Life Insurance Corporation is of special importance in India because of its unique position. In September 1956, 245 insurance companies were amalgamated and unified into one single organization. This was birth of „Life Insurance Corporation of India‟. The nationalization of life insurance was another milestone on the road, the country had chosen in order to reach its goal of socialistic pattern of society. Into the lives of millions in the rural areas, it introduced a new sense of awareness of building for the future in the spirit of calm confidence which insurance along can give. It is a measure conceived in a genuine spirit of service to the people. It is for the people to respond, confound the doubters and make it a resound success.
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Malhotra committee was appointed by the government to look into all the aspects of insurance industry in India. The committee too opined that in its about 40 years of existence, LIC had been able to insure only 22 percentage of the insurable population. A moot reason may be the lack of competition. Further, the monopoly has resulted in lack of sensitivity to the policy holders and there is a greater scope for product innovation and service improvement. The committee recommended a number of measures to revamp LIC of India. It also recommended allowing outside insurance companies to operate in India with an Indian partner. After a great deal of discussion, finally, the Lok Sabha has enacted the Insurance Regulatory and Development Authority Act, 1999. In terms of the act, the Insurance Regulatory and Development Authority is being set-up to regulate and develop the insurance industry by opening it up to the private sector. Foreign insurance companies can enter into the insurance sector in India only with an Indian partner, as a joint-venture, with a capital contribution up to a maximum of 26% of the capital in the joint venture. The various principles of Life Insurance Corporation
RBC first established its insurance platform in the early 1980s where it promoted creditor and basic travel insurance, as those were the few products that can be promoted by bank employees under Canada’s Bank Act. Through the acquisitions of various insurance companies, they eventually entered the life, health, property and casualty insurance markets; demonstrating significant growth in the industry and eventually being level in the playing field among other large insurance competitors (McLaren, Babin, & Schuster).
Using the 5 different ratio analysis used earlier to analyse BMO life insurance company’s Q2-2015 Consolidated Income statement and Q2-2015 Consolidated Balance sheet. BMO’s profit margin is 9.79%1. Meaning BMO earns more net income per $1 of sales than some or even most of its competitors. This can be rated as favorable in comparison to its industry average of 9.58%. BMO’s days’ sales uncollected is 21.84days2 favorable when compared to its industry’s average of 98.59 days. This means that BMO can liquidate it receivables in lesser days than some or most of its competitors. BMO’s equity ratio shows that the owners of the company only owns 10.66%3 of the company’s assets. Compared to its industry
For the first 30 years of the company's existence it enjoyed huge profits from selling only automobile insurance. These large profits were achieved, due in part, to its targeted market which are generally people in the age range of 30-60 who are classified as a low risk "good drivers". The company's structure of selling insurance directly to the customer while providing excellent customer service is also a driving force to its success.
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
I chose to write this paper on the organization that I am employed with, the Service Employees Pension Fund of Upstate New York (SEPF/fund). I focused my paper on the main office which is located in Syracuse, NY. I am employed at the Albany location. This gave me the opportunity to look at the office as an outsider seeing as I only make a trip to Syracuse a couple times a year. Interviewing with the fund manager also helped me to get an idea of how she feels about the fund and how she believes others view it.
Billy Wilder’s Double Indemnity is one of the best representatives of the film noir era in Hollywood as it contains all the main characteristics of the genre. The general darkness present throughout the movie is embodied in the plot which reveals the moral bankruptcy of the main characters. It is also present in the mise-en-scene choices such as the dark costumes and modest lighting with the great emphasis on shadows. The main character’s voice-over, another important film noir characteristic, brings this darkness to life and communicates it to the audience with brutal honesty. One of the scenes of the film which contains all of these features is the one where the two main characters, Neff and Phyllis, meet for the first time. This scene will be analysed with respect to the main film noir elements and techniques that were used in the making of it – mainly mise en scene, the voice-over and the screenplay.
For companies like SEL where the risk is associated with the life of employees, it is necessary for the employers to pay insurance premium, as personal coverage of employees is not sufficient in case of any mishappening. If we ignore these payments, it would be unethical, as it is not certain that no accident will happen in future. As SEL’s new contract requires complex effects that may involve higher risk of accidents. If SEL failed to pay future payments and if any accident occurs, SEL would end up with paying higher premium and delay in projects completion. One more concern is that if new clients find out that SEL has no insurance coverage in place, it could have negative impact on SEL’s
Insurance is a subject that not everyone wants to talk about because it’s something that only gets brought up when they have an incident that happens to them or they might just not know enough about it. The insurance business is a huge business, which many people don’t realize that the top richest companies are all insurance companies. It is an interesting industry that not enough people know a whole lot about and through watching the film “Cedar Rapids”, you get some accurate depictions on the inside of the industry through an insurance agent’s and even though it’s not shown, an insurance broker’s point of view. Throughout this film there were some interesting points that many people might not be able to tell, but some are accurate in
There are three types of life insurance that most insurance companies offer, which are, universal, whole, and term. Universal life insurance is a permanent policy consisting of two parts, which are term insurance and an investment/cash value feature-which is interest bearing. The premiums for the plan allow the policyholder to pay a minimum rate when necessary or to pay the maximum and provide funds to the cash value of the policy. The more that’s paid into it, the bigger the investment/return. With the cash value of the plan, fees are deducted for the costs of the plan and the policyholder receives payment from the interest of the remaining balance. Universal offers clients a definite minimum interest rate on the cash value. Some insurance companies offer a tiered interest rate that pays policyholders a fixed percentage up to a certain amount, then a higher interest rate on balances above that threshold.
Insurance companies exist to make money. They are not concerned with your needs which include great coverage at an affordable price. Their agenda consists of offering superfluous offers, causing you as a customer to lose money on frivolous items that won’t ever benefit you.
Lifexpress’ effect on Lenox’s productivity is that it cut the processing of all the necessary paperwork from four weeks minimum to a matter of hours. Lifexpress should be assessed on its own merits and not on comparisons to competitor systems. Lifexpress was received positively by Lenox’s technologically challenged agents. This could only mean that the agents will get the hang of using the Lifexpress system given time. Having a handicap of technological incompetence. The completion of the Lifexpress project in itself was a success. The project was made operational on time and in budget. It is given that Lenox Insurance Company has more product offerings than its competition so Lenox’s Lifexpress project should be expected to be more complicated and therefore will take more time to cover all of its services. Lifexpress has a long development life cycle. Lenox has used three years from analysis to implementation stage. In today’s competitive business environment, an IT system for a financial service company is time critical. The second problem is that agents are not yet properly trained to use the system because there are many old agents in the company and they have difficulties learn to use the new system. The significant problem for Lenox’s relative old agents to use the new system. The third problem is that the product lines are not completely
The concept of Health Insurance and managed health care the inventions of the twentieth century that were started as prepaid health care. The early insurance concept was merely a way for people to pay medical bills not a way of protecting individual financial assets as the case is today. Overall the health care industry has endured significant changes since its inception.
In chapter five Ansel Deon mentions the terms “Termination” and “Relocation”. What Deon was referring to was The Indian Termination Policy of 1953 and The Indian Relocation Act of 1956. These two pieces of legislation changed the lives of many Native Americans and The American Indian Center became a place of refuge for Native American families and most importantly their culture.
The lifestyle of people across the world is developing rapidly. As there is a growing concern for people about the lifestyle and way of living, the scope for the microfinance industry is also at a growing pace. A large number of people across the world prefer finance for the purpose of purchase of consumer durables as well as lifestyle products. As the credit card EMI options are more expensive, people prefer NBFCs for the purpose of consumer durable loans. The project done in bajaj finserv explains the role of NBFCs in the consumer durable loans and the procedure undertaken in order to disburse the consumer durable loans.
J. David Cummins, A. S. (1999). Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management: Efficiency, Technology, and Risk Management. Springer.