...+ = INSURANCE OVERVIEW Understanding Insurance INSURANCE LIFE GENERAL Insurance is a system to alleviate financial losses by transferring risk of loss from one entity to another. ‘Insurance’ is basically a sharing device. The losses to assets resulting from natural calamities like fire, flood, earthquake, accidents, etc. are met out of the common pool contributed by large number of persons who are exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events which are beyond the human control. Secondly insured person should not make any gains out of insurance. It is natural to think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets is the human being whose efforts have gone a long way in building up the assets. In that sense, human life is a unique income generating assets. Unlike the physical assets, which decrease in value with passage...
Words: 6854 - Pages: 28
...Top 10 Insurance Companies in India Author: Administrator Saved From: http://www.knowledgebase-script.com/demo/article-994.html The insurance sector in India has undergone a number of phases since its inception in 1818. The insurance sector gained real momentum in the last decade when the Indian government allowed private insurance companies to furnish insurance products. Moreover, India welcomed foreign direct investment up to 26% in the insurance sector and since then it has been booming, capturing every opportunity for growth. Top 10 Insurance Companies in India Here is the list of top 10 insurance companies in India. 1. Life Insurance Corporation of India (LIC) Selling Point: India's largest Insurance Company With estimated assets of Rs. 8 trillion (approximately $170 billion) and 2048 branches spread across India, LIC is not only the largest but the most popular life insurance company in India. Government-owned LIC still remains on the top even in the phase where there are many new players entering in the ring with customized insurance products. LIC has gained the consumer trust and credibility over the time that is essential to sustain in the insurance business. 2. Tata AIG Life Insurance Company Limited Selling Point: Insurance provider with the most reliable brand names Tata AIG offers a variety of insurance plans. The company has plans for everyone from children to students to corporate executives to senior citizens and it is the first private sector insurer...
Words: 906 - Pages: 4
...The Germania Life Insurance Company survived the Civil War, World War 1 and 2, the depression, recessions, and more. The company has learned to grow and adapt to the many changes that it faced. In the first two years of its operation, the company had insurance agencies all across the US in states that included Colorado, the Dakotas, New Mexico, and Arizona. In 1868 they became the first US insurance company to open an office in Europe. However, with the changes in the business world brought about by World War 1, Germania discontinued doing business in Europe 1917. At the end of that same year their name changed to The Guardian Life Insurance Company of America. In 1911 they moved to Union Square in Manhattan and for 85 years this office would serve as the headquarters for Guardian. After the company saw many years of growth and expansion the decision was made to provide more regionalized home office functions. Therefore, in 1982 three branch offices were created in Pennsylvania, Wisconsin and Washington State. Guardian started out as a company that was based on mixed stocks and mutual but in 1925 they switched to a full mutual company. Therefore, there are no stockholders or private owners. Policyholders own Guardian and when the company experiences monetary growth; it is shared with the policyholders in the form of a dividend. Guardian has been paying dividends every year since its inception in 1868. Today Guardian, well known as a strong and stable company, has grown to become...
Words: 634 - Pages: 3
...leader in contract-based business process outsourcing services, has been successful in acquiring high-profile customers (e.g. Verizon, FedEx & Starbucks, among others) across a wide variety of industries. Despite Convergys’ impressive customer list, the company has seen its operating margin decrease about 20% over the past 5 years. Key decision makers within the company believe that this decline is due, at least in part, to issues relating to client retention and acquisition strategies. At present, Convergys classifies its customer accounts into 3 tiers: A, B & C. “A” customers are considered to be of highest value, followed by “B” and “C” customers. Although the idea of internally segmenting customers to most effectively allocate company resources (to maximize profit) is sound, the segmentation strategy ought to be well designed and it must incorporate metrics that reflect specific attributes of the industries being served, while at the same time aligning with Convergys’ overall philosophy and business objectives (such as growth, for example). As evidenced by the continuous decline in Convergys’ operating margins over the past 5 years, contrasted with the high quality service it provides and the growth of the specific companies and industries it services, it is apparent that Convergys’ approach to growth is not particularly effective. In this case analysis, we will provide recommendations on strategies Convergys could implement to better segment and service key customers,...
Words: 10236 - Pages: 41
...Insurance Matrix Type of Insurance Functions Example of Company Coverage Characteristics Auto The function of auto insurance is to protect drivers when they are involved in a collision or other type of incident such as fire, theft, or a natural disaster. The insurance company will pay the cost of repairing the vehicle or vehicles dependent upon which type of insurance the person at fault has purchased. Some types of insurance will also cover medical bills for injuries received as the result of an accident. State Farm Insurance Shelter Insurance USAA Allstate Insurance Geico Insurance Progressive Insurance AIG Insurance Medical payments Bodily injury Collision Comprehensive Uninsured motorist No fault Liability Underinsured motorist Towing Home Home insurance provides coverage for damage or destruction of the policyholder's home. It pays for damage by certain events such as fire, rain, wind, hail, or other natural occurrences. It can also cover losses due to theft or injuries on the property. Some areas have insurance specifically for earthquake or flood damage. State Farm Insurance AIG Insurance Allstate Insurance USAA Insurance Progressive Insurance Geico Insurance Farmer’s Insurance Liability Protection • Injuries and accidents • Lawsuits Personal Property Protection • Buildings and structures • Personal items • Living expenses Health Health insurance is purchased to pay expenses incurred as a result of an accident or illness. It covers...
Words: 452 - Pages: 2
...Associate Level Material Appendix E Insurance Matrix |Type of Insurance |Functions |Example of Company |Coverage Characteristics | |Auto |To provide financial protection against physical |Nationwide, GEICO, State Farm, Progressive, Allstate, |Liability coverage pays for the legal responsibility | | |damage or bodily injury resulting from traffic |Amica. |to others for bodily injury or property damage. | | |collisions. | |Policies: (PAP) Individual coverage and family | | | | |automobile. (FAP) for several people in a family who | | | | |are driving the same car. | |Home |To cover the cost of re-building or fixing a home |Farmers, Allstate, Liberty Mutual. |Liability; responsibility for another person’s losses.| | |damage or destroy by fire, theft or other...
Words: 261 - Pages: 2
...Insurance is something that every individual should have in one way or another. Insurance is a form of risk management where the insured party has the authority to transfer the cost of the potential loss from an incident to another party in exchange for a premium. A premium is a document detailing the terms and conditions of the insurance contract. Insurance companies issue policies that protect individuals, business and other parties from the risk of a loss. Some insurance policies are a requirement of some companies for their employees. However, many policies are purchased to make the policy-holder’s feel at ease. Whether its auto, medical, life, liability, disability, or any other form of insurance there are, having the right kind of insurance is an important factor of any great financial plan. There are many different types of policies that insurance companies offer such as auto insurance, motorcycle, ATV, umbrella, homeowner’s, renters, condo, co-op, RV, life, boat, personal watercraft, flood, mobile home, overseas, commercial auto, business, identity protection, snowmobile, collector car, and even pet insurance. There are also many different insurance companies out there who offer some, if not all, of those insurance policies. Three popular and widely known insurance companies are Allstate, Geico, and State Farm. Each of them have their own specific target markets and have to work each day to attract new and existing customers. The Allstate Corporation was founded...
Words: 2654 - Pages: 11
...Persuasive Speech Persuasive Speech Purpose: Explain to the class the dangers involved with texting while driving and persuade them to stop allowing their phone take their mind off the road using the Monroe’s Motivated Sequence. Body First and foremost, texting while driving has become such a big issue among teenagers. Texting, in general, has become the thing to do. Student’s text now more than they talk on the phone. DWT has become most common in kids. A study conducted by Nationwide Mutual Insurance that was released this year found that 19% of all drivers -- and 37% of drivers between the ages of 18 and 27 ---text message behind the wheel. Secondly, the importance of not texting while driving is obvious; we all want to make it to our destination safely. According to SADD (Students Against Destructive Decisions) and Liberty Mutual Insurance Group, instant and text messaging while driving leads the list as the biggest distraction while driving. The study, released in July 2007 and conducted with more than 900 teens from 26 high schools nationwide, revealed that text-messaging while driving is becoming as dangerous as drinking and driving, in terms of inhibiting a teen’s driving abilities. Yet even while 37 percent of teens rated text messaging while driving as “extremely” or “very” distracting, they continue to send and receive text messaging in their moving vehicles anyway...
Words: 319 - Pages: 2
...Initiatives Page - Recommendations Page - References Executive Summary This paper is designed to explain the diversity audit on New York Life. They are a large organization that has been around since 1869. They have been a life insurance company that has survived through many tragedies. They claim to be a very diverse workplace. New York Life has established a diversity program that states “The New York Life Supplier Diversity Program is designed to ensure that diverse businesses have equal access to our procurement processes. Currently, the businesses we include as diverse suppliers are minority-owned, women-owned and Lesbian, Gay, Bisexual and Transgender (LGBT)-owned businesses. Our program has the enthusiastic support of our Chairman, President and CEO, Ted Mathas. Some of our current initiatives involve exploring innovative approaches to facilitate diverse business inclusion in non-traditional areas like management consultants and investment firms. We will continue to expand our customer base for diverse businesses and participate in activities that will introduce the company to new diverse suppliers. We are also encouraging our prime suppliers to subcontract with diverse businesses in the performance of our contracts.” They have many company functions that live up to their diversity program. Now I want to find out if they live up to these standards. Do they really follow what they claim? Also, how well does the program work? Organizational...
Words: 267 - Pages: 2
...Managerial Appls of Info Tech Table of Contents 1. Business problem statement 2. Company background 3. Discussion of business issues 4. Benefits of solving the problem 5. Business/technical approach 6. High level solution 7. References 1. Business problem statement Their mission is to provide financial security and insurance products and has a very important purpose, annuity and investment services for insurance products. Also to provide incentives for families and business owners to reach agreement to set appointments for financial services and several charities that with being a resource center of influence, and investigative units around them. 2. Company background Established in 1845 and located in New York, New York Life Insurance Company is a Fortune 100 company and is the oldest and one of the largest mutual life insurance companies in America. The New York Life maintains operations in all 50 states and many markets in Asia and Latin America. The Company holds the highest rating for financial strength from four major players in the industry life insurance rating. In 2010, New York Life Insurance Company posted record sales in the U.S. individual life insurance, an increase of 39% 1 in 2009 and far above the industry growth of 12% in 2010.2. The New York Life offers a large staff of experts to support all products and give them to personnel training for their first 36 months to guarantee they are fully informed of any decision...
Words: 650 - Pages: 3
... This project was carried out in the HR department of BHARTI AXA Life insurance co. Pune. Bharti AXA Life insurance is only concern with life insurance and General insurance. The objective of this project is to study the entire Recruitment & Selection processes at Bharti AXA Life insurance. The Human Resources Department of Bharti AXA Life insurance carries out both these functions quite effectively. Hence, the procedure of Recruitment is studied thoroughly and some inferences accordingly. The data and information collected is with respect to working procedure specifically regarding recruitment procedure, the data referred for this study is for the year 2007 - 08. I have applied the concept and gained knowledge learned during the course in at CMRD In practical business situation and understood these concepts in better way. The research work really has poured of immense learning for me. I would like to thank whole heartedly to Bharti AXA and CMRD, for giving me this exposure. Introduction Company profile: Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in telecom, agro business and retail, and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti and 26% stake of AXA. The company launched national operations in December 2006. Today, company has over 5200 employees across over 12 states in the country. Our business...
Words: 3465 - Pages: 14
...Overview of Indian insurance industry 2013 1 Outlook of Indian Insurance Industry lEafCraft Insights Overview of Indian insurance industry 2013 INDEX Introduction.......................................................................................................................................3 Brief history.......................................................................................................................................4 Market share of different insurance companies for the financial year 2012...............................5 Status of the Indian insurance industry and its demographics.................................................... 6 Changing market dynamics: evolution of mindset of the Indian population.............................. 7 Marketing strategies for various companies...................................................................................8 The way ahead..................................................................................................................................10 2 lEafCraft Insights Overview of Indian insurance industry 2013 INTRODUCTION Life is synonym to uncertainty and has become prone to contingency at any point of time. Any injury or accident can happen to anyone of us or our loved ones at any point of time. The material value of our life or immortal possessions of ours cannot be correctly estimated but of course we can keep a backup in case something fatal happens to them. This very...
Words: 2796 - Pages: 12
...COLLEGE OF COMMERCE & ECONOMICS G. R. KARE ROAD, MARGAO - GOA INSURANCE SECTOR IN INDIA: THE PARADIGM SHIFT Meenakshi Bawa Lecturer, Department of Economics, M.E.S. College of Arts & Commerce, Zuarinagar, Goa The rapidly growing economic scene, the political attitude, cultural patterns, social values and rapid development in the Information Technology sector have brought about a significant transformation in the lifestyles in the urban and rural areas of our economy. These changes have introduced an element of uncertainty in the possible developments in all sectors; at the same time, the insurance sector also cannot remain untouched. In the present era of globalization, insurance companies face a dynamic global business environment. Radical changes are taking place due to the internationalization of activities, the appearance of new risks, new types of covers to match these new risk situations and innovative ideas on customer service. The low growth rates in developed markets, changing customer needs and the highly uncertain economic conditions in the developing world have been exerting pressure on insurers’ resources while testing their ability to survive. The globalization process has opened up new service markets to provide developing nations with opportunities for the expansion of trade and economic growth. Insurance has always been a politically sensitive subject in India. In fact, until 2000, the insurance industry was a government monopoly. But thereafter it has been...
Words: 3631 - Pages: 15
...“The effects of FDI on the Indian Insurance Industry” Abstract Chapter-1 1.1 Introduction In the world of increased competition and rapid technological changes, globalization has played a complimentary role over the past years. Globalization has encouraged more and more multinationals to adopt FDI. According to Charles W.L. Hill (1998) “FDI occurs when a firm invests directly in facilities to produce and market a product in a foreign country”. The growth of FDI is more than the growth of world trade and world output so role played by FDI in world economics is very vital. Patterson, N. and Montanjees, M. (2004) say that FDI is the most favoured form of external finance for the reason that it is non-debt creating, non- volatile and the outcome depends upon the projects performance initiated by investors. FDI is advantageous because it facilitates international trade and transfer of technology, knowledge and skills. The purpose of this study is to investigate factors that attract FDI. De Mello (1999) asserts that scope for business in a country, opportunities for expansion, market size etc are some of the factors that attract FDI. Growth rate of a company or an industry leads to magnetism of more and more investment as investors know that their investment is safe enough. According to Dunning, J. (1981) Availability of valuable and unique resources in an industry such as cheap production capacity, cheap skilled labour and advanced technology which are necessary for running...
Words: 1808 - Pages: 8
...FDI In Insurance INTRODUCTION With the deregulation of insurance industry in India since 1999, private players have got an opportunity to enter in an insurance markets. Prior to its deregulation, the life insurance business was dominated by the public sector company is life insurance Corporation of India. While liberalization of insurance sector, as many as twelve new private life insurance companies were entered with the help of foreign equity up to 26 per cent in the life insurance business apart from the HDFC standard life, which has stand foreign equity only 18.6% in the beginning of insurance business, in the present time there are entire 22 private life insurance companies operating business in India, their in we have selected five private life insurance companies, as like ICICI prudential life insurance (2000), HDFC standard life (2000), Aviva life (2002), SBI life insurance (2001), TATA life insurance (2001). They are entire companies is playing a vital role in life insurance business with motive for exist and prospective customers to provide better facilities in lives saving scheme, future security, investment plan, funds investment etc. Consequently, the public-sector company has been face towards countering the challenges posed by the entered new players in the same business. The private players have been striving to build confidence in customers and get a foothold in the markets. In competitive markets, life insurance companies come out...
Words: 3714 - Pages: 15
