PRWire » Banking & Finance

Oracle Buys AdminServer

Aziz — Tue, 13 May 2008 05:00:05 +0000

Expands Oracle’s Applications Drive into Insurance

REDWOOD SHORES, Calif. - Oracle announced today that it has agreed to acquire AdminServer, a rapidly growing provider of insurance policy administration software. AdminServer’s product offering will become a core component of Oracle’s existing insurance industry software that is used by more than one thousand insurers, including 20 of the top 20 global insurance companies.

The AdminServer product line will significantly accelerate Oracle’s investment in the insurance industry and be complemented by Oracle’s existing insurance products such as Oracle Billing, Siebel Claims and Siebel CRM for Insurance.

The combination of Oracle and AdminServer will result in a comprehensive, end-to-end insurance policy management solution that can manage multiple insurance product lines such as life, annuities and reinsurance. Additionally, AdminServer’s management and employees will form a dedicated global business unit within Oracle, which will focus on providing critical operational applications to the insurance industry. AdminServer’s CEO Rick Connors is expected to lead the business unit as General Manager.

“Most insurers still rely on legacy policy administration applications that are extremely inflexible and impede enterprise agility and efficiency,” said Oracle President Charles Phillips. “Together, Oracle and AdminServer plan to deliver the most modern, comprehensive, standards-based and well-integrated enterprise software suite for the insurance industry.”

“To meet their growth and profitability goals, insurers need flexible software systems that can effectively support new product introductions, sales channel diversity and cost reduction,” said AdminServer President and CEO Rick Connors. “We expect our combined solutions will deliver insurers greater business insight and increased customer loyalty.”

The transaction is expected to close in the first half of 2008. Until the deal closes, each company will continue to operate independently. Financial details of the transaction were not disclosed. More information is available at http://www.oracle.com/adminserver.

The Co-operative Bank relaunches its unique fixed rate platinum credit card

PR Agent — Thu, 03 Apr 2008 10:15:04 +0000

Competitive fixed rate of 9.9% APR for the first 5 years The Co-operative Bank has relaunched its unique fixed rate platinum credit card, with a highly competitive five-year fixed rate of 9.9% APR. The credit card offers a wide range of benefits including: • A low fixed rate of 9.9% APR (typical variable) for the first 5 years • Up to 46 days interest free credit * • Free 90 days purchase protection insurance • Emergency cash and… Continue reading »

ICICI Lombard rolls out ‘Red Carpet’, a unique claims servicing initiative for its strategic customers in Motor Insurance * 24X7 helpline through a toll free number

PR Agent — Wed, 02 Apr 2008 16:45:36 +0000

ICICI Lombard General Insurance, the leading Private sector General Insurance Company, after successfully introducing 'Red Carpet', a unique and exclusive claims service initiative in the motor insurance segment, as a pilot project, has now, rolled out the initiative across the country.

Any ICICI Lombard customer insuring 50 vehicles is classified as a 'Red Carpet' customer and is a offered unique Red Carpet service proposition, which gives ease in terms of documentation andreduction in claimprocesses. In addition, ICICI Lombard has introduced a 24X7 toll free helpline, with customers across the country dialing '1800 209 8888' to seek assistance in time of distress.

The 'Red Carpet' service initiative entails relaxation in spot survey in case of a claim by allowing shifting of the vehicle from the loss location in case the ICICI Lombard surveyor does not turn up within 6 hours and offer full claim without any deduction. ICICI Lombard would make advance payment for claims over Rs. one lakh, by paying 50% of assessed liability upfront, with dues settled immediately after final invoice is raised.

The other service initiatives include Free Health and Eye Check-up camps, Driver Trainings on 'Am I a safe driver', exclusive access to national highway cashless network and scheduled visits to customers to collect and assess feedback and periodic sharing of claims MIS. The numbers of cashless garages are also continuously increased, especially on the national highways.

Speaking on the initiative, Mr. Eshwaranatrajan, Head – Motor Insurance, ICICI Lombard General Insurance said: "About 20 % of our valued clientele have already experienced our service levels offered under the 'Red Carpet '. The whole objective is to enable the customer to get the claim settled for his damaged vehicle at the earliest and with minimum documentation. We shall be enhancing our overall service, with special thrust for the Commercial Vehicle segment, which is considered the cornerstone for a rapidly developing economy like India."

IFFCO-TOKIO- A hassle free claim settlement Settles claims worth Rs. 1.31 Crore in Chhattisgarh

PR Agent — Mon, 31 Mar 2008 11:00:18 +0000

IFFCO-TOKIO General Insurance Co. Ltd. (ITGI), a trusted player in general insurance, today announced claim disbursement worth Rs.1.31 crore for its immensely popular Barish Bima Yojna (BBY) for the farmers of Chattisgarh.

The claims have been made to 4,169 farmers in 7 districts of Surguja, Koriya, Jashpurnagar, Raigarh, Mahasamund (Saraipali), Kawardha and Rajnandgaon (Chhuikhadan, Dongargarh, Gandai and Ambagarh Choki) in Chhattisgarh. The scheme was applicable in 12 districts covering a total of 10,433 farmers in the state. The claim cheques were distributed through a function organized by the company in various locations. Dr. Raman Singh (Chief Minister of Chhattisgarh) graced the occasion as Chief Guest.

The unique policy has received an overwhelming response from the farmers, since it was launched by ITGI in 12 districts of Chhattisgarh during the Kharif season of 2007. Barish Bima Yojana provides insurance cover to farmers due to deficiency in rainfall.

Commenting on the success of the policy, Mr. S Narayanan, MD & CEO, IFFCO TOKIO General Insurance Co. Ltd. said, “Our endeavor is to protect the farmers of the country against unforeseen risks, and we are delighted by the success of the Barish Bima Yojana policy in the state of Chhattisgarh. ITGI with its unmatched products and service excellence will further leverage this accomplishment to introduce the policy in more regions of the country,” he added.

Since Oct 2001, ITGI has also been serving the farming community through its specially drafted personal accident policy linked with purchase of fertilizer, named “Sankat Haran Bima Yojna” through Co-operative societies under the slogan “Khad to khad Bima Saath”. Under this cover, no premium is charged from the farmer.

Till 31st January, 2008, 6945 claims have been paid, amounting to Rs. 40.55 crore, all over India.

ITGI has a strong presence in Chhattisgarh, with footprints in 8 districts, namely Raipur, Durg/Bhilai, Rajnandgaon, Bilaspur, Raigarh, Ambikapur and Jagdalpur. The company started the Chhattisgarh operations in 2004, and since then has also initiated the ‘Cooperative Model’ in the state through the Cooperative societies. ITGI has also opened