"The Key Man Insurance Policy is a unique and innovative concept of insurance purchased by companies to safeguard themselves against any eventuality concerning their key men. It protects the company from financial loss and goodwill."
"The awareness level among Indian consumers is quite high'
"Indians know their rights and use them diligently," says Davinder Rajpal, general manager (general insurance), AXA China Region Insurance.
Wanted: Education and Marriage Insurers
There is still no insurance product to finance school education or weddings though both require heavy expenditure, writes Murali Iyer.
"We are targeting the high-end market"
M J Levett, chairman and chief executive, Old Mutual Plc., is very confident of repeating his South African experience in India. Old Mutual is the largest life assurance corporation in Africa, operating in South Africa, Namibia, Zimbabwe, Malawi Kenya, UK and Hong Kong. Levett sees a big market for life insurance in India and wants to be among the first MNCs to set foot in the market. Old Mutual has a market capitalisation of £5 billion and is part of the FTSE 100 index making it the sixth largest listed insurer in London.
"More than prices, services will improve tremendously"
UK-based Prudential Corporation Plc with its tieup with ICICI is all set to take on the Indian insurance market once they get the license following the passage of the IRDA Bill. The 150-year-old company with over $250 million worth of assets is the largest insurer in the UK and has operations in the United States. Prudential has been providing its services in nine Asian countries for the last 70 years. Derek Stott, chief representative, and Brian Arrighi, head of group policy development, have big hopes from the Indian market. Neena Haridas caught up with the duo.