'The CEO denied allegations of fraud,' HEGAT captures both the denial and the implied accusation, tracing logical relationships through the entire document. It's this structural awareness that distinguishes HEGAT. It merges both micro-level word scrutiny and macro-level document analysis using layered attention mechanisms. In doing so, it not only understands individual claims but also their broader context and supporting evidence. You Might Also Like: Can too much AI backfire? Study reveals why 'AI-powered' products are turning buyers away Why It Matters in the Real World This innovation isn't confined to theory. It has far-reaching applications: newsrooms validating quotes and claims, lawyers reviewing depositions with exact references, academic researchers authenticating sources, and even social media platforms improving the precision of content moderation. In rigorous testing, HEGAT outperformed older models in both factual accuracy and precision. It scored 66.9% on factual accuracy—up from 64.4% in previous systems—and improved exact-match precision by nearly five points. Most notably, it held its edge in processing Chinese-language content, suggesting it is adaptable to diverse linguistic structures. Making AI Accountable As artificial intelligence increasingly touches public life, from health recommendations to misinformation filtering, its inner workings must be more than algorithms behind closed doors. What makes this development revolutionary is not just its performance but its transparency. It allows users to trace the machine's reasoning—an essential feature in building public trust. The researchers plan to open-source their code, allowing developers across domains to build on and refine the system. This aligns with the growing movement advocating for transparent, collaborative AI development in both academic and corporate circles. You Might Also Like: AI might take your job, but ignoring it could too: Microsoft links performance reviews to AI usage A Step Towards Smarter Truth-Telling Machines In an era where misinformation spreads faster than facts and digital skepticism is on the rise, HEGAT offers a compelling glimpse into the future of responsible AI. It doesn't just separate fact from fiction—it explains how it got there. While no model is foolproof, Soochow University's fact-checking AI makes a strong case for the next evolution of machine reasoning : systems that are not only smart but self-evident in their logic.
West Australian
29-06-2025
- Business
- West Australian
Chinese ambassador Xiao Qian says Australia shouldn't fold to demands to increase defence spending
China has warned Australia against folding to demands to increase defence spending, with its top diplomat flagging it as a 'heavy fiscal burden'. While not mentioning the US directly, Chinese ambassador Xiao Qian has attacked the push led by President Donald Trump, who has exerted pressure on allies to ramp up spending. Chinese ambassador Xiao Qian said other countries had 'hyped up the so-called China threat narrative' at recent international gatherings, including at the Shangri-La Dialogue, G7 summit and NATO summit. Describing this as 'slander', Mr Qian said such rhetoric fuelled the global arms race and was a threat to global peace and stability. He said China's military build-up was 'normal' and only represented 'just 1.5 per cent' of GDP — 'far below the global average and paling in comparison to certain hegemons or their allies and partners'. The comments come as Foreign Affairs Minister Penny Wong prepares to meet with her US counterpart Marco Rubio in Washington and attends the Quad foreign ministers' meeting on Tuesday. Prime Minister Anthony Albanese is set to visit Beijing next month. Last week, European nations bowed to heavy pressure from the US to boost their military defence spending significantly. Australia has come under similar pressure, with US Defence Secretary Pete Hegseth telling Defence Minister Richard Marles his budget should jump from its current level just above 2 per cent of GDP to 3.5 per cent. White House spokeswoman Karoline Leavitt said last week that if allies in Europe and NATO could find the extra money, 'I think our allies and our friends in the Indo-Pacific region can do it as well'. The Government has repeatedly pointed out its budget contains $10 billion in extra Defence spending over the next four years. It's on a trajectory to reach more than 2.3 per cent by 2033, but this may be sped up once the next national defence strategy is published in about April. Mr Qian said his country and Australia were 'friends, not foes'. 'Dramatically increasing military spending places a heavy fiscal burden on the countries involved, undermining their efforts to boost economies and improve livelihoods, and further straining a global economy already struggling with weak recovery,' he wrote in an opinion piece for The Australian . 'Some countries are ailing yet demand their allies and partners foot the bill for medicine, which seems to be an almost laughable notion. 'Whether to spend on arms purchases, handouts to the hegemon, or pooling funds for its sake, or to heed their own people's calls for economic development, is now a difficult choice for these allies and partners.' On Sunday, Home Affairs Minister Tony Burke said lifting the federal defence budget would be based on what Australia's military can achieve, rather an arbitrary dollar figure. Australia was already lifting its spending on the military, which would also centre on the ability of the armed forces to protect the country. 'We start with the capability, we don't start with the dollars, and that's how we work with every financial decision that the government makes,' Mr Burke told Sky News on Sunday. 'With those capability decisions, we are already spending more than was spent before we came to office.' Opposition defence spokesman Angus Taylor said the instability seen around the world reinforced the need for countries like Australia to spend more on defence. 'We are seeing authoritarian regimes across the globe flexing their muscles, and open, democratic societies like ours need to stand up for what we believe in, and need to make sure we achieve peace through deterrence,' he told Sky News. 'There's a range of things that are very clear that we need to spend on ... and there's a whole series of areas which we're seeing are underfunded right now.' Mr Taylor said the budget for the military should be increased, regardless if there was pressure from the US. 'If a government is not in a position to keep its people safe, then it has failed as a government,' he said. 'This is a disaster for Australians and for Australia, we need to get serious about it, and I'm going to continue to hold the government to account on this, because this is a failure from our government.' — with AAP
South China Morning Post
22-06-2025
- Business
- South China Morning Post
China dad rejects daughter's US$72,000 wedding banquet bill, citing high costs, subpar food
A company boss in China set up 252 tables for his daughter's grand wedding, then refused to pay the 520,000-yuan (US$72,000) bill. A pork vendor, surnamed Wang, in eastern China's Zhejiang province said the boss of a local company, surnamed Qian, commissioned him to prepare food for his daughter's wedding banquet in April. Wang said he dedicated himself to the task as he had known Qian for more than a decade. He provided the pork, contacted seafood vendors in another city in Zhejiang and bought premium ingredients such as king crab, Australian lobster and leopard coral trout. Out-of-pocket pork vendor Wang said he kept the father of the bride fully briefed about what he was buying and how much it cost in the run-up to the wedding. Photo: Shutterstock The wedding was during China's May Day holiday, meaning the price was a little higher than usual.
