Corporate Newsletter of Bajaj Allianz General Insurance Co. Ltd. Vol - 1, Issue - 3 May - June 2003
This is also a time of change,
Mr. N. Rangachary, Chairman, IRDA, retired
on 9th June 2003 and his successor is
Mr. C. S. Rao, who was the Revenue Secretary.
During Mr. Rangachary's tenure the
insurance market was opened swiftly and
with no complication, licensing was
transparent and the Regulators' office was
customer friendly. We thank Mr. Rangachary
for all his help and suggestions to our
company and look forward to Mr. C. S. Rao,
the new Chairman. Further, Mr. R. C. Sharma,
the member of General Insurance also retires
in June, we thank him for all his help and
suggestions to our company.
In the last few months the IRDA has started a
number of new initiatives, these include Plans
for de-tariffing of Motor - Own Damage,
removal of 5% discount for corporate clients,
formations of two institutes for Motor Safety
& Data collection. We have to gear up to all
Bajaj Allianz had its Board Meeting on 7th May To overcome this each office is recruiting one these changes. Further a review of the
2003 and the company results for the person who will be responsible for chasing its operations of the PSU insurers is being
financial year 2002/2003 was approved. We retail renewals. The offices are in the process conducted by the Finance Ministry.
are pleased to inform all that the company of increasing the marketing staff. By end of
All this means that the General Insurance
closed the financial year with a gross June, we anticipate having the entire team in
Industry in India will continue to go through
premium of Rs.300 crores and profit before place in all offices and Agents recruitment will
change in the next few years and we have to
tax of Rs.17 crore and a profit after tax of continue in an aggressive manner.
gear up and manage the expected changes.
Rs.9.6 crores. This results is due to your
In line with its business plan the company is As a company we have to focus on delivering
support and efforts and our congratulations
focusing on areas like Marine Hull & Aviation, value to all our stakeholders and then only we
goes to all. The company issued over 8 lakh
to this end Mr. Deepak Sood has joined the will have a long term future.
policies settled over 70,000 claims which
Head Office team to look at these two lines as
shows the company has the infrastructure to I thank you all for your efforts and look
well as overall Marketing Initiatives.
handle large volumes of business. forward to communicating with you in the
The company inaugurated its Srinagar branch near future in the meantime, please write to
The first April results are out and, premium
on 10th May. The company has taken a third me on any issue you feel we should address.
achieved by the company was in line with the
office in Mumbai in Nariman Point besides
budgets, however our hit rate on corporate
the offices in Prabhadevi and Vashi. Bajaj
business has to increase. The company is in
Allianz held a Broker & Corporate Agents Sam Ghosh
the process of strengthening the marketing
Meet on 29th May and plans to conduct similar CEO
team in each of the 38 offices we have. One
meets in all major cities in the next two
area of weakness we have noticed is that the
company as a whole is not chasing its retail
renewals in a systematic manner.
Bajaj Allianz Newstrack
1st Anniversary of Maurti Udyog tie-ups
One year of mutually beneficial relationship same. Insurance is a vital part of car
It has been one year of mutually beneficial ownership. Motor Insurance being a Tariff
relationship of Bajaj Allianz and Maruti who had controlled product in India, the quality of
tied the knot on 10th May 2002, On this occasion, service is the key differentiator. Bajaj Allianz
Mr. R. S. Kalsi, General Manager, New Business, has brought the world class systems and
Maruti Udyog Limited, said, "Maruti being the robust processes which facilitate in creating
leader in the car industry, we have to the customer delight. By joining hands with
Mr. R. S. Kalsi, GM Bajaj Allianz under Maruti Insurance, we
continuously raise the bar for ourselves to serve
New Business, customer better. This involves identifying the have been able to set new benchmarks in the
Maurti Udyog Ltd. mobility related needs of the customers on an Motor Insurance area in providing the world
ongoing basis and provide solutions for the class experience to the customer.'’
In continuing with our series of Firsts, in this issue we would be featuring the first branch office to
be upgraded to Regional Office. The first office to receive such upgradation is Ahmedabad office.
Ahmedabad also known as the the company logo, his name and
Manchester of India, is the commercial mobile number. So it was literally one-
capital of Gujarat. The office was set up man operation.
in not so congenial circumstances with The office with its aggressive and
one disaster following another. First the spirited personnel has bagged some of
earthquake that shook the nation and the prestigious projects like Arvind
then the riots that shook the business Mills, Suzlon, Ahmedabad Electricity
confidence in the state. In such a Co. Ltd, Reliance Industries Ltd,
grueling circumstances, the office, Gujarat Heavy Chemicals Ltd, Zydus of set up. The Ahmedabad office had
headed by Mr. Hiren Vora and his team Cadila Healthcare Ltd, Cadila achieved their annual target in the first 6
has risen like a phoenix from the ashes. P h a r m a c e u t i c a l s L t d , To r r e n t months itself and the target was revised
The Ahmedabad office had humble Pharmaceuticals Ltd, Maan and doubled, which was also achieved.
beginnings, and Mr. Hiren Vora, today Pharmaceuticals Ltd, CMC India Ltd, The office with mix of corporate & retail
leading a team of 12 personnel, still JMC Projects Ltd, Bank of Baroda, business is all set to soar even higher. We
remembers that he carried the Electrotherm India Ltd and many wish the entire Ahmedabad team all
operations with his mobile and his car others etc.. These prized possessions success.
as the office. His business card had just have been acquired in its nascent days
Srinagar Branch Opened
Our second office in the state of Jammu Corporate Agency License to the J & K
& Kashmir, was opened on May10,2003. Bank officials. They also met formally
The office was inaugurated by at the J & K Bank Chairman's office
Mr. M. Y. Khan, Chairman of J & K Bank, and held wide ranging discussions
Mr. Don Nguyen, General Manager, about various issues. What began as a
A l l i a n z A s i a Pa c i f i c I n s u r a n c e one man operation is today
Mr. Don Nguyen, GM. Allianz Asia Pacific
Management Pvt. Ltd. and also generating over Rs.1 lakh premium
seen along with Mr. M. Y. Khan, Chairman Director, Bajaj Allianz General per day.
J&K Bank & Mr. Sam Ghosh Insurance Company handed over the
May - June 2003
Bajaj Allianz while retaining its position as the leading General Insurance company in the private sector has also managed to
make profits in the first full year of operations. A glimpse of the performance in figures.
2.5.2001* - 31.3.2002 (11 months) 1.4.2002 - 31.3.2003
Gross Written premium Rs.142 crore Rs.300 crore
Growth 111 %
Net Profit before Tax (Rs.13.2 crore) Rs.17.1 crore
Net Profit after Tax (Rs.9.6 crore) Rs.9.6 crore
No. of policies sold Over 3,00,000 Over 8,00,000
*Day of receiving IRDA registration
The total premium income garnered grew to approx. Rs.300 crore, Profit Before Tax of Rs.17 crore and a Profit After Tax of Rs.9.6
crore. The Gross Written Premium witnessed a jump of over 100% from Rs.142 crore in 2001-02 to Rs.300 crore in 2002-03. 70,000
claims were settled which is worth Rs.75 crore and over 8,00,000 policies were sold for the year.
l Retention ration is 63%, highest l Assets under management is l Office network in 34 cities, largest
amongst private companies. Rs. 223cr. network of offices in private sector.
l Combined ratio of 102% in first full l Total claim paid till March 31, 2003 l Nearly 900 people access our IT
year of operations. exceed Rs. 100 cr since inception. system at any point of time which
included over staff, intermediaries,
l Accumulated break even achieved as l Total number of policies issued in this
Motor dealers, Travel agents.
of March 31, 2003 year is over 8,00,000 equals to that of
all other private insurance companies
CEO speak at Munich
Our CEO, was invited to the Allianz
Headquarters in Munich to give a
presentation on "Setting up a
Greenfield Venture" to a gathering of
Allianz CEO’s worldwide. Sam was the
only CEO to make the presentation.
In his presentation, Sam presented the
success story of our company in his
own inimitable style and had the Allianz
officials in rapt attention. The
presentation focussed on Bajaj Allianz
strategy of integrating strategy, systems
& people to emerge as the No.1 private
general insurer in India.
Sam said that “ Being the only CEO who
was asked to make a presentation was a
big privilege. I was representing all my
colleagues who have put in tremendous
efforts in the last two years.” 03
Bajaj Allianz Newstrack
Heads of Office Meet
The 2nd Heads of Office Meet was held at Mumbai. The meet was to During this meet, Bajaj
discuss, exchange ideas and plan the strategy for the coming year. Allianz instituted an
award for the performing
offices. The offices which
received the awards were
"Best Back Office
Operation - Jaipur Office",
" Most Profitable Branch
Office - Kanpur Office",
"Most Profitable Regional Office - Mumbai Region", " Branch Office
with highest Productivity - Ahemdabad Brach", "Regional Office with
highest Productivity - Delhi Office".
Pune Regional Office conducted its first Surveyors Meet where surveyors from all over
Maharashtra attended the meet. A presentation was made on the Claims Automation
! The entire process flow of the module was run through
! A demo of the module with various screens explaining the
features of Data being captured, its relevance and further usage
! A test case was run to explain the features better
! The various features and reports generation were also displayed
Vadodara office conducted the First Agents Meet. Top performing agents were given awards and certificates
Pradeep Jain of
Yash consultancy services
receiving the CEO’s Trophy
for the Best performer under TopPerforming Agents
Vadodara RO, he completed who did above
Rs. 1.22 crores premium Rs. 10 lakhs business
Mumbai Office held its 1st Brokers Meet. The turnout was successfull. Almost all brokers attended the meet. An overview of the
company was given to them and our competency to handle large business was explicitly demonstrated to them
Trade Association Meet
Goa office held a Barge Owner ’s
Association meet at Hotel La Paz, Goa.
Mr. Deepak Sood, Head Business
Development introduced the details of
Marine Hull (Inland vessels) Insurance
policy and how Bajaj allianz can be the
partners in insurance Members of Goa Barge
Owner’s Association and representatives
04 of the Corporate Houses at the seminar.
May - June 2003
We starting a new series where we will be focusing on a speedy claim
settlement and how Bajaj Allianz help their clients to get back into
business at the shortest possible time
Client Chemfab alkalis limited
Chemfab Alkalies Limited, manufacturers of Caustic Soda,
liquid chlorine & Hydrogen has their manufacturing plant at
Pondicherry. Chennai Regional Office services the client.
The cover was Industrial All Risk (IAR) with sum insured of
Rs. 102.73 crore for material damage and Rs. 25 crore for
There was an explosion in the Cell house of Electrolysis House
due to which there was a material damage and plant
production has to be stopped. The key material - membranes
had to be imported.
Role of Bajaj Allianz
On receipt of the intimation of the accident on 16.10.02,
immediately a surveyor from M/s Mehta & Padamsey
Surveyors Pvt. Ltd. was rushed to the site. The basic
documents to support the claim were given on 18.11.02 and
the Surveyors submitted their preliminary report on 19.11.02.
Bajaj Allianz team had analyzed the incident and liability was
established under the policy. An On-account claim amount of
Rs.50 lakh was paid on 23.11.02. Within 4 days of the report.
Meanwhile we smoothly had drawn up a proper flow chart and repair the damaged cell and also advised some re-engineering
used alternate resources such as using spare membranes to at the plant and ensured that the shutdown of the plant was
limited to the minimum. As a result loss due to business
interruption was reduced to substutially. Our team also
analyzed the cause of the incident and suggested preventive
measures and the Insured has incorporated the same in their
manufacturing process before the startup following the above
Meanwhile the client sought a further on A/c payment for
facilitating the import and the 2nd installment of Rs. 50 lakh
was paid in the intervening period on 14.3.03 The final bills
were given to the Bajaj allianz on 25.3.03 and the balance
payment of more than Rs.150 lakhs was paid on 28.3.03.
It was the joint effort of the client, the insurer & surveyor,
which reduced the period of Business Interruption following
the major breakdown in a plant.
The grace and speed with which Bajaj Allianz handled the
claim was well appreciated by the client.
Bajaj Allianz Newstrack
Our Customer Speaks
ARMOUR Consultants Pvt Ltd (ACPL), the Chennai-based Risk Management Insurance
consultancy services company, a well known name in Financial Services, is a part of the
Chennai-based Shriram group of companies, having a client base of over 30 corporates spread
across the country. Armour Consultants, has an equity participation of around 40% by the
Shriram group. Mr. R.Thyagrajan,
Armour was among the first 12 finance, and also in to stock premium income. But then the
entities in the country that was recently broking and depository services. As industry will have to make use of
granted licences by the Insurance a group we want to provide a whole these new concepts and have to
range of financial services to our develop brokers and agents. This is
Regulatory and Development Authority
customers. So it was logical to necessary to create a large number
(IRDA) to function as insurance extend our services to include of competent intermediaries for
brokers. The company plans to expand insurance and risk management. developing insurance awareness.
its insurance operations to Thailand, To wait for brokers, agents to be on
Malaysia, China, the Philippines, Nepal Q. What is your background in insurance? their own will not make this
and Sri Lanka. A. I have an insurance background happen. Insurance companies will
having worked with insurance have to devote time, managerial
company, New India Assurance in attention, money, and resources to
To understand more about the develop these intermediaries. At
various capacities till 1975. I also
company, its values, systems and had a brief stint with Vysya Bank as present they are just observing the
reasons for their success in the Development Officer as my scenario rather than influencing
industry, NEWSTRACK spoke to their previous boss invited me to join the the scenario. There would be no
Managing Director, Mr. R. Thyagarajan. bank. Later an offer came from conflict of interests as both are
J B Boda & Company, an insurance developing the insurance market.
consulting company to set up its
Q. Kindly give us a background of Armour office in Chennai. Since I was more Q. What has been your experience with
Consultants? or less jobless and with no Bajaj Allianz with respect to response
A. We started Armour Consultants as intention to be in Banking, I took time, claims settlement, systems etc.. as
a division to advise corporates on this offer. After that I got involved a company?
risk management and insurance. with the Shriram group and started A. I think Bajaj Allianz has been
This was even before broking Armour Consultants. extremely good. I would say in
regulations, applications and rules respect to response time and
had come in to place. For the last Q. With entry of big brokers like yours, what flexibility in dealing and time taken
one and half years we were is the future of agents or intermediaries? to look at the problems faced by
functioning as insurance A. I think the future of growth of the intermediaries is extremely
consultants to corporates. Indian insurance industry has to be good. Bajaj Allianz is certainly one
through intermediaries. At the of the best among the new general
Q. How did you think of getting into same time its simply said than insurance companies.
insurance field? done. It is in the hands of the new
A. We are basically financial services insurance companies. Brokers and Q. What is the difference between Bajaj
company being a part of the agents are after all concepts and by Allianz and other general insurance
Shriram group. The group is themselves they are not going to companies?
engaged in financing of trucks, create insurance awareness nor A. I would not like to compare the new
cars, consumer durables, housing they are going to create new
May - June 2003
general insurance companies with like to offer our services and work customers away. If an insurance
the well-settled Public Sector with Bajaj Allianz to identify good company has to make their
Insurance companies. Among the sur veyors and develop and products popular and attractive
new insurance companies, improve the quality of surveyors. then there should be a de-tariffing.
certainly Bajaj Allianz is the best. In But I would say within the tariff
areas like issuance of policies, There is a lot of expectations products also there is also a lot of
settlement of claims, your policy of from the new insurance companies service that insurance companies
decentralizing is working very well. and I sincerely hope that the new can and have to provide. Look at
We have done a lot of business in insurance companies should go the intricacy in valuation of plant
the retail segment and I find the ahead in developing skills of and machinery, building, stock and
response time is good. I am also people in the industry to make other assets. There are very few in
asking my people to find out the insurance services attractive to the the industry that can come up with
average number of days to settle customers which alone will help right kind of advice. This has
claims by the insurance company increase in generating new nothing to do with the tariff
as a yardstick to measure the premium income. In a competitive framework. The tariff is just a
performance of the company and environment we expect that there cost of the insurance product, but
reward them accordingly. should be new developments in I feel that a corporate is not
terms of product creation and concerned with the insurance cost
Q. What are your views on the current service creation. per se as he has lot of other
scenario in the insurance industry? priorities to save costs. So costs
A. The insurance industry has to Q. What are your views on the tariff or tariff are not so important for the
allocate resources like managerial regime? corporates.
time and money to develop skills in A. Tariff or costs is only for ensuring
insurance selling, developing new fairness to the consumers. So to But on the whole I feel tariffing is to
brokers, create a pool of competent ensure fairness, rigidity, which very ensure fairness to the consumers
surveyors with whom the industry often brings in unfairness, should so that he should have a feeling
can depend and trust and which go. In the current scenario there that he is being treated in a fair
will cut the time in settlement of are lot of covers like Consequential manner.
claims. The very efficiency of the Loss Insurance, the way that the
insurance industry would depend premium rating itself is rigid and
on the quality of surveyors. I would unattractive that it keeps the
Mr. Vagmi of Bajaj Allianz, Chennai received the
Best Student at the Professional Practice (PP)
Programme at the NIIT Mind Champion
Function organised at Chennai by NIIT. He was
recognised as one of the students for excellent
performance during PP Tenure. He is seen with
Grand Master Vishwanathan Anand signing the
Bajaj Allianz Newstrack
Allianz Group gets a new CEO
We reproduce below some excerpts and On Asian operations
quotes of his Interview published in the He went to Singapore with the task of
Allianz International Journal. setting up business in Asia for Allianz.
His sales experience in Hamburg came
On his new assignment as CEO back to him: new customers and new
“I always have a tremendous respect for living rooms, this time, with a very
the task at hand,”and “I've always different culture, language and
respected the fact that a new job could
mentality. The Asian market was
be beyond my capabilities,” he says.
booming, companies were nearly all
And that's how it should be. “It makes
family-run and anyone wanting to get a
you think really hard about what you're
letting yourself in for, so that you foothold had to prove himself as a
approach things with your eyes wide trustworthy partner for these Asian
Mr. Michael Diekmann, CEO open.” families.
In the course of his Allianz career, Constant changes in his career path
Mr. Michael Diekmann, aged 48 has
Mr. Diekmann has been exposed to all have certainly helped him to develop
taken over as CEO of the Allianz Group
from Dr. Henning Schulte Noelle. At his the key business areas, insurance as good antennae, to learn to assess
age, he may probably the youngest CEO well as asset management and people and new situations more
that Allianz ever had. He knows Allianz banking. quickly. “But what is hugely important,
from many sides: the German market, apart from being able to adapt to
the sales organization, Asia, Central On Allianz Employees different situations,” he says, “is that
and Eastern Europe, America and the “Allianz has such a wealth of you remain genuine and that you can
globe-spanning network of managers. resources,” he says. “The potential and let yourself be judged by that.”
energy that come from people wanting
He was nominated as Director of to do the right thing is incredible.” He witnessed the rapid expansion in
Allianz Insurance Management Asia the Asia-Pacific region and, after the
Pacific Pte. Ltd., Singapore in 96-97 On Sales, Agents.... boom, the collapse of the markets.
and in 1998 was responsible for the He was put into the sales organization There were nightmare situations: “I left
Asia-Pacific region. In 2000 he was for six months, ringing doorbells and
the office in the evening and returned
nominated as the Member of the Board trying to sell people insurance in their
in the morning to find that, in the
of Management of Allianz AG, Munich, living rooms - people from the poorer
meantime, the Indonesian Rupiah had
responsible for Asia-Pacific, Central Hamburg districts who didn't have a lot
and Eastern Europe, the Middle East, of money to throw around. lost 80 percent of its value.”
Africa and Group Management
Development. In the year 2002 - 2003, “I've never forgotten that experience,” Sobriquets earned
he was responsible for the Americas says Mr. Diekmann. Since then sales Press regard Diekmann's career as a
and Group Human Resources. He took have had a special significance for him; typical success story and described him
over as Chairman of Allianz AG on 29 it is what keeps your feet on the ground, as -
April 2003 where the money comes from, and ! Meteoric rise to the holding company
where you get the best feedback on how board!
Mr. Diekmann is not unfamiliar to India the company is doing. “Agents and ! Asian market conquered!
for he was the person who had signed customers are independent people. ! America licked into shape!
the joint venture agreement with Bajaj They say what they mean, regardless of ! And now, CEO !
Auto Limited. He is not a new comer to any hierarchy.” To be really successful, He never saw this as such a
India and has visited India several he believes, you need to have a strong straightforward career path himself,
times. After scouting around, during his sales force: “The weaker your sales although he hesitates to say so because
last visit in March 2001 they finally force, the less pressure there is on the he knows that some people won't
decided to tie the knot with Bajaj Auto company to innovate. I'm absolutely believe him. And he didn't rush into it
Limited. convinced of that.” headlong.
May - June 2003
Last year witnessed several initiatives Some of the milestones reached by the IT expected to be released shortly. Most
in leveraging IT in the company. In fact department are as below - other existing modules products are
a strong IT backbone is one of the l Claims Automation module for also in the development pipeline
reasons why Bajaj Allianz outdid the Motor Insurance - This Module l Marine Certificate - Bajaj Allianz
competitors and was able to acquire integrates our Call center, all offices, was one of the first insurance company
new customers and grow profitably. Surveyor Accounts. This integration to develop a software for on-line issue
using the claims software helps in of Marine Certificate for our Marine
All the 38 offices are fully networked registering a claim , and appointing the Policyholders. This system allows the
with the HO. All our intermediaries can surveyors making payments faster user to issue these certificates from
also issue policies of any line of there by, reducing the turnaround time their own location itself. Prior to this
business from their own location to claim settlement. there was a time lag of 3-4 days in
without visiting our offices. This is The module allows them to produce receiving the certificate. This delay was
done by logging on to our secure standardized reports and also allows a major problem of large
website - bajajallianzonline.com. Each direct link to the claims system thereby exporters who can
reducing the claims turnaround time now meet their
one is given access Ids to prevent
l 3-tier Architecture - All web based deadlines with
fraudulent transactions. At any given
retail policies of locations Bajaj Allianz their clients
point of time approx 900 people access
are being revised into a 3 tier abroad.
this site from various locations. This architecture which has made system
gives seamless movement of data from more faster and stable at all point of
one location to another and the sale locations. The first few modules
centrally located server. As a result like Travel policies, Marine policies,
Bajaj Allianz has the capability to Motor renewal, Health claims have
service big corporate clients & can already been made live. Few more like
handle the large volume of business. Fire simple products, Hospital Cash are
BPL Mobile - Bajaj Allianz Tie-Up
BPL Mobile, India's premier Mobilephone service provider with Bajaj Allianz launched the Handset Insurance
along with a bundle of offerings for its subscribers across Maharashtra and Goa. Soon the service will be made
available for its subscribers across other circles of Mumbai, Kerala and Tamil Nadu.
In addition to handset insurance upto President & COO - Customer Asset
Rs.10,000 in case of theft, other Management commented "This
insurance services are Personal alliance goes a step further than
Accident Insurance of Rs. 1,00,000 in just providing voice and text
case of death only and Hospital cash for messages. We at BPL Mobile
15 days at Rs.500 per day is available innovate products to suit our
. subscribers' lifestyle and business
The subscriber can choose a
combination of these three insurance
misplacements are a common
cover at premiums varying from Rs.200
occurrence and this service will
to Rs.600 depending on the cover
enable our subscribers to insure
their handsets." He further stated "
This service will be available for BPL We are in fact the only service Mr. Deepak Varma receiving the Policy Documents from Mr. Kamesh Goyal
Mobile subscribers through all the BPL provider in the circle to offer
Mobile galleries across Maharashtra Handset Insurance and were the further added" Our company has also
and Goa. They can walk away with the first ones in the country to do so". pioneered the issue of unique forms of risk
Insurance option of their choice by Mr. Kamesh Goyal, Chief Operating cover, like Special PA cover for Amarnath
making an upfront payment. They will Officer, Bajaj Allianz added "It is in Yatris, Housing loan cover for people who
be handed over Insurance certificate on keeping with our commitment to may become unemployed, Film Insurance,
the spot. Subscribers will have to retain proactively assess customer needs Credit Insurance cover for domestic as well
the certificate in case of the eventuality. and harness alliances with as credit risk. Offering Handset Insurance is
organizations like BPL Mobile to yet another such unique offering".
Speaking on the occasion of the launch
deliver innovative services." He
of this service, Mr.Deepak Varma, Vice 09
Bajaj Allianz Newstrack
The Man who insured the future of The new system would indirectly Association, which is in talks with all
insurance compel all insurance clients to the possible stakeholders of the
approach intermediary brokers for their venture.
Known for his simple sartorial taste - a
services as there would not be any The proposed mega entity will provide
spotless white shirt and white pants -
incentive for directly dealing with several advantages to both the insurer
and the trademark tilak across his
insurance companies. as well as the oil and power companies.
forehead, IRDA chairman N
Courtesy: Business Standard Courtesy: The Economic Times
Rangachary could be possible be the
most down-to-earth regulator in the
financial system. The IRDA cheif retired IRDA directive on commission to boost No Insurance sticker ? Sorry, no petrol
on Monday 9th June 2003. brokerage industry Vehicle owners may soon have to paste
The credit for privatising the Indian In a move that was expected to provide a new sticker on their windscreen
insurance industry goes to him even a major impetus to the brokerage without which running the engine
though he never claims that. segment of the Rs. 15,000-crore Indian could become impossible. This would
His only aim has been to promote insurance industry, the Insurance be no wonder sticker but a normal one
insurance for the good of the society at Regulatory and Development to be issued by the insurance
large, even if that means inviting the Authority(IRDA) has directed the companies providing the details of the
wrath of corporate India. insurers on Monday to stop providing covers taken out for their vehicle.
Courtesy: Business Standard the five percent brokerage commission The primary benefit that the such a
directly to their clients. sticker is expected to provide is that no
vehicles would ply on the road without
C. S. Rao is New IRDA Chairman The clients would now prefer to
approach the insurer only through the an insurance cover.
The government on Tuesday appointed
insurance brokers wherein they would Every vehicle should be insured and the
Revenue Secretary , Mr. C.S. Rao, as the
get the professional services of brokers insurance code should be visible and
next Chairman of the Insurance
free-of-cost. immediately available to the victims to
Regulatory and Development Authority
Courtesy: The Hindu Business Line make a claim. No vehicle should be
given fuel if not insured so that such (
Courtesy: The Hindu Business Line
IRDA Revives Financial Cap for Surveyors uninsured) vehicles are kept of the
roads the committee noted.
IRDA in talks with 2 firms to create citizens' The IRDA has revised the surveyors
Courtesy: The Hindu Business Line
database limits in the case of marine cargo and
The Insurance Regulator y and miscellaneous business, while
retaining the values of work allotted to AM Best Reconfirms " A Excellent "
Development authority (IRDA) is
talking to two hospital administration surveyors in motor, marine hull and Rating For GIC
companies one from India and the loss of profit businesses. The official reinsurer, GIC has managed
other from the US to establish a citizens Courtesy: Financial Express to reconfirm its "A Excellent", a superior
healthcare database. rating from the international Rating
Agency, AM Best.
The new database company is expected Insurance firms plan power JV
to design a system that will gather the An " Excellent Rating of AM Best is
The General Insurance Public Sector
medical data, utilise them for interested equivalent of AA rating of S&P and
Association does not sound exactly like
parties. highly recognisable in international
an organisation that can give an
Courtesy: Business Standard market.
electrifying jolt to the industry, but a
Courtesy: Financial Express
proposal under its consideration could
IRDA move on premium discount flayed well mean greased lighting - or oil and
The Insurance regulatory Development power at any rate. Petroleum and power IRDA Committee moots special third-
Authority's (IRDA) decision to sector PSU’s could join a joint venture party insurer
discontinue the five per cent premium by the four public sector general The justice Rangarajan Committee
discount offered to corporate clients insurers to create a new entity to sew up appointed by the IRDA has suggested
directly approaching general insurance the Rs. 1,000 crore energy insurance a separate insurer for third-party (TP)
companies is seen adversely affecting market in the country. liability business as a more practical
public sector undertaking (PSU) Floated by United India Assurance, the proposition to release the burden on
insurers. proposal is now in the hands of the general insurance.
General Insurance Public Sector Courtesy: Business Standar
May - June 2003
Bajaj Allianz in the News
Bajaj Allianz Newstrack
Exhibitions / Seminars
Bajaj Allianz was invited for a presentation
Goa office participants in the exhibition by the Rotary Panaji.
at Symbiosis Institute of Health Care
Management. The topic was on Health care
management & Insurance - Future Trends.
Dr. Dipan Chandrani represented Bajaj
Allianz at the seminar.
The Governor of Goa Mr. Kedar Nath Sahani visited our stall during Rotary
Panaji Trade Fair 2003, Briefed him about the various products and the
progress made by the company (Marketing Manager of Goa Mr. S. K. Sinha)
Training - Mission Possible
A training programme entiled - Mission
Possible, has been organised for all staff
to imbibe the Team building spirit and
boost self confidence. The first phase of
some physical and mind
the training programe for the Western
exercises and other skills in
Zone involved a day in the HO and 2
days in the serene and lonely spot near
Panshet Dam. The training programme
started from the first week of June .
The objective was to develop a culture that promoted TEAM work
among the participants with emphasis on developing leadership
skills and overcoming interpersonal barriers.
The training programme evoked some very touchy responses
from people who attended it.
A similar programme was conducted for the East Zone also.
Mr. Sam Ghosh addressed the participants.
The entire programme was conducted and co-ordinated by
Mr. Trevor Rodrigues , Manager - Training.
Editor - Santosh Balan
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