Bharati Axa Life selects Intense iECM framework solution

Intense Technologies (BSE: INTENSETECH) the hyderabad-based enterprise software products company, today announced that Bharti AXA Life Insurance has selected Intense’s iECCM (intelligent Enterprise Customer Communication Management) Framework solution.

Intense's iECCM Framework is an integrated, intelligent enterprise customer communication management framework that enables enterprises to strategically manage customer communications. The framework has individual components like Bill formatter, Output manager, EBPP and self-care, all best-fit to operationally and strategically eliminate cost islands, enhance productivity and improve customer satisfaction levels.

"We are very excited to work with Bharti AXA and see this key project as a validation of the iECCM Framework’s solution scope and value proposition across the Insurance vertical.” said Raghav Sahgal, CEO of Intense Technologies.

“We already have Bharti Airtel as a preferred client for our iECCM Framework and I am really pleased to add another Bharti group company to our clientele. We are confident that Bharti AXA Life will gain a significant Return on Investment over the years by deploying our iECCM solution and experience a substantial reduction in its customer communication costs going forward. Intense’s agile customer communication solution will also complement Bharati AXA’s consistent efforts to deploy advanced IT solutions for building its brand image and enhancing its customer intimacy levels.”

Mr. Tim Thomas, Chief Operating Officer of Bharti AXA Life said, "The implementation of a customer communication management solution within the very first year of operations reiterates our customer focus. I believe that this user-friendly solution from Intense will help us achieve our goal of offering our customers a more personalized experience. This solution will also improve our operational efficiency through intelligent printing and delivery options”.

LIC of India wins Web18 Genius award for the Best Insurance Site

In a glittering evening full of entertainment, information and recognition, the first Genius of the Web awards organized by Web 18, a part of media group Network 18, were announced on October 18th, at ITC Grand Central, Parel.

Amont the various categories Lic of India was given the award for "Best Insurance Site".

The evening saw the best of players from the world of dotcom come together to appreciate and acknowledge the outstanding achievements in the online space. The event attracted good attention and was attended with strong participation including people from influential companies of the online world like Mr. Shailesh Rao, MD, Google India, Mr. Anupam Mittal, Chairman People Group, Mr. Sanjeev Bhikchandani, CEO, Info Egde, Mr. Ajit Balakrishnan, Chariman & CEO, Rediff, Mr. Neeraj Roy, CEO, Hungama to name a few.

With the sea of thinkers from the futuristic industry coming in, the ballroom was filled with varied conversations on brilliant ideas and global perspectives. The evening further progressed to an inspiring discussion on “Web 2.0 – Bubble or Boom” by an eminent panel consisting of Avnish Bajaj, co-founder and Managing Director of Matrix Partners India, Vishnu Induri from Axill Affiliated Networks and ShaileshRao from Google India.

During the evening, Singer Mansi Scott entertained the audience with her heart rendering performance, making sure audience did not miss their dose of entertainment.

The awards announcement was in last segment of the evening which was awaited by everyone.The announcement brought mixed reactions from audience across the room, those who win cheered in pleasure and those who couldn’t make it to the top, emoted the promise to come back to win the title next year.

The winners were

• Special User’s Choice Award - Yahoo India
• Best Email Service Provider (Consumer) – Gmail
• Best Social Networking Site – Orkut
• Best Airlines – Jet Airways
• Best Banking – ICICI Bank
• Best Brokers – ICICI Direct
• Best Business ISP – Bharti Airtel
• Best Consumer ISP Broadband – Bharti Airtel
• Best Education – Education Times
• Best Email Service Provider Business – Indiatimes
• Best E-Commerce Site (Online Gaming) – Yahoo India
• Best E-Commerce Site (Matrimonial) – Shaadi.com
• Best Hotels Site - Taj Hotels
• Best Insurance Site - LIC India
• Best Government and PSU Site - IRCTC India
• Best Mutual Funds Site - Reliance Mutual
• Best Trade Site in the country - eBay
• Best Utility Site - Rel.co.in
  

Latest Issue of Microfinance Insights Focuses on Innovations in Financial Services Delivery and MicroInsurance

Mumbai: Intellecap recently released the fourth issue of Microfinance Insights, its quarterly thematic magazine. The focus of the fourth volume is on innovations in the area of delivery of financial services.

Making financial services more accessible and their delivery more efficient, while diversifying the traditional areas of financial support, has been on the mind of the industry for some time now. Drawing from the experiences of various microfinance institutions, research bodies, and sector experts, the Issue looks at how best industry knowledge and practice can be leveraged to add value and diversify delivery mechanisms for those at the bottom of the pyramid (BOP).

The cover story tracks evolution in businesses and presents an interesting ‘wave theory’ of innovation in microfinance. Articles recognizing the power of social networks cite examples from ITC, a corporate firm which innovates and downscales to tap the potential of BOP market, an MFI Spandana and an NGO Swayam Shikshan Prayog that have succeeded in mobilizing the rural poor to establish successful business partnerships with multinational firms. A feature on an innovative lending model that supports grassroots businesses covers an initiative that makes farm mechanization affordable through combining the delivery of low-cost implements. Another feature explores community-based interventions in microinsurance delivery. The issue also covers two fast emerging areas in microfinance technology innovations, namely that of peer-to-peer online lending platforms and alternative/micro exchanges. Additional features in the fourth issue of Microfinance Insights include a book review, news, resources and a compilation of microfinance market indicators.

Every quarter, Microfinance Insights attempts to effectively gauge the trends in the industry. Previous volumes have touched upon the issue of Governance in microfinance institutions (Vol.1), urban microfinance (Vol.2), and the role of capital markets in microfinance (Vol.3). The next issue due in December 2007 will focus on microinsurance and will have David Dror (Hon. Professor of health insurance, Erasmus University Rotterdam) as its Guest Editor. Published from India, the focus of the magazine is emphatically global and this is reflected through an increasing number of articles focusing on global activities.

For further details please visit www.microfinanceinsights.com.

Oriental Insurance to launch medical insurance for senior citizens

Senior citizens can now look forward to check out medical insurance policy scheme from Oriental Insurance. The insurance company is to soon launch the health insurance product designed for the age group of 60 to 85, and is expected to cover a wide range of specific ailments.

M Ramadoss, chariman and managing director of Oriental Insurance chairman and managing director M Ramadoss said that the company has approached insurance regulator IRDA for approval, while speaking to the media on the sidelines of an insurance seminar organised by the Indian Merchants’ Chamber in Mumbai on Friday.

Catering specifically for the demographic group of senior citizens, health insurance product `Varishta Bima scheme’ is also available from National Insurance, which was launched last year.

Oriental Insurance proposes to include some pre-existing ailments after two to three years in its scheme, according to Mr Ramadoss. One could be insured up to Rs 2 lakh with a flat premium across all age groups, with no geographic restrictions. But the exact details on premium were not available.

Mr Ramadoss said that though the industry has made a smooth transition to the detariffing regime, revenue growth may be impacted as premiums for certain segments have been hit.Premium income on medical insurance has been impacted because of elimination of cross subsidies while tariff on fire and motor insurance has also been impacted. Oriental has lost revenues to the tune of Rs 70 crore owing to the discontinuation of some group mediclaim insurance policies.

Detariffing is expected to slowdown the revenue growth of many insurance companies. Speaking on the issue, ICICI Lombard General Insurance MD; CEO Sandeep Bakshi said there has to be a trade-off between topline growth and profitability and between market share and the profit and loss account in a detariffed scenario.

My Brother-In-Law - [Humour]

Mr. Smith was brought to Mercy Hospital (a Catholic hospital), and taken quickly in for coronary surgery.The operation went well and, as the groggy man regained consciousness, he was reassured by a Sister of Mercy, who was waiting by his bed.

"Mr. Smith, you're going to be just fine," said the nun, gently patting his hand. "We do need to know, however, how you intend to pay for your stay here. Are you covered by insurance?"

"No, I'm not," the man whispered hoarsely.

"Then can you pay in cash?" persisted the nun.

I'm afraid I cannot, Sister."

"Well, do you have any close relative?" the nun questioned sternly.

"Just my sister in New Mexico," he volunteered. "But she's a humble spinster nun."

"Oh, I must correct you, Mr. Smith. Nuns are not spinster - they are married to God."

"Wonderful," said Mr. Smith. "In that case, please send the bill to my brother-in-law."