Wednesday, February 29, 2012
By Pawan Rana
Car Insurance cover to be judged on the basis of owner’s profile
The general insurance authority of ‘State Bank of India’ has concluded to trigger pricing of motor insurance on the basis of profile, which means that the price of vehicle insurance will be judged on the basis on individual status and on the vehicle’s used tenure.
The company would consider the factors like where the owner parks his car, how old he is etc. R R Belle, Managing Director and CEO, SBI General stated that the actual pricing on insurance needs inspection of coarse data as there may be many factors that might affect the insurance price. He further added that the entire process going to be systematic and will have mere manual intermediacy. However, the setback of such price assertion would be that the online insurance price deciders would not be able offer comparable insurance quotes, as they do it currently do for some private non-life firms.
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In few months, SBI General will also introduce a portal to facilitate the online quotes and insurance buying plans to the customers. In early financial year 2013, the company is also looking forward to introduce its health insurance products commencing with its plain-vanilla mediclaim plan.
Furthermore, Belle stated that a solid IT backbone is one of the functional parameters of SBI’s General strategy in cooperation with its alliance partner, Insurance Australia Group (IAG). With the software mode of business processing, the company calculates the efficiency of various service providers, which includes; authorized service centers for cars and hospitals in context of health insurance.
He also affirmed that the company is apportioning its various annuities through the channel of SBI and has trained around 8000 SBI employees, who would focus on the sales of general insurance policies. At present, the company has 20 centers in total and is looking for the expansion of 50 centers by fiscal year 2013.