Be a Safe Driver: Lower Your Insurance Premium

Indian private insurance company, Future Generali, is soon going to launch ‘pay-as-you drive’ model in motor insurance. In this model, the vehicle owner has to pay premium based on his driving performance and the mileage.

Now, driving safely and following traffic rules will be rewarded in the form of discounts in insurance premium for the motor vehicles.

The premium paid by bad drivers and those with high mileage will be higher than the one paid by good drivers and infrequent users of vehicles as these are more at risks. Also, those going on a long holiday would not have to have insurance for the whole year but only for the number of days they use the vehicle.

The company is preparing the pricing model for the product and is hoping to offer it to customers in three months time.

Future Generali takes a step ahead to simplify motor insurance claims

Indian private general insurer, Future Generali India Insurance Company on Wednesday launched two customer services ‘Future Xpress’ and ‘Future Xpress⁺” to ease motor claims settlements for its customers.

The primary aim of both these services will be to offer its customers a smooth and fast settlement of motor insurance claims. It is a common perception among general public that claim process is tiring and burdensome job, so both these services’ aim will be to offer clients a smooth claims settlement process.

Future Xpress is aimed towards those customers who want to get their vehicle repaired immediately and at affordable rates. It will help these customers to get speedy settlement; while, Future Xpress⁺ will help those customers who want to get their claim settled on the spot. It has got an extra option of getting their vehicle fixed at the workshop of their choice.

Future Xpress Future Xpress⁺ and will make the claim process easy and in the long run it will save lots of money and time.

Kerala HC Increases Mangalore Crash Victims’ Compensation

Nearly one year has passed since the Air India Mangalore crash, in which 158 lives were lost. Immediately, controversy flared up between the families of crash victims and Air India over compensations.

The insurance companies had calculated the compensation the basis of 'the loss of livelihood’, whereas the victims' families wanted it on the basis of 'the loss of life’. The victims' families claim was that according to Montreal Convention, compensation should be calculated on the basis of 'the loss of life’.

The Montreal Convention establishes compensation rules for air disasters’ victims.

Initially, Air India agreed to pay Rs. 20 Lakh compensation to each of the victims' kin. Besides this, Rs. 15 Lakh was paid by various government agencies. But the victims' families did not agree and took the case to the Kerala High Court.

On Wednesday, Kerala High Court directed Indian Flag Carrier to pay Rs. 75 Lakh each to the families of 158 passengers killed in the crash. One month time has been given to Air India to pay the compensation. 

Piramal Healthcare Said To Enter Insurance Industry

Piramal Healthcare is all set to enter the Indian insurance sector as it negotiates to buy Enam Financial's share in ING Life Insurance. ING Life Insurance is a joint venture between Exide Industries holding 50% stake, ING Insurance International B.V. holding 26% shares and others 24%.

Piramal aims to start a financial services company and has applied for permission from Reserve Bank of India. Previous year, it sold off its domestic formulations business to US Abbott Laboratories and its diagnostics business to Super Religare Laboratories for Rs. 600 crore.

ING Life was set up in 2001 and despite being one of the earliest entrants; it still has to make a mark in the industry.

In the fourth quarter of 2010-11, the company posted a net profit of Rs. 7 crore and is aiming to break even by financial year 2013. ING Life has offices in 229 cities and about 35000 agents. 

Insurance Summit 2011 To Address Issues Facing Indian Insurance Industry

India's leading business Newspaper, the Economic Times is coordinating ‘Insurance Summit 2011’ with an aim to address the issues facing the Indian insurance industry. The summit will bring together some of the brightest minds from Indian insurance industry. These experts will contribute their outlook on the fundamental challenges and opportunities facing the insurance industry.

The Summit will be addressed by its Chairman, D.K. Mehrotra, MD, LIC of India followed by Mr. J. Hari Narayan, Chairman, IRDA.

The summit is a platform on which various Industry leaders can discuss different strategies to prompt development of the Insurance industry.

The day long summit will focus on various topics such as preparing insurance industry to breeze through rough times, exploring new horizons in Insurance industry, emerging opportunities and challenges in the industry, etc.