Insurance SamacharInsurance SamacharInsurance Samachar Research Bureau provides services related to information in insurance sector in India. It is located in Mumbai, the commercial city of India. Articles
Bharati Axa Life selects Intense iECM framework solution
2007-10-21 15:49:00 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... More About: Solution , Ework , Hara
Bharati Axa Life selects Intense iECM framework solution
2007-10-21 15:49:00 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... More About: Technology , Solution , Ework
LIC of India wins Web18 Genius award for the Best Insurance Site
2007-10-21 15:34:00 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 ev... More About: Award
LIC of India wins Web18 Genius award for the Best Insurance Site
2007-10-21 15:34:00 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 ev... More About: General , Award
Latest Issue of Microfinance Insights Focuses on Innovations in Financial S
2007-10-21 15:28:00 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 Shik... More About: Financial , Innovations , Inno
Latest Issue of Microfinance Insights Focuses on Innovations in Financial S
2007-10-21 15:28:00 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... More About: General , Financial , Innovations , Inno
Oriental Insurance to launch medical insurance for senior citizens
2007-10-21 15:23:00 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... More About: Senior , Medical , Health Insurance , Launch
Oriental Insurance to launch medical insurance for senior citizens
2007-10-21 15:23:00 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, wit... More About: Senior , Medical , Launch
My Brother-In-Law - [Humour]
2007-10-13 16:09:00 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." More About: Humour , Brother , My Brother
My Brother-In-Law - [Humour]
2007-10-13 16:09:00 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." More About: Humour , Brother , My Brother
HSBC launches SIP Plus, with Free Critical Illness Cover
2007-10-12 16:50:00 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 FundHSBC India Opportunities FundHSBC Midcap Equity FundHSBC Advantage India FundHSBC Tax Saver Equity FundHSBC Dynamic FundFree Critical Illness Cover : T... More About: Insurance
HSBC launches SIP Plus, with Free Critical Illness Cover
2007-10-12 16:50:00 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 FundHSBC India Opportunities FundHSBC Midcap Equity FundHSBC Advantage India FundHSBC Tax Saver Equity FundHSBC Dynamic FundFree Critical Illness Cover : T... More About: Insurance
Sting operation unveils Insurance fraud
2007-10-12 15:34:00 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 C... More About: International , General , Sting
Sting operation unveils Insurance fraud
2007-10-12 15:34:00 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 C... More About: International , General , Sting
Celent names 3i Infotech as a leading provider for Insurance technology ser
2007-10-11 19:38:00 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 ... More About: Technology , Insurance , Leading , Provider , Names
Celent names 3i Infotech as a leading provider for Insurance technology ser
2007-10-11 19:38:00 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 ... More About: Technology , Insurance , Leading , Provider , Names
Small Business Liability Insurance - Part 1
2007-10-10 15:32:00 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 Busin... More About: Small Business , Small , Part
Small Business Liability Insurance - Part 1
2007-10-10 15:32:00 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 Busin... More About: Small Business , Small , Part
Domain insurance.mobi purchased for US $ 42,005
2007-10-10 09:56:00 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 c... More About: Technology , Domain , Hase
Domain insurance.mobi purchased for US $ 42,005
2007-10-10 09:56:00 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 c... More About: Technology , Domain , Hase
World's Best Insurance Salesman - [Humour]
2007-10-10 07:15:00 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, "... More About: Humour , Insurance , Salesman , Esma
World's Best Insurance Salesman - [Humour]
2007-10-10 07:15:00 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, "... More About: Humour , Insurance , Salesman
Reliance Life launches "Express Life" a service for instant cover
2007-10-09 18:43:00 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 so... More About: Service , Cover
Reliance Life launches "Express Life" a service for instant cover
2007-10-09 18:43:00 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 so... More About: Service , Cover
Reliance Life Insurance plans major expansion for its life insurance busine
2007-10-09 18:00:00 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 y... More About: Plans , Reliance
Reliance Life Insurance plans major expansion for its life insurance busine
2007-10-09 18:00:00 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 y... More About: Plans , Reliance
DnB NOR to start Non-Life insurance company, open office in India
2007-10-09 17:00:00 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 smund Skr, 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 extensiv... More About: International , Office
DnB NOR to start Non-Life insurance company, open office in India
2007-10-09 17:00:00 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 smund Skr, 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 extensiv... More About: International , Office
Bank warned for unfair trade practices by selling unsolicited insurance pol
2007-10-09 16:48:00 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 b... More About: Selling , Insurance , Trade , Unfair
Bank warned for unfair trade practices by selling unsolicited insurance pol
More articles from this author:2007-10-09 16:48:00 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 b... More About: Selling , Insurance , Trade , Unfair 1, 2, 3, 4 |
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