scholarly journals Comparative Analysis of LIC of India with Private Players

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
Tanu Dhingra
Keyword(s):  
Growth Rate ◽  
Comparative Analysis ◽  
Life Insurance ◽  
Insurance Companies ◽  
Main Question ◽  
Insurance Sector ◽  
Insurance Business ◽  
Almost All ◽  
The Empirical Analysis ◽  
Analysis Of Performance

Before 1999, the insurance sector was characterized by state-run monopoly, with LIC as the only player. On the recommendations of the Malhotra Committee in the year 1999, the insurance sector was opened up for national and international players. Competition started shooting up and insurance business started witnessing a growth in premium as a percentage of GDP (insurance penetration) from 2.3% p.a. in 2001 to 5.2% p.a. in 2011. Thus, the need was realised to find out the growth of insurance companies in terms of various indicators pertaining to insurance business and to have a comparative analysis of growth of life insurance companies in India. The objective of this paper is to analyse and comment upon the growth rate of thirteen life insurance companies covered for the study for a period of eight years. It has been found in the study that almost all life insurance companies are witnessing a rising trend in terms of various growth indicators, though the growth rate for different companies is different. The main question is whether LIC has been affected by the competition. We have tried to answer this question through the empirical analysis of performance of individual insurance companies. In terms of most of variables LIC has been at the bottom of the list.

Multinational Enterprises and Institutional Regulation in the Life-Insurance Market in Spain, 1880–1935

2008 ◽  
Vol 82 (1) ◽  
pp. 87-114 ◽  
Author(s):  
Jerònia Pons Pons
Keyword(s):  
World War I ◽  
International Business ◽  
Life Insurance ◽  
Multinational Enterprises ◽  
External Factors ◽  
Insurance Companies ◽  
World War ◽  
Regulatory Requirements ◽  
Insurance Sector ◽  
Insurance Business

The number of multinationals in the life-insurance sector expanded during the first era of globalization. Many of these firms gravitated to Spain, attracted by factors such as the country's small number of national companies and minimal regulatory requirements. Toward the end of the nineteenth century, however, the Spanish government began to impose more institutional regulations, increasing the guarantees, deposits, and reserves required of insurance companies. In response, American and British multinationals began to leave the Spanish market, propelled both by the new requirements and by a series of external factors that obliged American companies to reduce their international business. Finally, the economic disruption that accompanied the outbreak of World War I convinced American and British multinationals to withdraw from the Spanish insurance business.

scholarly journals THE RESEARCH OF ELECTRONIC LIFE INSURANCE BUSINESS DEVELOPMENT FACTORS IN THE CONTEXT OF INTEGRATION / ELEKTRONINIO GYVYBĖS DRAUDIMO VERSLO PLĖTRĄ SKATINANTYS VEIKSNIAI INTEGRACIJOS KONTEKSTE

2014 ◽  
Vol 6 (1) ◽  
pp. 111-119
Author(s):  
Irena Račinskaja ◽  
Jurgita Raudeliūnienė
Keyword(s):  
Life Insurance ◽  
Information Technologies ◽  
Scientific Literature ◽  
Business Development ◽  
Insurance Companies ◽  
Survey Method ◽  
Insurance Sector ◽  
Systemic Analysis ◽  
Knowledge Innovation ◽  
Insurance Business

During the development of globalization, here is the active integrationof knowledge, innovation and technologies, which leadsto the rapid use of information technologies in the processesof traditional life insurance business. The traditional businessprinciples now are outdated and new, more efficient methodsof work for traditional business transforming into an electronicbusiness are necessary. However, such problems as use of inrelevantprinciples of e-business for insurance sector stop theactivities of insurance companies. Therefore, while the intensivetransformation of traditional life insurance business to electronicis still going, it is necessary to prepare the relevant model ofe-business development. The objective of this article is to formthe model of e-insurance business transformation. To achievethis objective it is necessary to examine the theoretical aspectsof e-business, to except the elements which form the e-business,its relationships and dependencies, and to analyse the models ofmain e-business; to identify the trends of e-business in Lithuania(and European Union) and to analyse the situation of e-business atLituanian life insurance. In this article the following methods ofanalysis are used: a systemic analysis of the scientific literature,both the theoretical and practical claims matching methods, PESTanalysis, a survey method and expert evaluation. Plėtojantis globalizacijai, vyksta aktyvi žinių, inovacijų ir technologijų integracija, informacinės technologijossparčiai taikomos atliekant tradicinius gyvybės draudimo verslo procesus. Tradicinio verslo veiklos principai jau pasenę, būtininauji efektyvesni darbo metodai. Juos taikant, tradicinis verslas transformuojasi į elektroninį. Deja, atsiranda tokių problemųkaip draudimo sektoriui netinkamų elektroninio (toliau – e., red.) verslo principų taikymas, stabdantis draudimo įmonių veiklą.Vykstant intensyviai tradicinio gyvybės draudimo verslo transformacijai į elektroninį, būtina parengti atitinkamą e. versloplėtros modelį. Šio straipsnio tikslas – suformuoti e. gyvybės draudimo transformacijos modelį. Sprendžiami su tuo susijęuždaviniai: nagrinėjami e. verslo teoriniai aspektai, identifikuojami e. verslą formuojantys elementai, jų ryšys ir priklausomybė,analizuojami pagrindiniai e. verslo modeliai; aptariamos e. verslo tendencijos Lietuvoje (ir Europos Sąjungoje), atliktasLietuvos gyvybės draudimo e. verslo vidinės aplinkos situacijos tyrimas. Straipsnyje taikyti šie tyrimo metodai: mokslinėsliteratūros analizė, teorinių ir praktinių teiginių sugretinimo metodas, PEST analizė, apklausos metodas, ekspertinis vertinimas.

Effective Customer Support System of Life Insurance Companies

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Rajesh Srivastava ◽  
Dr. Preeti Sharma
Keyword(s):  
Life Insurance ◽  
Economies Of Scale ◽  
New Technologies ◽  
Insurance Industry ◽  
Integrated Approach ◽  
Customer Experience ◽  
Disruptive Innovation ◽  
Insurance Companies ◽  
Insurance Business ◽  
Strategic Imperative

Increased competition, new technologies and the shift in power from the provider to the customer have produced unrelenting pressure on life insurance business. The market forces point to one overwhelming strategic imperative: customer-focused strategy. Customers are willing to build long-term relationships based on trust and mutual respect with firms that provide a differentiated and personalized service offering. Over the past few years, life insurance industry responded to intensified competition and high customer attrition by entering each other’s markets to capture greater “wallet share” and ostensibly lower their economies of scale. The service delivery process is influenced by quality of personnel, information technology, internal processes, human resource practices, and even an institution’s own change orientation. Now a day’s customers are demanding seamless, multi-channel sales and service experiences. Simultaneously, other players are looking for opportunities to invade this space or to redefine it through disruptive innovation. The result is forcing life insurance companies to examine a more balanced, integrated approach to the customer experience and growth. This research, we analyze the need, preference and satisfaction of customers in life insurance business and provide perspective on how to improve the customer experience.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

The influence of Education, Occupation and Income on Perceived Customer Value

2015 ◽  
Vol 3 (1) ◽  
Author(s):  
Amit Sharma ◽  
Bodh Raj Sharma
Keyword(s):  
Life Insurance ◽  
Customer Value ◽  
Demographic Variables ◽  
Insurance Companies ◽  
Primary Data ◽  
Insurance Sector ◽  
Significant Difference ◽  
Quota Sampling ◽  
Indian Insurance ◽  
Perceived Customer Value

The aim of this paper is to assess empirically perceptual gap among the customers having different educational qualification, occupation and income regarding customer value in Indian insurance sector. It is a fact that insurance sector has been growing tremendously despite a lot of competition in the marketplace. The study is based upon the primary data obtained from customers of four life insurance companies belonging to various districts of J&K through quota sampling. A questionnaire was framed containing items of demographics and statements measuring customer value based upon seven point Likert scale. The findings indicate that the demographic variables viz., qualification, occupation and monthly income, there is no significant difference regarding perceived customer value among the life insurance players.

scholarly journals INTERNATIONAL EXPERIENCE IN REGULATING LIFE INSURANCE COMPANIES

2020 ◽  
Vol 6 (4(73)) ◽  
pp. 59-63
Author(s):  
Yu.K. Harakoz
Keyword(s):  
Life Insurance ◽  
Solvency Ii ◽  
Insurance Companies ◽  
Accurate Assessment ◽  
Regulation And Supervision ◽  
Bank Regulation And Supervision ◽  
The Russian Federation ◽  
Insurance Business ◽  
Special Rules ◽  
Business Entities

The growth of the life insurance segment encourages the state supervisory authority for the activities of insurance business entities to create conditions for its sustainable development, including through the introduction of a risk-based approach to the regulation and supervision of insurance companies –the Solvency II Directive. The Solvency II Directive is similar in concept to the risk-based approach to Bank regulation and supervision (Basel II). The expected results of its introduction are an adequateand comprehensive assessment of the risks of the insurance company's activities, compliance of the amount of capital with the level and profile of risks taken, as well as transparency and special rules for disclosure of information about its activities. Increasing growth rates in the insurance market and prospects for increasing the level of supervision by the Central Bank of the Russian Federation require life insurance companies to implement practical methods for assessing their capital, which are based on the most accurate assessment of their risks

scholarly journals Impact of premium reserve on life insurance investments in the Western Balkans

2021 ◽  
Vol 16 (2) ◽  
pp. 355-376
Author(s):  
Jelena Tomašević ◽  
Milijana Novović-Burić ◽  
Ljiljana Kašćelan ◽  
Vladimir Kašćelan
Keyword(s):  
Financial Market ◽  
Life Insurance ◽  
Insurance Companies ◽  
Strong Positive Correlation ◽  
Western Balkans ◽  
Insurance Sector ◽  
Correlation And Regression Analysis ◽  
Country Level ◽  
Financial Investments ◽  
The Impact

The growing importance of life insurance in the world imposes a greater need for research in this area, particularly in the Western Balkans where the trend of growth has been closely accompanied by life insurance for the past two decades. Taking into consideration that life insurance companies are significant participants in the financial market, this research paper examines the impact of the premium reserve on the volume of financial investments of life insurance companies in Western Balkan countries, based on aggregate data on country level. In order to test its effect, linear correlation and regression models were used, based on data collected for the period 2006-2016. Additionally, comparative analysis was used to compare the position of life insurance companies in financial markets. The results obtained by applying correlation and regression analysis showed that there is a strong positive correlation between premium reserve and financial investments in all of the aforementioned countries in the region. This result is an important strategic guideline for the regulators and policymakers to make advancements in the life insurance sector as well as in the financial market of the Western Balkans.

scholarly journals MEASURING THE CUSTOMER PERCEIVED SERVICE QUALITY FOR LIFE INSURANCE SERVICES: AN EMPIRICAL INVESTIGATION

2010 ◽  
Vol 3 (3) ◽  
pp. 171 ◽  
Author(s):  
Masood H Siddiqui ◽  
Tripti Ghosh Sharma
Keyword(s):  
Customer Satisfaction ◽  
Service Quality ◽  
Life Insurance ◽  
Financial Planning ◽  
Financial Services ◽  
Corporate Image ◽  
Insurance Companies ◽  
Perceived Service Quality ◽  
Insurance Sector ◽  
Effective Strategies

Liberalization of the financial services sector has led to insurance companies functioning increasingly under competitive pressures; so companies are consequently directing their strategies towards increasing customer satisfaction and loyalty through improved service quality. The present study strives to develop a valid and reliable instrument to measure customer perceived service quality in life-insurance sector. The resulting validated instrument comprised of six dimensions: assurance, personalized financial planning, competence, corporate image, tangibles and technology. Further the results of analytical hierarchy process highlighted the priority areas of service instrument with assurance is the best predictor, followed by competence and personalized financial planning. The gap scores show that there is ample room for improvement in all the aspects related to service quality. These results would help the service managers to efficiently allocate attention and resources among these dimensions on the differential basis, consistent with the customer priorities. These findings can be transformed into effective strategies and actions for achieving competitive advantage through customer satisfaction and retention.

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