14.insurance industry
TRANSCRIPT
INSURANCE INDUSTRY GROUP NO -14
Made By:
1. ROMA DAS
2. SUSHEEL VISHWAKARMA
3. VIVEK DEBNATH
4. BUSHRA ZAHEER KHAN
5. SANTANU SAMANTA
6. MOHD ARIF
DEFINITION
Insurance is defined as the transfer of the risk of a loss, from one entity to another, in exchange for payment.
PROFIT = Earned premium+ Investment Income - Incurred loss – Underwriting expenses
BASIC CONCEPTS
INSURER
INSURED / POLICYHOLDER
PREMIUM
HOW INSURANCE PROCESS RUNS??
Prospective Client
Insurance Company
Descriptive Briefing of the Policies
Selection of the best suitable
scheme
Selling of the Policy with the pre
decided premium’s rate
Through AGENT (under writer)
Occurrence of the unnatural event leading to the
payment of insured amount to the
Nominee
Redemption of the insurance money after maturity of the Policy
TYPES OF INSURANCE
LIFE INSURANCE GENERAL INSURANCE
TYPE OF INSURANCE
LIFE INSURANCE
ENDOWMENT POLICY
WHOLE LIFE POLICY
ACCIDENTAL DEATH
LIFE INSURANCE
GENERAL INSURANC
E
MOTOR INSURANCE
PROPERTY INSURANCE
HEALTH INSURANCE
TRAVEL INSURANC
E
DISABILITY INSURANC
E
GENERAL INSURANCE
I R D A
Insurance Regulatory and Development Authority National agency of the Government of India, based in Hyderabad formed by Indian parliament
POWERS & FUNCTIONS OF IRDA
Duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.
1. Certificate of registration to the Applicant
2. Protection of the interests
3. Adjudication of disputes
4. Specifying the percentage of premium, Specifying the % of Life Insurance Business and General Insurance Business
Other powers :
INDIA ON A GROWTH PLATFORM
PLAYER’S PROFILE:LIFE INSURANCE
PLAYER’S PROFILE:GENERAL INSURANCE
CHALLENGES
• RELIGIOUS CONCERN
• REDLININGCOMPLEXITY OF
INSURANCETHREAT OF NEW
ENTRANTS
FUTURE OUTLOOK
HOME INSURANCE GROWTH
HEALTH INSURANCE BOOM
NON LIFE INSURANCE PREMIUM GROWTH
GROWTH PROSPECTS
INDIA WITH 200 MILLION MIDDLE CLASS HOUSEHOLD
SATURATION OF FOREIGN MARKETS
RURAL CONSUMERSLOTS OF SAVING & INVESTMENT PLANS
QUESTIONS??
“THANK YOU”