Big discounts with new BMW insurance scheme

BMW enthusiasts can slash their insurance premiums by up to 25 per cent thanks to a new scheme launched by specialist broker Adrian Flux.

The new scheme is designed to cover any model of BMW, from the 1 series to the M5, Z4 and everything in between, old and new.

Optional track day cover for club events can also be included to give owners the chance to legally test their car’s performance.

The biggest discounts apply to members of clubs including the BMW Car Club, BMW Club, BMW Drivers Club, or communities such as the E30 Zone, M3 Cutters and the Alpina Register.

Gerry Bucke, general manager at Adrian Flux, said club members typified the enthusiasm for their cars shared by the country’s largest specialist insurance broker.

“BMW drivers tend to take pride in and look after their cars, and club members obviously take that to the next level with a real passion for their motor,” he added.

“It’s only fair that that’s recognized in their insurance premium, and we’ve negotiated a scheme that gives a far bigger discount to club members than normal to reflect the type of driver we want to insure.

“Many of our staff are club members themselves, so we understand how people feel about their cars and will go the extra mile the get the best rates.”

Flux also has schemes for modified and classic BMWs, young drivers and limited mileage policies.

Read more about Adrian Flux’s range of BMW insurance schemes or call free on 0800 369 8590.

Eligible clubs and communities: BMW Car Club, BMW Club, BMW Owners Club, E30 Zone,E36Coupe.com, AlpinaRegister.com, BMWLand, M3 Cutters.

BMW factfile:

• Bob Marley once said that BMW stood for Bob Marley and the Wailers.
• It actually stands for Bayerische Motoren Werke (in English: Bavarian Motor Works)
• The BMW badge takes its colours from the Bavarian flag.
• BMW made motorcycles before car production began in 1928
• The first car was an Austin Seven built under licence
• BMW lost its Eisenach car plant to the Russian sector. Its Munich plant was heavily damaged (with all worthwhile machinery taken as war reparation).
• The company survived making pots and pans, spades and bicycles
• The 3-series was launched in 1975

Motor Claims 2012 - 09 Feb 2012, London

Post’s must-attend Motor Claims event provides an annual opportunity for all the major players in this sector to come together and debate these key challenges.

During 2010, the motor claims community has developed an appetite for change. The implementation of the Ministry of Justice review recommendations has had some teething problems, with insurers and service providers alike needing to adjust their practices when dealing with personal injury claims. 

Still the same issues remain high on the agenda and remain unresolved. Whilst for the most part, insurers seems to have weathered the storm of the recession well, there are still difficult times ahead and a continued pressure to deliver the highest standards at the lowest cost.

For more details on Motor Claims 2012.

CEA International Insurance Conference- Amsterdam, 1 June 2012

4th CEA International Insurance Conference

REGISTRATION OPENS ON 1 MARCH

During a full day of debate and discussions, top insurers, regulators and supervisors from around the globe will present the latest thinking on:


· Insurance in a changing world economy


· Regulatory and supervisory initiatives both in Europe and beyond


· Ageing populations and the pensions challenge


· Sustainable responses to natural catastrophes and climate change



Confirmed speakers include:


Michel Barnier, European Commissioner for Internal Market and Services


Sergio Balbinot, managing director, Generali, Italy

Gabriel Bernardino, chairman, European Insurance and Occupational Pensions Authority

Peter Braumüller, chairman, executive committee, International Association of Insurance Supervisors (IAIS)
DATE: 01 JUN 2012 - VENUE: AMSTERDAM, NETHERLANDS

Insurance Telematics Expo 2012 - 11 July 2012, London

Post is pleased to present a new event combining business-focused content and a demonstration exhibition hall examining the world of telematics and black box technology.

In the wake of the gender ruling of March 2011 insurers have to find new ways to profile their policyholders. There is now a growing trend for insurers to install telematic technology into their policyholders' vehicles. This allows insurers to track the location of the vehicle as well as building an individual profile based on driving behaviors including speed travelled, speed when cornering, breaking and acceleration behavior as well as the times of day the car is driven. With all this information potentially at the disposal of the insurer it is realistic to believe that despite the gender ruling, individual risk ratings will be greatly improved.

There is however opposition to this technology with phrases like "Big Brother" being heard. Insurers must be seen to be handling this data with care. Moreover will the reluctance of the policyholder to allow an insurer to monitor their driving prove to be too great a stumbling block?

Key topics for discussion

• Telematics and the fight against fraud, how can one help solve the other?

• Making telematics work in the practical sense; how will this change the way insurers underwrite?

• The downside to data collection and managing the underwriting process

• Delivering profiling efficiencies to the insurer when risk profiling

Reasons to attend

• Hear expert led content on the challenges and opportunities telematics technology offers

• Network in the demonstration lounge and understand what systems are available

• Examine how telematics can add value to both personal and commercial lines

• Meet key individuals from insurers and telematics providers

Axa to use BAE systems fraud detector

Global insurer Axa has signed up to use BAE Systems claims fraud prevention service which it says will increase its efficiency and prevent honest customers from paying for fraudulent claims.

The service, Detica Net Reveal, aims to reduce the risk of fraudulent customer claims and improve investigation times for personal and commercial motor and property lines of business.

The selection of the solution followed a number of successful European pilot projects and will be delivered as a hosted service, enabling Axa to benefit from reduced costs in IT expenditure and implementation times, according to the firm.

As part of a global programme using a single platform, Axa can benefit from processes, workflows and reporting which are standardised across Axa's global business units.

By giving investigators the ability to monitor and clearly identify and prioritise suspicious activity as well as quickly access and analyse customer data, Axa entities will be able to improve customer service through faster claims handling times and also minimise the time and resources spent on investigating claims incorrectly flagged as being suspicious.

"All insurers need to focus on claims fraud, and Detica Net Reveal will provide us with effective means of reducing risk - preventing and discovering more fraudulent claims, improving positive customer service levels and allowing Axa to have more efficient claims organisations," commented Pierre Brigadeau, group chief claims officer, Axa global P&C.

"In other words, we shall investigate fewer cases, increase our efficiency and preserve honest customers from paying for fraudulent claims activities," he added.

Andy Cobb, sales and marketing director for Detica Net Reveal, said he looked forward to further consolidating the partnership with Axa Group as the programme was rolled out across the organisation.

Vienna Group’s Kooperativa is best Czech financial services company

Vienna Insurance Group’s Czech subsidiary Kooperativa, was ranked the fourth best Czech businesses in the country's recently announced "Top 100” rankings.

In the Financial Services category, the commercial insurer came top.

The Vienna Insurance Group said the ranking meant that Kooperativa is continuing to maintain the very good ratings achieved in recent years and is strengthening its position as a major player in the Czech economy.

CEO of Vienna Insurance Group Günter Geyer commented: "Kooperativa is a prime example of our successful strategy in Central and Eastern Europe. Our Czech colleagues continually produce excellent results and receive awards for their work year after year. Kooperativa is also very heavily involved in social concerns. Voluntary work carried out by Kooperativa employees was recognised in the award for the most socially responsible Czech companies, with the company achieving first place."

The aim of the "Top 100" ranking is to create a national benchmark for economic success criteria. The panel of experts rated management and executives in the nominated companies, which hailed from a wide variety of sectors. Factors such as the management's experience, personal network and extraordinary results in recent years, were crucial in the rating process.

Benevista launches international employee benefits index

Belgian consultancy firm, Benevista, has launched an international employee benefits index to raise awareness of the advantages of multinational pooling.

The index contains relevant information about all insurance companies that are linked to an international employee benefits network.

The free application includes information such as the most recent financial ratings, market position, direct contact information and specific product data. In total the database contains information about more than 700 contact persons and 400 insurance companies.

Previously the information on Benevista's website was spread over various documents and websites of the 8 international employee benefits networks, according to the firm.

"The link with the international networks is relevant as they can bring advantages to multinational companies such as cost savings and management information. The search application will therefore be of great interest to compensation & benefits managers, HR managers, risk and finance managers at local, regional or global level of the international organization," the firm said.

Employee Benefits including death, disability, accident and medical insurance are often provided by a local insurer, but if the company belongs to a multinational a pooling structure they can be offered by one of the 8 international networks: All Net (Allianz), Generali, IGP, ING Global Network, Insurope, Maxis (AXA and Metlife), Swiss Life Network and Zurich Employee Benefits Network.

The pooling system combines the financial results of the policies in participating countries and shares back the premium amounts that are not used to cover the current costs of the policies. This ‘international dividend' can be up to 20% or more of the total paid risk premium.

Olivier Van den Eynde, managing director at Benevista, commented: "Although the benefits of pooling are known to most multinationals, it seems rather difficult to pass this message within the organization. One of the reasons is that the name of the local insurer often doesn't correspond with the name of the international network, for example, AG Insurance is the Belgian partner of Insurope and IGP). The user of the search application needs to define three simple variables: country, international network and type of employee benefit. The result of this search will show all relevant information of the local insurance companies that correspond to the selected criteria."

"Considering most multinationals have pooling arrangements with more than one network, our tool will of great interest to these companies. We therefore hope that more subsidiaries of multinationals will get in direct contact with the local partners of the international networks," Van den Eynde added.

Insurer most trusted financial services brand in India according to report

The Life Insurance Corporation of India has come out top in a poll to find the country's most trusted brand in the banking and financial institution space, for the second consecutive time.

State Bank of India was ranked second in the Trust Research Advisory's brand trust report. ICICI Bank ranked the third most trusted brand in the BFSI sector, followed by Housing Finance Development Corporation and HSBC.

Overall, LIC was ranked 8th among 17,000 brands studied while SBI was ranked 19th.

Trust Research Advisory's chief executive N Chandramouli said: "Both LIC and SBI have ranked first and second in the BFSI sector for two years consecutively."

It underlined a preference for state-owned brands in BFSI category.

The brand trust report has listed India's 1000 most trusted brands after generating nearly 2 million data points and was conducted across 15 cities.

Trust Research Advisory said Indian Statistical Institute helped it create a "statistically robust" Brand Trust Index which has been used to hierarchically rank India's brands on the basis of trust.

Thai insurance giant seeks 20% growth in 2012

Muang Thai Life Assurance is seeking to expand its business by more than 20% to 40bn baht (£800m) this year, according to reports.

According to The Bangkok Post, the group's growth will be driven by its multi-channel distribution strategy and more products for untapped segments in the lucrative Thai market.

Muang Thai Life president and CEO Sara Lamsam, explained: "Of course, economic uncertainties and natural disasters are risk factors, but we're confident of the effective regulations controlling the Thai insurance industry that helped the industry go through several crises in the past".

Bangkok Post reports that last year the company collected premiums from new policies worth 16.36bn baht, showing growth of 25% from 2010. Renewal premiums rose 30% to 21.52bn baht, bringing total premium income to 37.88bn baht, a rise of 28% year-on-year.

Bancassurance contributed 60% of new business premiums, while a 30 000-strong sales agent team helped Muang Thai Life it provincial bases.

NEW INSURANCE SCHEME FOR ICONIC FIAT 500

Fiat 500 owners can make significant savings on their car insurance thanks to a new range of bespoke schemes introduced by specialist insurance broker Adrian Flux.

The new schemes are designed to cater specifically for owners of the iconic Italian hatchback, whether they drive a vintage 1936 Topolino or a 158 brake horsepower Abarth Esseesse.

The UK’s leading specialist car insurance broker, Adrian Flux, has in-depth knowledge and experience of the type of cult vehicle, like the Fiat 500, driven by enthusiasts, and is therefore able to offer incredibly low rates. 

Gerry Bucke, general manager at Flux, said: “Fiat 500s are a cult classic, with communities of owners and enthusiasts every bit as passionate as those which have formed around the Mini and V W Beetle.

“We share the same kind of enthusiasm for motoring and understand that people who own and drive 500s have a genuine passion for their vehicle.

“We have found that the love these drivers have for their cars is reflected in the way they maintain and drive them, which is why we have created this range of specialist schemes.

“So, if you own a Fiat 500, whatever the vintage, you could stand to make a huge saving on your insurance premium.”

Adrian Flux’s Fiat 500 schemes cover all 500s, from classic originals to modern revivals, and included a variety of features such as like for like cover on all manufacturer options, modified Fiat 500insurance and a range of extra discounts calculated around experience, reduced mileage, owners club membership and security precautions.

Significant discounts are also available for Fiat 500s listed as a second car.

For further information about Adrian Flux’s range of Fiat 500 insurance schemes 

call Flux for free on 0800 089 0045.

Indian Government launches new insurance scheme for overseas workers

The Indian government has unveiled a new pension and life insurance scheme that would benefit over 5 million of the country’s unskilled and semi-skilled workers employed overseas.

The Economic Times reported the special fund - known as the Pension and Life Insurance Fund, will be used to partly contribute to a pension and insurance cover to the low-paid workers, mostly in Gulf countries on temporary contract visas.

"The new scheme is entirely voluntary. It is only for those who want to take it," Overseas Indian Affairs Minister Vayalar Ravi said.

Under the scheme, the ministry of overseas Indian affairs will provide an annual co-contribution of up to Rs.3000 for female workers and Rs 2000 for male Indians working overseas, The Economic Times added.

New insurance schemes to safeguard overseas investors

A new range of insurance services designed to help the overseas property market “restore confidence by making it safer for people to buy abroad” was launched this week by The Association of International Property Professionals (AIPP) is launching. 

Professor Mark Sharp, CEO of the Association of Property Professionals, told OPP that “the difficulties of the last few years and the unscrupulous activity of a minority of rogue companies have stopped many people from buying overseas unnecessarily.”  

“Our new range of insurance services helps overcome many of their concerns by teaming up with Kinnell Corporate Limited to offer insurance packages that address specific issues such as land title and build quality.”

The insurance services will be suitable for overseas property companies as well as their clients.

The new services are:

1.Title Insurance: designed to protect developers in case of other parties claiming that they are the rightful owners of the property or land, says AIPP. It covers property buyers against disputes over ownership and access rights. “Title insurance is common in most parts of the world where land registration is not as accurate as it is in the UK.”

2.Latent Defects: designed to offer latent defect cover similar to that offered by the UK’s NHBC (National House Building Council) guarantee on UK new build property, says AIPP. “Developers can now protect themselves against claims for serious defects limiting their time exposure.” 

3.Professional Indemnity Insurance: designed to protect businesses against claims for loss or damage made by a client or third party if companies make mistakes or are found to have been negligent in the services provided, says AIPP. “Companies with professional indemnity insurance are protected from bearing the full cost of defending against a negligence claim.”

4.Property Insurance: designed to help mitigate the effects of factors such as location of the property and weather when developing a project overseas, says AIPP.  “If the property is situated in an area where natural catastrophes such as earthquakes or seasonal hurricanes are common, protecting the property against such disasters is crucial.”