Financial Daily from THE HINDU group of publications
Monday, Jun 16, 2003
Financial Daily from THE HINDU group of publications Monday, Jun 16, 2003 |
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Money & Banking
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Financial Services `Insurance broking a must for all' Our Bureau
VISAKHAPATNAM, June 15 INSURANCE broking assumes great importance and relevance for individuals, corporates as well as institutions in the present scenario with several private companies in the field offering numerous products, Mr C. Anjaneya Reddy, Chairman and Managing Director of the Andhra Pradesh Tourism Development Corporation, has said. After inaugurating the local branch of the Hyderabad-based Excellent Insurance Broking Services Ltd here on Sunday, he said insurance had become very complicated and "in fact, it is as difficult nowadays to understand insurance as the cell phone tariff rates''. Therefore, he said, all should seek the services of broking firms to avoid payment of excess premium, get the right kind of product and finally for hassle-free claim settlement. Dr K. Muralidhara Reddy, Managing Director, said the company had opened its second branch here after the first one at Bangalore. He said broking services would be offered free of cost to clients, as the remuneration would be paid by the insurer. Customer-specific policies would be devised for the clients. He said the company was among the first batch of broking firms given licences by the Insurance Regulatory and Development Authority in 1999 and even before that it was acting as an insurance consultant for several departments in the State. He said currently eight private general insurance companies and 12 private life insurance companies were in the field and several more would come up. "Insurance has become a specialised subject and it is not easy for an individual, or corporate, to avoid the pitfalls,'' he said. He said the company would open offices in all major southern towns and cities in a phased manner.
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