IndiaFirst Life expects to break even ahead of plan
IndiaFirst Life Insurance
expects to break even by the
end 2013, a senior company
official said. This is two years
ahead of the envisaged timeline of
November 2015.
The optimism is due to company
outperforming its initial business
plans by 20-30 per....
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ICICI Prulife to augment
agency network; ramp up
online sales
Insurer to engage 20,000-25,000 new agents this year
Currently, its agency network
is about 1.25 lakh strong, said
Tarun Chugh, Chief Distribution
Officer.
After the IRDA upgraded the
training model for agents, the
company is investing more in its
training programme...
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Lapsed policies contribute significantly to life
insurers’ profit
Lapsed policies are estimated at
more than 30 per cent. While
a high number of lapsed policies
is helping life insurers post profit
in the short term, this may not
generate long-term value.
A study by the investment bank,
Goldman Sachs, has found that
life insurance companies in India
have either been.....
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SUD Life to expand agency
channel
Star Union Dai-ichi Life
Insurance (SUD Life), which has
traditionally relied on bancassurance
model, plans to expand its agency
distribution. The company is
currently running a pilot with 473
agents who have so far brought in Rs.
4.79 crore of premium.
“Though bancassurance would
continue to remain our...
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Insurance commissions set to
be capped
There’s more bad news headed
the life insurance agents’ way.
Their commission earnings on sale
of policies could shrink further if the
insurance regulator has its way.
In a meeting with industry heads
recently, the Insurance Regulatory
and Development Authority
(IRDA) proposed a....
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Life insurance proposals
to contain agent’s
recommendation on suitability
Aimed at preventing mis-selling and making
insurers/agents more accountable guidelines to be
in force from Sept 1
All life insurance policy
proposals will soon carry an
agent’s recommendation on the
‘suitability’ of the product for the
buyer.
The recommendation will have
details such as why a particular
policy is suggested to the customer
and the required level of protection
required....
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HDFC Life ‘Life Insurer of the
Year’ at the Bloomberg UTV
Financial Leadership Awards 2012
HDFC Life, one of India’s
leading private life insurance
companies, received ’Life Insurer of
the Year’ Award at the Bloomberg
UTV Financial Leadership Awards
2012. The award was presented to
HDFC Life by Finance Minister
Pranab Mukherjee.
Speaking on this occasion
Amitabh Chaudhry,...
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In Max New York Life; Mitsui Sumitomo in,
New York Life out
Transaction pegs insurer’s value at Rs. 10,500 crore
Mitsui Sumitomo Insurance
Co. Ltd will purchase a
26% stake in Max New York Life
Insurance Co., a joint venture
between Max India Ltd and USbased
New York Life Insurance
Co., for Rs. 2,731 crore in an all-cash
transaction.
The transaction values Max New
York Life at more than Rs. 10,500
crore and is the second largest
foreign direct investment (FDI) in
the Indian life insurance industry.
The deal, which is subject to
regulatory approval from...
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