Aviva Life Insurance front-runner for tying up with Syndicate Bank

Syndicate Bank is likely to choose Aviva Life Insurance Company for its upcoming insurance joint venture. As per industry sources, the Syndicate Bank in all probability is likely to acquire 26% stake in Aviva Life. The deal is still has to be finalized and Syndicate Bank has yet to decide on the insurance partner.

A senior bank official said, "We have just finished receiving the financial bids and would shortlist three-four players on the basis of financial bids. Then, we would take the final call." said. Nevertheless, according to inside sources, Aviva Life is much ahead of other companies as it is offering better deal.

Syndicate Bank had shortlisted Birla Sun Life, Aviva Life, Max New York Life HDFC Life, Metlife India Life, and three new upcoming companies Sumitomo Life Insurance Company, Avantha Ergo and Mitsui Sumitomo Insurance Company Limited.

Phoenix Life insurance partners with Infosys for BPO

Hartford based insurer Phoenix Life insurance Co. has partnered with McCamish Systems LLC for outsourcing information processing for its insurance products of its Life account. McCamish Systems services will provide services, including customer support, conversion of data and policy administration. The process will be complete by the end of 2012.  

COO of Infosys BPO, Ritesh Idnani said, "We are delighted to partner with Phoenix to provide superior service to their producers and policyholders. Given McCamish Systems' rich domain expertise, we look forward to setting new benchmarks in the industry. We believe we will be able to exceed expectations by consistently delivering enhanced business value through this collaboration, whilst providing end-to-end solutions to Phoenix."

Phoenix Life Insurance Company is based in Hartford, Connecticut and supplies financial solutions utilizing life insurance and annuities. 

McCamish Systems, headquartered in Atlanta, is Life Insurance and Retirement Services subsidiary of Infosys BPO Ltd. The company has operations in India, China, Czech Republic, Philippines, Mexico, Poland, Brazil and USA.

Life insurers report 28% fall in premium income in Q1

According to the data compiled by IRDA, Indian life insurance industry has posted a 28 percent fall in premium income for the period of the first financial quarter of 2011. Compared to this, general insurance companies registered a healthy 22 percent growth during the same period.

Public sector insuring companies-United India Insurance, New India Assurance, National Insurance and Oriental Insurance recorded a combined growth of 19 percent during this quarter as compared to 22 percent growth in the corresponding period in last year.

In the life insurance field, LIC of India saw 29 percent slump versus private life insurers' 27 percent dip. Private General insurance companies registered a 27 percent increase in Q1 as compared to 21 percent in the previous year.