scholarly journals Applying The Principle of Insurance on The Credit Life Insurance in The Consumer Lending

Rechtsidee ◽  
2017 ◽  
Vol 4 (1) ◽  
Author(s):  
Faizal Kurniawan ◽  
Prawitra Thalib ◽  
Hilda Yunita Sabrie
Keyword(s):  
Life Insurance ◽  
Foreign Currency ◽  
Consumer Credit ◽  
Third Party ◽  
Insurance Companies ◽  
Insurance Company ◽  
The Public ◽  
Consumer Lending ◽  
Oil Exports

The specific task of the commercial banks are as follows: the bank must distribute most of the credit for developing the activities of the cooperatives and entrepreneurs economically weak or small entrepreneurs, the public banking that provides credit in foreign currency required to distribute some the foreign currency credit to finance the activities of non-oil exports and required to perform an assessment of the fulfillment the terms of the feasibility of the debtor's business. In carrying out its functions, the bank must still run banking principles contained in the articles contained in the Banking Act. It is often in distribute the credit, the bank requires the third party, such as the insurance companies. The purpose of insurance companies is to minimize the risks that may be experienced by the bank as debtors failed to pay. The bank is very concerned with their insurance company. There are various types of loans that cannot be separated by the insurance, this study focuses on consumer credit in PT. Bank Jatim. In practice, especially consumer credit lending cannot be separated from the role of the insurance companies. But in operating the bussiness,  the insurance companies should also continue to apply the principles of general insurance. The application of the insurance principle is intended that no aggrieved parties. Generally speaking, there will be a conflict of interest between the application of the principles of insurance carried by the insurance company as an insurer with the business aspect of the field of insurance and banking. 

scholarly journals Bancassurance Business Strategy in Life Insurance: a Case Study One of Joint Venture Company in Indonesia

2020 ◽  
Vol 11 (1) ◽  
pp. 103-115
Author(s):  
Ikhwan Abiyyu ◽  
Mukhamad Najib ◽  
Alla Asmara
Keyword(s):  
Life Insurance ◽  
Business Strategy ◽  
Joint Venture ◽  
Swot Analysis ◽  
Foreign Currency ◽  
Customer Segmentation ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Net Worth

This research will conduct bancassurance business strategy for one of life insurance company. Bancassurance business in Indonesia is wide open and needed the right strategy for every company. Life insurance companies in the bancassurance business hold an important roles as a party that providing the product for bank customers. The mapping is carried out for the current business conditions run by the company using BMC tool and will be deepened with a SWOT analysis for each component in BMC. To present a new market, the company need to apply a new strategy that has never been carried out by competitors, with the perspective of BOS, a write off-reduce-increase-create scheme will be implemented to produce BMC alternatives. The result showed three strategic issues for the company, there are product development by collaborating with general incurance, customer segmentation development especially for High Net Worth customers also offering product with foreign currency, and digital competency strengthening in selling and internal process. These three strategies can be used as extra ammunition for the life insurance companies to compete in the bancassurance business.

scholarly journals Opinion Survey of Life Insurance Policy holders in Eluru of West Godavari District

2021 ◽  
pp. 631-638
Author(s):  
Dr. R. S. N. Sharma
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Primary Data ◽  
Public Confidence ◽  
Insurance Company ◽  
Insurance Policy ◽  
Opinion Survey ◽  
Life Insurance Company ◽  
The Public ◽  
The Family

Insurance is nothing but giving assurance for recovery of Loss. If Head of the family dies unfortunately, suddenly due to any reason, the dependent family members may land in troubles and may not in a position to earn their livelihood. If the life of that head of the family is insured, certain amount of money will be paid to the legal heirs which they can use it for their needs. In this context which life insurance company is to be considered for taking the life policy is a problem. Agents of different life insurance companies approach them for their profession. All the public may be in dilemma in choosing the life insurance company. They may take different policies of different companies. At this juncture, the researcher has thought it necessary to conduct survey in the selected locations to know more about the awareness of people with regard to life insurance and to know about which life insurance company has more public confidence. For this the study has been conducted basing on primary data collected directly from the respondents. The collected information has been tabulated, graphically represented and analysed with the help of calculations and finally conclusions drawn.

Demutualisation of a United Kingdom Mutual Life Insurance Company

1992 ◽  
Vol 43 ◽  
pp. 278-375
Author(s):  
P. D. Needleman ◽  
G. Westall
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Advantages And Disadvantages ◽  
Financial Position ◽  
Guidance Note ◽  
Open Fund ◽  
The Impact

AbstractThe paper firstly examines the way in which U.K. mutuals operate and the forces which are leading mutuals to consider demutualisation. Demutualisation is normally accomplished by a Scheme of Transfer under Section 49 of the Insurance Companies Act 1982. The role of the directors and actuaries is discussed, including the impact of the Institute's latest Guidance Note (GN15).The protection of policyholders' reasonable expectations, the value of membership rights and the basis of dealing with any orphan surplus are the central problems. The paper examines them in the context of both the open fund and closed fund situation and shows how they may be resolved.A simple model is used to project the financial position of both an open and closed fund in a demutualised company. The relative advantages and disadvantages of each indicate that different courses of action may be appropriate for mutuals in differing financial positions.

Demutualisation of a United Kingdom mutual life insurance company

1991 ◽  
Vol 118 (3) ◽  
pp. 321-399 ◽  
Author(s):  
P. D. Needleman ◽  
G. Westall
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Advantages And Disadvantages ◽  
Financial Position ◽  
Guidance Note ◽  
Open Fund ◽  
The Impact

ABSTRACTThe paper firstly examines the way in which U.K. mutuals operate and the forces which are leading mutuals to consider demutualisation. Demutualisation is normally accomplished by a Scheme of Transfer under Section 49 of the Insurance Companies Act 1982. The role of the directors and actuaries is discussed, including the impact of the Institute's latest Guidance Note (GN15).The protection of policyholders' reasonable expectations, the value of membership rights and the basis of dealing with any orphan surplus are the central problems. The paper examines them in the context of both the open fund and closed fund situation and shows how they may be resolved.A simple model is used to project the financial position of both an open and closed fund in a demutualised company. The relative advantages and disadvantages of each indicate that different courses of action may be appropriate for mutuals in differing financial positions.

scholarly journals PERAN AGEN ASURANSI SYARIAH DALAM MENINGKATKAN PEMAHAMAN MASYARAKAT TENTANG ASURANSI SYARIAH

2020 ◽  
Vol 5 (1) ◽  
pp. 19-38
Author(s):  
Edi Hariyadi ◽  
Abdi Triyanto
Keyword(s):  
Public Understanding ◽  
Insurance Companies ◽  
Insurance Company ◽  
Access To Information ◽  
The Public ◽  
Library Research ◽  
Insurance Agent ◽  
The Subject ◽  
Islamic Insurance

ABSTRAK. Permasalahan yang akan diangkat dalam penelitian ini adalahbagaimana peran seorang agen asuransi dalam meningkatkan pemahaman terhadapa asuransi takaful. Dalam penelitian ini juga berusaha menjawab bagaimana sikap perilaku nasabah terhadap eksistensi asuaransi syariah. Kedua bagaimana kerja keras seorang agen asuransi syariah dalam meningkatkan kesadaran masyarakat. Model penelitian ini adalah penelitian kepustakaan. Hasil daripada penelitian ini, agen memiliki peran dalam mengakses informasi, menjaga image asuransi syariah, memberikan solusi dan konsultasi terhadapnasabah yang prospektif. Dengan begitu, pemahamanan masyarakat akan manfaat takaful akan menjadi lebih baik.Keywords: Agent Asuransi Syariah, Peran Agen asuransi syariah,pemahaman masyarakatABSTRACT. The subject matter to be discussed in this paper is how the role of an Islamic insurance agent in increasing public understanding of Takaful. In addition this paper will try to answer: how people's attitude toward the existence of Islamic insurance; and how should the efforts of an Islamic insurance agent to increase insurance awareness for the community. This paper focuses the discussion of an agent as an intermediary between the Takaful Islamic insurance company with the community. The method used in this paper is to study literature (Library Research), namely by rethinking simultaneously collects some writing and previous research results related to the presence and role of thefunction of an agent. This results in writing that there are a few roles Takaful agent, such as access to information, guard the good image of Islamic insurance companies, power marketers Islamic insurance products, providing solutions and services to prospective customers as well as provide insight to the public right of Takaful. On the basis of the understanding of Takaful then the public will know and understand the importance of using Takaful.Keywords: Islamic Insurance Agent, Role of Agent, Understanding of society

scholarly journals A Statistical Distribution for the Solvency Ratio of Indian Non-life Insurers

2012 ◽  
Vol 3 (2) ◽  
pp. 97
Author(s):  
R. K. Sinha ◽  
M. M. Nizamuddin ◽  
Ameer Hassan
Keyword(s):  
Public Sector ◽  
Life Insurance ◽  
Statistical Distribution ◽  
Financial Ratios ◽  
Insurance Companies ◽  
Insurance Company ◽  
Public And Private ◽  
The Public ◽  
Burr Distribution ◽  
Solvency Ratio

The Indian Insurance Industry, which was privatized in the year 1999, has witnessed steep growth in terms of its business statistics, such as number of insurance companies, number of policies issued, aggregate premium underwritten, etc. However, many of the insurers are still struggling to break even after a decade of their business operations. The insurance companies are different from other companies, which take longer time to stabilize. The progress of stabilization of the new companies can be measured in many ways. One way is to analyze the level of volatility in the various financial ratios, in addition to their average levels. It may be generally expected that an older company will have lower volatility in its financial ratios than the new ones. This is because of better understating of business and knowledge gained over years of business. This is one of the indicators for judging the stabilization status of the company. The solvency ratio is one of the most important financial ratios for an insurer, which signals the overall health of the company. Accordingly, it is an important figure, which any stakeholder in the industry would like to watch closely. It is generally monitored either on a quarterly or an annual basis depending on the regulatory requirements of the specific country. Insurance companies which may be in a good financial position at a given point of time may fall short of the solvency margin requirement in the next period because of uncertainties and unforeseen factors. Although it is difficult to assess when such a situation for an insurance company could happens, it remains an important task to get best estimates possible with the available data and other factors. The paper attempts to study and analyze the solvency ratio of the non-life insurance companies in India and model it through a statistical distribution. It examines the differentials in its trend and movement in the public and private insurance companies (as public sector companies are very old companies, as compared to the private ones), amongst the private insurers and across the time. It does not find significant difference in the public and private insurers, as the public sector companies too appears to struggle with high level of volatility in their solvency ratios despite their long years of business experience. It is found that the 3- parameter Burr distribution explains our quarterly time-series dataset of solvency ratio appropriately. Given the observations are independently and identically distributed and the Burr distribution explains the dataset appropriately, the paper reveals that the default cases are expected to be more than the actual cases, as observed so far. In the last, the paper suggests further studies on this, which may be taken up. For example, it suggests that a multiple linear regression analysis could be carried out to explain the variation in the solvency ratios through few independent variables and identifies them, which are likely to impact the solvency ratio of non-life insurance companies.

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.

Health Care

2018 ◽  
Author(s):  
Pierre Pestieau ◽  
Mathieu Lefebvre
Keyword(s):  
Health Care ◽  
Technological Progress ◽  
Health Care Systems ◽  
Third Party ◽  
Medical Expenditure ◽  
Public Health Care ◽  
The Public ◽  
Common Features ◽  
Care Systems

This chapter reviews the public health care systems as well as their challenges. It first shows how expenditure on health care has evolved in previous decades and deals with the reasons for the growth observed in almost every European country. It emphasizes the role of technological progress as a main explanatory factor of the increase in medical expenditure but also points to the challenges facing cost-containment policies. Especially, the main common features of health care systems in Europe, such as third-party payment, single provider approach and cost-based reimbursement are discussed. Finally the chapter shows that although inequalities in health exist in the population, health care systems are redistributive. Reforms are thus needed but the trade-off between budgetary efficiency and equity is difficult.

Managing uncertainty in a general insurance company

1990 ◽  
Vol 117 (2) ◽  
pp. 173-277 ◽  
Author(s):  
C. D. Daykin ◽  
G. B. Hey
Keyword(s):  
Computer Model ◽  
Flow Model ◽  
Insurance Companies ◽  
Simulation Methods ◽  
Insurance Company ◽  
Practical Applications ◽  
General Insurance ◽  
Alternative Approaches ◽  
The Impact

AbstractA cash flow model is proposed as a way of analysing uncertainty in the future development of a general insurance company. The company is modelled alongside the market in aggregate so that the impact of changes in premium rates relative to the market can be assessed. An extensive computer model is developed along these lines, intended for use in practical applications by actuaries advising the management of genera1 insurance companies. Simulation methods are used to explore the consequences of uncertainty, particularly in regard to inflation and investments. Some comments are made on the role of actuaries in general insurance. Alternative approaches to describing the behaviour of an insurance firm in the market are considered.

The Appointed Actuary.

1987 ◽  
Vol 41 ◽  
pp. 559-629
Author(s):  
Edward A. Johnston
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Self Regulation ◽  
Professional Role ◽  
The Self ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Government Supervision ◽  
The Uk

1.1 A paper about the Appointed Actuary is essentially a paper about prudential supervision of life insurance companies. The system which has operated in the UK since the mid-1970's is only partly one of Government supervision. Through the professional role of the Appointed Actuary, it also contains elements of a system of self-regulation with the Institute and Faculty of Actuaries standing in place of SRO's. Unlike the self-regulatory arrangements of the Financial Services Act. though, this second part of the system has grown up by custom and practice and in certain respects it is not codified. However it enables the Insurance Companies Act to be operated successfully.

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