scholarly journals Claim Settlement Process of Life Insurance Policies in Insurance Services - A Comparative Study of LIC of India and ICICI Prudential Life Insurance Company

2015 ◽  
Vol 49 ◽  
pp. 21-29
Author(s):  
Rajesh K. Yadav ◽  
Sarvesh Mohania
Keyword(s):  
Life Insurance ◽  
Financial Risk ◽  
Insurance Coverage ◽  
Secondary Data ◽  
Private Life ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Research Papers ◽  
Insurance Sector ◽  
Insurance Policies

For the purpose of covering up financial risk along with better return on the investment, Life insurance coverage is taken up. Claims are filed at the time of maturity or in case of death/disability. The study focuses on the claim settlement process of life insurance services of LIC of India and ICICI prudential life insurance company. With the increasing market due to increasing number of policies, numbers of claims are also increasing in both the companies. Therefore it is very much essential to have simple and clear claim settlement process. The study is based on the secondary data collected from IRDA and research papers from various journals. The study concluded that in both LIC of India and ICICI prudential life insurance company are following proper claim settlement process. LIC of India claim settlement process is very much efficient but not that transparent and approachable as claim settlement process of ICICI Prudential Life Insurance Company. ICICI Prudential Life Insurance Company with their preference to customers, setting standards by claim settlement process and continues to lead private life insurance sector.

scholarly journals Claim Settlement Process of Life Insurance Services - A Case Study of ICICI Prudential Life Insurance Company

2014 ◽  
Vol 35 ◽  
pp. 26-32 ◽  
Author(s):  
Rajesh K. Yadav ◽  
Sarvesh Mohania
Keyword(s):  
Life Insurance ◽  
Secondary Data ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Research Papers ◽  
Risk Of Death ◽  
Investment Option ◽  
Cover Up

Life insurance is mainly taken to cover up risk of death/disability in term of monetary terms and secondary for the purpose of better return as investment option. Claims are filed at the time of maturity or in case of death/disability. The study focuses on the claim settlement process of life insurance services of ICICI prudential life insurance company. With the increasing numbers of policies, numbers of claims are also increasing in ICICI prudential life insurance company. Therefore it is very much essential to have simple and clear claim settlement process. The study is based on the secondary data collected from IRDA and research papers from various journals. The study concluded that in ICICI prudential life insurance company with their “Customer First” approach efficiently perform their claim settlement process.

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.

scholarly journals A STUDY ON PREFERENCE OF POLICYHOLDERS ABOUT PUBLIC AND PRIVATE LIFE INSURANCE COMPANIES IN TIRUNELVELI DISTRICT

2018 ◽  
Vol 6 (4) ◽  
pp. 105-110
Author(s):  
I. Meenakshi
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Private Insurance ◽  
Marketing Strategies ◽  
Private Life ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Public And Private ◽  
New Policies

There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company. All others are private insurance companies. The Life Insurance Corporation of India (LIC) is the largest life insurance company in India and also the country's largest investor. More and more new private insurance companies are coming up year after year. And, these new and private life insurance companies adopt aggressive marketing strategies to introduce their products and to tap the potential policyholders. It is witnessed that new policies like ULIPs are introduced by these new private life insurance companies. It is in this concept this study has been undertaken to assess and analyze the preference of policyholders towards insurance services offered by public and private life insurance companies in Tirunelveli district.

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 PENGARUH PENDAPATAN ASURANSI TERHADAP LABA NETO PADA ENAM PERUSAHAAN ASURANSI JIWA SYARIAH DI INDONESIA

2020 ◽  
Vol 5 (1) ◽  
pp. 67
Author(s):  
Itang Itang ◽  
Lisna Nur Apifah
Keyword(s):  
Life Insurance ◽  
Secondary Data ◽  
Insurance Companies ◽  
Coefficient Of Determination ◽  
Insurance Company ◽  
Net Income ◽  
Life Insurance Company ◽  
Significance Level ◽  
Net Profit ◽  
Independent Variable

Profit or loss is usually used to assess the performance of the company's performance The main factor in determining the size of the profit is income where the size of the profit is an indicator of success or failure of management in managing the company. The formulation of the problems in this study are: 1). What is the effect of insurance income on net income of 6 Islamic life insurance companies in Indonesia?, 2). How big is the effect of insurance income on the net profit of 6 Islamic life insurance companies in Indonesia? The purpose of this study is 1). To find out whether there is an effect of insurance income on net income of 6 Islamic life insurance companies in Indonesia, 2). To find out how much influence the insurance income has on net income of 6 Islamic life insurance companies in Indonesia. The method used in this study is a quantitative method that uses a classic assumption test, hypothesis testing, correlation coefficient test and coefficient of determination test. The data used are secondary data obtained by the official website of a life insurance company. The results showed that the independent variable of insurance income had a significant effect on net income, t table of 2.04841. Because the tcount> ttable = 6.525> 2.04841 and a significance level of 0.000 because the significance value was less than 0.05 then it could be concluded that Ho was rejected and Ha was accepted .From testing the coefficient of determination (R Square) or the coefficient of determination that is equal to 0.599 so that the magnitude of the influence of Insurance Revenues on Net Profit of 0.599 = 59.9%

scholarly journals PENGARUH DANA INVESTASI TERHADAP PENDAPATAN KONTRIBUSI (Studi pada Perusahaan Asuransi Jiwa Syariah Yang Terdaftar di Otoritas Jasa Keuangan Periode 2016-2018)

2020 ◽  
Vol 6 (1) ◽  
pp. 1
Author(s):  
Hanafi Hanafi ◽  
Reviyanti Reviyanti
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Degrees Of Freedom ◽  
Secondary Data ◽  
Insurance Companies ◽  
Coefficient Of Determination ◽  
Investment Fund ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Investment Funds

From the financial data contained in the tabel, visible that the investment fund to the revenue contribution on the company�s insurance sharia in Indonesia from 2016-2018 years development experience fluctuating. This study was conducted to test how much influence the investement fund to the revenue contribution of the company�s insurance sharia in Indonesia with the object of research is a life insurance company sharia which are listed on the financial services authority (OJK). Of the sampel used as many as 10 life insurance companies sharian that meet the criteria of the sample period of this research is from year 2016 to 2018 The method used in this method is a quantitative method that uses the classical aasumption test, test hypotheses, and test the coefficient of determination. the data used is secondary data obtained from official company website life insurance sharia in Indonesia. Analysis tools in this study showed a simple regression analysis involving one independent variable as a predictor of the magnitude of the predicted value of the dependen variable. The statistical analysis used was software namely SPSS Version 16.0. The results showed that the independent variables of investment funds there is a significant influence on the revenue contribution, the results of this in view of the valie of the tinag amounted to 11.513 while the value of ttable obtained from the distribution table was sought at the significance of 5% degrees of freedom (df) n-k-l or 30-1-1 = 28 then obtained a ttable of 2.04841 Therefore tinag> ttable = 11.513 > 2.04841 and significant level 0.000, because the significance value is less than 0.05, it can be concluded that H0 is rejected and Ha is accepted. The relationship between funds investment revenue contributions categorized strong and the magnitutude of the influence of investment funds on accounted for 82.6% while the remaining 17.4% is influenced by other variables not examited. The hypothesis proposed in this study is Ho is rejected and Ha accepeted. It means that investment funds are significaltly positive effect on revenue contribution.

scholarly journals PENGARUH PENDAPATAN ASURANSI TERHADAP PENDAPATAN INVESTASI PADA PERUSAHAAN ASURANSI JIWA DI INDONESIA PERIODE 2014-2018

2020 ◽  
Vol 5 (1) ◽  
pp. 39
Author(s):  
Ratu Humaemah ◽  
Indah Yani
Keyword(s):  
Life Insurance ◽  
Degrees Of Freedom ◽  
Secondary Data ◽  
Business Owners ◽  
Insurance Companies ◽  
Coefficient Of Determination ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Financial Investment ◽  
Investment Income

Abstract Sharia financing and investment activities in principle are activities carried out by property owners (Investors) towards business owners (Issuers) to empower business owners in conducting their business activities where the owner of assets (Investors) hopes to obtain certain benefits. Therefore, financing and financial investment activities are basically the same as other business activities, namely maintaining the principle of halal and fairness. The financial data shown in the table shows that insurance income and investment income in life insurance companies in Indonesia from 2014 to 2018 experienced fluctuating developments. The purpose of this study is to determine whether there is an influence of insurance income on investment income in Islamic life insurance companies in Indonesia. The method used in this study is a quantitative method that uses a classic assumption test, hypothesis testing, and the coefficient of determination test. The data used are secondary data obtained by the official website of a life insurance company. The results showed that the independent variable of insurance income had a significant effect on investment income, this result was seen from the tcount of 8,450 while the ttable obtained from the distribution table t was sought at the significance of 5%: 2 = 2.5% (two-way test) degrees of freedom (df) nk-1 or 30-1-1 = 28 we get t table of 2.04841. because tcount> t table = 8.450> 2.04841 with a significant level of 0.000, because the significant value is smaller than 0.050, it can be concluded that Ha is accepted. This means that insurance income has a positive effect on investment income. From testing the coefficient of determination of 0.708 = 70.8% means that insurance income can explain the effect on investment income of 70.8% and the remaining 29.2% is influenced by other variables not discussed in this study.

scholarly journals ANALISIS PERBANDINGAN KONDISI FINANCIAL DISTRES0S PADA PERUSAHAAN ASURANSI JIWA SYARIAH DI INDONESIA DAN MALAYSIA BERDASARKAN MODEL DISKRIMANASI ALTMAN

2019 ◽  
Vol 5 (12) ◽  
pp. 1035
Author(s):  
Tri Mei Wulandari ◽  
Dina Fitrisia Septiarini
Keyword(s):  
Life Insurance ◽  
Financial Distress ◽  
Balance Sheet ◽  
Secondary Data ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Discriminant Model ◽  
Significant Difference ◽  
The Difference

The purpose of this research is to know the difference of financial distress condition of sharia life insurance company in Indonesia and in Malaysia in period 2013-3105 with Atman Zscore model. Using a quantitative approach with Mann Whitney's test. Sampling method using purposive sampling. This study uses secondary data taken from the official website of each company. The data used are the company's financial statements covering balance sheet, and income statement. The results of the Altman Z-score discriminant model were then tested using spss version 22. Mann Whitney test results showed that there was a significant difference between the financial distress condition of sharia life insurance companies in Indonesia and Malaysia. The results of this study proves that the condition of sharia life insurance companies in Indonesia is better than in Malaysia.

Total Factor Productivity Growth of Indian Life Insurance Companies: A Malmquist Approach

2021 ◽  
pp. 232-236
Keyword(s):  
Total Factor Productivity ◽  
Life Insurance ◽  
Productivity Growth ◽  
Malmquist Index ◽  
Secondary Data ◽  
Private Life ◽  
Annual Reports ◽  
Insurance Companies ◽  
Factor Productivity ◽  
Insurance Sector

This study aimed to investigate the productivity growth of Indian life insurance companies using the Malmquist index. This study analyzed all the 24 life insurance companies' productivity performance in India from the financial year 2012-2013 to 2016-2017 using the Malmquist index based on the secondary data collected from Insurance Regulatory and Development Authority's Annual Reports. Findings indicated that the total factor productivity (TFP) of the life insurance sector increased at an average of 27.6 percent during the study period. On average, this improvement was ascribed to an efficiency improvement of 5.5 percent and a technological improvement of 20.9 percent. The results also indicated that the private life insurers experienced higher productivity growth of 30.2 percent than the state-owned Life Insurance Corporation of India's 17.2 percent. This is the first study that comprehensively analyzed the changes in total factor productivity of the Indian life insurance sector. The study holds important and practical insights for policymakers, practitioners, and decision-makers.

scholarly journals Market Based Tools for Managing the Life Insurance Company

2005 ◽  
Vol 35 (1) ◽  
pp. 79-111 ◽  
Author(s):  
Massimo De Felice ◽  
Franco Moriconi
Keyword(s):  
Life Insurance ◽  
Financial Risk ◽  
Profit Sharing ◽  
Contingent Claims ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Valuation Method ◽  
Liability Management ◽  
Fair Valuation

In this paper we present an approach to market based valuation of life insurance policies, in the spirit of the NUMAT proposed by Hans Bühlmann (2002) in an editorial in the ASTIN Bulletin. We have experienced the valuation method for more than one decade, both as a pricing procedure applied to policy portfolios of leading insurance companies, and by including the valuation principles into several actuarial teaching activities.Our interest is mainly focused here on participating policies that in Italy are characterized by contractually binding profit sharing rules. The problem of the fair valuation of the liabilities generated to the insurer by these contracts can be conveniently addressed using the methods of contingent claims pricing. These allow to price correctly the options embedded into the policies and to implement consistent plans of asset-liability management. The approach also provides a market based measurement of the value of business in force for outstanding policy portfolios and consistent assessments of the financial risk based capitals.

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