FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today announced that Manitoba Public Insurance of Canada has selected FINEOS Claims® to manage accident claims for bodily injury resulting from road accidents. The finalisation of the contract came about as the end of a long and tender procedure.

Commenting on the announcement, Dan Guimond, Vice-President, Business Innovation and Insurance Operations at Manitoba Public Insurance said, â??Improving efficiencies in claims processing underpins our strategy to maintain and improve the highest levels of claimant satisfaction for Manitobans. We believe that FINEOS Claims is a best of breed solution that offers us the flexibility and configurability to deliver our clients access to superior products, coverage and valueâ?.

Manitoba Public Insurance is a non-profit Crown corporation based in Manitoba, Canada that has provided basic public auto insurance since 1971. In addition to running its own claim centres and customer service centres, the corporation partners with more than 300 independent insurance brokers to provide insurance and driverâ??s licence products and services to about 750,000 customers across the province. Over 1,700 people are employed by Manitoba Public Insurance. Its basic automobile insurance product is known more informally as Autopac. Basic automobile insurance is compulsory in Manitoba and is only available through Manitoba Public Insurance. Extension insurance products (lower deductibles, increased insurance coverage, etc.) are sold in competition with the private sector.

Basic automobile insurance is compulsory in the province and is only available through Manitoba Public Insurance. FINEOS Claims will be used to improve operational efficiency by increasing straight-through processing and the automatic resolution of tasks, thereby reducing reliance on manually intensive processes.

FINEOS was awarded the contract following a rigourous tender process. Three key areas of demonstrable capability were critical in the selection of FINEOS Claims. Firstly, the inherent configurability of the system will enable Manitoba Public Insurance to work with their existing systems and processes rather than forcing them to conform to a predetermined model. Moreover, the rules-driven platform also gives users the flexibility to make changes or modify processes as workflows evolve and are optimised. Secondly, the advanced case management capability of FINEOS Claims will enable mission-critical data to be gathered and held in one accessible location ensuring that even the most complex case types can be easily managed. This is important for bodily injury claims where a number of third parties are usually involved in the claim such as physiotherapists and medical staff. Finally, Manitoba Public Insurance felt that it could build a good working relationship with the FINEOS team and was impressed with the time
that senior management were prepared to invest in the project.

Manitoba Public Insurance will now benefit from membership of the FINEOS Global Community which meets regularly to work with FINEOS management to define the direction of FINEOS Claims and to learn about best practices in claims management from enterprises facing similar business challenges. FINEOS counts a number of public insurers among its client base including the Accident Compensation Corporation (New Zealand), the Transport Accident Commission (Australia), Worksafe Victoria (Australia) and the Road Accident Fund (South Africa).

â??We are very pleased to add such a reputable insurer to our growing global client base for FINEOS Claims, as well as continuing to expand our presence in Canada and our market leadership in serving government entities in public insurance claims managementâ?, says Michael Kelly, CEO, FINEOS Corporation. â??FINEOS Claims will help Manitoba Public Insurance to achieve operational excellence, while providing value and enhanced customer service for all Manitobansâ?.

                          The financial sector in India has become stronger in terms of capital and the number of customers. It has become globally competitive and diverse aiming, at higher productivity and efficiency.

                          Exposure to worldwide competition and deregulation in Indian financial sector has led to the emergence of better quality products and services. Reforms have changed the face of Indian banking and finance. The banking sector has improved manifolds in terms of capital adequacy, asset classification, profitability, income recognition, provisioning, exposure limits, investment fluctuation reserve, risk management, etc.

                          Diversifying into investment banking, insurance, credit cards, depository services, mortgage financing, securitization has increased revenues. As large number of players in various fields enters the market, competition would be intensified by mutual funds, Non Banking Finance Corporations (NBFCs), post offices, etc. from both domestic and foreign players. All this would lead to increased sophistication and technology in the sector. Corporate governance would come into the picture and other financial institutions would have to reach global standards. Also the limit for FDI in private banks is increased to 74% and the limit for FII is 49%. There are many challenges ahead for the banking sector such as technology, consumer satisfaction, corporate governance, risk management, etc. and they are redefining their priorities, which are now focused on cost reduction, product differentiation and customer centric services. Some of the major players in this sector are HDFC, ICICI, HSBC, State Bank of India, Punjab National Bank, Ing Vysya, ABN Amro Bank, Centurion Bank, City Bank, etc.

    The insurance sector has opened up for private insurance companies with the enactment of IRDA Act, 1999. A large number of companies are competing under both life and general Insurance. The FDI cap/equity in this sector is 26% and the proposals have to be cleared by Insurance Regulatory and Development Authority (IRDA) established to protect the interest of holder of Insurance policy and act as a regulator and facilitator in the industry. Some of the major players in this sector are LIC, Max New York Life Insurance, Bajaj Allianz, ICICI Prudential, HDFC Standard Life, Metlife Insurance, Birla Sun Life Insurance, etc. Various types of policies and instruments are coming up in the market to attract more customers. Most of the population of India is not insured, hence there is a lot of scope in this sector and a number of companies are planning to enter the sector. Every futuristic individual would want himself to get insured.

                              Capital markets have a long history of over 100 years in India. Bombay Stock Exchange came into existence more than a hundred years ago to remove direct government control. Indian companies are now allowed to raise capital from abroad and Foreign Institutional Investors are allowed to enter the market due to an important policy initiative in 1993. The depository and share dematerialization has enhanced the performance of the capital market reducing processing time and increasing returns. The major players are India Bulls Securities, Kotak, and many more. Many new instruments have been introduced in the market such as index futures, index options, derivatives, including futures and options. Also commodities market is gaining pace. There is a huge potential available in the market and to realize it venture capitalists are coming up with lots of finance. To make use of the human capital, technical skills, cost competitive workforce, research and entrepreneurship VCFs and VCCs are ready to invest in potential projects.

                                 For a stronger and resilient financial system, India needs to move beyond peripheral issues and act maturely by increasing profitability and efficiency, providing better solutions to the customers.

INSURANCE – MARKET EFFICIENCY:

                        It’s good news for the insurance industry. For a sector that feeds on capital, the proposed hike in the foreign direct investment limit in insurance JVs to 49 per cent is a boon.

                                            Foreign players, whose stake is now capped at 24 per cent, can now bring in more money; most of them would love to own a larger stake if not the whole venture.

v            AVIVA LIFE INSURANCE:

                                             As Stuart Purdy, managing director, Aviva Life Insurance, has indicated, Aviva Plc will up its stake in the Indian venture to 49 per cent.

The transactions will be keenly watched because, for the first time, we will have some valuation benchmarks for private-sector players. That should give investors a better idea of the opportunities in the sector, which they can play through the Indian parent.

That private life insurance players will grow at a faster pace is not in doubt. They should race ahead like their counterparts in the banking and mutual fund industry, who left their public-sector competitors far behind.

The record is impressive: in FY04, while the life insurance industry grew at 18 per cent to Rs 1,800 crore (Rs 18 billion), the share of private-sector players in the total new business premiums jumped to 13 per cent from 6 per cent in FY03.

The share of the total annualised premium equivalents of Rs 1,400 crore (Rs 14 billion) stood at 15 per cent. APEs are considered to be the most appropriate proxy for sales and, therefore, for market size and shares of life insurance companies. At the top of the heap is ICICI Prudential, which has garnered a retail market share of 36 per cent of the new business premium.

In an under-insured market like India where the premium to GDP and the penetration are abysmally low, the market is there for the taking.

Moreover, in India, life insurance products have been bought for the wrong reasons – more to save tax rather than as a long-term savings product.

This trend is yet to show any major reversal because even in FY04, 60 per cent of the sales happened in the last quarter. With assured return policies dying out, the platform for selling products is changing as has been seen in the phenomenal popularity of linked products.

Awareness levels are higher and this is reflected to some extent in the higher ticket sizes; last year these were as high as Rs 24,000.

The league table for FY04 shows that some players forged ahead primarily on the back of unit-linked insurance policies, which accounted for around 65 per cent of the business of the private sector (for Birla Sunlife it was as high as 97 per cent).

v            BIRLA SUNLIFE INSURANCE:

                                   According to Nani B Javeri, chief executive officer, Birla Sunlife Insurance, the strategy of using a ULIP platform has worked well for the company and Birla Sunlife will continue to focus on these market-linked products, which are considered to be more transparent than traditional policies.

                                  “ULIPs are capital-efficient, that is, they use relatively less capital and deliver more or less similar margins as other products,” he says. ICICI Prudential is the other player for whom linked policies contributed a high percentage – as much as 84 per cent of total business

v            HDFC LIFE INSURANCE:

                                   HDFC Standard Life, which moved down the order last year possibly because it did not push ULIPs aggressively, also plans to focus on these.

                                   According to Deepak Satwalekar, managing director and chief executive officer, HDFC Standard Life, the company chose to launch these products later than others since they are relatively sophisticated and harder for customers to understand.

“We are asking customers to make choices which they may not fully understand,” he says.

However, since HDFC Standard launched ULIPs in January this year, 20 per cent of the business in the last quarter of FY03 came from linked policies. For the current year, Satwalekar expects that 50 percent of the HDFC Standard’s business will come from these products.

Ø             CONCLUSION:

In the case of group policies, Birla Sunlife’s share was significantly high at 37 per cent while SBI’s was higher at 44 per cent.

While it is believed that group policies in general command low margins, Javeri points out that what the company is focusing on is not group term products, which typically offer lower returns, but fund-management products, which earn it management fees in the region of 0.6 to 2 per cent.

Apart from using agents as the main distribution channel, bancassurance seems to be working well, too. For HDFC, which has relationships with four banks, 20 per cent of the business came from this channel while for Birla Sunlife, which has tie-ups with eleven banks, the percentage was at similar levels.

To improve its reach, HDFC will double the number of cities where it is present from 55 to about 100 this year, which will allow it to access to about 500 towns. Birla Sunlife will be in 33 cities by August.

As of today, the capital requirements as laid out by IRDA are linked to solvency rather than risk, though internationally, the risk-based system is more popular.

Satwalekar, however, points out that stiff norms for solvency prescribed at 150 per cent of the risk are needed for an industry still in the nascent stages though this might use up capital that could be otherwise used to grow the business.

While capital might not prove to be a constraint for some players beyond a point unless more capital is infused, growth could slow down. Which is why the FDI limit needs to be raised. Only if the foreign players are allowed to invest further will they feel committed to the venture

FINEOS Corporation, a global provider of innovative enterprise software solutions for insurance, bancassurance, and government, today announced a new deal with the Road Accident Fund ( “RAF” ) of South Africa to deliver FINEOS Claims([R]) to manage bodily injury claims. FINEOS Claims was selected following a world-wide review of market-leading claims solutions and will be used to streamline the entire claims management operations at RAF by automating processes, improving customer service and enforcing best-practice rules. FINEOS Claims was ultimately chosen because it is a commercial off-the-shelf (COTS) solution that is packaged with traditional claims management capability along with feature-rich case management, payments and CRM single view of the customer. This functionality combined with the strong

FINEOS reference base with government insurers made it a natural selection for RAF requirements.

Michael Kelly, CEO of FINEOS, welcomed the deal. “This is a strategic development for FINEOS and represents a further step in the evolution of FINEOS Claims as a world-class claims management solution for life & health, property & casualty (P&C) and government social insurance. South Africa is also a new geo-market for FINEOS and we fully expect our experience there to replicate the growth we’ve seen in Europe, North America and Australasia. The Government in Ireland has put increased focus on South Africa as an export destination for Ireland and we are delighted to announce this significant deal with the South African Government’s RAF.”

The announcement coincides with the Irish Government’s trade development mission to South Africa headed by Irish Prime Minister, An Taoiseach, Bertie Ahearn, and Minister for Enterprise, Trade and Employment, Micheal Martin. The aim of the visit is to support Irish companies in developing a presence in South Africa through trade, investment, partnership and other business linkages. South Africa is an emerging market and offers significant scope for new business development both in South Africa itself and in bordering African markets comprised of up to 185 million people. Commenting on the new deal, Minister Micheal Martin said, “The success of FINEOS in winning this contract shows Irish companies, with the support of Enterprise Ireland, are to the fore in the development of practical, innovative solutions required in a global market. I want to wish FINEOS every success in South Africa and look forward to welcoming them on future Trade Missions to other world markets.”

The RAF is the government body that operates South Africa’s compensation programme for people injured in road accidents or the dependants of people killed in accidents arising from the negligent driving of a motor vehicle. It employs 1700 staff and in 2007 processed 260,903 claims and paid out approximately R6.6 billion (EU655 million). In recent times, it has faced a number of challenges (including a backlog of approximately 380,000 claims) that led it to carry out an in-depth internal review of its IT systems, human resources, service delivery, and communications. A new business model was eventually agreed to secure the long term future of the RAF and enable it to achieve its strategic objectives. A key component of the plan was the introduction of a new claims management system. According to Jacob Modise, CEO of RAF, “The new solution is intended to replace the legacy system within the RAF which continues to fail our accident victims and does not lend itself to efficient processing of claims.”

Rather than devise a new claims system from scratch, the RAF commissioned a team of consultants from KPMG to review proven solutions in similar enterprises around the world. FINEOS has a well-established track record in the area of managing claims for accident compensation and bodily injury. Its deployment at the Accident Compensation Corporation (ACC) of New Zealand is one of the largest public sector projects in the country in the last decade. Moreover, FINEOS Claims was also recently selected by the Transport Accident Commission (TAC) in Victoria, Australia, to manage its bodily injury claims. A key differentiator of FINEOS Claims is its comprehensive case management and integrated customer management capabilities which set it apart from traditional solutions which tend to focus more narrowly on the claim rather than the claimant.

According to Jacob Modise, CEO of RAF, “It is pleasing to note that our tender processes resulted in the selection of solutions successfully applied by our counterparts in other parts of the world. We expect this to improve the sharing of experiences and enhance efficiencies.”

Banking has changed in many ways through the centuries. The oldest forms of banking were often simple loans issued to businesses to purchase their goods. Once the goods were sold, the lender collected the money for the loan with interest. Today’s banks have diversified their services and products, with the goal of providing fast and efficient service. By putting a community’s surplus funds to work through deposits and investments, banks are able to assist individuals in purchasing cars and homes, start businesses, send children to college, and countless other advantages.

These activities conducted by the bank are divided into retail banking, business banking, corporate banking, private banking, and investment banking. While most banks operate as profit-making, private enterprises, some are owned by the government and considered non-profits. These banks might supervise commercial banks, oversee monetary policy, and act as a lender of last resort.

The definition for the various bank activities are defined below:

Retail Banking – deals directly with individuals and small businesses.

Business Banking – services which are provided to mid-market businesses

Corporate Banking – services designed for large business entities

Private Banking – offer services to private individuals possessing sizable assets

Investment Banking – relates to services on the financial markets (such as stocks and bonds)

Retail Banks Defined

The term commercial bank distinguishes it from an investment bank. Following the Great Depression, the U.S. Congress ordered banks to engage only in banking activities. Investment banks were confined to capital market activities, such as the stock and bond markets. As this separation is no longer mandatory, “commercial bank” indicates what people normally refer to as a bank. It can also refer to a financial institution that deals mostly with deposits and loans from large corporations.

Locally operated, community banks are generally created to empower employees to make decisions that serve the best interests of their clients and partners. Meanwhile, community development banks or CDBs are those designed to serve residents in low- to moderate-income areas, as well as spur economic growth. The retail bank products are designed for customers who are considered “financially underserved.” CDBs exist in cities around the country, from Chicago and New Orleans to New York City and Washington, D.C.

Postal savings banks were offered by post offices for those who did not have a safe and convenient method for saving money. The United States began this system in the early 1900s to encourage saving among the poor. It was abolished in 1966. In Japan, one of the nation’s leading bankers is the post office, which holds trillions of yen belonging to overly-conservative citizens.

Managing the assets of high net worth individuals, private banks originally defined banks that were not incorporated and owned by an individual or a general partner with limited partners. In this case, creditors could look at the entirety of the bank’s assets, as well as the assets of the proprietor/general partners. Private banks have a long tradition in Switzerland, however most have since been incorporated.

Located in a typically low-tax jurisdiction, or tax haven, offshore banks are located outside the country of residence of the depositor. Some depositors seek the services of these banks for their easy access to deposits, less restrictive legal regulation, and increased privacy for the depositor. It is believed that as much as half of the world’s capital flows through offshore centers. Swiss banks hold approximately 35 percent of the world’s private and institutional funds, while the Cayman Islands, in terms of deposits, represent the fifth largest global banking center.

Specializing in accepting savings deposits and making mortgage loans, the savings and loan association are often mutually held, meaning the depositors and borrowers are members with voting rights. These rights allow them to direct the goals of the organization. Many fondly recall the old savings and loan run by George Bailey in the 1946 film It’s a Wonderful Life.

Investment Banks Defined

Investment banks are concerned with helping companies and governments raise funds by issuing and selling securities in the capital markets. They also provide corporations advice on mergers and acquisitions, the trading of derivatives, commodity and equity securities, and underwrite stock and bond issues.

While merchant banks were traditionally banks that engaged in trade financing, today the term refers to banks which offer capital to firms in the form of shares rather than loans. While venture capital firms are concerned with immature, high-potential growth companies, merchant banks tend not to invest in new companies.

Retail and investment banking combined creates universal banks, also known as financial services companies, who engage in everything from commercial and retail lending to offshore banking to customers in other countries through its subsidiaries. Some big banks are diversified and engage in multiple activities, including bancassurance, or the sale of insurance products in a bank.

When a childâ??s born, a dream is born. In future these dreams will turn to reality. Planning for the childâ??s marriage, higher education and starting business are important task in every parentâ??s life. For the parents of child, lot of investment avenue available for making investment decisions. Among the entire investment alternative, there is no substitute for insurance and it offers multi benefits along with protection. Taking insurance policies on the child life is an important and inevitable duty of the parents. Child insurance plans are one of the tools that helps parent secure the financial future of their child. In India all insurance companies offer child plans with different combinations, selecting appropriate policy can save and protect child future from evils.

Reason to purchase

Physically, morally and financially a child is totally depending their parents. Unfortunately if anything happened to the parents in the early ages of child, it could be a major hindrance for the childâ??s survival. Hence it is wise to consider the forthcoming consequences of untimely demise. In child insurance policies, the parents not only save regularly to meet childrenâ??s needs, but also ensure that their financial needs are taken care untimely demise of their parents. While purchasing child life insurance, it is important to remember that its main purpose is to place an income that is lost when the parents death to a particular extent.

How it works

The children plans are essentially life insurance covers, where the policyholders are the parents, who pay premiums and the children, are the beneficiaries. If the parent of a child dies, the child is paid the sum assured, though the policy continues even after the death of parent, the premiums are waived thereafter. The child is paid the fund value once again at the end of the policy term or as per the settlement scheme of the policy.

Risk-Return Appetite

Different child plans offered by the different insurance companies. Some plans are under traditional basket and some are innovative bundles of unit linked insurance plans (Ulips). Selecting best among different scheme is depends upon the risk-return appetite of the parents. When the parents portfolio (selecting investment instruments) donâ??t allow to take risk through equity exposure, bonus based or capital guarantee scheme are the best. Otherwise the parents are ready to take equity exposure; ULIPs are the best vehicle for delivering high maturity fund value.

Sum Assured

Here the parents are having another advantage, if they opted ULIPs, it offer higher life coverage for the same premiums as compared with the traditional plan. The longer the term, the higher returns that are expected to deliver from the ULIPs. The option to increase sum assured is possible while making top-up premium. The child policy is available with single premium payment option and regular premium payment option in the life insurance market. The frequency for premium payment is monthly, quarterly, semi-annual and annual options.

What is â??waiver of premiumâ? rider?

It is the main duty to check whether the policy contains in-built waiver of premium rider or its policy ownerâ??s choice. If paying premiums does not avail the rider, the objective of the plan get derailed on death of parent. The rider comes at a moderate additional cost. The objective of the rider is very important, especially for the child policies, wherein the parent is the policyholder and child is the life assured. If this rider is attached, the company not expect premium from the child when the unfortunate demise of the parent. The policy remains in force after the death of parent, the company takes care of child life by immediately paying the stated sum assured and at the time of maturity it again departs fund value. The benefits are varied from plan to plan and company to company.

Other Benefits

Unit linked insurance plan offers multiple fund options ranging from equity to debt instrument with switching facility. Based on market sentiment, the policyholder can switch between funds; it attracts fees after free switch limit.

Liquidity after completing three policy years through surrender option (not applicable for some plans)

With rising inflation, the cost of education or marriage are also moving upwards. A best selection of ULIPs may avoid this inflation risk to certain extent.

Where to buy

There is plenty of life insurance agents roaming everywhere, fix an appointment with them and discuss about financial needs of your child. Compare various plans and companies in order to gain superior and timely benefit. Also the policy investors provided lot of marketing channels like bancassurance, Third party distribution (Brokers), Corporate Agents, Executives of the company.

Be aware before buying

Beware of charges, unauthorized agents and asks for transparency about the policy before buying a policy. This will enable to have a long-term relationship with the insurance company. Better the relations, better the benefit.

Buying child insurance is the ultimate duty of parent. Timely purchase ensures safety to the child.

China is one of the largest untapped and fastest growing insurance markets in the world. With rapid economic development and a burgeoning consumer class, China has the potential to become one of the most significant insurance markets in the world. Driven by a variety of demographic, economic and regulatory factors, this growth should continue at a solid pace in the foreseeable future, says our recent research report, “Booming China Insurance Sector”. ( http://www.bharatbook.com/Market-Research-Reports/Booming-China-Insurance-Sector.html )

Exploring the market development and potential, this research report offers objective analysis on China’s insurance industry. The forecasts and estimations given in this report are not based on a complex economic model, but are intended as a guide to the direction in which the market is likely to move in future. This report therefore serves to provide foreign investors with an in-depth understanding of China’s insurance market.

Key findings of the report are:

§ Personal insurance premium income is forecasted to grow at a CAGR of about 24% during our forecast period spanning from 2008 to 2012.
§ Life insurance premium income is expected to rise to about RMB 1384 Billion by the end of 2012, growing at CAGR of about 25.5%.
§ Growing role of bancassurance and investment-linked insurance products will decide the future of life insurance industry in the country.
§ Property insurance premium income is forecasted to grow at CAGR of about 21% during 2008-2012.
§ Booming China’s automobile (including two- and three-wheelers) industry will continue driving country’s property insurance market during the forecast period.

Report features:

§ Detailed analysis on the current status of insurance market in China.
§ Overview on the fastest growing products.
§ Future outlook of the Chinese insurance market.
§ Growth prospects and major roadblocks in the market.

To know more and to buy a copy of your report feel free to visit : http://www.bharatbook.com/Market-Research-Reports/Booming-China-Insurance-Sector.html

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Summary

Marfin Egnatia Bank (MEB) is a financial services company based in Greece. Marfin Popular Bank is the parent company of Marfin Egnatia Bank. MEB offers financial products and services to the personal, business and small, medium-sized and large companies. MEB conducts three types of businesses which include individual, business and private banking business. The individual business provides with Deposit Accounts, Loans, Cards, Investment products and Bancassurance. The business segment offers Deposit Accounts, credit cards, insurance products, leasing, Factoring and Forfeiting services and the investment banking products and services.

Marfin Egnatia Bank – Financial Analysis Review is an in-depth business, financial analysis of Marfin Egnatia Bank. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed financial ratios of the company

Scope

– Provides key company information for business intelligence needs
The report contains critical company information – business structure and operations, the company history, major products and services, key competitors, key employees and executive biographies, different locations and important subsidiaries.
– The report provides detailed financial ratios for the past five years as well as interim ratios for the last four quarters.
– Financial ratios include profitability, margins and returns, liquidity and leverage, financial position and efficiency ratios.

Reasons to buy

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Summary

PT Bank Permata Tbk (PermataBank) is a financial institution based in Indonesia. PermataBank offers products such as deposits and loans, credit card and bancassurance, permataforex and commercial banking. PT Bank’s services include e-Channels, Preferred Banking, Wealth Management, Cash Management and PermataBank Securities and Agency Services. The Bank’s subsidiaries are engaged in offering securities, consumer financing and leasing and the general insurance services. The comapny’ subsidiaries include PT Bali Securities, PT Bali Tunas Finance and PT Asuransi Permata Nipponkoa Indonesia.

PT Bank Permata Tbk – Financial Analysis Review is an in-depth business, financial analysis of PT Bank Permata Tbk. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed financial ratios of the company

Scope

– Provides key company information for business intelligence needs
The report contains critical company information – business structure and operations, the company history, major products and services, key competitors, key employees and executive biographies, different locations and important subsidiaries.
– The report provides detailed financial ratios for the past five years as well as interim ratios for the last four quarters.
– Financial ratios include profitability, margins and returns, liquidity and leverage, financial position and efficiency ratios.

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SBI Life Insurance Company Limited is one of the leading insurance players in India. It is a joint venture between State Bank of India, the largest bank in India and BNP Paribas Assurance, one of top ten global banks. State Bank of India holds 74% stakes in the joint venture and BNP Paribas Assurance holds remaining 26%. SBI Life is registered with an authorized capital of Rs.200 Crores and paid-up capital of Rs.1000 Crores.

SBI Life has a unique multi-distribution model encompassing bancassurance, retail agencies, institutional alliances and corporate solution distribution channels. For growth of the organization, SBI Life has more than 68,000 insurance advisors, offering door to door insurance solution to the customers. At present, the company has over 400 branch offices in India.

SBI Life offers array range of insurance products that are specially designed accordance to the customers different needs. The products like protection plans, saving plans, money back plans, pension plans, unit linked plans, child plans are available for the customers. It also offers range of group products.

Products offered by SBI Life-
Protection Plans-
SBI Life-Swadhan
SBI Life-Shield

Saving Plans-
SBI Life-Scholar II
SBI Life-Shubh Nivesh

Money Back Plans-
SBI Life-Money Back
SBI Life-Sanjeevan Supreme

Pension Plans-
SBI Life- Unit Plus III Pension
SBI Life-Horizon Pension Pension

Unit Linked Plans-
SBI Life Unit Plus III
SBI Life-Smart ULIP (Series II)
SBI Life-MAHA ANAND II
SBI Life-Horizon III
SBI Life- Unit Plus II Child
SBI Life-Unit Plus Elite II

Health Plan-
SBI Life-Group Criti9

Group Plans-
SBI Life-CapAssure Gratuity
SBI Life- CapAssure Superannuation
SBI Life-CapAssure Leave Encashment
SBI Life-Dhanrashi
SBI Life-Swarna Jeevan
SBI Life-Swarna Ganga
SBI Life-Kalyan ULIP
SBI Life-Sampoorn Suraksha
SBI Life-Credit Guard
SBI Life-Suraksha Plus
SBI Life-Shield
SBI Life-Swadhan
SBI Life-Dhanraksha Plus SP
SBI Life-Dhanraksha Plus LPPT
SBI Life-Nidhi Raksha RP
SBI Life-Grameen Shakti
SBI Life-Grameen Super Suraksha

During the last decade several new and innovative channels have evolved for marketing insurance products across the world apart from the usual practice of selling through insurance agents and India has also joined as a forerunner in the process.

As a matter of fact, there are three different channels through which the business of insurance happens namely, direct channels (Agents, telesales, advisors etc), indirect channels (bundled with products, bundled with other financial services) and partner channels (Bancassurance, postal, corporates etc.).

Selling through partner channels like Bancassurance is a very popular practice in Latin American and European countries where 70-80% of the total insurance business is being generated by these kinds of channels.

In India also there has been a good inclination towards the alternate channels of insurance selling adopted by other countries in the world which could bring a significant growth in the urban insurance market in the country.

Currently, the Indian insurance industry is flooded with multinational players with more and more tie ups happening between foreign insurance companies and Indian banks, financial institutions and telecom companies at large. The private insurance companies are giving a tough fight to the public sector insurance companies like LIC and GIC (with its four subsidiaries). Because of marketing innovativeness, the private sector companies are able to make their roots firmer in the market. They are developing more and more innovative channels to penetrate the market and achieve a dominant market share.

Though the public sector companies in non-life business are not lagging behind in terms of product innovativeness still, are finding it quite tough to hit the top.

The one and only public sector life insurance giant, LIC is able to maintain a good growth rate because of its past few decades of presence in the market and penetration level.

The problem is with the non-life companies (four subsidiaries of GIC) like Kolkata headquartered National Insurance Company, which was not even able to maintain the solvency margin of 1.5 as stipulated by IRDA. The picture becomes clearer if we put our eyes across the overall growth of insurance industry during the last half decade and comparative performance of the public sector non-life insurance companies.

A very much noticeable trend that has been seen among the non-life insurance companies is the promotion of family health policies which in turn is wiping away the market of individual health policies, especially in the urban market.

In such a situation, there is an urgent need for rejuvenation of the individual health policies. One of the way out could be a public-public joint venture i.e. a partnership between the public sector telecom companies like BSNL, MTNL etc. and the public sector non-life insurance companies to sell the low premium based non-life individual medi claim policies, because the premiums are low and can be clubbed with the rental of the phone bills.

An illustration is given below:

An individual mediclaim policy of Rs. 50,000 in National Insurance Company covers the following risks:

1) Reimbursement of hospitalization expenses which are reasonably and necessarily incurred, under the following heads:

a) Room, boarding expenses as provided by the hospital/nursing home.

b) Nursing fees.

c) Fees of surgeon, anesthetist, medical practitioner, consultant and specialist.

d) Expenses on account of anesthesia, blood, oxygen, operation theater charges, surgical appliances, medicines and drugs, diagnostic material, X-ray, dialysis, chemotherapy, radiotherapy, cost of pace makers, artificial limbs and costs of organs and similar expenses.

Cost of health check up and cumulative bonus- benefits will accrue if the policy is a renewal of ‘NATIONAL’.

In addition to these covers, there is an Income exemption under 80D of Income Tax Act.

In this policy, the minimum sum insured shall be Rs 50,000/- and can be increased in multiples of Rs 25,000/-.

The premium calculation for the same mediclaim policy:

Insured amount : Rs. 50,000/-.

Age of the insured : 35 years.

Premium amount : Rs. 710/-.

Service Tax : Rs. 87/-.

Total premium amount : Rs. 797/-.

Further, a customer who opts for a postpaid mobile rental scheme of BSNL like 325, 490, and 525 may have an average bill of 700, 1000 and 1500 respectively if he/she is a very judicious user also.

Now, if this mediclaim policy of Rs. 50,000/- is clubbed with the yearly rental of the mobile phone and collected in four quarterly premiums, then in any four months of the year, the customer has to pay an excess bill of Rs. 200 (approx). The table below shows the illustration:

months

Rentals: 325 490 525

* January 700+200=900 1000+200=1200 1500+200=1700

February 700 1000 1500

March 700 1000 1500

* April 900 1200 1700

May 700 1000 1500

June 700 1000 1500

* July 900 1200 1700

August 700 1000 1500

September 700 1000 1500

* October 900 1200 1700

November 700 1000 1500

December 700 1000 1500

‘*’ represents the months where the premium is collected with the rentals.

If we put our eye balls across the trends of India insurance industry, it becomes quite transparent that most the companies are trying to leverage the equity of their already established businesses to the new insurance business, for example, Bharti-AXA, Bajaj-Allianz, TATA-AIG etc. are doing nothing but, trying to use their equity from respective parent business to the new insurance business.

Similarly, the banks like ICICI, HDFC and SBI are also trying to use their established credibility from banking into insurance.

Public sector telecom companies are having the largest customer base in the country, in both urban and rural market and also share long term trusted relationships with the customers because of their several decades of operation. So, routing of mediclaim policies through these public sector telecom operators would be comparatively easier and faster than other means.

Hence, a joint Venture would put both the parties in a win-win situation in business.