services

SERVICES AND PRODUCTS

Services

NDS Group will offer personal accident insurance through its affiliated insurers and claims processing in case of accident. It will also provide service of immediate medical attention by transporting member who suffers injuries in the accident to the nearest hospital. For this purpose a fleet of ambulances shall be maintained at its office.

Service Description

1.    Personal Accident Insurance: Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. A person may take a PA policy for himself or an organization can take group policy for its members. The policy will protect the individual and the members of the organization anywhere in the
world, anytime of the day. PA insurance will provide 24-hour worldwide insurance protection. The scope of cover and scale of benefits differ between plans. Therefore individuals  and the organizations should  purchase a policy which meets their requirements. The types of coverage normally provided under a PA policy include:
- Accidental death
- Permanent disability
- Temporary total or partial disability
- Medical expenses

2.    Claims processing: The Company will process claim by submitting claims along with necessary documents to insurance company. The Company will also make follow up for timely payment of claims.

3.    Medical attention: The Company will attend immediately to the medical needs on information of accident of its members, it will include transporting the rnember to the nearest hospital and information to the police and relatives of the members.

Competition

The Company will face competition from existing insurance agents of the various companies. However, these agents do not provide after sales services such as claims processing and personal attention in case of emergency. Hence the competition from the agents will be moderate and can be countered through additional services. Moreover these agents do not focus on personal accident insurance. Therefore, The Company does not expect much competition.

Products and value proposition

The Company has different types of products for Members of Cooperatives, Students and employees. The products of the company will be priced considering cost and reasonable profit on the investment. Normally the insured will be required to pay following flat premium and fee per insured. These products and pricing are given: below.

A. Members of Cooperatives

Plan    Premium    Maximum medical expenses per accident    Maximum Amount payable on j death or disability
A          200                                      10,000                                                                                   75,000                     

B. Students

Plan    Premium    Service Charge    Maximum medical expenses per accident    Maximum Amount payable on death or disability
A              150                     25                                             10,000                                                                        75,000
B               225                    25                                             20,000                                                                       125,000
C               450                    25                                             40,000                                                                       250,000
D               900                    25                                             80,000                                                                       500,000

C. Teachers and Employees

Plan    Premium    Service Charge    Maximum medical expenses per accident    Maximum Amount payable on death or disability
A    900    50    20,000    500,000
B    500    50    10,000    300,000

Compensation

Compensation for medical expenses and death due to accident shall be as above. Compensation payable for permanent disability shall be as described in brochure and policy.

Sales Literature

The business will begin with a general corporate brochure with objectives, opportunities and facilities offered. This brochure will be developed as part of the start-up expenses.

Fulfillment

The key fulfillment and delivery will be provided by the Company Manager, Marketing Manager and Marketing Officers. The real core value is professional expertise, provided by a combination of experience, hard work, and training.

Technology

NDS Group has already made arrangements with Everest Insurance Company Limited for Personal Accident Insurance. The business of the Company does not require much of the technological matter except filling of proposal form and claim form. The staffs of the Company shall be trained in these matters. The staff shall also be trained regarding benefits and limitations of the products to pass on the customers.

Future Services

In the future, NDS Group will broaden the coverage by expanding into coverage of additional markets and additional product areas. NDS Group understands thai the customers may need some flexibility from standard PA coverage. Later the Company will tailor their requirements with popular Person Accident policy to include coverage , extensions such as third degree burns, terrorism, biological and chemical means, racing etc.