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ENTREPRENEURSHIPENTREPRENEURSHIP
INSURANCEINSURANCE
IN
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WHAT IS INSURANCE ?WHAT IS INSURANCE ?
It is a contract for compensating losses.It is a contract for compensating losses.
Premium is charged for Insurance Contract.Premium is charged for Insurance Contract.
It is a contract of good faith.It is a contract of good faith. It is an instrument of distributing the loss ofIt is an instrument of distributing the loss of
few among many.few among many.
Insurance is not gambling.Insurance is not gambling.
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HISTORICAL FRAMEWORKHISTORICAL FRAMEWORK
OF INSURANCEOF INSURANCE First life insurance company wasFirst life insurance company was
established in the year 1818established in the year 1818
General insurance company in the yearGeneral insurance company in the year
18501850 Regulation of insurance companies wereRegulation of insurance companies were
done by introduction of Life Assurancedone by introduction of Life AssuranceCompanies Act in 1912Companies Act in 1912
In 1956 nationalization of insuranceIn 1956 nationalization of insurancecompanies took place 245 companies werecompanies took place 245 companies wereamalgamatedamalgamated
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MALHOTRACOMMITTEEMALHOTRACOMMITTEE
evaluated the Indian Insuranceevaluated the Indian Insuranceindustry and recommended its futureindustry and recommended its futuredirectiondirection
Aim was to create a more efficientAim was to create a more efficientand competitive financial systemand competitive financial system
Mentioned the need of the reform asMentioned the need of the reform as
also about the recommendation thatalso about the recommendation thatneed to be followedneed to be followed
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REFORMS IN INSURANCEREFORMS IN INSURANCE
PRIOR LIBERALISATIONPRIOR LIBERALISATION
Was regulated by theWas regulated by theInsurance Act 1938.Insurance Act 1938.
Entry of private andEntry of private andforeign players wasforeign players wasrestricted.restricted.
AFTER LIBERALISATIONAFTER LIBERALISATION
More powers were given toMore powers were given tothe act and a regulatorythe act and a regulatory
body was establishedbody was establishedIRDA.IRDA.
Entry of private andEntry of private andforeign players .foreign players .
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ENTREPRENEUR OPPORTUNITIESENTREPRENEUR OPPORTUNITIES
BROKERSBROKERS
DIRECT BROKERDIRECT BROKER
REINSURANCEBROKERREINSURANCEBROKER COMPOSITEBROKERCOMPOSITEBROKER
SURVEYORAND LOSSASSESSORSURVEYORAND LOSSASSESSOR
CORPORATEAGENTSCORPORATEAGENTS
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CORPORATE AGENTSCORPORATE AGENTS
Main reason for promoting theseMain reason for promoting theseagents is to facilitateagents is to facilitatebancassurance.bancassurance.
Bancassurance is the partnershipBancassurance is the partnershipbetween a life insurance companybetween a life insurance companyand banking institution.and banking institution.
Benefits of this partnership.Benefits of this partnership. Eg. OM Kotak MahindraLife InsuranceEg. OM Kotak MahindraLife Insurance
ties with Kotak Mahindra bank.ties with Kotak Mahindra bank.
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INSURANCE PRODUCTSINSURANCE PRODUCTS
LIFEINSURANCELIFEINSURANCEPRODUCTS..PRODUCTS..
Whole Life PlanWhole Life Plan
Endowment PlanEndowment Plan
Term InsuranceTerm Insurance
Money Back PolicyMoney Back Policy
GENERALGENERALINSURANCEINSURANCE
Fire InsuranceFire Insurance
Motor InsuranceMotor Insurance
Marine InsuranceMarine Insurance
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CHALLENGES BEFORECHALLENGES BEFOREENTREPRENEURS AFTERENTREPRENEURS AFTER
PRIVATISATIONPRIVATISATION PRICINGPRICING
PROMOTIONPROMOTION
DISTRIBUTIONDISTRIBUTION PROCESSPROCESS
PEOPLEPEOPLE
MARKET SEGMENTATIONMARKET SEGMENTATION INTERNETINTERNET
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INFORMATION TECHNOLOGY ININFORMATION TECHNOLOGY IN
INSURANCEINSURANCE
ONLINE BUYINGOF PRODUCTSONLINE BUYINGOF PRODUCTS
NETWORKING BETWEEN THENETWORKING BETWEEN THE
BRANCHESBRANCHES ONLINE PREMIUM PAYMENTONLINE PREMIUM PAYMENT
INTERNET INITATIVESINTERNET INITATIVES
IVRS (INTERACTIVE VOICE RESPONSEIVRS (INTERACTIVE VOICE RESPONSESYSTEM)SYSTEM)
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CHANGING HORIZON OFCHANGING HORIZON OF
INSURANCE SECTORINSURANCE SECTOR DEVELOPMENT OF IT ININSURANCEDEVELOPMENT OF IT ININSURANCE CUSTOMISATIONCUSTOMISATION CHANNELS OF DISTRIBUTIONCHANNELS OF DISTRIBUTION
RURAL URBANMIXRURAL URBANMIX MAINCHALLENGEMAINCHALLENGE PRODUCT INNOVATIONPRODUCT INNOVATION DISTRIBUTIONDISTRIBUTION
CUSTOMERSERVICECUSTOMERSERVICE COMPETITORSCOMPETITORS INVESTMENTSINVESTMENTS
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CONCLUSIONCONCLUSION
As we are aware that the insuranceAs we are aware that the insurancesector comprises of both the privatesector comprises of both the privatenad public players they still need tonad public players they still need tocome together for the benefit of thecome together for the benefit of thepublic and development of thepublic and development of thesector.sector.
