Schengen blacklists 14 Indian insurance firms
272 views
Skip to first unread message
Sutram Suresh
Mar 20, 2014, 12:34:18 AM3/20/14
to LIAFI group, LIC SBS
Travel and medical cover issued by these companies will now be invalid in 25
countries.
11 insurers figure in approved list
Amol Dethe/ DNA
Mumbai: Indians travelling to Europe will now have fewer options to insure
their journey. The Schengen visa authority has blacklisted 14 Indian
insurers, including National Insurance and SBI Life, for various
"irregularities".
Henceforth, travel and medical insurance issued by these companies will not be valid in Schengen countries. The Schengen authority issues common visasto 25 countries. They include 23 European and three non-European countries.
The debarred companies also include top private players like ICICI Lombard, Bharti Axa, L&T General Insurance, Religare Health Insurance and Raheja QBE.
The authority approves 14 companies and instructs travellers to take
insurance only from these companies.
"Visa applicants are advised to note that travel and medical cover by other Indian insurance companies are not accepted for Schengen visa procedure,"
said the authority.
For insurance companies, this is bad news as it comes right ahead of the
busy April-May season for travel insurance sales. That Europe attracts
maximum Indian tourists during summer also adds to their woes.
Student travel, too, is high during the period. Insurance industry insiders say the visa authority took this step as the rejected insurers do not measure up to their standards.
"The reasons for rejection include high claim repudiation, inadequate
service and IT infrastructure. They do not comply with embassy norms," said a top official of an insurance company.
None of the insurance companies, except ICICI Lombard, responded to e-mail queries.
"Our travel insurance products are compliant with all embassy requirements.
Problem pertains to an IT-related upgrade... the same has been done and
communicated to the authorities," said an ICICI Lombard official.
Insurance Regulatory and Development Authority (IRDA), too, did not respond to queries.
Travel insurance accounts for 4% of the total premium of general insurance companies. Rejection by a top authority could have damaging effects on the
reputation of these companies, experts say.
Most insurance companies have many claims-related complaints pending against
them and a majority of them relate to mis-selling. Though IRDA has started a grievance redressal system, it is yet to take off.
An industry analyst, however, said that the Schengen authority cannot be blamed.
"Many Indian companies don't take policyholders seriously. They don't
provide appropriate services during emergencies. Travel insurance needs a
helping hand in other countries. Foreign authorities do not turn a blind eye to such operational inefficiencies. Schengen embassy chooses companies which
are well-equipped to handle such services for travellers," said an industry analyst.
------------------------------------
Warm Regards
------------------------------------
Sent from my iPhone5
------------------------------------
Sutram Suresh, FChFP
Wealth Manager
+919845584190
www.sutramsuresh.com
------------------------------------
countries.
11 insurers figure in approved list
Amol Dethe/ DNA
Mumbai: Indians travelling to Europe will now have fewer options to insure
their journey. The Schengen visa authority has blacklisted 14 Indian
insurers, including National Insurance and SBI Life, for various
"irregularities".
Henceforth, travel and medical insurance issued by these companies will not be valid in Schengen countries. The Schengen authority issues common visasto 25 countries. They include 23 European and three non-European countries.
The debarred companies also include top private players like ICICI Lombard, Bharti Axa, L&T General Insurance, Religare Health Insurance and Raheja QBE.
The authority approves 14 companies and instructs travellers to take
insurance only from these companies.
"Visa applicants are advised to note that travel and medical cover by other Indian insurance companies are not accepted for Schengen visa procedure,"
said the authority.
For insurance companies, this is bad news as it comes right ahead of the
busy April-May season for travel insurance sales. That Europe attracts
maximum Indian tourists during summer also adds to their woes.
Student travel, too, is high during the period. Insurance industry insiders say the visa authority took this step as the rejected insurers do not measure up to their standards.
"The reasons for rejection include high claim repudiation, inadequate
service and IT infrastructure. They do not comply with embassy norms," said a top official of an insurance company.
None of the insurance companies, except ICICI Lombard, responded to e-mail queries.
"Our travel insurance products are compliant with all embassy requirements.
Problem pertains to an IT-related upgrade... the same has been done and
communicated to the authorities," said an ICICI Lombard official.
Insurance Regulatory and Development Authority (IRDA), too, did not respond to queries.
Travel insurance accounts for 4% of the total premium of general insurance companies. Rejection by a top authority could have damaging effects on the
reputation of these companies, experts say.
Most insurance companies have many claims-related complaints pending against
them and a majority of them relate to mis-selling. Though IRDA has started a grievance redressal system, it is yet to take off.
An industry analyst, however, said that the Schengen authority cannot be blamed.
"Many Indian companies don't take policyholders seriously. They don't
provide appropriate services during emergencies. Travel insurance needs a
helping hand in other countries. Foreign authorities do not turn a blind eye to such operational inefficiencies. Schengen embassy chooses companies which
are well-equipped to handle such services for travellers," said an industry analyst.
------------------------------------
Warm Regards
------------------------------------
Sent from my iPhone5
------------------------------------
Sutram Suresh, FChFP
Wealth Manager
+919845584190
www.sutramsuresh.com
------------------------------------
Sandeep Gupta
Mar 20, 2014, 5:55:00 AM3/20/14
to liafis...@googlegroups.com, LIC SBS
Dear All
Find attached the approved list of Insurance cos for Schengen Visa.
--
--
A Candle looses nothing by lightening another!
Join us on SMS Gupshup, Facebook, YouTube, LinkedIn & Twitter. Visit us at www.liafi.org.
Members are requested to restrict mails related to our profession only. Since we are a family, pl avoid Thanks Mails, instead try to increase the membership of the Group by writing to prol...@gmail.com. Members generating spam will be unsubscribed without notice.
You recieved this message because you are a member of Google Group LIAFICHARY.To post to this group, send email to liafis...@googlegroups.com
To unsubscribe from this group, send email to
liafisbschar...@googlegroups.com
For more options, visit this group at
http://groups.google.com/group/liafisbschary?hl=en-GB
---
You received this message because you are subscribed to the Google Groups "LIAFICHARY" group.
To unsubscribe from this group and stop receiving emails from it, send an email to liafisbschar...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.
Thanks & Regards,
Sandeep Gupta
Deals In
vRealty, Home Loans
vRetirement Planning
vBonds,Company /NBFC Fixed Deposits
vMatrix International Calling Cards
vGeneral Insurance Personal Accident,Fire,Motor
Shop Office / Marine Insurance Policy & Others
vMediclaim,Group Mediclaim & Overseas Mediclaim
vLife Insurance - LIC & LIC Group Insurance Policies
vDemat Accounts Online Shares / Commodities Trading Accounts,
vIncome Tax - Pan card processing, IT Calculation & Return Filing
vMutual Funds Existing Portfolio Evaluation & Creating New Portfolio
For achieving Life Goals
vBuy Physical Unlisted Shares
11/255 DDA FLATS Email :- adishakti...@gmail.com
DR.AMBEDKAR NAGAR adishakti...@yahoo.co.in
MAIN ROAD ,MADANGIR
NEW DELHI-110062
MOBILE :- 9810400608,9312260719
9811083788,9868173278
Office :- 011-26056323,011-26057648
011-65295629
Res No :- 011-29532210
Reply all
Reply to author
Forward
0 new messages