L&T Mutual Fund introduces 367 days fixed maturity plan

L&T Mutual Fund new issue closes on 11th July

L&T Mutual Fund has launched L&T FMP-IV (June367D A), a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of debt/fixed income securities maturing on or before the maturity of the scheme. The tenure of the scheme is 367 days.

The new issue closes on 11th July. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. Richa Sharma and Hareshwar Karekar are the fund managers.

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ICICI Prudential MF unveils one year fixed maturity plan

ICICI Prudential Mutual Fund new issue closes on 6th July

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 57-1 Year Plan C, a close-ended income scheme.

The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme. The tenure of the scheme is one year.

The new issue closes on 6th July. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

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New India Assurance tops customer satisfaction survey; overall, survey finds decline in customer approval

Decline in satisfaction is mainly in the area of interaction with customers at branch offices as well as independent agents

New India Assurance ranks the highest in customer satisfaction with auto insurance providers in India, according to a survey by a global marketing information services company. Overall, however, the survey found that customer satisfaction with auto insurance providers has declined in the past one year.

In the survey conducted by JD Power Asia Pacific, New India Assurance topped the list with a score of 804, performing particularly well on the renewal/purchase process factor. Following New India Assurance closely in the rankings was Oriental Insurance, which notched a score of 802, doing well in the billing and payment process as well as renewal/ purchase process factors. New India Assurance and Oriental Insurance are both public insurers. ICICI Lombard, a private insurer, was number three with a score of 801.

Overall, there is a decline in customer satisfaction with auto insurance providers, with the greatest decline observed in the area of interaction with customers. More customers are dissatisfied now with branch office interactions, as also interactions with independent agents and brokers.

Customer satisfaction with auto insurance providers has an impact on customer intent to renew their current policies, and to purchase policies from the same provider for their next vehicle.

"The service channels of insurers are adapting to the growth in the India auto insurance market," said Mohit Arora, executive director, JD Power Asia Pacific, Singapore. "One of the changes observed during the past few years is an increase in the number of branch offices, as well as their visibility. Therefore, it becomes particularly important for insurers to ensure better customer management at branch offices, especially in terms of understanding needs and requirements, providing clear explanations of policy coverage, and courtesy and friendliness."

The 2011 India Auto Insurance Customer Satisfaction Index Study is based on responses from 5,284 auto insurance customers who renewed or purchased an auto insurance policy between January 2010 and April 2011 and had between 2.5 and 3.5 years of vehicle ownership experience. The study includes 15 auto insurance companies (11 private and four public providers) and was undertaken between January and April 2011in 20 cities across India.

The study examined auto insurance policyholder experiences with their primary insurer. Customer satisfaction is measured across six factors: interaction; claims; product/policy offerings; renewal/purchase process; billing and payment process; and premium/price for coverage offered.

The study also found a wide variation between regions in the proportion of customers who file claims. Approximately one-fourth of customers in the southern and eastern regions filed a claim with their auto insurer in 2011, compared with less than 15% of customers in the northern and western regions.

The claims satisfaction is highest among customers in the northern region, with the satisfaction averaging 781, compared with approximately 750 in the remaining regions. Some factors contributing to higher claims satisfaction in the north region include relatively better implementation of key communication-related practices, such as providing explanations of the claims settlement process and giving information on claim settlement timelines.

"Auto insurance satisfaction has a profound impact on repurchase intent," explained Mr Arora. "The auto insurance market presents a huge potential in terms of customer base and revenues. Therefore, it is imperative that providers focus on elevating their quality of service and enhancing the customer experience."

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COMMENTS

Nagesh KiniFCA

5 years ago

Money Life please pass this MDT report and comments to Mr. Ramadoss the New India CMD with my hearty congratulations at the rating.This is only for the autos.
I suggest Money Life initiate a similar survey for New India's Health covers from Individuals, Groups and Corporates. The outcome is bound to be revealing. More particularly on the TPA inefficiency and the need to go in fast for in house TPAs, sooner the better.

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