Insurance policy management usually happens, based on the operational and service requirements of the policyholders and Small and Medium Enterprises (SMEs) in insurance policy claim management. XML (Extensible Markup Language) is a "text-based mark-up language which can be used for formatting the data either for storage or transmission between and along computer networks".It has enabled the policyholders to service their policies themselves and to go for a major outsourcing to Indian SMEs that are into insurance claims processing. The operating model of the insurance claims processing is mainly receipt of polices, document management and settlement of claims. India has a huge potential insurance market, and XML helps the policyholders to access their policies faster and supports the insurance companies to service their clients quickly with minimal cost. The policyholders need to be supported and serviced at the least time and cost, such that their purposes of risk covering and investment propositions are optimized. This article deliberates on the policy management by policyholders, insurance companies and the insurance claims processors, using XML in the process.

India's rapid rate of economic growth over the past decade has been one of the more significant developments in the global economy. This growth has its roots in the introduction of economic liberalization in the early 1990s, which has allowed India to exploit its economic potential and to raise the population's standard of living. Insurance has a very important role to play, in this process. Health insurances, pension plans, fire and liability insurance plans have huge potential, considering the enormous population of India and the neighboring Asian countries.

By nature of its business, insurance is closely related to saving and investing. Life insurances, funded pension systems, and to a lesser extent, even non-life insurances accumulate huge amounts of capital over a certain period of time which can be used for investing productively in the economy. In developed countries, (re)insurers often own more than 25% of the capital markets. Capital markets and insurance plans bond well to create an efficient financial market in growing economies like India.

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