...Table of content 1. History and Definition…………………………………………………………………3 2. Evolution of Bancassurance……………………………………………………………4 3. Bancassurance Model………………………………………………………………….5 4.1 Simple agreement………………………………………………………………..5 4.2 Joint venture………………………………………………………………………5 4.3 Fully integrated…………………………………………………………………...5 4. Products of Bancassurance……………………………………………………………..5 5.4 Finance and repayments …………………………………………………………5 5.5 Credit insurance…………………………………………………………………..6 5.6 Simple standardized package products………………………………………….6 5. SWOT analysis………………………………………………………………………...6 6.7 Strengths ………………………………………………………………………….6 6.8 Weaknesses……………………………………………………………………….6 6.9 Opportunities……………………………………………………………………...7 6.10 Threats…………………………………………………………………………….8 6. Conclusion…………………………………………………………………………….8 1.History and Definition: Nowadays many financial institutions are trying to find new ways of earning additional money. One of the new and most profitable financial areas is Bancassurance. It is obvious that bancassurance was introduced by two strong financial organization bank and insurance companies. According to Marjorie Chevalier et al (2005) first companies which operated in this sphere were Spanish. It happened in 1970s when “ACM (Assurances du Crédit Mutuel) Vie et IARD (life and general insurance)” officially made cooperation between each other and started...
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...Past Investment fund performance is not an indicator for the future. * Policy Holder Investment Result is not guaranteed. All risks, lost, and benefit from the investment will fully become Policy Holder’s responsibility. Thus, buyer candidate has to read and understand provisions in the brochure and proposal before invest. * This information only describes general information and not a contract or guarantee of investment’s performance. The correct terms and condition regarding the product is explained more thoroughly in police contract. Two Power Synergy PT AXA Mandiri Financial Services (AXA Mandiri) is a new joint venture company between PT Bank Mandiri (Persero) Tbk (49% share) and AXA (51% share) which runs Bancassurance business. Bancassurance is a term which means insurance product marketing through a bank’s network. AXA Mandiri has started its operation since December 2003. Built from two powerful synergy, AXA Mandiri steadily runs its business in Indoensia. As the biggest bank in Indonesia,...
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...who may be referred to as insurance sales agents, help clients choose insurance policies that suit their needs. Clients include individuals and families as well as businesses. Captive agents work for an insurance company, and only sell that company's products. They are one ones who connect with the customers emotionally. They are a good mediator between the insurer and the insured. They tell about the latest taste of the consumer in the market to the company. They generally work under (DO) development officer, who works under sales manager. There are many agents under one DO. They also help the agents and give them tips about how to approach the potential customers. BANCAASSURANCE The bank insurance model (BIM), also sometimes known as bancassurance, is the partnership or relationship between a bank and an insurance company whereby the insurance company uses the bank sales channel in order to sell insurance products, an arrangement in which a bank and an insurance...
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...METROPOLITAN BANK AND TRUST COMPANY * Business Profile * Metrobank is a leading financial conglomerate with diversified business portfolio including: investment banking, thrift banking, leasing and financing, bancassurance, and credit cards. * Offers full range banking services to large local and multinational corporations, middle market and SMEs, high net-worth individuals and retail segment. * Established in 1962 to provide financial services to the Filipino-Chinese community. * Solid track record spanning over 50 years; multi-awarded bank. * Investment grade credit rating. * Majority owned by the Ty Family whose major business interests include financial services, real estate development, power and manufacturing. History Founded in September 5, 1962, Metropolitan Bank & Trust Co. (Metrobank) has since become the premier universal bank and among the foremost financial institutions in the Philippines. It offers a full range of banking and other financial products and services, including corporate, commercial and consumer banking, as well as credit card, remittances, leasing, investment banking and trust banking. Metrobank currently spans a consolidated network of over 1,950 ATMs nationwide; over 860 domestic branches; and 31 foreign branches, subsidiaries, and representative offices. Metrobank was incorporated in Binondo, Manila by a group of Filipino businessmen principally to provide financial services...
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...International Journal of Marketing, Financial Services & Management Research Vol.1 Issue 11, November 2012, ISSN 2277 3622 Online available at www.indianresearchjournals.com MARKETING STRATEGIES IN LIFE INSURANCE SERVICES BEENISH SHAMEEM *; DR SAMEER GUPTA ** * RESEARCH SCHOLAR, THE BUSINESS SCHOOL, UNIVERSITY OF JAMMU ** ASSOCIATE PROFESSOR, THE BUSINESS SCHOOL, UNIVERSITY OF JAMMU ABSTRACT The study is designed to evaluate the marketing strategies in life insurance service sector & how these strategies boost sales & marketability of a product which ultimately lead to customer satisfaction. The insurance scenario faces multiple challenges such as increased costs of operation, regulatory pressures, and inflexible technology infrastructure. These pressures are compounded by low to moderate premium growth & the increasing burdens of regulatory compliance. Keeping all the above problems around the study would attempt to study all the factors that contributed to the effective marketing strategies. This paper presents different marketing strategies that are taken up in life insurance services keeping in view external and internal environment of the firm. Marketing strategy is the basic approach that the business units will use to achieve its objectives, and it consists of broad decisions on target markets, market positioning and mix, and marketing expenditure levels. As the financial services sector has become more competitive, financial institutions need to...
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...3rd Prize Winner – Shri Raghav Jain, Birla Institute of Management Technology Mis-selling in Insurance and how to prevent it 1. Mis-selling at a glance By definition, mis-selling means selling a product by giving a wrong picture of a product, it may include, giving wrong information, giving unrealistic information, not giving full information about the product. You must have heard an insured, saying – but this was not I asked for. And, your agent accusing, but then I did mentioned all the details upfront, didn’t I? Insurance is a business of selling commitments and here is a case where this was broken. Unfortunately the product was mis-sold. Mis-selling is not unique to insurance and happens in various lines of businesses (loans, credit cards, investment products, pharmacy, hospitality etc.), but Insurance being an intangible service – the principle of Caveat emptor prevails in insurance. Often, the intermediary does not fully explain the policy details to the customer. Or the buyer (insured) is in a hurry and doesn't care to check the fine print. There have been cases reported where the agent deliberately misguided the buyer. Discussing an example of mis-selling: A person aged 54, having a handsome amount of savings with him and having no dependents (no kids and wife has passed away a few years ago), has no need of a term insurance (death benefit) but the agent may sell him this policy. A common practice that is seen in this regard is where the agent sells the...
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...3rd Prize Winner – Shri Raghav Jain, Birla Institute of Management Technology Mis-selling in Insurance and how to prevent it 1. Mis-selling at a glance By definition, mis-selling means selling a product by giving a wrong picture of a product, it may include, giving wrong information, giving unrealistic information, not giving full information about the product. You must have heard an insured, saying – but this was not I asked for. And, your agent accusing, but then I did mentioned all the details upfront, didn’t I? Insurance is a business of selling commitments and here is a case where this was broken. Unfortunately the product was mis-sold. Mis-selling is not unique to insurance and happens in various lines of businesses (loans, credit cards, investment products, pharmacy, hospitality etc.), but Insurance being an intangible service – the principle of Caveat emptor prevails in insurance. Often, the intermediary does not fully explain the policy details to the customer. Or the buyer (insured) is in a hurry and doesn't care to check the fine print. There have been cases reported where the agent deliberately misguided the buyer. Discussing an example of mis-selling: A person aged 54, having a handsome amount of savings with him and having no dependents (no kids and wife has passed away a few years ago), has no need of a term insurance (death benefit) but the agent may sell him this policy. A common practice that is seen in this regard is where the agent sells the policy promising...
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...3rd Prize Winner – Shri Raghav Jain, Birla Institute of Management Technology Mis-selling in Insurance and how to prevent it 1. Mis-selling at a glance By definition, mis-selling means selling a product by giving a wrong picture of a product, it may include, giving wrong information, giving unrealistic information, not giving full information about the product. You must have heard an insured, saying – but this was not I asked for. And, your agent accusing, but then I did mentioned all the details upfront, didn’t I? Insurance is a business of selling commitments and here is a case where this was broken. Unfortunately the product was mis-sold. Mis-selling is not unique to insurance and happens in various lines of businesses (loans, credit cards, investment products, pharmacy, hospitality etc.), but Insurance being an intangible service – the principle of Caveat emptor prevails in insurance. Often, the intermediary does not fully explain the policy details to the customer. Or the buyer (insured) is in a hurry and doesn't care to check the fine print. There have been cases reported where the agent deliberately misguided the buyer. Discussing an example of mis-selling: A person aged 54, having a handsome amount of savings with him and having no dependents (no kids and wife has passed away a few years ago), has no need of a term insurance (death benefit) but the agent may sell him this policy. A common practice that is seen in this regard is where the agent sells the policy promising...
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...National Economics UniversityAdvanced Program of Bachelor EducationFin 360Vietnamese Insurance Companies Instructor : Nguyen Thi Minh Hue, PhD Group : 8 Nguyễn Linh Chi Ngô Thu Hường Lương Thị Lụa Nguyễn Thành Nam Lương Bảo NgọcHa Noi, 2011 | Contents I. Introducing and Vietnamese Insurance Market Overview 2 1. Insurance history 3 2. Vietnamese Insurance market overview 4 II. Life & Non-life Insurance 7 1. Life insurance 7 2. Non- life insurance 13 III. Balance Sheet 16 1. Balance sheets of life insurance companies: 16 2. Balance sheets of non-life insurance companies: 20 3. Investments – major assets: 24 4. Reserves – major liabilities: 27 5. Insurance Underwriting activities in Vietnam 27 IV. Regulations 29 Ref: 32 I. Introducing and Vietnamese Insurance Market Overview 1. Insurance history * Over the world * Insurance was considered to appear very early in around 3000 year Before Christ, when the Chinese merchants utilized the technique of sharing risk. In order to reduce risk, they divided the big lot of merchandises into small package ones on the way transportation. * As early as 2500 BC, Egyptian masons organized a club to provide funds for the burial of member. * Around the 3rd century B.C., Greek burial societies were common devices for meeting the expenses of burial and the needs of widows and orphans. * In the 15th Century, the first insurance contract...
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...Study Material for United India Insurance Assistant Officers Exam Powered by www.Gr8AmbitionZ.com your A to Z competitive exam guide United India Insurance AO Exam Study Material – Powered by Gr8AmbitionZ.com 1 m Introduction: What is insurance? co Well it simply means protection against future contingent losses. Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company. on Z. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type. iti Definition: mb Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. -Insurance Act 1938 Gr 8A ...
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...LifeSystem The LifeSystem Suite has been developed over the last 10 years into a highly mature solution, currently supporting more than 20 million life insurance contracts in 36 installations across 16 countries globally. “eBaoTech's LifeSystem helps us to leverage our centre of competence for innovative insurance solutions in Luxembourg in different markets and distribution channels.” Swiss Life www.eBaoTech.com info@eBaoTech.com LifeSystem eBaoTech Product Offerings for Life Insurance Our offering for life insurers consists of our flagship LifeSystem Suite, supplemented by components that can be also installed separately like SalesPlatform, LifeClaims and others. In addition, we also offer specialized product Suites for Group Life and Life Insurance Wrappers based on the same architecture as LifeSystem. “eBaoTech’s SaaS offering based on LifeSystem is very useful for us to execute our vision and strategy especially in the economic conditions that is full of uncertainty and also very competitive insurance market. eBaoTech SaaS definitely will bring WanaArtha Life to different level of customer service where we can offer faster and more convenient service towards our customers. During installing period, the solid cooperation between eBaoTech team from Shanghai-Singapore-Indonesia with our dedicated team is the key of success.” Managing Director, WanaArtha Life End-to-End Suites eBaoTech LifeSystem GroupLife AssetLink Typical Sub-Suite Component Offerings ...
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...Executive summary The life insurance industry in India is achieving a growth rate of about 4% annually. It is considered to be one of the fastest growing sectors. The changing socioeconomic demographics and consumer behavior along with increased frequency of natural calamities and disasters have been the main reasons for the growth of this Industry. Its assets as on 31.03.08 were valued at $185 billion with a total of 250 million policies sold and an employee turnover of 113000 and about 1.2 million agents. There are currently 22 life insurance companies with LIC being the only public company having a market share of almost 50%. ICICI comes in second with 10% followed by HDFC at 6%, SBI at 5%, Bajaj at 4%, Reliance at 4%, Birla at 4%, Max 3%, Tata 3%, Kotak 2%, Met 1% and the rest taking up 10% of the market share. As of 2006 FDI norms the foreign participation of Indian insurance companies is restricted to 26%. All the life insurance companies of India have to comply with the strict regulation laid out by the ‘IRDA’ which is the insurance regulatory board in India set up in 2000. The majority of the population in India is yet to be tapped leaving a huge growth potential for this industry. The insurance industry in India is both service based as well as product based. Risk management and product development are the main highlights of R&D in this industry. The life insurance industry is re shapping the retail distribution channel. The life insurers engage with prospects...
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...INTERNSHIP REPORT ON MCB BANK LIMITED PREPARED BY FAIZA IQBAL BBA (HONS) MORNING DEPARTMENT OF MANAGEMENT SCIENCES Internship Report|2011| || Practice makes a man perfect. Theoretical knowledge is not enough on its own. It is useful when implemented. That’s why it is necessary for completion of BBA program to do practical work. Internship program is also held in every management institution to support the same purpose. Banking plays very important role in the development of commerce and economic fields of a country. As banks are using different modern and up to date technologies in order to perform well and influence different managerial activities, it is a better option for business students to get internship experience in banks. I did five weeks internship in MCB BANK Model Town Branch, Bahawalpur. During this time I visited different departments and was thoroughly briefed about the procedures and working by friendly senior staff of there. In preparation of this Report I have tried my best to provide all possible information about the operations, functions and tasks of MCB in brief and comprehensive form. It also includes a brief view of what I did during internship. Internship report ends with some recommendations and concluding remarks after identification of problems that I observed during internship. Although I have put all my efforts but surely there are chances for mistakes, suggestions...
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...THE UNIVERSITY OF NOTTINGHAM Centre for Risk & Insurance Studies Privatization of the Insurance Market in India: From the British Raj to Monopoly Raj to Swaraj Tapen Sinha CRIS Discussion Paper Series – 2002.X Privatization of the Insurance Market in India: From the British Raj to Monopoly Raj to Swaraj by Tapen Sinha, Ph.D. ING Comercial America Chair Professor Instituto Tecnológico Autónomo de México Mexico City, Mexico and Professor, School of Business University of Nottingham, UK tapen@itam.mx, tapen@nottingham.ac.uk Abstract We examine the institution of insurance in India. Over the past century, Indian insurance industry has gone through big changes. It started as a fully private system with no restriction on foreign participation. After the independence, the industry went to the other extreme. It became a state-owned monopoly. In 1991, when rapid changes took place in many parts of the Indian economy, nothing happened to the institutional structure of insurance: it remained a monopoly. Only in 1999, a new legislation came into effect signaling a change in the insurance industry structure. We examine what might happen in the future when the domestic private insurance companies are allowed to compete with some foreign participation. Because of the time dependence of insurance contracts, it is highly unlikely that these erstwhile monopolies are going to disappear. Acknowledgement: I would like to thank Rebecca Benedict and Samik Dasgupta...
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...THE UNIVERSITY OF NOTTINGHAM Centre for Risk & Insurance Studies Privatization of the Insurance Market in India: From the British Raj to Monopoly Raj to Swaraj Tapen Sinha CRIS Discussion Paper Series – 2002.X Privatization of the Insurance Market in India: From the British Raj to Monopoly Raj to Swaraj by Tapen Sinha, Ph.D. ING Comercial America Chair Professor Instituto Tecnológico Autónomo de México Mexico City, Mexico and Professor, School of Business University of Nottingham, UK tapen@itam.mx, tapen@nottingham.ac.uk Abstract We examine the institution of insurance in India. Over the past century, Indian insurance industry has gone through big changes. It started as a fully private system with no restriction on foreign participation. After the independence, the industry went to the other extreme. It became a state-owned monopoly. In 1991, when rapid changes took place in many parts of the Indian economy, nothing happened to the institutional structure of insurance: it remained a monopoly. Only in 1999, a new legislation came into effect signaling a change in the insurance industry structure. We examine what might happen in the future when the domestic private insurance companies are allowed to compete with some foreign participation. Because of the time dependence of insurance contracts, it is highly unlikely that these erstwhile monopolies are going to disappear. Acknowledgement: I would like to thank Rebecca Benedict and Samik Dasgupta for their input in...
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