Home
/ Insuremagic Exclusives
"Old vehicles may be lacking in roadworthiness"
- Dalip Verma, Managing Director, Tata AIG General Insurance
Company
How intense is the competition in the motor insurance
segment?
Competition in the motor insurance segment is quite intense
on account of the fact that all insurers are targeting the
same available population of customers.
What are the factors you take into account before issuing
a motor risk cover?
Previous policy copy, duly filled application form, and Bonus
/ Malus confirmation.
Why are private insurers increasingly becoming choosier
about underwriting motor policies?
We are more or less maintaining the parameters of risk selection
with which we started operations.
Why are private insurers shying away from underwriting
old vehicles?
The term 'Old' is relative and its connotation may vary from
insurer to insurer.However, it is an accepted fact that very
old vehicles may be lacking in roadworthiness - and thus be
more prone to accidents.Even the Motor Vehicles Act recognizes
this fact and restricts registration of very old vehicles.
Your company, say reports, does not issue risk covers
for the Qualis, Palio, Lancer, Indica or Sumo. Why?
This appears to be a general statement for all private insurers
and is not true for us since our portfolio has all these makes
and models.
By choosing to underwrite selective risks will you not
be driving away business to rivals?
We are underwriting a broad spectrum of vehicles and do not
think that our business is being driven away to rivals.
Will your company-policy of cherry-picking profitable
proposals not affect your reputation in the long run?
We intend to maintain our service parameters for all the
customers we insure and thus maintain our reputation.
Public sector banks have been insisting that their clients
insure large risks with state owned insurers only, fearing
the small net worth of private non-life insurers. Your comments
please .
We are yet to come across any difficulty on this account.
How many channels of insurance distribution do you have?
We are trying to leverage all available channels of distribution,
which would include traditional channels like agents and alternate
channels like Bancassurance, Direct Marketing, Sponsor relationships
etc.
Does your motor policy also cover mechanical or electrical
breakdowns in addition to physical damage to the vehicle?
All motor insurance policies, including ours have to follow
the Motor Tariff , which does not permit such risks to be
covered.
Will your company offer a replacement car in case of an
accident or car -breakdown as is the practice abroad, to policyholders?
We are contemplating for providing such facilities in future
to our policy holders, subject to Tariff and regulators permitting
the same.
On the service front how would you differentiate your
company from others?
the services we provide are
- 24hrs x 365 days Toll -Free Helpline
- Automatic renewal reminder to ensure uninterrupted coverage.
- Valid claims settled within 7 days.
- Mobile claims servicing facility.
- Prompt policy/document issuance.
Do you plan to introduce cashless claims facility? If
yes, when?
We already have cashless claims facility with certain select
garages.
How many claims have you received so far?
Our claims experience has been very positive and it ratifies
our underwriting processes.
Within how much time does your company settle claims?
We settle all valid claims within 7 days of completion of
all documents
In case a person takes a loan to buy a car and does not
live to repay it what insurance solutions do you offer?
We can offer solutions for such contingencies through credit
life cover from our Life Insurance arm.
Archives
| Back
| Top | Home
|
|
