Fitch Learning and Times Professional Learning Announce Partnership
London/Mumbai - October 03, 2017 Fitch Learning and Times Professional Learning, a division of Bennett, Coleman & Co. Ltd, are pleased to announce their strategic partnership to provide leading financial education programmes and training across India. Under the new RBI policy of higher standards and capacity building for financial professionals, the Indian Bank's Association (IBA) has selected Fitch Learning to provide training programmes and enhance the skill level across the financial services sector. As part of this, Fitch Learning has developed programmes which are aimed at specific banking institutes and would comply with the specifications for certification mandates laid down by the RBI. These programmes aim at training and certifying bank officers who man key responsibilities in four areas: Credit Management, Risk Management, Accounting and Treasury Operations. The other mode of delivery of Fitch Learning's product offering is the open course where mid to senior level executives from BFSI segment can enrol and attend these higher level programmes. The course will make its debut in the financial hub of India, Mumbai in November 2017 starting with Financial and Credit Risk programmes including 'Warning Signals and Lessons Learned in Corporate Credit'. Fitch Learning has partnered with Times Professional Learning to promote Fitch Learning products, digital learning solutions and industry leading qualifications through its full suite of media distribution channels to those working within India's financial services industry. "India is a key growth market for Fitch Learning. This is an important step in our strategic growth plan and we are excited to be expanding our local presence in India's rapidly evolving financial education sector with the highly respected Times Professional Learning," said Andreas Karaiskos, Chief Executive Officer of Fitch Learning. Emphasising the importance of up-skilling in this sector, Anish Srikrishna President, Times Professional Learning stated, "The complexity of the banking business has grown exponentially. We are therefore pleased to be the Partner of Fitch Learning to bring their decades long specialisation and world class training programmes to India for the very first time." Media Relations: Rebecca O'Neill / Leslie Tan Tel: +44 203 530 1697 / +65 67 96 7234 Email: Rebecca.firstname.lastname@example.org / email@example.com Sheetal Tambe Tel: +91 7045186001 Email: firstname.lastname@example.org About Fitch Learning Fitch Learning, a preeminent training and professional development firm, offers learning solutions to the financial services industry across the globe. Focused and committed to partnering with clients to enhance knowledge, skills and conduct, Fitch Learning supports professionals through designing and delivering solutions to accelerate their performance and the organisation across their career lifecycle. Fitch Learning specializes in a number of key areas: regulatory and certification exam training, professional skills development and blended e-learning solutions. Fitch Learning is a part of Fitch Group, a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services and BMI Research, an independent provider of country risk and industry analysis specializing in emerging and frontier markets. With dual-headquarters in London and New York, Fitch Group is majority owned by Hearst. About Times Centre for Learning Ltd Times Professional Learning is a division of Bennett, Coleman & Company Limited and is committed towards fulfilling aspirations of millions of learners through learner-centric innovations & global collaborations. As a professional skilling powerhouse for graduates and working professionals, we equip students with key skills and offer executive education in sectors such as banking, management, analytics, digital marketing, decision science and many more. We also provide solutions for corporates towards their training needs.
Oct 3, 2017 - TSW
ET Wealth Analysis: Mutual Fund Plan Changes: The right fit for you
Delhi, 05 May 2017 Recently, several mutual funds have changed their investment mandates or asset mixes. Some of these changes can be directly attributed to the rise in fund size, change in fund manager or just a change in investment styles. Others are a result of more specific attributes, like a change in the investment mandate or a change in benchmark indices. The ET Wealth edition of 8th May 2017, in its cover story, examines these changes and advises you on how to circumnavigate them to an efficient mutual fund investment strategy. In its center spread story, ET wealth explains how debt funds trump fixed deposits in terms of interest gained, and how one can mitigate taxes on interest to just 6%-7%. In its feature story ET wealth examines the perfect balance between loan EMIs, insurance premiums and rent, to make sure that that these don’t dent your budget or impact your investments. With Mother’s Day, around the corner, the edition also takes an in-depth look at the financial implications of motherhood on a woman and her family. To book your copy, sms ETWS to 58888, or speak to your vendor. ET Wealth is the first weekly personal finance newspaper of India and covers news, views and insights on a wide variety of topics relevant to the rapidly changing economic lives of the readers. For further details, contact Akshant Dhruvraj, email@example.com.
May 6, 2017 - ET Wealth
Times Points Debit Card becomes favourite by rewarding its users
Times Internet and HDFC Bank’s co-branded debit card ‘Times Points Debit Card’ that offers young customers discounts and rewards on online shopping has become a big hit amongst its young internet users, in the short duration of its launch. Times Points Debit Card users club points earned from consuming, creating and sharing digital content on Times Internet sites with the points made from online shopping. This unique card combines the expertise of HDFC Bank, one of the largest issuers of debit cards in the country, and Times Points, a digital loyalty program created by Times Internet with over 18 million users. The Times Points Debit Card is focused on providing value to young internet users between the age of 23 and 27 who look for bargains and prefer to wait till the sale season to shop online, especially on their smartphones. Most of them are at the beginning of their careers, probably in their first job where a customary salary bank account is opened. Times Points Debit Card, helps them to leverage their accounts by receiving exclusive deals and earning points for buying and surfing online. Avinash Agrawal, COO, Times Cards says, “In current times, youngsters rely on their mobile phones and the internet for all their needs. With Times Points Debit Card, they gain access to exciting offers online across lifestyle, entertainment, dining and grocery shopping. As most of our users are in their first jobs, we know they are on a tight budget, so we have specially curated offers that help them maximize the value they derive from their expenditure on shopping and other consumption.” Srikanth Siddi, Head- Debit, Prepaid and Commercial Cards, HDFC Bank Ltd says "Times Points Debit Card has been a substantial valuable addition to HDFC Bank’s growing portfolio of products that make shopping a truly rewarding experience. We are excited to offer greater value to our customers in the form of more discounts and rewards while shopping online." Times Points Debit Card is the only payment card in the country that rewards users for Internet usage as well as transactions. In addition to rewarding users on transactions performed using the Times Points Debit Card, this card enables access to an exclusive digital loyalty program that also rewards them for engaging with Times Internet network sites, including the hugely popular sites of TimesofIndia.com, Gaana.com, Cricbuzz.com, to name just a few. Times Points can be earned across numerous activities including sharing and recommending articles, actively contributing reviews, blogging and posting comments. Times Points Debit Card has a daily shopping limit of INR 2.75 lakh and an ATM withdrawal limit of INR 1 lakh. The card presently has more than 10 key welcome offers and over 400 running offers, and it continues to add more offers every month. This is the second co-branded card launched by Times Internet and HDFC Bank. Their first co-branded card was a credit card launched in 2013 to target the entertainment and leisure segment, which is one of the largest co-branded credit cards in the country.
Mar 23, 2017 - Times Points Debit Card
YES Bank and ET Global Business Summit to be held on March 27-28
MUMBAI: The Global Business Summit (GBS) is back on the 27th- 28th of March, 2017 to catalyze the ripples of economic change and is putting together all the building blocks to make it a grand success. Over the two-day conference, global leaders will ponder over the most pressing issues facing the world economy— Post Trump America, the Brexit fallout, fate of the Eurozone, China's slowdown, and also what will it take to deal with surprises and shocks of 2017. With major economies faltering, India, the world’s fastest-growing large economy, finds itself in a sweet spot and the ideas and insights generated at GBS will help script the India success story. "In our connected world, the futures of economies are becoming increasingly inter-dependent. Thus the ripple effect of events such as Brexit and fears of protectionism in developed economies can be felt in the furthest corner of the globe. In this challenge lies an opportunity for India to project itself as a safe haven for investment." said Vineet Jain, MD, BCCL. As the Indian economy enters into a transformative phase, YES Bank has partnered with The Economic Times for a five-year period to create the go-to event for the country's cognoscenti. Under Prime Minister Narendra Modi's leadership, the focus on programs like Make in India, Digital India, Startup India and decisive moves to foster financial inclusion and do away with arcane regulations have resulted in sparking growth. Rana Kapoor, MD & CEO, YES Bank opines, "YES Bank has focused on the emerging sunrise sectors of the economy since inception. The rapid changes taking place in the Indian economy, with the Govt. of India's firm push on digitization present an unprecedented and once in a life time opportunity for the financial services industry to enable sustainable economic growth across all segments of our nation, India." He further adds, "In this context, YES Bank is pleased to partner the Global Business Summit led by Economic Times as a platform which can further catalyze this change by bringing together opinion & thought leaders and transformational practitioners, thereby further augmenting India’s mindshare across the world. YES Bank with its focus on knowledge driven banking in partnership with Economic Times, aims to create a truly global thought leadership forum which will fuel the next growth phase of the Indian economy." This year's GBS is also witnessing participation by Andhra Pradesh as the official state partner. This is a natural progression of the Sunrise AP vision 2029, as drafted by the Chief Minister N Chandrababu Naidu, that envisions to "remould" the state into a "happy and globally-competitive society" by 2029. Over the past two years, The Economic Times Global Business Summit has hosted over 2,000 delegates from across the globe including countries like Canada, USA, Russia, Belgium, Great Britain and Greece among others. This year will see more than 200 leaders from South Asia, Europe, Africa and the Americas participating in the conference. Andhra Pradesh, which has set itself a target to be counted among the top 3 states by 2022, will be the Official State Partner. The past two editions of the Global Business Summit have featured a plethora of thought leaders like Paul Krugman, Nouriel Roubini, Nassim Nicholas Taleb, Prof. Jagdish Bhagwati and Ram Charan. Apart from the gurus, a clutch of global CEOs like McKinsey's Dominic Barton, GE's John Rice, GlaxoSmithKline's Sir Andrew Witty, BCG's Hans-Paul Bürkner and PwC's Dennis Nally have shared the dais to headline global trends in business. This year, the names and the event are bigger; the 3rd edition of GBS will see participation from over 1,500 delegates across the two-day event. With international participation expected to double over GBS 2016, the marquee event will again bring together the most influential global thought-leaders and CEOs and of course, the who's who of Indian government and industry. About ET Edge Times Strategic Solutions Ltd., functional under the brand name ET Edge, is an Economic Times initiative founded to empower multiple industries and segments by sharing critical business knowledge through strategic conferences, summits, exhibitions and communities. Encompassing the Indian business vista, ET Edge strives to bring together visionaries and key leaders on its knowledge platforms to create social and business ecology conducive to the positive changes required by the industry. The main aim of this initiative is to channel global business intelligence through summits and conferences in overarching lectures, hands-on workshops, panels, roundtables, case studies, buyer- seller meets and more.
Feb 22, 2017 - ET Edge
Times Card sees strong growth in spends with 35% YOY growth in 2016
Times Card, a co-branded credit card from Times Internet (the digital wing of The Times Group) and HDFC Bank, grew spends on its portfolio by 35% YOY in 2016 (Jan-Dec 2016). Times Card is positioned as a lifestyle and entertainment card with exclusive benefits on categories like movies, dining, shopping, wellness and hotel stay. Launched in February 2013, it has grown rapidly to become the preferred credit card in its category in the past 4 years. The key target segment for Times Card is young working professionals in the age group of 24 to 35 years. HDFC Bank is one of the largest issuers of cards in India, and Times Card is one of the most successful co-branded credit cards in its portfolio. In the top 9 metro cities, the card is available in two variants exclusively on the MasterCard platform, the Platinum and the Titanium. Both the variants provide 25% discount on movie tickets and up to 20% discount on dining at select restaurants. Additionally, the Platinum Card offers 3 reward points for every expenditure of INR 150 and a Weekday Dining Bonanza, where one can earn 10 reward points on every INR 150 paid for dining on weekdays. The Titanium Card gives 2 reward points for every spend of INR 150 and a Weekday Dining Bonanza of 5 reward points on every INR 150 spent for dining on weekdays. The Platinum card is available with an annual fee of INR 1000, and Titanium with an annual fee of INR 500. Talking about the success of the Times Card, Avinash Agrawal, COO, Times Cards said, “Times Card is a credit and payment instrument for the young professionals. This customer segment values our merchant partnerships that promise fun experiences and high living standards within their budgets. Our strong partnership with HDFC Bank, exclusive co-branded on-ground promotions and brand marketing initiatives have helped us in accelerating the growth and appeal of the Times Card brand.”
Feb 14, 2017 - Times Card
How your credit card affects home loan eligibility
Did you know that having a higher credit card limit can considerably reduce your chances of getting a home loan application approved? Yes! While evaluating a home loan application, banks or lenders, calculate an applicant's borrowing ability based on his/her credit limit. Not just this. Lenders also reject housing loan applications if prospective borrowers have too many credit cards, huge credit card debts, and default payments. Basically, when you apply for a loan, the lender looks at various details to check if you have the capability to repay. Banks will also try to analyse the percentage of risk involved in giving you a loan. The factors considered to assess repayment capability include salary, collaterals, age and credit history. When it comes to credit history, your credit card plays a huge role. If your credit history is good, you will be considered a 'good risk' and will be granted a loan. In this article, we will explore the link between credits cards and home loan eligibility, and give you some important tips that will help you buy that dream home faster. Firstly, let us understand how your credit card can play a crucial role in your home loan application process. Here are a few factors to consider before you apply for a loan: A high credit card limit will get you into trouble: Financial experts from the lending industry say that a high credit card limit will be a disadvantage. This is because according to the lender, the credit limit is what determines the debt level, whether or not the cardholder pays bills regularly. According to the lender's perspective, the credit card bill amount is nothing but unpaid debt. So, before applying for a home loan, the first thing to do is to keep your credit card limit as low as possible. Contact your credit card provider and ask for a lower credit limit. Too many credit cards? Too bad!: If you have more than 5 credit cards, it is not a very good idea. This is because, every credit card you apply for will be recorded. Even if you are not using a credit card, it will add up to your overall credit limit and decrease your chances of getting a home loan. Also, lenders will add up all credit limits to ascertain the amount of risk involved in lending you money. The best option is to have 1 credit card and cancel out all other cards at the earliest. Do not apply for new credit cards for at least 1 year before you file your home loan application. A high credit card debt will give you trouble: While it is not easy to completely avoid credit card spending, which will add to your credit card debt each month, cutting down on it is possible. Lenders usually assume that you spend around 3% to 5% for monthly payments towards a credit card debt. For example, if you have an outstanding balance of Rs.20,000 per month, then you will pay 3% of it, which will be Rs.600. So, if you have, let's say, Rs.1,00,000 on your credit card, you will be paying Rs.3000 per month. So, the higher the credit card debit, the more you have to pay and this will reduce the amount you can potentially pay for a home loan. Have a good credit utilisation ratio: The trick here is finding the balance. Credit card utilisation ratio is nothing but the ratio between the credit card limit and the outstanding balance. Ideally, this ratio should be less than 30%. This means that if you have a credit limit of Rs.1,00,000, you should be using less than Rs.30,000. If you spend more than this amount, your credit utilisation ratio will be bad, reducing your chances of getting a home loan approval. Things to do before applying for a home loan: Call your bank and reduce your credit limit, if you do not need such a high number Cancel credit cards that you have not used and will not use Pay pending bills if you have a savings pool because this will bring down your credit utilisation ratio for the good Try to develop a good CIBIL score Be honest about your credit history and do not hide any facts Do not default credit card payments at any point of time as this will irreversibly affect your credit score Your credit card usage plays a huge and important role in deciding whether you will be granted your home loan or not. Bad credit card behaviour can cost you your dream home. So, think twice before you splurge mindlessly on your credit card the next time.
Financial Advice You Wish You Could Give Your Younger Self
The moment our salary gets credited into our savings account, the standing instructions we set up for various bills eat away all our income and leaves us with nothing even before the 15th of every month. This is the scenario for most of the millennials who are paying numerous EMIs, loans, and credit card bills every month. The lavish parties, attractive restaurants, branded clothes, and the high cost of living have created a hole in our pockets. Caught up in this vicious cycle where people work hard, earn income, pay off bills, and barely make it to the end of every month has left many adults frustrated. As time goes by and we reach 30s something, we tend to sit back and think about the difference we have made in this world. We tend to analyse the decisions we made in our 20s something. From relationship decisions to finance and health, we sit back and critically examine every choice we made as if we were arguing in the court of law. If you have reached this phase and feel like your financial life is not balanced, here are a few pieces of financial advice we wish we gave our younger selves. Start a small recurring deposit Most people who are not born with a silver spoon or do not have wealth accumulated by their ancestors graduate from colleges with high debt and a long list of things to buy even before they earn their first salary. In this scenario, though starting a recurring deposit may sound impossible especially when you are financially broke within the first few days of the month, it is not impossible. If you budget well, you will be able to start a small recurring deposit. Like your EMIs that are auto-debited from your account, an RD will also be deducted every month on a particular date. Watch out the number of times you swipe your credit card Credit cards aren't bad. In fact, when used right, they help build your credit score. Most youngsters get carried away as soon as they get their first credit card. Firstly, learn how a credit card works before using it. Use your credit card sparingly throughout the month for things that are very important and always make it a habit to pay it in full. As credit cards work on revolving credit, you will be paying a high interest rate if you do not pay your credit card balance in full within the due date. Before swiping your credit card, stop and ask yourself if you really have to swipe it. Have an emergency fund Apart from the small recurring deposit savings, it is always advisable to have an emergency fund. Remember as kids when you approached your grandmother for money, she used to get it from a rice jar in the kitchen? That was her emergency fund. Have a piggy bank that you can use during a financial crisis. Avoid the shopping spree Have you heard the phrase "Do not spend money before you have it"? When you start working at a very young age, peer pressure forces you to buy expensive stuff that you may not even need. Do not give into it and go on a shopping spree. While shopping can be therapeutic, it has the ability to damage your financial health to a great degree. Making a list of things you need to shop and sticking to it will help you in a longer run. Increase your Provident Fund contribution Provident Fund is a great way to start saving. While we were young, we were happy with the contribution we were making towards our PF account. However, when you work for many years and want to use the fund you have in your PF account, you'll realise that your savings could have been more if you contributed a little more every month. Talk to your Human Resource department and increase your contribution. This will make sure you have sufficient funds to avoid suffering on a raining day. Save on taxes Most young people avoid talking about taxes or filing for it as they feel it is complicated and time-consuming. Once you start declaring and filing your taxes on time, you will understand that it is not rocket science. There are few legal ways you can reduce your taxes like opting for food coupons, having a fixed deposit, buying an LIC plan, or investing in mutual funds. Talk to your tax consultant to know how else you can save on taxes. Most of us are aware of the financial advice in theory but are we ready to practice it? It is never too late to start.
Parents prepare in advance for their children's college education
When it comes to saving and funding their children's education, Asian Indians are among the best prepared, according to MassMutual's College Planning & Saving Study. Almost half (49 percent) of Indian parents started saving for college before their children turned five, the earliest compared to all other multicultural groups in the survey. In fact, by the time a child is ten, 79% percent of Indian parents are saving for college, and one in five has saved $50,000 or more. Culturally, Indians place a great deal of emphasis on higher education, which they consider fundamental to character development, as well as the gateway to a financially secure future. Moreover, most Indian parents believe their children's focus in college should be on getting good grades, and not on figuring out how to pay for it. "Asian Indian parents consider it a duty to finance their children's education," said Evan Taylor, director of multicultural markets with MassMutual. Asian Indians who participated in the survey emerged as less likely to rely on loans and government scholarships, preferring to pay for it themselves. Two-thirds are planning to pay for more than half of the expenses. Yet, only half of the parents surveyed are confident they will be able to afford it when the time comes. Their concern may be justified: A family with a 5-year old child entering kindergarten today can expect to pay an estimated $368,739 for private 4-year college tuition in 2030, according to the MassMutual college savings calculator. While Asian Indians generally diversify financial planning with stocks, bonds and buying gold, saving early to fund their children's college is a sensible choice. Parents in the study who started saving at birth or before their child's first birthday had saved an average of about 40 percent more than those who began saving after their child turned 10. However, more immediate financial priorities like childcare costs can overwhelm new parents who might find it difficult to save for future needs. The age of five is a crucial tipping point for savings. That's when many parents can stop paying for childcare expenses and save those funds for college instead without disturbing their current spending habits. Even saving a portion of the childcare expenses can add up over 12 years; for example, saving $200 a week can total over $130,000 (with a conservative interest rate). "Asian Indian parents are extremely savvy about saving for their children's education. Starting early will help make it less stressful when their children are ready for college," said Taylor. "We understand their commitment to delivering the best possible future to their kids and can help parents with financial options to make their planning easier." MassMutual offers five practical tips for Asian Indians to better plan and help pay for college: 1. Start early. Start saving what you can at birth, and for parents with child care expenses, increase the savings rate at age 5 by putting child care money towards saving for college. 2. Make it automatic. Set up automatic checking account or payroll deductions to an interest-earning savings account earmarked for higher education. 3. Encourage monetary gifts (including 529 plan gift cards) from family members and friends for college savings at Diwali and other gift-giving events. 4. Know how much you need to save. Estimate college costs by using free online tools such as MassMutual's college savings calculator. 5. Protect your loved ones for unexpected events. Life and disability income insurance are solid considerations for parents. To learn more about establishing financial goals for your child's education, visit www.massmutual.com and the MassMutual College Planning and Savings study page. Methodology MassMutual's College Planning and Saving Study was conducted for MassMutual by New American Dimensions, LLC in December 2016 to examine the attitudes and needs of families related to education planning and funding. Qualitatively, twenty-two mini focus groups were conducted with five ethnic groups (Hispanic/Latino, African American/Black, Chinese American, Korean American, and Asian-Indian American) in English and in-language. Quantitatively, a 20-minute online questionnaire, conducted in English, comprised 1,750 interviews; within the total number of surveys, 150 completes were obtained for each of the 5 ethnic groups. Both qualitative and quantitative research was conducted with men and women age 30 to 64 with children age 5 to 15 for whom they are financially responsible. Respondents also met a minimum household income requirement ($50,000+) and participate in financial decision-making for their household. Results for the total were weighted to the 2010 U.S. Census distributions for ethnicity to be representative of American families in this age and income bracket.
Oct 16, 2017 - MassMutual
Eight Reasons That Stop People Investing in Mutual Funds
New Delhi, 22 September 2017: With the coming of the millennial generation and the want for more fast paced growth, mutual funds are starting to become the investment instrument of choice. They provide far more flexibility and benefit as compared to their more conventional counterparts like PPFs. But even though mutual funds have become very popular among investors, people are still faced with dilemmas. In its 25 September 2017 issue, ET Wealth solves 8 of the biggest dilemmas that investors face while picking mutual funds. The edition conversely also conducts an analysis on the potential cut in PPF rates due to low bond yields. This is followed by an interesting debate on whether agricultural income should be taxed. ET Wealth presents both sides of this debate against the backdrop of farmer loan waivers and defaults. To book your copy, sms ETWS to 58888, or speak to your vendor. ET Wealth is the first weekly personal finance newspaper of India and covers news, views and insights on a wide variety of topics relevant to the rapidly changing economic lives of the readers. For further details, contact Akshant Dhruvraj, firstname.lastname@example.org.
Sep 24, 2017 - ET Wealth
The Ten Commandments of Tax Filing
Delhi, 26 June 2017 As tax filing season is around the corner, the 26 June 2017 edition of ET Wealth lists out 10 critical tenets that should not be overlooked, when filing taxes. It also addresses the many misconceptions that taxpayers have about tax filing and reports on some of the recent changes in tax filing norms. What’s more, it summarises all of this into 10 commandments that tells you where you could go wrong and warns you of the consequences. This edition of ET Wealth, also analyses different ratios to assess insurance policies and lists 6 main ratios that one must keep in mind while shopping for insurance. Addressing the criticality of global diversification today, in its featured stories, this ET Wealth edition, informs on how to invest in foreign markets so as to hedge against domestic risk and open up your portfolio to international exposure. To book your copy, sms ETWS to 58888, or speak to your vendor. ET Wealth is the first weekly personal finance newspaper of India and covers news, views and insights on a wide variety of topics relevant to the rapidly changing economic lives of the readers. For further details, contact Akshant Dhruvraj, email@example.com.
Jun 23, 2017 - ET Wealth
Policybazaar.com makes motor renewal a matter of few hours
New Delhi, July 31: If your motor insurance policy has lapsed, and you don't have time and energy to chase the insurer to get it revived, you don't have to fret any longer. Policybazaar.com, India's largest insurance website and comparison portal has launched the self-inspection video service which makes renewal of lapsed motor insurance a matter of few hours. The new feature allows consumers to overcome the hassle of physical inspection for lapsed motor insurance and makes renewal easier than ever. The feature is now available on PolicyBazaar website, www.policybazaar.com, and its mobile app. In India, for every 100 renewals, there are roughly about 30 of those for lapsed policies, and these require physical inspection of the vehicle and documentation, which takes anywhere between 2 to 5 working days. For those who live in rural or semi urban areas, or on the outskirts of a big city, the problem becomes even more serious because the inspection agents don't turn up even after fixing date and time, and customers keep waiting endlessly. Keeping in mind the larger cost and time effort involved in physical inspection and providing a one-stop service for different insurers, Policybazaar.com launched the self- inspect video feature on its app, which makes inspection and the related documentation a matter of few hours, and helps the lapsed policy renewed faster than ever. Insurers such as Kotak Mahindra General Insurance, Liberty Videocon General Insurance, Bharti Axa General Insurance and TATA AIG General Insurance have already joined hands with Policybazaar to underwrite lapsed motor insurance through this feature, subject to the video quality being up to their guidelines. Eight more insurers are expected to be on board soon. According to Policybazaar.com CEO Yashish Dahiya, "At Policybazaar, our customers come first, and we keep striving to make insurance buying process hassle-free. The launch of the self-inspect feature is one such step which helps both consumers as well as insurers." The Policybazaar App can be downloaded from Google Play store for android users. The App, which will also be available on iOS soon, functions well on any android phone operating on an OS version of 5.0 and having 4 MP or above camera. The self-inspection feature has a demo video to guide on how to shoot inspection video and upload the same, besides guidelines laid down by insurers that one needs to keep in mind before undertaking the self-inspection. "The self-inspect feature has been designed for the tech-savvy India where a majority of people use smart phones. The self-inspection requires a 360 degree video of the vehicle to be insured without any pause, a process that eliminates chances of any fraud. Through this feature, Policybazaar aims to save time and money of those who want their vehicles' insurance renewed without much difficulty," said Head of Motor Insurance, Policybazaar.com, Neeraj Gupta. To make use of the self-inspection feature, please keep in mind the following guidelines: The video should be taken in day light, and those done in a basement or under shade (for example, under a tree) are not valid. 360 degree view of the vehicle has to be captured in a single video clip without any pause and the vehicle shouldn't go out of the focus while the video is being shot. The video should include, either at the start or at the end, a copy of the car's RC (registration certificate) which is mandatory, and a copy of previous year's policy copy (if applicable).
Jul 31, 2017 - Policybazaar.com
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