Insurance Samachar

Bharati Axa Life selects Intense iECM framework solution

noreply@blogger.com (IS Research Bureau) — Sun, 21 Oct 2007 13:49:00 +0000

Intense Technologies (BSE: INTENSETECH) the hyderabad-based enterprise software products company, today announced that Bharti AXA Life Insurance has selected Intense’s iECCM (intelligent Enterprise Customer Communication Management) Framework solution.

Intense's iECCM Framework is an integrated, intelligent enterprise customer communication management framework that enables enterprises to strategically manage customer communications. The framework has individual components like Bill formatter, Output manager, EBPP and self-care, all best-fit to operationally and strategically eliminate cost islands, enhance productivity and improve customer satisfaction levels.

"We are very excited to work with Bharti AXA and see this key project as a validation of the iECCM Framework’s solution scope and value proposition across the Insurance vertical.” said Raghav Sahgal, CEO of Intense Technologies.

“We already have Bharti Airtel as a preferred client for our iECCM Framework and I am really pleased to add another Bharti group company to our clientele. We are confident that Bharti AXA Life will gain a significant Return on Investment over the years by deploying our iECCM solution and experience a substantial reduction in its customer communication costs going forward. Intense’s agile customer communication solution will also complement Bharati AXA’s consistent efforts to deploy advanced IT solutions for building its brand image and enhancing its customer intimacy levels.”

Mr. Tim Thomas, Chief Operating Officer of Bharti AXA Life said, "The implementation of a customer communication management solution within the very first year of operations reiterates our customer focus. I believe that this user-friendly solution from Intense will help us achieve our goal of offering our customers a more personalized experience. This solution will also improve our operational efficiency through intelligent printing and delivery options”.

LIC of India wins Web18 Genius award for the Best Insurance Site

noreply@blogger.com (IS Research Bureau) — Sun, 21 Oct 2007 13:34:00 +0000

In a glittering evening full of entertainment, information and recognition, the first Genius of the Web awards organized by Web 18, a part of media group Network 18, were announced on October 18th, at ITC Grand Central, Parel.

Amont the various categories Lic of India was given the award for "Best Insurance Site".

The evening saw the best of players from the world of dotcom come together to appreciate and acknowledge the outstanding achievements in the online space. The event attracted good attention and was attended with strong participation including people from influential companies of the online world like Mr. Shailesh Rao, MD, Google India, Mr. Anupam Mittal, Chairman People Group, Mr. Sanjeev Bhikchandani, CEO, Info Egde, Mr. Ajit Balakrishnan, Chariman & CEO, Rediff, Mr. Neeraj Roy, CEO, Hungama to name a few.

With the sea of thinkers from the futuristic industry coming in, the ballroom was filled with varied conversations on brilliant ideas and global perspectives. The evening further progressed to an inspiring discussion on “Web 2.0 – Bubble or Boom” by an eminent panel consisting of Avnish Bajaj, co-founder and Managing Director of Matrix Partners India, Vishnu Induri from Axill Affiliated Networks and ShaileshRao from Google India.

During the evening, Singer Mansi Scott entertained the audience with her heart rendering performance, making sure audience did not miss their dose of entertainment.

The awards announcement was in last segment of the evening which was awaited by everyone.The announcement brought mixed reactions from audience across the room, those who win cheered in pleasure and those who couldn’t make it to the top, emoted the promise to come back to win the title next year.

The winners were

Special User’s Choice Award - Yahoo India
Best Email Service Provider (Consumer) – Gmail
Best Social Networking Site – Orkut
Best Airlines – Jet Airways
Best Banking – ICICI Bank
Best Brokers – ICICI Direct
Best Business ISP – Bharti Airtel
Best Consumer ISP Broadband – Bharti Airtel
Best Education – Education Times
Best Email Service Provider Business – Indiatimes
Best E-Commerce Site (Online Gaming) – Yahoo India
Best E-Commerce Site (Matrimonial) – Shaadi.com
Best Hotels Site - Taj Hotels
Best Insurance Site - LIC India
Best Government and PSU Site - IRCTC India
Best Mutual Funds Site - Reliance Mutual
Best Trade Site in the country - eBay
Best Utility Site - Rel.co.in

Latest Issue of Microfinance Insights Focuses on Innovations in Financial Services Delivery and MicroInsurance

noreply@blogger.com (IS Research Bureau) — Sun, 21 Oct 2007 13:28:00 +0000

Mumbai: Intellecap recently released the fourth issue of Microfinance Insights, its quarterly thematic magazine. The focus of the fourth volume is on innovations in the area of delivery of financial services.

Making financial services more accessible and their delivery more efficient, while diversifying the traditional areas of financial support, has been on the mind of the industry for some time now. Drawing from the experiences of various microfinance institutions, research bodies, and sector experts, the Issue looks at how best industry knowledge and practice can be leveraged to add value and diversify delivery mechanisms for those at the bottom of the pyramid (BOP).

The cover story tracks evolution in businesses and presents an interesting ‘wave theory’ of innovation in microfinance. Articles recognizing the power of social networks cite examples from ITC, a corporate firm which innovates and downscales to tap the potential of BOP market, an MFI Spandana and an NGO Swayam Shikshan Prayog that have succeeded in mobilizing the rural poor to establish successful business partnerships with multinational firms. A feature on an innovative lending model that supports grassroots businesses covers an initiative that makes farm mechanization affordable through combining the delivery of low-cost implements. Another feature explores community-based interventions in microinsurance delivery. The issue also covers two fast emerging areas in microfinance technology innovations, namely that of peer-to-peer online lending platforms and alternative/micro exchanges. Additional features in the fourth issue of Microfinance Insights include a book review, news, resources and a compilation of microfinance market indicators.

Every quarter, Microfinance Insights attempts to effectively gauge the trends in the industry. Previous volumes have touched upon the issue of Governance in microfinance institutions (Vol.1), urban microfinance (Vol.2), and the role of capital markets in microfinance (Vol.3). The next issue due in December 2007 will focus on microinsurance and will have David Dror (Hon. Professor of health insurance, Erasmus University Rotterdam) as its Guest Editor. Published from India, the focus of the magazine is emphatically global and this is reflected through an increasing number of articles focusing on global activities.

For further details please visit www.microfinanceinsights.com.

Oriental Insurance to launch medical insurance for senior citizens

noreply@blogger.com (IS Research Bureau) — Sun, 21 Oct 2007 13:23:00 +0000

Senior citizens can now look forward to check out medical insurance policy scheme from Oriental Insurance. The insurance company is to soon launch the health insurance product designed for the age group of 60 to 85, and is expected to cover a wide range of specific ailments.

M Ramadoss, chariman and managing director of Oriental Insurance chairman and managing director M Ramadoss said that the company has approached insurance regulator IRDA for approval, while speaking to the media on the sidelines of an insurance seminar organised by the Indian Merchants’ Chamber in Mumbai on Friday.

Catering specifically for the demographic group of senior citizens, health insurance product `Varishta Bima scheme’ is also available from National Insurance, which was launched last year.

Oriental Insurance proposes to include some pre-existing ailments after two to three years in its scheme, according to Mr Ramadoss. One could be insured up to Rs 2 lakh with a flat premium across all age groups, with no geographic restrictions. But the exact details on premium were not available.

Mr Ramadoss said that though the industry has made a smooth transition to the detariffing regime, revenue growth may be impacted as premiums for certain segments have been hit.Premium income on medical insurance has been impacted because of elimination of cross subsidies while tariff on fire and motor insurance has also been impacted. Oriental has lost revenues to the tune of Rs 70 crore owing to the discontinuation of some group mediclaim insurance policies.

Detariffing is expected to slowdown the revenue growth of many insurance companies. Speaking on the issue, ICICI Lombard General Insurance MD; CEO Sandeep Bakshi said there has to be a trade-off between topline growth and profitability and between market share and the profit and loss account in a detariffed scenario.

My Brother-In-Law - [Humour]

noreply@blogger.com (IS Research Bureau) — Sat, 13 Oct 2007 14:09:00 +0000

Mr. Smith was brought to Mercy Hospital (a Catholic hospital), and taken quickly in for coronary surgery.The operation went well and, as the groggy man regained consciousness, he was reassured by a Sister of Mercy, who was waiting by his bed.

"Mr. Smith, you're going to be just fine," said the nun, gently patting his hand. "We do need to know, however, how you intend to pay for your stay here. Are you covered by insurance?"

"No, I'm not," the man whispered hoarsely.

"Then can you pay in cash?" persisted the nun.

I'm afraid I cannot, Sister."

"Well, do you have any close relative?" the nun questioned sternly.

"Just my sister in New Mexico," he volunteered. "But she's a humble spinster nun."

"Oh, I must correct you, Mr. Smith. Nuns are not spinster - they are married to God."

"Wonderful," said Mr. Smith. "In that case, please send the bill to my brother-in-law."

HSBC launches SIP Plus, with Free Critical Illness Cover

noreply@blogger.com (IS Research Bureau) — Fri, 12 Oct 2007 14:50:00 +0000

New Product Development: HSBC Investments has launched SIP Plus, with Free Critical Illness cover. The cover is offered in association and tie-up with ICICI Lombard, and would be effective from Oct 1, 2007.

Investors investing with HSBC investments under SIP schemes could now benefit with the insurance cover at no additional cost.

A Systematic Investment Plan (SIP) is an option which allows a investor to invest fixed amounts of money at regular monthly intervals in a mutual fund Scheme / other financial products for a continuous pre-defined period.

A SIP plan can be activated by using an auto debit facility where a fixed amount is debited from your bank account on a monthly basis or by giving post-dated cheques for the duration of the SIP.

HSBC Mutual Fund offers HSBC SIP Plus in the following schemes (open-ended schemes)

HSBC Equity Fund
HSBC India Opportunities Fund
HSBC Midcap Equity Fund
HSBC Advantage India Fund
HSBC Tax Saver Equity Fund
HSBC Dynamic Fund

Free Critical Illness Cover: The Cover will insure you against six illnesses (on diagnosis) or in case of accidental death or accidental permanent total disability, the sum insured is paid.
The scope of the cover is as follows:

Critical Illnesses
- Cancer
- End stage renal failure
- Major organ transplant
- Stroke
- Heart valve replacement
- Bypass surgery
Accidental death
Accidental total permanent disability

Exclusions for critical cover

Any of the critical illness diagnosed within the first 3 months of the inception of the policy
Survival period of one month post initial diagnosis for the critical illness cover to be valid
Critical Illness
- Pre-existing illness
Accidental death due to
- Suicide or drinking and driving
- Mental disorder and psychosomatic dysfunction
Accidental permanent total disability
- Any injury, sickness or disease for which medical care,treatment or advice was recommended by or received from a
  doctor or from which the Insured person suffered or which was present before the commencement of the Period of Insurance

Eligibility and Restrictions

Maximum sum insured / cover is Rs 10,00,000 per person,irrespective of multiple SIPs
Age limit is 20 years to 50 years of age completed
Not available to Non Resident Indians
The Insurance tenure = SIP tenure. The insurance tenure is available in multiples of one year and for a maximum of 5 years
Applicable only for a minimum monthly SIP of Rs 2,000 and minimum SIP tenure of 36 months.

Claim Procedures: Since the insurance cover is provided with a tie-up from ICICI Lombard, following are the details for claim procedure.

Expiry of the cover
- The policy expires on occurrence of any of the following:
  - Completion of the mandated HSBC SIP Plus tenure
  - Stoppage of SIP midway
  - Default of SIP instalments – 2 subsequent SIPs or 4 defaults totally at different times
  - Payment of personal accident or disability or critical illness claims
- In case of fraud, misrepresentation, etc.
Claims Process
- Investor/Investor’s nominee to intimate ICICI Lombard call centre in case of any claim.
- ICICI Lombard (IL) intimates the claimant about the documents requirement
- IL collects the documents as mentioned from the customer
- In case of incomplete forms, ICICI Lombard writes back to customer asking for the pending documents
- ICICI Lombard’s customer service department to decide the admissibility of any claim after receiving the documents and investigation report, if applicable
- On admissibility, the payment will be made. The payment will be made within 7 days of receipt of all completed documents
- In case, the documents are not received form the customer within 3 months of intimation the claim would be closed. However before closing the claim ICICI Lombard would send a letter to customer that the claim is closed because of non-receipt of documents
- The loss should be reported in writing to the insurance company/call centre within 90 days of happening of the event
- Any claim due to violation of law or misrepresentation, concealing of facts would not be eligible for any payment.

For further details / queries on terms and conditions, please get in touch with HSBC Investments - http://www.hsbcinvestments.co.in, ICICI Lombard - http://www.icicilombard.com.

Sting operation unveils Insurance fraud

noreply@blogger.com (IS Research Bureau) — Fri, 12 Oct 2007 13:34:00 +0000

Beaumont, USA: KFDM news reported, The Beaumont police has arrested a 26 year old motel general manager for attempting to bribe and fraud a insurance company.

The man is supposed to be from India and is in the U.S. on a green card. He was arrested on Thursday, Oct 11 on accusation of Insurance Fraud, a 2nd Degree Felony.

Detectives say the man is part owner and general manager of the Travelodge at I-10 and College in Beaumont. Police say he was attempting to bribe an insurance adjuster for Nationwide Insurance Mutual Insurance company .

Investigators say the man is accused of offering the adjuster $20,000 cash in exchange for a $125,000 insurance claim check on a loss of $18,000 from Hurricane Humberto.

Detectives, in cooperation with Nationwide Insurance and the National Insurance Crime Bureau, organized an operation in which the exchange would be made using an undercover officer. The officer met with the man and received $20,000 cash. The man was arrested and taken to the Jefferson County Correctional Center.

Celent names 3i Infotech as a leading provider for Insurance technology services

noreply@blogger.com (IS Research Bureau) — Thu, 11 Oct 2007 17:38:00 +0000

3i Infotech, a global provider of IT solutions has been named a ‘Traction Index’ leader in a recent report from research and advisory firm, Celent, based on the analysis of key software vendors for the insurance industry in North America.

3i Infotech was also named a leading provider in the Full Policy Administration Systems category, based on the number of deals the company inked in 2005 and 2006.

"Leaders in our Traction Index are demonstrating strong market momentum among insurers, which gives them the kind of experience that many carriers are looking for," says Craig Weber, Senior Analyst with Celent and author of the report. The Traction Index is a weighted score that measures the volume and type of deals that software companies made during 2005 and 2006.

With a long-term focus on the insurance market, 3i Infotech has augmented its insurance software offering PREMIA to deliver an integrated solution for insurance companies around the world.

Commenting on the achievement, Mr. Hari Padmanabhan, Deputy Managing Director, 3i Infotech, said “Over the last five years in particular, we have invested significantly in creating a solution that can effectively address Insurance companies the world over. This is of particular interest to Insurance companies who want to migrate to or invest in a technology platform that will enable them to compete effectively in the rapidly changing insurance market. This Celent report is an acknowledgement of US market`s acceptance of PREMIA”.

The company provides services to more than 100 customers globally, with PREMIA having a good patronage from insurance companies among its client base.

Small Business Liability Insurance - Part 1

noreply@blogger.com (IS Research Bureau) — Wed, 10 Oct 2007 13:32:00 +0000

While it might be comforting to think that insurance is something that only the big companies need to worry about, insurance is something that all businesses need to worry about.

Whether you're a management consultant, real estate agent, tax lawyer, healthcare specialist, or a service provider, the specifics might be different, but the insurance risks are much the same. As small business owners with offices that need to be protected from the threat of financial loss, business insurance and small business liability insurance is simply a smart solution to that end.

Most Non-Life insurance companies like New India Assurance, Bajaj Allianz and others provide policies for Liability Insurance in some format or other. Financial Advisors providing insurance services should speak to their prospects and clients and advise them to insure their businesses with the liability cover.

Below article by James Cochran emphasizes the need for Business Insurance.

You Need Insurance Regardless of your Business

When you run your own business, you take on obligations and responsibilities above and beyond that of the average citizen. In fact, it can be seen as somewhat of a double-edged sword. On the one hand, you probably go into business hoping to make a profit doing something you love while providing a benefit to others. On the other hand, all those others are affected by what you do — good or bad. It's the latter that can get business owners into trouble if they don't seriously think about serious business insurance protection.

Let's take small business liability insurance as an example. Without this form of insurance protection, a business owner is putting themselves in unneeded and unnecessary financial risk.

Small business liability insurance is that which essentially protects a business from the threat of a lawsuit. It differs from other kids of protection many individuals might already be familiar with because it covers assets from the risk of being attacked by a claim of misconduct carried out by you or your business. If somebody decides to sue your business, not only could you be on the hook for the damages awarded, but the legal fees involved can often be staggering, even if the lawsuit is frivolous. Things like small business liability insurance, as part of a comprehensive business insurance package, are meant to deal with just such instances.

If you don't think that your business is at risk like this, you might want to reconsider. No business is too small or irrelevant to be untouched by the risk of a lawsuit. In fact, the smaller you are, the less you'll be able to count on your own resources to address the crisis of a legal proceeding, or the damages awarded as a result.

Perhaps for no sector of business is this reality more apparent than with small offices providing services of various sorts. While the amount of resources at your disposal is tight, the extent to which you may have an impact on the public is very considerable. And the extent to which that same public can come back and bite you can be similarly considerable, too. This goes for real estate professionals, management consultants, tax preparers, lawyers, doctors, and so on. No one is immune from the threat covered by business insurance that includes things like small business liability.

No matter how competently you think you run your business, how much emphasis you place on customer satisfaction, how well thought of you are in the business community, or the lengths to which you strive for excellence and achievement in your profession, you can be hit by a lawsuit. And, very often, you won't even have seen it coming. Even some service provided as a sub-contractor for someone else can be seen as having done harm to someone. If that someone decides to sue, there are costs that have to be covered. Good business insurance will cover it. More specifically, good small business liability insurance will cover it.

Let's take the management consultant industry as an example of where business insurance that includes small business liability is necessary.

The duties and responsibilities associated with the job of being a management consultant are considerable. In such a capacity, you use your expertise in the field of management to advise people professionally on a whole range of matters related to the proper running of a business. This can includes things as simple as staffing to something more sophisticated like public relations. Good management consultants provide a professional service noted for the extent to which comprehensive solutions are offered to meet challenging business environments.

This is precisely why management consultants need to be covered by good business insurance that includes small business liability insurance.

The extent to which their advice and solutions impact people can be almost limitless. In fact, if you tried to figure out who might sue you for advice you gave a client, you might never be able to do it. There will always exist people who simply perceive themselves to have been hurt by something you did. And they'll sue you for it.

Alternatively, even the best management consultants make mistakes. Sometimes they could have legal ramifications. Other times, they could have professional ramifications. Indeed, things like errors and omissions insurance or professional liability insurance exist because professionals make mistakes. Not only do they make mistakes, but they make mistakes that violate the professional principles involved in their industry. It happens. It's why even management consultants need good business insurance and liability protection.

Of course, whether you're a management consultant, real estate agent, tax lawyer, or healthcare specialist, the specifics might be different, but the insurance risks are much the same. As small business owners with offices that need to be protected from the threat of financial loss, business insurance and small business liability insurance is simply a smart solution to that end. They literally help protect the small guy and gal from the swamp out there that could digest everything they've worked for. And that swamp could include the unwanted lawsuit.

Article Source: http://www.articlesbase.com/insurance-articles/you-need-insurance-regardless-of-your-business-230037.html

About the Author:James Cochran is the founder of Business Insurance Now, a web-based professional insurance agency . Business Insurance Now and Techinsurance have grown to become America's leading online provider of small business insurance plans for a wide range of businesses, currently serving more than 12,000 business clients throughout the US.

Domain insurance.mobi purchased for US $ 42,005

noreply@blogger.com (IS Research Bureau) — Wed, 10 Oct 2007 07:56:00 +0000

London: Sedo-run auction generates high interest and revenue, and demonstrates diversity of upcoming mobile content.

dotMobi, the company behind the .mobi Internet domain, successfully closed its first-ever online auction on October 3. dotMobi auctioned 100 domain names through Sedo.com, and is the first domain company to offer selected names directly to the market via an online auction process rather than a traditional "first come, first served" process.

Dozens of names were purchased generating a turnover of US $850,000 during the event last week.

With bidders from 34 countries, the auction's most desired names were hosting.mobi (sold for US $101,000), bank.mobi (US $51,501), download.mobi (US $51,500), currency.mobi (US $47,000) and insurance.mobi (US $42,005).

insurance.mobi was purchased by Insurance.com, an independent, online insurance agency which enables consumers to instantly compare and buy competitive auto insurance quotes directly from more than a dozen leading insurance companies. "We see the long-term value of the mobile internet," said Joe Singleton, Director of Information Technology, Insurance.com. "The .mobi domain will be a valuable tool in continuing to build our future consumer offerings."

"With more than 1.6 billion mobile users around the world, it's obvious that brands are quickly realizing that the audience for mobile content is enormous," said David Ryder, dotMobi's Chief Marketing Officer. "This auction proves that dotMobi has some of the most-wanted domain names in the world, and it's exciting to start seeing how they'll be used for content."

Tim Schumacher, CEO of Sedo, said, "We knew that the dotMobi's premium names portfolio would be a success on the Sedo platform; however, the results of this auction went beyond our expectations. We are now even more excited about our upcoming .mobi auction on October 31 when names like car.mobi, gps.mobi, kiss.mobi, love.mobi and map.mobi will be available."

dotMobi is a consortium based in Dublin, Ireland with offices in Washington, DC and Beijing, is leading the growth of Internet use from mobile phones with the .mobi domain name. It is backed by leading mobile operators, network & device manufacturers, and internet content providers, including Ericsson, GSM Association, Hutchison 3, Microsoft, Nokia, Orascom Telecom, Samsung Electronics, Syniverse, T-Mobile, Telefonica Moviles, TIM, Visa and Vodafone.

Sedo an acronym for "Search Engine for Domain Offers," is the leading online marketplace for buying and selling domain names and websites. Headquartered in Cambridge, Mass.

World's Best Insurance Salesman - [Humour]

noreply@blogger.com (IS Research Bureau) — Wed, 10 Oct 2007 05:15:00 +0000

Morris walks into an insurance office and asks for a job.

"We don't need anyone," he was told.
"You can't afford not to hire me," Morris said. "I can sell anyone, anytime, anything!"

"Well, we have two prospects that NO ONE has been able to sell. If you can sell just one, you have a job."

He was gone about two hours. He returned and handed them two checks, one for $25,000 and another for $50,000.
"How in the world did you do that?" they asked.
"I told you I'm the world's best salesman," Morris said. "I can sell anyone, anywhere, anytime!"

"Did you get a urine sample?" they asked.
"What's that?" he asked.
"Well, if you sell a policy over $20,000, the company requiresa urine sample. Take these two bottles and go back and geturine samples."

Morris was gone about six hours, and they were fixing toclose when in he walks in with two five-gallon buckets, one in each hand. He sets the buckets down, reaches in his shirtpocket and produces two bottles of urine. He sets them onthe desk and says, "Here's Mr. Brown's and this one is Mr.Smith's."

"That's good," they said, "but what's in those two buckets?"
"Well, I passed by the Holiday Inn and they were having a state teachers' convention, so I stopped and sold them a group policy!"

Reliance Life launches "Express Life" a service for instant cover

noreply@blogger.com (IS Research Bureau) — Tue, 09 Oct 2007 16:43:00 +0000

CHANDIGARH: Reliance Life Insurance today launched ‘Express Life’ – as the name suggests a new service to offer instant life insurance cover upto Rs. 10 lakh, within a processing period of three days.

This would do away with the hassles of long waiting period, follow-ups and medical checkups. It is customer friendly service wherein on submission of the duly filled application form, mandatory documents and the requisite premium cheque, customers are assured commencement of life insurance cover in three working days. The letter and the policy kit are handed to the customer over the counter.

Customers between the age group of 18 to 45 years and fulfilling the qualification criteria, would be eligible for the insurance plan.

The company also issued its first policy under the “Express Life” initiative to its first customer in Chandigarh today.

Speaking on the launch of Express Life, P. Nandagopal, CEO, Reliance Life said, “This unique process will redefine the way insurance is bought and sold in India. Express Life is a testimony of our constant endeavor to delight our customers with innovative and need based solutions promptly”.

The Express Life service is available under the Reliance Life Insurance Automatic Investment Plan, Money Guarantee Plan, Market Return Plan and Golden Years Plan.

Reliance Life Insurance plans major expansion for its life insurance business

noreply@blogger.com (IS Research Bureau) — Tue, 09 Oct 2007 16:00:00 +0000

Reliance Life Insurance, has major plans to expand its business and stregthen its position in the insurance sector. The company is looking at a investment of Rs 1000-1200 crore in the next couple of years to expand its insurance business. The company has plans to open 400 new branches, for which it has applied to Insurance Regulatory Development Authority (IRDA).

“We have already invested Rs 650 crore in the insurance business and plan to infuse fresh capital of Rs 1000-1200 crore to expand our operations.” said P Nandagopal, CEO of Reliance Life Insurance while speaking at the launch of its new service "Express Life" in Chandigarh.

The company has a distribution network of over 340 branch offices across India and intends to open 400 more branches. He said, “We have applied for licences from IRDA for opening 400 new branches across India. About 20 of these branches would be in Punjab and Haryana.”

The company is aiming to sell one million policies across the country in this financial year.

DnB NOR to start Non-Life insurance company, open office in India

noreply@blogger.com (IS Research Bureau) — Tue, 09 Oct 2007 15:00:00 +0000

Norway's biggest banking group DnB NOR announced on Tuesday that it would establish a new Non-Life Insurance company by the end of 2008.

The company also said in a statement at the beginning of a capital markets day event for investors in London that it would open three new international offices, in Chile, Greece and India.

DnB NOR said it had "an ambition to capture a considerable share of the retail non-life insurance market."

DnB NOR wishes to offer customers a full range of financial services. The establishment of our own non-life insurance company will enable us to tailor products to the retail segment. We will take advantage of our extensive distribution power to gain a considerable share of this market," says Åsmund Skår, group executive vice president, DnB NOR Retail Banking.

Since 1999, DnB NOR has offered its customers non-life insurance through Vital Skade. The current portfolio with NOK 700 million in premium income will be incorporated in the new company.

"We have extensive experience within non-life insurance, and DnB NOR is at the forefront in the electronic distribution of insurance products through the Internet bank. This ensures very cost-effective operations. Today, 5.8 per cent of our 800 000 Internet banking customers have bought non-life insurance policies. We aim to increase this share to 30 per cent," says Åsmund Skår.

DnB NOR will market non-life insurance in all distribution channels: branch offices, the telephone bank, the Internet bank, the mobile bank and real estate brokerages.

Source: Agencies

Bank warned for unfair trade practices by selling unsolicited insurance policies

noreply@blogger.com (IS Research Bureau) — Tue, 09 Oct 2007 14:48:00 +0000

Anti-trust body MRTPC has issued a stern warning to ICICI Bank for selling insurance policies to its credit card holders without their consent and has asked it to stop the practice.

Acting on a complaint filed by one of its credit card and bank account holders to whom the bank sent an ICICI Lombard General policy without consent, MRTPC bench headed by Justice O P Dwivedi passed a cease and desist order and held it as an unfair trade practice to promote its business.

"The practice of issuing Lombard policy in the name of the complainant without his request or consent would clearly amount to adopting an unfair trade practice by the bank to promote its business," the bench said.

"Accordingly, we direct the respondent to 'cease and desist' from adopting the same in future," it added.

The Commission's direction came on a complaint filed by one Leeladhar Pant, a holder of both credit card and savings account holder of the bank, to whom ICICI sent a group death insurance policy.

Later, the bank further directed him to pay Rs 460 for the ICICI Lombard policy for which he never opted.

Pant made several requests to the bank to remove this cover but was not entertained and instead he was asked to pay Rs 13,000 for the policy.

Despite repeated request to send him a correct bill, ICICI Bank sent him another bill of Rs 34,000 and made an auto debit of Rs 5,600 from his saving account.

Feeling aggrieved, Pant approached the Commission requesting it to ask the bank to cancel the policy and return the amount deducted as charge for it.

Source: PTI

Google SMS services launched in India

noreply@blogger.com (IS Research Bureau) — Tue, 09 Oct 2007 14:06:00 +0000

Google announced today the launch of Google SMS™ for mobile users in India. This beta offering brings the power of Google™ Search to users’ fingertips, making information available on the move, without the need of a computer or an Internet-enabled phone.

With Google SMS mobile messaging service, users can get business listings, movie showtimes and more simply by sending a text message to the shortcode 54664 [5GOOG] from their mobile phones. This service is currently available on the Airtel, Aircel, BPL, BSNL and Reliance networks, and has relevant local data for mobile users in Bangalore, Delhi, Hyderabad and Mumbai. Carriers' premium text messaging rates apply.

"There's no denying the importance of text messaging in India, and the launch of Google SMS is a natural next step for our mobile strategy," said Vinay Goel, Head of Products, Google India. "Millions of new mobile users are being added every month, and Google SMS will provide them with a quick and easy way to get the information they need when and where they need it."

Searching through Google SMS is simple. For example, a user seeking information on pizzerias in Andheri West can text message [pizza andheri west mumbai] to 54664, and a list of pizza restaurants in that area will be delivered to his or her phone within seconds. Google SMS allows for searches by common locality names, and ranks results by proximity to the specified location. The service also saves time by saving a user's location, so they don't have to type their location every time they search.

Check out http://www.google.co.in/sms for an online demo and additional features, and the attached appendix for more information on how to use Google SMS

Insurance Marketing - Use Your Marketing to Make a Connection with the Right People

noreply@blogger.com (IS Research Bureau) — Mon, 08 Oct 2007 18:04:00 +0000

The objective of marketing is getting the attention of people who are interested in learning more about doing business with you. Using also ran marketing techniques that tell the prospect about you and your products is a complete waste of both time and money. If you want to connect with the people you’re marketing to you have to get their attention and provide value.

Why do you respond to a marketing message? Whether it’s something you get in the mail, something you hear on the radio or TV, or something someone says to you in person you respond to a marketing message because it got your attention. It got your attention because the message told you something that you thought might be of value to you or for you. Once they had your attention you wanted to know more. Smart marketers provide you with a way to know more.

Give your prospects a low risk way to get more information. Have you ever called an 800 number to get a free brochure, or send an email requesting a free guide, or faxed a completed form to get a report, or visited a website to sign-up for an alert? These are all low risk calls to action. You weren’t ready to meet with someone or to have someone call you. You just wanted to know more so you could decide if you wanted to take it a step further. Because there was a low risk way for you to do it, you did it.

The reason you took the time to respond was because whatever was offered in the call to action held perceived value for you. For example, you wanted to know how to compare refrigerators for energy efficiency without going to the store and looking at all the models. Your prospects might want to have a quick guide for understanding the differences between LTC policies. The item offered doesn’t have to be unique or closely held information. Your prospects just want something that quickly helps them to understand differences, or that helps them to understand what they really need to know to make a good decision about something. Would you want to read a free report about the 7 biggest mistakes to avoid when leasing a car? Apply that concept in your marketing.

When you responded to those messages you were actively looking for something, you were thinking about something related to the offer, or you were thinking you should be thinking about whatever was related to the offer. With your offer you’ve now made a good starting connection with three different types of prospects. You have caught the attention of the ready buyer, the soon to be ready buyer, and the some day ready buyer. Now all you have to do is move them from education to buying deepening your relationship all along the way.

Source: Ezine Articles

ING Vysya Life receives additional capital infusion. Paid up capital increases to Rs. 790 crores

noreply@blogger.com (IS Research Bureau) — Mon, 08 Oct 2007 17:33:00 +0000

ING Vysya Life today announced a capital infusion of an additional Rs. 25 crores, which increases the paid up capital to Rs. 790 crores. ING Vysya Life had entered the private life insurance industry in India in September 2000, and has sucessfully established itself in the insurance market with a pan India presence. To support its business expansion, the promoters of ING Vysya Life have further plans to infuse capital of Rs. 550 crores in the near future which will eventually raise the total paid up capital to Rs. 1,340 crores.

The company recently launched ING Positive Life, a Unit Linked Saving Solution, in line with the market trends and has received good success. The company currently has twenty one life insurance products including eight Unit Linked products, which are available through its diversified distribution platform.

Microsoft unveils Web-based health portal

noreply@blogger.com (IS Research Bureau) — Mon, 08 Oct 2007 14:04:00 +0000

Microsoft has launched a free, ad-supported Web-based health portal called HealthVault, a resource that allows people to upload their medical records online and share their information with doctors.

It is reported that other companies, such as Google and Steve Case's Revolution Health, as well as the federal government (USA) have been working on similar projects.

Although some are concerned that such sites could make users sensitive to hackers, Microsoft says it has consulted with experts to ensure that HealthVault will keep personal information private.

While it is estimated that such an electronic medical-record network would save more than $500 billion in medical costs over 15 years, it is reported that doctors are slow to adopt technology that has been around for more than a decade.

Source: ProWEB Wire

General Insurance Council will review Health Insurance norms

noreply@blogger.com (IS Research Bureau) — Mon, 08 Oct 2007 06:24:00 +0000

General Insurance Council, the forum of all general insurers under IRDA is working to review the health insurance norms followed by Insurance companies, said B D Banerjee, former CMD of Oriental Insurance company and National Insurance Company, and a member of committee for senior citizens insurance at IRDA.

He was speaking at a seminar organised by the Bengal Chamber of Commerce and Industry.

Various points would come under the review including indiscriminate non-disclosure fees charged, guidelines for conducting medical tests, and pre-existing illness definition for medical claims.

Speaking on the occasion Suresh Mathur, joint director of IRDA, said that ambiguous policy terms had to be avoided for making the business more transparent. Also, health insurance has to be promoted to ensure proper coverage of the weaker sections of the society and senior citizens.

Bannerjee, further added, In case a person has any symptoms of a disease, the entry load should be increased to adjust the cost. However, in that case, the insurance cover should not commence after two years of buying the policy, but right from the day of purchasing it.

He also said if a person has had a medical treatment for more than 12 months, the entry load should be increased but the benefits of mediclaim should not be denied to the subject.

He felt as cardio- vascular disease was one of the commonest ailments these days, the entry load of an insurance scheme should be adjusted according to the glucose, lipid and hypertension levels of the insured.These steps would help in standardistion of medical costs, he said.

Apart from this, Banerjee also felt that the increase the premium on health insurance by 200 per cent for people above the age of 60, as illogical.

“IRDA has made it clear that the increase should not be more than 50-70 per cent, but the cap is mostly violated by companies,” he confessed.

Also, insurance companies should come up with regional tariff plans as done by the National Insurance Company. He claimed that accreditation of health care institutions would bring down the cost of medical insurance. People who could not afford medical insurance should be offered a product like Medisafe, where employee and employer jointly contributed to a fund that covered all employers.

“Accreditation of hospitals would go a long way in identifying providers which will provide qualitative and cost effective health care,” said Mathur.

General Insurance services among the relief offered by Govt. to rupee hit exporters

noreply@blogger.com (IS Research Bureau) — Sun, 07 Oct 2007 20:01:00 +0000

Government today expanded the scope of service tax refund paid to exporters and increased the number of sectors eligible for reduced interest rates on pre-shipment and post-shipment credit to provide much-needed relief to businesses against an unabated rise in rupee.Exporters would now be given a refund of taxes paid on seven services, instead of four allowed earlier. The new services to be included in the scheme are general insurance, technical testing and analysis, and inspection and certification.

The Centre had last month announced exempting services rendered by ports, road transport and railways from the purview of tax.

It has also allowed payment of interest on an amount up to a maximum of one million dollars kept in Exchange Earners Foreign Currency accounts. The rate of interest, however, will be decided by the banks and the measure would be valid up to October 31, 2008.

Besides, "such accounts should be in the form of term deposits, with a maturity of one year," the Finance Ministry said in a statement.

The measures would partially provide relief to exporters, whose margins have been hit by the rising rupee, which has appreciated to a record high of 39.36 to a dollar, highest since March 1998.

The list of sectors eligible for reduced interest of 4.5 per cent minus the benchmark prime lending rate on pre and post-shipment credit has also been expanded to 12.

Source: Agencies

Hyderabad to host CII health conclave on Oct 9

noreply@blogger.com (IS Research Bureau) — Sun, 07 Oct 2007 19:27:00 +0000

The CII healthcare conclave coming up in Hyderabad next week will highlight the need for quality and affordability of medicare in the country as the sector continues to boom.

The conclave to be held by Confederation of Indian Insustries (CII) on October 9, 2007 will also press for industry status for the sector. “For a long time healthcare has been considered an unorganised industry with doctors turning entrepreneurs. The industry today is the largest employer and demands an industry status,” said Mr Vishal Bali, conference Chairman & CEO, Wockhardt Hospitals Group.

“As a fast growing economy we need to focus on the healthcare sector. Today, the healthcare expenditure in the country is 5.2 per cent of the GDP and only 0.9 per cent of its gross expenditure, which is the lowest in the world. There is a huge need for investments to improve access to basic healthcare and fill the shortfall of approximately 8,00,000 beds in the country,” he added

The conclave will focus on improving gaps in bed strength, medical and paramedical staff, news technologies, investment and financing models.

The fifth in the CII’s annual national service sector conclave series is titled `Healthcare services: next practices and mantras for survival’.

The Andhra Pradesh Minister for Medical Education and Health Insurance, Ms Aruna Kumari Galla, is to participate, Key players across the industry will include Apollo Hospitals, Wockhardt Hospitals, Satyam Computer Services Ltd, Arvind Eye Hospital, Max Healthcare, P.G. Hinduja National Hospital, Yashoda Hospitals, insurance regulator IRDA, Star Health, Kotak Mahindra Bank, Citibank, Johnson & Johnson Medical, Philips Medical Systems, GE Healthcare Technologies.

Health insurance importance, tariff and reach emphasized at Health Insurance Summit organized by CII

noreply@blogger.com (IS Research Bureau) — Sun, 07 Oct 2007 18:35:00 +0000

Is Tariff really a critical factor in the growth of Health Insurance. Do people do not take health insurance because of tariff or due to a lack of awareness. Setting any kind of boundaries does affect a market, and probably that is what C. S. Rao, Chairman, Insurance Regulatory and Devleopment Authority meant to say.

"The healthcare industry has two concerns: insurance and removal of tariffs. Once tariffs are removed, insurance will get a boost, said C.S. Rao, while speaking at the Health Insurance Summit organized by the Confederation of Indian Industry (CII) on Oct 5, 2007 in Mumbai.

Also it has been noted that senior citizens are unhappy with the existing health insurance schemes and an issue which needs to be addressed, said Mr. Rao.

Health insurance in India forms a small part of insurance. With 75 percent of the Indians residing in the rural areas, more doctors need to be posted in these regions. Also, the poor have still to be taken care of by the government since it is only a miniscule number of people from the society that can pay for health insurance.

By next decade the health insurance scenario in India would look different undergoing a transformation due to efforts from Government, added Mr. G. C. Chaturvedi, Joint. Secretary and Mission Director, National Rural Health Mission, Ministry of Health and Family Welfare. With an addition of 0.11 beds per annum and 100 million Indians covered by self-funded government schemes, most public private partnerships will reduce high out of pocket health insurance. Regulatory mechanisms would also be enforced to have a proper system in place. Proper policies needs to be in place, for the catering to the health requirement of the poor.

Dr Prathap C Reddy, Chairman, CII National Healthcare Council and Chairman, Apollo Hospitals, emphasized that while the health industry contributed to over five percent to the national income, still it remains one of the most neglected industry. The reasons are mainly lack of awareness and disinterest among the masses on the whole.

The statistics for health services are not so encouraging with one Primary Health Centre for every 30,000 people and only six maternity beds. The rural sector which forms 75 percent of Indian population has access to only 31 percent of hospitals, 18 percent of beds and only 25 percent of qualified allopathic doctors.

In addition to that the light escalating prices for medicines, treatment and to avail medical facilities is slipping out of one's reach.

Although there are a host of insurance policies available today to choose from mandatory, public, private, employer based to community based schemes, the hindrances has been due to the fact that 24 percent of the population are poverty line and 35 percent are illiterate.

As per the study undertaken by the WHO, the insurance in India is mainly financed from out of pocket expenditure in comparison to all other countries involve in the study including China, Sri Lanka, Vietnam to mention a few.

India has a huge population base; there is immense potential for the industry to grow in future. While the government is working on the regulatory issues on one hand, the private sector is looking at insurance expertise and product design.

"Unlike Life Insurance, in case of health insurance, there are multiple stakeholders involved and it is important for all of them to work together to make a success of this. This Summit has tried to assemble a confluence of industry players on a common platform to explore and arrive at a consensus on key directions," said A Vaidheesh, Summit Chairman and Managing Director, Johnson and Johnson Medical.

An aging population and an increase in lifestyle diseases will push the demand for hospitalization. It is important to recognize health as continuum and not as a point of reference. "The Summit will prove constructive for the vast array of issues affecting growth of this industry and the economy as a whole." Calling for a broader view of healthcare costs and an improved healthcare infrastructure, he said that by 2015, health insurance will cover 20 percent of the Indian population.

Providing an insight into the insurer's mind, Mr D D Singh, Executive Director, Health Insurance, Life Insurance Corporation of India, stated that an insurer faces difficulties while choosing a product. Cost, quality and access decide the success of health insurance. The insurance companies need to talk about the mindset of the customer.

According to Jean-Michel Chatagny, MD, Client Market Asia, Swiss Re, in 2004 the world spent 4.1 trillion dollars on health. India has very less expenditure on health. Private insurance is very low and has the lowest percentage of government spending among the BRIC countries. The Swiss government encourages purchase of health insurance. India has potential for private insurers. Also, the care delivery infrastructure needs to be overhauled and the government has an important role to play, he said.

In his welcome address, Banmali Agrawala, Deputy Chairman, CII Western Region and MD Wartsila India Ltd said that the first ever health insurance summit in India is an attempt to remind people of the importance of 'forgotten' health and health insurance to keep up with the fast track life. An indirect advantage of health insurance is that it keeps medical costs and practices under check. With the opening of the Insurance Industry to FDI, large amounts of funds have been flowing in.

More options in Health Insurance, with LIC to submit its proposed Health Insurance product to IRDA

noreply@blogger.com (IS Research Bureau) — Sat, 06 Oct 2007 16:32:00 +0000

Life Insurance Corporation of India would submit its proposed health insurance product to the insurance regulator IRDA this month said Mr D.D. Singh, Executive Director (Health), LIC, at a health seminar organised by CII.

Speaking more, he said the health insurance product will be a long-term policy and along with the hospitalization benefits will also factor in savings as one of the element.

The main features of the product be would be hospital cash, family-floater and unit-linked components. The premium for the product will increase progressively on an annual basis as the customer’s age increases.

Mr Singh said that the objective has been to keep the costs low.

A key difference in the health insurance policy from the existing tradional policies is that the premium rates would increase with age. The premium in the tradional policies remain constant throughout the term.

The other difference is expencted that the utilisation of the claim benefits will be decided bythe insured. LIC will release the funds to the policyholder through its banking partners.

The Health Insurance division of LIC is based in Hyderabad. The outfit will contain a team of 30 people managing the division. The division will have a centralised data repository. LIC has empanelled eight third party administrators (TPA's) for servicing the claims from Health Insurance. The payment of claims will, however, be made by banks, selected by LIC. “We haveselected Syndicate Bank, Axis Bank and Bank of America for the payment of claims,” said Mr Singh

The Health Insurance product will be marketed and distributed by LIC through its 10 lakh plus strong agency network.

The Health Insurance segment is mainly catered by Non-Life insurance companies with products like Mediclaim, Medicare and etc. Beginning a year ago, Life insurance companies have been allowed to market standalone health insurance products to increase the increase the penetration of health insurance in the country.

Among life insurance companies after Bajaj Allianz Life and ICICI Pru, LIC would be the third to launch a health insurance product.

Star Health and Allied Insurance is another company which focuses exclusively in Health Insurance segment with plans like Medi Classic, Medi Premier, Family Optima among its product range. Few more health insurance products are expected from other companies.

IRM launches International Diploma in Risk Management

noreply@blogger.com (IS Research Bureau) — Sat, 06 Oct 2007 08:16:00 +0000

LONDON: The London-based Institute of Risk Management has revealed a new International Diploma in Risk Management. The diploma is the IRM's postgraduate level distance learning qualification and has been redesigned in order to take into account a much broader view of risk and risk management, the IRM said.

Steve Fowler, chief executive officer of the IRM, explained that the IRM views risk management as a multi-faceted, integrated, enterprise-wide, holistic tool.

"If you are teaching risk management, then you need to teach a balanced view of risk management, including the upside as well as the downside of risk," he said.

The new diploma is post-graduate level, but a degree is not required—entry requirements are a degree or a certain level of experience—about three years' or more risk management experience at a senior level.

Mr. Fowler said that features of the new course include a broad range of options with an enterprise-wide approach, international applicability and availability, improved student support, and flexible distance learning so that students can progress at their own pace.

He estimated that the diploma should involve about four years' part-time study, with a minimum of two years' and an upper limit of eight years' study involved. It would cost around £4,000 ($8,000) over four years, Mr. Fowler said.