| Cover Story
Outsourcing in the Insurance Industry -- Mark Stephen and Mark Speller
The insurance industry has experienced certain instrumental changes in its dimension in the recent past. The functional aspects of insurance companies are being subjected to several changes. The companies have adopted various new, technically advanced strategies that help them to be the frontrunners in the industry. Outsourcing being one such tool is stealing the show in the insurance industry. Apart from the accessory functions, the core functions are also being outsourced equally. The cover feature presents the growing significance of outsourcing in the insurance industry.
© PricewaterhouseCoopers. www.pwcglobal.com. Reprinted with permission.
To Outsource or not to Outsource Business Processes? -- GRK Murty
Gone are the days when outsourcing used to be only the manufacturers cup of tea. It is being observed that many other sectors have started taking the support of outsourcing. Insurance industry, not being an exception, is keeping up with the joneses. This article makes an in-depth analysis of the concept of business process outsourcing and narrates about the increasing outsourcing scenario in the Insurance industry.
© IUP. All Rights Reserved.
Life Insurance
Ratings under Pressure for UK Life Insurers --
Harish Gohil, Greg Carter and Geoff Mayne
UK Life insurance sector has certainly imparted several lessons to the insurance sector all over the world. Its concentration on capital markets to reap bonus dividends led it into the cobweb. The steep decline of UK Life insurance sector in the capital market suggests no indication of quick improvement in their condition. Fitchratings has come up with an analysis of the UK insurance markets and its state of affairs, after the capital market trauma.
© 2002 by Fitch, Inc. and Fitch Ratings, Ltd. and its subsidiaries. www.fitchratings.com. Originally published as "Life Goes On: Ratings under Pressure for UK Life Insurers". Reprinted with permission
Insurance Marketing
Strategies for Success in Group Term Sales -- Steve Mezei
In the present competitive scenario, the insurance industry demands a strong relationship between the brokers and carriers in order to carry out a healthy sales figure for the insurance company. When it comes to group term packages, the employers would expect the best-valued packages with appealing features. The article includes various tips and strategies that may be adopted by the brokers and carriers in order to meet with the demand of the target buyers of group term packages.
© 2003 P Fingsten Publishing. Life Insurance Selling. www.lifeinsuranceselling.com. Reprinted with permission.
Business Environment
Easing the Squeeze -- Craig Harris
The growing insurance arena around the world has necessitated the emergence of more distribution channels. Introduction of more channels had an apparent adverse impact on the broker's role in the industry. A few impediments like minimum volume requirements, consolidation of carriers and increased local competition are diminishing the role of brokers in the industry. This article narrates the restricted role of brokers in the present day insurance industry.
© Canadian Underwriter, December 2002. Reprinted with permission.
Sorting Out the Complexities of Credit Insurance -- Gary Fagg
The continuous innovation of various financial instruments has played a major role in erasing the boundaries between different functional areas in the arena of Finance. The concept of bancassurance, for instance has brought both the banks and insurance companies on a common platform. This article narrates how such innovations in debt protection products have ignored the line between banking and insurance and how the analysis of their protected events erase the actuarial lines between life health and property &casualty insurance
© Contingencies, January/February 2003. www.contingencies.org. Originally published as "When Worlds Converge: Sorting out the Complexities of Credit Insurance. Reprinted with permission.
Non-Life Insurance
Managing Environmental Liabilities Through Contracts -- Jeff Slivkaa
Many are aware of the various contractual methods for managing the variety of risks found at construction sites. One area that needs a bit more attention is the real and perceived environmental hazards or contamination routinely found at construction sites. This article explores the uncommon provisions for managing environmental risk through contracts
© 2003, IRMI.com. Reprinted with permission.
Insurance: Origin and Developments -- V Sesha Ayyar
This is the second and concluding part of a series of article, on the origin and development of insurance. While the first part published in the previous month's issue of Insurance Chronicle dealt with Life Insurance, the present article throws light on the aspects relating to General Insurance Industry.
© IUP. All Rights Reserved.
Underwriting Management
The Challenges of Life Insurance Underwriting -- U Jawaharlal
Life insurance companies are expected to be meticulous with the risk classification as they deal with public monies. The underwriting tools play a pivotal role in placing the risks appropriately. This article discusses in depth the underwriting intricacies in life insurance and the challenges being faced by the underwriters.
© IUP. All Rights Reserved.
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