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COVER STORY
CRM in Insurance: Some Priorities
- - U Jawaharlal
CRM is fast catching up with insurers as a tool for management activities. However, they should realize that the solutions being acquired are pragmatic and not mere advanced techniques. The target should be customized solutions rather than a participation in a mad race for technology.
© 2005 IUP. All Rights Reserved.
COVER STORY
CRM in Insurance: The New Mantra - - Ravi Kumar Sharma
Today, in the era of cut-throat competition in the insurance sector, it is hard for the organizations to survive with their traditional strategy of selling. They need to be customer-centric. We have seen the decline of the market share of LIC (it recently went down below 80%) because of its large size and its inability to change. Today’s customer has a wide range of choices and he would opt for those, which provide him not the better, but the best service. So, to be customer-centric and maintain a loyal customer base it is a must that the organization should focus on CRM strategies and inculcate the organization culture of being customer friendly not in words but in practice.
© 2005 IUP. All Rights Reserved
BUSINESS ENVIRONMENT
LIC: Countering Threat from Private Players
- - Krishna Kumar and Kannan R
This article discusses the position of LIC after the advent of private players in the insurance sector. It also talks about the history of insurance, the IRDA, LIC in relation to the private sector, the likely threats and the necessary remedial measures.
© 2005 IUP. All Rights Reserved
BUSINESS ENVIRONMENT
Industrial Insurance: Issues and Concerns - - Hima Gupta
In terms of insurance premium collection, India presently stands fifth in Asia, with Japan having 40 times more premium collection than India. The gross domestic premium income of general insurance business in India has increased to Rs. 9,522 cr in the year 2000 from Rs.184 cr in 1973. This speaks about the volume of growth in non-life insurance business in the country.
© 2005 IUP. All Rights Reserved
BUSINESS ENVIRONMENT
Impact of Liberalization on Life Insurance Corporation
- - Rajesh C Jampala and B H Venkateswara Rao
After the liberalization of the Insurance sector, LIC has been facing intense competition from the new players. With the entry of new players, the insurance market is flooded with many new and innovative products. LIC has remained the market leader even after the liberalization, but with a decreased market share. Though a late entrant into the business of unit-linked plans as compared to many private insurers, it has been able to reap gains from the new portfolio.
© 2005 IUP. All Rights Reserved
HEALTH INSURANCE
Professional Liability in the Medical Arena - - Dave Thomas
Being aware of what is going on in the medical world these days, providing Professional Liability (PL) coverage to the people who take care of the world’s sick seems to be more challenging than diagnosing a patient’s problem. The large insurance rates experienced by hospital professionals during the past three years is showing signs of decline in the coming year.
© 2004 Insurance Journal (www.insurancejournal.com). Reprinted with permission.
HEALTH INSURANCE
A Shock to the System - - Howard J Bolnick
The cost of health care and health insurance continues to rise. A traditional system of health insurance risk classification that discourages healthy lifestyles and preventive treatment doesn’t help.
© American Academy of Actuaries. First appeared in January-February, 2005 issue of Contingenciespublished by the American Academy of Actuaries. Reprinted with permission.
RISK AND INSURANCE
Risk Modeling: Protecting Property in the Hot Zones - - Tom O’Brien
Some of the most desirable locations to live and work in the United States—Miami or San Francisco, for example—are also exposed to natural and man-made catastrophes. But that has not stopped them from growing.
© 2004 Risk and Insurance (www.riskandinsurance.com). Reprinted with permission.
RISK AND INSURANCE
Embedding Risk Management into the DNA of the Business
- - Paul Horgan, Felix Sutter and Mark Trainp
The most extensive study ever conducted into enterprise-wide risk management (ERM) in the insurance industry has found that many companies are still struggling to get beyond the design and planning stage of ERM. Paul Morgan, Felix Sutter and Mark Train look at what the study reveals about the challenges facing insurers in developing effective ERM capabilities.
© 2004 PricewaterhouseCoopers (www.pwc.com). This article appeared in European Insurance Digest, September 2004 and Americas Insurance Digest, October 2004 published by PricewaterhouseCoopers. Reprinted with permission.
REINSURANCE
Reinsurance: The Changing Reinsurance Needs of Asia
- - Christopher Jenkin
During the financial crisis, overseas investment came in to ‘bail out’ and boost those economies that were in a particularly perilous position, some of which previously had been closed to outside investors. This outside investment, together with the inherent fiscal agility and entrepreneurial turnaround of these economies, has resulted in demands for a range of new forms of insurance coverage. This, in turn, has created greater reinsurance risk and catastrophe requirements due to an increase in new products, high values and local insurer aggregated exposures. As a result, the reinsurance needs of Asia have and are continuing to change.
© 2004 Asia Insurance Review (www.asiainsurancereview.com). Reprinted with permission.
REINSURANCE
The Naked Truth: The Reinsurer’s Right to Information - - Larry P Schiffer
Under traditional reinsurance principles, a reinsurer relies on the ceding company to disclose information concerning the risks and losses ceded to the reinsurance contract. This means that the cedent controls the information that the reinsurer receives, subject to the requirements of the reinsurance contract. When the cedent limits the information seen by its reinsurer, it, in turn, confines the scope of review that can be conducted by the reinsurer’s retrocessionaires, whose sole source of information is the reinsurer. The ceding company’s control, however, is tempered by the notice and reporting requirements of the reinsurance agreement, as well as by the duty of utmost good faith.
© Reprinted with permission from www.irmi.com (http://www.irmi.com). Copyright 2005, International Risk Management Institute Inc. |
