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 is no exception. As a matter of fact, there are three main channels of Insurance selling, namely Direct channels (Agents, telesales etc.), Indirect channels (bundled with product, bundled with other financial services) and Partner channels (Bancassurance, corporates etc.) Partner channels like Bancassurance is a very popular practice in Latin American and European countries where almost 70-80% of their total Insurance businesses are 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 the other countries in the world which could bring a remarkable growth in urban Insurance market in the country.
Indian insurance industry is going through a great boom now with more and more foreign insurance companies tying up with Indian banks to sell insurance in the country. The private insurance companies are giving a tough fight to the public sector companies like LIC and GIC (with its four subsidiaries). Private Companies are developing more and more innovative channels to penetrate the market and public sector companies are losing their growth in market share. Though in terms of product innovativeness, public sector companies are not lagging behind, still the increase in the market share of these companies are not at par with the total industry’s market share.
One of the feasible options for new marketing channel for the public sector insurance companies may be, is to have a Joint Venture with public sector telecom companies like Bharat Sanchar Nigam Limited (BSNL) to sell their non-life insurance policies, where the premiums are low and can be clubbed with the rentals of the phone bills. An illustration is given below:
A personal Mediclaim policy of 50,000 in National insurance company along with service tax of 12.24% will cost around Rs. 800 and a rental of a mobile phone may be taken as Rs. 399/month. Now, if this is collected in four quarterly premium, then the customer has to pay an excess amount of Rs. 200 during any four months of a year and the total phone bill during those months may be Rs. 599, which a customer would not mind to pay knowing that he/she is covered with a medical insurance policy of Rs. 50,000.
If we put our eye balls accross the the trends of Indian insurance industry, it becomes quite transparent that most of the companies are trying to leverage the equity of their already established businesses to the new insurance business, for example Bharti-AXA, Bajaj-Allianz, Reliance, TATA-AIG etc. are doing nothing but, capitalizing their equity form their respective parent business to the new insurance business.
Similarly, the banks like ICICI, HDFC, SBI are also trying to use their established credibility from banking into insurance.
Public sector telecom companies like BSNL, MTNL etc. are having the largest customer base in the country, even in the rural market and its a known fact that the rural people save one third of their income on an average, irrespective of their earning level.
So a joint venture would probably put both the parties in a win-win situation in the business.
Filed under Home Insurance by on Apr 29th, 2010. Comment. 
Having an accident on your motorbike is never an ideal situation. After the accident, it is easy to get scared and confused about the steps to take next. It is important to remain calm in these circumstances and do the important next step of making the claim. One important piece of advice to keep in mind when making a motorbike claim is to remain honest with the claims representative. Due to fine print, if the insurance company finds out the policyholder was dishonest in any way, the claim and potentially the insurance cover will become void.
The first step in making the insurance claim is to call the insurance company to notify them of the accident. Most insurance providers have emergency claim hot lines, accessible 24 hours a day, where the policyholder can discuss their claim with a representative right away in order to report all the proper information. Usually they will give advice about how to proceed to ensure the process goes quickly.
When making the claim, you will typically need your policy number as well as any information about payment history. As long as the policy is paid in full, there should be no problem proceeding with the claim. What amount the insurance company will cover does depend on what kind of cover the policyholder had in relation to the claim. If the policyholder held third-party only insurance, the insurance company will not cover any damage to their vehicle.
Another major portion of completing the claim is interviewing the policyholder on the details of the accident, including any third-party members who were involved. It is important to know the date and location, as well as time of the accident when completing an insurance claim. Any witnesses to the accident along with their contact information are important assets to the claim the policyholder is filing as well. If the motorbike was damaged to the extent that it is unable to be driven home, contact the insurance company right away to make arrangements for relocation.
Usually insurance companies have approved garages for proceeding with claims. These garages work in conjunction with the insurance companies to ensure a speedy estimate and repair of the bike. The policyholder will have to pay the excess amount, determined by their policy, and the insurer will compensate the garage for the remainder when repairs have been completed. In some cases, depending on cover, the policyholder will be granted a hire bike. In most cases, however, the policyholder will opt to use public transit for the duration of the repairs.
Due to certain legal requirements, making the claim right away is integral to ensuring coverage for all matters relating to the accident. Certain delays, especially those regarding physical injuries, can result in higher costs for treatment. This, in the event of an extreme delay, can cause insurance companies to deny coverage for injuries incurred in the accident.
Even if there is no bodily injury, it is important to report the claim right away as to assure an accurate portrayal of events surrounding the accident. Being forthcoming with the insurance companies is in the best interest of the policyholder. It will result in the efficient progress of your claim and proper payment where due.
It is important when researching insurance companies, to look into how the claims process is completed. Looking at the process requirements will tell the potential policyholder a lot about how well the insurance company will care for them during the event of an accident.
It is important to shop around when looking for an insurance policy, but shopping around can be time consuming and tedious. Fill out our short form, and SimplyFinance will put you in touch with an insurance agent who will answer any questions you may have about finding motorcycle insurance. Once your questions are answered, the agent will search through loads of quotes from a number of insurance companies to find the best motorbike insurance quote for you.
Filed under Home Insurance by on Apr 26th, 2010. Comment.
where can i find a list of new home buyers in jacksonville fl?
I am a new Insurance license and I am trying to build my business!
I am selling home mortgage protection, this is a great program!!!
mortgage protection, imo, is a ripoff. You’re better off selling straight term life.
You can BUY a list of home buyers – they’re offered for sale. Or, you can get a mailing list from the property transfer notices in your local paper every week.
Filed under Home Insurance by on Apr 22nd, 2010. Comment.