scholarly journals Operational Efficiency of Selected General Insurance Companies in India

2019 ◽  
Vol 9 (2) ◽  
pp. 4899-4902
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Insurance Premium ◽  
The Other ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Policies ◽  
General Insurance ◽  
To Come

Life is full of risks and uncertainties. In fact risk is everywhere. Even when you ride a bike to the nearest shop in the street, there is a risk. One must protect himself or herself from this risk. The solution is insurance. Broadly it is two types i.e. life insurance and non-life insurance (general insurance). In this paper we discuss about only general insurance. General insurance helps in securing ourselves and things we value like homes, cars, bikes or any other property from any kind of mishap whether it is big or small. General insurance protect insured property from fire accidents, floods, earthquakes, storms, thefts, travel accidents/mishaps or any other kind of calamity, even from the cost incurred against us from legal action depending upon the type of policy selected by the insurer. From the post liberalization scenario, general insurance in India is growing rapidly. The reasons behind its spectacular growth are allowing private companies to enter into Indian market, low insurance premium, TPAs (Third Party Administrators), Fast and immediate settlement of insurance claims, Innovative general insurance policies, discounts in insurance products, increasing awareness among people, more distribution channels etc. The other side of the coin is, public sector insurance companies are facing cut throat completion from private insurance companies as they offer wide variety of policies at a low premium. Due to this few general insurance companies are closed and few are forced to come out with same polices and services. Ultimately the performance of public sector general insurance companies also enhanced with the competitive moves by private players. On the other hand, customers are also exposed to new trends in the insurance market. Insurance Regulatory and Development Authority (IRDA) is the apex body in India to monitor the activities of insurance companies. It has laid down standard terms and conditions to general insurance companies and also given scope for personal accidental life insurance policies. IRDA has taken all the measures to improve the performance of general insurance companies as it is one of the fast growing areas in Indian economy.

scholarly journals Growth and Performance of General Insurance Companies in India – Premium Rate and Claim Settlement Perspective

2020 ◽  
Vol 8 (5) ◽  
pp. 2071-2073
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Insurance Premium ◽  
The Other ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Policies ◽  
General Insurance ◽  
And Performance

Life is full of risks and uncertainties. In fact risk is everywhere. Even when you ride a bike to the nearest shop in the street, there is a risk. One must protect himself or herself from this risk. The solution is insurance. Broadly it is two types i.e. life insurance and non-life insurance (general insurance). In this paper we discuss about only general insurance. General insurance helps in securing ourselves and things we value like homes, cars, bikes or any other property from any kind of mishap whether it is big or small. General insurance protect insured property from fire accidents, floods, earthquakes, storms, thefts, travel accidents/mishaps or any other kind of calamity, even from the cost incurred against us from legal action depending upon the type of policy selected by the insurer. From the post liberalization scenario, general insurance in India is growing rapidly. The reasons behind its spectacular growth are allowing private companies to enter into Indian market, low insurance premium, TPAs (Third Party Administrators), Fast and immediate settlement of insurance claims, Innovative general insurance policies, discounts in insurance products, increasing awareness among people, more distribution channels etc. The other side of the coin is, public sector insurance companies are facing cut throat completion from private insurance companies as they offer wide variety of policies at a low premium. Due to this few general insurance companies are closed and few are forced to come out with same polices and services. Ultimately the performance of public sector general insurance companies also enhanced with the competitive moves by private players. On the other hand, customers are also exposed to new trends in the insurance market. Insurance Regulatory and Development Authority (IRDA) is the apex body in India to monitor the activities of insurance companies. It has laid down standard terms and conditions to general insurance companies and also given scope for personal accidental life insurance policies. IRDA has taken all the measures to improve the performance of general insurance companies as it is one of the fast growing areas in Indian economy.

scholarly journals The Dynamics of General Insurance Sector in India - Growth and Performance Perspective

2019 ◽  
Vol 9 (2) ◽  
pp. 536-540
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Insurance Premium ◽  
The Other ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Insurance Policies ◽  
General Insurance

Life is full of risks and uncertainties. In fact risk is everywhere. Even when you ride a bike to the nearest shop in the street, there is a risk. One must protect himself or herself from this risk. The solution is insurance. Broadly it is two types i.e. life insurance and non-life insurance (general insurance). In this paper we discuss about only general insurance. General insurance helps in securing ourselves and things we value like homes, cars, bikes or any other property from any kind of mishap whether it is big or small. General insurance protect insured property from fire accidents, floods, earthquakes, storms, thefts, travel accidents/mishaps or any other kind of calamity, even from the cost incurred against us from legal action depending upon the type of policy selected by the insurer. From the post liberalization scenario, general insurance in India is growing rapidly. The reasons behind its spectacular growth are allowing private companies to enter into Indian market, low insurance premium, TPAs (Third Party Administrators), Fast and immediate settlement of insurance claims, Innovative general insurance policies, discounts in insurance products, increasing awareness among people, more distribution channels etc. The other side of the coin is, public sector insurance companies are facing cut throat completion from private insurance companies as they offer wide variety of policies at a low premium. Due to this few general insurance companies are closed and few are forced to come out with same polices and services. Ultimately the performance of public sector general insurance companies also enhanced with the competitive moves by private players. On the other hand, customers are also exposed to new trends in the insurance market. Insurance Regulatory and Development Authority (IRDA) is the apex body in India to monitor the activities of insurance companies. It has laid down standard terms and conditions to general insurance companies and also given scope for personal accidental life insurance policies. IRDA has taken all the measures to improve the performance of general insurance companies as it is one of the fast growing areas in Indian economy. General insurance companies under public sector are facing lot of challenges from private players and to with stand in the completion, even they have improved a lot in their quality of service in multiple facets like decreasing the premium, quick settlement in claims etc. In a nut shell, general insurance business is contributing significantly to Gross Domestic Product (GDP).

scholarly journals A STUDY ON PREFERENCE OF POLICYHOLDERS ABOUT PUBLIC AND PRIVATE LIFE INSURANCE COMPANIES IN TIRUNELVELI DISTRICT

2018 ◽  
Vol 6 (4) ◽  
pp. 105-110
Author(s):  
I. Meenakshi
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Marketing Strategies ◽  
Private Life ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Public And Private ◽  
New Policies

There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. The Life Insurance Corporation of India (LIC) is the largest life insurance company in India and also the country's largest investor. More and more new private insurance companies are coming up year after year. And, these new and private life insurance companies adopt aggressive marketing strategies to introduce their products and to tap the potential policyholders. It is witnessed that new policies like ULIPs are introduced by these new private life insurance companies. It is in this concept this study has been undertaken to assess and analyze the preference of policyholders towards insurance services offered by public and private life insurance companies in Tirunelveli district.

scholarly journals Complaint Redressal Practices in Public and Private Insurance Companies

2019 ◽  
Vol 8 (12S2) ◽  
pp. 369-374
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Private Life ◽  
Insurance Companies ◽  
Public And Private ◽  
The Public ◽  
Life Insurance Industry ◽  
Regulations And Guidelines

The life insurance industry of India has 23 licenses -holders running their business in this sector. The Life Insurance Corporation of India (LICI), which is the only player in the public sector, the remaining area is covered by the 22 private sector companies. IRDAI has taken initiatives to provide effective grievance handling machinery to address the grievances of policyholders. Consumer dispute Redressal agency is efficient for handling complaints and easily accessible. This paper examines the regulations and guidelines framed by IRDAI for effective grievance handling and the study would provide some insights into the areas, specifically status of grievances in public and private life insurance companies (LIC, SBI, HDFC, Reliance Life and Bajaj Allianz) and the functioning of consumer dispute Redressal agencies of life insurance sectors.

OSIGURANjE ŽIVOTA

2021 ◽  
pp. 19-39
Author(s):  
Zoran Miladinović ◽  
Keyword(s):  
Life Insurance ◽  
Insurance Premium ◽  
The Other ◽  
Insurance Companies ◽  
Eu Countries ◽  
Insured Person ◽  
Traditional Function ◽  
The Law ◽  
The Republic ◽  
Developed World

Life insurance is the field of insurance which covers all those types of insurance where the occurrence of the insured accident is connected to a certain event in the life of the insured person. There are two basic types of life insurance: life insurance in case of death of the insured person and annuity insurance in case the insured person lives longer, t.i beyond the insured life term. Life insurance is the insurance where the insurer for a certain insurance premium assumes the obligation to pay to the insured person or the other beneficiary designated by the insured person a certain sum of money in case of his death or annuity installments in case he lives longer then the agreed life term. Although originally, life insurance was forbidden and was considered to be an unethical legal activity, today life insurance is accepted in legislations and in practice worldwide and it has been proven as a very beneficial and justified institute. This type of service is offered by insurance companies with an investment aspect which allows life insurance to keep its traditional function (protection from various risks – death, disability, life longer than the agreed insurance term), but also to have a wider, macroeconomic function in the form of savings and investment. This service has not been widely accepted in the Republic of Serbia although it is regulated by both the Law on insurance and the Law of contract and torts. In the 1990s it almost ceased to exist, while nowadays it started to revive, but with far less cases than in EU countries and other countries of developed world.

scholarly journals A PRELIMINARY STUDY ON THE PENETRATION OF PRIVATE INSURANCE COMPANIES IN CHENNAI CITY TOWARDS MIDDLE INCOME GROUP (WITH SPECIAL REFERENCE TO STRIVERS AS PER NACERS NOMENCLATURE)

2020 ◽  
Vol 8 (10) ◽  
pp. 702-722
Author(s):  
Mohan Kumar M. ◽  
◽  
P. Thiyagarajan ◽  
Er. R. Meenambigai ◽  
◽  
...  
Keyword(s):  
Empirical Study ◽  
Private Sector ◽  
Private Insurance ◽  
Income Group ◽  
Insurance Companies ◽  
Middle Income ◽  
Insurance Policies ◽  
Middle Income Group ◽  
Preliminary Study ◽  
Chennai City

The present empirical study has been conducted to understand how the middle income group (strivers) mitigate their risks by taking insurance policies from private sector insurance companies. What made them to choose private sector insurance companies? Whether the Private Sector insurance companies provide better service that made them to choose the private sector insurance companies.

Effectiveness of Customer Relationship Management Program in Insurance Companies

2013 ◽  
pp. 219-234
Author(s):  
Vikas Gautam
Keyword(s):  
Customer Relationship Management ◽  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Relationship Management ◽  
Management Program ◽  
Customer Relationship ◽  
Insurance Companies ◽  
Public And Private ◽  
Before And After

Customer relationship management in the insurance industry is in the nascent stage. Firms are framing new strategies to combat stiff competition. Public and private insurance companies are implementing customer relationship programs to attract more customers and retain existing customers. The objectives of this study are (1) to study the customer relationship management program of the Life Insurance Corporation of India, and (2) to assess the effectiveness of this customer relationship management program. The study is based on the opinion scores of 182 policyholders of Life Insurance Corporation of India, who have been with the company for more than the last five years. Based on the average opinion scores before and after the implementation of the Customer Relationship Management program, it was concluded that the program is effective, which was evidenced by the results obtained from statistical analysis (Paired sample t-test).

OSIGURANjE ŽIVOTA U KORIST TREĆIH LICA

2021 ◽  
pp. 535-551
Author(s):  
Zoran Miladinović ◽  
Keyword(s):  
Life Insurance ◽  
Legal Status ◽  
Insurance Contract ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Law ◽  
Legal Provisions ◽  
Insured Person ◽  
Insured Event

Insurance of life in favor of third parties is more important than the insurance of life in case of death. Moreover, in some rights this type of insurance can be contracted only in the event of the death of the insured person. There are no such restrictions in our insurance law, which means that the same can be agreed in case the isured person reaches a certain age. With this type of insurance, the insured event can be realized on the person of the insurance policyholders or on some other person. The insured person can therefore be the insurance contractor himself and it can also be another person. Considering that in this type of insurance, upon the occurrence of the insured event, the payment of the insured amount is always made to a certain third party beneficiary and that the insurance contract mentions several persons with different legal status, the insurance contract must clearly define the issues such as clear determination of the beneficiary insurance, what happens if the insurance beneficiary dies before the insured person, or the contractor assures, whether it is necessary for the insurance beneficiary to give his consent to be paid compensation, whether and until when the insurance policyholder can revoke the benefit he has contracted for a third party-beneficiary of the insured, etc. All these issues are mainly regulated by legal provisions, but of particular importance are General Conditions of life insurance of life insurance companies, as the above issues are clearly defined on the basis of experiences that have proven to be open in practice.

Determinants of Derivative Usage in the Life and General Insurance Industry: The Australian Evidence

2003 ◽  
Vol 06 (04) ◽  
pp. 405-431 ◽  
Author(s):  
Marc De Ceuster ◽  
Liam Flanagan ◽  
Allan Hodgson ◽  
Mohammad I. Tahir
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Cost Effective ◽  
Insurance Companies ◽  
Long Tail ◽  
Life Insurers ◽  
Market Risks ◽  
Life Insurance Industry ◽  
General Insurance ◽  
Standard Operating

Core business and financial market risks are not easily reduced by standard operating procedures in insurance companies. Derivatives theoretically provide a cost effective vehicle to hedge these risks. This paper provides an empirical analysis of the determinants of derivative usage as well as the extent of derivative usage in the Australian insurance industry in both life and general insurance companies for the period 1997–1999. Empirical results for the Australian life insurance industry in general confirm the findings of UK and US based research. However, the Australian general insurance industry does not appear to follow the conclusions of previous literature. Our results indicate that for life insurers, the determinants of derivative usage were size, leverage and reinsurance. For the general insurance industry the determinants were size and the extent of long tail lines of business written. As regards the determinants of the extent of derivative usage, these were size and asset-liability duration mismatches for life insurers. For the general insurance industry the determinants of the extent of derivative usage were size, the extent of long tail lines of business written, and the reporting year.

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