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Wednesday, Feb 19, 2003

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Online marine policy from Bajaj Allianz

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MUMBAI, Feb. 18

BAJAJ Allianz General Insurance Co Ltd, a joint venture between Bajaj Auto Ltd and the Allianz Group of Germany, has made settlements worth Rs 75 crore and numbering 78,000 cases for the nine months ended December 31, 2002.

Majority of the claims are from motor insurance cases, said Mr Sam Ghosh, Chief Executive Officer, Bajaj Allianz General Insurance Co, speaking at the sidelines of a press conference held here today.

The lost claims ratio for the company is 70 per cent, which means that for every Rs 100 collected as premium, Rs 70 goes into settlements and remaining 30 per cent into the company's profits.

The general insurance company with a capital of Rs 110 crore has sold 7 lakh policies for the nine-month period and collected a premium of Rs 205 crore.

Of the premium collected, 50 per cent came from motor insurance, 10-15 per cent from health and travel and the remaining from small and medium enterprises and corporates for fire, burglary and so on, said Mr Ghosh.

The company today unveiled a software programme that issues `marine policy certificates' online. However, the application is open only to insurance agents.

The marine certificate is a document that has to be attached along with every shipment and is essential for exporters or importers to open letters of credit.

The new online service would enable marine insurance policy holders to obtain policy certificates instantly instead of waiting 3 to 5 days, as was the previous practice.

The company, through this new initiative, hopes to up the income from the marine insurance business to 6-7 per cent of its premium income by mid- 2003. At present, the premium from this segment constituted a mere 2.5 per cent, said Mr Ghosh.

The company is also in talks with a few banks in order to enable payment of premium through credit cards, which has recently been permitted by the Insurance Regulatory and Development Authority.

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