...UNIVERSITY Providence, Rhode Island ENVIRONMENTAL ANALYSIS: Automobile insurance Industry Course: MGMT 6800 Yimeng Zhang October 4, 2014 Automobile insurance Industry- Environmental Analysis The motor vehicle insurance, refers to a kind of commercial insurance that offer liable for compensation to life or personal injury or property damage caused by motor vehicles due to natural disasters or accidents. Car insurance is a kind of property insurance. In the field of property insurance, motor insurance belongs to the young categories of insurance. This is because the car insurance comes and develops with the emergence and popularity of the car and. 1. Strategically Relevant Factors in the Macro-Environment-PESTEL Analysis PESTEL analysis focuses on the six principal components of strategic significance in the macro-environment: political factors, economic conditions, sociocultural forces, technological factors, (natural) environmental forces, and legal/regulatory factors. These are the significance factors of one industry varies and management will focus primarily on those with the greatest effect on their company. The most important factor in the vehicle insurance industry is Economic Factors. a. Political and legal factors The Automobile Insurance industry does not receive any direct assistance from the federal government in the form of tariffs. However, the National Association of Insurance Commissioners (NAIC) provides a forum for the development...
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...INSURANCE AND RISK MANAGEMENT Submitted to Prof M.Vedavalli By Chintamaneni Rajesh PGDM-Finance Roll no 258/2014 Calculating how much life insurance you need is one of the most important financial decisions an individual will ever make. It should never be an isolated decision depending only on how much of a premium one can afford. Having said that, there are many ways in which one can determine how much insurance a person need. Some of the most popular methods for calculating insurance needs of an individual are Rule of Thumb In general, a rule of thumb is a simple guideline that can be easily applied to a situation. In terms of determining a need for life insurance, there are some rules of thumb that you might use to calculate a basic amount of insurance coverage for yourself. The rules of thumb are simplistic and do not consider many of the factors used in other methods of insurance-need determination. They are, however, easy to use and will provide a starting point for your insurance-need evaluation. Below are some common rules of thumb for determining amounts of life insurance coverage. a. Income Rule The most basic guideline for determining an insurance requirement is six to eight times your gross annual income. Under this rule, a person earning a gross salary of $60,000 should have between $360,000 and $480,000 of life insurance. Gross Salary x6 x8 $60,000 $360,000 $480,000 $80,000 $480,000 $640,000 $100,000 ...
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...Analysis on Thai insurance industry ------------------------------------------------- History The very first actual insurance contract, signed in Genoa in 1347. Contracts were signed by individuals, either alone or in a group. They each wrote their name and the amount of risk they were willing to assume under the insurance proposal. And then in 1688, the first insurance company was established as the widespread of insuring cargo while being ship throughout the maritime nations of Europe. It started at Lloyd’s Coffee House where merchants, ship-owners, and underwriters met to transact their business. And then Lloyd’s become one of the first modern insurance companies, Lloyd’s of London. Insurance in Thailand start around Ayudhya period when there is trade between Thai and foreigners. Foreign merchants brought marine insurance into Thailand which is first non-life insurance in Thailand. During King Rama the fourth era, there are many France department stores which some of them are representative of insurance company such as Netherlands Indea Sea and Fire Insurance Company, Ocean Marine Insurance Company, and Colonial Sea and Fire Insurance Company. And then in 1908, there is the first Act of Parliament about insurance in Thailand. For the life insurance, in Thailand, it was started in the era of King Rama the fifth by some foreign insurance companies. At first, nobody was interested in it so the business turned out to be an unsuccessful. After that, in WWI period, life insurance...
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...“Now that’s Progressive.” Progressive insurance is a company that provides insurance for cars, motorcycles, boats, commercial vehicles, RVs and home insurance through select companies. According to Progressive.com, Progressive insurance has been around since 1937 when Peter Lewis started the first drive-in claims insurance office. Today Progressive has grown to 25,000 employees in more than 450 offices throughout the United States. However, one iconic employee has revolutionized the way we look at insurance and her name is Flo. When Progressive customers see Flo, they look at her fun, delightful personality and make a connection that buying Progressive insurance can be an easy and fun thing to do. When looking at this Progressive insurance...
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...2015 Financial Analysis of Non-Life Insurance Sector in India New India Assurance Co. Ltd The Oriental Insurance Co. Ltd ICICI Lombard General Insurance Co. Ltd Financial Analysis of Non-Life Insurance Sector in India Executive Summary Insurance is not the sale of products, but servicing customers. It is a system, by which the losses suffered by a few are spread over many exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. The very fundamental principle of spreading of the risk is actually practiced by the insurance companies by reinsuring the risks that they have insured. The opening up of the Insurance Sector to Private Companies has made available more products and world class service to Indian Customer. Some excerpts on Indian insurance sector are as follows: An attempt has been made in this paper to understand and discuss the various issues of the Indian General Insurance industry. In this regard, the group studied the performance of New India Assurance Co. Ltd., ICICI Lombard, and The Oriental Insurance Co. Ltd with the help of their financial statements. Also, keeping New India Assurance Co. Ltd as benchmark, the group made a comparative analysis using financial ratios...
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...COMPANY ANALYSIS SBI Life Insurance is a joint venture life insurance company between State Bank of India and BNP Paribas Cardiff. SBI owns 74% of the total capital and BNP Paribas Cardiff owns the remaining 26% of the capital. State Bank of India is the largest state owned banking and financial service company in India whereas BNP Paribas is a French multinational bank and financial service company with its global headquarters present in Paris. SBI Life Insurance has an authorised capital of ₹2,000 crores and a paid up capital of ₹1,000 crores. The company received a AAA/Stable/P1+ rating from Crisil Ltd in 2007. Vision: “To be most trusted and preferred life insurance provider” Mission: To emerge as the leading company offering a comprehensive...
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...1. HDFC Standard life insurance company ltd. HDFC Standard Life insurance company ltd is one of India's driving private life coverage organizations, which offers a scope of individual and group insurance solution arrangement. It is a joint venture between housing development finance corporation limited (HDFC Ltd). It is one of the India’s leading housing finance institution and the standard life assurance company, a leading provider of financial service from the united kingdom. IRDA (Insurance Regulatory and Development Authority) The Government of India has enacted the Right to Information Act, 2005which has come into effect from October 13, 2005. The Right to Information under this Act is meant to give to the citizens of India access to information under control of...
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...The Health Insurance Portability and Accountability Act is a federal law signed by President Bill Clinton on August 21, 1996. It was created with the purpose of protecting millions of workers and members of their families in the United States. Puerto Rico which suffer from a medical condition. Long before this law came into force, these people were already having difficulties constantly obtaining medical coverage due to a medical condition they had before trying to obtain health insurance. However, the HIPAA law is based on establishing guidelines to protect the confidentiality and privacy of patient information and medical information. It requires health service providers to comply with five steps to comply with the privacy rule. Therefore,...
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...EXECUTIVE SUMMARY Justin Bell, assistant operations manager at Rockwater Insurance (RI), faces a difficult situation and must act quickly in order to prove his competence as a leader to his colleagues. Ideally, his decision must maintain the firm’s no-layoff history, encourage the tight-knit company atmosphere, and draw as little negative attention as possible. As a new employee in his grandfather's business, he must prove himself worthy of the position he was recently controversially given. His first challenge is dealing with the declining performance of veteran employee, Russell Campbell, a strong-minded subordinate with a significant amount of influence within the firm. To make his dealings even more complicated, Russell is a recent widow. Keeping this in mind, the best course of action would be for Justin to hold a meeting with his uncle and Branch Manager, Frank Bell. At this meeting, it would be advised that he: 1. Propose the idea that a new Assistant Sales Manager position be created. 2. Recommend himself for this role, due to the fact that he is well suited for this position. 3. Nominate Russell to be the new Assistant Operations Manager, dependent on the conditions that he: a. Take a minimum 3 weeks paid leave in order to recover to an adequate psychological state to work in a managerial role. b. Receive counselling, and obtain clearance by medical professionals that he is in sufficient condition. If he is not cleared, he will...
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...Comparison websites help you gather quotes based on the personal information you provide. Once enough quotes are gathered, they are placed on one page, side by side in most cases, to make comparing them easier for you. Choosing to find cheap health insurance quotes online using a comparison website can allow you to experience money and time saving benefits. Many people have lost their jobs and are without health coverage during bad economic times. With the many changes also taking place in the world of health insurance, getting new policy can be quite frightening to many people. Some folks may have tried to continue the coverage they had through their employer, only to find that cobra coverage is extremely expensive. Buying your own policy outright is the best way to go. Learning about the plans offered by most insurers is extremely important before you make final choices about purchasing a policy. Most insurers offer three major types of...
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...The case of Crown Insurance Services brings to the light the many issues now associated with the changing business environment, the questions that arise whether current existing law regrading residence and source is no longer fitting and whether its application may be conducive for cases where misappropriation is intentional. This paper considers some of the questionable reasoning used today by the courts in determining residence and source on companies incorporated overseas. The case of Crown is not dissimilar to that of Malayan Shipping Co, whereby an Australian resident (Mr Sleigh) the majority shareholder of a taxpayer company incorporated overseas, was considered to be the managing director and agent who alone could decide upon the entering of contracts by the company in Australia. The company was found to derive its income and have tax residency in Australia “despite the directors being non-resident and meeting outside Australia” due to central management and control being held by an Australian resident. Similarly in Crown several indicators of absolute authority held by an Australian resident were presented, including “All of the proposals were prepared by Mr. Pattenden on his lap top” and “Mr. Pattenden prepared a group insurance proposal and prepared and issued a policy”, these statements seemingly present Mr. Pattenden as being ‘the brains behind operation’. The commissioner pursued this as it had been in Malayan shipping, however several factors prevented the...
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...Debbie Nahom Post University Policy Analysis- Unemployment Insurance Policy Historical Background Unemployment benefits are in place to provide temporary funding to help individuals and families to survive during unemployment. The policy analysis model will be used to review all aspects of the policy, including historical origins, strengths, and weaknesses, as well as how the policy has succeeded or failed in reaching the goals it was created to achieve. The origins of unemployment benefits date back to the 1700-1800s, when Switzerland and other European countries established voluntary benefits programs to aid those in need. Even the state of Wisconsin, in the early 1930s, had a voluntary unemployment benefits program, however the United States as a whole did not officially enact the unemployment benefits program until August of 1935 in response to the devastating effects of the Great Depression (DeWitt, n.d.). The Great Depression, one of the most devastating recessions the country has seen, caused more than 25% unemployment rate and had both federal and local governments spending over a billion dollars in relieve funds (DeWitt, n.d.). Legislatively, some efforts had been made over the years by the federal government as well as individual states, to address the problem of unemployment. Bills were introduced in 1916 and 1922 by states such as Connecticut, Massachusetts, Minnesota, New York, Pennsylvania, and Wisconsin, and finally...
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...1. Product strategies of private life insurance companies 2. A study on “why companies should go for outsourcing” 3. Effectiveness of advertising on real estate sector 4. Study on consumer expectations and perceptions towards consumer loans 5. Workers attrition rate at hotel industry is increasing. Study regarding this issue 6. Attrition rates at different sectors 7. Effectiveness and scope of employee referrals in the process of talent sourcing 8. Study of training needs across different industries 9. Study on creation of luxury brand 10. Strategies used to build successful Internet based customer services 11. Measuring the effectiveness of retail banking of a nationalised bank compared to a MNC 12. Conspicuous consumption 13. Study of awareness and acceptibility of UPVC windows and door systems 14. Opportunities of Financing the NANO’s in Bangalore 15. Changing trends in FMCG industry in India 16. A study of best HR practices in service industry 17. Fundamental analysis of Indian telecom companies 18. Study of consumer behaviour in automobile industry 19. customer buying behaviour towards insurance products 20. Promotion strategies followed in Insurance sector 21. Study on changing consumer preference towards organised retailing from un-organised retailing 22. study on “impact of advertising in B2B marketing” 23. Distribution network & general insurance industry 24. A study on distribution channels in aluminium industry 25. Study on strategies for...
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...“A Study on Purchase Decision Making Of Life Insurance Products” [Submitted on: 22.12.2014] Submitted to: Prof. Anamika Prepared by: Jayajeet Das Group-2 Roll No.-14DM012 Sec-A PGDM (2014-16) Institute of Management and Information Science, Bhubaneswar Acknowledgements “First and foremost, I avail this opportunity to express my profound sense of sincere and deep gratitude to Prof. Anamika for her valuable and meticulous supervision during the preparation of this Project Report. Last but not the least I extend my support to all my group members and respondents whose kind cooperation & support helped me to bring out the study report in a successful manner. Abstract Insurance occupies an important place in the complex modern world since risk, which can be insured, has increased enormously in every walk of life. This has led to growth in the insurance business and evolution of various types of insurance covers. This research aims at determining consumers’ attitudes towards buying life insurance products and to understand their purchase and repurchase intention. This research was conducted in Bhubaneswar of Odisha taking a sample of 75 LIC and other private insurance customers. Respondents for this survey were selected using random sampling. The survey was done by all our group members. The analysed data has been presented in the form of table, bar graphs and pie-charts. This study also analyzed the repurchasing intention of policy holders. The survey...
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...: * * Outline I. Introduction Overview of the Insurance Industry Company Profile I. Motivation General Overview Financial Rewards II. Financial Rewards at MetLife Alico III. Analysis of findings IV. Conclusions and Recommendations V. Appendix I- Introduction * Introduction The Insurance Industry in Lebanon * Open & liberal market * 60 insurance companies * Top 10 companies account for 60% of total premiums * Gross premiums per operating company have improved between 1997 and 2002 * Introduction * Life insurance sector is very developed relative to other Arab countries * Top 5 insurance companies: 1. - Arope Insurance 2. - Mednet Liban 3. - Libano- Suisse 4. - MedGulf 5. - MetLife Alico * Introduction Alico’s Profile: * American Life Insurance Company (Alico) is one of the largest leading insurance companies in the world * 1921: Established in Shanghai – China * 1960’s: Moved to Wilmmengtion- Delaware * 1980`s: Operating in Latin America , Middle East and Europe * Aim: “for market leadership and profitable growth, employing local talent and empowering individuals to perform at very high levels.” * Introduction Alico in Lebanon : * Leading life insurance company since 1953 * Main office in Verdun, Beirut * 400 agents * 21 Sale`s branches ...
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