Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
May 31, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report May 31, 2001 |
Feedback
|
|
|
HDFC in alliance talks with 3 foreign firmsBS Bureau HDFC is negotiating with three overseas insurance companies to launch its joint venture in the non-life insurance segment. The entry is planned for December. Negotiations are at an advanced stage and HDFC expects to finalise a deal within a couple of month, said the managing director, HDFC Standard Life, Deepak M Satwalekar. HDFC's non-life venture will be a separate company where the foreign partner is expected to take 26 per cent of the equity unlike HDFC Standard Life where, Standard Life was allowed take a 18 per cent stake in the life insurance company by IRDA, since it already had a 10 per cent stake in HDFC. Sources from HDFC said the new venture will primarily focus on personal lines of non-life products where the potential lies. Most non-life insurance companies primarily focus on large corporate insurance where, they cover mainly manufacturing facilities and offices. The void lies in the consumer durable insurance, household fire and natural calamities insurance sector. The new company will utilise HDFC's agent network to sell policies. HDFC's agent will be armed with a basket of products ranging from deposit schemes, life insurance products and non-life insurance options as well. "We will also be providing special training to agents so that they are in a position to realise clients' requirement and offer them with products that would truly serve their purpose be it in the form of tax savings or provide them with insurance cover", said Satwalekar. Companies in the insurance sector cannot have a lead over others in terms of products. Since all products can be copied in no time, the maximum lead the original company can have is a month, for that is the time required to procure a nod from IRDA. The thrust therefore, explains Satwalekar will be on service, and we will provide extended service like prompt settlement of claims and collection of premium. Powered by YOU MAY ALSO WANT TO READ:
|
||||
