Aiming to clock around 15 per cent growth in premium income in the current fiscal, Tata AIG General Insurance on Sunday said it will take a slew of measures including expanding the product basket in the existing segments, starting a new vertical and opening new branches.
"Last fiscal, our premium income grew by around nine per cent. It may be around 15 per cent this fiscal," Tata AIG General Insurance's CEO and Managing Director Gaurav D Garg told PTI here.
Tata AIG General Insurance had generated Rs 882.93 crore as premium income where motor insurance contributed 25 per cent followed by personal accident, health and travel segments putting 20 per cent together. The commercial segment shared the remaining 55 per cent.
Garg expects the industry growth would be below 10 per cent this fiscal as compared to around nine per cent in 2008-09.
During the current fiscal, Tata AIG General Insurance would focus on segments like motor, small business, health, rural and retail segments for growth.
"These segments have high-growth potentials and we want to focus on these areas to bolster growth," Garg said, adding that the company would either expand the existing product baskets or launch new products in these areas during the current fiscal.
Tuesday, June 30, 2009
Recession : CBI survey shows Insurance companies are the most optimistic
Although the three months to June saw levels of business, income and profitability continue to fall, this was at a much slower pace than earlier this year. This suggests the industry may now be on a gradual path towards recovery, though differences between the sectors remain.
Insurance companies are the most optimistic about growth in business over the coming quarter, while banks also expect volumes to rise. Building societies have experienced extremely tough business conditions since early 2008, but are now hopeful that volumes, income and profitability will stabilise in the next quarter. By contrast, securities traders and investment managers expect the recent improvement in their business to be short-lived, with volume declines expected to resume next quarter.
Life insurance
Every respondent reported business volumes and profitability to be down on the previous three months, the latter no doubt due to sharp falls in income values and spreads staying flat. However, optimism among life insurers was high, most likely due to expectations of growth in both business volumes and profitability over the coming quarter.
General insurance
Business volumes fell in the last three months, despite expectations of strong growth. This, along with a fall in income values, outweighed the advantage of falling costs, thus leading to a marginal decline in profitability. Nonetheless, optimism rose further, with business volumes set to increase over the next three months.
Andrew Kail, UK insurance leader, PricewaterhouseCoopers LLP, said:
“General insurers continue to feel positive about their outlook however business levels are down when compared to last quarter’s as planned rate increases are not being seen at the levels predicted. Previous plans to increase recruitment have been reversed, bringing the sector in line with other areas of financial services sector. Modest spending on regulatory compliance is a surprise, given the requirements of Solvency II. Despite cost reduction measures, some insurers now expect profitability to fall as the cost of claims will probably increase as the impact of the recession bites.”
“Life insurers report the most positive results in sentiment for five years, after seven consecutive quarters of negative outlook. Business however, remains subdued for now. The industry is hoping for a recovery in fortunes following recent rises in the equity markets and some positive news on the housing market. Expense reduction and customer retention are still the order of the day and there is nothing in the survey results to suggest an upturn in business has yet materialised.”
Insurance brokers
Profitability grew in the current quarter, but at a much slower pace than in March’s survey – likely due to a comparatively stronger performance overall in the previous three months. The increase in profitability is expected to gather pace over the next quarter. Numbers employed fell at their slowest rate over their five quarters of decline so far, and a further easing in the pace of deterioration is expected in the next three months.
Insurance companies are the most optimistic about growth in business over the coming quarter, while banks also expect volumes to rise. Building societies have experienced extremely tough business conditions since early 2008, but are now hopeful that volumes, income and profitability will stabilise in the next quarter. By contrast, securities traders and investment managers expect the recent improvement in their business to be short-lived, with volume declines expected to resume next quarter.
Life insurance
Every respondent reported business volumes and profitability to be down on the previous three months, the latter no doubt due to sharp falls in income values and spreads staying flat. However, optimism among life insurers was high, most likely due to expectations of growth in both business volumes and profitability over the coming quarter.
General insurance
Business volumes fell in the last three months, despite expectations of strong growth. This, along with a fall in income values, outweighed the advantage of falling costs, thus leading to a marginal decline in profitability. Nonetheless, optimism rose further, with business volumes set to increase over the next three months.
Andrew Kail, UK insurance leader, PricewaterhouseCoopers LLP, said:
“General insurers continue to feel positive about their outlook however business levels are down when compared to last quarter’s as planned rate increases are not being seen at the levels predicted. Previous plans to increase recruitment have been reversed, bringing the sector in line with other areas of financial services sector. Modest spending on regulatory compliance is a surprise, given the requirements of Solvency II. Despite cost reduction measures, some insurers now expect profitability to fall as the cost of claims will probably increase as the impact of the recession bites.”
“Life insurers report the most positive results in sentiment for five years, after seven consecutive quarters of negative outlook. Business however, remains subdued for now. The industry is hoping for a recovery in fortunes following recent rises in the equity markets and some positive news on the housing market. Expense reduction and customer retention are still the order of the day and there is nothing in the survey results to suggest an upturn in business has yet materialised.”
Insurance brokers
Profitability grew in the current quarter, but at a much slower pace than in March’s survey – likely due to a comparatively stronger performance overall in the previous three months. The increase in profitability is expected to gather pace over the next quarter. Numbers employed fell at their slowest rate over their five quarters of decline so far, and a further easing in the pace of deterioration is expected in the next three months.
Classic Motor Insurance
Peter Best Insurance Services Ltd is a specialist insurance broker with over 21 years experience in the collectable cars, motorbikes and commercial vehicles markets.
From a single club scheme launched in 1985, they have grown to become one of the largest and most trusted names in Collectors Car Insurance. In addition, their general insurance office provides competitive premiums from leading insurers for your private motor, household, travel and commercial insurance needs.
The company is now able to provide you with on-line quotes and purchases for Classic Cars, (including club schemes for Mercedes Benz and MG), Classic Motorcycles and Classic 4×4 vehicles. You can get an instant quote using our BEST WebQuote system and purchase the policy online by registering your details with them.
With their interest in the classic motor insurance market, they have strong connections with many of the car clubs such as the Mercedes Benz Club and the MG Car Club. This enables them to offer discounted premiums to existing club members, providing they can supply their membership number.
Although Peter Best Insurance Services Ltd specialises in the classic vehicle field, they do not neglect their clients other insurance requirements, such as private motor, household, travel, etc.
As a specialist classic motor insurance market, Peter Best Insurance Services Ltd have bespoke schemes for those with good driving records, in particular:-
© Best Driver - a quality comprehensive policy with unlimited mileage with own business use. Europe-wide cover and DAS Legal Expense insurance included.
10 Plus - a second car policy allowing up to 5,000 miles per year, comprehensive cover for family-type vehicles over 10 years old (excluding convertible models). They also provide Europewide cover including roadside assistance and recovery. No Claims Bonus is not used on this vehicle and is therefore free to keep on your everyday vehicle. There is no agreed value. The Policy is based on their successful Classic Car schemes.
From a single club scheme launched in 1985, they have grown to become one of the largest and most trusted names in Collectors Car Insurance. In addition, their general insurance office provides competitive premiums from leading insurers for your private motor, household, travel and commercial insurance needs.
The company is now able to provide you with on-line quotes and purchases for Classic Cars, (including club schemes for Mercedes Benz and MG), Classic Motorcycles and Classic 4×4 vehicles. You can get an instant quote using our BEST WebQuote system and purchase the policy online by registering your details with them.
With their interest in the classic motor insurance market, they have strong connections with many of the car clubs such as the Mercedes Benz Club and the MG Car Club. This enables them to offer discounted premiums to existing club members, providing they can supply their membership number.
Although Peter Best Insurance Services Ltd specialises in the classic vehicle field, they do not neglect their clients other insurance requirements, such as private motor, household, travel, etc.
As a specialist classic motor insurance market, Peter Best Insurance Services Ltd have bespoke schemes for those with good driving records, in particular:-
© Best Driver - a quality comprehensive policy with unlimited mileage with own business use. Europe-wide cover and DAS Legal Expense insurance included.
10 Plus - a second car policy allowing up to 5,000 miles per year, comprehensive cover for family-type vehicles over 10 years old (excluding convertible models). They also provide Europewide cover including roadside assistance and recovery. No Claims Bonus is not used on this vehicle and is therefore free to keep on your everyday vehicle. There is no agreed value. The Policy is based on their successful Classic Car schemes.
Thursday, June 18, 2009
The Proper Use Of Diabetic Shoes To Protect Diabetic Feet
The use of diabetic shoes has been steadily increasing since the Medicare Therapeutic Shoe Bill was passed. For some diabetics, these are of vital importance to reduce shoe related foot complications. Unfortunately, overuse of these prescription devices and fraudulent distribution threatens the long-term viability of this program. This article will discuss the appropriate use of these shoes and how patients and physicians can assure proper utilization and monitoring of these devices.
The Rationale Behind The Use of Diabetic Shoes:
Medicare began this benefit in order to limit the incidence of foot wounds and general injuries caused by the use of improperly fitting shoes. Shoes have been the source of many friction and pressure-related wounds, leading to infection, hospitalization, and possibly amputation. They also have allowed for irritation of foot deformities already present, including bunions and hammertoes. As many diabetics have some level of poor sensation (peripheral neuropathy), shoe irritation pain cannot be readily felt and wounds form easily after a relatively short period of time. Combined with foot deformity like bunions and hammertoes, as well as chronic swelling (edema), the potential for the shoe to rub against the skin is dangerously increased. A diabetic shoe is defined as an extra depth shoe (especially in the toe box) to reduce pressure from above on the toes, as well as sized appropriately for width to reduce pressure on the inside and outside of the foot. This immediately protects feet with toe deformities or bunions, and benefits normal feet as well. The shoe material generally should have a construction to limit seams within the shoe, and should be durable to last one year's worth of daily use. Of vital importance is the inclusion of an insert made mostly of a material called plastizote. This material reduces pressure and shear forces. It can be heat molded to the foot, or in some cases must be custom molded to a foot if severe foot deformity is present. These severe deformities may be from amputation voids or a fracture-causing disease called Charcot arthropathy. Medicare has defined the minimum thickness of this material, and the use of anything less is inappropriate. When the extra depth shoe and plastizote insert are combined, the likelihood of shoe-related diabetic complications is significantly reduced.
Diabetic Shoe Misuse:
Unfortunately, diabetic shoes are over-utilized outside the medical community. In order for a diabetic to need diabetic shoes, they need to have some combination of neuropathy, foot deformity, calluses or corns (hyperkeratosis), prior foot ulcer, amputation, or arterial disease. If none of these are present, a diabetic does not need the shoe as the risk for problems is low, and Medicare will not cover it. A proper medical exam is needed to determine if these components are present, as a diabetic with any of these conditions should be under medical and podiatric care anyway. This can be done by the physician managing the diabetes, but a foot specialist usually handles this. A proper prescription for the shoes and a determination as to whether heat molded or custom inserts are needed is made, as well as a determination for any other modifications needed. At times, some diabetics have such severe foot deformities that a standard diabetic shoe is in appropriate, and a custom molded shoe is needed. This requires a much different process. After the shoe prescription is determined, the physician managing the diabetes then certifies the treatment of diabetes and the need for the shoe. This documentation is required by Medicare.
The above process is often ignored when medical supply companies and non-medical entities are involved in the distribution of diabetic shoes. A common scenario takes place when patients are contacted by mail or phone by these companies (who are on a calling list due to their diabetes), and an offer is made for a "free" diabetic shoe. These patients are then fitted through the mail based on the shoe size they admit to, or they mail in a foam box impression of the foot sent to them. Events are also held in which patients go to a hotel or general conference center for a one-day opportunity to be fitted. Rarely is an exam performed by the dispensing company, who rely solely on the certification of the treating physician to be in-line with Medicare documentation requirements. Most of these physicians are too busy to scrutinize the source of the shoes, and simply want to provide protection to their diabetics, so they sign it. The patients are then sent the shoes, and no follow-up is performed to determine if the fit is appropriate. If problems do develop, no one is available locally to inspect or modify the shoes. At times, the shoe styles used barely fit the qualifications for a diabetic shoe, as commercially available shoes are often used in place of a dedicated diabetic shoe, and the inserts used are of poor quality. Some companies will automatically use custom inserts whether or not they are actually needed as the custom inserts reimburse higher. All of this is done without the input or expertise of a foot specialist, or even the primary physician.
As if all this was not enough, in many cases companies will write off the 20% Medicare does not cover in the event a secondary insurance is not present (or will not cover diabetic shoes), in order to keep the marketing of "free" shoes accurate. This is illegal, as providers and suppliers are obligated by federal law to collect this.
The Big Picture:
In short, not all diabetics need diabetic shoes. Those who do need shoes that fit properly based on their specific foot, and a specialist is needed to create the prescription and follow-through with the product. Medicare needs to be billed properly and accurately. The over-extensive and fraudulent use of diabetic shoes for profit is threatening the long-term viability of this program. The determination for the use of these devices needs to rest solely in the hands of the podiatrist or physician treating the diabetes. The shoes should be dispensed directly from the podiatrist or from a skilled pedorthist/orthotist to ensure quality and proper follow-up of fit and function.
The Rationale Behind The Use of Diabetic Shoes:
Medicare began this benefit in order to limit the incidence of foot wounds and general injuries caused by the use of improperly fitting shoes. Shoes have been the source of many friction and pressure-related wounds, leading to infection, hospitalization, and possibly amputation. They also have allowed for irritation of foot deformities already present, including bunions and hammertoes. As many diabetics have some level of poor sensation (peripheral neuropathy), shoe irritation pain cannot be readily felt and wounds form easily after a relatively short period of time. Combined with foot deformity like bunions and hammertoes, as well as chronic swelling (edema), the potential for the shoe to rub against the skin is dangerously increased. A diabetic shoe is defined as an extra depth shoe (especially in the toe box) to reduce pressure from above on the toes, as well as sized appropriately for width to reduce pressure on the inside and outside of the foot. This immediately protects feet with toe deformities or bunions, and benefits normal feet as well. The shoe material generally should have a construction to limit seams within the shoe, and should be durable to last one year's worth of daily use. Of vital importance is the inclusion of an insert made mostly of a material called plastizote. This material reduces pressure and shear forces. It can be heat molded to the foot, or in some cases must be custom molded to a foot if severe foot deformity is present. These severe deformities may be from amputation voids or a fracture-causing disease called Charcot arthropathy. Medicare has defined the minimum thickness of this material, and the use of anything less is inappropriate. When the extra depth shoe and plastizote insert are combined, the likelihood of shoe-related diabetic complications is significantly reduced.
Diabetic Shoe Misuse:
Unfortunately, diabetic shoes are over-utilized outside the medical community. In order for a diabetic to need diabetic shoes, they need to have some combination of neuropathy, foot deformity, calluses or corns (hyperkeratosis), prior foot ulcer, amputation, or arterial disease. If none of these are present, a diabetic does not need the shoe as the risk for problems is low, and Medicare will not cover it. A proper medical exam is needed to determine if these components are present, as a diabetic with any of these conditions should be under medical and podiatric care anyway. This can be done by the physician managing the diabetes, but a foot specialist usually handles this. A proper prescription for the shoes and a determination as to whether heat molded or custom inserts are needed is made, as well as a determination for any other modifications needed. At times, some diabetics have such severe foot deformities that a standard diabetic shoe is in appropriate, and a custom molded shoe is needed. This requires a much different process. After the shoe prescription is determined, the physician managing the diabetes then certifies the treatment of diabetes and the need for the shoe. This documentation is required by Medicare.
The above process is often ignored when medical supply companies and non-medical entities are involved in the distribution of diabetic shoes. A common scenario takes place when patients are contacted by mail or phone by these companies (who are on a calling list due to their diabetes), and an offer is made for a "free" diabetic shoe. These patients are then fitted through the mail based on the shoe size they admit to, or they mail in a foam box impression of the foot sent to them. Events are also held in which patients go to a hotel or general conference center for a one-day opportunity to be fitted. Rarely is an exam performed by the dispensing company, who rely solely on the certification of the treating physician to be in-line with Medicare documentation requirements. Most of these physicians are too busy to scrutinize the source of the shoes, and simply want to provide protection to their diabetics, so they sign it. The patients are then sent the shoes, and no follow-up is performed to determine if the fit is appropriate. If problems do develop, no one is available locally to inspect or modify the shoes. At times, the shoe styles used barely fit the qualifications for a diabetic shoe, as commercially available shoes are often used in place of a dedicated diabetic shoe, and the inserts used are of poor quality. Some companies will automatically use custom inserts whether or not they are actually needed as the custom inserts reimburse higher. All of this is done without the input or expertise of a foot specialist, or even the primary physician.
As if all this was not enough, in many cases companies will write off the 20% Medicare does not cover in the event a secondary insurance is not present (or will not cover diabetic shoes), in order to keep the marketing of "free" shoes accurate. This is illegal, as providers and suppliers are obligated by federal law to collect this.
The Big Picture:
In short, not all diabetics need diabetic shoes. Those who do need shoes that fit properly based on their specific foot, and a specialist is needed to create the prescription and follow-through with the product. Medicare needs to be billed properly and accurately. The over-extensive and fraudulent use of diabetic shoes for profit is threatening the long-term viability of this program. The determination for the use of these devices needs to rest solely in the hands of the podiatrist or physician treating the diabetes. The shoes should be dispensed directly from the podiatrist or from a skilled pedorthist/orthotist to ensure quality and proper follow-up of fit and function.
When Is The Time To Get Commercial Car Insurance for Your Business?
How will you determine the type of car insurance policy that is appropriate for your business? Will the conventional insurance policy suffice in providing protection to the company?s assets and other investments? You have to seriously consider your decision as the kind of policy that you take out will have a direct effect on how well you can respond to adverse claims for damages caused by accidents where your vehicle is involved.
With the all the potential harm that such unforeseen events have on the interest of the company, it is just incumbent upon us to seriously consider our decision on the type of commercial car insurance that we get to protect company. There are a lot of things that come into play when we are deciding on the type of commercial car insurance policy for our business.
The coverage of commercial insurance policies should not only provide protection for damages to the vehicle but also for the damages to other properties and bodily injuries of third parties. Companies that extensively use vehicles in their operations are expected to maintain comprehensive commercial car insurance policy with sufficient coverage for liabilities on both bodily harm and properties.
As a general rule, if you are using your car for business-related activities it is wise to get commercial car insurance with sufficient protection coverage for liability of your company from property damage and bodily harm. Failure to consider the appropriate liability coverage of your car insurance policy may have serious repercussions on the driver and your company as well.
On the other hand, car insurance policy for home-based businesses and other small scale businesses is not as straightforward as most of us are wont to believe. What complicates the matter is the practice of most business owners of relying on personal car insurance policies even for cars that are extensively used for business activities. This practice normally exposes the business to unwarranted risks and you stand to lose more when unfortunate accidents happen where your car is involved.
It is essential that we discuss with our insurance agent the appropriate coverage that our car insurance must have. The liability cover for adverse claims to property damages and injuries is legally required of all businesses whether their operation is on a large scale or not. You also have to confer with your insurance agent of the necessity for additional liability coverage to account for such potential risk of collision, medical exposure and motorists that are not sufficiently covered.
You should also discuss with your insurance agent of the necessity for additional liability coverage for collision, motorists that are not covered and medical. The company would also have to consider company policies which may have direct bearing on the type of insurance policies that they have to get. For instance, you may decide for a comprehensive insurance policy with higher premium payments but provide for a larger payout as your protection for adverse claims for damages caused by serious accidents that involve company vehicles.
With the all the potential harm that such unforeseen events have on the interest of the company, it is just incumbent upon us to seriously consider our decision on the type of commercial car insurance that we get to protect company. There are a lot of things that come into play when we are deciding on the type of commercial car insurance policy for our business.
The coverage of commercial insurance policies should not only provide protection for damages to the vehicle but also for the damages to other properties and bodily injuries of third parties. Companies that extensively use vehicles in their operations are expected to maintain comprehensive commercial car insurance policy with sufficient coverage for liabilities on both bodily harm and properties.
As a general rule, if you are using your car for business-related activities it is wise to get commercial car insurance with sufficient protection coverage for liability of your company from property damage and bodily harm. Failure to consider the appropriate liability coverage of your car insurance policy may have serious repercussions on the driver and your company as well.
On the other hand, car insurance policy for home-based businesses and other small scale businesses is not as straightforward as most of us are wont to believe. What complicates the matter is the practice of most business owners of relying on personal car insurance policies even for cars that are extensively used for business activities. This practice normally exposes the business to unwarranted risks and you stand to lose more when unfortunate accidents happen where your car is involved.
It is essential that we discuss with our insurance agent the appropriate coverage that our car insurance must have. The liability cover for adverse claims to property damages and injuries is legally required of all businesses whether their operation is on a large scale or not. You also have to confer with your insurance agent of the necessity for additional liability coverage to account for such potential risk of collision, medical exposure and motorists that are not sufficiently covered.
You should also discuss with your insurance agent of the necessity for additional liability coverage for collision, motorists that are not covered and medical. The company would also have to consider company policies which may have direct bearing on the type of insurance policies that they have to get. For instance, you may decide for a comprehensive insurance policy with higher premium payments but provide for a larger payout as your protection for adverse claims for damages caused by serious accidents that involve company vehicles.
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