| Actuarially funded products |
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Actuarially funded life insurance policies have received much attention of late, largely due to wrong reasons.
In several markets, these are unitized products are quite novel where the costs associated with policy sale is deferred over a few years.
In most situations, the products are quite innovative, but attracts criticism of mis-selling and misrepresentation by over anxious insurance agents.
Therefore, these are subject to careful scrutiny by regulators.
Know more about features and accounting treatment of actuarially funded products.
| Market Positions of Life Insurers in India |
The battle for top slot is on feverishly amongst the private life players.
With the year coming to a close, check out what is the current status.
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| Opportunities Of Outsourcing In Insurance Industry |
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"Tom Peters Once said, “Do what you do best, outsource the rest”. This line may
pose a conundrum to some one trying to figure out benefits of outsourcing. Reading the above line
in tandem will certainly assist the insurers about what benefits can outsourcing offer to their
stakeholders and can also act as a key differentiator to their business.
This paper tries to bring out the opportunities of outsourcing in insurance vertical, covering
the common business processes enabling technology.It also tries to address the uncertainty of
operational planning, so that it shouldn’t act as an impediment, but instead gives an impetus
to insurance players in reaping the benefits of outsourcing".
| Future of India’s old age income security |
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This paper gives an insight in different types of pension plans i.e. Defined
Contribution (DC) & Defined Benefit (DB). Pension systems around the world followed DB
before 80’s, and then it become difficult for the governments to sustain this expenditure.
Pioneered by Chile DC became popular, in which there is no contribution from the government.
On paper this looked like a knight standing in shining armour to save them. DC was adopted as the
pension plan by many countries following the footsteps of Chile.
Learn more about Pension and its impact in India.
| Homeowners Insurance in US |
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Homeowners insurance, part of Property & Casualty Insurance, provides financial protection against disasters to homeowners.
Does it cover damage to your property and your liabilities and third-party damages.
Which perils does it cover: earthquake? flood?
Learn about the Homeowners insurance in the US market.
| Pension Reforms - Journey From Benefit to Contribution |
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Indians are increasingly looking at formal pension schemes. From 1998, there have been several efforts in thinking about reforming the
Indian pension system. The pioneering effort was Project OASIS, set up by the Ministry of Social Justice and Empowerment in 1998. The winds of reform have
started blowing.
Reforms have been the buzzword for long, but what is the significance of these reforms? What are the concerns of individuals, regulators,
government agencies and the industry? What are their emerging roles?
The paper is an analysis of the past and present and an expectation from the future.
| Technology Themes that enable Insurance Business Strategy |
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To analyse insurance business meta-strategies, it is possible to use apply Tracy and Wiersema’s popular Value Discipline model.
This can be extended to identify the Technology Themes that will support the business meta-strategies. The four themes identified are:
Accessibility & Availability: anywhere, anytime, through any means
Integrability & Interoperability: work with other solutions seamlessly
Configurability & Customisability: change comprehensively and easily
Stability and Scalability: a sound basis necessary for managing volumes
Each of these themes supports each of the business strategies of the Value Discipline model in a different way, especially for insurance.
Evaluation of your current (or future) solution against these themes can be used to understand the limitations of your technology choices
and therefore potentially on your operational business strategies.
IBEXI solutions has developed a powerful model for evaluation of IT solutions. Many insurers have benefited from this model.
| Solving Insurance Business Problems Using Statistical Methods |
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Statistical methods are well-suited for solving many insurance business problems. Different business problems can be solved
using different statistical approaches, and a combinations of methods.
For several specific business problems - insurance agent attrition, productivity of insurance agents and high lapse ratio - the impact
and cost to the business are explained.
What specifics steps and statistical approaches are used by IBEXI analysts to solve these problems?
| Group Insurance - An Overview |
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Group insurance involves providing insurance to a group of individuals who share some common attribute, through a single policy contract.
Group insurance plans are particularly beneficial to those for whom other regular policies are a costlier proposition. It is also
used as human resources tool by corporate employers to ensure employee loyalty.
There has been brisk activity in the group insurance business especially in the Indian insurance industry in the past few years
with the major private players fortifying their portfolios with new products and radical pricing strategies. In the process some insurance
companies tend to price group term products 30-50 per cent lower than the competition.
The schemes vary from insurer to insurer with every one trying to undercut the others with more features; riders, discounts
and we can see that the same product being marketed in different forms. With stiff competition from new entrants the group insurance business
is all set to take off.
| Bancassurance - An emerging concept in India |
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Welcome to Bancassurance. Bancassurance - a term coined by combining the two words bank and insurance (in French) -
connotes distribution of insurance products through banking channels.
Bancassurance is a long-standing dream of offering a seamless service of banking, life and non-life products. Banks have expertise on the
financial needs, saving patterns and life stages of the customers they serve. Banks also have much lower distribution costs than insurance companies and thus
are the fastest emerging distribution channel.
However, the evolution of bancassurance as a concept and its practical implementation in various parts of the world, have thrown up a number of
opportunities and challenges. Aspects such as the most suited model for a given country with its economic, social and cultural ramifications interacting
on each other, legislative hurdles, and the mindset of persons involved in this activity, have dominated the study and literature on bancassurance.
Will it work in India? That can only be answered in the future; the initial action does show that many banks seem to believe that bancassurance will be
a big success here.
| Automated Underwriting |
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The challenge for the Life insurance companies in the increasingly competitive market is to maintain profitability and the
market share. To achieve this, the companies need to streamline their processes and make their people more competent. This is particularly true of the
following core areas of their operations: sales and marketing and underwriting.
This paper looks into the underwriting aspect. Underwriters need to assess the risk and write/rate it consistently. Most often underwriting results suffer
because of an inability to write it consistently. More often than not this area of operation is always pressed for time. More over the inventory piles
up continuously which further adds to the cost. The paper looks at how adding automation to their current underwriting processes, most companies can
expedite their processes and reduce the cost of operation.
It also looks at how the companies can capture the essential information in an automated underwriting process so as to write the risk correctly. The
paper elucidates what information an Automated Underwriting System should capture and how one can go about the same. The paper also looks how companies
can formulate rules for automated underwriting and how to fine-tune these rules based on analysis of the results. The paper also compares some of the
more commonly used Automated Underwriting Systems.
| Insurance Brokers |
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' Broker led insurance sale is new to Indian market, which has traditionally been agent dominated.
Insurance brokers in the direct insurance domain as well as the regulation relating to their operations
are in their initial stage. Brokers are striving to distinguish themselves from agents, while as regulation
is trying to reach the fine balance, where broking is attractive, yet does not degenerate into commission
led competition with direct sales or agent led sales.
This article, drawing from international experience, seeks to explore the opportunities that insurance brokers
have in the market space, in Indian market. '
| Putting your best foot forward |
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Increasingly, insurance companies are implementing enterprise-wide packages. How do you start
converting a selected package to a successful implementation? This is one of a series of papers on package implementation
for insurance. The list of papers are:
- Evaluation : Picking the appropriate package
- Starting : Putting your best foot forward
- Pilots : Simple simulations that reduce risk
- Testing : Comprehensive and completed - a contradiction in terms ?
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| Regulation of e-business |
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The Web brings with it the potential to provide insurance companies with a unique channel
which can be used for a range of tasks ranging from basic marketing to the eventual sale of products. Using
the Web as a distribution channel requires tackling issues like confidentiality, security, and e-payment.
This paper examines all aspects of the Internet and its related technologies to determine what level of
services can be provided with currently available technology, and also looks at innovations which may impact future
growth in this area.
| Crime and Detec(h)tion |
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In a world of rising health-care crime, meet the new Sherlock Holmes : Information Techonology.
Find out the modus operandi of the criminals, and how IT plays the de(tech)tive. Perhaps, in your world too,
there are such crimes being committed, undetected. Find out if there's help somewhere.
| Alternate Risk Transfer |
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We are living in times of great change-sometimes for worse! A spate of large catastrophic losses, manmade
or natural, have exposed the vulnerability of insurance market to capacity constraints. Developed market have
started looking for alternatives, especially the capital market, to share their risk exposure.
This paper surveys common alternative risk transfer tools, as available today, with examples. Drawn from
various articles on specialised topics, the article provides an overview of ART market and its future.
The paper also tries to assess if the Indian finance market is mature enough for these alternative risk transfer
instruments. This paper was presented by Ibexi at the Fifth Asia-Pacific Risk and Insurance Association annual
conference at Bangalore, India.
| Earning by exposure |
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Classically, non-life insurers have analysed loss ratios, and exposure for the portfolio. After looking
at the usual informational bases for these analyses, a dimension often overlooked is identified : time. There
appear to be several questions which cannot be answered without including this dimension. It then suggests a
method to make an analysis of exposure consistent with other time-based variables used for analysis, and introduces
a different measure - annualised earned exposure.
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