INSURANCE INDUSTRY GROUP NO -14

Made By:

1. ROMA DAS

2. SUSHEEL VISHWAKARMA

3. VIVEK DEBNATH

4. BUSHRA ZAHEER KHAN

5. SANTANU SAMANTA

6. MOHD ARIF

DEFINITION

Insurance is defined as the transfer of the risk of a loss, from one entity to another, in exchange for payment.

PROFIT = Earned premium+ Investment Income - Incurred loss – Underwriting expenses

BASIC CONCEPTS

INSURER

INSURED / POLICYHOLDER

PREMIUM

HOW INSURANCE PROCESS RUNS??

Prospective Client

Insurance Company

Descriptive Briefing of the Policies

Selection of the best suitable

scheme

Selling of the Policy with the pre

decided premium’s rate

Through AGENT (under writer)

Occurrence of the unnatural event leading to the

payment of insured amount to the

Nominee

Redemption of the insurance money after maturity of the Policy

TYPES OF INSURANCE

LIFE INSURANCE GENERAL INSURANCE

TYPE OF INSURANCE

LIFE INSURANCE

ENDOWMENT POLICY

WHOLE LIFE POLICY

ACCIDENTAL DEATH

LIFE INSURANCE

GENERAL INSURANC

E

MOTOR INSURANCE

PROPERTY INSURANCE

HEALTH INSURANCE

TRAVEL INSURANC

E

DISABILITY INSURANC

E

GENERAL INSURANCE

I R D A

Insurance Regulatory and Development Authority National agency of the Government of India, based in Hyderabad formed by Indian parliament

POWERS & FUNCTIONS OF IRDA

Duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

1. Certificate of registration to the Applicant

2. Protection of the interests

3. Adjudication of disputes

4. Specifying the percentage of premium, Specifying the % of Life Insurance Business and General Insurance Business

Other powers :

INDIA ON A GROWTH PLATFORM

PLAYER’S PROFILE:LIFE INSURANCE

PLAYER’S PROFILE:GENERAL INSURANCE

CHALLENGES

• RELIGIOUS CONCERN

• REDLININGCOMPLEXITY OF

INSURANCETHREAT OF NEW

ENTRANTS

FUTURE OUTLOOK

HOME INSURANCE GROWTH

HEALTH INSURANCE BOOM

NON LIFE INSURANCE PREMIUM GROWTH

GROWTH PROSPECTS

INDIA WITH 200 MILLION MIDDLE CLASS HOUSEHOLD

SATURATION OF FOREIGN MARKETS

RURAL CONSUMERSLOTS OF SAVING & INVESTMENT PLANS

QUESTIONS??

“THANK YOU”