...Island Life Insurance Mission Statement What do we do? Provide Life Insurance How do we do it? ?? Whom do we do it for? What value are we bringing? Core Problem * Selling Concept * To achieve 5% of market in 20th year, currently only 3% has been achieved. The other 2% must be achieved in the next 2 years Strengths * Reputation * Financial Stability [Island Life Insurance and Island Life General and Casualties Weakness * No marketing department, not enough promotion (insurance needs a lot of insurance since it is not a sought out product/good by most people. A new product cost $100,000 Opportunities * Offer current policies holders a package update to keep them from surrendering their policies or lapsing. * Female Market * Current economy has improved and life insurance is selling again Threats * 25 long term life insurance companies / competition / larger and more established companies Alternatives * Promotion Use a marketing strategy that would draw customers to their insurance company. Since the idea is to get the word out then advertising can be done via websites, billboards, and newspapers. Also, by referrals Pros This can be very effective for unsought goods such as insurance. This strategy lets prospective customers know what you are selling, which can capture their attention and query further either by calling in or going to one of the locations. Cons expensive...
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...Preface The study attempts to evaluate the performance of the private life insurance companies of Bangladesh, mainly I highlight the delta life insurance company. Insurance is a technical device of risk management. Risk taking is the sixth function of marketing and marketing is an important insurance function. It is a total system of business activities designed to plan, price promote and distribute want satisfying products, services and ideas to target markets in order to achieve organizational objectives. In the United States about 87% of the business is service oriented. In our country about 65% business activities are service oriented. Development of Business depends on the degree of service provided by the companies. Retention of customer depends on the relationship and service of the companies. Customer Relationship management is the widely popular marketing term that has given tremendous impact among the modern customer. Delta Life insurance Co. Ltd. who is deals with insurance business has now turn into service oriented organization to meet the demand of the 21st century as the competition has got momentum. Insurance is one of the important sectors that are playing a vital role in the economic development of the country. An attempt has been made to discuss the whole topics in two distinctive sector- organization related matter and marketing strategy respectively. Insurance industry is one of the strategic sectors in the country Acknowledgement is due to Dr. Afjal Hossain...
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...Introduction Tony Jackson was first employed in the office of a building society on a Youth Training Scheme but left after two years because there was no permanent position available. However, nine months later due to a continual rapid growth in business a new position was created and Tony applied and got the job. Tony was given high recommendation by Mary Rogers the branch manager, and she even told her staff that she always got on well with him and he seemed very bright, and was always cooperative. Previously, when Tony was on the Training Scheme, Jane Taylor was employed as a cashier and assistant with mortgage advance accounts. She had been with the company for four years. However two weeks prior to Jackson’s return to the organisation Mary Rogers the branch manager promoted her to senior branch assistant without any form of supervisory training. Two months later Jane is experiencing problems with Tony Jackson and she thinks it’s a personality clash. Tony Jackson is not cooperating with Jane and embarrasses other members of staff when they are serving customers Although Jane draws the problems she is experiencing with Tony to Mary’s attention she does nothing about it. Three months later things have escalated between Jane and Tony and his attitude is getting worse Problem Statement In the branch office of the Building Society several problems exist. After careful analysis, one can conclude that the core problem is lack of effective Leadership. This issue gives...
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...Comparative study of LIC of India & private Life Insurance companies in India. Introduction: The Indian life insurance industry has its own origin and history, since its inception. It has passed through many obstacles, hindrances to attain the present status. Insurance owes its existence to 17th century England. In fact, it took shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where merchants, ship-owners and underwriters met to discuss and transact business. The first stock companies to get into the business of insurance were chartered in England in 1720. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston. In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America for the benefit of ministers and their dependents. Life insurance in its modern form came to India from England in 1818 with the formation of Oriental Life Insurance Company (OLIC) in Kolkata mainly by Europeans to help widows of their kin. Later, due to persuasion by one of its directors (Shri Babu Muttyal Seal), Indians were also covered by the company. However, it was after 1840 that life insurance really took off in a big way. By1868, 285 companies were doing business of insurance in India. Earlier these companies were governed by Indian company Act 1866. By 1870, 174 companies ceased to exist, when British Parliament enacted Insurance Act 1870. These companies however, insured...
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...REPORT ON ANALYSIS OF BHARTI AXA RANGE OF SERVICES AT BHARTI AXA LIFE INSURANCE In the Partial Fulfillment of the Degree of Bachelor of Commerce Session 2012-2015 Under Punjab Technical University (PTU) Submitted By: PRIYA MANHAS B.COM (P) 5th SEMESTER UNIVERSITY ROLL NO.:1268348 ACKNOWLEDGEMENT While submitting the project on “Analysis of Bharti AXA Range of Services” I avail this opportunity to express our gratitude towards all those who guided and helped to finish this project successfully. I am grateful to Mr.Kamal Grover (Branch Head) and my project guide Mr. Kamal Sukhija from Bharti AXA Life Insurance for his inspiring guidance and kind encouragement. I express my deep sense of gratitude and heartily thanks to my executive those valuable guidance and encouragement, which has played a major role in completion of this project work. His esteem suggestion and encouragement from time to time has always helped in the completion of this project. I am thankful to my teaching staff for their valuable guidance in completion of this project. DECLARATION I am Priya Manhas student of B.com (P) GNA IMT Phagwara, Punjab hereby declare that this project report entitled “Analysis of Bharti AXA Range of Services” at Bharti AXA Life Insurance submitted is my original work. The finding of the reports are based on the information collected by me during the study and the result embodied in this study has not been submitted to any other university for the award of degree...
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...Research Paper for publication ACCEPTABILITY OF LIFE INSURANCE BY INDIAN CUSTOMERS Submitted by- MS. RUSHINA SINGHI Lecturer Amity Business School, I floor , F-I Block, Amity University Sector-125, Noida, Uttar Pradesh. M. 09999665534 e-mail rushina.singhi@yahoo.co.in MS. MEENAKSHI JAIN Student Amity Business School, I floor , F-I Block, Amity University Sector-125, Noida, Uttar Pradesh ACCEPTABILITY OF LIFE INSURANCE BY INDIAN CUSTOMERS ABSTRACT Insurance constitutes one of the major segments of the financial market. Insurance services play predominant role in the process of financial intermediary. Today insurance industry is one of the most growing sectors in India. There is lot of potential in the Indian Insurance Industry. There are many issues, which require study. The scope of the study of insurance industry of India would be very great as there are ongoing developments in the industry after the opening of the sector. The present study has been undertaken to identify the association between demographics of individual investors and their investment behavior and also analyzing the acceptance of insurance by them. The study was conducted using the survey method (Personal interviews and Telephonic interviews). Data was collected through a structured questionnaire from a sample of 150 respondents from Delhi. Factor and regression analysis and Cross Tabs was used to analyze the data and identify the...
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...1. Presentation of the Case Life insurance is a contract between an insured and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses are also sometimes included in the benefits. Insurance touches all our lives in a multitude of ways. It is an essential element in our present day life, securing our standards of living and the stability of our families, as well as our property rights. Everyone in this country feels the protecting arm in some form of insurance and most of us are affected by the many forms of its protection. One of the best insurance companies that offer life protection as well as other products is Philam Life. It is the most recognized life insurance brand in the local insurance market. The Philippine American Life and General Insurance Company is the largest insurance company in the Philippines and the market leader for over 60 years. Philam Life established long heritage and trusted brand name. Through the years, Philam Life has earned the trust and loyalty of its customers because of its ability to deliver on its promises from generation to generation. As one of the leading insurance company, they prioritize the needs and goals of their clients...
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...Chapter 1: Introduction Security has been a universal desire right from the earliest civilizations. This quest for security has led to the concept of insurance. Insurance is a contract between two parties whereby one party called insurer undertakes, in exchange for a fixed sum called premium to pay the other party an assured sum of money on the occurrence of a certain event. Life insurance protects against the economic loss in the event of death. A family is generally dependent for its food, clothing and shelter on the income brought by the bread earner of the family. So long as he lives, that family secure but the death of the person may put the family in a very difficult situation. Uncertainty of death is inherent in human life. It is this uncertainty that gives rise to the necessity for some form of protection against the financial loss arising from death. Life insurance substitutes this uncertainty by certainty. Insurance sector plays a very important role in the development of any economy also, as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. Insurance is a contract between the insurance company (insurer) and the policyholder (insured). In return for a consideration (the premium), the insurance company promises to pay a specified amount to the insured on the happening of a specified event. Meaning of Customer Buying Behaviour: Before business can develop marketing strategies, they must understand...
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........ Research methodology....................................................................... Chapter: Findings ............................................................................................. Suggestions ............................................................................................. Annexure ................................................................................................. Refrence and Biblography ...................................................................... Company Profile: SBI Life Insurance, one of the leading insurers in India, is a joint venture between State Bank of India and BNP Paribas Assurance. While State Bank of India (SBI) is India's largest banking franchise, on the other hand, BNP Paribas Assurance is a unit of the renowned BNP Paribas - one of the leading banks in Eurozone. SBI Life Insurance follows a unique multi-distribution model that...
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...Study Material for United India Insurance Assistant Officers Exam Powered by www.Gr8AmbitionZ.com your A to Z competitive exam guide United India Insurance AO Exam Study Material – Powered by Gr8AmbitionZ.com 1 m Introduction: What is insurance? co Well it simply means protection against future contingent losses. Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company. on Z. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type. iti Definition: mb Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. -Insurance Act 1938 Gr 8A ...
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...PREFACE In today’s corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to enter in this sector and SBI LIFE INSURANCE has given me the opportunity to work and get experience in highly competitive and enhancing sector. This job training also helped me a lot in understanding the process and the challenges faced in building effective distribution channels for life insurance products by establishing network of life insurance advisors or tied agency channel. Table Of Contents Declaration ............................................................................................ Acknowledgement ..................................................................................... Preface ....................................................................................................... Table of contents ....................................................................................... Company Profile ........................................................................................ Chapter: Introduction Purpose ............................................................................................. Scope ..............................................
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...SYNOPSIS TOPIC “Study of consumer awareness and perception towards health insurance portability.” INTRODUCTION Healthcare Insurance Market in India is unique and has a strong growth potential than the other insurance markets. Life insurance includes all risks related to the lives of human beings. IRDA (Insurance Regulatory and Development Authority) allowed to the customer to change their insurance company in case of dissatisfaction with company. Health insurance portability gives the flexibility to the customer and increase the fair competition among companies. The concept of Portability is new in India so the awareness and perception towards portability of customers depends on several factors. The study covers all the fundamental aspects of awareness and customer preference towards healthcare insurance portability in India. The objective of this study is therefore to examine some of the influences such as consumer awareness and enthusiasm, the role of social influences like advertising, services provided by company, groups and family in affecting consumer’s perception and evaluations of health insurance. RATIONALE OF STUDY • The main logic behind doing this study is that the concept of Health insurance portability is new in India so the awareness of that is not measure till now. • The second rationale of the study is that there are certain reason to influence the customer to change their service provider. • Another rationale of study is to understand the...
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...Health Insurance Fraud By: WAHEED ALKHAMEES KHALED ALNAFEE Further Issues Hospital Administration PA 551 Master of Health and Hospital Administration (Parallel) King Saud University One:- Introduction Definition Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. Types of Insurance Services Insurance can take a number of different forms. Some of these types: Auto insurance Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as...
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...of our Prospectus book by airmail, telephone, fax or email, or via our website: Britain. International Headquarters: College House, Leoville, Jersey JE3 2DB, Britain Telefax: +44 (0)1534 485485 Email: info@cambridgetraining.com Website: www.cambridgecollege.co.uk INSURANCE - PRINCIPLES & PRACTICE STUDY GUIDE FOR MODULE ONE (A full ‘Study & Training Guide’ will accompany the Study or Training Manual(s) you will receive soon by airmail post). This Study Guide - like all our Training Materials - has been written by professionals; experts in the Training of well over three million ambitious men and women in countries all over the world. It is therefore essential that you:Read this Study Guide carefully and thoroughly BEFORE you start to read and study Module One, which is the first ‘Study Section’ of a CIC Study or Training Manual you will receive for the Program for which you have been enrolled. Follow the Study Guide exactly, stage by stage and step by step - if you fail to do so, you might not succeed in your Training or pass the Examination for the CIC Diploma. STAGE ONE Learning how to really STUDY the College’s Study or Training Manual(s) provided - including THOROUGHLY READING this Study Guide, and the full ‘Study & Training Guide’ which you will soon receive by airmail post. STAGE TWO Studying in accordance with the professional advice and instructions given. STAGE THREE Answering Self-Assessment Test Questions/Exercises. STAGE FOUR Assessing - or having someone assess for...
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...Introduction Introduction 1.1 Back Ground of the Study Training and Development of employees is superseding importance to the continued success of any organization. Training is a learning process, which seeks relatively permanent change in an individual that will improve the ability to perform on the job. Training involves the change of knowledge, skills, and attitude or behavior. By Training, it is meant the process of learning potential knowledge for job and making them to apply for actual or anticipated organizational success. On the other hand development is the acquisition of knowledge, skills and behaviors that improve and employee's ability to meet changes in job requirements and in client and customer demands. In contrast, by T&D procedure it is meant the methodological steps through which human resources are skilled for doing job smoothly. The Padma Islami Life Insurance Co. Ltd. has established a Training and research Academy for their employees Training and Development. The components of the Training System are discussed below. 1.2 Objective of the Study Main Objective: The main objective of the study is to know the Training and Development Systems of Padma Islami Life Insurance Company Ltd. Specific Objective Specific Objectives are as follows: 1. To know about the training mechanism of Padma Islami Life Insurance Company Ltd. 2. To know about the Training and Development materials of Padma Islami Life Insurance Company Ltd. 3. To identify the problems of...
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