Rishi Piparaiya takes Additional charge as Director (Marketing) in Aviva
Aviva Life has appointed Mr. Rishi Piparaiya as Director (Marketing & Bancassurance).
Mr. Rishi was earlier Director, Bancassurance and Business Partnerships since 2009 and he will take on additional responsibilities of marketing function as well effective now. His role in Marketing will include brand marketing, communications and channel marketing. His functions would also include the marketing of Aviva’s Digital and Online strategy as well.

Rishi has a diverse experience of the Insurance Industry as Head (Insurance Business) of the Citi India where he handled the $30 million revenue from insurance business.

Rishi holds an MBA degree from Cornell University, New York and undergraduate specialization in Economics and Electrical Engineering from the University of Rochester, New York.

PNB-MetLife Logo
Punjab National Bank (PNB) and US-based Metlife had entered into a joint venture in which PNB has picked up 30% stake in the insurance company. The newly formed joint venture has been branded PNB Metlife India Insurance Company Ltd. Metlife will continue to hold 26% stake in the company. Other stakeholders in the company include J&K Bank (5%), Elpro International (21%) and M Pallonji & Co.

The Honourable Finance Minister of India, P Chidambaram attended the launch event in New Delhi and unveiled the company’s new brand.

As a token of commemoration of this great partnership, MetLife India Insurance Company has announced the launch of its new logo for the PNB MetLife.

MetLife India has been operating in the country since 2001 and with its partnership with PNB, has significantly expanded its insurance business. PNB MetLife will offer customers access to global expertise, financial reliability, and a wide range of innovative products and services.

Final Norms for Traditional Life Insurance Plans from IRDA
The Chairman, IRDA stated that the new insurance products that are launched in the market are in line with the new regulations.

IRDA also said that the final guidelines on traditional life insurance products are expected to be published following the meeting of the Insurance Advisory Committee scheduled to be held on Feb 8, 2013.

Future Generali to Use Common Service Centres (CSC) as Delivery Channel
Future Generally has opted to use the Common Service Centers to distribute its Micro-Insurance Products at an affordable cost. Future Generali, the joint venture between Future Group of India and Generali of Italy, has tied up with Zoom Developers Pvt. Ltd. an SCA (Service Centre Agency) to offer its Micro Insurance Products using the 1000+ Common Service Centers (CSCs) of Kangra, Una and Chamba district of Himachal Pradesh.

CSCs are proposed delivery points for government, private and social sector services to rural citizens under PPP (Public-Private Partnership) model as per the National e-Governance Plan of the Government of India.

When briefing the VLEs (Village Level Entrepreneur; who owns the CSCs) on the product features, marketing and claim process to be adopted, Dr. Ajay Verma, said the Future Generali targets to reach one lakh households through this initiative.

Future Generali poised with growth
Future Generali, a joint venture between the India-based Future Group and the Italy-based Generali Group, is expected to perform better in the current quarter to show a growth in the current quarter. The company has booked Rs. 150 crore for April-December 2012.
The Company aims to enhance its market share which is currently at 1.5% and also plans to stretch its agency force by recruiting over 10,000 advisors with a view to reach out to a wider customer base.

Valentine at 60 – Gift from SBI Life
SBI Life has consistently created new benchmarks in brand communication in the insurance category and has emerged as Most Trusted Private Life Insurance brand, 2011 and 2012, as per ET Nielsen Most Trusted Brand Survey.

SBI Life has launched extensive integrated marketing activities on the eve of the Valentine’s Day. SBI Life has activated consumer promotion where visitors are induced towards expressing their dream valentine gift at 60. Couples, can click pictures with props including rocking chair, reading glasses and grey moustaches, against the backdrop setting of international holiday destinations and expensive jewellery. The mall activation is being conducted at seven cities – Mumbai, Delhi, Bangalore, Chennai, Kolkatta, Hyderabad, Bangalore and Bhopal.

LIC at par with Private Insurers on Equity Cap: IRDA
IRDA chairman J Harinarayan said that the increase in the equity cap for insurers from 10% to 12% and 15% is applicable for all insurers

The IRDA (Insurance Regulatory and Development Authority) has made it clear that the Life Insurance Corporation of India (LIC) will be governed at par with any other insurers when it comes to the investment limit on equities.

According to a notification issued by IRDA, Insurance companies are now allowed to increase their exposure in equity in a given company from the current level of 10% to 12% and 15% depending on the size of the controlled fund of any given insurer. LIC will also be required to adhere to this cap.

According to the LIC Act, LIC could invest up to 30% of its total funds in a single entity.

Max Life Insurance records a profit of Rs. 657 crore
Max Life Insurance recorded a tax of Rs. 657 crore as profit before tax (PBT) for the first nine months commencing from April to December of the current financial year. This is 15% increase from the previous figures for the corresponding period of last fiscal.

Total revenue of the company had increased by 2 per cent to Rs 4,560 crore by the end of December quarter.

The Chief Executive and Managing Director Rajesh Sud said that the company was confident of a sustained profitable growth in the future.

Online Insurance – Trend Analysis by Bajaj Allianz Life Insurance
According to a trend analysis conducted by Bajaj Allianz Life Insurance reveals that there is a preference of the online medium amongst those with a income lower than Rs 5 lakh contributing to 65% of the total online purchasers of insurance. The trend analysis also revealed that 21% of online customers belonged to those earning between Rs. 5 and Rs. 10 lakhs while the higher income groups i.e. Rs. 25 lakhs and comprise only 5% of the total online purchases.

The Trend Analysis also revealed that the age profile of the online customers is made up of individuals between 26-35 years of age who form 55% of the total online customers. This indicates that the younger customers in the age group of 16 to 25 years comprise only 14% while the older age group of 46 and above contribute only to 9% of the total online customers.

Among the online buyers based on the geographical location, the trend analysis revealed that 35% of the online customers belong to metros while 65% customers hail from non-metro locations. While the Metros include New Delhi, Mumbai and Hyderabad recorded an online business of 21%, 19% ad 15% respectively, among the non-metros, Pune, Thane, Ahmedabad, Gurgaon, Ghaziabad, Lucknow and Jaipur collectively contribute to 27% of the online policies.

Know about Online Term Insurance Policies
Here are few points of consideration when buying Term Insurance Policies on line.

1) Insurance companies offer the facility of buying term insurance online. These policies may be the same as those sold through distributors or could be for exclusive online sale.

2) The applicant must begin by choosing the cover and policy term. The applicable premium is computed and disclosed on the basis of age, gender, and the chosen policy term and cover.

3) Online term plans offer the benefit of lower premium rates than those for offline policies since the distribution costs—paid from the premium of policies distributed through agents—are saved.

4) Online term policies may not require a health or medical check-up for certain age groups, specific customer profiles (non-smokers, non-tobacco users) or those considered below the threshold risk as decided by the insurer.

5) The individuals who are eligible for non-medical processing make the standard premium payment and get the cover immediately. The free look-in period is available for online policies too.

6) In other cases, a medical test may be required, and depending on the results, the premium payable may have to be increased, which would be over and above the standard premium disclosed initially.

Source: Economic Times

Hari Narayan retires as IRDA chairman
Mr. J Hari Narayanan, after a service of five years as Chairman of IRDA (Insurance Regulatory and Development Authority) has retired from his services. As IRDA Chairman, Mr. Hari Narayan has taken several initiatives and decisions that have helped the insurance industry to be more customer-centric and transparent.

J Hari Narayan retired on Wednesday after completing five years of tenure as the chairman of IRDA (Insurance Regulatory and Development Authority). During his tenure as IRDA chairman, he has taken many vital decisions that have helped the insurance industry to be more customer-friendly and bring in transparency. His efforts have brought in strict regulations against mis-selling of insurance products.

TS Vijayan is the New Chairman for IRDA
Following the retirement of Mr. J Hari Narayan, Chairman IRDA, the Prime Minister’s Office approved the appointment of Mr Vijayan after Central Vigilance Commission gave its approval in January.

Mr. T S Vijayan has been appointed as the new Chairman of the IRDA (The Insurance Regulatory and Development Authority). Mr Vijayan is expected to taken charge immediately and will have five-year term.

In May 2011, Mr. Vijayan was demoted from chairman to managing director of the Life Insurance Corporation of India (LIC) following allegations of irregularities. He was later cleared of all charges by the Central Bureau of Investigation and retired in November 2012.

Born in 1953, Vijayan joined LIC as a direct recruit officer in the year 1977.

Mr Vijayan, Chairman IRDA meets Finance Minister
The newly-appointed chairman of the Insurance Regulatory and Development Authority T S Vijayan has met Finance Minister P Chidambaram and is believed to have discussed the issues and challenges faced by the insurance sector.

According to media reports, it is a courtesy visit

IRDA re-introduces ‘File and Use’ procedure for life products
The Insurance Regulatory and Development Authority (IRDA) on Tuesday re-introduced the approval of policy document under ‘File and Use’ procedure for life insurance products. The move is an attempt to fast track the product approval process.

IRDA said in a circular that the process… “requires the insurers to submit a copy of policy document with policy schedule under File and Use application... in respect of all products filed from 1 April 2013 onwards”.

IRDA had dispensed with the submission of policy document under File and Use or automatic clearance procedure in 2007.

The regulator said it has re-introduced the approval of policy bond under File and Use procedure as various stakeholders of the life insurance industry approached it on the issue.

New TV Campaign from Bharti AXA Life
This is the first nationwide TV campaign initiated by Bharti Axa Life Insurance. This is expected to be launched jointly by Bharti AXA General Insurance, its sister concern. The theme of the campaign is on “The Dedicated Claims Handler” which would highlight on the service standards in the Insurance category.

The campaign went on air on 8th Feb and will run nationally across all major channels in prime time slots for a period of 5 weeks.

IRDA likely to allow automatic clearance of standard life insurance
There is every likelihood that The Insurance Regulatory and Development Authority (IRDA) would come out with a new policy that would give automatic clearance to standard life insurance products. The regulator also plans to relax the investment guidelines to encourage flow of funds into infrastructure sector.

As expressed by the the Minister of State for Finance, Namo Narian Meena, the insurance regulator has constituted Working Groups in consultation with the Life Insurance Council to set-out parameters and framework within which standard life insurance products can be automatically cleared.

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