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To Insurance Sector: Presented By-Dhananjay Kumar Jaipuria Institute of Management, Noida
To Insurance Sector: Presented By-Dhananjay Kumar Jaipuria Institute of Management, Noida
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Presented ByDhananjay kumar Jaipuria institute of Management, Noida
Contents:
Life insurance General insurance Insurance market scenario Emerging trends in insurance Jobs in insurance Insurance websites Insurance glossary
Learning Insurance
What Is Insurance
Insurance is concerned with protection of economic value of assets.Tangible assets are human beings, house, furniture, motor cycle etc.Intangible assets are liabilities
History of Insurance
It started from Lloyds coffee house London First policy issued in England in 1583 In India first policy issued in 1870
History of Insurance
LIC of India formed in 1956 after nationalization of life insurance Business of 245 private insurance companies General insurance business of 107 insurance companies was nationalized in 1972 & four public sector General Insurance Companies were formed
Classes of Insurance
A. Life insurance B. General insurance General insurance is further classified:1.Fire insurance 2.Marine insurance 3.Miscellaneous insurance
Miscellaneous Insurances:-
1.Motor insurance 2.Mediclaim insurance 3.Householders insurance 4.Shopkeepers insurance 5.Engineering insurances etc.
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1.Insurable interest- Means financial interest 2.Utmost good faith- Greater duties of faith on proposer & insurer 3.Indemnity- Actual compensation of loss. not applicable in life policies
4.Subrogation-Transfer of rights of insured to insurer.Not applicable in life policies. 5.Contribution-Sharing of loss by all insurers.Not applicable in life policies.
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Market Intermediaries
Who procure the insurance business: Agents Corporate agents Insurance brokers Banks (Bancassurance)
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Provides death cover only during policy period Premium is low No refund of premium Sum assured paid on death
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Death cover only Period is not specified Premium is low & paid during life time No refund of premium Sum assured paid on death
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Covers death & survival benefits Sum assured paid on death or on maturity of policy Period of policy at the option of proposer Most common plan
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Policies available with bonus or without bonus Death due to accidents can be covered for additional S.A. Policies available exclusively for women & children Additional cover for major diseases available Guaranteed bonus policies available
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Policies available for limited period premium payment & risk for longer policy period Premium can be paid in monthly, quarterly, half yearly, yearly installments
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Loans are available on policies Lapsed policies can be revived Policy can be surrendered after three years Nomination & assignment can be done
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Fire policies Marine policies Motor vehicle policies Personal line policies Health insurances Liability insurances Rural insurance policies Engineering insurances
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Fire
Policies
Standard fire policyCommon policy for buildings, shops,offices, Industrial & manufacturing risks
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Floater policy Declaration policy Floater declaration policy Reinstatement value policy Industrial all risk policy Consequential loss policy
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Marine Policy
Policy insures physical loss or damage to the goods in transit by road, rail, air, water caused due to accidents, fire etc.
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motor policy
Motor policy additionally insures loss and damage of the motor vehicle due to theft and accidents along with third party risk is called a package motor policy.
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House holders policy Shop keepers policy Personal accident policy Group personal accident policy Fidelity guarantee policy
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Health Insurance
Medi claim policy Overseas medi claim policy Videsh yatra mitra policy Corporate frequent travelers policy Employment & study policy Group medi claim policy Cancer policy
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Liability Insurances
Compulsory public liability policy Public liability policy Products liability policy Professional indemnity policy Lift (third party) policy Directors liability policy Employers liability policy
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Cattle policy Poultry policy Agricultural pump set policy Crop insurance
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Engineering Insurances
Machinery Breakdown Insurance Loss of Profits (Machinery Breakdown) Insurance Electronic Equipment Insurance Erection All Risk Insurance (EAR) Storage cum Erection Insurance (SCE)
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Engineering Insurances
Contractors All Risk Insurance (CAR) Contractors Plant and Machinery Insurance (CPM) Boiler and Pressure Plant Insurance Loss of Profits (Boiler Explosion) Insurance Deterioration of Stocks Insurance.
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Insurance Law
The Insurance Act 1938 (amended) Insurance Regulatory & Development Authority Act 1999
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IRDA
Insurance Regulatory & Development Authority is the controlling and regulatory apex body in the country for insurance sector and its chairman and members are appointed by Government of India. IRDAs HQ is located at Hyderabad
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of
IRDA)
issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration.
specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents. specifying the code of conduct for surveyors and loss assessors. promoting efficiency in the conduct of insurance business promoting and regulating professional organizations connected with the insurance and re-insurance business. levying fees and other charges for carrying out the purposes of this Act.
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specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries. regulating investment of funds by insurance companies. regulating maintenance of margin of solvency. adjudication of disputes between insurers and intermediaries or insurance intermediaries supervising the functioning of the Tariff Advisory Committee. Other.
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Emerging Trends
Detariffing in General Insurance from 1.1.2007 leading to greater price war & new products in future Banks entering insurance market through joint ventures with foreign finance majors
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Emerging Trends
Increasing Role of Insurance Brokers Banc assurance Corporate Agency IT intervention & uses
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Emerging Trends
Greater Job Opportunities For thousands of Insurance Managers, IT Professionals For lacs of Insurance Advisors For Insurance Professionals For Risk Managers For Underwriters For claim Settlements
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Emerging Trends
Increasing No. of Insurance companies & Intermediaries Increasing Awareness about Insurance Growth in GDP Increasing No. of Middle Class
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Emerging Trends
Increasing awareness about Health Insurance Increasing awareness about Personal Line Insurance like House, Shop, Personal Accident Market flooded with new insurance products
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Jobs
In
Insurance
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Job Opportunities
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Job Positions
Agency Manager Sales Manager Sales Executive Branch Manager Executive Underwriting Executive Claims Executive Bancassurance
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Job Description
To recruit the insurance agents To train the agents To supervise the agents To develop the business Supervise underwriting Supervise claim settlement Customer relationship management Bancassurance
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Job Specification
Team leader Team driving capability Team management Communication Frustration tolerance Insurance knowledge Contacts
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Job Specification
Knowledge of company Fluency in English & local language Customer service Computer friendly Team goals Financial consultant Networking skills
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Advantages
To the customer
1. 2.
3.
Durability of the product Long-run cost efficiency Better service of the product Increase in sales Customer satisfaction Strategic advantage Automatic removal of local-product competitors Revenue All benefits which is lies with any insurance company
To the companies
1. 2. 3. 4. 5.
2. 3.
Insurance for the EDUCATION LOAN Insurance for lower class people. Example- small/daily premium insurance
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