Happy New Year 2014 !!!

Dear all,

Wish you and your loved ones a Happy, Healthy and Prosperous New Year 2014 !!!

Challenge yourself to achieve greater success, astonish yourself with brighter results and excel to new heights in your professional and social circle… have a winning 2014 !!!

Life insurance coverage to get costlier starting new year 2014

So with lots of new products, competition and confusion .. looks like Life Insurance policies will be but costlier in India starting new year ... thanks to government decision on widening the base of service tax to include premiums by the holders of Life Insurance policies.

It is estimated that cost of life insurance will go up by 12.36%

Read more on: Life insurance cover to cost 12.36% more from 1 January news
Source: www.domain-b.com

New year brings lot of new Life Insurance Products

Almost all Life Insurance companies are coming with lots of new product to penetrate it's market in different segment.
According to The Hindu, T. S. Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA) and his team already cleared around 500 Products so far !!

I don't know if this will facilitate people in choosing the right insurance for them or it will confuse them ?! But sure it will be tough competition among the Insurance players.


Check this news...
No shortage of life insurance products from January 1: IRDA
Source: www.thehindubusinessline.com


SBI Life Insurance to launch dozen of next product in New Year, focus in Northeast India for growth
Source: The Economics Times

PNB Metlife launches 3 life insurance products
Source: http://zeenews.india.com

Bajaj Allianz to launch new life insurance products
Source: www.thehindubusinessline.com


Oh yes .. this also follows with increased prices that we have to pay for the insurance from New year.. more on this in my next blog.

MajescoMastek's STG Policy Named XCelent Award Winner

Celent that is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies has named STG Policy from MajescoMastesk XCelent Award Winner. 

Celent performed detailed analysis on 42 Policy Administration System for North American personal, commercial, and specialty insurance products and chosen STG as xCelent Award winner based on it's capabilities for configuring products, rules, document management, mobile and customer feedback.

Read more on: MajescoMastek's STG Policy Named XCelent Award Winner
Source: www.broadwayworld.com

70% of Insurers Plan IT Spending Increases Through 2015

If you are related to IT and working in insurance domain .. here is some news that will bring some cheers to you. Looks like many of the insurance companies are planning to spend more and more in coming years. 
Major spending will come from P & C market and it is expected that they will exceed more than 10-15% of their total IT budget.

Read on: 70% of Insurers Plan IT Spending Increases Through 2015
Source: www.insurancenetworking.com

Obamacare : Health care act's impact on 2015 insurance

I am sure the intention of Patient Protection and Affordable Care Act (PPACA)is great.. but the way it is heading to uncertainty and/or confusion it really something that would impact many people.

Rates for individual health insurance for thousands of Nebraskans in 2014 are based partly on factors that are uncertain because of changes required by the Affordable Care Act, Nebraska Insurance Director Bruce Ramge said Thursday.

Read on more on - Obamacare and you: Health care act's impact on 2015 insurance rates hard to predict

Source: www.omaha.com