Find out how Indians’ priorities related to health insurance change after they get married, according to the recent Max Bupa Health Insurance Pulse 2017 survey.
Find out how Indians’ priorities related to health insurance change after they get married, according to the recent Max Bupa Health Insurance Pulse 2017 survey.
Your mojo is your magic power, charm and influence as a profes sional at work. Do you remem ber the time when you had it?
You were excited about your new job or project, about the opportunity and about your future. Your days were filled with energy and hope, unlike now, when you drag yourself to work and wait for the day to get over. You have lost your mojo when you feel a lack of desire or confidence in your career or job. Though you go through your highs and lows like everyone else, now is the time to recover your mojo.
Do what you like Yes, do only
what you like and outsource what you don’t. Whether personal chores or professional tasks, get someone to do the stuff that de-energises you and choose those that you enjoy. Look back on the last month and check what you liked doing most. Maybe you can make the follow-up client calls on behalf of your colleague, while he completes the sales process audit for you. When you play to your strengths, your efficiency and ef fectiveness are at your highest. The resulting success then brings your mojo back.
Change your frame
Your environment, schedule and situation impact you only in the colours in which you choose to paint them. If you change your frame of reference, your internal state changes too. Create goals and plan a path to the finish line. Change your daily schedule and you will find new thoughts emerging. Change your surroundings and work from a café tomorrow and you will discover a new approach to a problem. Reorder your priorities to focus on your dreams and not your obligations, and a newworld view will come forth.Walk and sit erect to get your confidence back. Think of new ways to generate sales leads or to market your products to find your excitement.
All work and no play do not make your day! If you have no hobby or activity in your daily life thatgives you joy, now’s the time to find one. Do something daring that you always dreamt of. Go on that overnight hike in the hills this weekend. Learn something new like playing the keyboard. When you start learning a new skill like coding, the first few days are tough, but as you make progress, the reward mechanisms in your brain kick in, restoring your energy levels every day.
Weight in gold
Does the `imposter syndrome’ trouble you?
Many high achievers and more women than men are unable to internalise theirachievements and abilities, convincing themselves that they are underserving or just lucky and will someday be called out as a fraud. To avoid this stress,vocalise your emotions to let go of them. Write down your achievements to remind yourself of the hard work that made you. Next, write down your shortand long-term goals to focus on the future.Verbally acknowledge your achievements and pat yourself each time you hit a goal!
Path less taken
Maybe it is the environment or work content that is constantly sapping your passion. Re flect on whether you are in the wrong job or the wrong firm. Perhaps you are in acompetitive team whereas you are energised by collaboration and not competition. Consider a change of role, employer or even career. Give yourself three months to figure if you like the change and leave enough doors open to get back in case the change doesn’t work out.
Inspire a fire
Are you an inspiration for someone else? If not, become one. Find people within your current circle or in a new community–a colleague or a team at work, a niece, a neighbour or even strangers. Be a giver and give generously and freely of yourself to be the most inspiring person for the community or persons you are committed to. The biggest benefit is to you because your own internal conversations change. Similarly, hang around people with mojo who inspire you and simultaneously avoid the company of those who constantly whine.
Who’s your mentor?
Do you have someone who you respect and admire in your life? Do you have access to his advice, feedback, praise and criticism? If not, find yourself a mentor like this. Put in the effort to build and keep the relationship charged. The time spent together teaches and empowers you and also gets you out of your rut and needless internal criticism.
For good meaning
The best way to climb out of failure, depression and adversity is to find meaning in every situation. The author of Man’s Search for Meaning and legendary Holocaust survivor, Viktor Frankl, talks about `Sunday neurosis’, where people find their lives to be empty and meaningless when the working week is over.On the other hand, when you find meaning in everything that you choose to do, you bounce back from setbacks rapidly and avoid chronic anger and frustration.
Not on my watch
Reclaim your calendar and your clock. Get your 24 hours to bow to your choosing. Author Tim Ferris says in his 4-Hour Work Week, `Ignore all information and interruptions that are irrelevant, unactionable or unimportant. Most are all three!’ This applies to your inbox, blinking cellphone, Facebook, WhatsApp and colleagues who stop to gossip with you. Getting hold of your time puts you and your mojo in the driver’s seat of the idling Ferrari racing car that is you!
Source: Economic Times
Date: 24th July 2017
Buy amount undisclosed; Changes brand name to Global Insurance Brokers
India’s Global Insurance Services has bought Aon’s entire 26% share in their joint venture Aon Global Insurance Brokers, for an undisclosed amount. With this, it has changed the brand name to Global Insurance Brokers.
The two joint venture partners had parted ways two years back and had received final approvals from the insurance regu lator and registrar of companies recently.
The joint venture, which started in 2001, saw Aon investing ` . 62 lakh for 26% at par in the JV .
Aon Global Insurance Brokers had been the second-largest insurance broker in the country, collecting premium income of ` . 2,000 crore a year.
“In the last year, our global access, capabilities and expertise for both inbound and outbound businesses have strengthened our positioning,“ said Prabhodh Thakker, promoter, Global Insurance Brokers. Global Insurance has been in the business for 45 years.
In the last two years, post the split with Aon and after the announcement of the deal, the company has added 200 employees and improved infrastructure.
Earlier, Aon was in talks with Catamaran to set up a new broking joint venture in India, after parting ways with a joint venture Aon Global.
The amendment to the Insurance Act had introduced a clause that states that management control needs to stay with Indian residents. In ad dition, a lot of joint venture agreements were signed with the understanding that foreign promoters would be al lowed to raise stake at par to 49% as and when the regulations permitted.
Many insur-ance companies have not raised stakes due to valuation mismatch and management control norms laid down by the regulators.The Reserve Bank of India norms prescribe that no transaction can happen at less than fair value.
Recently, in a similar instance, Kotak Life has bought out Old Mutual’s stake in the life insurance joint venture, by becoming 100% owned by Kotak.
Source : Economic Times
Date : 21-07-2017
Ranked as the 17th best workplace in Asia Pacific last year, InterGlobe Enterprises is among the few Indian companies whose work culture is considered better than a host of Asian players.
Harish K Gandhi, the Group Head HR of InterGlobe Enterprises, is the force behind aligning the organization’s business strategy with progressive people initiatives, and can well be given the credit for the culture at Interglobe.
Gandhi is a member of the Executive Committee and his 35 years in dealing with human resources makes his presence crucial to the company.
Among its most celebrated ventures is Indian airline IndiGo. Other businesses include airline management company InterGlobe Air Transport, travel distribution firm Worldspan & Galileo India, and travel technology company InterGlobe Technologies & hospitality group InterGlobe Hotels.
Gandhi says the enterprise believes in value-based hiring.
“Newly recruited talent is given complete visibility of expectations from their respective roles. We also deploy a battery of psychometric inventory to ensure right fits for the job. This is the starting point of our retention strategy,” says Gandhi.
Mentoring and anchoring of key talent by leadership is key says the company that employs over 20,000 professionals across its businesses. “Coaching is also a way of life as a retention tool.”
According to Gandhi, emphasis is laid on skill development wherein employees nominate themselves for self-development to stay relevant and employable.
Grow Your Own Timber
The 28-year old group, which is headquartered in Gurgaon, believes in ‘growing it’s own timber’.
“Each of our jobs across businesses are first posted on the company’s intranet. Outside hiring is resorted to only in case of non-availability of talent within. The live example of this philosophy is three of our successful business heads have been an outcome of this philosophy,” Gandhi adds.
With 126 offices across 59 cities globally, InterGloble understands what an important role few of the good people practices play to retain talent.
“As a travel conglomerate operating in the varied space of sales, IT, BPM, hospitality, civil aviation and education, there is a realization that each business may have to evolve people practices suiting to the industry. But the underlying principle remains the same as far as values and culture piece is concerned at the Group level.”
Some of the top ways to retain talent include participatory hiring, balanced scorecard approach and emphasis on encouraging employees to take ownership of their self-development.
No Compromise on Value Systems
In spite of the rapid expansion in our businesses, we have ensured no compromise on the value systems and culture of our group, says Gandhi.
The group that has interests in hospitality, luxury goods, aviation, information technology and travel says its emphasis has been on building an institution, about leaders charting a new course, about weaving individual and organisation dreams and most importantly aspiring together, as one.
“Our constant focus on keeping it simple, keeping it to the basics always and every time ‘on- time’ and constantly delivering has kept employees aligned to the organizational goal,” says Gandhi.
Insurance companies are tapping the market in droves. To be sure, the regulatory compulsion was always there to divest promoter holdings in a time-bound manner. But look at what is happening now.
The first ever insurance issue, that of ICICI Pru IPO, happened a year back. The debutant listed below par but now is riding high in in the stock market. ICICI Lombard hit the market last month, followed by SBI Life. GIC Re’s issue managed to draw subscriptions around 1.4 times but did not receive an encouraging response from retail investors.This may be followed by New India and Reliance General .Not in the distant future will be HDFC Life. And then there will be several PSU issuers. Apart from four new GI companies entering the market, there is the news of Shriram group’s insurance companies likely to be subsumed by IDFC merger. Star Health is not left behind in reportedly seeking a billion dollar value realisation. Insurers are now in the menu card of capital markets. This sort of thing hasn’t happened before. There are some interesting aspects to it.
Tapping markets for what?
Almost a decade and half after the insurance market opened up to private players, the realisation has now dawned that many of these hold embedded value, which they are attempting to release to the original promoters. However, the capital market rush gives rise to questions. Does it cater to a real need to lift capital adequacy levels or fund expansion costs? Many of the (re) insurers are underutilising their existing net worth with a less than ideal capital gearing, primarily because they are operating in a still emerging market. So, will expanding the capital base lead to sub- optimal capital servicing? Paradoxically, many could face solvency margin adequacy issues as their topline grows. What is in it for retail investors? It remains to be seen if insurance stocks themselves become a standalone segment with sufficient trading volume and market cap, forcing bourses to track their performances through an NSE or BSE insurance index?
As for listing of public sector companies, this could usher in transparency and efficiency. One would hope that the experience of PSB banks is not repeated here. The whopping NPAs point to less than professional boards.
Life insurers have come full circle —from aggressive promotion of linked products to active pursuit of protection products. But in the case of general insurers, the common anxiety is whether can they continue to ride piggyback on investment income, abandoning the surplus in the core business. None of the general insurers, save one, makes money in core insurance/reinsurance operations. Relying on investment income
For many of the institutional investors overseas, insurance presents as “an uncorrelated asset class”— not swayed by capital market volatility. But if there is extreme dependence among Indian insurers on investment income “to make up technical losses”, this asset class cannot be detached from the rest. It would present the same risk reward profile.
Refreshingly, there are green shoots in the pricing of general insurance products, of late.
The IPO s can also turn out to be the best way to acquire capital at a dream cost and arbitrage the same against yield in the investment portfolio. In a tangential manner, this will be very convenient for some PSU insurers who are on the cusp of capital adequacy and who resorted to Tier II capital to salvage the situation.
If the issues are subscribed well, the Government may infuse less fresh capital into them. This is because the Ministry of Finance is struggling with the capital adequacy issues of PSU banks.
There is an expectation that these issues bring about better awareness regarding insurance services among the investing public. That may translate into increase in insurance penetration (percentage of insurance premiums to GDP), in respect of which India’s level is one of the lowest in Asia. In a lighter vein, will someone who buys shares of Eicher Motors also eventually buy a Royal Enfield motorcycle?
Both, ICICI Lombard and SBI Life have been subscribed well and have listed decently over their issue prices. It will be interesting to see if their success is replicated by subsequent issues.
Source: The Hindu Business Line
Date: 24th October, 2017
Insurance companies project the benefits of a critical illness policy, but the hidden terms and conditions are not known till one carefully studies the terms and conditions of the policy . In worst cases, many realise that the treatment cost is also not covered.
Case Study: Bhupinder Kumar was associated with Bajaj Allianz Life Insurance since 2005. He insured himself for Rs 2 lakhs under the company’s Criticare Insurance Policy. The policy commenced on September 28, 2005 and was renewed every year.
Kumar suffered a heart attack on April 29, 2007 and he was hospitalized at the Patiala Heart Institute. He was later shifted to Dayanand Medi cal College and Hospital in Ludhiana. During his hospitalization, he underwent an angiography and a stent was placed in his heart. He was discharged on June 20, 2007. The total cost came to Rs 2.5 lakh.He lodged a claim under the policy, but the claim was not settled despite followup.
He then filed a consumer dispute. The district forum allowed the complaint, and directed Bajaj to pay Rs 2 lakhs along with 9% interest and Rs 7,500 as cost. Bajaj appeal to the Punjab State Commission which reversed this order. Kumar approached the National Commission in revision.
The commission considered the clauses of the policy to ascertain whether angiography and placement of stent fell within the scope of a critical illness policy . It observed that regardless of the ailment or the treatment given, coverage would be determined by the definition of “critical illness“ stated in the policy . A consumer forum has to strictly construe the policy terms. It cannot expand the scope of coverage beyond the definition and ambit stipulated in the policy . If the forum attempts to do so, it would be transgressing its powers to confer an unjustified benefit on the consumer.
The National Commission observed that the medical record showed that Kumar was diagnosed to be suffering from single vessel coronary artery disease for which he underwent a procedure called PTCA with stenting. This was not within the scope of the criticare policy . As per the policy conditions, it covered heart surgery for correcting the narrowing of three or more coronary arteries with 75% blockage.Angina and chest pain were also excluded. On comparing the policy terms with the treatment given, the commission observed that even though Kumar had suffered from a critical illness and was treated for it, the ailment did not fall wit hin the scope of “critical ill ness“ as defined un der the policy.
Accordingly , by its order of July 4 delive red by Anup Thakur, the National Commission upheld the state commission’s order and dismissed Kumar’s revision, holding that the claim was beyond the scope of the policy .
Conclusion: A coverage under a critical illness policy is limited. Some policies provide that the insured has to survive for 30 days, and only thereafter he would be entitled to lodge a claim for planned treatment. There are several other riders which exclude the insurance company’s liability .
A regular mediclaim policies give better coverage than critical illness policies.So study the scope of the benefits rather than be deprived of reimbursement when a claim arises.
Source : The Times of India
Date : 10-07-2017
By reducing the instance of mis-selling, the life insurance industry has brought down the number of complaints by 40% to 1.22 lakh in 2016-17 from 2 lakh in 201516. The industry also brought down pending complaints to 247 this year from 935 last year, data from the insurance regulator showed.
The general insurance industry -which handles portfolios such as motor, health,fire, marine cargo -saw complaints drop 11% to 52,908 this year, from 59,083 last year. Overall the insurance industry witnessed a 34% decline in complaints to 1.72 lakh from 2.63 lakh in the year-ago period. The 17 ombudsmen centres spread across the country received 27,627 complaints this year.While 16,744complaints (about 60%) pertain to life insurers, the remaining 10,883 complaints (about 40%) were linked to general insurers. This was in addition to 2,693 complaints pending with various offices of ombudsmen at end March 2016.
“We don’t immediately take punitive action against insurance agents such as reducing their commission. But we try to have positive reinforcement, counselling, so that agents understand issues from the customer’s point. We constantly monitor sales to see if this has been a pattern with that agent,“ said Puneet Sahni, head, health, SBI General Insurance.
The consumer affairs booklet released by IRDAI also talked about free-look cancellations, which increased by 43% to 5,083 from 3,551. The free-look gives consumers the option to change their mind and cancel the policy within 15 days of purchase.