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SUCCEED
Success is an excellent acquired quality of a person to sustain a strong spirit which can willfully overpower the dictums of mind. Even if a person possesses good physical strength, treasures of wealth and other resources, recognition among prominent personalities, but lack of self confidence, fails to provide the desired success. Every person, belonging to any age, religion or caste has an earnest desire to seek the achievements of the topmost level to command respect in the society. Perfection in any task is difficult but it requires prolonged efforts. Winning isn't about finishing in first place. It isn't about beating the others. It is about overcoming yourself, overcoming your body, your limitations, and your fears. Winning means surpassing yourself and turning your dreams into reality. Success hugs you in private but failure slaps you in public. Better learn and determine to succeed in life.
Digital Revolution in Insurance
Digital technology is a new force that is driving massive changes in the insurance sector. Digital insurance companies, otherwise known as InsurTech companies, are transforming the digital insurance landscape by offering ground-breaking insurance products through innovations. As digital transformation continues to change the way businesses operate and offer products and services to their customers, insurance industry is also getting reshaped by technology. While shopping for insurance policies, customers are looking for a personalised experience. Insurers are able to harness the results of AI to customize unique experiences for customers. For insurers, the changing landscape of insurance has led to a flurry of technological advancements in the industry. New digital technologies are changing the way customers interact with insurers.
MOTOR ACCIDENT CLAIMS AND COMPENSATION
Insurance is a contract whereby one party agrees to compensate the loss or discharge the liability of another person. And in case of motor insurance in India, this also includes the loss suffered by third person. Motor insurance and all third-party rights and liabilities with respect to it are covered by Motor Vehicle Act 1988. It is a mandate, provided by legislature under section 146, to not to use any vehicle in public place without a valid third-party insurance. The Motor Vehicles (Amendment) Act, 2019 have wholly replaced Chapter XI of the Motor Vehicles Act, 1988 which dealt with insurance of motor vehicles against third party risks. The Central Motor Vehicles (Fifth Amendment) Rules, 2022 lay down a new procedure for expeditious investigation and adjudication of the Motor Accident Claims. The new Rules have revolutionized the motor accide
INSURANCE INTERMEDIARIES
Insurance Intermediaries play a vital role in insurance distribution & services. Distribution channels are the extended arm of insurers. Physical sales forces and intermediaries are responsible for the majority of insurance distribution across geographies and lines of business. Insurance intermediaries serve as a bridge between consumers and insurance companies.
Bancassurance
The bancassurance partnership represents a significant step towards providing accessible and comprehensive insurance solutions, helping increase insurance penetration in the country. The bancassurance tie-up with Insurers aligns with the commitment to provide comprehensive financial solutions under one roof and deliver unparalleled value to the customers. Bancassurance is not a type of insurance but a sales channel for the selling of insurance products through banks. It is common in much of the world today and growing in acceptance in the India. For banks and insurance companies, bancassurance can be a profitable enterprise. For consumers it can be convenient, although it may discourage comparison shopping and limit their access to expert advice. An insurance company develops a product line for bank customers as part of their collaboration, which is then distributed through bank branches. Insurance policies are processed and administered by the insurance company.The partnership offers a wide range of insurance solutions to meet diverse consumer needs
INSURANCE OF MEGA RISKS
India’s Insurance industry is one of the premium sectors experiencing upward growth. This upward growth of the insurance industry can be attributed to growing incomes and increasing awareness in the industry. An Insurance programme for large industrial establishments, substantial risks like Petrochemicals, Power, Energy, Steel and Oil & Gas Industry requires a specialized and customized Insurance policy. Large size privately funded projects in the infrastructure sector demand evolving new approaches in introducing insurance products for Mega project risks to suit their and the project financiers' specific insurance needs. Mega Risk policies are mainly reinsurance-driven and provide unique customization of risks to cover all the risks under single Insurance comprehensively.
RISK ENGINEERING
Risk engineering is the application of engineering skills and methodologies to the management of risk. It involves hazard identification, risk analysis, risk evaluation and risk treatment. Risk engineering is an ongoing process that allows insured’s to take cost-effective actions to protect their assets, safeguard their people and help maintain the continuity of their business. Property risk engineering and technical expertise supports a variety of industry sectors. To prevent the risk from becoming a danger which threatens their very existence, companies must recognise, analyse and eliminate threats, ideally at an early stage. Risk Engineering solutions help businesses of all sizes build resilience to today’s evolving, interconnected risk landscape by helping them manage loss control, mitigate risk, improve safety and reduce claims.
Insure your life first
"It is paramount for every individual to first adequately insure his life for the financial security of his/her dependents and then proceed to address other aspects of financial planning. Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household. Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. This book provides an exhaustive view of the prime need of protection of life. It religiously weighs the HOW, WHEN, WHAT and WHYs of Life Insurance. This ultimate collection will spur you go for financial safety of you and your family."
TECHNIQUES OF CLAIM SETTLEMENT
Claim settlement is one of the most important services that an insurance company can provide to its customers. Insurance companies have an obligation to settle claims promptly.Technology is now being increasingly utilised to make the insurance claims simpler, faster and more cost effective The nature of the claims process makes certain tasks repetitive, and the outdated processes do little to improve claim turnaround times, leading to frustrated customers. Advancements are being made in the field of Artificial Intelligence (AI), and the technology holds enormous potential for disrupting the insurance industry, especially the claims process. Times are changing slowly but surely as insurance companies are embracing technology in an attempt to make the claims process faster, consistent and qualitative.
LIABILITY INSURANCE
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Liability insurance has become a much talked about subject and is receiving well deserved attention of the people both on the supply and demand side in India and also worldwide. Events and legislations in the recent past have kept this area in the limelight thanks to the media coverage and some significant legal pronouncements. Liability insurance market is less crowded. There is a dearth of technically talented and trained resources to deal with all aspects of underwriting and claims of this insurance. Liability insurance is a general term to describe different types of insurance coverage that helps protect you or your business. Demand for liability insurance is bound to grow in the times to come.
