SPOT LIGHT
Birla Sun Life Insurance Company
-- Kamatla Sheeba
Birla Sun Life Insurance (BSLI) is a joint venture of the Aditya Birla Group and Sun Life Financial Inc. of Canada, a leading international financial services organization. The group brings together global and Indian expertise into the realm of financial services. BSLI in its five successful years of operations has contributed significantly to the growth and development of the life insurance industry in India.
© 2007 IUP . All Rights Reserved
COVER STORY
Banks Insurance Sellers?
-- G V Rao
Marketing insurance products is a bigger challenge to the marketer. It is very difficult to gain the trust of the insured. Banks have to willingly accept new obligations and adopt a proactive stance while marketing insurance products. Banks are facing increasing competition from other banks, financial institutions and financial intermediaries, thereby struggling hard to increase their income. Regulatory pressures and their compliance have added to their business cost of operations.
© 2007 IUP . All Rights Reserved
LIFE INSURANCE
Life Insurance Products : Their Innovation and Development
-- G Gopalakrishna
The primary elements of life insurance products are `death cover' and `survival benefit'. The two basic plans of life insurance catering to these two respective aspects are `term assurance' and `pure endowment'. Any number of products may be developed by changing, adding, or altering these features.
© 2007 IUP . All Rights Reserved
MICROINSURANCE
Extending Micro-Health Insurance Scheme to Lower Middle Class
-- Samuel B Sekhar
A majority of the lower middle class population are uninsured because they are neither able to afford a formal insurance scheme nor do they have any access to other health insurance schemes in operation. This is because most of them are temporary workers, employed in the unorganized sector where the possibility of availing a health insurance scheme is low. Besides, firms in the organized sector are largely ill-equipped to provide health insurance coverage to their employees. As such, there is a need for evolving a health insurance scheme for the lower middle class.
© 2007 IUP . All Rights Reserved
BUSINESS ENVIRONMENT
The Virtual Insurance Company
-- Jean-Pierre Berliet and Bruce S Zaccanti
To optimize the performance of a company's risk management department, an approach is introduced that depicts the department as a virtual insurance company. Here, the only client of the company will be its parent organization. As a virtual insurer, the company will underwrite all insurable risks of the parent organization.
© 2007 Risk and Insurance Management Society, Inc. This article was first published in the March 2007 issue of Risk Management Magazine. Reprinted with permission.
BUSINESS ENVIRONMENT
In Annuities : Annuity Markets and Pension Reform
-- George A (Sandy) Mackenzie
Should we have restrictions on the distributions or should social security account holders be freely allowed to withdraw money once they reach retirement age.
© 2007 American Academy of Actuaries. Reprinted with permission
LIABILITY INSURANCE
No Harm, No Coverage : Personal and Advertising Injury Liability Coverage in the CGL
--
Craig F Stanovich
Most of our experience with the Commercial General Liability (CGL) policy is with bodily injury or property damage claims. It is relatively easy to understand why liability may be imposed when someone receives an unexpected bump on the head or when their property is ruined by our actions. The article deals with the nature of the Coverage B and the exclusions to it.
© 2007 International Risk Management Institute, Inc. Reprinted with permission.
INSURANCE MARKETING
The Media Touch: A Short Assessment of Media Coverage of the Insurance Industry
-- Emanuel Levy
The insurance industry, including brokers and agents in particular, plays the important role of protecting the populace from the vagaries of life. There is therefore an incumbent need to challenge the publicity in the media that is unfair or incorrect about the insurance industry. Projecting the other side of the story is very important.
© 2007 Rough Notes.This article was first published in the February issue of Rough Notes (www.roughnotes.com) Reprinted with permission.
CATASTROPHE RISK
Finding Faults
--
Matthew Brodsky
If insurers were disillusioned with catastrophe models after Hurricane Katrina, just wait until the earthquake hits. The article is about how and why earthquake models fall short.
© 2007 Risk & Insurance. Reprinted with permission.
CASE STUDY
Collusion between a Carrier and Consignee-Consignor : Can Insurers Be Taken for a Ride in Fake Transit Claims?
-- BV Ramana
The case study is based on an actual claim lodged with one of the PSI companies, and focuses on the scope of organized frauds by way of collusion and conspiracy, and the procedural safeguards available for diligent insurers to counter such attempts; thus, meticulously playing their role as `custodians of public funds'. It also testifies as to how far the vested interests indulge in extreme unethical practices to realize their evil designs.
© 2007 IUP . All Rights Reserved
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