Private sector insurers Max Life Insurance and Bajaj Allianz Life Insurance have achieved claims paid ratio of over 96 per cent in 2015-16.
Max Life Insurance has achieved claims paid ratio of 96.23 per cent in 2015-16 against 96.03 per cent in the previous fiscal, the company said in a statement today.
The outstanding claims ratio stood at 0.04 per cent as on March 31 2016, which means that only four claims were pending of the total 9,244 claims received during the year, it said.
Meanwhile, in a separate statement, Bajaj Allianz Life Insurance said it settled 98.07 per cent claims in 2015-2016, as total 1,65,244 claims paid out of the 1,68,501 payable claims (including claims intimated this year and outstanding claims).
It paid total claims worth Rs 839 crore in the last fiscal, both individual and group claims put together, as against Rs 737 crore in the corresponding year.
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Chototel to pilot 'super-budget' hotel in India * London-based technology start-up Chototel is planning to set up its pilot 'super-budget' hotel and has set a target to build one lakh rooms in the next five years in the Mumbai-Pune-Goa corridor.
In the 'super-budget' hotel the tariffs will begin from Rs 100 per day or USD 2 a day, the company said in a release.
The first project has already broken ground and its construction is underway in Nagothane, an industrial town, 70 kilometres south of Mumbai and situated on the new Mumbai-Goa expressway. It is currently in the process of acquiring land in Chakan, Goa and Gujarat for its next round of projects.
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IIFL eyes 50% broking revenue from mobile app * Stock broking firm India Infoline Ltd (IIFL) expects to generate atleast 50 per cent of its revenues from mobile application by the end of this year.
The brokerage's mobile app -- IIFL Markets -- which was launched in October, last year, has already contributed to 25 per cent (at least Rs 100 crore) of the total broking revenue for the firms, so far in the last six months.
"We expect trading through mobile app to contribute to up to 50 per cent of IIFL's broking revenue by end of 2016," IIFL Markets head (products) Chaitanya Shahare told PTI.
"We also expect 50 per cent of IIFL clients to trade through mobile app by end of the year," Shahare added.
Zyfin launches Turkish sovereign bond ETF
* Zyfin Holdings, an asset management and advisory firm has listed laddered Turkish sovereign bond exchange traded fund (ETF) on the Deutsche Borse and London Stock Exchange.
The fund -- LAM Alternatif Zyfin Turkey Sovereign UCITS ETF -- offers international investors low cost and easy access to Turkish sovereign bonds.
"Rising interest among domestic and international investors in the Turkish domestic debt markets has led to enhanced liquidity and strength in Turkish sovereign bonds. It is the sixth largest local currency bond market among emerging economies," Zyfin said in a statement today .
The objective of the fund is to track the performance of the ZyFin Turkey Sovereign Bond Laddered index, which consists of a basket of sovereign bonds issued by government of Turkey in Turkish Lira across various maturities.
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Cyient inaugurates global design centre in Bengaluru for SMEC * Hyderabad-based IT firm Cyient, today inaugurated a new global design centre in Bengaluru, for SMEC, an Australian professional services company, recognised for providing high-level consultancy services on major infrastructure projects.
The facility is SMEC's first offshore design centre, and will support SMEC's global design work primarily around civil and structural, including Building Information Modeling (BIM), a release from Cyient said.
The centre which will commence its operations from next month, is expected to scale up to 100 full-time engineers within a year, and grow significantly each year thereafter, generating new employment, it said.
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Biotique partners with Disney India for its baby,kids range * Beauty and wellness products firm Biotique today announced partnership with Disney India to bring their characters into its new baby and kids range.
Biotoque's baby girl and kid girl range of products are inspired by Disney Princesses -- Cinderella, Rapunzel, Snow White. The baby boy range will feature Mickey and Friends and the kid boy range will have Disney Pixar Cars.
The products are priced between Rs 55 to Rs 280.
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Tata Housing partners with USGBC, GBCI to implement LEED stds * Realty player Tata Housing has partnered with the US Green Building Council (USGBC) and Green Business Certification Inc. (GBCI) to develop residences in accordance with LEED and WELL building standards.
"To begin with, we will initially implement the standards in our luxury residential project in Thane, 'Serein'. We have already acquired the land and we will be investing Rs 500 crore for the same," Tata Housing Managing Director and CEO Brotin Banerjee said.
"Tata Serein will have only 4 towers with 33 floors spread over 7.5 acres. The project in Colombo is of around 4 mn sq ft, while the township project in Bengaluru is of 9-10 mn sq ft. We believe in the next over 3 years, we will have implemented the standards for almost 15-16 mn sq ft of projects," he added.
