PARTNERS OF INSURERS

COMPANY BANCASSURANCE

REINSURANCE

AGENTS &CORPORATE AGENTS

BROKER

DEALERS

TPA

INVESTIGATOR &LAWYERS

SURVEYOR & LOSS ASSESSOR

BANCASSURANCE

ADVANTAGE FOR INSURANCE COMPANY

oREVENUEoPRODUCT DIVERSIFICATIONoQUALITY CUSTOMER ACCESSoWIDE DISTRIBUTION NETWORK OF BANKoDATA MINING

REINSURANCE

NEED FOR REINSURANCER

AGENTS

• The insurance agent helps in promoting and selling of insurance products and services to its customers.

Types:1) “Captive” or “Exclusive” Insurance Agent2) Independent Agent 3) Micro Insurance agent

Corporate agent

• Corporate agents represent an insurance company and sell its policies.

• They are engaged in a particular business and sell insurance policies to their existing customers based on the situation.

Ex: A travel agent may offer you a travel insurance policy or a vehicle dealer a motor insurance policy.

BROKER

• A broker is representative of the insured (i.e. customer) rather than of the insurer, but he is like an agent in the sense that he gets paid in the form of commission by the Insurance company with whom he places the business.

• He can deal with any number of Insurance companies as opposed to the single company

that an agent can represent

FUNCTIONS OF BROKER• ALWAYS ACT FOR THE CLIENT• ASSIST THE CLIENT IN IDENTIFYING AND

EVALUATING RISK CUSTOMISED INTEGRATED RISK SOLUTIION TO

SUIT THE CLIENT’S NEEDS.• NEGOTIATE WITH UNDERWRITERS, BEST

TERMS TAKING INTO ACCOUNT PRICE, COVERAGE SCOPE, INSURER SECURITY AND SERVICE STANDARDS

To be contd……

• PROVIDING ADDITIONAL SERVICES SUCH AS COSULTING RISK MANAGEMENT RISK MODELLING AND UNINSURED LOSS RECOVERY

• IN INDIA BE CATALYST IN THE DEVELOPMENT AND INTRODUCTION OF NEW INNOVATIVE PRODUCT AND SERVICES.

SURVEYOR AND LOSS ASSESSOR• SURVEYOR AND LOSS ASSESSOR ARE THE

SERVICE PROVIDER TO INSURANCE COMPANY TO CARRY OUT CLAIM SURVEY AND ESTIMATE THE QUANTUM OF LOSS .

• LICENCE BE GIVEN TO INDIVIDUAL OR FIRMS.• MOSTLY THE ARE APPOINTED TO ASSESS CLAIM

RELATED TO EIGHT TYPE OF INSURANCE :- FIRE ,MOTOR ,ENGG.,MARINE CARGO,MARINE HULL,LOSS OF PROFIT,CROP INSURANCE

HOW THEY ARE BENIFICIAL TO COMPANY

• THEY PROVIDE UNBIASED EXPERT OPINION • HELP IN CLAIM SETTLEMENT• REDUCE TURN AROUND TIME

TPA HEALTH SERVICES• TPA ACTS AS INTERFACE BETWEEN INSURER

AND INSURED TO FACILITATE HASSLE FREE SEVICES AT TIME OF HOSPITALIZATION.

• THEY PROVIDE EITHER CASHLESS OR REIMBURSEMENT FACILITY.

• TPA IS REGULATED BY TPA-HEALTH SERVICES REGULATION ,2001

• CURRENTLY THERE ARE 31 TPA’S IN INDIA

FUNCTIONING OF TPA

HOW THEY ARE BENEFICIAL

• Faster and focused claims management• Lower overhead cost and reduced cost of

claim management.• Improved control over claims outcomes.• Safeguarding of customer relationships.• Protection of brand reputation.• Control of possible frauds by the private

healthcare providers.

FUTURE PARTNERS

SELF HELP GROUPSNON GOVERNMENT ORGANIZATIONSMICRO FINANCE INSTITUTIONSPOST OFFICESDIRECT MARKETING VIA IT ENABLED SERVICES