ITI Reinsurance gets final Irdai nod to begin operations, SCOR to begin business by Apr1

Regulator Irdai has granted the certificate of registration to ITI Reinsurance, which will be the first domestic private sector reinsurer, according to a senior company official.

Sun Pharma huncho Sudhir Valia is the promoter of the ITI Insurance.

“We have been granted R3 approval by Irdai. We have already brought in a substantial part of the required capital of Rs 500 crore to kick off operations and the balance amount will be brought in by March,” ITI Re chief operating officer R Raghavan told PTI today.

“To begin with, we will focus on general insurance and later on we will start reinsuring life insurance,” he said, adding “we will begin with 2,000 staff.”

Last week, Irdai had granted R3 approvals to five global reinsurers to set up their branches in the country. They include US-based reinsurer Reinsurance Group of America (RGA), Munich Re and Hannover from Germany, Swiss Re from Switzerland and French reinsurance major Scor.

SCOR has said that the company has received the authorisation to open a Composite Branch Office in India and will underwrite Life and P&C reinsurance business, said a press release of SCOR.

.Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented: “Receiving the R3 authorisation from the IRDAI to establish a SCOR branch in India marks a milestone for the Group in terms of solidifying its presence in the country, where it has enjoyed strong business relationships for many years. Our local team will be ready to provide business solutions to our Indian clients as of the 1 April 2017 renewals.”

SCOR has been writing business with Indian clients since 1973, having opened a liaison office in India in 2005. The establishment of a SCOR branch in 2016 demonstrates the Group’s commitment to the Indian market and to the continued provision of services to its clients in the country.

The state-owned GIC Re is the only reinsurance company in the country today. The reinsurance market is estimated to be at around USD 2.5 billion.

Irdai had also granted the R2 approval to another global reinsurer XL Catlin and the London-based specialized reinsurer Lloyds and R1 approval to Gen Re (part of Berkshire Hathaway of Warren Buffet).

Source:-Asia Insurance Post

Date:-31st December,2016

“Want to shine at job? Talk less, listen more and dress well”

A new job, a different role and bigger responsibilities can mark the beginning of a major career transition, especially if it’s a dream project that you had been eyeing. It is important to prepare oneself in order to avoid being overwhelmed by change.

Abilities and strengths can help overcome the fear and nervousness of being a newbie.Having self­confidence will not only help you perform your business tasks efficiently but will empower you to become a well ­rounded individual. There are specific ways to increase self­confidence at your workplace and make every day even more productive than yesterday.

Here are seven important tips to keep those rattling nerves at bay, ease the fear of uncertainties, and feel confident in your new job:

­ Prepare Before You Turn Up
Research is the key to any job as much as it is a new project or assignment. Know your company well, its stakeholder, products, and most importantly, its culture. The first few days in the office is going to be about orientation and a blur of names, rules, HR formalities and regulations. Give yourself a bit of a head start by reading the company website followed by its LinkedIn page. Get to know the company values by researching about the top management and the board of directors through published material on the Internet. Ask your manager to share study material, case studies, client briefs etc. with you.

Talk Less, Listen More
When in team meetings listen more and imbibe the knowledge imparted. Take notes during meetings and do not hesitate to ask questions. Keep the questions short and make a note of the answers you get to the questions. While your opinionmatters during part of group discussions and brainstorming sessions emphasise listening over speaking. The most rookie mistake that people make during their first few days in a company is to come under the impulse of “taking the stage,” of speaking before the other one could say what he intends to or very often say something generic and clichéd without giving any actual insight.

­ Be Polite to Support Staff
Office administration or the support staff is the backbone of any organisation. It becomes absolutely imperative for you to be warm and nice to them. This staff is your best bet to understand the office atmosphere best and make your transition in a new environment smooth. In a non-­technical environment, support staff is usually the one who helps an employee adjust to the applications used, processes followed, supported by periodical assistance and instruction.

­ Dress for Success
When moving to a new organisation, it is important to understand culture and dress accordingly. It is not only important to wear what is followed by code, but it is important to look the part that you are hired for. Do not over­dress or under­dress. This could have a negative influence on your employer and team members and could even overshadow your efficiency and personality. Grooming is a part of any workplace. Whether your office follows a formal dress code orcasual dressing, being well­-kept is key to making a good impression.

­ Volunteer
Take a fresh look at your company’s programmes by volunteering in projects and assignments. Volunteer to do a little grunt work and do something other people don’t want to do. It creates an avenue to network and even helps establish connect with those who are not from your department. Apart from enjoying the social aspect of being part of a group initiative, it also helps you gain perspective into the workings of an organisation. Your contribution and intelligence will be measured and that will help you gain the respect of your peers and bosses, which, in turn, will make you feel a lot more confident.

­ Be Confident, Not Over­Confident
If you don’t have confidence in yourself to understand your abilities and the value you add, it could be holding you back from reaching your full potential. At the same time, over­confidence, also termed as ‘star sickness’, presupposes that we are absolutely pleased with ourselves which means that there is no need to grow. Star sickness lowers the level of self­criticism. It seems to you that you make everything ideally. You just do not have any shortcomings!

­ Ask for Help
Many people feel asking for help is a sign of weakness. That’s especially true when you don’t feel confident. The secret is asking the right person the right question. Find that person in your team or organisation who is willing to help. You may assume talking to your supervisor or boss may not be the best idea, but that’s often not your best course of action.

When you are starting new at a job, instead of anticipating and projecting, stay in the moment. Focus on the task at hand, if you attend to the building blockswhich is the learning processes, getting to know your team, then everythingelse will fall into place.


Source: The Economic Times

Date: 30th December, 2016