About Us

ABOUT US

Subsequently, ALEgION, as an insurance broker duly licenced by IRDA, has been successfully delivering effective risk management, gaining immense visibility and presence in the diverse marketplace. The early mover advantage possessed by ALEgION following reforms in the insurance sector has enabled ALEgION to gain immense expertise and knowledge of the market dynamics prevalent in the insurance arena in India. This concerted activity paid rich dividends by way of the acquisition of premium clientele in India, cutting across business segments.

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We are operational risk managers and we render effective insurance advises to individuals and corporates. We are head quartered in Chennai and been in operation for over twenty years. Our value addition to our clients would be broadly in three areas.

  1. Assessment of the exposures in the value chain and the quantification of those risks. This should result in the company optimizing their cost of risks. So far, our experience has been that we have always managed to save from 15 % to a maximum of 20% on the overall premiums paid. Optimizing not only the means of reducing the premiums but also extending the cover.
  2. We have the necessary expertise in evaluating polices with respect to the adequacy on the coverage and the criteria / terms of claims settlement. We would be the client’s resource center for all matters pertaining to insurance.
  3. We are obsessed with quality in our service delivery and in our operation service qualities are ascertained based on claim servicing. We have a full- fledged team working on claims management. Since claim is a process- based activity and requires meticulous working and perseverance, we believe that we have built up capabilities to get complex claims settled satisfactorily.

Accolades and Recognitions are a regular feature for ALEgION but we take pride in stating the following: First Company to market and manage cashless insurance program for Group Mediclaim Policies in India First to market Business Travel Insurance Policies in India Instrumental in designing and developing seven new insurance policies Handled efficiently the largest Tsunami claim in India. Advisor to Kerala State Insurance Department providing insurance advisory services to the Kerala Government Managing Health and Accident Policies for 7 lakh members of Kerala fishermen Welfare Fund Board Advisor and Implementing Agency for National Trust, Ministry of Social Justice and Empowerment, currently implementing a Health Insurance Program for the disabled in the country covering an expected beneficiaries of around 20 million Advisor to the Government of Madhya Pradesh for their employee benefits insurance schemes Advisor for Insurance to Public Sector Companies like BHEL, NALCO and NLC etc Total number of people estimated to be serviced under our Health portfolio for the year 2008-09 is around 22 million. Developed an assessment tool for assessing the capabilities for Micro Insurance Interventions; this tool is presently the de-facto model and part of curriculum at Micro Insurance Institute, London under the aegis of WHO Worked with Health Ministry, Government of India on developing Health Policies under National Rural Health Mission Pioneered “OFFICE ON WHEELS” in India which is acknowledged as the most outstanding distribution innovation in the Indian Insurance Sector Efficiently managing 75 lakh retail customers. One of our esteemed clients described ALEgION’s services saying that they liked the dedicated service and the follow up activity. They also mentioned that ALEgION does not compromise in terms of highlighting risks that were emanating from a particular recovery action. ALEgION was appreciated for further following up with the attorneys to complete the recovery / subrogation procedure even after the claim was settled to the client. Another corporate client regularly engages the services of ALEgION even though they have an international renowned broker as their Broker on Record.individuals and corporates. We are head quartered in Chennai and been in operation for over ten years. The company has combined staff strength of more than 75 qualified and experienced personnel handling all the allied areas of Risk Management, Marketing, Legal, Claims Management and back office operations. Our professional team comes with varied experience, both from the industrial and insurance sector. Our Corporate management is led by a team of experts having in depth of knowledge and experience in handling comprehensive range of corporate and commercial matters in all areas across a wide spectrum of domestic and cross border transactions. The team comprises of insurance experts, lawyers practicing in High courts and Supreme Court of India, agriculture specialists, engineering stalwarts, and financial analysts. A three member ALEgION core Senior Management team comprising of the Managing Director, Chief Operating Officer and Technical Vice President oversee the entire operations, reviewing all activities on a daily basis. Our value addition to our clients would be broadly in three areas.

  1. Assessment of the exposures in the value chain and the quantification of those risks. This should result in the company optimizing their cost of risks. So far, our experience has been that we have always managed to save from 15 % to a maximum of 20% on the overall premiums paid. Optimizing not only the means of reducing the premiums but also extending the cover.
  2. We have the necessary expertise in evaluating polices with respect to the adequacy on the coverage and the criteria / terms of claims settlement. We would be the client’s resource center for all matters pertaining to insurance.
  3. We are obsessed with quality in our service delivery and in our operation service qualities are ascertained based on claim servicing. We have a full- fledged team working on claims management. Since claim is a process- based activity and requires meticulous working and perseverance, we believe that we have built up capabilities to get complex claims settled satisfactorily.

We do not charge any fees to the customer when we are issued a Broker Mandate and policies are placed through us. Our operations are funded by the remuneration paid by the insurers to us as prescribed by IRDA and our mandate as directed by the terms of IRDA license issued to us includes risk advisory and claim management services to our clients free of cost. Therefore engaging ALEgION does not result in any extra outflow for the clients if we are the given the Broker on Record mandate and the insurance policy is placed through us. However for any service provided to the client, which is not related to the policy placed through us appropriate fee will be charged.

ALEgION is set up on the professional service format. We are driven with the foresight of complete liberalization of the Indian Insurance sector. ALEgION matches with global standards and we believe in a multi disciplinary approach. ALEgION thinks ahead on behalf of its clients and is known for acting in the best interests of the client. ALEgION works on bringing down unnecessary or avoidable risks through innovation and forward thinking. ALEgION is humbled by the fact that year on year some of the best names in India have chosen to act as per the guidelines of ALEgION in complex claims. We take this opportunity to thank our clients for entrusting us with major responsibilities and we intend to continue to give our clients reasons to repose confidence in us.

ALEgION has an up to date knowledge management database and has a culture of sharing knowledge from our constantly updated Knowledge Bank and all such knowledge shared is done so after an extensive brain storming session by the core team. The core team ensures that the shared knowledge consistently meets all the requirements of the clients. All subsequent amendments in the input given are immediately updated to the client.

ALEgION has a separate corporate communications and client servicing team which ensures that the clients are given the right guidance and resources and all issues related to them are handled professionally.

In its chosen areas of expertise, ALEgION Insurance Broking Private Limited has a proven track record of successful negotiation both at the individual risk level and where facilities are required for a portfolio of business. It has considerable expertise in advising / drafting / underwriting all types of policies.

Risk Assessment Process: It has become imperative for the corporate entities to monitor their risks more closely as the business environment has become more volatile. Coupled with this the dwindling margins are forcing companies to implement systems that prepare the companies for any catastrophic situations. Assessment of Risks and creating a profile is one of the expertises of ALEgION. It is in the interest of the corporate to assess their risk more scientifically and thereby obtain optimal solutions and premium terms from the insurers. ALEgION has developed its own template to assess the risks more comprehensively.

Quantifying liability exposures For the client it’s always a dilemma as to how much should the cover be and what is ideal? If he buys a cover will it be sufficient or inadequate? Neither the Insurer nor the run of the mill insurance agent advises…on the outer limits… As long as there are no claims, the inadequacies of the risk advisory and insurance management remain hidden and the avoidable excessive premiums go unnoticed by the management. Such inadequacies, many a time, result in repudiation of claims by the insurance company. This could lead to severe business loss for the client that is avoidable by seeking professional advice in the area of risk management and Insurance portfolio management. It is in this context aligning with ALEgION as risk and insurance advisor brings substantial benefits to the client at no cost which cannot be ensured either by the insurance company or their agents as they are aligned. In India, the companies that specializes this quantification of liability exposures are only handful. The fees charged by them are quite sizeable that only a few top rung companies can afford to hire them. Probably we are the only one in the country who is offering this service free of cost and we link this with the insurance for convenience. We have developed our own template for quantifying liability exposures for corporate. Our quantification studies, for companies, were well received by both the corporate and the Insurance underwriters as well.

On record there is no corroborative evidence or proven methodology that is being adapted by consultants. By far it has been the expert judgment that prevails over all other techniques. What is really important is that there are no serious practioners in this field of study and there are very few companies other than ALEgION who does this and here again only ALEgION does this activity at no cost to the client. Quantification study on risk exposures can be done quantitatively as well as qualitatively. All quantitative assessments will warrant past data and it is much simpler by using simulation techniques and trend analysis. Where the past data is not available or the nature of business has enlarged then scheming is more complex. We have developed our own template, a combination approach using Bayesian and Fault tree methods. We have extended this study for corporates and have guaranteed corporate on our quantification up to 2 levels i.e., 95% accuracy.

ACCOLADES AND RECOGNITIONS

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Accolades and recognitions are a regular feature for ALEgION, but we take pride in stating the following:

  • The first company to market and manage a cashless insurance programme for group Mediclaim policies in India.
  • First to market business travel insurance policies in India.
  • Instrumental in designing and developing seven new insurance policies.
  • Handled efficiently the largest tsunami claim in India.
  • Advisor to the Kerala State Insurance Department, providing insurance advisory services to the Kerala Government.
  • Managing health and accident policies for 7 lakh members of Kerala fishermen’s welfare fund board.
  • Advisor and Implementing Agency for National Trust, Ministry of Social Justice and Empowerment, is currently implementing a health insurance.
  • Programme for the disabled in the country, covering an expected beneficiary population of around 20 million.
  • Advisor to the Government of Madhya Pradesh for their employee benefits insurance schemes.
  • Advisor for Insurance to Public Sector Companies like BHEL, NALCO, and NLC, etc.
  • The total number of people estimated to be served under our health portfolio for the year 2008–09 is around 22 million.
  • Developed an assessment tool for assessing the capabilities for microinsurance interventions; this tool is presently the de facto model and part of the curriculum at the Micro Insurance Institute, London, under the aegis of WHO. worked with the Health Ministry, Government of India, on developing health policies under the National Rural Health Mission.
  • Pioneered “Office on Wheels” in India, which is acknowledged as the most outstanding distribution innovation in the Indian insurance sector. efficiently managing 75 lakh retail customers.
  • One of our esteemed clients described ALEgION’s services, saying that they liked the dedicated service and the follow-up activity. They also mentioned that ALEgION does not compromise in terms of highlighting risks that emanate from a particular recovery action. ALEgION was appreciated for further following up with the attorneys to complete the recovery or subrogation procedure even after the claim was settled with the client.
  • Another corporate client regularly engages the services of ALEgION, even though they have an internationally renowned broker as their Broker of Record.