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COVER STORY
Indian Insurance Industry: The Exciting Journey Ahead
-- T S Rama Krishna Rao
Notwithstanding the temporary slide in the growth, the Indian insurance industry is on the threshold of
a quantum increase in performance and will stabilize over the years. The right strategies implemented in
a spirit of cooperation rather than competition, offers unprecedented growth opportunities for the industry.
This article takes a look at the road ahead.
© 2010 IUP. All Rights Reserved.
BUSINESS STRATEGY
Indian Insurance Industry: Lessons from the Country's Economic Surge
-- GV Rao
India's economic growth and its real impact on the growth of non-life insurance business, has stirred
the interests of African and other countries. While the economic factors have spurred the growth environment,
it is arguable, if insurers have managed it for societal benefit or their own. `Detariffing' has exposed
the vulnerability of insurers in handling their financial future.
© 2010 IUP. All Rights Reserved.
BUSINESS STRATEGY
Underwriting and Claims Management: Two Sides of the Same Coin
BV Ramana
The two key performance areas of major concern to insurers are underwriting and claims management.
Well begun is half done. Underwriting carefully done helps avoid avoidable claims. Alls well that ends well.
An efficient and fair claims settlement process generates abundant goodwill resulting in more business.
© 2010 IUP. All Rights Reserved.
INSURANCE MARKETING
Bancassurance in India: A Perspective
-- R Venugopal
Bancassurance has emerged as the most popular additional distribution channel after the age-old
`agency' channel in view of the wide reach that banks have. There are 70,000 bank branches in India having
more than 20 crores of savings accounts. The article deals with issues, opportunities, challenges and problems
in this area, with particular reference to life insurance selling through banks.
©2010 IUP. All Rights Reserved.
INSURANCE MARKETING
Insurance Advertisements: Employing the Right Emotional Appeal
-- Samuel Babu S
As viewers are not readily available in a voluntary information intake mode, rational appeal is expected to
be a poor performer in capturing audience attention. When the mental resource devoted to the advertisement
is low, the possibility of recall and retention of message, and the subsequent persuasion to act upon them is
also low. Therefore, emotional appeal, which is more engaging, is the only way to stimulate emotions that
will stick to the memory.
© 2010 IUP. All Rights Reserved.
MICROINSURANCE
Microinsurance
Insuring the Bottom of the Pyramid
-- Ayandev Saha
Providing microinsurance is a step towards financial inclusion and a step forward for attaining
millennium development goals.
© 2010 IUP. All Rights Reserved.
BUSINESS ENVIRONMENT
Litigate if You Must: An Empirical Analysis of Insurance Litigation in India
-- George E Thomas and K Vishnu Mohan Rao
There is a need to reassess the present system of insurance litigation and align it with the
insurance regulator's mission of protecting the interests of the policyholders, regulating, promoting and ensuring
orderly growth of the insurance industry. The article looks at the litigants, causes and patterns of litigation,
draws inferences and poses questions for future research. It emphasizes on the need for setting up a
comprehensive database with the insurance regulator, comprising past and present insurance cases.
© 2010 IUP. All Rights Reserved.
NON-LIFE INSURANCE
Understanding Loss of Profit Insurance
-- R Qaiser
Awareness about Loss of Profit (LOP) insurance is very low in India. Most of the business organizations
buy material damage insurance consciously, either on their own or because of compulsion from banks or
from financial institutions having stake in the organization. In order to get a complete and
comprehensive insurance protection, organizations need to complement their material damage insurance with
LOP insurance. This article traces the history and development of LOP insurance and explains in simple
language the essential features of LOP insurance and why business organizations opt for it.
© 2010 IUP. All Rights Reserved.
LIFE INSURANCE
The Changing Face of the
Indian Life Insurance Industry
-- Krishna Kumar Agarwal and Rajesh Kr Upadhyay
One of the fastest growing industries in the services sector is insurance. With the entry of private players
and foreign collaborations, penetration of insurance sector in India has gone up. Introduction of new
products and channels of distribution along with the penetration of private insurance companies in hitherto
uncovered markets are the major contributing factors for growth. This article describes the various changing trends
in the Indian life insurance industry.
© 2010 IUP. All Rights Reserved.
LIFE INSURANCE
Life Insurance: Human Life Value-based Selling and After Sales Service
-- G Gopalakrishna
Human life has an economic value. It is the monetary worth of an earning person which is the
capitalized value of his net future earnings less cost of his current self-maintenance. Once the prospect realizes
this important fact, his endeavor to purchase life insurance is to protect his dependents from any eventuality.
If the human life value-based selling and after sales service are rendered by the agent in letter and spirit to
the clients utmost satisfaction, there will be further development and conservation of life insurance business.
©2010 IUP. All Rights Reserved.
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