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Insure school information series of the insurance industry trends cgiaai 25th july 2020

The document discusses insurance penetration and density, which measure the contribution of insurance premiums to a country's GDP and the average spending per person on insurance, respectively. As of 2018, India has an insurance penetration rate of 3.71%, significantly below the global average of 6.13%. Various international comparisons are provided, highlighting differences in insurance statistics among countries from 2013 to 2017.

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Insure School Information Series of the Insurance Industry Trends Date & Time : 25th July 2020 - 4 PM Organised by IFGIAA Excel Series Webinar -7 Confederation of General Insurance Agents Associations of India
INSURANCE PENETRATION & INSURANCE DENSITY
Insurance Penetration ▪ Measures the contribution of insurance premium to the Gross DomesticProduct (GDP) of a country in percentage terms ▪ % of Total Insurance Premium Collected Vs Total GDP of the Country. ▪ For example, if a country generates a total insurance premium of say, ₹ 10 billion and that country’s GDP for the same period is ₹ 100 billion, insurance penetration translates to 10% (i.e ₹ 10b/ ₹ 100b * 100). Insurance Density ▪ ratio of insurance premium to the total population. It gives an indication of how much each of the people in a country spends on insurance in terms of premium. In other words, it is the per capital premium for the country, calculated by dividing the total insurance premium by the population ▪ Ratios of Total Premium vs Population of the country, in other words per head Insurance Premium. ▪ For example, if the population of the country in the example cited for Insurance Penetration is 10 million people, the insurance density (per capital premium) would be ₹ 1,000.▪ Insurance Penetration and Insurance Density are two parameters used to measure development of Insurance sector in particular Country.
INTERNATIONAL COMPARISON OF INSURANCE PENETRATION
Countries 2013 2014 2015 2016 2017 Total Life Non-Life Total Life Non-Life Total Life Non-Life Total Life Non-Life Total Life Non-Life Australia 5.20 3.00 2.10 6.00 3.80 2.20 5.70 3.50 2.20 6.52 2.99 3.53 5.81 2.33 3.48 Brazil 4.00 2.20 1.80 3.90 2.10 1.90 3.90 2.10 1.80 4.04 2.28 1.76 4.05 2.28 1.77 France 9.00 5.70 3.20 9.10 5.90 3.10 9.30 6.20 3.10 9.23 6.06 3.17 8.95 5.77 3.18 Germany 6.70 3.10 3.60 6.50 3.10 3.40 6.20 2.90 3.40 6.08 2.75 3.33 6.04 2.63 3.41 Russia 1.30 0.10 1.20 1.40 0.20 1.20 1.40 0.20 1.20 1.38 0.25 1.13 1.4 0.36 1.04 South Africa 15.40 12.70 2.70 14.00 11.40 2.70 14.70 12.00 2.70 14.27 11.52 2.74 13.75 11.02 2.74 Switzerland 9.60 5.30 4.40 9.20 5.10 4.10 9.20 5.10 4.10 8.85 4.72 4.12 8.53 4.41 4.12 United Kingdom 11.50 8.80 2.80 10.60 8.00 2.60 10.00 7.50 2.40 10.16 7.58 2.58 9.58 7.22 2.36 United States 7.50 3.20 4.30 7.30 3.00 4.30 7.30 3.10 4.20 7.31 3.02 4.29 7.1 2.82 4.28 Asian Countries Hong Kong 13.20 11.70 1.50 14.20 12.70 1.40 14.80 13.30 1.50 17.60 16.20 1.41 17.94 14.58 3.36 India# 3.90 3.10 0.80 3.30 2.60 0.70 3.40 2.70 0.70 3.49 2.72 0.77 3.69 2.76 0.93 Japan# 11.10 8.80 2.30 10.80 8.40 2.40 10.80 8.30 2.60 9.51 7.15 2.37 8.59 6.26 2.34 Malaysia# 4.80 3.20 1.70 4.80 3.10 1.70 5.10 3.40 1.70 4.77 3.15 1.62 4.77 3.32 1.44 Pakistan 0.70 0.50 0.30 0.80 0.50 0.30 0.80 0.50 0.30 0.89 0.63 0.26 0.86 0.6 0.26 PR China 3.00 1.60 1.40 3.20 1.70 1.50 3.60 2.00 1.60 4.15 2.34 1.81 4.57 2.68 1.89 Singapore 5.90 4.40 1.60 6.70 5.00 1.60 7.30 5.60 1.70 7.15 5.48 1.67 8.23 6.64 1.58 South Korea# 11.90 7.50 4.40 11.30 7.20 4.10 11.40 7.30 4.10 12.08 7.37 4.72 11.57 6.56 5 Sri Lanka 1.10 0.50 0.70 1.10 0.50 0.70 1.20 0.50 0.70 1.12 0.52 0.60 1.16 0.54 0.62 Taiwan 17.60 14.50 3.10 18.90 15.60 3.30 19.00 15.70 3.20 19.99 16.65 3.34 21.32 17.89 3.42 Thailand 5.50 3.80 1.70 5.80 3.60 2.20 5.50 3.70 1.80 5.42 3.72 1.70 5.29 3.59 1.69 World 6.30 3.50 2.80 6.20 3.40 2.70 6.20 3.50 2.80 6.28 3.47 2.81 6.13 3.33 2.8
INSURANCE PENETRATION - BRIEF▪ India’s current (2018) Insurance penetration rate stands at 3.71%, far below the global average of 6.13% (2017), ▪ In comparison, some of the emerging economies in Asia such as Malaysia (4.77%), Thailand (5.29%) & PR China (4.57%) Hongkong (17.94%)
INDIA & WORLD – INSURANCE PENETRATION
Countries 2013 2014 2015 2016 2017 Total Life Non- Life Total Life Non- Life Total Life Non- Life Total Life Non- Life Total Life Non- Life India 3.90 3.10 0.80 3.30 2.60 0.70 3.40 2.70 0.70 3.49 2.72 0.77 3.69 2.76 0.93 World 6.30 3.50 2.80 6.20 3.40 2.70 6.20 3.50 2.80 6.28 3.47 2.81 6.13 3.33 2.8
INTERNATIONAL COMPARISON OF INSURANCE DENSITY
Countries 2013 2014 2015 2016 2017 Total Life Non-Life Total Life Non-Life Total Life Non- Life Total Life Non- Life Total Life Non- Life Australia 3528.0 2056.0 1472.0 3736.0 2382.0 1354.0 2958.0 1830.0 1128.0 3397.1 1558.5 1838.6 3247.0 1304.0 1942.0 Brazil 443.0 246.0 197.0 422.0 222.0 200.0 332.0 178.0 154.0 346.3 195.5 150.8 398.0 224.0 174.0 France 3736.0 2391.0 1345.0 3902.0 2552.0 1350.0 3392.0 2263.0 1129.0 3395.3 2227.7 1167.5 3446.0 2222.0 1224.0 Germany 2977.0 1392.0 1585.0 3054.0 1437.0 1617.0 2563.0 1181.0 1381.0 2547.7 1150.6 1397.1 2687.0 1169.0 1519.0 Russia 199.0 19.0 180.0 181.0 20.0 161.0 117.0 15.0 102.0 122.8 22.4 100.3 152.0 39.0 113.0 South Africa 1025.0 844.0 181.0 925.0 748.0 176.0 843.0 688.0 155.0 762.5 615.8 146.7 842.0 674.0 167.0 Switzerland 7701.0 4211.0 3490.0 7934.0 4391.0 3542.0 7370.0 4079.0 3292.0 6933.5 3700.3 3233.2 6811.0 3522.0 3289.0 United Kingdom 4561.0 3474.0 1087.0 4823.0 3638.0 1185.0 4359.0 3292.0 1067.0 4063.6 3033.2 1030.5 3810.0 2873.0 938.0 United States 3979.0 1684.0 2296.0 4017.0 1657.0 2360.0 4096.0 1719.0 2377.0 4174.1 1724.9 2449.2 4216.0 1674.0 2542.0 Asian Countries Hong Kong 5002.0 4445.0 557.0 5647.0 5071.0 575.0 6271.0 5655.0 616.0 7678.8 7065.6 613.2 8313.0 6756.0 1557.0 India# 52.0 41.0 11.0 55.0 44.0 11.0 55.0 43.0 12.0 59.7 46.5 13.2 73.0 55.0 18.0 Japan# 4207.0 3346.0 861.0 3778.0 2926.0 852.0 3554.0 2717.0 837.0 3731.7 2803.4 928.3 3312.0 2411.0 901.0 Malaysia# 518.0 341.0 176.0 524.0 338.0 186.0 472.0 316.0 157.0 452.2 298.3 153.9 486.0 339.0 147.0 Pakistan 9.0 6.0 3.0 11.0 7.0 4.0 12.0 8.0 4.0 13.1 9.2 3.9 13.0 9.0 4.0 PR China 201.0 110.0 91.0 235.0 127.0 109.0 281.0 153.0 128.0 337.1 189.9 147.2 384.0 225.0 159.0 Singapore 3251.0 2388.0 863.0 3759.0 2840.0 919.0 3825.0 2932.0 894.0 3776.8 2894.5 882.4 4749.0 3835.0 915.0 South Korea# 2895.0 1816.0 1079.0 3163.0 2014.0 1149.0 3034.0 1940.0 1094.0 3361.9 2049.6 1312.3 3522.0 1999.0 1523.0 Sri Lanka 36.0 16.0 21.0 40.0 17.0 23.0 43.0 19.0 25.0 45.6 21.2 24.5 47.0 22.0 25.0 Taiwan 3886.0 3204.0 682.0 4072.0 3371.0 701.0 4094.0 3397.0 698.0 4320.7 3598.7 722.0 4997.0 4195.0 803.0 Thailand 310.0 214.0 96.0 323.0 198.0 125.0 319.0 215.0 104.0 323.4 222.0 101.4 348.0 237.0 112.0 World 652.0 366.0 285.0 662.0 368.0 294.0 621.0 346.0 276.0 638.3 353.0 285.3 650 353 297
INSURANCE PENETRATION IN INDIA 2001 TO 2018
INSURANCE PENETRATION IN INDIA Year Life Non-Life Total 2001 2.15 0.56 2.71 2002 2.59 0.67 3.26 2003 2.26 0.62 2.88 2004 2.53 0.64 3.17 2005 2.53 0.61 3.14 2006 4.10 0.60 4.70 2007 4.00 0.60 4.60 2008 4.00 0.60 4.60 2009 4.60 0.60 5.20 2010 4.40 0.71 5.11 2011 3.40 0.70 4.10 2012 3.17 0.78 3.95 2013 3.10 0.80 3.90 2014 2.60 0.70 3.30 2015 2.72 0.72 3.44 2016 2.72 0.77 3.49 2017 2.76 0.93 3.69 2018 2.74 0.97 3.71 INSURANCE PENETRATION IN INDIA6.00 5.00 4.00 3.00 2.00 1.00 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 INSURANCE PENETRATION IN INDIA LifeINSURANCE PENETRATION IN INDIA Non-Life INSURANCE PENETRATION IN INDIA Total INSURANCE PENETRATION IN INDIA 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 INSURANCE PENETRATION IN INDIA Life INSURANCE PENETRATION IN INDIA Non-Life INSURANCE PENETRATION IN INDIA Total
INSURANCE COSTS AND UNDERWRITING
How much does insurance cost? Insurance costs depend on premium amount. This premium amount depends on several factors that differ from Insurance to Insurance. How to use the insurance money? You have to make a claim against your insurance policy. Give details about the loss you suffered. This differs from insurance to insurance. Submit the bills/proof of damage, loss, hospitalisation, etc. The insurance company would verify yourclaim. It will then pay the bill or reimburse you for your loss.
LIFE INSURANCE/MOTOR /AUTO INSURANCE COSTS AND UNDERWRITINGLIFE INSURANCE ▪ Age ▪ Health (past and current) ▪ Occupation ▪ The type of coverage/plan ▪ Smoking and Drinking habits ▪ The sum assured MOTOR /AUTO INSURANCE ▪ Make-Model of the vehicle ▪ The type of coverage/plan ▪ The value, age of your vehicle ▪ Claim history
HEALTH INSURANCE/HOME INSURANCE COSTS AND UNDERWRITINGHEALTH INSURANCE HOME INSURANCE ▪ Family Health History ▪ The Sum In/assured ▪ The type of coverage/plan ▪ Age and Gender ▪ health history ▪ The size of home ▪ The type of coverage/plan ▪ The age of home and the systems installed therein ▪ The location of home ▪ The sum Insured
FEW DISTRIBUTION CHANNELS SNAPSHOT
Agent CorporateAgent Broker WebAggregators CSC-SPV&PoS IMF Type 1. Individual 2. Firm 3. Company 1.Firm 2. Company 3. BankingCo 4. New BankingCo 5. RegionalRuralBank 6. Co-operativeSociety 7. Panchayat/ LocalAuth 8.NGO/MicroFin/NBFC 9.Any otherapproved by Authority 1.Individual 2. Company 3.Co-operativeSociety 4.Any other approved by Authority 1.Company 1.CSC-SPV 2.VillageLevel Entrepreneurs (VLEs)-Rural Auth Person(RAP) 1.Company 2.CoopSoc 3.LLP 4.Anyother app person Capital Nil Paid-upCap– Rs50Lakhs(New Regulations)( Earlier Not Mandatedby IRDAI) Paid-upCap Rs75 LakhsDirect Rs5CroresComposite Rs 2.5 Crore Reinsurance Networth Rs25Lakhs 1% Central Govt 44.5% State Govt 44.5% SCAs 11% Financial Institutions Net worth Rs10Lakhs Qualification 12th/ 10thclass 12th/ 10thclass Graduate Graduate 1.CSC-SPV-PO- Graduate 2. VLE-10thclass 1. PO-Graduate 2.ISP-12thclass Training Fresh-25Hours Renewal – NA Training Body : Insurance Institute of India Mumbai Fresh– 50/25Hours Renewal – 25 Hours Training Body : Insurance Institute of India Mumbai Fresh-Theoretical& Practical 50/25Hours Renewal – 25 Hours Training Body : Insurance Institute of India Mumbai Fresh–50/25 Hours Renewal – 25 Hours Training Body : Insurance Institute of India Mumbai CSC-SPV-PO&VLE Freshand Renewal 20 Hours TrainingBody: NIELITNew Delhi Fresh–50/25 Hours Renewal – 25 Hours Training Body : Insurance Institute of India Mumbai
Examination CSC-SPV &PoS CSC-SPV Syllabus/ NIELIT NewDelhi CorporateAgent IC-38 Insurance Instituteof India WebAggregators IC-38 Insurance Institute ofIndia IMF IC-38 Insurance Institute ofIndia Agent IC-38 Insurance Institute of India Broker Broker Syllabus/ National Insurance Academy Pune Remuneration 1.Life – as per table depending on type of product & premium paying term - max 40% 2. General - Max 15% 1.Solicitation (pre-sales) – as per broker remuneration 2.Servicing (post sales) – mutually agreed 1.Life – as per table depending on type of product & premium paying term - max 30% 2.General - Max 17.5% 1.Life – as per table depending on type ofproduct & premium paying term - max 40% 2.General - Max 17.5% 1.Flat Fee –Rs 50,000 per product 2.Outsourcing functions – mutually agreed 3.Telemarketing/ Distance marketing – as per broker remuneration 1.Solicitation (pre-sales) –as per broker remuneration 2.Servicing (post sales) – only for life ins & max 50% of 1st year premium & 10% of renewal premium
OTHER DISTRIBUTION CHANNELS▪ Bancassuran ce ▪ Direct Channel ▪ Digital Sales ▪ Etc.,
INSURANCE & AFFORDABILITY AMONG POOR
HOWDOPOORPEOPLEPROTECT THEMSELVESFROM RISK? Preventionand Avoidance • Careful sanitation • Identifying businessopportunities Preparation Coping • Saving • Accumulating assets (i.e.,livestock) • Buying insurance • Taking emergencyloans • Depleting savings • Selling productiveassets • Defaulting onloans • Reducingspending
WHATARESOMEOF THE DIFFICULTIES IN PROVIDING INSURANCETO POORPEOPLE? Technical Specialization Marketing and Sales Distribution Channels Requires specialized capacity, which is complicated by the lack of reliable data characteristic of low-income, informalmarkets Most poor people do not understand insurance or may be biased against it Requires a distribution system that can handle small financial transactions efficiently in convenient locations, and engender trust
POLICYHOLDERS TURN AROUND TIME AS PRESCRIBED BY IRDAI
Polic yholder Servicing Turnar ou n d Times as pres cribed by IRDAI Serv ice M a x i m u m Turn Ar ound Time Ge ne ral Pr oc essi ng of Pr oposal and Communi c a ti o n of dec isi ons inc ludi ng requi remen ts/ i s su e o f Poli c y /Canc ellati ons 15 day s Obtai ni ng c opy of th e pr oposal 30 day s Post Poli c y issue ser vi c e requests c onc er ni ng mi stake s/ r ef un d of pr oposal deposi t and also Non- Clai m related ser vi c e requests 10 day s Life I nsurance Sur render va lu e / a n n u i ty / pe n s io n pr ocessi ng 10 day s Ma tu r i ty c lai m/ Sur vi val b e n e f i t/ p e n a l inter est not pai d 15 day s Raising c lai m r e q u i re me n ts af ter lodgi ng th e Clai m 15 day s Death c lai m s e ttle me n t wi th o u t Investi gati on r e q u i r e me n t 30 day s Death c lai m s e ttle me n t/ r e p u d i a ti o n wi th Investi gati on r e q u i r e me n t 6 mo n th s Ge ne ral Insurance Sur vey r e p o r t submi ssi on 30 day s Insur er seeki ng addendum r e p o r t 15 day s S e ttle me n t/ r e je c ti on of Clai m af ter 30 day s rec ei vi ng f i r s t/ a d d e nd u m sur vey r e p o r t 30 day s Grie vanc es Ac knowle dg e a gr ievanc e 3 day s Resolve a gr i evanc e 15 day s
COVID-19 CONSUMER SURVEY INDIA – SWISS RE REPORT
INSURERS/REINSURERS LISTING DETAILS
SCRIP NAME IPO SIZE Date of Listin g Fac e Valu e Offer Price Closing as on 24/07/2020 NSE Closing as on 24/07/2020 BSE ICICI Prudential Life Insurance Company Ltd. 6,056.7 Crores 29-Sep-16 10 334 440.00 439.95 ICICI Lombard General Insurance Company Ltd. 5,700.94 Crores 27-Sep-17 10 661 1297.55 1300 SBI Life Insurance Company Ltd. 8400 Crores 03-Oct-17 10 700 867.40 866.80 General Insurance Corporation of India Ltd. 11372 Crores 25-Oct-17 5 912 153.50 153.35 New India Assurance Company Ltd 9600 Crores 13-Nov-17 5 800 118.20 118.20 HDFC Life Insurance Company Ltd. 8,695 Crores 17-Nov-17 10 290 622.45 622.40
DIGITAL AGE – INSURANCE SOURCING
. . World's Internet Activity every 60 seconds-2019(in millions) Google(search Queries Facebook(logging in) Messaging(Text sent) Youtube(video's viewed google play store(apps downloaded Instagram(scrolling instagram feed) Twitter(people tweeting Tinder(swipes) Email(mails sent) Twitch(views) Music apps(streaming and subscription) Amazon/google home(speakers shipped) Giphy(GIFs served
. .
. ▪ . 66 % 58 % 45 % 45 % Penetration of Digitalization around the world- 2019( in %) Unique Mobile users Internet users Active social Media users Mobile social media users
. ▪ .
FUTURE BANKING MODEL – CAN INSURANCE INDUSTRY EXPLORETHE AREAS ?
ARTICL ES
GLIMPSE OF INSURANCE AGENTS EARNINGS – WORLDWIDE (Few Countries)
Country Average Earnings Yearly Fx Currency Fx as on 24th July 2020 ₹ Conversion Date Source United States of America 62,731 Dollar $ 74.764 46,90,020.48 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance-sales- agent/united-states Canada 48113 Canadian $ 55.699 26,79,845.99 19-Jul-20 https://ca.indeed.com/salaries/insurance-agent-Salaries United Kingdom 25,326 Pound £ 95.64 24,22,178.64 14-Jul-20 https://www.indeed.co.uk/salaries/insurance-agent-Salaries France 40,015 Euro € 86.992 34,80,984.88 24-Jul-20 https://www.erieri.com/salary/job/life-insurance-agent/france/paris Germany 45,700 Euro € 86.992 39,75,534.40 2019 http://www.salaryexplorer.com/salary- survey.php?loc=81&loctype=1&job=32&jobtype=1 UAE 11847 AED 20.36 2,41,204.92 12-Jul-20 https://www.indeed.ae/salaries/insurance-agent-Salaries,-Dubai South Africa 138816 South African Rand R 4.48 6,21,895.68 20-Jul-20 https://za.indeed.com/salaries/insurance-agent-Salaries Singapore 36,000 Singapore $ 54.07 19,46,520.00 11-Jun-20 https://www.payscale.com/research/SG/Job=Insurance_Agent/Salary Japan 87,65,627 Yen ¥ 0.71 62,23,595.17 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance- agent/japan/tokyo Russia 771428 Rouble ₽ 0.96 7,40,570.88 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance-sales- agent/russian-federation South Korea 3,65,18,278 South Korean won 16.09 58,75,79,093.0 2 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance-agent/south- korea HongKong 3,20,687 Hong Kong $ 9.65 30,94,629.55 28-Mar-20 https://www.payscale.com/research/HK/Industry=Insurance_Agency_ or_Brokerage/Salary Australia 89,446 AUD $ 53.026 47,42,963.60 15-Jul-20 https://au.indeed.com/salaries/insurance-agent-Salaries New Zealand 55,000 NZD $ 49.58 27,26,900.00 03-Mar-20 https://www.careers.govt.nz/jobs-database/finance-and- property/finance/insurance-agent China 1,34,502 Chinese Yuan ¥ 10.65 14,32,446.30 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance-sales-agent/china
INSURANCE EDUCATION LEARNING ,UNLEARNING & RELEARNING
 Diploma Courses  Advanced Diploma Courses  Specialised Diplomas  Certificate Courses  Compliance Training  Leadership Management  Soft Skills Communications  Digital Marketing  Basic Financial Markets Training
Insurance Institute of India Mumbai • Licentiateship • Associateship • Fellowship • Certificate Courses • Specialised Diploma Courses Life Office Management Association LOMA USA • Basic Level • ALMI • FLMI • The American Institute for CPCU (AICPCU) and the Insurance Institute of America (IIA) • Insurance Institute of Canada IIC
Chartered Insurance Institute London • Award CII • Cert CII • Diploma CII • ACII • Charter Status • FCII Courses in General Insurance segment: • IMP – Award in Motor Insurance Products and Policies (India) • IMU – Award in Motor Insurance Claims and Underwriting (India) • IN7 – Indian Healthcare Insurance Products • W01 – Award in General Insurance Courses in Life Insurance segment: • AWI – Award in Financial Planning – India • AWB – Award in Bancassurance (non-UK)
INTERMEDIARY & TECHNOLOGY - FUTURE
Agents will only be compensated for the value they bring directly to the carrier over the technology at hand. If an agent is adaptive enough to market their brand across multiple channels, the future is bright perhaps brighter than ever. Smart Agents with Smart Technology For Smarter Insurance Fee Based Insurance Consultants $ 40 Dollars Per Hour – USA, Canadian $ 40 Per Hour
Each of these Insurtechs supports the agent or broker in different stages of the primary process: LifeDrip offers state of the art automated marketing tools to agents and brokers. Predictivebid built building an advanced AI platform for online customer acquisition. Finanzen.de created an online marketplace for leads. Virado puts the insurance broker back in the middle with an on-demand offer for millennials. RiskAPP allows agents and brokers to seamlessly collect data for risk analysis. Figlo facilitates the conversation between brokers/agents and customers. ProtectMeWell : Term, Critical Illness, Retirement Corpus & Medical Insurance Recommendation
ThankYou Jaswanth Singh G Insurance (InsureTech),Banking & Pensions Domain Consultant and Faculty jaswanth@indiaassurance.in www.indiaassurance.in www.allinsuranceclaims.in +91 8310765785 +91 9449049107

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Insure school information series of the insurance industry trends cgiaai 25th july 2020

  • 1.
    Insure School Information Seriesof the Insurance Industry Trends Date & Time : 25th July 2020 - 4 PM Organised by IFGIAA Excel Series Webinar -7 Confederation of General Insurance Agents Associations of India
  • 2.
  • 3.
    Insurance Penetration ▪ Measures thecontribution of insurance premium to the Gross DomesticProduct (GDP) of a country in percentage terms ▪ % of Total Insurance Premium Collected Vs Total GDP of the Country. ▪ For example, if a country generates a total insurance premium of say, ₹ 10 billion and that country’s GDP for the same period is ₹ 100 billion, insurance penetration translates to 10% (i.e ₹ 10b/ ₹ 100b * 100). Insurance Density ▪ ratio of insurance premium to the total population. It gives an indication of how much each of the people in a country spends on insurance in terms of premium. In other words, it is the per capital premium for the country, calculated by dividing the total insurance premium by the population ▪ Ratios of Total Premium vs Population of the country, in other words per head Insurance Premium. ▪ For example, if the population of the country in the example cited for Insurance Penetration is 10 million people, the insurance density (per capital premium) would be ₹ 1,000.▪ Insurance Penetration and Insurance Density are two parameters used to measure development of Insurance sector in particular Country.
  • 4.
  • 5.
    Countries 2013 2014 20152016 2017 Total Life Non-Life Total Life Non-Life Total Life Non-Life Total Life Non-Life Total Life Non-Life Australia 5.20 3.00 2.10 6.00 3.80 2.20 5.70 3.50 2.20 6.52 2.99 3.53 5.81 2.33 3.48 Brazil 4.00 2.20 1.80 3.90 2.10 1.90 3.90 2.10 1.80 4.04 2.28 1.76 4.05 2.28 1.77 France 9.00 5.70 3.20 9.10 5.90 3.10 9.30 6.20 3.10 9.23 6.06 3.17 8.95 5.77 3.18 Germany 6.70 3.10 3.60 6.50 3.10 3.40 6.20 2.90 3.40 6.08 2.75 3.33 6.04 2.63 3.41 Russia 1.30 0.10 1.20 1.40 0.20 1.20 1.40 0.20 1.20 1.38 0.25 1.13 1.4 0.36 1.04 South Africa 15.40 12.70 2.70 14.00 11.40 2.70 14.70 12.00 2.70 14.27 11.52 2.74 13.75 11.02 2.74 Switzerland 9.60 5.30 4.40 9.20 5.10 4.10 9.20 5.10 4.10 8.85 4.72 4.12 8.53 4.41 4.12 United Kingdom 11.50 8.80 2.80 10.60 8.00 2.60 10.00 7.50 2.40 10.16 7.58 2.58 9.58 7.22 2.36 United States 7.50 3.20 4.30 7.30 3.00 4.30 7.30 3.10 4.20 7.31 3.02 4.29 7.1 2.82 4.28 Asian Countries Hong Kong 13.20 11.70 1.50 14.20 12.70 1.40 14.80 13.30 1.50 17.60 16.20 1.41 17.94 14.58 3.36 India# 3.90 3.10 0.80 3.30 2.60 0.70 3.40 2.70 0.70 3.49 2.72 0.77 3.69 2.76 0.93 Japan# 11.10 8.80 2.30 10.80 8.40 2.40 10.80 8.30 2.60 9.51 7.15 2.37 8.59 6.26 2.34 Malaysia# 4.80 3.20 1.70 4.80 3.10 1.70 5.10 3.40 1.70 4.77 3.15 1.62 4.77 3.32 1.44 Pakistan 0.70 0.50 0.30 0.80 0.50 0.30 0.80 0.50 0.30 0.89 0.63 0.26 0.86 0.6 0.26 PR China 3.00 1.60 1.40 3.20 1.70 1.50 3.60 2.00 1.60 4.15 2.34 1.81 4.57 2.68 1.89 Singapore 5.90 4.40 1.60 6.70 5.00 1.60 7.30 5.60 1.70 7.15 5.48 1.67 8.23 6.64 1.58 South Korea# 11.90 7.50 4.40 11.30 7.20 4.10 11.40 7.30 4.10 12.08 7.37 4.72 11.57 6.56 5 Sri Lanka 1.10 0.50 0.70 1.10 0.50 0.70 1.20 0.50 0.70 1.12 0.52 0.60 1.16 0.54 0.62 Taiwan 17.60 14.50 3.10 18.90 15.60 3.30 19.00 15.70 3.20 19.99 16.65 3.34 21.32 17.89 3.42 Thailand 5.50 3.80 1.70 5.80 3.60 2.20 5.50 3.70 1.80 5.42 3.72 1.70 5.29 3.59 1.69 World 6.30 3.50 2.80 6.20 3.40 2.70 6.20 3.50 2.80 6.28 3.47 2.81 6.13 3.33 2.8
  • 6.
    INSURANCE PENETRATION - BRIEF▪India’s current (2018) Insurance penetration rate stands at 3.71%, far below the global average of 6.13% (2017), ▪ In comparison, some of the emerging economies in Asia such as Malaysia (4.77%), Thailand (5.29%) & PR China (4.57%) Hongkong (17.94%)
  • 7.
    INDIA & WORLD– INSURANCE PENETRATION
  • 8.
    Countries 2013 2014 20152016 2017 Total Life Non- Life Total Life Non- Life Total Life Non- Life Total Life Non- Life Total Life Non- Life India 3.90 3.10 0.80 3.30 2.60 0.70 3.40 2.70 0.70 3.49 2.72 0.77 3.69 2.76 0.93 World 6.30 3.50 2.80 6.20 3.40 2.70 6.20 3.50 2.80 6.28 3.47 2.81 6.13 3.33 2.8
  • 9.
  • 10.
    Countries 2013 2014 20152016 2017 Total Life Non-Life Total Life Non-Life Total Life Non- Life Total Life Non- Life Total Life Non- Life Australia 3528.0 2056.0 1472.0 3736.0 2382.0 1354.0 2958.0 1830.0 1128.0 3397.1 1558.5 1838.6 3247.0 1304.0 1942.0 Brazil 443.0 246.0 197.0 422.0 222.0 200.0 332.0 178.0 154.0 346.3 195.5 150.8 398.0 224.0 174.0 France 3736.0 2391.0 1345.0 3902.0 2552.0 1350.0 3392.0 2263.0 1129.0 3395.3 2227.7 1167.5 3446.0 2222.0 1224.0 Germany 2977.0 1392.0 1585.0 3054.0 1437.0 1617.0 2563.0 1181.0 1381.0 2547.7 1150.6 1397.1 2687.0 1169.0 1519.0 Russia 199.0 19.0 180.0 181.0 20.0 161.0 117.0 15.0 102.0 122.8 22.4 100.3 152.0 39.0 113.0 South Africa 1025.0 844.0 181.0 925.0 748.0 176.0 843.0 688.0 155.0 762.5 615.8 146.7 842.0 674.0 167.0 Switzerland 7701.0 4211.0 3490.0 7934.0 4391.0 3542.0 7370.0 4079.0 3292.0 6933.5 3700.3 3233.2 6811.0 3522.0 3289.0 United Kingdom 4561.0 3474.0 1087.0 4823.0 3638.0 1185.0 4359.0 3292.0 1067.0 4063.6 3033.2 1030.5 3810.0 2873.0 938.0 United States 3979.0 1684.0 2296.0 4017.0 1657.0 2360.0 4096.0 1719.0 2377.0 4174.1 1724.9 2449.2 4216.0 1674.0 2542.0 Asian Countries Hong Kong 5002.0 4445.0 557.0 5647.0 5071.0 575.0 6271.0 5655.0 616.0 7678.8 7065.6 613.2 8313.0 6756.0 1557.0 India# 52.0 41.0 11.0 55.0 44.0 11.0 55.0 43.0 12.0 59.7 46.5 13.2 73.0 55.0 18.0 Japan# 4207.0 3346.0 861.0 3778.0 2926.0 852.0 3554.0 2717.0 837.0 3731.7 2803.4 928.3 3312.0 2411.0 901.0 Malaysia# 518.0 341.0 176.0 524.0 338.0 186.0 472.0 316.0 157.0 452.2 298.3 153.9 486.0 339.0 147.0 Pakistan 9.0 6.0 3.0 11.0 7.0 4.0 12.0 8.0 4.0 13.1 9.2 3.9 13.0 9.0 4.0 PR China 201.0 110.0 91.0 235.0 127.0 109.0 281.0 153.0 128.0 337.1 189.9 147.2 384.0 225.0 159.0 Singapore 3251.0 2388.0 863.0 3759.0 2840.0 919.0 3825.0 2932.0 894.0 3776.8 2894.5 882.4 4749.0 3835.0 915.0 South Korea# 2895.0 1816.0 1079.0 3163.0 2014.0 1149.0 3034.0 1940.0 1094.0 3361.9 2049.6 1312.3 3522.0 1999.0 1523.0 Sri Lanka 36.0 16.0 21.0 40.0 17.0 23.0 43.0 19.0 25.0 45.6 21.2 24.5 47.0 22.0 25.0 Taiwan 3886.0 3204.0 682.0 4072.0 3371.0 701.0 4094.0 3397.0 698.0 4320.7 3598.7 722.0 4997.0 4195.0 803.0 Thailand 310.0 214.0 96.0 323.0 198.0 125.0 319.0 215.0 104.0 323.4 222.0 101.4 348.0 237.0 112.0 World 652.0 366.0 285.0 662.0 368.0 294.0 621.0 346.0 276.0 638.3 353.0 285.3 650 353 297
  • 11.
  • 12.
    INSURANCE PENETRATION ININDIA Year Life Non-Life Total 2001 2.15 0.56 2.71 2002 2.59 0.67 3.26 2003 2.26 0.62 2.88 2004 2.53 0.64 3.17 2005 2.53 0.61 3.14 2006 4.10 0.60 4.70 2007 4.00 0.60 4.60 2008 4.00 0.60 4.60 2009 4.60 0.60 5.20 2010 4.40 0.71 5.11 2011 3.40 0.70 4.10 2012 3.17 0.78 3.95 2013 3.10 0.80 3.90 2014 2.60 0.70 3.30 2015 2.72 0.72 3.44 2016 2.72 0.77 3.49 2017 2.76 0.93 3.69 2018 2.74 0.97 3.71 INSURANCE PENETRATION IN INDIA6.00 5.00 4.00 3.00 2.00 1.00 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 INSURANCE PENETRATION IN INDIA LifeINSURANCE PENETRATION IN INDIA Non-Life INSURANCE PENETRATION IN INDIA Total INSURANCE PENETRATION IN INDIA 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 INSURANCE PENETRATION IN INDIA Life INSURANCE PENETRATION IN INDIA Non-Life INSURANCE PENETRATION IN INDIA Total
  • 13.
  • 14.
    How much doesinsurance cost? Insurance costs depend on premium amount. This premium amount depends on several factors that differ from Insurance to Insurance. How to use the insurance money? You have to make a claim against your insurance policy. Give details about the loss you suffered. This differs from insurance to insurance. Submit the bills/proof of damage, loss, hospitalisation, etc. The insurance company would verify yourclaim. It will then pay the bill or reimburse you for your loss.
  • 15.
    LIFE INSURANCE/MOTOR /AUTO INSURANCE COSTSAND UNDERWRITINGLIFE INSURANCE ▪ Age ▪ Health (past and current) ▪ Occupation ▪ The type of coverage/plan ▪ Smoking and Drinking habits ▪ The sum assured MOTOR /AUTO INSURANCE ▪ Make-Model of the vehicle ▪ The type of coverage/plan ▪ The value, age of your vehicle ▪ Claim history
  • 16.
    HEALTH INSURANCE/HOME INSURANCE COSTS ANDUNDERWRITINGHEALTH INSURANCE HOME INSURANCE ▪ Family Health History ▪ The Sum In/assured ▪ The type of coverage/plan ▪ Age and Gender ▪ health history ▪ The size of home ▪ The type of coverage/plan ▪ The age of home and the systems installed therein ▪ The location of home ▪ The sum Insured
  • 17.
  • 18.
    Agent CorporateAgent BrokerWebAggregators CSC-SPV&PoS IMF Type 1. Individual 2. Firm 3. Company 1.Firm 2. Company 3. BankingCo 4. New BankingCo 5. RegionalRuralBank 6. Co-operativeSociety 7. Panchayat/ LocalAuth 8.NGO/MicroFin/NBFC 9.Any otherapproved by Authority 1.Individual 2. Company 3.Co-operativeSociety 4.Any other approved by Authority 1.Company 1.CSC-SPV 2.VillageLevel Entrepreneurs (VLEs)-Rural Auth Person(RAP) 1.Company 2.CoopSoc 3.LLP 4.Anyother app person Capital Nil Paid-upCap– Rs50Lakhs(New Regulations)( Earlier Not Mandatedby IRDAI) Paid-upCap Rs75 LakhsDirect Rs5CroresComposite Rs 2.5 Crore Reinsurance Networth Rs25Lakhs 1% Central Govt 44.5% State Govt 44.5% SCAs 11% Financial Institutions Net worth Rs10Lakhs Qualification 12th/ 10thclass 12th/ 10thclass Graduate Graduate 1.CSC-SPV-PO- Graduate 2. VLE-10thclass 1. PO-Graduate 2.ISP-12thclass Training Fresh-25Hours Renewal – NA Training Body : Insurance Institute of India Mumbai Fresh– 50/25Hours Renewal – 25 Hours Training Body : Insurance Institute of India Mumbai Fresh-Theoretical& Practical 50/25Hours Renewal – 25 Hours Training Body : Insurance Institute of India Mumbai Fresh–50/25 Hours Renewal – 25 Hours Training Body : Insurance Institute of India Mumbai CSC-SPV-PO&VLE Freshand Renewal 20 Hours TrainingBody: NIELITNew Delhi Fresh–50/25 Hours Renewal – 25 Hours Training Body : Insurance Institute of India Mumbai
  • 19.
    Examination CSC-SPV &PoS CSC-SPV Syllabus/ NIELITNewDelhi CorporateAgent IC-38 Insurance Instituteof India WebAggregators IC-38 Insurance Institute ofIndia IMF IC-38 Insurance Institute ofIndia Agent IC-38 Insurance Institute of India Broker Broker Syllabus/ National Insurance Academy Pune Remuneration 1.Life – as per table depending on type of product & premium paying term - max 40% 2. General - Max 15% 1.Solicitation (pre-sales) – as per broker remuneration 2.Servicing (post sales) – mutually agreed 1.Life – as per table depending on type of product & premium paying term - max 30% 2.General - Max 17.5% 1.Life – as per table depending on type ofproduct & premium paying term - max 40% 2.General - Max 17.5% 1.Flat Fee –Rs 50,000 per product 2.Outsourcing functions – mutually agreed 3.Telemarketing/ Distance marketing – as per broker remuneration 1.Solicitation (pre-sales) –as per broker remuneration 2.Servicing (post sales) – only for life ins & max 50% of 1st year premium & 10% of renewal premium
  • 20.
    OTHER DISTRIBUTION CHANNELS▪ Bancassuran ce ▪Direct Channel ▪ Digital Sales ▪ Etc.,
  • 21.
  • 22.
    HOWDOPOORPEOPLEPROTECT THEMSELVESFROM RISK? Preventionand Avoidance • Carefulsanitation • Identifying businessopportunities Preparation Coping • Saving • Accumulating assets (i.e.,livestock) • Buying insurance • Taking emergencyloans • Depleting savings • Selling productiveassets • Defaulting onloans • Reducingspending
  • 23.
    WHATARESOMEOF THE DIFFICULTIES INPROVIDING INSURANCETO POORPEOPLE? Technical Specialization Marketing and Sales Distribution Channels Requires specialized capacity, which is complicated by the lack of reliable data characteristic of low-income, informalmarkets Most poor people do not understand insurance or may be biased against it Requires a distribution system that can handle small financial transactions efficiently in convenient locations, and engender trust
  • 24.
    POLICYHOLDERS TURN AROUND TIMEAS PRESCRIBED BY IRDAI
  • 25.
    Polic yholder ServicingTurnar ou n d Times as pres cribed by IRDAI Serv ice M a x i m u m Turn Ar ound Time Ge ne ral Pr oc essi ng of Pr oposal and Communi c a ti o n of dec isi ons inc ludi ng requi remen ts/ i s su e o f Poli c y /Canc ellati ons 15 day s Obtai ni ng c opy of th e pr oposal 30 day s Post Poli c y issue ser vi c e requests c onc er ni ng mi stake s/ r ef un d of pr oposal deposi t and also Non- Clai m related ser vi c e requests 10 day s Life I nsurance Sur render va lu e / a n n u i ty / pe n s io n pr ocessi ng 10 day s Ma tu r i ty c lai m/ Sur vi val b e n e f i t/ p e n a l inter est not pai d 15 day s Raising c lai m r e q u i re me n ts af ter lodgi ng th e Clai m 15 day s Death c lai m s e ttle me n t wi th o u t Investi gati on r e q u i r e me n t 30 day s Death c lai m s e ttle me n t/ r e p u d i a ti o n wi th Investi gati on r e q u i r e me n t 6 mo n th s Ge ne ral Insurance Sur vey r e p o r t submi ssi on 30 day s Insur er seeki ng addendum r e p o r t 15 day s S e ttle me n t/ r e je c ti on of Clai m af ter 30 day s rec ei vi ng f i r s t/ a d d e nd u m sur vey r e p o r t 30 day s Grie vanc es Ac knowle dg e a gr ievanc e 3 day s Resolve a gr i evanc e 15 day s
  • 26.
    COVID-19 CONSUMER SURVEY INDIA– SWISS RE REPORT
  • 28.
  • 29.
    SCRIP NAME IPO SIZE Date of Listin g Fac e Valu e OfferPrice Closing as on 24/07/2020 NSE Closing as on 24/07/2020 BSE ICICI Prudential Life Insurance Company Ltd. 6,056.7 Crores 29-Sep-16 10 334 440.00 439.95 ICICI Lombard General Insurance Company Ltd. 5,700.94 Crores 27-Sep-17 10 661 1297.55 1300 SBI Life Insurance Company Ltd. 8400 Crores 03-Oct-17 10 700 867.40 866.80 General Insurance Corporation of India Ltd. 11372 Crores 25-Oct-17 5 912 153.50 153.35 New India Assurance Company Ltd 9600 Crores 13-Nov-17 5 800 118.20 118.20 HDFC Life Insurance Company Ltd. 8,695 Crores 17-Nov-17 10 290 622.45 622.40
  • 30.
    DIGITAL AGE –INSURANCE SOURCING
  • 31.
    . . World's Internet Activityevery 60 seconds-2019(in millions) Google(search Queries Facebook(logging in) Messaging(Text sent) Youtube(video's viewed google play store(apps downloaded Instagram(scrolling instagram feed) Twitter(people tweeting Tinder(swipes) Email(mails sent) Twitch(views) Music apps(streaming and subscription) Amazon/google home(speakers shipped) Giphy(GIFs served
  • 32.
  • 33.
    . ▪ . 66 % 58 % 45 % 45 % Penetration ofDigitalization around the world- 2019( in %) Unique Mobile users Internet users Active social Media users Mobile social media users
  • 34.
  • 35.
    FUTURE BANKING MODEL– CAN INSURANCE INDUSTRY EXPLORETHE AREAS ?
  • 37.
  • 38.
    GLIMPSE OF INSURANCE AGENTSEARNINGS – WORLDWIDE (Few Countries)
  • 39.
    Country Average Earnings Yearly FxCurrency Fx as on 24th July 2020 ₹ Conversion Date Source United States of America 62,731 Dollar $ 74.764 46,90,020.48 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance-sales- agent/united-states Canada 48113 Canadian $ 55.699 26,79,845.99 19-Jul-20 https://ca.indeed.com/salaries/insurance-agent-Salaries United Kingdom 25,326 Pound £ 95.64 24,22,178.64 14-Jul-20 https://www.indeed.co.uk/salaries/insurance-agent-Salaries France 40,015 Euro € 86.992 34,80,984.88 24-Jul-20 https://www.erieri.com/salary/job/life-insurance-agent/france/paris Germany 45,700 Euro € 86.992 39,75,534.40 2019 http://www.salaryexplorer.com/salary- survey.php?loc=81&loctype=1&job=32&jobtype=1 UAE 11847 AED 20.36 2,41,204.92 12-Jul-20 https://www.indeed.ae/salaries/insurance-agent-Salaries,-Dubai South Africa 138816 South African Rand R 4.48 6,21,895.68 20-Jul-20 https://za.indeed.com/salaries/insurance-agent-Salaries Singapore 36,000 Singapore $ 54.07 19,46,520.00 11-Jun-20 https://www.payscale.com/research/SG/Job=Insurance_Agent/Salary Japan 87,65,627 Yen ¥ 0.71 62,23,595.17 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance- agent/japan/tokyo Russia 771428 Rouble ₽ 0.96 7,40,570.88 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance-sales- agent/russian-federation South Korea 3,65,18,278 South Korean won 16.09 58,75,79,093.0 2 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance-agent/south- korea HongKong 3,20,687 Hong Kong $ 9.65 30,94,629.55 28-Mar-20 https://www.payscale.com/research/HK/Industry=Insurance_Agency_ or_Brokerage/Salary Australia 89,446 AUD $ 53.026 47,42,963.60 15-Jul-20 https://au.indeed.com/salaries/insurance-agent-Salaries New Zealand 55,000 NZD $ 49.58 27,26,900.00 03-Mar-20 https://www.careers.govt.nz/jobs-database/finance-and- property/finance/insurance-agent China 1,34,502 Chinese Yuan ¥ 10.65 14,32,446.30 24-Jul-20 https://www.salaryexpert.com/salary/job/insurance-sales-agent/china
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  • 41.
     Diploma Courses Advanced Diploma Courses  Specialised Diplomas  Certificate Courses  Compliance Training  Leadership Management  Soft Skills Communications  Digital Marketing  Basic Financial Markets Training
  • 42.
    Insurance Institute ofIndia Mumbai • Licentiateship • Associateship • Fellowship • Certificate Courses • Specialised Diploma Courses Life Office Management Association LOMA USA • Basic Level • ALMI • FLMI • The American Institute for CPCU (AICPCU) and the Insurance Institute of America (IIA) • Insurance Institute of Canada IIC
  • 43.
    Chartered Insurance InstituteLondon • Award CII • Cert CII • Diploma CII • ACII • Charter Status • FCII Courses in General Insurance segment: • IMP – Award in Motor Insurance Products and Policies (India) • IMU – Award in Motor Insurance Claims and Underwriting (India) • IN7 – Indian Healthcare Insurance Products • W01 – Award in General Insurance Courses in Life Insurance segment: • AWI – Award in Financial Planning – India • AWB – Award in Bancassurance (non-UK)
  • 44.
  • 45.
    Agents will onlybe compensated for the value they bring directly to the carrier over the technology at hand. If an agent is adaptive enough to market their brand across multiple channels, the future is bright perhaps brighter than ever. Smart Agents with Smart Technology For Smarter Insurance Fee Based Insurance Consultants $ 40 Dollars Per Hour – USA, Canadian $ 40 Per Hour
  • 46.
    Each of theseInsurtechs supports the agent or broker in different stages of the primary process: LifeDrip offers state of the art automated marketing tools to agents and brokers. Predictivebid built building an advanced AI platform for online customer acquisition. Finanzen.de created an online marketplace for leads. Virado puts the insurance broker back in the middle with an on-demand offer for millennials. RiskAPP allows agents and brokers to seamlessly collect data for risk analysis. Figlo facilitates the conversation between brokers/agents and customers. ProtectMeWell : Term, Critical Illness, Retirement Corpus & Medical Insurance Recommendation
  • 47.
    ThankYou Jaswanth Singh G Insurance(InsureTech),Banking & Pensions Domain Consultant and Faculty jaswanth@indiaassurance.in www.indiaassurance.in www.allinsuranceclaims.in +91 8310765785 +91 9449049107