Archive for March, 2010
Satellite Technology in Cattle Insurance
Satellite Technology in Cattle Insurance
All of us are now familiar with the use of RFID (Radio Frequency Identification Device) in Cattle Insurance. We have seen press coverage of our innovation in the Indian Market with RFID. For the information of those of us who have not seen this, RFID is a small device that is injected into the cattle to identify the same for purpose of cattle insurance.
We are also equally familiar with Barish Bima Insurance where we pay claims based on rainfall. The recent change there is that there is a pilot project where we are measuring the growth of vegetation through satellite photos instead of rainfall measurement. You may click here to reach to a news item quoting Director Marketing on this topic.
But the latest news in this area is the use of the same for cattle insurance. That is satellite photos track the vegetation growth and thereby determine when the claim payouts must occur. This is the first time this technology is being used for cattle insurance and was launched on 22nd of January this year. Click here to see the news item on the same
Cattle insurance has thus moved from physical ear tags to injectible RFID to that based on satellite imagery which may do away with the need for identifying the cattle.
(contributed by K Venkatesan )
Read Full Post | Make a Comment ( 2 so far )Inspection….a must
I would like to relate an incident that made it clear that accepting a commercial risk without inspection can be disastrous.
We had insured Graphite plant in Bangalore.This was on of our oldest client. We first got a coinsurance share and then inched ourselves in as leaders.
Every year before the renewal we used to visit the plant and sit with the GM Insurance to finalise the sums insured and the premium.For years we insured, among other itrems , 6 cooling towers in that schedule.
Then in one of the years when I was taking a walk around the place I counted 9 cooling towers . Startled, I walked up to the GMs office and asked when the 3 new towers were added. The GM was equally surprised and said that it was added two years before and he had insured the project with us only.
He also said that the towers were duly capitalised after comissioning and the sum Insured was increased to that effect. However , while all of us was concentrating on the sum Insured and premium, none of us paid any attention to the misdesription that was there in the schedule.
Had there been a loss it would have been almost impossible to identify which of the 6 were insured. The Insured inspite of having paid premium would have had difficulty/delay in realising their claims. All this would be for a lack of paying attention to details and could not have been corrected if somebody did not see the risk , physically.
(contributed by CEO -ITIS – JOYDEEP ROY)
Read Full Post | Make a Comment ( 5 so far )Indian Premier League – IPL
IPL is the toast of the season and is catching the eyeballs of everyone in the evenings. What would be the consequences of a match or more of IPL not taking place for any reason from rains to man made calamities. For us as fans, it might be a boring day in the evening; for the teams it could be a decisive match gone waste; for those of us having tickets to the match, it is loss of money and for the organizers it would mean loss of revenue. The Television today is a huge participant in the revenue building process of any event and TV rights are sold for huge values. So the TV channel which has rights to the telecast of the match loses huge advertising revenue.
What do they all do – The fans at home do nothing but to hope for the match to happen and so do the playing teams. But the fans who bought tickets ask the organizers to refund the money and the organizers and TV channels insure this eventuality.
So IPL and Set Max (The TV Channel) have insured themselves for loss of revenue. Set Max, it is reported, has insured loss of revenue to the extent of a whopping Rs.600 Crores. This is a 50% jump from the last year value of Rs.400 Crores. In addition to this there is also cover taken against terror attacks. BCCI has insured the 45 day event for about 1000 Crores. The franchisees have also taken separate covers for their players based on their perception of risk.
In all, the insurance premium is expected to be in the region of 15 to 20 crores in all.
Read Full Post | Make a Comment ( 4 so far )The Pareto Principle
Vilfredo Pareto was a 19th-century Italian social scientist and critic. He observed that 80% of the wealth in Italy, at the time, was concentrated in 20% of the population – something he felt that was not good for society. While the genesis of his work is very seldom discussed, his name lives on in what is known as The Pareto Principle, or “the 80/20 rule” – a concept that is a relevant today as it was when it was first developed. Talk to contemporary entrepreneurs and most will tell you that 80% of their business comes from 20% of their customers. Human resources executives will typically suggest that 80% of the employee relations problems and issues they have to deal with come from just 20% of the employees. These examples of ,the Pareto Principle suggests that we should pay attention to, and focus our efforts on, the critical few (the 20%) rather than the trivial or average many (the 80%).
Read Full Post | Make a Comment ( 5 so far )Welcome to ITIS
Welcome to the training blog of ITIS –IFFCO TOKIO INSURANCE SERVICES
This blog is dedicated to all of us – It is going to be our medium of communication ,sharing issues and updating ourselves with happenings around us and making our opinion matter .It is
1. A common platform for communication.
2. An interactive medium breaking the barriers of distance and time.
3. Showcase of solutions to problems being encountered.
4. Sharing space for best practices.
Please post your comments on the blog along with your basic information like
your name,place,branch etc.
We welcome feedback and suggestions to improve the blog and ensure active participation of
every ITIS employee.
About US
IFFCO-Tokio Insurance Services Limited (ITIS) is a wholly owned subsidiary and a retail marketing arm of IFFCO -Tokio General Insurance (ITGI). It was incorporated on 1st August 2003. Developing of retail and personal lines has been the major focus of the company along with spreading into Tier II; III towns and developing co-operative initiatives for IFFCO -Tokio.
ITIS recognises that effective training and development offers benefits to the individual and the organisation as a whole, which ultimately contribute to the achievement of ITIS’s objectives. These benefits include:
higher standards of work performance
greater understanding and appreciation of factors affecting work performance
sharing of ideas and dissemination of good practice
effective management and implementation of change
encouragement of team spirit
increased motivation and job satisfaction for the individual
greater understanding of ITIS business
Read Full Post | Make a Comment ( 1 so far )
GURUKUL 