This document provides information about insurance and the insurance sector in India. It discusses that insurance involves compensation for potential future losses in exchange for periodic payments. It also outlines the objectives of insurance companies to provide protection and invest policyholder funds. The document summarizes the history and growth of the insurance sector in India, including the liberalization of the sector in 2000 that allowed private companies. It provides details on major life and non-life insurance companies in India.
This presentation is on Credit rating agencies in India. here I presents it's origin, importants, benefits, objectives, need and about different rating agencies.
This presentation is on Credit rating agencies in India. here I presents it's origin, importants, benefits, objectives, need and about different rating agencies.
Definition and basic characteristics of insurance. Requirements of an insurable risk. Types of insurance. Benefits and Costs of insurance to society. Fundamental legal principles of insurance. Functions of insurer. IRDA and recent trends in insurance sector in India.
briefly decsription on insurance sector and customers perception towards insurance and exide life insurance in odisha...
it will help in marketing as well as finance student those who comes from BBA,MBA, and also management studies...
,
marine insurance
,
types of marine insurance policy
,
features of marine ins. contract
,
marine perils
,
general average loss vs particular average loss
,
differences bet. the marine and fire ins
This presentation covers Merchant Banking History; Categories; Services provided by them; Methods of placement; underwriting; Issue management & SEBI guidelines.
Definition and basic characteristics of insurance. Requirements of an insurable risk. Types of insurance. Benefits and Costs of insurance to society. Fundamental legal principles of insurance. Functions of insurer. IRDA and recent trends in insurance sector in India.
briefly decsription on insurance sector and customers perception towards insurance and exide life insurance in odisha...
it will help in marketing as well as finance student those who comes from BBA,MBA, and also management studies...
,
marine insurance
,
types of marine insurance policy
,
features of marine ins. contract
,
marine perils
,
general average loss vs particular average loss
,
differences bet. the marine and fire ins
This presentation covers Merchant Banking History; Categories; Services provided by them; Methods of placement; underwriting; Issue management & SEBI guidelines.
1-INSURANCE COMPANY OPERATIONS
The most important insurance company operations consist of the following:
Ratemaking
Underwriting
Production
Claim settlement
Reinsurance
Insurers also engage in other operations, such as accounting, legal services, loss control, and information systems.
2-RATING AND RATEMAKING
Ratemaking refers to the pricing of insurance and the calculation of insurance premiums .
A rate is the price per unit of insurance.
An exposure unit is the unit of measurement used in insurance pricing, which varies by line of insurance.
The person who determines rates and premiums is known as an actuary . An actuary is a highly skilled mathematician who is involved in all phases of insurance company operations, including planning, pricing, and research.
3-UNDERWRITING
Underwriting refers to the process of selecting, classifying, and pricing applicants for insurance . The underwriter is the person who decides to accept or reject an application.
Statement of Underwriting Policy:Underwriting starts with a clear statement of underwriting policy.
An insurer must establish an underwriting policy that is consistent with company objectives.
4-PRODUCTION
The term production refers to the sales and marketing activities of insurers. Agents who sell insurance are frequently referred to as producers .
Life insurers have an agency or sales department. This department is responsible for recruiting and training new agents and for the supervision of general agents, branch office managers, and local agents.
Property and casualty insurers have marketing departments. To assist agents in the field, special agents may also be appointed.
A special agent is a highly specialized technician who provides local agents in the field with technical help and assistance with their marketing problems.
5-CLAIMS SETTLEMENT
Every insurance company has a claims division or department for adjusting claims. This section of the chapter examines the basic objectives in adjusting claims, the different types of claim adjustors, and the various steps in the claim-settlement process.
Basic Objectives in Claims Settlement:
Verification of a covered loss
Fair and prompt payment of claims
Personal assistance to the insured
6-REINSURANCE
Reinsurance 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 .
The primary insurer that initially writes the insurance is called the ceding company .
The insurer that acceptspart or all of the insurance from the ceding com pany is called the reinsurer .
The amount of insurance retained by the ceding company for its own account is called the retention limit or net retention .
The amount of insurance ceded to the reinsurer is known as the cession
1-Organization of insurer
Consolidation means that the number of firms in the financial services industry has declined over time because of merger and acquisition.
Convergence means that financial institutions can now sell a wide variety of financial products that earlier were outside their core business area.
An effective organizational structure benefits a company by:
Responsibility
Authority
Accountability
Delegation
The Organization Chart :An organization chart also shows the company’s chain of command, or the structure of authority that flows downward in the organization from the higher levels to the lower levels.
Pyramidal Structure and Levels of Authority:The pyramidal structure illustrates that the authority in a company starts at the top with one person or a small group of people, Authority is then distributed through the chain of command to ever-larger numbers of people throughout out the company.
2- TYPES OF INSURERS ORGANIZATION
Insurance organizations are classified by basis of risk coverage [life, general,health, property, auto]. their agency system [independent, exclusive, direct selling]and formation from legal point of view – stock or mutual.
Stock insurers
Mutual insurers
Lloyd’s of London
Reciprocal exchanges
In this presentation we will deal with Insurance organizations, their operational structure, insurer’s function and key business terms used in this sector.
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A Study of DSA Network Expansion and Product Promotion Strategy of General...Anish Singh
A summer project of the insurance sector. that you rarely found.
In this project, u will get promotion strategy, how u sell the insurance and their ways. how to pitch agents and made for your company. thank you
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
2. What is Insurance # A promise of compensation for specific potentialfuture losses in exchange for a periodicpayment. # Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss.
8. To invest the founds to serve the best interests of both the policy-holders and the nation.
9. To invest the founds to serve the best interests of both the policy-holders and the nation.
10. TO conduct business with maximum economy ,remembering always that the money belongs to the policy-holders.
11. TO conduct business with maximum economy ,remembering always that the money belongs to the policy-holders.
12. To act as trustees of the policy-holders and protect their individual and collective interests.
13. To act as trustees of the policy-holders and protect their individual and collective interests.
14. To innovate and adapt to meet the changing life insurance needs of the community.
15. To innovate and adapt to meet the changing life insurance needs of the community.
16. To involve all the people working in the corporation to ensure efficient and courteous service to the insured public.
17. To promote amongst all agent and employees of the corporation a sense of pride and job satisfaction through dedicated service to achieve the corporate objective.
18.
19. Origin And Growth Of Insurance Sector: # In fiscal 2000-01, the Indian federal government lifted all entry restrictions for private sector investors. # Foreign investment insurance market was also allowed with 26 percent cap. # GIC was converted into India's national reinsure From December,2000. # All the subsidiaries working under the GIC umbrella were restructured as independent insurance companies.
20. Origin And Growth Of Insurance Sector: # Till end of FY 1999-2000, two state-run insurance companies, namely, Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) were the monopoly insurance providers in India. #Under GIC there were four subsidiaries: –National Insurance Company Ltd. –Oriental Insurance Company Ltd. –New India Assurance Company Ltd. –United India Assurance Company Ltd
21. LIFE INSURANCE CORPORATION ORGANISATION The Life Insurance Corporation of India (LIC) is undoubtedly India's largest life insurance company. Fully owned by government, LIC is also the largest investor of the country. LIC has an estimated asset of ` 8 Trillion. It also funds almost 24.6% of the expenses of Government of India. Established in 1956 and headquartered in Mumbai, Life Insurance Corporation of India has 8 zonal offices, 100 divisional offices, 2,048 branch offices and a vast network of 10,02,149 agents spread across the country.
22. Life Insurance Companies In India 1. Bajaj Allianz Life Insurance Company Limited 2. Birla Sun Life Insurance Co. Ltd 3. HDFC Standard Life Insurance Co. Ltd 4. ICICI Prudential Life Insurance Co. Ltd. 5. ING Vysya Life Insurance Company Ltd. 6. Life Insurance Corporation of India 7. Max New York Life Insurance Co. Ltd 8. Met Life India Insurance Company Ltd. 9. Kotak Mahindra Old Mutual Life Insurance Limited 10. SBI Life Insurance Co. Ltd 11. Tata AIG Life Insurance Company Limited 12. Reliance Life Insurance Company Limited. 13. Aviva Life Insurance Co. India Pvt. Ltd. 14. Sahara India Life Insurance Co, Ltd. 15. Shriram Life Insurance Co, Ltd. 16. Bharti AXA Life Insurance Company Ltd. 17. Future Generali Life Insurance Company Ltd. 18. IDBI Fortis Life Insurance Company Ltd. 19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd 20. AEGON Religare Life Insurance Company Limited. 21. DLF Pramerica Life Insurance Co. Ltd. 22. Star Union Dai-ichi Life Insurance Comp. Ltd.
23.
24. General insurance (or)non-life 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. It is called property and casualty insurance in the U.S.and Non-Life Insurance in Continental Europe.
25. Non-Life Insurance companies in India # Bajaj Allianz General Insurance Co. Ltd.# ICICI Lombard General Insurance Co. Ltd.# IFFCO Tokyo General Insurance Co. Ltd.# National Insurance Co. Ltd.# New India Assurance Co. Ltd.# Oriental Insurance Co. Ltd.# Reliance General Insurance Co. Ltd.# Royal Sundaram Alliance Insurance Co. Ltd.# Tata AIG Life Insurance Co. Ltd.# United India Insurance Co. Ltd Reinsurers: # General Insurance Corporation of India.
26. GIC there were four subsidiaries: National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalization Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalization) Amendment Act, on 7th August 2002, National has been de-linked from its holding company GIC and presently operating as a Government of India undertaking. National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out from its branch offices in Nepal. The paid-up share capital of National is Rs.100 crores. National transacts general insurance business of Fire, Marine and Miscellaneous insurance. The Company offers protection against a wide range of risks to its customers. National Insurance is the second largest non life insurer in India having a large market presence in Northern and Eastern India.
27. The Oriental Insurance Company Ltd was incorporated at Bombay on 12 September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 (till the General Insurance Business was nationalized in the country). In 2003 all shares of the company held by the General Insurance Corporation of India were transferred to Central Government. Oriental Insurance with its head Office at New Delhi, India has 23 Regional Offices and nearly 1000 operating Offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai. The Company has a total strength of around 16, 000 employees. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2006-07 the figure stood at a mammoth Rs. 4020 crores.
28. New India Assurance Company Ltd. The New India Assurance Co. Ltd. was established by Sir Dorab Tata in 1919. The New India Assurance is the first fully Indian owned insurance company in India. New India is the largest non-life general insurance company the various Indian Insurance Companies. It has not restricted itself to insurance only but to other fronts right from insuring the first domestic airlines in 1946 to satellite insurance in 1990. Lately The New India Assurance Co. Ltd. has insured the INSAT-2E. With a wide range of policies New India is one of the leading insurers in the Afro-Asian region. The New India Assurance Co. Ltd. is a leading global insurance group, with offices and branches throughout India and various countries abroad. In India the company has 1068 offices, comprising 26 Regional offices, 393 Divisional offices and 648 branches. The company has its presence felt in nearly 27 countries. The New India employed approximately 21000 employees specialist and technically qualified personnel at all levels of management. Government of India is the principal shareholder of the company. The chairman and managing director of the company is Mr. B. Chakrabarty
29. The New India Assurance Co. Ltd complies with the Business Insurance Law and Law to Sales of Financial Products and other related rules and regulations. It maintains the customer's desires and needs. The New India Assurance Co. Ltd welcomes customer feed in pursuit of improving their sales activity. The company's policy is based on ?Law related to Sales of Financial Products?. The home insurance policy of The New India Assurance Co. Ltd covers for a damaged property. In ocean and marine insurance the sum insured is in return to the transfer of all rights and interest from the insured to the insurer. Surrender of damaged property to an insurer is permitted to a total loss of claim has to be made. The New India Assurance Co. Ltd complies with the Business Insurance Law and Law to Sales of Financial Products and other related rules and regulations. It maintains the customer's desires and needs. The New India Assurance Co. Ltd welcomes customer feed in pursuit of improving their sales activity. The company's policy is based on ?Law related to Sales of Financial Products?. The home insurance policy of The New India Assurance Co. Ltd covers for a damaged property. In ocean and marine insurance the sum insured is in return to the transfer of all rights and interest from the insured to the insurer. Surrender of damaged property to an insurer is permitted to a total loss of claim has to be made. United India Insurance United India Insurance Company Limited came into being on 18th February 1938. General Insurance Business in India was nationalized in 1972. After Nationalization in 1972 United India merged with General Insurance operations of southern region of Life Insurance Company limited. United India Insurance Company Limited has grown by leaps and bounds since then. United Nation has a work force of 18300 spread across 1340 offices providing insurance cover to more than 1 Crore policy holders. The Company provides insurance cover from bullock carts to satellites. ONGC Ltd, GMR- Hyderabad International Airport Ltd, Mumbai International Airport Ltd Tirumala-TirupatiDevasthanam etc are some of the large customers of United India under some complex covers
30. United India Insurance Company Limited is a leading non-life insurance company general insurance company formed with the merger of 22 companies. The headquarters of United India Insurance Company Limited is in Chennai. For nearly 3 decades United India Insurance Company Limited is providing insurance coverage to nearly 1 crore people. Its motto is to ensure full satisfaction of the customers. It functions with sound business principals helping India to develop its economy. The United India Insurance Company Limited covers areas like the marine, industry, liability, social sectors, motor, fire, mediclaim, rural, travel and business insurance. For personal insurance United India Insurance Company Limited covers any person between the age group of 3 to 75. The children are covered under their parents. They also cover government and private institutions and their employees. Shri. G.Srinivasan(CMD)
31. Reinsurers: The practice of insurers transferring portions of risk portfolios to other parties by some form of agreement in order to reduce the likelihood of having to pay a large obligation resulting from an insurance claim. The intent of reinsurance is for an insurance company to reduce the risks associated with underwritten policies by spreading risks across alternative institutions. Also known as "insurance for insurers" or "stop-loss insurance".
32. Indian Insurance In 21st Century # 2000:IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard Life insurance first private insurers to sell a policy. # 2001: Royal Sundaram Alliance first non life insurer to sell a policy . # 2007:First Online Insurance portal, set up by an Indian Insurance Broker, Bonsai Insurance Broking Pvt Ltd. # The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. # Minimum capital requirement for direct life and Non-life Insurance company is INR1000 million and that for reinsurance company is INR 2000 million. In the 2004-05 budgets, the Government proposed for increasing the foreign equity stake to 49%, this is yet to be effected. Under the current guidelines, there is a 26 percent equity cap for foreign partners in direct insurance and reinsurance Company.
33. Why Insurance ?????? # Everyone thinks I am Young and Healthy So Why Insurance??? # Insurance provides you with blanket cover and protects you from any thing that no one can anticipate. # Assets are insured, because they are likely to be destroyed through accidental occurrences. # Compensating the loss. # Family will be protected. # Your Children’s Education Fund.
34. Life Stages Life insurance Non - Life Insurance (general insurance) Property (eg. Builders risk insurance) Aviation(eg. Private aircraft insurance) Marine (eg. Marine hull insurance) Miscellaneous (eg. Purchase insurance)