E Insurance

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E Insurance

  1. 1. E-INSURANCE MADE BY: AKANSHA BRATT CHESTA PALI ALI SUFIYAN ANKUR JAIN RAVI MITTAL
  2. 2. METHODS OF E-INSURANCE
  3. 3. Insurance companies offering services through Internet can be classified into the following categories: · Web Sites : Almost every insurance company has homepage providing information about the company and products. However, these homepages are little more than passive online versions of the company’s brochures. · Product Portals : Portals are sites that provide a collection of links to sites of interest.
  4. 4. Point-of-Sale Portals : Unlike most other commodities, the sale of insurance products is initiated by the sellers. Certain sites exploit this approach by offering insurance products while selling insurable goods such as cars or while providing information on health or college education. · Intermediate Brokers : Brokers are intermediate sites that do not sell insurance products directly but assist clients in matching their requirements with the policies offered by insurance companies.
  5. 5. . · Reverse Auction : In this case, the client is usually an organization interested in group insurance. The client announces its requirements and selects the best offer made by an insurance company. · Aggregators : Aggregators are sites that compare quotes from different insurance companies. The service is often supplemented with general information on products as well.
  6. 6. SCOPE OF E-INSURANCE
  7. 7. As 22% of insurable population is covered by the insurance companies there is huge scope of insurance in India GLOBALISATION : International companies are entering into the market to acquire market share. NEW ENTRANTS: In the financial services industry the major entry barrier is distribution, which the Internet can overcome. CHANGING NEEDS OF CONSUMERS: The Internet may lead to products becoming more customer-centric
  8. 8. CHALLENGES FACED BY E-INSURANCE
  9. 9. <ul><li>The obstacles which are faced by e-insurance is: </li></ul><ul><li>Resistance to change </li></ul><ul><li>Lack of technology </li></ul><ul><li>Complex Insurance cycle </li></ul><ul><li>Unique requirements among states and jurisdictions </li></ul>
  10. 10. CONCLUSION
  11. 11. <ul><li>Insurance industry is gearing up for e-insurance </li></ul><ul><li>To succeed as e-insurer, it has to be cheaper and </li></ul><ul><li>Better than the traditional offline option </li></ul><ul><li>Insurance is an information intensive enterprise and </li></ul><ul><li>Is thus suitable for e-commerce </li></ul><ul><li>Adopting e-insurance is an incremental process, </li></ul><ul><li>not an event, and should stem from a fundamental </li></ul><ul><li>Need to re-engineer and modernize business process </li></ul><ul><li>Websites functionality requires a proper definition of </li></ul><ul><li>Customer and product profiles </li></ul>
  12. 12. <ul><li>Lot of work has to be done </li></ul><ul><li>Power of internet should be harnessed to improve </li></ul><ul><li>Consumer protection and education and awareness </li></ul><ul><li>Building </li></ul><ul><li>It appears that insurers are unfortunately not making </li></ul><ul><li>the best out of the web. </li></ul>

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