Transcript EdelPres - Noble Realities

Strictly Private and Confidential
Introduction of ET Life
HR Division
2010
Background of Promoters -1
Edelweiss
Edelweiss - Snapshot
Overview
• One of India’s fastest growing diversified financial services companies
• Revenue and PAT CAGR of 100% and 89 % respectively for the last 6 years
• Around 2485 employees
Ownership
• 55% held by employees (including ESOPs)
• Institutional holding includes Govt. of Singapore, GPC, Sequoia Capital, Americorp, Fidelity
• More than 170,000 shareholders in the company
Financial
Highlights
• Market Capitalization in excess of INR 3,637 cr (~USD 796 mn) as of Nov 30, 2010
• Group Net worth in excess of INR 2,400 cr (~USD 510 mn)
Credit ratings
Successes /
Strengths
• Crisil: Highest rating of P1+ for short term borrowing
• ICRA : LAA- for Long term borrowing & A1+ for short term borrowing
•
•
•
•
One of the largest non-bank institutions
Good track record of sustainable growth
Strong and liquid balance sheet
Very high commitment to values and ethical
business conduct
3
• Superior brand
• Strong Corporate Governance
• Robust risk management and
compliance frameworks – good
regulatory track record
Consistent growth through starting and scaling businesses
Retail Broking & Dist.
Broking, IPO Distribution
Asset Management
Alternatives
Financing
Financing
Sponsor and IPO
+ ESOP, LAS3
HNI Businesses
HNI Businesses
Broking
+ Wealth Management
Treasury
Treasury
Treasury
Equities Arbitrage
+ Special Situations
+ Fixed Income, Comm.
Institutional Equities
Institutional Equities
Institutional Equities
Equity Derivatives
+ MFs and Insurance
+ International Long
Investment Banking
Investment Banking
Investment Banking
Investment Banking
PE Syndication
+ M&A Advisory
+ ECM1
+ Project Finance, DCM2
1996 - 2000
2000 - 2005
2005 - 2007
2008 - 2009
From an investment banking firm to a diversified financial services organization
1 - ECM: Equity Capital markets; 2 - DCM: Debt capital Markets; 3 - LAS: Loan Against Shares
4
Successfully scaling our Retail initiatives
Edelweiss has a fast expanding retail presence across the country
 Retail Syndication
• A unique low cost distribution network for sale of financial products in Tier 2, Tier 3 cities
• Retails IPOs, MFs, NFOs and NCDs through a network of business partners
• Covers more than 200 cities with 16 low cost centers
• More than 5,000 channel partners within a span of 1 year
• Unique concept of partnering with Channel Partners for their growth – assistance in scaling
business, managing costs, client management, Online portals for tracking business etc
 Anagram
• Edelweiss acquired Anagram Broking Limited
• It has pan India presence through 130+ branches and ~1,300 sub-brokers
• Provides a strong retail presence with client base of ~ 180,000
 Client Advisory Services
• Online portal for real time trading in shares and derivatives
• Offers multiple ways to transact including online, through relationship manager or over the phone
• Operates through 22 branches and ~1,500 active agents spread across 11 locations
• Trained advisor based model with a centralized backend
5
Edelweiss: Rationale for Entering Life Insurance
 Established sizable operations in financial services
 Edelweiss is the 5th largest non-bank institution by net worth
 Seeking to establish new long term growth vectors
 Insurance presents an adjacent opportunity for sustained growth outside of capital markets
 Increasing focus on the retail segment
 Set up channels for distribution of retail financial products covering Tier 1, 2 and 3 cities
 Acquired Anagram Broking to increase the retail presence
 A fast expanding client base for the online Retail Broking platform ‘www.edelweiss.in’
 Insurance presents the right opportunity for long term growth plans due to
 Long term nature of the business
 Adjacent offering to our existing businesses
 Can leverage experience from our expanding retail businesses
6
Background of Promoters -2
Tokio Marine
Tokio Marine Holdings - Snapshot
Overview
• Tokio Marine Holdings is the holding company for Tokio Marine group with interest in
Life, Non-Life, Re-Insurance, Asset Management etc
• Presence in 36 countries, 399 cities across world
Operational History
• Established in 1879 with over 130 years of operational history in Non-Life Sector
• Operating in Life Insurance since 1996, with presence in Japan, China, Singapore,
Malaysia & Thailand
Financial Highlights
•
•
•
•
•
Credit ratings
Successes/Strengths
Market Capitalization in excess of USD 21 bn as of Feb 23, 2010
Net worth of USD 18 bn
Revenue of USD 39 bn for FY 2009
Non life : Net Written Premium (NWP) ~USD 21bn
Life : Gross Written Premium (GWP) ~USD 7bn
• The Group is rated ‘AAA’ by Japan Credit Rating Agency (JCR)
• Group company Tokio Marine & Nichido is rated ‘A++’ by A.M. Best
•
•
•
•
•
Largest Insurance group by profit in Japan
Good track record of sustainable and profitable growth
Successful track record for building business in developing & developed markets
High corporate governance and risk management framework
Proven contribution to society across globe through continuous CSR activities
8
Chronology of Tokio Marine Group
Tokio Marine has expanded into Life Insurance and Non Life Insurance across the globe
9
Tokio Marine is the fastest scaling new generation Life Insurance
company in Japan
Tokio Marine has been the fastest to scale amongst the new entrants in Life Insurance
in Japan starting in 1996
Ranking of new entrants since 1996 (Premium in USD Million)
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
2005
Hartford
*
TM Group
MS Group*
Sompo J
Nipponkoa
IOI
Fuji
Fukoku
PCA(PruUK)
Cardif
Zurich
-
2006
15,417
9,374
8,472
2,839
853
805
375
218
218
88
81
-
*
TM Group
MS Group*
Hartford
Sompo J
IOI
Nipponkoa
Fuji
PCA(PruUK)
Fukoku
Cardif
Zurich
-
2007
17,432
10,194
8,797
2,949
922
887
396
356
247
148
87
-
*
TM Group
MS Group*
Hartford
Sompo J
IOI
Daiichi Frontier
Nipponkoa
PCA(PruUK)
Fuji
Cardif
Fukoku
Zurich
Credit Agricole
-
2008
10,295
9,635
9,171
2,814
1,000
990
927
515
422
263
172
89
19
-
* TM Group: TMNL+TM Financial, MS Group: MS Kirameki Life + MS Metlife
Source: In-house Statistics, "Insurance" by Life Insurance Research Association, "Toyo Keizai" Ranking excluding Japan Post Insurance
10
*
TM Group
MS Group*
Hartford
Daiichi Frontier
Sompo J
Fukoku
IOI
Nipponkoa
Allianz
Fuji
PCA(PruUK)
Cardif
Zurich
Credit Agricole
SBI Axa
Life Net
9,889
9,380
7,358
4,292
2,683
1,503
1,049
966
585
488
396
307
115
73
1
1
TM: Rationale for entering life insurance in India
 Belief in the Indian growth story

For Tokio Marine, Asia is identified as key growth market and within Asia, India has the highest priority
 High growth market

India is a high growth market where Tokio Marine does not have presence in Life Insurance
 Familiarity with the Indian market

High confidence levels as India is not seen as new market due to existing presence through IFFCO-TOKIO
General Insurance
 Diversification

Tokio Marine targets to increase its revenue contribution from international operations to reduce dependence
on domestic market
11
Board of Directors
12
Non Executive Director
Rashesh Shah
Chairman,
Edelweiss Tokio Life Insurance Company Limited
 Rashesh Shah, Chairman of Edelweiss group of Companies, has over 20 years of experience in
public and private markets in India
 Prior to founding Edelweiss he worked with ICICI, India’s largest private sector bank followed by
Prime Securities where he headed Research and Investments focusing on the Buy side
 Since its inception in 1996, under his stewardship, Edelweiss has seamlessly grown into a large
diversified financial services conglomerate offering businesses ranging from Investment Banking,
Broking Services, Asset Management and Loans
 Rashesh has served on the Boards of various companies and is also a Member of the Executive
Committee of the National Stock Exchange and the Chairman of the Capital Market Committee of
FICCI.
 His academic qualifications include an MBA from Indian Institute of Management, Ahmadabad, a
Diploma in International Trade - IIFT, New Delhi and a B.Sc. from Mumbai University.
13
Non Executive Directors
Hiroshi Endo
Board Member,
Edelweiss Tokio Life Insurance Company Limited
 Mr. Endo is the Managing Director of Tokio Marine Holdings, Inc. and a member of the Management
Committee and is in charge of International Business for the Oceania region
 Joined Tokio Marine in 1975
 Appointed as General Manager of Corporate Accounting department in 2000
 Appointed Director (non-member of the board) and General Manager of
Dept. of Tokio Marine & Nichido in 2005
Corporate Accounting
 Appointed Director (non-member of the board) and General Manager in charge of Asia region of
Tokio Marine & Nichido in 2006.
 Appointed Managing Director of Millea Holdings in 2008
 Graduated with Bachelor in Economics from Tokyo University in 1975
14
Non Executive Directors
Venkat Ramaswamy
Board Member,
Edelweiss Tokio Life Insurance Company Limited
 Executive Director, Co-Head - Investment Banking and Co- Founder of the Edelweiss group.
 Prior to founding Edelweiss he worked with ICICI, India largest private sector bank followed by a
stint as Principal Investment Officer with the Spartek Emerging Opportunities Fund, which
invested in small and mid-cap companies in emerging sectors of the economy
 As Head of Investment Banking, his focus has been on venture capital and private equity
advisory and fund raising for emerging technology companies.
 Under his stewardship the Investment banking team has spearheaded some pioneering deals like
the first QIP issuance in India for Spentax Industries, the first AIMS listing with Noida Toll Bridge.
 Venkat is also spearheading the alternative asset management platform of Edelweiss Capital
 His academic qualifications include an MBA from the University of Pittsburgh and a Bachelors
degree in Electronics Engineering.
15
Independent Directors
Ian Brimecome
Independent Director,
Edelweiss Tokio Life Insurance Company Limited
 During his 36 years in global Insurance industry, Ian has held various senior positions in
organizations of repute. Few positions to mention are
 Currently Vice Chairman of Macquarie Group
 Chairman of Advisory board at Fox-Pitt Kelton from 2005 ~ 2009
 MD & Global Head of Investment Banking at PUTNAM LOVELL from 2001~2004
 Ian also is member of Board at
 Equitable Life Assurance Society,
Chairman
 Axa UK Plc,
Non Executive Director,
 Bluefin Group Ltd, & Bluefin Insurance Group Ltd (Insurance broker) Chairman
 Kiln Group Ltd and RJ Kiln & Co. Ltd
Non-Executive Director
 Philadelphia Consolidated Holdings
Non-Executive Director
 Winterthur UK Financial Services Group
Non-Executive Director,
16
Executive Directors
Deepak Mittal
CEO(Designate) ,
Edelweiss Tokio Life Insurance Company Limited
 Chief Financial Officer and Director, ECL Finance Limited
 Has lead and built support functions for Edelweiss group including HR and IT
 Leads the strategic initiatives and has successfully incubated new business for the Group
 Instrumental in setting up and scaling the Principal Strategies Group in Edelweiss
 Spearheaded the derivatives business at Edelweiss
 Has a deep understanding of quantitative finance and capital markets
 Formerly with the Telecom and Utilities Group of N M Rothschild & Sons, in Mumbai
 MBA from the Indian institute of Management, Ahmadabad and Bachelor’s degree in Chemical
Engineering from IT BHU
17
Executive Directors
Jun Hemmi
Executive Director,
Edelweiss Tokio Life Insurance Company Limited
 During his 26 years with Tokio Marine, he worked across marketing, production, bancassurance, M
& A, setting up green field ventures etc
 Came to India in 1997 as Project leader for setting up Non-Life JV & led
 TM’s India entry with establishment of IFFCO-Tokio (ITGI) in year 2000
 He was appointed the 1st CEO of ITGI in startup stage and later took over as Director Operation till
2004
 Management responsibility ranging across Life, Non-Life, Takaful & Re-Insurance across the region
from 2004 and Chief operating Officer (COO) of TMAsia 2008
18
Executive Directors
R.P. Singh
Independent Director,
Edelweiss Tokio Life Insurance Company Limited
 During his 35 years with has worked with multiple organizations across various industries
 Currently working as Director - HRD at Indian Farmers and Fertilizer Co-operative (IFFCO), the
largest co-operative fertilizer manufacturer in world
 Has experience across Corporate Policy making, Statutory Compliances, Handling Arbitrations and
Litigations, Negotiating settlements with Trade Unions and Legal Due Diligence of prospective
acquisitions / collaborations.
 He is also member of various professional bodies like, Indian Council of Arbitration, National HRD
Network, and Employers’ Federation of India. He also is Executive Committee Member of the PHD
Chambers of Commerce on behalf of IFFCO
19
ETLife
Chronology for JVA – 1 : Interchange (Jan.08 – Sep.08)


Originally Project for Life Insurance JV
Project started from Jan. 08
Oct. 08 EW Managements visited
to Tokyo
Both managements visited to their
office and had good impression each
other
Jun.08
May.08
Apr.08
Jan.08
Aug.08 EW Managements visited to
TMAsia (Singapore)
TM Group Managements visited to Edelweiss
Confidentiality Agreement Signed
1st Meeting between Edelweiss and Tokio Marine
Edelweiss was introduced to Tokio Marine by the investment banker
21
Chronology for JVA – 2 : Feasible Study (Aug.08 – Mar.09)

EW and TM closely worked together
for developing Business Plan

Benchmarking on 8 medium
companies to make BP more realistic
Jan.09
Nov.08
Nov.08
Aug.08
Jan.09 Business Plan - Mar.09
Revision/Finalization
Business Plan Review meeting (in Mumbai)
Discussion on Assumption among work team – Jan.09
Joint Business Plan Workshop
Actuarial Workshop for Business Plan
22
Chronology for JVA – 3 : Negotiation/Agreement (Apr.09 – Nov.09)

Negotiation on JVA was conducted with
vision for new Life insurance JV

Coincidently discussing strategy for JV
Nov.09
Sep.09
Joint Venture Agreement Signed
1st Draft of JVA
Sep.09 Life insurance JV strategic Workshop (in Mumbai) Tokyo Visit of EW
Managements/ Lecture by Anshin Life & Financial Life
May.09
Apr.09
1st MoU Draft with Legal Opinion
Term Sheet Discussion
23
Guiding Principles
1.
To create a long term sustainable and profitable business
2.
To be a significant company in the industry
3.
To seek a differentiated approach (being the 23rd Insurance player) to
differentiated from an internal organization perspective
4.
Leverage Technology for analytics for customer (both agent and end
customers) service and consistency in service quality
5.
Focus on productivity for Distribution and Operations for increased profitability
6.
"Proof of concept" approach to test and establish a model before expansion
24
Context
1. Edelweiss and Tokio Marine spent more than 1 yr to jointly evaluate the opportunity
in the Life Insurance industry in India
2. Both Partners are convinced that :



This venture is a long term commitment and a key element of their respective strategies
The Life Insurance industry offers a long term opportunity that is congruent with the desired
growth by the partners
Jointly they can create a successful life insurance organization
3. The Joint Venture Agreement was signed on 23rd Nov 09 and “Edelweiss Tokio Life
Insurance Company Limited” (ETLife) was subsequently established
4. A detailed business plan and scenarios for ETLife have been jointly prepared
5. ETLife filed for R1 on 18th January 2010 for approval from IRDA
25
Clean and simple funding structure
Tokio Marine Holdings Inc
Edelweiss Capital Limited
100%
Tokio Marine and Nichido Fire
Insurance Co. Ltd.
74%
26%
Edelweiss Tokio Life Insurance Company Limited
26
Business Plan
Strategy for Indian Life JV
 Proposed strategy for Indian Life JV
Core strategy
In ETLife, mainly to adopt most of the major product and distribution strategy to
establish retail presence as quickly as possible under rapid growing market.
Differentiation strategy
Meanwhile we will also try out new product and distribution initiatives as “Attacker
strategy”, based on intensive market research and analysis.
Client First
We have to bring in our “Client First” concept and quality control of insurance
products and services, backed by hassle free communications and operations.
•Ease of doing business with ETLife
We should provide excellent working experience to our sales agents, aiming their
higher productivity and retention with us.
By this way, not only we intend to catch up our delay of the market entry, but
also aim to grow sustainably for mid and long term.
As a result, we aim to build strong sales organization to materialize certain
market presence after sometime (eg. Rank 10th after 10 years)
28
Channel strategy
 As for the core distribution strategy, channel-wise portfolio will
not be largely deviate from Market standards.
 Major distribution force will be Agency with view of
mid-long term growth and profitability.
 To develop alternate channel with view of cost
efficiencies and distribution reach.
Alternative channel consists of
•
•
•
•
Corporate Agent/Insurance Broker
Bancassurance
Edelweiss Channel
Tokio Marine relationship
Agency channel consists of
• Conventional Tied Agent
Business Plan Y1
- Channel Portfolio
• Low Cost DST
- Fresh graduates with intensive sales training
- Low fixed salary + variable incentives
- Inter-channel lead generation and fulfillment
29
Base Cargo
• Leveraging Edelweiss channel & IFFCO/IFFCO Tokio relationship
Edelweiss Channel
Tokio Marine Relationship
Customer Advisory
Services(CAS)
Corporate Agt/Ins Broker
Non-Life insurance broker who
are currently dealing with ITGI
Team acquiring new online
broking accounts
Japan/Korean Corporate
JPN Corporate clients that Tokio
Marine/ITGI has relationship
Telemarketing
Outbound tele-callers specified
sales of life insurance product,
case closed over the phone call
IFFCO group companies
Group companies that have
distribution capability(IPL/ITIS)
Anagram
IFFCO Cooperatives
Retail broking company with
130,000 broking accounts
IFFCO`s 40,000 cooperative
network especially in rural
etc.
etc.
30
Market Share & Revenue Projections
Revenue Projections – APE (INR Cr)
► ETLife is planning to take a cautious
approach in the first 2 years.
CAGR 52%
► In the first 2 years, ETLife would be
testing the market and also focus on
development of infrastructure,
processes and controls to support
future growth
Market share projections
Yr 1
Yr 5
Yr 10
Total Market (INR Cr)
294,780
559,233
1,015,005
Total APE (INR Cr)
85,456
185,240
329,885
75%
80%
82%
63,918
148,552
270,813
LI JV share of Total APE
0.1%
0.7%
1.2%
LI JV's share of Private APE
0.15%
0.9%
1.5%
Private Players share of APE
Private Players APE (INR Cr)
31
► From the 3rd year, ETLife expects a
ramp up in business volumes and is
expected to achieve 0.7% of the new
business market share by Yr 5 and
then 1.2% by Yr 10
ETLife profitability and capital requirements
INR Cr
 ETLife is expected to break even by
the 7th year of operations with
cumulative profits of INR 334 Cr by
10th Year
 Expense ratio ETLife is high in the first
two years due to slow sales built up
and initial set up costs including
infrastructure.
 However the expense ratio gradually
reduces to 21% in year 5. This is in
line when compared to existing
players and also ETLife ‘s focus on cost
control.
Capital
Infusion
550
0
60
320
380
295
130
0
0
0
Edelweiss
304
0
34
179
213
165
73
0
0
0
242
0
26
141
167
130
57
0
0
0
TM
 The cumulative capital requirements
32
for the company over the projected
period is INR 1,735 Cr
Milestone
Overall Project Plan
Period
Objectives
End Time
Nandadevi
• Creation of Basic Business Strategy & Board Approval
• Core System selection, IT Strategy, IT Architecture and Roadmap
• Operation Strategy and Selection of System Integrator
• Completion of Hiring Key Position and HR strategy
30 May 2010
Dhaulagiri
• Creation of Business Strategy for Alternative channel & Differentiation
and Board Approval
• Completion of Phase-I IT Customization, Peripheral System selection
and BP Strategy
• Completion of Product Design
• Preparation for Agency channel
31 Aug 2010
Kanchenjunga
• Strategy Adjustment (if necessary)
• Completion of Phase II Customization and implementation of Phase-1
Workflow
• Creation of Agency compensation and incentive scheme
• Start for Branch set-up
30 Nov 2010
K2
• Start for IT UAT and Integration testing
• Completion of HO/Back Office / CC Training
• Approval of IRDA for Product
• Completion of Test Branch set-up
Everest
• Completion of IT testing
• Completion of Branch Set-up
• Soft Launch
• Full Version of Group System implementation will happen Post-Golive
34
31 Jan 2011
31 Mar 2011
Strategy &
Plan
Marketing
Kanchenjunga
Alternative
channel
strategy
2 yr Business Plan
1st draft of
market mapping
IT Strategy basic policy
Technology
Dhaulagiri
Market
segmentation
Strategy
adjustment
Marketing Plan –
strategy &
communication
Operations Model
Product
Product Strategy
Distribution
Channel Strategy
Business Process
Strategy
Remuneration
scheme
(commissions)
Phase 1 Workflow
30-May-10
HO / Back office /customer centre
training
Product Filing
Product Design
Recruitment – Key positions
HR strategy & setup
Group
system
(full)
Customization Ph2: Agency,
CRM, Portal
Training material
35
UAT /
integration
testing
Branch Planning & setup
HR
Everest
Marketing roll out & Launch
Group system
(basic)
Customization
Ph1:Product, Investment
IT Strategy –
Architecture
& Roadmap
Peripheral system
selection
Operations
K2
Go Live
Nandadevi
Soft Launch
Project Status
Agency Recruitment & Training
Sales Tool
Staff recruitment
Ph 2
recruitment
31-Aug-10
Branch personnel recruitment
30-Nov-10
31-Jan-11
31-Mar-11
Strictly Private and Confidential
HR Guidelines
2010
Guidelines
• Office Hours
• Leave & Holidays
• Travel Policy
• Dress Code
• Administrative Entitlements
• Relocation Policy
37
Office Hours
Office working days
Monday to Friday
2nd & 4th Saturday Working
Working Hours
Monday to Friday
:
09:00 AM to 18:00 PM
Working Saturday
:
09:00 AM to 12:30 PM
38
Leaves & Holidays
1. Annual Leaves
:
21 days
2. Medical Leaves
:
6 days
3. Maternity Leaves
:
12 weeks
4. Paternity Leaves
:
2 days
5. Leave during business tours
:
Not encouraged
39
Travel Policy
1. Domestic Travel
a.
Levels
All
Mode and Class of Travel
Air Travel
Train Travel
2nd AC / AC
Chair Car
Economy
b.
Road Travel
Accommodation
Boarding & Lodging
Levels
AC Taxi /
Own Car
All
Meals
A Class
City
B Class City
A Class City
B Class
City
INR 7500
INR 5500
500
500
A Class Cities include – Delhi NCR, Mumbai, Chennai, Kolkata and Bangalore. All other cities fall under B Class Cities
2. Overseas Travel
a.
Mode and Class of Travel
b.
Accommodation
Levels
Travel Criteria
Air Travel
Zone
Countries
Hotel Room Rates
All
Upto 6 hours of flying
time
Economy
A
Germany, Hong Kong,
Japan, Switzerland, USA, UK
USD 300.00 per night
All
Above 6
flying time
Business
B
Singapore, Dubai and Rest
of the World
USD 200.00 per night
hours
of
• Company will be providing with 4 star accommodation facility for all employees (irrespective of level) on business travel
• Employee on overseas travel will be given per diem allowance of USD 50.00 per night spent overseas.
40
Dress Code
Dress Code for ETLife is decided as Formal. In our course of business, we will be interacting with lot of external
visitors. It is important that these visitors carry back a professional image of ETLife and its employees. All employees
are advised to adhere to the dress code, as below
For Male
Employees
Trousers
Acceptable
Wear

Trousers
Unacceptable Wear





For Female
Employees
Sarees / Dress /
Skirts
Cargo Pants
Denim Jeans
Shorts / Bermudas
Track Pants
Drawstring Pants



Trousers
Shirts


Footwear

Long Sleeve
Collared Shirt
Neck Tie*




Formal Shoes 





Acceptable
Wear
Salwar
Kameez
Sarees
Skirts
Business
Dresses
Trousers
Short Sleeve
T Shirts
Polo T-Shirts
Athletic Wear
Sandals
Track /Sports Shoes
Beach or similar
footwear
Slippers
Shirts / Blouses

Footwear


Short / Long
Sleeve shirts
with collar
Formal
Sandals
Formal
Shoes
Unacceptable Wear


Denim Skirts
Sarong Wrap
Skirts

Tight Fitting Pants
(Aerobic tights)
Denim Jeans
Cargo Pants
Shorts / Bermudas
Track Pants
Drawstring Pants
T Shirts
Polo T-Shirts
Athletic Wear
Casual Sandals
Track /Sports
Shoes
Beach or similar
footwear
Slippers












41
IT Access
Internet Access
Outlook
Web Access
Removable
Devices
(USB)
Removable
Devices
(CD-ROM)
Laptop
Blackberry
Un restricted
Yes
Yes
Yes
Yes
Yes
Manager to Senior
Manager
No Personal emails
Need based
Need Based
Need Based
Need Based
Need Based
Upto Associate
No Personal emails
No
No
No
No
No
No Access
No
No
No
No
No
Level
AVP & Above
Third Party (Consultants,
Auditors, Outsourced
employees etc.)
42
Relocation
• Transportation of Household Goods
•
Employee will be paid packaging and transportation cost for one truck load / one container
from outstation location, subject to maximum of Rs 30,000/-
• Travel Allowance
•
Company will reimburse one way ticket from home location to Mumbai as per travel
guidelines clause 1 (a).
• Interim Location
•
Guest house / hotel accommodation
•
Manager & Above
:
15 days
•
Upto Manager
:
7 days
The above expense will be fully recoverable, in case employee decides to leave the company
within 12 months of joining the company
43
Strictly Private and Confidential
WELCOME TO EDELWEISS TOKIO INSURANCE