Insurance
HDFC ERGO General introduces add-ons in motor insurance scheme
With the introduction of add-ons, HDFC ERGO customers can claim expenses incurred towards repair or replacement of internal parts of gear box and labour cost to overhaul the damaged engine and gear box

Mumbai: Private insurer HDFC ERGO General Insurance said it has incorporated add-ons in its motor insurance scheme aimed at catering to the growing needs of customers, reports PTI.
 
With the introduction of add-ons, the customers can now claim expenses incurred towards repair or replacement of internal parts of gear box and labour cost to overhaul the damaged engine and gear box.
 
"With growing needs and dynamic external factors, the regular motor insurance is no longer sufficient. Keeping this in mind, we have designed the motor insurance add-ons, which offer greater benefits to our customers at minimum additional cost," HDFC ERGO Strategic Planning, Human Resource and Marketing Head Mukesh Kumar said in a release.
 
Other add-ons offered by the firm are: zero depreciation cover which pays for the depreciation of part for partial loss claims at the time of accident.
 
It will also offer to pay a daily benefit for each day that the vehicle is in a garage following an accident, claim being admissible under the own damage part of the policy.
 
HDFC ERGO General Insurance is a 74:26 joint venture between housing finance institution HDFC and ERGO International AG, the primary insurance entity of Munich Re Group.

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Infosys selected for Rs700 crore India Post project
This project, estimated at Rs700 crore, aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionising its financial operations and end-user services
 
Bangalore: Infosys has been selected by the Department of Posts for its Rs700 crore project to help India Post transform its banking and insurance operations cross 1.5 lakh post offices in the country, reports PTI.
 
Under the agreement, Infosys and India Post will embark on a transformational initiative, which encompasses financial services system integration, Infosys said in a statement.
 
This project, estimated at Rs700 crore, aims to transform India Post into a technology-enabled and autonomous market leader, by revolutionising its financial operations and end-user services, it added.
 
This is part of the 'India Post 2012' modernisation programme that aims at bringing transparency, agility, flexibility and scalability to India Post's operations, it said.
 
India Post Deputy Director General, Financial Services, AS Prasad said, "This transformational programme is expected to enhance India Post's services, bringing us on par with the best in the banking industry; and will help us expand the reach and effectiveness of our operations through technology enablement of India Post employees."
 
Infosys will implement and manage its flagship Finacle Core Banking and McCamish Insurance products to help India Post transform its banking and insurance operations - covering more than 200 million banking customers across urban and rural India; including a large base of insurance customers.
 
Infosys will be also install 1,000 ATMs for India Post as part of this programme and will implement an electronic content management system to manage millions of documents generated as part of India Post's financial operations.
 

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Indian consumers' confidence rises in July: BluFin

The consumer confidence index in India has been continuously rising since December 2011 except for a dip in June this year


New Delhi: Indian consumers' confidence level rose in July on expectations of improved job security, reports PTI quoting a study by financial services provider BluFin.
 
The BluFin's Consumer Confidence Index (CCI) rose to 41.1 in July from 40.3 in June.
 
The index is a key 'aggregate' indicator that assesses the pulse of urban Indian consumers with regard to the economy, spending behaviour and employment. The index reflects pessimism at below 50 score and optimism above that.
 
The consumer confidence index has been continuously rising since December 2011 except for a dip in June this year.
 
Last month, it had declined due to fall in employment sentiment and subdued spending behaviour.
 
"After what seemed like a bottoming-out in December 2011 the CCI had been rising steadily until June 2012 when there was a marginal decline. The good news is that the July 2012 CCI has shown a slight improvement thereby averting the fear of a downward trend," BluFin CEO Rashid Bilimoria said.
 
"While the urban Indian consumer is still very concerned about price levels, there has been an improvement in consumer sentiment towards spending across four key categories: durables, two-wheelers, four-wheelers and homes. Overall, the urban Indian consumer is feeling slightly better about his/her current situation and future prospects," he added.
 
A sub index, which rates employment sentiment, is showing some signs of strengthening compared to last month. It has improved from 46.1 to 47.1, slowly pushing its way towards the neutral mark. The improved employment sentiment can be attributed to an improvement in the job security outlook.
 
Another sub-index, which measures future expectations, was at 38.5, indicating consumers were still pessimistic about the economy's prospects. Although, consumers were more comfortable about their present situation with a score of 47.4.
 
Spending sentiment index has improved by 0.9 points over the previous month to 27.9, besides, sentiment towards inflation too has improved by a slight margin of 0.3 points to 26.3.
 
In terms of geography, Mangalore and Hyderabad lead the consumer sentiment score at 53.4 and 50.1 respectively are the most upbeat cities while Kochi, Nagpur and Ludhiana are the most pessimistic cities with scores of 31.9, 31.2 and 31.1 respectively.
 
The Index is based on nation-wide monthly surveys of 4,000 respondents across 18 cities conducted by TNS.

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