SPOTLIGHT
American International Group -- Kamatala Sheeba
The American International Group, Inc. (AIG) is a world leader in the insurance and financial services. It is considered to be one of the leading international insurance organizations with operations in more than 130 countries and jurisdictions.
© 2007 IUP . All Rights Reserved
COVER STORY
Training in the Insurance Sector : The Indian Scenario -- G Sushuma
Insurance is a customer-centric business, right from the marketing and selling stage to product designing and finally to claims management. It is therefore, imperative to formulate suitable training programs at every stage for employees, now as the insurance sector has been liberalized. This article throws light on the insurance training scenario in India and what more needs to be done.
© 2007 IUP . All Rights Reserved
BUSINESS ENVIRONMENT
Market Imperfections on the Rise : Post-detariffication Scenario -- GV Rao
The detariffication initiative has accelerated the tempo of market imperfections into higher gear by adding new dimensions to premium acquisition efforts of insurers. While pursuing premium volumes, they have overlooked their basic role as market experts in risk management capabilities for prevention of loss occurrences and loss mitigation. The obsession with corporate premium has dissuaded them from creating new retail and rural markets. Having allowed the genie out of the bottle, the regulator has to ensure that the resultant market should be fair in competition and also consumer-beneficial.
© 2007 IUP . All Rights Reserved
BUSINESS ENVIRONMENT
Detariffing in Insurance and Its Impact
-- Jayanta Kumar Seal and Ashim Debnath
From January 2007, majority of the general insurance business is detariffed. Though full detariffing will come into operation from April 2008, the premiums charged by different companies have come down by 15 to 20% in most of the sectors. Consumers have been the ultimate winners of the post-detariffication exercise.
© 2007 IUP . All Rights Reserved
CATASTROPHE RISK
Integrating Catastrophe Modeling into Underwriting
-- David R Langdon and Kathy Bell
Integrating of catastrophe modeling into the underwriting process will help primary insurers to create a more risk-balanced portfolio. While using catastrophe risk management software, only those which fit their underwriting objective should be used.
© 2007 Towers Perrin. The article was first published in the February 2007 issue of Towers Perrin's Emphasis Magazine. Reprinted with permission.
RISK AND INSURANCE
Do You Have a Proper : Risk Financing Strategy?
-- BK Jha and Rakesh Agarwala
Proper `Risk Financing Strategy' is a must for all the organizations. Insurance is often confused as the only resort for risk financing strategy. In fact, it is the last resort. There are many factors that should be considered while finalizing the strategy. Every company should have a well-defined risk financing strategy taking into account the long-term objectives and goals of the company.
© 2007 IUP . All Rights Reserved
HEALTH INSURANCE
Coverage of Employee under Employees' State Insurance Scheme and Mediclaim Policy -- L Vijayaraghavan
The Employees' State Insurance (ESI) scheme provides immense benefits to the employees covered under the scheme at least cost, while the Mediclaim Policy is costly with several riders. The employees who were earlier covered under ESI scheme with pre-existing diseases lose their benefits after being brought under Mediclaim Policy. The managements should, therefore, cover the employees both under ESI scheme and exclusive Mediclaim Policy, so that when employees cease to be covered under ESI scheme, they are not haunted by their claim rejections because of pre-existing diseases. The article probes the above point with reference to the industrial life of an employee.
© 2007 IUP . All Rights Reserved
INSURANCE MARKETING
Service Stratification -- Stephen Hall
Many companies have begun grouping their producers into high- and low-volume segments and providing different levels of service accordingly. Officials from two insurance organizations talk about how they provide preferential service and perks to high-volume producers/agents, and how one can implement the same in their organization.
© 2007 Loma (Life Office Management Association, Inc). The article was first published in the September 2007 issue of LOMAès Resource Magazine (www.loma.org). Reprinted with permission.
BUSINESS STRATEGY
Creative Streak in the Insurance Market -- Laura Sullivan
The article examines some of the unique ways in which insurance providers have met their clients' one-of-a-kind specific needs.
© 2007 Risk and Insurance Management Society, Inc. This article was first published in the September 2007 issue of Risk Management Magazine. Reprinted with permission.
INSURANCEOPERATIONS
Gone Litigating : Who Controls How Catastrophe Claims Proceed?
-- Anthony S Cox
Insurers have to develop efficient claim handling procedures to make the claim settlement process in the case of catastrophe insurance more efficient, speedy and objective.
© 2007 Claims, a publication of The National Underwriter Company. Reprinted with permission.
REGULATION
Unintended Consequences : SOX Appears to be Antithetical to ERM Goals
-- Michael J Moody
SOX compliance and Enterprise Risk Management seem to be on divergent paths. Implementation of SOX limits the overall effectiveness of ERM and weakens corporate risk taking.
© 2007 Rough Notes. This article was first published in the August 2007 issue of Rough Notes (www.roughnotes.com). Reprinted with permission.
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