Diese Präsentation wurde erfolgreich gemeldet.
Die SlideShare-Präsentation wird heruntergeladen. ×

Basics of Insurance by RapidValue Solutions

Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Anzeige
Nächste SlideShare
Business Insurance 101
Business Insurance 101
Wird geladen in …3
×

Hier ansehen

6 von 10 Anzeige

Basics of Insurance by RapidValue Solutions

Herunterladen, um offline zu lesen

This presentation explains the process of Insurance in a very Simplistic and schematic way. It starts with the definition of Insurance and moves onto the types of insurance like life insurance, general insurance, P&C insurance, Auto insurance etc. It explains the insurance industry sales channels and the customer purchase process. The presentation also looks to explain the claims process. It suggests, citing statistics from various sources, that insurance industry will have to go thorough digital transformation as it will benefit both the insurers and the customers.

This presentation explains the process of Insurance in a very Simplistic and schematic way. It starts with the definition of Insurance and moves onto the types of insurance like life insurance, general insurance, P&C insurance, Auto insurance etc. It explains the insurance industry sales channels and the customer purchase process. The presentation also looks to explain the claims process. It suggests, citing statistics from various sources, that insurance industry will have to go thorough digital transformation as it will benefit both the insurers and the customers.

Anzeige
Anzeige

Weitere Verwandte Inhalte

Diashows für Sie (20)

Anzeige

Ähnlich wie Basics of Insurance by RapidValue Solutions (20)

Weitere von RapidValue (20)

Anzeige

Aktuellste (20)

Basics of Insurance by RapidValue Solutions

  1. 1. © RapidValue Solutions Basics of Insurance
  2. 2. © RapidValue Solutions 2 In boring terms Insurance is… Definition of Insurance “An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.”
  3. 3. © RapidValue Solutions 3 Lines of business (LoB) Life Insurance Non Life Insurance Health Insurance Insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person Provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance Type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured
  4. 4. © RapidValue Solutions 4 Insurance line of business Auto/Motor Insurance Property Insurance Pecuniary loss Freight Genera liability Non-life insurance Whole life Term life Endowment Annuity Investment linked Life insurance Accumulate wealth. Regular premiums pay insurance costs and contribute to equity growth in a savings account where dividends or interest is allowed to build-up tax-deferred Provides coverage at a fixed rate of payments for a limited period of time, the relevant term Designed to pay a lump sum after a specific term (on its 'maturity') or on death Save money for retirement. Premiums earn interest, generally tax- deferred, and after a period of time, provide with a stream of income Unit Linked Insurance Plan (ULIP) unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan Marine, Aviation & Transport Other non-life Protect the general public from any accident that might take place on the road Coverage for monetary loss due to a wide range of factors from external and internal influences Provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft Indemnifying the policyholder against loss of the freight money if the ship-owner cannot complete his contract of carriage because of unavoidable peril Protects the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims, within the coverage of the insurance policy Covers the loss or damage of ships, aviation, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination
  5. 5. © RapidValue Solutions 5 Sales channels Agents Brokers & advisors Bancassurance Direct sales staffs Internet Registered agent for one or more insurers. Gets paid through commission from Insurers They act on their clients' behalf to negotiate and obtain the most appropriate insurance covers at competitive premium rates from their insurers, exercising care and skill in doing so Selling of insurance products and services by banking institutions Selling by the direct staffs of insurance companies Selling through digital/mobile channels Channel Description Commission From Insurer From Insurance advise seeker/ Insurer From Insurer Salary from Insurer IntermediariesDirect 39.4% 30.7% 29.1% 29.2% 31.1% 28.9%
  6. 6. © RapidValue Solutions 6 Customer purchase process Underwriting
  7. 7. © RapidValue Solutions 7 Insurance claims process
  8. 8. © RapidValue Solutions 8 Insurance will have major digital transformation 000
  9. 9. © RapidValue Solutions 9 Key terms to know • Insurer: A person or company that accepts the risk of loss and compensates the insured in the event of loss in exchange for a premium or payment. This is usually an insurance company • Insured: The person or company transferring the risk of loss to a third party through a contractual agreement (insurance policy). This is the person or entity who will be compensated for loss by an insurer under the terms of the insurance contract • Insurance Rider/Endorsement: An attachment to an insurance policy that alters the policy's coverage or terms • Bound: Once the insurance has been accepted and is in place, it is called "bound". The process of being bound is called the binding process • Reinsurance: Insurance that is purchased by an insurance company from one or more other insurance companies as a means of risk management or sometimes tax mitigation
  10. 10. © RapidValue Solutions About RapidValue RapidValue is a leading provider of end-to-end mobility, omni-channel and cloud solutions to enterprises worldwide. Armed with a large team of experts in consulting, UX design, application engineering, testing, along with experience delivering global projects, we offer a range of services across various industry verticals. RapidValue delivers its services to the world’s top brands and Fortune 1000 companies, and has offices in the United States and India. www.rapidvaluesolutions.com www.rapidvaluesolutions.com/blog +1 877-643-1850 contactus@rapidvaluesolutions.com This document contains information that is confidential and proprietary to RapidValue Solutions Inc. No part of it may be used, circulated, quoted, or reproduced for distribution outside RapidValue. If you are not the intended recipient of this report, you are hereby notified that the use, circulation, quoting, or reproducing of this report is strictly prohibited and may be unlawful. Disclaimer: 10

×