Soon, share electronic medical record with insurers

Electronic Medical Record (EMR) which would enable healthcare providers to have a coded intergrated health care system has been a process mooted by the Ministry of Health and Family Welfare.

With EMR being in place, all medical records of customers will be available in an electronic format. However, sharing of this data with insurance companies could still be some time away. 
.http://www.myallagents.com/Soon-share-electronic-medical-record-with-insurers/details.html

Bajaj Allianz Expects General Insurance Business To Increase 5 Folds In Next 5 Years

Inspite on economic crisis, delay in increase of FDI to 49%, Bajaj Allianz, which is a joint venture between Bajaj Finserve Limited and Allianz SE, expects its company to grow at 20% in next five years. At present the company is growing at 6 - 7%. The company is planning its expansion in the rural areas of the country.

Justifying the expansion and increased growth, Mr. Tapan Singhel – Managing Director and Chief Executive Officer of the company said that business in rural area is vibrant with car sales and FMCG products are on a rise.  Rural areas will be a key factor in attaining growth of a general insurance company. In addition to the above, he added that, insurance penetration being very low in rural areas, will also throw up a huge opportunity to expand the business.

Adding to the above, he revealed that the expansion in the rural area will be driven by low cost, high service model supported with latest technology. 

http://www.myallagents.com/Bajaj-Allianz-Expects-General-Insurance-Business-To-Increase-5-Folds-In-Next-5-Years/details.html 

Get the most out of your car insurance

Comprehensive motor insurance policy without Add-on covers, in reality is not comprehensive in its true sense. If motor insurance policy holder has to pay from his wallet (partly or fully) for replacing rubber or metal parts in case the car met with an accident, then the entire purpose of insurance gets defeated. One can overcome this if motor insurance is bought with some very useful add on covers like Engine protection, Road side assistance, Protection for no claim bonus, Nil depreciation, Return to invoice and Personal belongings. Furthermore, spare parts in high-end cars are very expensive. It is recommended that cars valued upwards of Rs. 8-10 Lacs should have Add-on covers as part of the motor comprehensive policy. This reduces the financial impact on the car owner in the event of a claim  http://www.myallagents.com/Get-the-most-out-of-your-car-insurance/details.html

Life insurers end FY14 with 11.5% new premium growth

The life insurance industry has seen a 11.5% rise in new premiums for FY14. Life insurers collected total premiums of Rs 119,641 crore for FY14 compared to Rs 107,235.44 crore in FY13.
Life Insurance Corporation (LIC), India's largest insurer collected new premiums of Rs 90,123.75 crore for the fiscal, a rise of 17.8% over the previous fiscal.
However, private life insurers saw a 4% drop in new premiums to Rs 29,517.38 crore. 
http://www.myallagents.com/Life-insurers-end-FY14-with-115-new-premium-growth/details.html 

LIC buys 4.66% stake in BHEL for Rs 1,889 crore

NEW DELHI: Life Insurance Corporation has bought sharesworth Rs 1,889 crore, about 4.66 per cent stake, in state-owned power equipment maker BHEL through an openmarket transaction LIC has purchased 11.41 crore shares in BHEL at a price of Rs 165.55 apiece through a block deal on the BSEThe Empowered Group of Ministers, headed by Finance Minister P Chidambaram, last week decided the timing and mode of disinvestment in BHEL.  http://www.myallagents.com/LIC-buys-466-stake-in-BHEL-for-Rs-1889-crore/details.html

ICICI Prudential Launches ICare II Online Term Plan

ICICI Prudential, one of India’s biggest life insurance companies in the private sector launched iCare II as a sequel to its online term insurance plan.
In September 2011, ICICI Prudential had launched iCare which was India’s first no medical online term plan. And now they have come up with a better version of the plan by launching ICICI Pru iCare II with some improved features. 
The first striking feature of the new iCare II is its pricing. Premiums are attractively lower and now competing within the top 5 low premium online term plans.  
http://www.myallagents.com/ICICI-Prudential-Launches-ICare-II-Online-Term-Plan/details.html 

LIC hopes to retain market share of 82 percent this fiscal

"We hope to retain the existing market share in the current financial year at 82 per cent," LIC Managing Director SB Mainak said

LIC 's market share increased to 82 percent last fiscal as against the previous year's level of 76 percent, he sai

He added that LIC has introduced many new products since January 2014"Products require time to get market acceptance," he told reporters on the sidelines of a seminar organized by BCCI on Tuesday. 

http://www.myallagents.com/LIC-hopes-to-retain-market-share-of-82-percent-this-fiscal/details.html 

Should you opt for a high-value health cover?

The demand for a higher health insurance   cover is increasing. Renuka Kanvinde, assistant vice-president, health insurance,Bajaj Allianz General Insurance , says the company has seen a 35-40 per cent increase in demand for their Extra Care, a top-up plan, in the past two years. They also saw buyers shift from a Rs 3-5- lakh policy to Rs 7.5-10 lakh in the period.
This led the private insurer to believe health insurance policybuyers want a bigger cover. Hence, a fortnight earlier, it launched a Health Care Supreme product, offering a cover between Rs 5 lakh and Rs 50 lakh. 
http://www.myallagents.com/Should-you-opt-for-a-highvalue-health-cover/details.html

Replacing your life insurance policy might get tougherv

Often, insurance policyholders are misled into replacing their policies with new ones, with promises of lower premia or better returns. Though the process wasn’t difficult so far, this might change soon. The Insurance Regulatory and Development Authority (Irda) has issued draft guidelines on replacement of life insurance policies. Now, an agent should secure the written consent of the policyholder, inform the existing insurer 15 days before submitting new proposal forms, and send the forms to the new company only after this 15-day period. In their policy documents, insurance companies must advise customers not to surrender, lapse or make paid-up existing policies before taking on a new one. They should also advise customers not to withhold full or part amount of the surrender value payable, and inform the new company of a customer’s existing policies. 
http://www.myallagents.com/Replacing-your-life-insurance-policy-might-get-tougher/details.html 

Are private insurance companies safe for investment?

People always think twice before investing in a private insurance company . They have a doubt whether their investment will be safe with private insurers in India or not. With globalization in the year 2000, there has been a surge of private insurance  companies in the Indian economy. But even now the attitude of the investors’ is skeptical. The private insurers are relatively new in the country and do not have a past record, and thus people often doubt their credibility 
http://www.myallagents.com/Are-private-insurance-companies-safe-for-investment/details.html