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The last month has been nothing short of challenging with India facing their April 1st renewal s. This renewal timeframe signifies the highest renewal volume season for the country , in which a significant portion of the country's business is generated. This is a make it or break it month for our operations and with the added pressure of de-tarriffing we have managed to implement effective strategies, awareness and training programs that generated successful results.
The April 1st renewal season in India was followed by the announcement of the departure of India’s Country Manager who will be on secondment to HSBC in a senior executive role managing their Middle East insurance operations. Dalip Verma was one of the key figures responsible for starting our operations in India and has led the team and company to be one of the leading insurers today. We are excited for Dalip and his new opportunity and wish him all the best in his new role.
We have recently launched our warranty operations in the region and are proud to announce Hayleys AIG will now offer Extended Warranty through the Hayleys Consumer electrical and appliance stores. This additional service will set Hayley’s Consumer apart in the market and build customer loyalty. Hayleys AIG will provide the underwriting expertise, sales training, marketing material and ongoing support to ensure the new program is a success. The Sri Lanka program is the first in the MEMSA Region with many more Extended Warranty opportunities in the pipeline.
AIG Cyprus sponsored a dinner on March 25, 2007 hosted by the Manchester United Supporters Club in honor of their 20th anniversary. The attendees included Sir Alex Ferguson the head coach for Manchester United as well as two veteran players and various prominent business figures in Cyprus. The dinner was hosted at the Four Seasons in Limassol. .
The Greek insurance market is going through an unprecedented and fast paced period of change and consolidation. The change was initiated by the closure of two big cash-flow underwriters in December and the actual withdrawal of their license in late January. This triggered an unparalleled “flight-to-quality” momentum. AIG has been one of the main beneficiaries having strategically positioned AIG Greece as a “safe harbor” in the turbulent insurance market. We had already started to see the benefits of our strategy from the third quarter 2006 onwards (in terms of both Agency recruitment tempo as well as new retail business flow) and gained strong momentum in early 07 through today.
It has been an exciting month and we are content with the results of India’s April 1st renewals and look forward to continued success throughout the year. Our innovative products and strategies continue to push us to the forefront of the insurance market within the region and we continue to focus on expanding our reach with new operations like Qatar which recently received approval for its insurance license.
Welcome to global insurance with a local perspective “while you keep your eye on the opportunity, we will take care of the risk”.
Best regards,
Charles Bouloux
Regional President
AIG MEMSA, Inc.
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