Group D:
Niraj Taujale
Nishab Shrestha
Raj Kumar Bhandari
Sameer Shrestha
Introduction
 In 2000, insurance companies worldwide wrote $2,444
billion in direct premiums which is 7.8 percent of
glob...
Development Perspective
 A developed and functioning insurance sector is
fundamental condition for economic success
 The...
E-Insurance
 E-insurance can be defined as the provision of an
insurance cover whereby an insurance policy is
solicited, ...
Contd..
 Efficiency and effect of e- insurance:
 First, e-insurance should reduce internal
administration and management...
Objectives of the Study:
 To review existing e-commerce practices in insurance
industry of developing counties.
 To disc...
How things have changed
 Internet and e commerce technologies are already
changing the structure of the insurance industr...
E-commerce Practices in Insurance
 Personal Lines
Coverage areas:
Motor vehicle
Property insurance
Personal liability cov...
Contd..
 Issues in E-Personal Insurance:
 Online Payment System
 Lack of E-Commerce Strategy
 Business Process Outsour...
Contd …
 Commercial Lines
The reasons of challenges an online risk management
 Buyers of commercial insurance often requ...
Contd …
Reinsurance:
 Reinsurance is rapidly becoming online.
 Some companies are marketing and distributing their
own r...
Contd…
 The following list are the pros and cons of reinsurance e-
markets:
Pros:
 Buyers get access to multiple quotes ...
IT and insurance
 It helps in enhancing the performance of the field
agent or employee.
 Wireless devices help the staff...
Contd..
 Reason for building company IT infrastructure
I. Liberalized market and competitive pressures
forcing to increas...
Supervision of establishing e-
insurance operation:
 E-insurance was perceived as a distribution channel
would erase nati...
 Competition rules and transparencies add information
requirement from the core market of conduct.
 Monitoring of rates,...
Conclusion
 Insurance provides financial stability to individuals,
organizations and businesses.
 E-Insurance is the mec...
Thank You!!!
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review of e banking of developing countries

  1. 1. Group D: Niraj Taujale Nishab Shrestha Raj Kumar Bhandari Sameer Shrestha
  2. 2. Introduction  In 2000, insurance companies worldwide wrote $2,444 billion in direct premiums which is 7.8 percent of global gross domestic product (GDP).  During the same year the insurance companies in developing counties generated $209 billion which is 8.5% of the global insurance premiums.
  3. 3. Development Perspective  A developed and functioning insurance sector is fundamental condition for economic success  The objective of insurance is to provide financial stability to individuals, organizations and businesses.  As a risk pooling and transfer mechanism, insurance allows the insured to mitigate pure risk (i.e risk involving only the possibilities of loss or no loss).
  4. 4. E-Insurance  E-insurance can be defined as the provision of an insurance cover whereby an insurance policy is solicited, offered negotiated and contracted online.  Everything in an insurance contract may be done via internet however, there may be some constraints that may not fulfill the requirement of e-commerce in certain country.
  5. 5. Contd..  Efficiency and effect of e- insurance:  First, e-insurance should reduce internal administration and management cost by automation business process, permitting real-time networking of company departments, and improving management in formations.  Secondly, it should reduce the commission paid to intermediaries since it can be sold directly to clients.
  6. 6. Objectives of the Study:  To review existing e-commerce practices in insurance industry of developing counties.  To discuss the use of IT in insurance as well as reinsurance industries.  To seek for a number of guidelines for companies which will assess the regulatory implications for the sector.
  7. 7. How things have changed  Internet and e commerce technologies are already changing the structure of the insurance industry.  Agents= Sales of policies to non business like personal life, motor vehicle insurance, etc also for small and medium sized business.  Brokers= Intermediated insurance for large organizations as well as between insurers and reinsurers.  Middleware is a software that provides connectivity between insurers.
  8. 8. E-commerce Practices in Insurance  Personal Lines Coverage areas: Motor vehicle Property insurance Personal liability cover Health and life insurance
  9. 9. Contd..  Issues in E-Personal Insurance:  Online Payment System  Lack of E-Commerce Strategy  Business Process Outsourcing
  10. 10. Contd …  Commercial Lines The reasons of challenges an online risk management  Buyers of commercial insurance often require tailored underwriting.  Companies with significant assets normally set up their own risk management departments .  Businesses do not consider the transfer of risk to an insurer by way of a policy to be the primary motivation for purchasing insurance.  Companies can also diversify their portfolios on the securities markets, should they wish to do so.
  11. 11. Contd … Reinsurance:  Reinsurance is rapidly becoming online.  Some companies are marketing and distributing their own reinsurance products on their websites.  While others are attempting to set up reinsurance markets or exchanges.
  12. 12. Contd…  The following list are the pros and cons of reinsurance e- markets: Pros:  Buyers get access to multiple quotes from several reinsurers.  Capacity can be larger.  Few players are fully committed, many are developing own solutions in tandem. Cons:  Standardized products may not satisfy buyers' needs.  Aside from reinsures, e-markets need to attract brokers .
  13. 13. IT and insurance  It helps in enhancing the performance of the field agent or employee.  Wireless devices help the staff to access in the resources of the data for the distribution improve, cross selling and speed up loss assessment  For eg Japan , New York life
  14. 14. Contd..  Reason for building company IT infrastructure I. Liberalized market and competitive pressures forcing to increase productivity and efficiency II. Developed countries require internet based electronic data interchange for ceding or accepting reinsurance III. Any prospective e-commerce strategy needs back office it that can communicate with an internet- based front end or website
  15. 15. Supervision of establishing e- insurance operation:  E-insurance was perceived as a distribution channel would erase national boundaries since a single e- insurance platform established in one influence could offer insurance service globally.  More precisely existing regulations relating to market conduct determine how insurance providers may conduct the business online.
  16. 16.  Competition rules and transparencies add information requirement from the core market of conduct.  Monitoring of rates, marketing of insurance product, handling of public complaints, consumer education and fraud are included under this aspect of supervision.
  17. 17. Conclusion  Insurance provides financial stability to individuals, organizations and businesses.  E-Insurance is the mechanism where as offered negotiated and contracted online.  Study has the objective to review existing e-commerce practices in insurance industry of developing countries.  It has addressed the issues on personal and commercial insurance on the perspective of e- insurance.
  18. 18. Thank You!!!

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