Insurance
Bharti AXA Life launches CAM to ease claims experience

Through a personalised service of claims assistance manager, Bharti AXA customers will get the counsel of expert personnel to guide them to take their claims to the logical conclusion

 
Mumbai: In a bid to reduce procedural bottlenecks, private insurer Bharti AXA Life Insurance has introduced a dedicated service to assist customers in settlement of their claims, reports PTI.
 
Through a personalised service of Claims Assistance Manager (CAM), the customers will get the counsel of expert personnel to guide them to take their claims to the logical conclusion.
 
"Claim settlement is the moment of truth for any insurance customer. A number of our researches lead us to the conclusion that customers consider claim settlement as a complicated and lengthy process. We are sensitive of the claimant's loss and expectation from his insurer, and hence, have introduced the Claims Assistance Manager to assist in the multi-step process," Bharti AXA Life Insurance Chief Operating Officer Jyoti Punja said in a release issued here.
 
CAMs are experienced Bharti AXA Life employees equipped with industry knowledge and well-versed in company processes.
 
The objective of the proposition is to bring clarity, offer support and provide a logical conclusion to claims.
 
The initiative has been activated across all branches in the country through a communication structure designed to take the service aspect to the next level.
 
For easy reach, claimants will be contacted through SMS, emails, letters, calls and walk-ins at the branch, the release said.
 
Bharti AXA Life is a joint venture between Bharti Enterprises and AXA, the world's largest insurance company.
 

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Reliance Life launches post-sales insurance service

Under the new initiative it would be mandatory for Reliance Life's 1.5 lakh representatives, including employees, advisors and channel partners, to visit its policyholders at least once in year

 
Bangkok: Private insurer Reliance Life has said its representatives would meet more than 10 lakh customers by March 2013 as part of the company's new post-sales customer service initiative, the first by any insurance company in India, reports PTI.
 
Launching the new initiative, named 'Reliance Life Plus Club', the company said it would mandate an advisor or insurance agent to go back to the customer, beyond just collection of premium, with a view to maintaining a closer and long term relationship with its policyholders.
 
The new initiative is inspired by 'Zutto Motto' (forever more service) service at Nippon Life Insurance, Japan's leading insurer and Reliance Life's strategic partner with a 26% stake.
 
It would make it mandatory for Reliance Life's 1.5 lakh representatives, including employees, advisors and channel partners, to visit its policyholders at least once in year.
 
Reliance Life is the first company in India to introduce a structured post-sales customer service platform, which involves a continued relationship between the company and its customers through personal interactions.
 
Through this initiative, the company targets to meet 10 lakh customers by the end of the current financial year, Reliance Life President and Executive Director Malay Ghosh told reporters here.
 
The company sold more than one million policies in the last fiscal 2011-12 alone, while it is estimated to have a total of more than nine million policyholders.
 
During these interactions, the representatives would review the customers' existing policies, understand the changes and developments in the customers' life and family since their last policy, evaluate current insurance needs and requirements, offer advice on suitable new products and its benefits.
 
"The fundamental focus of insurance companies in India has been more on getting new customers than servicing existing policy holders. We wish to change this with our new initiative," Ghosh said.
 
"We have just launched the drive. Over a period of two to three years we are targeting at least one personal interaction every year with each of our existing customer," Ghosh said.
 
"We expect expenses of about Rs12 crore would be incurred this year under the initiative," he added.
 
The domestic industry is facing issues on both orphan policies and mis-selling of products... if an agent has to go back to a customer after the sale, the chances of mis-selling reduce dramatically," Ghosh said.
 

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RBI asks banks to modify FD form on pre-mature fund withdrawal

Banks will now have to incorporate a clause in the FD form to give option of premature withdrawal by survivor in case of death of the other joint account holder

 
Mumbai: The Reserve Bank of India (RBI) has asked banks to modify fixed deposit (FD) account opening forms to allow pre-mature withdrawal of FD on death of one of the joint account holders without any penalty, reports PTI.
 
Under the modified norms, it would be easier for the surviving joint account holders of FD with 'either or survivor' or 'former or survivor' mandate to go in for pre-mature withdrawal of fixed deposit in the event of death of the other.
 
As per the notification of the RBI, banks will have to incorporate a clause in the FD form to give option of premature withdrawal by survivor in case of death of the other joint account holder.
 
The RBI has issued the notification following complaints that several banks have not fully complied with its earlier circular of allowing premature withdrawal of FD by surviving joint account holder.
 
"The joint deposit holders may be permitted to give the mandate either at the time of placing fixed deposit or anytime subsequently during the term/tenure of the deposit.
 
"If such a mandate is obtained, banks can allow pre-mature withdrawal of term/fixed deposits by the surviving depositor without seeking the concurrence of the legal heirs of the deceased joint deposit holder," RBI said.
 
It further clarified that "such premature withdrawal would not attract any penal charge".
 

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