Claim Process made easier by ICICI Lombard

ICICI Lombard, the largest private general insurance company in India has launched a one of its kind Mobile Application for customers. Mr. N Eswarnatarajan, head of Operations and Technology, ICICI Lombard General Insurance announced the launch of mobile application “Insure” that will help the customer to intimate the claim through a mobile. 
http://www.myallagents.com/Claim-Process-made-easier-by-ICICI-Lombard/details.htm

BS People: S S Mundra

The challenges facing S S Mundra, the new chairman and managing director of public sector lender Bank of Baroda, are different from the ones his peers have to deal with. While most state-owned banks are grappling with asset quality headwinds, Bank of Baroda is quite comfortable on that front. The lender has managed to maintain a decent gross and net non-performing asset ratio in comparison to other banks, despite some problems in asset quality. 

http://www.myallagents.com/BS-People-S-S-Mundra/details.html 

Irda for changing 'Place of Business' regulation

The Insurance Regulatory and Development Authority (Irda) will take a call on altering its ‘Place of Business’ Regulation, which called for insurers to take permission of the regulator to open offices in any location in India. This, is to be in tandem with the Budget proposal to allow insurance companies to open branches in Tier-II cities and below without Irda approval.http://www.myallagents.com/Irda-for-changing-Place-of-Business-regulation/details.html

LIC Nomura eyes 2-fold rise in AUM in FY14

LIC Nomura eyes 2-fold rise in AUM in FY14
LIC Nomura Mutual Fund targets over two-fold increase in its average assets under management (AUM) in the current fiscal by launching a host of new schemes in the debt and equity segments, a top company official said.
The fund house, which had posted losses in FY2011 and FY2012, also hopes to report profit in 2012-13..
http://www.myallagents.com/LIC-Nomura-eyes-2fold-rise-in-AUM-in-FY14/details.html

LIC is India's most attractive BFSI bran

At present, under Employee’s Deposit Linked Insurance (EDLI) scheme, wherein employer contributes 0.50% of the basic pay as insurance premium every month to the EDLI scheme, employee gets the benefit equal to his provident account balance if the balance is upto Rs. 50,000 and if it exceeds Rs. 50,000 then account balance plus 40% of the balance. However there is a cap of Rs. 100,000 upto which the benefit can be availed. Prior to the year 2010, the maximum benefit available under this scheme was Rs. 60,000. 
http://www.myallagents.com/LIC-is-Indias-most-attractive-BFSI-bran/details.html  

Why Cobrapost expose was a non-event for bank stocks

The shrill Cobrapost bite, this time mostly on large state-owned banks and insurance companies, failed to upset the market confidence on banking shares. The latest sting operation turned out to be a non-event that did not lead to panic-selling by investors on Monday. Bank Nifty was flat to close the day's trading at 12,396.

Source: moneycontrol.com 

http://www.myallagents.com/Why-Cobrapost-expose-was-a-nonevent-for-bank-stocks/details.html  

ICICI Lombard expects to surpass industry standard in premium growth

ICICI Lombard’s gross written premium (GWP) grew by 20%, expects a premium growth of 2 – 3% higher than the industry average. According to Mr. Neelesh Garg, Executive Director – ICICI Lombard General Insurance Company GWP grew to Rs. 6,420 crores for the financial year ending March 2013. He attributed this growth to rise in premium amount in both retail and corporate segments. He further quoted that the company expects the force of previous year to go forward in this year and that the company expects 2 – 3% higher premium than the industry average in the coming financial year. He also did not rule out the rise in prices of the premium amount depending on the inflation numbers.  http://www.myallagents.com/ICICI-Lombard-expects-to-surpass-industry-standard-in-premium-growth/details.html

Majority of companies discontinue to include parents in group medical insurance policy

mployees’ health and benefits study by Insurance broker Marsh India revealed that there has been a drop of around 76% in companies providing health insurance cover facilities to the employees’ parents under group mediclaim policy. The main reason attributable to the same is high premium cost. 
.http://www.myallagents.com/Majority-of-companies-discontinue-to-include-parents-in-group-medical-insurance-policy

ICICI Lombard under IRDA scanner for alleged irregularities

The vigilance department of the Insurance Regulatory and Development Authority (IRDA) is looking into such complaints in Rajiv Gandhi Shilpi Swasthya Bima Yojana ( RGSSBY), Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana and Panjikrut Kishan Durghatana Bima Yojana, according to a letter written by IRDA to Finance Ministry on its ongoing probe 
http://www.myallagents.com/ICICI-Lombard-under-IRDA-scanner-for-alleged-irregularities/details.html

Calculating your need before buying insurance

Mis-selling in insurance is prevalent and is one of the key reasons that is hurting the sector's growth is a fact accepted by the Finance Minister, P. Chidambaram himself on several occasions. Though the intermediaries are first to be blamed for it—an agent only pushes products that earn high commission—is the most popular reasoning given. However, there are several other reasons why a customer ends up buying a wrong product. For instance, it is not always 'mis-selling' but sometimes 'mis-buying' as well—lack of awareness, expectations of quick returns and using insurance as a tax saving tool, to name a few  http://www.myallagents.com/Calculating-your-need-before-buying-insurance/details.html

How to Claim for Health Insurance from Multiple Insurers

Healthcare costs were significantly lower a decade ago. A health policy of Rs. 2 lakh back then could provide adequate coverage for a small family; today, the same policy will not go far.

Galloping inflation in healthcare has ensured that a single health plan is no longer enough. Many are now buying multiple policies in order to increase their health coverage. However, multiple policies give rise to multiple queries regarding the claims process: 

: http://www.myallagents.com/How-to-Claim-for-Health-Insu 

rance-from-Multiple-Insurers/details.html 

Dial 'e' for e-insurance

If one goes by latest trends, just putting an 'e' before everything makes it fashionable. But it has its benefits as well. And the main benefit is reduction in cost, often quite sharply. So, when asked the question whether buying an e-policy is better than the offline policy, most would agree with the convenience of the former.  .http://www.myallagents.com/Dial-e-for-einsurance/details.html

Comprehensive health plans better for specific diseases

Some pointed to the fact that this comes close on the heels of new guidelines that don’t allow extra loading, effective October. Sooner or later, all companies would have to comply with this. Currently, health insurers such as ICICI Lombard, Apollo Munich and Bajaj Allianz cover diabetes and hypertension as pre-existing diseases (after a waiting period). New India Assurance would have a four-year waiting period for a cover on the two diseases. 
http://www.myallagents.com/Comprehensive-health-plans-better-for-specific-diseases/details.html 

Five inbuilt free or cheap insurance covers

Some products and services have insurance covers most buyers don't know about. The best part is, usually, these are free or quite cheap. For example, there are covers given along with liquefied petroleum gas (LPG) cylinders, up to a whopping Rs 40 lakh in case of loss of life or damage to property due to cylinder explosions. Though there are a number of LPG cylinder explosions, causing loss to life and property, no one seems to be aware of an insurance cover available for LPG consumers in such cases.  .http://www.myallagents.com/Five-inbuilt-free-or-cheap-insurance-covers/details.html

Liberty Videocon General Insurance Company To Achieve Its Biggest Target

Roopam Asthana, Chief Executive Officer at Liberty Videocon General Insurance Company, today declared the company’s performance report for the ongoing year 2013 - 14. He said that till now the company has successfully achieved a sales figure of Rs. 65 crores as against the budget of Rs. 120 crores for the entire year. The Company is also optimistic about the business for the remaining part of the year and expects to meet the budgeted amount of sales.  http://www.myallagents.com/Liberty-Videocon-General-Insurance-Company-To-Achieve-Its-Biggest-Target/details.html

Shriram Life launches seven new products

 According to Manoj Jain, CEO Shriram Life, out of the seven plans, four products are market-linked and the remaining are traditional products. 
"The new products are more customer friendly giving better value proposition in terms of higher surrender values and better death benefits," Jain told reporters here, adding that the new products are in compliance with new guidelines issued by the Insurance Regulatory and Development Authority.  

http://www.myallagents.com/Shriram-Life-launches-seven-new-products/details.html 

LIC sells shares worth Rs 8,800 cr in 17 Sensex companies

State-run insurance giant LIC has lowered its exposure in 17 blue-chip firms, with sale of shares worth an estimated amount of over Rs 8,800 crore, in the quarter ended March 31, 2013. Life Insurance Corporation of India's holding increased in nine Sensex companies during the January-March 2013 quarter, showed an analysis of the shareholding pattern of Sensex constituents.  http://www.myallagents.com/LIC-sells-shares-worth-Rs-8800-cr-in-17-Sensex-companies/details.html

Irda plans new norms for micro insurance

The Insurance Regulatory and Development Authority (Irda) will issue new guidelines for the micro-insurance sector within this financial year. Irda had asked insurance firms to design up to four-five new micro-insurance products, which will be cost-effective, and at the same time provide better returns to investors, said Sudhin Roy Chowdhury, member (life) at a seminar on the insurance sector here on Friday.  http://www.myallagents.com/Irda-plans-new-norms-for-micro-insurance/details.html

Travel insurance: Handy during natural calamities

After any kind of natural calamity, insurance companies usually get jittery on the huge amount of claims they may have to pay. But following the recent floods in Uttarakhand, in which thousands lost their lives, general insurance companies have hardly seen any claims related to medical emergencies. This is because Indians don't believe in taking travel insurance, especially if they are travelling within the country. Even when travelling overseas, most Indian travellers take insurance only if it is mandatory. 
www.myallagents.com/Travel-insurance-Handy-during-natural-calamities/details.html

United India In Association With Agriculture Insurance Company Launches Website For Crop Insurance

Mr. Milind Kharat, Chairman cum Managing Director of United India Assurance and Mr. P.J. Joseph, Chairman of Agriculture Insurance Company (AIC) announced the launch of internet website that will enable issuance of Crop Insurance policies of AIC. This initiative is a part of Financial Inclusion Programme undertaken by United India Assurance Company Ltd. This scheme will also benefit the farmers who do not have easy access to the offices of insurance companies

http://www.myallagents.com/United-India-In-Association-With-Agriculture-Insurance-Company-Launches-Website-For-Crop-Insurance/details.html