Tuesday, 20 November 2018

COCO by DHFL General Insurance is here to transform the “Sold, Not Bought” aspect of Insurance.

Care More Have More


Students studying in the field of Insurance are practised to believe in the thought process of “Insurance is Sold and Not Bought”. This is even considered as conventional wisdom for veterans working in the insurance industry. Many people claim that insurance products are complex, easily misunderstood, need a detailed analysis to be underwritten, and therefore have to be “sold” to customers. But for how long? With the advent of technology, InsureTech firms are here to demystify the age-old concept of “Sold, Not Bought”. Insurance companies are not just going to B2C but the customer too is keen for best value offering.

In the age of where everything is going digital, insurance companies are offering new products through the digital ecosystem. The key advantages for consumers choosing digital insurers are product choice, transparency, direct point of contact etc. COCO by DHFL General Insurance believes in the Philosophy of Connected Covers – a policy which can be bought, reviewed, claimed and renewed, all online in the digital ecosystem with the help of next-gen techs like Artificial Intelligence and Machine Learning.

COCODrive offers India’s highest Personal Accident Cover

COCO by DHFL General Insurance has launched India’s first customizable online comprehensive car insurance policy named COCODrive. Gone are the days when consumers were forced to buy unwanted services in bundled insurance policies. Busting traditional routes, COCODrive gives freedom to customers to choose from whopping 19 add-ons depending upon the type of car, the age of a car or geographical area.

The a`la carte approach in the COCODrive policy provides suggestions to customers that will help them pick the right add-ons suitable for their need. COCO by DHFL General Insurance ensures that customers have the right protection for themselves, their loved ones and of course their family car.

COCODrive offers India’s highest personal accident cover which can go up to Rs 35 lakhs. The policy offers many non-standard add-ons such as enhanced owner, occupant and paid driver personal accident cover. While the recent Supreme Court decision mandates personal accident cover of Rs 15 lakhs, COCODrive is the only product in the market to offer an enhanced personal accident cover that can go as high as Rs 35 lakh.

Protecting your loved ones: Family + Car.

Choose what you want! COCODrive offers a range of crucial add-ons for you, your loved ones and your car. COCO by DHFL General Insurance offers 6 car related add-ons out of a total number of 19 add-ons, which is the highest in the market.

Using a car which is older than 5 years, then you should buy Zero Dep cover as it fully pays the replacement cost of your car’s damaged parts without worrying for depreciation. If you live in monsoon prone areas like Mumbai, Bangalore, Kerala or North East which face excessive floods every year. The Engine Protect add-on cover pays for damages caused to the vehicle’s engine or its most important parts like cylinder, piston, crankshaft, pins, gearbox etc due to water ingression. Flood related damages are excluded in the standard motor insurance policy and it is essential to buy if you live in low lying areas. Also, car owners should avoid parking your car in the flood prone areas or over a river bridge during monsoon. A car fully submerged under water can result in a total loss. In such unfortunate case, New Car for Old Car add-on can get you a claim worth the cost of the new vehicle at just Rs 0.50 per day.

In case of a vehicle breakdown or meeting with an accident, the Roadside Assistance offers a host of benefits including towing, battery jump start, phone assistance etc. Data analytics suggests that 80% of breakdowns or accidents happen on National Highway, far from the city. In such case, if your vehicle can’t be repaired on spot, the Emergency Transport and Hotel Stay add-on covers for your last minute travelling charges or an overnight hotel stay. Accidents generally end up in a need to go to the hospital, although we dislike it. The Accident Hospitalisation add-on will ensure that the cost of medical expenses (driver and occupants) do not add to your pain.

COCODrive rewards you for Safe Driving with No Claim Bonus (NCB) which can go high as 50% of the policy value. The NCB Secure add-on allows you to have Second Chance by protecting your NCB in case you make 1 claim during your policy tenure.

#CareMoreHaveMore

COCO by DHFL General Insurance Ltd is a new age InsureTech (general insurance venture) promoted by Wadhawan Global Capital Pvt Ltd (WGC).  COCO by DHFL General Insurance, a 100%  owned entity of WGC started its business operations in November 2017 with an overreaching ambition to transform General Insurance domain in India. COCO has launched Motor Insurance and is soon going to venture into other General Insurance segments namely Health, Travel, and Home. COCO, the digital avatar of DHFL General Insurance was awarded for ‘Brand Excellence in BFSI’ at Awards for Excellence in Branding and Marketing, Singapore 2018. The Gross Written Premium for YTD FY 201819 stood at Rs 202.71 crores, making COCO by DHFL General Insurance a leading InsureTech firm to service Indians.

- Chaitanya Kulkarni.

Monday, 19 November 2018

Govt of India and Asian Development Bank sign $300 million loan support to India Infrastructure Finance Company Ltd



The Asian Development Bank (ADB) and the Government of India signed a $300 million Loan Agreement to support lending by India Infrastructure Finance Company Limited (IIFCL).

Speaking on the occasion, Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, Ministry of Finance, who signed the loan agreement on behalf of Government of India said that the Project will enhance availability of long-term finance for PPP projects, improve operational capacity of IIFCL, and expand the portfolio of infrastructure financing instruments available to IIFCL. He further said that the loan is expected to complement the Government’s infrastructure building efforts.

Mr. Kenichi Yokoyama, Country Director of ADB’s India Resident Mission who signed the agreement for ADB, said that ADB funding is expected to fund at least 13 sub-projects through IIFCL, involving roads and renewable power generation, under the last tranche.

The Project supports the renewed effort of the Government of India in accelerating infrastructure growth through increased Private Sector investment. The Project is relevant and responsive to the constraints to bank based infrastructure financing, fiscal space creation, and repercussions on GDP growth.

The $300 million ADB loan is expected to help catalyze the financial closing of $2.4 billion in investments. In addition, the attached technical assistance will support IIFCL capacity development and will focus on IIFCL’s financial management and social and environmental safeguards.

Source – PIB.

Note: Also published on InfraStory.com

Saturday, 10 November 2018

L&T- built Statue of Unity turns into a tourist magnet.


India's tallest political leader, Sardar Vallabhbhai Patel was dedicated with World's largest statue. 182 metre tall Statue of Unity made by Mumbai based Larsen Toubro was dedicated towards the nation by PM Modi. At the launch ceremony, the Prime Minister and other dignitaries’ poured soil and Narmada water into a Kalash to mark the dedication of the ‘Statue of Unity’ to the nation. The Prime Minister pressed a lever to commence a Virtual Abhishek of the statue.

At 182 meters (597 feet), the steel, concrete and brass-clad statue is the tallest in the world and Larsen & Toubro is proud to have constructed it in a record time of 33 months. The Buildings & Factories business of the construction arm of L&T had won this prestigious EPC contract for the design and construction of the Statue of Unity from the Government of Gujarat in October 2014 and construction of the raft of the statue began in December 2015.

A statesman par excellence, Sardar Patel is widely considered as the architect of modern India, who was responsible for uniting the newly-independent nation. The Statue of Unity, on the Sadhu Bet Island, approximately 3.5 km south of Sardar Sarovar Dam at Kevadia in the Narmada district of Gujarat now stands tall as an inspiration to future generations, a reminder of Sardar Patel’s sterling contribution and a symbol of national harmony and integrity.

The Statue Of Unity offers Museum and Exhibition centre and viewing gallery (approx 60 floor high) to tourists. This gallery, at 153 metres height, can accommodate up to 200 visitors at one time. It offers a spectacular view of the Sardar Sarovar Dam, its reservoir, and the Satpura and Vindhya mountain ranges.

The SoU complex comprises an exhibition centre at its base, a memorial garden, a designer bridge connecting Sadhu Island with the mainland along the Narmada River, an internal roadway of 5 km length, improvements to the existing roads /bridges/ culverts connecting the area of Sadhu Island. It also hosts an administrative complex and a star rated hotel (Shrestha Bharat Bhavan) and a conference centre.

The statue, a towering piece of engineering by L&T, is conceived as a naturalistic depiction of Sardar Patel in his characteristic garb in a walking pose. It rises out of a star-shaped, geometric base that covers the entire Sadhu Hill. The statue has a unique, slender width to height ratio, far more exacting than existing technical norms that call for special engineering considerations. The structure has two vertical cores each housing a high-speed passenger elevator. The vertical cores support the steel frames to which about 6,500 bronze panels are clad. A viewing gallery at the level at the chest, can accommodate up to 200 visitors at one go and affords a breath-taking view of the Sardar Sarovar dam and its environs.

While critics were sceptical about ROI of the Statue, the enthusiastic and nationalist people of India proved them wrong with massive turnout at Statue of Unity monument. As reported by DeshGujarat, more than 1,00,000 people visited SoU in Diwali holiday adding to approx Rs 2 crore revenue to Sardar Vallabhbhai Patel Rashtriya Ekta Trust. Since, the area of not yet well connecting by Public Transport, people chose to visit by cars adding to a 9km long traffic jam.

A large turnout towards SoU is now having teething troubles but this would be a learning lesson for management to rectify in the coming months. GSRTC, the state transport should also start Volvo buses every 1 hour from Surat CBS, Ankleshwar, Vadodara CBS and Ahmedabad. A few buses from Bhavnagar and Jamnagar are also in demand via RoRo service for SoU. The Govt of Gujarat or SVPRET should invest few crores in public amenities to truly make the Statue of Unity, a world-class national monument.

How To Reach Statue of Unity from Mumbai?

1. Board Dehradun Express (12.00am) from Bandra Terminus or Borivali till Surat (5.00am).
2. Board 6.00am GSRTC bus from Surat Central Bus Stn (Opp. Surat Rly Stn) to Kevadiya Colony.
3. From Kevadiya Colony, a dedicated bus for Statue of Unity is available.
4. Make sure you have reservations for all keeping in mind tourist inflow.

- Chaitanya Kulkarni

Thursday, 8 November 2018

Delhi Metro Phase III gets Rs 3300 crores ODA loan from Japan's JICA.


Japan International Cooperation Agency (JICA) signed an agreement with the Government of India to provide Official Development Assistance (ODA) Loan of 53,675 million Japanese Yen (approximately INR 3,300 crore) for the ‘Delhi Mass Rapid Transport System Project Phase 3 (Tranche III)'.

The objective of the Project is to cope with the increasing traffic demand in Delhi by expanding mass transit systems, thereby mitigating traffic congestion, reducing air pollution, minimizing road accidents and making travel smoother for the people in New Delhi. The scope of the Phase 3 includes the construction of Pink Line and Magenta Line and the extension of Yellow Line, Blue Line, Green Line and Violet Line. The Phase 3 will add 159.7 kilometers to the existing Delhi Metro Line and will connect 109 metro stations.

The ODA loan agreement was signed between Shohei Hara, Director General, South Asia Department, JICA and Mr. Sujan R. Chinoy, Ambassador of India to Japan on October 29, 2018 at Tokyo.

The Executing Agency for the Project is Delhi Metro Rail Corporation Limited. The Project envisages building of an efficient transportation system for the city, catering to the growing population. With high growth in transport demand, congestion on roads has been increasing and the mode of travel in favor of public transportation has remained around 50%. It is expected that the mode of travel in favor of public transport will increase to 60% upon commissioning of the Project, while the mode of travel in favor of Delhi Metro will increase to 19% from the current 15%.

"With the signing of Tranche-III of Delhi Metro ODA Loan, JICA has continued to fulfill its commitment of improving the mobility in the capital city. We are pleased to support the network of Delhi Metro which has now reached a cumulative length of 349.7 kilometers. Delhi Metro Rail Corporation (DMRC) shares an over two-decade-long association with JICA, and with the signing of this ODA loan agreement, our bond is only going to grow stronger." - Mr. Katsuo Matsumoto, Chief Representative, JICA India.

JICA has extended a cumulative total of 705,206 million Japanese Yen (approximately 45,000 crores) in ODA loans for the Delhi Mass Rapid Transport System Project since 1997. With the signing of the loan agreement for Delhi Metro Project Phase 3, the cumulative loan amount provided by JICA for Metro projects in India (including Delhi, Bengaluru, Kolkata, Mumbai, Chennai and Ahmedabad Metro) exceeds 1.2 trillion Japanese Yen (approximately 77,000 crores).

Source - JICA.

Monday, 22 October 2018

Reliance Jio disrupts Broadband segment with the acquisition of Hathway and Den Networks.


After disrupting the mobile internet segment, India’s largest internet service provider Reliance Jio is set to enter broadband internet business. The Jio GigaFiber has announced that they may offer internet speeds of up to 1 GBPS in 1100 cities at reasonable prices. In its welcome offer, Jio Gigafiber offers 100 MBPS free internet for 3 months upon submitting Rs 4500 refundable deposit for the high-speed router and Home Hub.

Reliance Jio is projecting itself as Smart Home appliance provider as it would not just offer high-speed broadband but also Set Top Box with 4K capabilities and many more smart appliances. Media reports suggested that local cable operators were reluctant with proposition with Reliance Jio offers. With the acquisition of Hathway Cables and Den Networks, we can predict that a PAN India service launch of Reliance Jio would be possible by 2019.

Reliance Industries Limited in its press release announced the strategic investment of RIL in Hathway and Den to accelerate Jio GigaFiber service. A primary investment of Rs. 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs. 245 crore from the existing promoters for a 66% stake in Den Networks. Primary investment of Rs. 2,940 crore through a preferential issue under SEBI regulations for a 51.3% stake in Hathway Cable and Datacom Limited (“Hathway”) Limited.

These strategic investments are in furtherance of Reliance’s mission of connecting everyone and everything, everywhere – always at the highest quality and the most affordable price and transforming India’s digital landscape. After having taken India to the top position in the mobile broadband space, Reliance is now committed to taking India from a global rank of 135th to among the top-3 countries in the world on wireline digital connectivity. RIL believes that these investments and partnerships will create a win-win outcome for the Local Cable Operators, Consumers, Content providers and overall eco-system.

With high-speed internet linked with set top box, consumers will be able to watch 4K channels without paying extra cost as Jio plans to charge only for Internet. This shift would also enrich channels to shift to Full HD stream from current SDTV service.

Jio shall bring JioGigaFiber to more than 50 million homes across 1,100 Indian cities and towns, in the shortest possible time. JioGigaFiber will offer:

  • Ultra High Definition Entertainment on large screen TVs.
  • Multi-Party Video Conferencing from the comfort of everyone’s living room.
  • Artificial Intelligence, in the form of voice-activated virtual assistants, who obey every command of the consumer
  • Virtual Reality Gaming and Digital Shopping in a magical universe of immersive experiences
  • Smart-Home Solutions, where hundreds of devices like security cameras, home appliances, even lights and switches, can be securely controlled by their owners, from both inside and outside their homes
  • Fixed Mobile Convergence, to offer end-to-end services on an integrated network.

Telecom analyst Jio Gigafiber to be competitively priced. For massive reach, RIL may offer 1GBPS speed internet from Rs 500 per month along with 100 TV channels. Plans are not out yet.

RIL is being advised by JM Financial Limited, Citigroup Global Markets, Khaitan & Co, Cyril Amarchand Mangaldas, AZB Partners and EY LLP on this transaction.

– Chaitanya Kulkarni.

Also published on DigiCookies.com - Tech that transforms life.

Friday, 19 October 2018

BRICS established New Development Bank deploys TCS BaNCS for treasury management.

NDB TCS
Pic Courtesy - Russia Today

Global enterprise tech giant Tata Consultancy Services has announced that New Development Bank (NDB), a multilateral development finance institution set up by the BRICS nations and headquartered in Shanghai, has gone live with TCS BaNCS for Treasury.

New Development Bank is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014 with an initial authorized capital of USD 100 billion. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development. Since the launch of its operations, NDB approved projects in its member countries with loans aggregating over USD 5.1 billion. The Bank’s headquarters is located in Shanghai, China and is headed by renowned Indian banker KV Kamath.

NDB selected TCS BaNCS for its risk and treasury operations for the solution’s support for an impressive array of asset classes, and advanced features such as real-time position keeping, risk analytics, and a single product configurator that supports complex debt structures for their issuance programs. The cloud-based offering of TCS BaNCS reduces the time taken for customer on-boarding to a fraction of what it takes in conventional on-premise implementations, as the need to procure and invest in internal infrastructure is eliminated, along with the complexities involved in replacements.

The go-live at NDB, which was achieved in 12 weeks, deployed TCS’ market-proven methodology for cloud on-boarding that leverages enabler toolkits for all project activities – from solution configuration and alignment, to migration, training and testing. TCS also demonstrated its capability with ISO/IEC 27001:2013 cloud services with this deployment, enabling responsive and resilient operations for the bank. TCS BaNCS will now support all market operations linked to NDB’s investment and liability portfolio consisting of global bond issuances, including managing inherent risks.

“Technological change will continue to transform the economic landscape and open new opportunities for citizens of BRICS nations. For a bank to develop conventional infrastructure as well as to take maximum advantage of transformative technological developments as they happen at high speed and large scale, a flexible and digital backbone is essential. TCS BaNCS was selected not only for its extensive product capabilities but also for its compelling and relevant implementation footprint across the globe.” - Leslie Maasdorp, Vice-President & Chief Financial Officer, NDB.

TCS BaNCS for Treasury is an integrated, cross-asset-class solution for front-, middle-, and back-office operations in treasury and trade, encompassing cash and derivatives on foreign exchanges, money markets, fixed income, equities and hybrid structures. It is a multi-entity, multi-currency trading, risk management, processing, settlements and accounting solution that drives innovation, agility and efficiency in markets worldwide.

Source - Press Release.

Monday, 15 October 2018

Fund raising via Non Convertible Debentures surges over 7 fold to Rs 29,000 in Q1 FY2019.


While the Indian market has tumbled down to 34,000 level, NBFCs have depended heavily on NCDs to raise capital. As many as 10 companies raised a little over Rs 29,000 crore through issuance of debentures during April-September period of 2018-19, registering a surge of more than seven times from the year-ago period.
The funds have been mobilized for business expansion, supporting working capital requirements and other general corporate purposes.

As per the latest data with regulator Securities and Exchange Board of India (Sebi), a total of 10 companies together mopped up Rs 29,013 crores through retail issuance of non-convertible debentures (NCDs) in the first six months of the current financial year (2018-19).

These companies are Kosamattam Finance, Muthoot Finance, Srei Equipment Finance, Dewan Housing Finance Corp, JM Financial Credit Solutions, Shriram Transport Finance Company, ECL Finance, Indiabulls Commercial Credit, Tata Capital Financial Services and Aadhar Housing Finance.

Kosamattam Finance has taken the route twice to garner funds. In comparison, four companies collected Rs 3,896 crore through this route in the same period of 2017-18. Overall, firms accumulated about Rs 4,950 crore in the entire preceding fiscal. Muted demand for qualified institutional placements (QIPs), lukewarm secondary market and apprehension over a sustained rise in interest rates attracted companies towards the debentures, market experts said.

Moreover, several firms have announced plans to raise funds through NCDs, which are loan-linked bonds that cannot be converted into stocks and usually offer higher interest rates than the convertible debentures.

Individually, Dewan Housing raised Rs 10,945 crore in the period under review as against a target of Rs 3,000 crore, Shriram Transport garnered Rs 3,648 crore against a target of Rs 1,000 crore and Tata Capital Financial Services raked in Rs 3,433 crore against a base size of Rs 2,000 crore. Besides, Indiabulls Commercial collected Rs 3,101 crore as against a target of Rs 1,000 crore and Muthoot Finance mopped up Rs 3,000 crore against a base size of Rs 500 crore.

Financial and Markets expert are of an opinion that fundraising via NCD may be a bullish opportunity for NBFCs. With markets now regaining the lost ground, even Govt companies may enter this financial opportunity.

Source - PTI.