Max Bupa integrates with Integrated Grievance Management System

The integration will provide a platform for policy holders to easily access and log their complaints or concerns to either Max Bupa or IRDA and track from either place

Max Bupa Health Insurance has successfully integrated with IRDA's 'Integrated Grievance Management System (IGMS)' in real time which makes it the first health insurance company in the country to have such a system in place.

The integration will provide a platform for policy holders to easily access and log their complaints or concerns to either Max Bupa or IRDA and track from either place. Both systems would be having all required information sync in real time. Bupa, which has extensive health insurance experience across the globe, has enabled Max Bupa to put in place IT systems having significant capabilities, making it easier for integration.

IGMS is a system developed by the IRDA consumer protection cell to help consumers in registering and thereafter tracking their grievances. This will make easier for the customers or policy holders to settle any concerns they may have. IGMS access is available to all insurance companies both from life and non-life sector.

Being the first amongst the insurers to launch an online integrated service for its customers, Max Bupa has always distinguished itself of being the first in the industry to introduce innovative products and services. The company has products, like health relationship loyalty programmes, Family First product which caters to the need of the Indian joint family and allows one to cover up to 13 relationships, among other initiatives.

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MetLife India reports net profit of Rs35 crore

MetLife (India) had reported a net loss of Rs274.82 crore in the previous fiscal (2009-10)

Private sector life insurer MetLife (India) reported a net profit of Rs35.35 crore, first time since its incorporation, on improved operational efficiencies.
The company had reported a net loss of Rs274.82 crore in the previous fiscal (2009-10).

Improved operational efficiency coupled with planned sales helped the company register a profit, MetLife said in a statement. Besides, the company also improved on persistency and focused on risk management during the fiscal to reduce claim, it added.

MetLife India Insurance was incorporated in 2001 as a joint venture between MetLife International Holdings, Inc, Jammu & Kashmir Bank, M Pallonji and Co Pvt Ltd and other private investors.

"We have been able to balance our growth with profitability despite the uncertainty in the sector and this can be attributed to our healthy product mix and operational efficiency," MetLife (India) managing director & CEO, Rajesh Relan said.

During the fiscal (2010-11) MetLife had a total revenue of Rs2,615.13 crore, compared to Rs2,627.63 crore in the previous financial year.

Even as the company's new business premium income fell by 33.49%, renewal income witnessed a 22% jump during the year.

"We are in discussion with leading banks and other financial institutions to expand our distribution, while we continue to improve the productivity and efficiency of our agency business," Relan added.

The company's product portfolio consists of unit linked, traditional and group products and traditional products comprise close to 50% of the basket.

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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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