SBI Life leads globally at Million Dollar Round Table 2011

SBI Life Insurance retains the unique distinction of being the only Life Insurer from India of topping the prestigious Million Dollar Round Table 2011 across the globe.

For the third consecutive year, SBI Life has reached the pinnacle of the international coveted league by having 2,661 MDRT (Million Dollar Round Table 2011) members in 2011. Amongst these, 200 have achieved Court of Table (COT) and 30 Top of Table (TOT) membership statuses. SBI Life has been consistently featuring amongst the top five insurers, worldwide, since last five years. Globally, the company is ranked 5th in 2007, 3rd in 2008, and 1st in 2009, 2010 and 2011.

Reputation, standard of sales excellence and high ethical standards are some of the key values that are associated with the MDRT brand. The MDRT membership is an exclusive honour that is achieved by less than 1 percent of the world's life insurance and financial services advisors. Life Insurance professionals aspire to attain the privilege of being an MDRT member.

MN Rao, MD & CEO, SBI Life, said, "Across the globe, both, Agent and Insurance Facilitator at bank, continue to be a reliable source of personal financial advice. Our accomplishment on a global platform testifies the professional approach followed by our distributors. We will continue to focus on equipping them with relevant support to enable advisory-based delivery of life insurance solutions to our customers."

Rajiv Gupta, executive director, marketing, SBI Life added, "This accomplishment resonates our commitment towards creating quality advisors who can be looked upon as world-class benchmarks. Providing need based solutions, professional advice and unmatched service will remain the focal delivery points for our Advisors ".

An opportunity to represent one of the most trusted brands in the country, superior training program and attractive reward and recognition programmes are some of benefits availed by SBI Life Insurance Advisors.

Anand Pejawar, Executive Director, Marketing, SBI Life added "In addition to highly productive Retail Agency Channel, our integrated banc assurance approach continues to create value for Bank customers and Facilitators of our products. The bank employee, involved in the sale of the insurance products, has rapidly evolved to deliver holistic banking and insurance solutions to their customers making the bank truly a super market for all financial requirements".
SBI Life ranks number one amongst private players, as per the latest IRDA report, of July 2011. The company has a market share of 21.6% among private life insurers and a total market share of 6%.

MDRT is an association of the world's best life insurance sales (advisors) professionals. Founded in 1927, MDRT is an international, independent association of nearly 36,000 of the world's leading life insurance and financial services professionals from 76 nations and territories, representing over 450 companies. MDRT members are recognized as skilful professionals who are considered to be among the best in the industry, perform outstanding client service, and have achieved the highest standard of sales excellence in the life insurance and financial services business.


Rising costs, rates to affect domestic car sales during festivals

According to CRISIL, rising cost of ownership of cars and strikes are to subdue sales growth in the festive season. Frequent fuel price and interest rate hikes would also impact growth in 2011-12

Rising cost of ownership of cars due to frequent fuel price and interest rate hikes as well as labour strikes are likely to affect car sales in the festive season, says CRISIL.

In a research report, the ratings agency said, recent events at the start of the festive season will impact the consumer sentiment negatively causing the industry to grow at a much lower rate than previously anticipated. This, in addition to labour problems at market leader Maruti's Manesar plant will further dent demand. Frequent fuel price and interest rate hikes are to impact growth in 2011-12.

Cost of owning a car has increased significantly by 12-14% due to frequent increases in fuel price and interest rate. Since its de-regulation in June 2010, petrol prices have increased by 37%. In this fiscal alone, the prices have increased by 13% to around Rs 71 currently (Mumbai prices) from Rs. 63 at the start of the fiscal. Hence, fuel cost for driving a typical compact car has increased significantly by 30%-35% during 2010-11, the report said.

Prospective buyers have to contend with increasing EMIs as well. The Reserve Bank of India raised interest rates four times within the first 5 months of 2011-12. The recent hike of 25 basis points (bps) in the benchmark rates has taken the total increase to 125 bps since the start of this fiscal. While automobile financiers have not fully passed on the increased rates to end users, uncertainty regarding their decision to pass on the rate hikes coupled with the burden of EMIs (equated monthly instalments) of other loans would impact demand for cars.

CRISIL has also revised its forecasts downwards on account of a rise of Rs3 in the petrol prices and a 25 basis points (bps) increase in interest rates. It said growth in passenger cars is likely to decelerate sharply to 2% to 4 % with domestic cars growing at less than 3 % as against the earlier forecast of a growth of 8-10 % due to fuel price and interest rate hikes.

Growth is expected to reach to the levels comparable to 2008-09, when the domestic car sales grew by only 1.4 % due to global recession. This would be only the second time in the decade when industry will grow at sub 5 %.

Demand drifts towards diesel but the limited capacity for diesel engines to limit growth. Diesel prices too increased by 9% during the year but difference in the prices of two fuels will continue to remain huge at 43%. Hence, demand for diesel cars increased significantly, far outstripping the available diesel engine capacities at the OEMs. While investments were made in expansion of diesel engine capacities during the year, most of the new capacities are likely to get commissioned only in 2012-13 limiting domestic sales growth in the current year.

According to interactions, CRISIL had with dealers and OEMs, there are lesser enquiries and footfalls as compared to that of the festive season last year. This has been done by CRISIL Research on the following parameters:

Inventory: Inventory levels on petrol models are high owing to a major shift in demand towards diesel vehicles. On an average, inventory at dealers end for petrol models is as high as 25-30 days against an inventory of 15-20 days a year ago.

Discounts: Discounts have been higher than previous years especially on petrol variants of most models by around 25-30 %. OEMs are engaging in marketing activities like reduction in prices (for e.g. Reduction in prices of Honda's City and Jazz) and special lower pricing for certain models (for instance Hyundai's i10) in order to boost their sagging sales

Waiting period: Waiting periods for petrol models have declined significantly. On the other hand, waiting periods for diesel variants are as high as 5-8 months. For instance, in case of Hyundai's Verna and Maruti Suzuki's Swift, waiting periods are as high as 8-10 months.




5 years ago

Brilliant article, thanks. In addition, the price of used cars has cracked further downwards, and the resale of saloons/3-box cars now matches that of equivalent hatchbacks from the same marquee.

For example, in a resale market, these cars now command very similar prices:-

Maruti Swift hatchback & DeZire
Tata Indica & Indigo

In addition, the steep drop in resale prices for larger cars is now reaching a level where it is cheaper to buy a big car for low-mileage use, assuming you know how to maintain it at low cost.

The real correction will take place when hatchbacks and 3-box sedans start costing the same, new, and that has to happen soon.

Humbly submitted/vm

Royal Enfield adds classic glamour with Chrome & Desert Storm

New Enfield bikes Classic Chrome has an ex-showroom price in Mumbai of Rs1,50,659 and Desert Storm of Rs1,43,967

The style quotient of leisure bikes in India just went up notches. Adding panache are two unique, new bikes from Royal Enfield-the Classic Chrome and Desert Storm.  

The Classic Chrome recreates the magic of old school bikes while offering the best in class technology. With the design philosophy of showing "metal as metal", a styling that suits Royal Enfield Classic the best, the Classic Chrome retains the authentic styling with the unique chrome tanks, wide mud guards and oval tool box, apart from the distinguishing tiger lamps that Royal Enfield bikes are famed for. The single spring saddle seat, the unique tail lamp, the Royal Enfield emblems on the engine and even the font on the speedometer are all inspired by the original styling of the 1950's. The stunning Chrome is accentuated by the artistic paintwork on the tank, crafted painstakingly by our artisans.

The Classic Chrome bike comes with the 500cc TwinSpark, unit construction engine that is designed to thrill the rider with its performance. The 27.2 bhp power output is made available with excellent drivability with a world renowned Electronic Fuel Injection system. The absolute reliability of the Unit Construction Engine, along with the hydraulic tappets, the auto chain tensioner, improved piston and piston rings and a more powerful charging circuit adds huge dependability to the Classic Chrome.

The Desert Storm draws inspiration from the World War era, with its bold, macho sand colour scheme. The matt finish paint job, with the Royal Enfield monogram on the tank and the thigh pads, portray the same strength and grit that of a true veteran.

The Desert Storm is also equipped with all the technical features of the Classic Chrome like the wide mud guards, oval tool box, the signature Royal Enfield tiger lamps, single spring saddle seat and the unique tail lamp. It comes fitted with the 500cc TwinSpark, unit construction engine and the 27.2 bhp power output is made available with the Electronic Fuel Injection system.  

Classic Chrome and Desert Storm, being limited edition products, would be available at select brand stores and dealerships across the country.


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