IndiaFirst Life Insurance: Planning Next-Level Growth by Corporate Entrepreneurship

2021 ◽  
pp. 097226292110109
Author(s):  
Amarpreet Singh Ghura ◽  
Abhishek
Keyword(s):  
Human Resource ◽  
Life Insurance ◽  
Insurance Industry ◽  
Corporate Entrepreneurship ◽  
Business Leader ◽  
Insurance Sector ◽  
Human Resource Policies ◽  
Life Insurance Industry ◽  
Customer Delight ◽  
Annual Premium

IndiaFirst Life Insurance (IFLI) became the 23rd entrant in India’s life insurance industry by launching its operations in November 2009 (IndiaFirst Life Insurance, 2015). IFLI went on to break-even within 6 years of its inception by declaring maiden profits in FY 2015–2016 (IndiaFirst Life Insurance, 2015). The company stated its vision as—‘To become a Life Insurance and Pension business leader that provides significant value to all its stakeholders enabling a true customer delight’ (IndiaFirst Life Insurance, 2015). In order to implement its vision, IFLI worked its human resource policies and processes around the ‘Employees First’ approach (IndiaFirst Life Insurance, 2015). These processes had helped IFLI to become the fastest-growing company in the life insurance sector, and it was ranked 12th amongst the private insurers in terms of market ranking in individual annual premium equivalent for FY 2016–2017 ( Times of India, 2017). The company aimed to become a top 10 life insurance provider in the next few years in India in terms of retail premium business ( Times of India, 2017).

Ordnungspolitische Weichenstellungen für die anstehende Reform der Riester-Rente

2020 ◽  
Vol 69 (3) ◽  
pp. 239-249
Author(s):  
Axel Kleinlein
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Service Providers ◽  
Insurance Industry ◽  
Financial Service ◽  
Mandatory Retirement ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurance Industry

Abstract The Riester pensions today face two main problems: First, life insurance industry in Germany faces the problem of inadequate solvency. Therefore, there is a need that we take the Riester pension not as a sole part of the life insurance sector and open it to the whole sector of financial services. Second, the previous regulation of the Riester pension is causing problems. Particularly the guarantee forces mandatory retirement with a life insurance company and the requirement of capital preservation. Therefore we have to review these two guarantee aspects. It is also important to limit costs and to simplify the funding system. The concept of the “Basisdepot-Vorsorge” solves these problems while it is based on promoting precisely those who want to save up for their retirement during their active career, no matter what kind of financial service is included in the accumulation or decumulation phase. To include all different financial service providers creates the needed economical competition to ensure better products for the Riester-Rente.

scholarly journals Growth of Indian Life Insurance Density and Penetration

2017 ◽  
Vol 16 (1) ◽  
pp. 1-20
Author(s):  
R Sivarama Prasad ◽  
R S NSharma
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Life ◽  
Insurance Sector ◽  
Life Insurers ◽  
Life Insurance Industry ◽  
Insurance Density ◽  
The Government ◽  
Set Up ◽  
Indian Insurance

The Government of India nationalized insurance industry in 1956 on 19th Januaryleading to the amalgamation of154 Indian, 16 non-Indian Insurers and 75 provident societies, in total 245 Indian and foreign insurers, to form the Life Insurance Corporation of India. The Life Insurance Corporation of India, a public sector corporation, enjoyeda monopoly in the business for four decades until the entry of private life insurers with foreign joint ventures having 26% Foreign Direct Investment(FDI).As per one of the major recommendations of Sri R N Malhotra committee, on 19th April 2000, Insurance Regulatory and Development Authority was set up by the Government of India through the passing of an act of the Parliament. The IRDA aimed to promote insurance and protect the insured. Since its formation, the IRDA has been proving itself successful in promoting orderly growth and development in Indian Insurance sector. This study is an attempt to study life insurance density and penetration in Indian life Insurance industry toassess the growth in theexpansion of life insurance business in India. An analysisis made, and some conclusions are drawn with the help of growth percentages and trend calculations

Life Insurance Industry Agent’s Attrition: A Game Changer for Insurance Business

2020 ◽  
pp. 097215091986145
Author(s):  
Neha Chhabra Roy ◽  
N. G. Roy
Keyword(s):  
Life Insurance ◽  
Financial Risk ◽  
Insurance Industry ◽  
Extensive Literature ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
Central Argument ◽  
Recent Trends ◽  
Insurance Business ◽  
Game Changer

Insurance industry of any country acts as the backbone of its financial risk management system. Although two-thirds of the insurance business in India is carried out through individual agents, recent trends show significant attrition among them. The central argument in this article revolves around identifying the drivers responsible for individual agent’s attrition in India. The methodology used for this factor identification was based on extensive literature review and further validation through a primary survey of the stakeholders in the insurance sector. A conceptual model is also proposed for mitigation of agent’s attrition.

Life Insurance sector in India: A decade of change

2016 ◽  
Vol 2 (3) ◽  
Author(s):  
Mitali Dutta
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
New Products ◽  
Scope For Growth ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
The Social ◽  
The Government ◽  
Buying Behaviour ◽  
Uninsured Population

Life insurance industry has gone through various phases of change in India since its humble beginning in 1938 with the enactment of Insurance Act. After liberalization and privatization, there were drastic changes in the industry since the 2000. The entry of private and global players saw a drastic change in approach. New products were launched and so also the service and operations were boasted to cater to the increasing need of the customers. Apart from improvement in product variants and services, the cut throat competition also brought in misspelling where customers plunged into the purchase of unit linked policies with the promise of quick and higher returns. There is huge scope for growth in this industry since there still exists a very large number of uninsured population in India. In a country like India where the social security is not covered by the government, creating awareness for getting insured is focus of the government. Various policies and programmes have been introduced by the government for this purpose. The paper aims at highlighting the various changes this industry have gone through during the last decade with respect to the perception and buying behaviour of customers and also the various initiatives of the government to increase penetration levels to five per cent by 2020.

scholarly journals The IDD and Its Impact on the Life Insurance Industry

2020 ◽  
pp. 75-112
Author(s):  
Kyriaki Noussia
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Specific Information ◽  
Sustainable Business ◽  
Management Options ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
The Cost ◽  
The Impact ◽  
International Character

AbstractThe life insurance sector not only pertains to a variety of distributors, such as for example, ‘bancassurance’ entities combining investments services, investment and insurance products, but also to the large portion of unit-linked/investment based life insurance products. Major legal changes introduced by Directive (EU) 2016/97 (“IDD”) will therefore need to be carefully considered and anticipated by the life insurance industry, including specific professional and organizational requirements, specific information standards for insurance-based investment products, which will include the provision of appropriate information and requirements for advice to be suitable, restrictions on remuneration, and special requirements relating to the advice to be provided to the customer by any distributor related to costs and charges or to the distribution of the product—including the cost of advice. The international character of the Life Insurance has an important impact on the work to the implementation of IDD which aims at a so-called minimum harmonization. No doubt that the implementation may appear wide and burdensome, but it is a unique opportunity for all entities involved to achieve a good balance of liabilities between the professionals involved, review risk management options and look for sustainable business alternatives. This chapter examines the impact of IDD on life insurance and addresses the harmonization impact and effect of the IDD in the insurance industry.

scholarly journals Consumer Protection Regulations in Life Insurance industry and its challenges: An empirical analysis from Indonesia

2018 ◽  
Vol 7 (4.9) ◽  
pp. 241
Author(s):  
Agustinus Nicholas L Tobing ◽  
. .
Keyword(s):  
Dispute Resolution ◽  
Consumer Protection ◽  
Life Insurance ◽  
Financial Literacy ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Financial Industry ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
Financial Scandals

Trust is a crucial factor in the financial industry. Some financial scandals that had impacted Indonesia include the economic crisis in 1998 and have encouraged the regulator to apply adequate consumer protection for the people of Indonesia. In addition, the existence of adequate consumer protection will have a direct impact on the Indonesian financial industry, especially the life insurance sector where the penetration rate is still low in the last 10 years. In the Indonesian context, the implementation of consumer protection is immature and inconsistent. Based on empirical research, this paper explored the existing conditions of consumer protection implementation across life insurance industry in Indonesia. Moreover, this paper also analyzed the perception of the benefits and the challenges in implementing such requirements. The study found that consumer protection is still at the work in progress stage, inconsistent and not optimally implemented although there are number of benefits and risks if it were implemented as required. This condition has arisen due to the lack of regulator’s commitment in the consistent implementation, lack of assurance on the quality, improper selling process, as well as limitations in capability and competence in the appointed dispute resolution body. This study suggests a number of actions: [1] Periodic regulator quality assurance for the quality of implementation in the form of assurance review and sanctions impose; [2] strengthening the need based selling for life insurance companies; [3] developing an effective and measurable financial literacy and financial inclusion programs for consumers; [4] building a life insurance product and process related competency and capability of the arbitrator and mediator from the appointed dispute resolution; and [5] establishing awareness and the existence of the dispute resolution body across cities in Indonesia. 

scholarly journals LIFE INSURANCE INDUSTRY IN INDIA-AN OVERVIEW

2016 ◽  
Vol 4 (10(SE)) ◽  
pp. 30-36
Author(s):  
N.Senthil Kumar ◽  
K. Selvamani
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Effective Control ◽  
Insurance Company ◽  
Marine Insurance ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
The Government

The first insurer of life was the marine insurance underwriters who started issuing life insurance policies on the life of master and crew of the ship, and the merchants. The first insurance policy was issued on 18th June 1583,on the life of WILLIAM GIBBONS for the period of 12 months. The oriental life insurance company is the first insurance companies in India which is started on 1818 by Europeans at Kolkata. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. In 1956 the life insurance companies was nationalized. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.

THE MANIFESTATIONS OF CUSTOMER LOYALTY IN INDIAN LIFE INSURANCE INDUSTRY: AN EMPIRICAL EXAMINATION

2016 ◽  
Vol 12 (02) ◽  
Author(s):  
Medha Srivastava ◽  
Alok Kumar Rai
Keyword(s):  
Customer Loyalty ◽  
Life Insurance ◽  
Recent Literature ◽  
Insurance Industry ◽  
Empirical Examination ◽  
Consumption Decisions ◽  
Life Insurance Industry ◽  
Product Service ◽  
Brand Attributes ◽  
Loyal Customers

The widespread reverence for customer loyalty among marketers and businesses all across the globe is inspired from its manifestations since it’s the consumption decisions of loyal customers that leave a mammoth mark over the revenues and growth of a firm. A throng of behavioural, attitudinal and cognitive manifestations of customer loyalty are available in the literature some of which are widely acknowledged and accepted whereas others call for further inquiry. These manifestations of loyalty among customers are generally pinned down through their actions (Zeithaml et al., 1996; Jones et al., 2000) or their attitude towards the company or a particular product/ service (Javalgi and Moberg, 1997; Butcher et al., 2001). However, recent literature suggests that another outcome of loyalty is customer preferring a particular service provider to others based upon the conscious evaluation of brand attributes (Gremler and Brown, 1996; Butcher et al., 2001). The paper intends to explore and empirically test various manifestations of customer loyalty in the context of life insurance services thereby, extending the existing knowledge of customer loyalty by outlining the distinctive nature of customer loyalty outcomes and offering useful insights to the marketing practitioners in life insurance industry. The study further groups these manifestations into distinct outcome classes and empirically evaluates them by comparing and contrasting each with the other. It also aims to enrich the literature of customer loyalty by developing and validating a scale for measurement of customer loyalty outcomes with special reference to life insurance services.

Sign in / Sign up

Export Citation Format

Share Document