Iffco-Tokio General Insurance Case

Insurance is an arrangement by which a company gives customers financial protection against loss or harm such as theft and illness in return for premium payments. One of the most important ways that external economic factors are affecting insurance industries is by experiencing a slow pattern in the economy. Insurance companies are affected by lower sales and lower rates of returns on their investments. Companies have to sell certain products for which they have the commitment and the

According to Manchanda, S.M. (2005), the basic purpose of buying insurance should be to protect the family from the loss of income due to an early death of the main income earner. The need to cover the risk of death should be predominant among all needs. Privatization has offered the customers the choice of selecting the quantum of death benefit as well as saving benefit. He has emphasized the need to educate the customers about the different products which would suit their special need.According to the author Venkateswara Rao (2005), the basic strength of Life Insurance Corporation is its huge agency force. They are the lifeline of Life Insurance Corporation He has observed that the productivity level of the agents varies from club to club

Geico Insurance has expanded its product base to include home insurance, commercial insurance, atv and motorcycle insurance, boat insurance, and umbrella policies to its customers still with the direct selling concept. As technology has evolved, so has Geico Insurance to make sure its products and services are meeting the needs of the consumers. In addition to offering a multitude of insurance products, Geico has expanded its services to its customers with new features such as online claim filing, applications for mobile phones, and online quotes. The variety of products and services reaches out to a large target group ensuring Geico Insurance has a product to meet most all consumers’ needs.

Digital and social media channels influence 40 percent of consumer decisions made during the consideration phase (Source: file:///C:/Downloads/Beyond_price_The_rise_of_customer-centric_marketing_in_insurance%20(1).pdf ) Potential customers are exposed to ads. Nowadays the number of brands a consumer thinks in this 1st stage is reduced than what he used to consider few years back. The reason behind it is media. This is an opportunity for Geico to create brand awareness and as of now Geico is doing well on all its social media

The challenge for the insurance companies nowadays is to provide the right type of policy to the customer as per the financial needs of customers. IDBI Federal is yet to prove its worth in the industry. Though IDBI Federal is able to sell the right policy to the right customer but the needs to boost up its advertisements to build a bond of mutual trust between the customers and the company. The products of IDBI Federal require additional features in it.

The Service provider's member company shall purchase for its personnel valid statutory occupa-tional accident insurances and for its vehicles and equipment motor insurances. Above men-tioned insurances must be valid from the start of the project development phase until the com-pletion of execution phase works, if the completion phase is to follow. In case the execution phase shall not follow, the insurances must be valid until the completion of ADC duties as decid-ed by AMT. In case of withdrawal or exclusion of the Service provider / Service provider's mem-ber company or in case of termination of the contract within the meaning of clauses 11.1.4, 11.2 or 11.3, the insurances must be valid until the withdrawal, exclusion or termination

The company has designed its products according to the need of the clients. These insurances cover different aspects from medical insurances, accident coverage to even catering to THE vision and dental issues. Each client is provided with an array of choices from which they can choose the best for them. The services are designed to deal with the customer’s requirements

The company must have a licensed certificate and all the insurance policies must be valid and any revision must be informed. All the insurance plan responsibility laid on the company as we only offer our website as mode of publicity but we don’t guarantee on any sales of your products.

Auto proprietors insurance specialists go for giving diverse sorts of insurance scope that suits distinctive people to their customers. Business scope guarantees business structures and representatives among other scope sorts. Hence auto proprietor insurance has ended up being a solid sort of scope that cooks for various sorts of customers at a rebate. One of the interesting characteristics of auto cheapinsurance is the presence of auto proprietors insurance operators. They have improved the undertakings identified with insurance and this is obvious because of the nearness of these specialists in 26 states. Insurance operators situated in different states empower customers to effortlessly access scope in their particular states. These auto operators exhort customers on the best insurance

The Life Insurance Corporation of India made its bow on the national stage on 1st September, 1956. And today, after 58 years, with sense of fulfillment and calm confidence, it steps into the sixth decade of its progress, expansion and continuation of myriad services to the nation, as the premier public sector financial institution of the country.

In Australia, Insurance Australia Group (IAG) distributes a range of personal and commercial insurance products, both directly to the customer and indirectly through a network of intermediaries. IAG is a leading general insurer in Australia, represented by the Direct Insurance (DI) division, which generated $4,545 million Gross Written Premium (GWP) in the 2014 financial year, which is 47% of the groups GWP (IAG, 2014). Direct Insurance distributes general insurance

The last contributing factor to the success of car insurance companies is their risk management in making investments. In fact, in 2012, insurance companies had $5.4 trillion in investment assets (Rocca). As previously stated, car insurance companies have only two sources of income: premiums generated by customers and the capital gain from investing those premiums (Hussain). In fact, without gains from investments, many car insurance companies would go out of business. Therefore, it is absolutely essential that these companies are able to invest well to stay afloat. And their investment in these assets is all a big game of risk management.

Today's insurance market competitions in Malaysia is at a high level. Refers to the annual report of life insurance in Malaysia as prepared by Life Insurance Association of Malaysia stated that life insurance industry recorded growth in 2015 which it provide the insurance coverage amounting to RM1.24 trillion which this amount is 6.2% much higher than the RM1.17 trillion in 2014

Allan Willet defines insurance as “that social device for making accumulations to meet uncertain losses of capital, which is carried out through the transfer of the risks of many individuals one person or to group of persons. Wherever there is accumulation for uncertain losses, or wherever there is a transfer of risk, there is one element of insurance; only where these are joined with the combination of risk in a group is the insurance complete”(willet 72). As we understood insurance is important for peoples. But ages changed and it is continuing change. Everything goes digital and insurance companies or insurance agencies and brokers must try to adopt new age. All of them have competitors so they have to react immediate action for the costumers request or solve problems or offer a best price and a proper offer about costumer’s policy (bill of exchange). Also the digitalization gives important benefits to companies. Some research show that in the traditional selling method, i.e. the broker the sales, per transaction price is 19$ meantime for call-centre process price goes down 8 $ and for internet selling the price hit rock bottom as a 0.45 $. Information technology has helped firms to penetrate new markets, develop new channels/opportunities for product distribution, increase/decrease product differentiation, and centralize/decentralize operations geographically (Benjamin et al., 1984; Cash and

“We must be willing to expand the insurance market beyond the upper class and formally employed market, to the middle and lower income market. Doing this, means that our distribution channels must be innovative, considering product features, cost, proximity and all other relevant factors. Alternative distribution channels can also be considered including the use of aggregators to facilitate the sale of group insurance to an existing membership base such as market associations, savings cooperatives, and mobile network operators”, she stated.