Insurance Company Operations

By:

Ishan Abrol Kunal Arora Shivan Bhardwaj Shubham Gupta Pritish Sareen

Insurance Company Operations

Rate Making- It refers to the Pricing of Insurance. Importance of Actuary for estimating premium for Life and Health Insurance Underwriting- It refers to the process of selecting, classifying, and pricing applicants for Insurance. Objective is to produce a profitable book of Business

Production- It refers to the sales and marketing activities of Insurers. Agency Department Professionalism in Selling
Claims Settlement- The payment of proceeds by an insurance company to the insured to settle an insurance claim within the guidelines stipulated in the insurance policy. Objectives includes- Verification of a covered loss, Fair and Prompt payment of claims, Personal assistance to the insured

Insurance Company Operations Contd.

Reinsurance- It is an arrangement by which the primary insurer that initially writes the insurance transfers to another insurer (called the reinsurer) part or all of the potential losses associated with such insurance. Increase underwriting capacity Stabilize profit Reduce the unearned premium reserve Provide the protection against a catastrophic loss Investments- It looks after the possible investment Avenues to invest premiums that are paid in advance by the Individuals/Entities. Life Insurance Investments Property and Casualty Insurance Investments

Rate Making Underwriting

It refers to the Pricing of Insurance. Importance of Actuary for estimating premium for Life and Health Insurance
It refers to the process of selecting, classifying, and pricing applicants for Insurance. Objective is to produce a profitable book of Business It refers to the sales and marketing activities of Insurers Agency Department Professionalism in Selling

Production
Claims Settlement

The payment of proceeds by an insurance company to the insured to settle an insurance claim within the guidelines stipulated in the insurance policy.
It is an arrangement by which the primary insurer that initially writes the insurance transfers to another insurer (called the reinsurer) part or all of the potential losses associated with such insurance

Reinsurance
Investments

It looks after the possible investment Avenues to invest premiums that are paid in advance by the Individuals/Entities.