ALLAHABAD BANK Marketing Department Head Office, 2 N. S. Road, Kolkata

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1 Marketing Department Head Office, 2 N. S. Road, Kolkata ADDENDUM 01 TO REQUEST FOR PROPOSAL [RFP] for selection of Life Insurance Companies under Corporate Agency Tie-up Ref No: ALB/HOMKTG/RFP/LI/2018-ADDENDUM-01 Based on various queries received from number of Life Insurance Companies willing to respond against the captioned RFP, the relevant queries have been considered for issuing clarifications and necessary amendments through this addendum. Regarding information pertaining to Bank s existing life insurance business, the contents of the public disclosures available from the Bank as well as existing channel partner may please be referred. All bidders are requested to submit only one physical copy of the bid document along with only one soft copy either in a CD or USB drive for ease of compilation. All concerned are requested to take note of the same for preparing bids for submission. Date of Issue RFP Coordinator

2 Sl Pg-7 Point E (5) Pg-7 Point E (6) Pg-7 Point E (7) Pg-13 Inspection of Records Pg-13 Service Level Agreement Pg-15 Other Terms & Conditions Pt- a II Point 7(a) -II Point 7(b) -II Point 6(b) Pg-17 Annex- I Point-5 Pg-17 Annex- I Point-6 Pg-17 Annex- I Point-7 AMENDMENTS / CLARIFICATIONS Any supporting document, exhibiting the Corporate Agency Alliance with a Scheduled Commercial Bank existing as on , duly authenticated by the person authorized to validate the bid is acceptable. These may include, excerpt from public disclosure filed with IRDAI, Letter of Intent received from bancassurance partner, copy of SLA executed etc. A self certified location list will suffice the purpose. The state wise presence must be indicated in -IV Point-C on Page 21 of RFP document. An undertaking as per -XIX to be submitted along with either a certified true copy of Board Resolution or Power of Attorney in the name of person authorized to validate the bid documents on behalf of the insurer. Regulatory implications will apply. The terms & conditions of SLA will be based on mutual consent & agreement. Process Note is not required to be submitted with RFP. New Business Premium-Total means premium collected across Retail and Group Business as of the close of FY , & Here, 100% of the Single Premium received is to be considered. Number of Policies means total underwritten policies (not the lives covered) across Retail and Group segment. Profit / Loss after Tax means absolute profit/loss (not the accumulated profit/loss) of respective financial year as indicated in Balance Sheet. Page 2 of 7

3 Sl ALLAHABAD BANK -II Point 6(d) Point-3 Point-4 Point-5 Point-6 Point-7 Point-8 Point-9 Point-10 Point-11 Point-12 & 13 Asset Under Management (AUM) means Total Assets including Policy Holders Fund. Year on year growth in profit to be shown as percentage. Bidder should mention its bancassurance experience only with Corporate Agency Partner Banks (SCB) in number of years. For Example: Insurer having 3 years experience in FY will indicate incremental experience of 4 & 5 years under FY & However, in case insurer has ventured into bancassurance business only in the year then the count under will be only 1 year. Bidders are requested to submit no of employees on company rolls deployed with all corporate agency partner banks (only SCBs) to handle bancassurance channel under respective financial years. Bidder should indicate number of Corporate Agency tie-ups with Scheduled Commercial Banks Only. Please be guided by RBI guidelines for categorization of banks as Scheduled Commercial Banks. The growth in AUM is to be indicated only for Retail (Individual) line of business under life insurance excluding group business. Please indicate whether products have been customized for Corporate Agency Partner Banks (SCB) to cater deposit as well as loan customers. Supportive information on customization to be submitted as per XII. Under NBP, Bidder shall submit year wise First Year Premium (FYP) collected through retail/individual line of business (excluding group business) sourced from all existing channels including corporate agency partners. Total NBP (Retail) from Bancassurance i.e. out of the submission made under point-9 above, bidder has to mention what percentage of FYP (Individual/Retail) is sourced exclusively through bancassurance channel. Out of the submission made under point-10 above, what percentage of FYP (Individual/Retail) has come through sale of traditional life insurance product (excluding ULIPs). Persistency Ratio is to be submitted on the basis of premium and not the policy. Page 3 of 7

4 Sl ALLAHABAD BANK Point-14 Point -15 Point -19 Point -20 Point -21 Point -17 Note Point -23 Point -22 Pg- 21 -IV Point - C Please submit Overall Claim Settlement data basis NOP. Insurers must indicate number of system integrations (if any) carried out with their Corporate Agency Partner Banks (SCB) to facilitate digital logging of proposals. Number of Specified Persons if any trained and licensed for Corporate Agency Partner Banks (SCB) is to be mentioned. Sales Locations are insurer s own branches as well as Corporate Agency Partner Bank (SCB) s locations where insurer has deployed manpower (on company rolls) to exclusively handle bancassurance business. Bidder has to mention whether they maintain in-house facility to train the personnel (SPs) of Corporate Agency Partner Banks (SCB). Facility is not to be quantified in terms of number of centres, faculties etc. Cumulative Penalties by Regulator means penalties imposed in respective financial year only. Bidders are requested to provide a soft copy of the information submitted through various /Tables in the bid for ease of compilation. Revenue Projection for Allahabad Bank has to be based on projected business only under Retail (Individual) Line of Business (Group Business not to be considered) in 1st, 2nd & 3rd year of partnership. The headings of the row should be read as 1 st, 2 nd & 3 rd year of partnership instead of FY , & respectively. Bidder has to submit projections for deployment of manpower exclusively for Allahabad Bank Channel in the 1st, 2nd & 3rd year of partnership. The headings of the row should be read as 1 st, 2 nd & 3 rd year of partnership instead of FY , & respectively. State wise presence of insurer to be filled against each of the states mentioned. Locations for sales & service support means insurer s own branches as well as locations of Corporate Agency Partner Banks (SCB) branches where exclusive manpower has been deployed by insurer to take care of business under bancassurance channel. To know any specific Allahabad Branch location, bidders may surf through Branch Locator available on website of Allahabad Bank. Page 4 of 7

5 Sl Pg-23 -V Pg-24 -VI Pg-26 -VIII Pg-27 -XI Pg-28 -XII Pg-28 -XIII Pg-29 -XIV Corporate Agents (Banks) means all Banks with which insurer has Corporate Agency tie-up for soliciting life insurance business. Similarly, CA Business (Banks) through promoter Bank means if the insurance company is a Bank promoted company what share of business it has acquired through its promoter bank. Likewise the business acquired through other than promoter bank also need to be mentioned. NBP is to be calculated on the basis of 100% weightage on Regular Premium plus 10% weightage on Single Premium mobilized. The Regular Premium to be where as Single Premium weightage to be Please furnish ULIP separately. For all traditional products use your own segmentation. Please submit information as per modified -VI appended. Overall Claim Settlement Data basis NOP is to be submitted. Claims written back may be indicated under Claims Closed during the period (F) Submission must contain information pertaining to all Corporate Agency Banks (SCB) tie-ups even if such relationship does not exist as on date. Bidders must specifically indicate in YES or NO about the availability of customized products for deposit and loan customers of Bank. In case products are available whether these cater only to asset segment or only liability segment or both asset & liability segment of Corporate Agency Partner Banks (SCB). The data required is for FY The subject line of -XIII is modified and to be read as CONTRIBUTION OF TRADITIONAL LIFE PRODUCTS IN TOTAL NBP COLLECTED IN FY Bidders are requested to submit data as per modified -XIV appended. Logged in through Digital Platform means technology enabled onboarding of the customer. The Regular Premium is to be where as Single Premium weightage to be Page 5 of 7

6 Modified are as under: Amended - VI CATEGORY WISE NEW BUSINESS PREMIUM INDIVIDUAL (RETAIL) BUSINESS Please provide Category Wise break up of Retail Individual New Business Premium for last 3 FY s in the format as given below FY FY Individual Single Premium Retail through CA Banks (SCB) (INR in Cr) Individual Regular Premium Retail through CA Banks (SCB) (INR in Cr) Total Individual New Business Premium - Retail through CA Banks (SCB) (INR in Cr) FY FY Please provide Category Wise break up of Individual Life Retail New Business Premium for last 3 FY s in the format as given below: FY FY Participating Policies Non- Participating Policies ULIP Regular Premium Policies Total NBP - Individual Retail FY FY Page 6 of 7

7 Amended - XIII CONTRIBUTION OF TRADITIONAL LIFE PRODUCTS IN TOTAL NBP COLLECTED IN FY Period Total New Business Premium (Individual/ Retail) collected (INR Cr) Share of NBP from Traditional Life Insurance Product (INR Cr) % of Traditional Products FY Amended - XIV SHARE OF TOTAL NBP (LIFE-INDIVIDUAL) LOGGED IN THROUGH DIGITAL PLATFORM FOR FY New Business Premium (Retail / Individual) collected through Bancassurance Channel Premium INR in Cr NOP Business logged in through digital platform % of business logged in through digital platform Premium INR in Cr NOP Premium INR in Cr NOP Page 7 of 7

Request for Proposal (RFP) for. Corporate Agency Arrangement for Life Insurance Business

Request for Proposal (RFP) for Corporate Agency Arrangement for Life Insurance Business Reference Number: PBGB/P&D(39)/183/2016 Date of RFP: April 30, 2016 Last Date & Time for Seeking Clarifications to