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Insurance services by Rashmiranjan Das
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Insurance services by Rashmiranjan Das


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detail about insurance sector

detail about insurance sector

Published in: Marketing

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  • 1. What is insurance? The definition of insurance can be made from two points: 1. Functional definition. 2. Contractual definition. • FUNCTIONAL DEFINITION Insurance is a co-operative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to insure themselves against the risk.
  • 2. • Contractual Definition In the words of justice Tindall, “Insurance is a contract in which a sum of money is paid to the assured as consideration of insurer’s incurring the risk of paying a large sum upon a given contingency.”
  • 3. TYPE OF INSURANCE • LIFE INSURANCE - Life insurance is a written contract between the insured and the insurer, that provides for the payment of the insured sum on the date of the maturity of the contract or on the unfortunate death of the insured, whichever occurs earlier. • GENERAL INSURANCE- General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance
  • 4. TYPES OF GENERAL INSURANCE 1. Health insurance 2. Business insurance 3. Automobile insurance 4. Fire insurance etc. • HEALTH INSURANCE- Just like one looks to safeguard ones wealth, these policies ensure guarding the insurer's health against any calamities that may cause long term harm to ones life and even hamper ones earning ability for a lifetime. Some examples of this type of policy are mediclaim policy, personal accident, group accident, traffic accident, etc.
  • 5. Continue………. • BUSINESS INSURANCE- Risks of loss of profits/business, goods, plant and machinery are most profound in case of business. Under this head they cover the most widely used policies that cover a business from any loss of the above kind. Some of these policies are burglary insurance, shopkeepers insurance, key-man insurance, marine insurance, public liability insurance, workmen compensation insurance, air transit insurance, fidelity guarantee insurance etc.
  • 6. Continue……….. • AUTOMOBILE INSURANCE- Auto Policy is required to be taken to cover the risks that arise to the owner, vehicle and third party. This includes the Compulsory Vehicle Policy (In India, by the Motor Vehicles Act, every car owner is required to covered against Act risks) and the Comprehensive Vehicle Policy. • FIRE INSURANCE- This policy is required to be taken to prevent any loss of profits / property from incidental fire. Eg: fire insurance and fire consequential loss policy.
  • 7. Chart-
  • 8. All insurance company in India
  • 9. Marketing Mix of Insurance Industry LIFE INSURANCE • Whole life and term policies • Endowment policies: A lump sum amount in case of death/expiry of the policy • Money back policies: Periodic payments during the term of the policy itself; In case of death, payment of full sum assured • Annuity / Pension policies: Premium is paid as a single lump sum or through installments to get regular income after the retirement GENERAL INSURANCE •Auto Insurance •Health Care Insurance •Travel Insurance •Home Insurance •Fire Insurance •Marine Insurance •Accident Insurance
  • 10. Price • In an insurance business, the pricing decisions are concerned with: – The premium charged against the policies, – Interest charged for defaulting the payment of premium and credit facilities – Commission charged for underwriting and consultancy services • For general insurance (Auto) the premium depends on – Make of the vehicle – Year of manufacture – Place of registration – Current showroom price of the vehicle
  • 11. Price • For life insurance the premium depends on three factors – Costs: Fixed percentage of insurer’s office expenses, salaries, computers, and maintenance of buildings, commissions to be paid to the agents – Mortality: Mortality tables allow the insurer to calculate the average chance of someone dying within one year – Interest: The insurance firm receives interest on the premium payment, from the time of policy taken, up to the maturity/death. When the period is longer , the effects on interest income is more • Discounts may be offered for existing clients renewing the policy
  • 12. Place - Channels of distribution Direct Selling • Agents • Financial Advisors • Call Centres Partner Selling • Bancassurance • Postal Department • Selling through Corporates • Tie – ups with financial institutions Electronic Channel • Internet • Information Kiosks • SMS
  • 13. Promotion Advertising & Publicity Word of mouth
  • 14. People People External Customers Internal Customers Agents External Customers Insurer i.e. Customers Internal Employees On Desk Employees Back - end employees
  • 15. Market Segmentation (External Customers) Household • Salaried Class • Self – Employed • Retired Industrial • Public Sector • Private Sector Trade • Big Business • Small Business Institutional • Universities • Colleges • Schools
  • 16. Market Segmentation(External Customers) Region Wise • Central • Eastern • Northern • Southern Gender • Males • Females Age • Children • Adults • Senior Citizens Rural • Depending on location, income & population
  • 17. Physical Evidence Policy Documents Brochures Periodic Statements Renewal Notices Business Cards Stationary Calendar, Diaries
  • 18. Process • Customer friendly • Speed and accuracy of payment is of great importance • Installment schemes should be streamlined to cater to the ever growing demands of the consumers