Topic: This case study is on Corporate Blanket Cover for Foreign
travel
This case study contains three parties:
- Insurance Company: Bajaj Allianz
- Insured Company: Honeywell
- Service Provider Company: International SOS
Insurance Company: Bajaj Allianz General
Insurance Company Limited is a joint venture between Bajaj Finserv Limited
(recently demerged from Bajaj Auto Limited) and Allianz SE. Bajaj Allianz today
has a countrywide network connected through the latest technology for quick
communication and response in over 200 towns.
Insured Company: Honeywell is a
Fortune 100 company that invents and manufactures technologies to address some
of the world’s toughest challenges linked to global macro trends such as energy
efficiency, clean energy generation, safety and security, globalization and
customer productivity. With approximately 132,000 employees worldwide,
including more than 22,000 engineers and scientists. Its business units are on Aerospace,
Automation and Control Solutions, Performance Materials and Technologies, Transportation
Systems etc.
Service Provider Company: International SOS is the
world’s leading medical and travel security Services Company. They help
organizations to protect their people across the globe. Their teams work night
and day from more than 700 locations in 76 countries. International SOS started
its operations in India in 1998. We employ over 200 full-time staff and operate
out of three offices in Bangalore, New Delhi and Mumbai.
---------------------------------------------------------------------------------------------------------------
About the incidence:
1. Five
Employees of Honeywell were on an assignment at Phoenix in US.
2. They
were returning in a Car on 14/06/03 and at 19.30, and their car was hit by
another car.
3. It
was a tragedy that two people sitting the rear seat namely Mr. Sunil Siddeswara Swamy and Mr. Shastri Ajit
Hosudi were badly injured. They were immediately admitted in a hospital and
expired the same day in the Hospital.
Some facts about the Travel Insurance Policy:
1. Travel
insurance is insurance that is intended to cover medical expenses, financial
default of travel suppliers, and other losses incurred while traveling
2. It
is either within one's own country, or internationally.
3. Temporary
travel insurance can usually be arranged at the time of the booking of a trip
to cover exactly the duration of that trip, or a "multi-trip" policy
can cover an unlimited number of trips within a set time frame.
4. Coverage varies, and can be purchased to
include higher risk items such as "winter sports".
Bajaj’s Travel Insurance Policy:
1. Bajaj’s
corporate travel insurance plan is a comprehensive package which provides
complete medical and health cover to the international business traveler.
2. Bajaj’s
corporate travel insurance plan covers business trips abroad.
3. They
offer customized plans for virtually every requirement of corporate employees
traveling abroad.
----------------------------------------------------------------------------------------------------------
Their plan as
follows:
|
Corporate Lite
Benefits (USD) |
Corporate Plus
Benefits (USD) |
|
|
Medical Expenses,
Evacuation and Repatriation
|
250,000
|
500,000
|
|
Emergency dental pain
relief included in (I) above
|
500
|
500
|
|
Loss of Baggage
(Checked)
Note: Per Baggage maximum 50 % and per item in the baggage maximum 10 %. |
1,000
|
1,000
|
|
Delay of Baggage
|
100
|
100
|
|
Personal Accident
|
15,000
|
30,000
|
|
Loss of Passport
|
250
|
250
|
|
Personal Liability
|
2,00,000
|
2,00,000
|
|
Hospitalization Daily
Allowance
|
$25 per day to
max $150 |
$25 per day to max
$150 |
|
Hijack
|
$50 per day to
maximum $ 300 |
$50 per day to
maximum $ 300 |
|
Trip Delay
|
$ 20 per 12 hrs to
max $ 100 |
$ 20 per 12 hrs to
max $ 100 |
|
Total Coverage During
the Year Maximum
|
180 days
|
180 days
|
|
Per Trip Duration
|
45 days
|
45 days
|
This plan covers:
1. Covers
expenses of hospitalization, loss of baggage and other incidental expenses
2. Covers
against trip cancellation, trip curtailment and burglary of home
3. Quick
disbursement of claims
4. Global
expertise matched with local knowledge
5. Innovative
packages to match individual needs
6. Only
insurance company with in-house international toll-free numbers and fax numbers
Here the case contains the facts:
1. Destination:
Phoenix in US
2. Feature:
Personal Accident
Information Processing:
The CFO of Honeywell, Mr. Ramanathan called the Bangalore
RM, Mr. J. K. Bhagat around 15.30 IST on
15/06/03. Immediately the Bangalore office informed Bajaj’s worldwide Travel
Insurance Service Provider - International
SOS Private Limited at Delhi.
They sought the details from their office in Philadelphia, who got in touch
with Honeywell Project Manager and obtained the details of Accident. They
reverted to us confirming the demise of the two Honeywell employees. A
conformation of the coverage provided to them was informed to International SOS
and Bajaj’s office requested them to extend all possible assistance to
Honeywell.
--------------------------------------------------------------------------------------------------------------
Claim settlement procedure:
Bajaj settled the Personal Accident
claims of both the employees on 18.06.03 for Rs.23, 38,500.00 (Equivalent to
USD 50,000) and handed over the Pay order on the same day. The time taken for
settlement was 4 days flat from the date of claim intimation and the
unfortunate incident.
Now I will state the procedure of
claim As per Bajaj’s requirement
Steps:
Step 1: Complete online or mail-in (fax)
claim notification form.
Step 2: Complete with great attention to
detail, downloaded or received in the mail claims forms. Follow guidelines as
to which documentation is required by Travel Insured in processing your claim.
If proper support documentation is not received your claim will be held up and
the entire process becomes arduous.
Step 3: You will be required to submit
proof of payment (canceled bank check) and copies of travel documents (airline
tickets, day by day travel program given to you by Select International Tours
& Cruises), a doctor's note clearly stating why you are unable to travel
and when if due to medical reasons, etc.
Step 4: You will need to submit a refund
statement from Select International Tours & Cruises stating how much of
your payment is non-refundable.
Step 5: Additional Medical Documentation
may be required and you will be notified by us if that is the case.
Step 6: You may need to complete
"Excess Medical Expense" form along with an accompanying
"Explanation of Benefits" from your health insurance company. The
purpose of this document is to make sure your primary medical coverage from
your health insurer and your secondary medical coverage from Travel Insured are
coordinated.
Step 7: A Travel Insured claims examiner
will review your documents and resolve your claim once all the required
documentation is submitted by you. The claim process takes us up to 12 weeks,
however it can be substantially faster if you provide all the needed
documentation and the paperwork is completed properly.
----------------------------------------------------------------------------------------------------------------
Extra Assistance of Bajaj Allianz to
Honeywell:
Meanwhile the client requested us for
early repatriation of the mortal remains and also to route them through
Bangalore Customs, to avoid unnecessary hardship to the bereaved families. The
Bajaj Allianz office acted very fast and ensured that the mortal remains
reached Bangalore by 22/06/03. Bajaj Allianz had also taken extreme care in
arranging for hassle-free autopsy, embalming
of the bodies, packing them in coffins in perfect manner through the
service provider, who have commissioned Undertakers both in US as well as in Bangalore,
to handle all formalities. The service provider also organized cancellation of
passport of the deceased as well as obtaining required documentation for
bringing in the mortal remains. The air tickets for the relatives accompanying
the mortal remains, though the request was made to Bajaj Allianz at the last
moment by Honeywell, were also arranged. In order to fulfill Honeywell's
request for receiving the mortal remains through Bangalore Customs, Bajaj
Allianz had to reschedule the travel arrangements for a Lufthansa flight, which
lands at Bangalore directly.
Findings:Bajaj Allianz could speedily settle the claim
because of the close co-ordination between the client and service provider. A constant six hourly updates was shared between
the HO, Bangalore office, client and their US office and the service provider. They acted fast and offer their best they can
do.
Foreign Travel Policy in Bangladesh:
There are several companies that offer
foreign travel insurances. It contains:
- Comprehensive Travel Insurance
- Overseas Medical Insurance (accident or sickness)
- Personal Accident Insurance
- Loss of Baggage insurance
- Emergency evacuation
- Repatriation of remains
- Return of a minor
- Trip cancellation
- Trip interruption
- Visitor health insurance
- Accidental death, injury or disablement benefit
- Overseas funeral expenses
- Lost, stolen or damaged baggage, personal effects or travel documents
- Delayed baggage (and emergency replacement of essential items)
- Flight connection was missed due to airline schedule
- Travel delays due to weather
- Hi-jacking etc.
References:
1.
http://www.bajajallianz.com/Corp/index.jsp
2.
http://en.wikipedia.org/wiki/Travel_insurance
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