scholarly journals Consumer Buying Behaviour towards Life Insurance Policies in Thanjavur City

2019 ◽  
Vol 8 (2S4) ◽  
pp. 727-730
Keyword(s):  
Life Insurance ◽  
Global Market ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Indian Market ◽  
Insurance Policies ◽  
Major Player ◽  
Buying Behaviour ◽  
Indian Insurance

The typical promotion of life insurance policies is very less in India than any other countries. Despite being among one of the world’s highest population, the insurance industry in India serves as a high catchment for several foreign and Indian insurance companies in escalating their promotion and share in the market, the typical selling is much lesser. Prior to the aperture of Indian insurance market for the invasion of foreign insurance companies, Life Insurance Corporation (LIC) was the only insurance company that dealt with Life Insurance. Furthermore by giving opportunity for other private insurance companies in Indian market, all the global giants in life insurance has commenced business in our country. Using their knowledge about the global market and their associations, these multinational companies have offered numerous lucrative schemes to attract consumers at various levels in India but regrettably unsuccessful to acquire the main share in the Indian market. Despite all the odds, still LIC is the major player in the life insurance market with approximately more than sixty five percent of share in the market. Still it is a wonder about the reason behind why the consumers in India are not convinced of on various private companies and why still majority of the people in India have not insured their life. This research is an attempt to examine the factors that determines the consumer buying behavior of life insurance policies. This paper emphasizes on the consumers buying behaviour of life insurance policies in Thanjavur City. 150 samples were chosen by convenience sampling technique. A structured questionnaire was administered for this purpose and the data collected were analysed using chi-square and regression.

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 ANALYSIS OF COMPETITIVE POSITIONS OF INSURANCE COMPANIES IN THE NON-LIFE INSURANCE MARKET IN UKRAINE

2019 ◽  
pp. 88-94
Author(s):  
O. Pakhnenko ◽  
O. Zhuravka ◽  
V. Podhorna ◽  
A. Sukhomlyn
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Motor Vehicle ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Premiums ◽  
Property Insurance ◽  
Financial Condition

The paper explores the practical aspects of forming a competitive environment in the non-life insurance market of Ukraine and analyzes the competitiveness and financial performance of leading insurance companies. Based on the analysis of non-life insurance market concentration indicators, the authors concluded that there is no clear leader in this market, the level of market concentration is negligible. Based on the analysis of non-life insurance market leaders by volume of gross insurance premiums in the whole market and by main types of non-life insurance (CASCO, motor vehicle liability insurance, property insurance, fire and catastrophe risk insurance, CARGO, health insurance) the authors found that the leadership of insurance companies in the market does not mean their leadership in all types of non-life insurance; some insurance companies specialize in certain types of insurance and not being leaders in the insurance market at all occupy leading positions in certain segments of non-life insurance market. In order to provide a general assessment of the competitiveness of individual insurance companies in the non-life insurance market, the following indicators were selected: the volume of gross insurance premiums, gross insurance payments, insurance reserves and the amount of equity. In order to assess the size of market share of an individual insurance company in a more objective way, it is suggested to calculate the average share of the insurance company. The calculations made it possible to identify the leaders of the non-life insurance market in 2018 and to explore the dynamics of changes in their competitive position during 2016-2018. For the three insurance companies that have been identified as the leaders of the Ukrainian market non-life insurance in 2018 (“UNIKA”, “AXA Insurance” and “PZU Ukraine”), the authors analyzed the main indicators of their financial condition, namely the profitability of insurance services, profitability of sales, return on assets, return on equity, overall liquidity, absolute liquidity and autonomy. It was found that all the analyzed insurance companies are profitable, however, among the three leading Ukrainian insurance companies, the most effective in 2018 was the insurance company “PZU Ukraine” and the least profitable – “UNIKA”. Keywords: competitiveness, insurance company, market concentration, market share, competition.

scholarly journals MEASURES TO IMPROVE LIFE INSURANCE PROFITABILITY IN INDIA

2021 ◽  
Vol 5 (2) ◽  
pp. 98-105
Author(s):  
Ramesh Kumar Satuluri ◽  
Raavi Radhika
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Jel Classification ◽  
Insurance Market ◽  
Insurance Companies ◽  
Bottom Line ◽  
Life Insurance Industry ◽  
Policy Measures ◽  
Global Statistics ◽  
Indian Insurance

With ~32 crore policies in-force and over ~11000 branches across locations, Life Insurance Industry in India is the 10th largest across the globe in terms of premium contribution. India's share in Global Life Insurance Market was 2.73% during 2019. The life insurance industry is also one of the largest employers with both direct and indirect employment. Life Insurance penetration in India is at 2.82% and density at 58 USD, which is way below the global statistics. This gives immense opportunity for global players to venture into the Indian insurance market. With a proposal for an FDI hike to 74%, we are expecting many big players to enter the Indian market. However, the attractiveness of the industry not depends solely on the market opportunity but also on the bottom line, which is profitability. Indian Insurance Industry is one of the highly regulated markets across the globe and perceived to be the lowest profit-making insurance market. Hence, the need for the study to improve the profitability of life insurance companies in India through structural and policy measures. JEL Classification Codes: G22, I13, O16, A10, E22, G10.  

scholarly journals Background of insurance service and strategy for particular customer circles

2016 ◽  
Vol 1 (1) ◽  
pp. 30-35
Author(s):  
Maxim Korneyev ◽  
German Stoianov ◽  
Anton Grytsenko
Keyword(s):  
Life Insurance ◽  
Methodological Approach ◽  
Sales Management ◽  
Domestic Market ◽  
Insurance Market ◽  
Insurance Companies ◽  
Market Development ◽  
Insurance Company ◽  
Low Level ◽  
The Relationship

The article is dedicated to the development of services and conditions of cooperation directed to insurance in the premium circle of clients under globalization. The circle of premium customers in addition to their requirements was described. Extended types of insurance are disposed in the article in order to develop the relationship between customer and insurer for most efficient partnership. The main reasons which caused the low level of insurance market development in Ukraine were proposed both with theoretical variety of their decisions. Proposals about methodical necessity of separating life and non-life insurance companies in the domestic market are disposed due to recommendations of the strategical development of insurance company. Methodological approach to the customer attraction procedure is represented for insurance sales management improvement.

scholarly journals A Comparative Study on Different Types of Premiums in Life Insurance Policies

2020 ◽  
Vol 5 (6) ◽  
Author(s):  
Kutub Uddin ◽  
Md. Kaosar Uddin ◽  
Farhad Kadir ◽  
Rabindra Nath Mondal
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Policies ◽  
Random Events ◽  
Different Types ◽  
Premium Rates ◽  
Mortality Table ◽  
Matlab Programming

An insurance system is a mechanism for reducing the adverse financial impact of random events that prevents the fulfillment of reasonable expectations, i.e. Insurance is designed to protect against serious financial reversals that may result from random events intruding on the plans of individuals. The Life Insurance Company calculates the policy price with the intent to recover claims to be paid and administrative costs and to make a profit. The cost of insurance is determined using the Mortality Table calculated by Actuaries. The insurance companies receive premiums from the policy owner and invest them to create a pool of money from which to pay claims and finance the insurance company’s operations. Rates charged for life insurance increase with the insured’s age because statistically people are more likely to die as they get older. In this paper, we have discussed different types of insurance policies including expenses and its impacts on lives. We also discussed the annual premium rates of endowment plans, three-payment plans and six-payment plans. Matlab programming is used to calculate the premium rates.

Improvement of Life Insurance Policyholders’ Protection Corporation with Emphasis on Consistency with the Vietnamese Market

2015 ◽  
pp. 5-27
Author(s):  
Kubo Hideya ◽  
Nga Nguyen
Keyword(s):  
Interest Rates ◽  
Life Insurance ◽  
Information Disclosure ◽  
Large Scale ◽  
Insurance Market ◽  
Insurance Companies ◽  
Financial Resources ◽  
Insurance Company ◽  
Key Points ◽  
In Series

What is needed for the Life Insurance Policyholders’ Protection Fund in Vietnam is to review and improve its system so that it is consistent with any anticipated changes of the insurance market in Vietnam, by taking advantage of the experience of the Life Insurance Policyholders’ Protection Corporation in Japan where large scale bankruptcies have occurred in series. More specifically, the key points are: (i) introducing a scheme where contract transfer is proceeded with even in the event that no savior insurance company steps forward, and placing emphasis on the indemnification of coverage-based insurance products in which the market is expected to grow, (ii) increasing the burden on policyholders of conventional deposit-based products, for example, a reduction of assumed interest rates, in an effort to increase necessary financial resources, (iii) developing professionals who are specialized in evaluating the values of bankrupt insurance companies and (iv) promoting thorough information disclosure and validating the soundness index.

Attribute Priority Arrangement of Cancellations in the Life Insurance Using Rough Set

2018 ◽  
Vol 9 (4) ◽  
pp. 16-43 ◽  
Author(s):  
M.A. Elsafty ◽  
Hamed Mohamed Elkhawaga
Keyword(s):  
Rough Set ◽  
Life Insurance ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Policies ◽  
Rough Model ◽  
The Future

This article presents a method for the rough set which attributes priority arrangement of cancellations in the life insurance. The number of canceled documents on the rise plus they're oscillatory and also the rates of cancellations in constant fluctuation, which requires searching in the problem of cancellations of this document, needs to be investigated in the future. It is obvious that these cancellations negatively affect the result operations of insurance companies. The article identifies the most important variables that affect the rates of cancellations and so as to reach solutions that lead to reducing the number of canceled documents by using the Rough model. The rough model was used to identify the determinants of cancellations in the life insurance of the Egyptian insurance market, so as to reach solutions that lead to reduce the number of canceled policies and find solutions to them. These findings prove that the most important factors that affect the cancellations for insurance policies are policy premiums, insurance period and age of policyholders, respectively.

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.

The Pioneer in American Life Insurance Marketing

1938 ◽  
Vol 12 (5) ◽  
pp. 65-75
Author(s):  
J. Owen Stalson
Keyword(s):  
United States ◽  
Eighteenth Century ◽  
North America ◽  
Life Insurance ◽  
General Public ◽  
Colonial America ◽  
The United States ◽  
Insurance Companies ◽  
Insurance Company ◽  
Fire Insurance

Colonial America gave little thought to life insurance selling. The colonists secured protection against marine risks from private underwriters, first in London, eventually at home. It has been asserted that Philadelphia had no fire insurance until 1752; Boston none before 1795. The first corporations formed in this country for insuring lives were those of the Presbyterian Ministers Fund (1759) and a similar company organized for the benefit of Episcopal ministers (1769). Neither of these corporations offered insurance to the general public. In the last decade of the eighteenth century many insurance companies were formed in the United States. At least five were chartered to underwrite life risks, but only one, The Insurance Company of North America, appears to have accepted any. There is no basis for saying that any of these early companies tried to sell life insurance.

scholarly journals Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro

2018 ◽  
Vol 7 (1) ◽  
pp. 17-42
Author(s):  
Milijana Novović Burić ◽  
Vladimir Kašćelan ◽  
Milivoje Radović ◽  
Ana Lalević Filipović
Keyword(s):  
Risk Management ◽  
Interest Rate ◽  
Life Insurance ◽  
Financial Management ◽  
Financial Stability ◽  
Interest Rate Risk ◽  
Economic Security ◽  
Insurance Market ◽  
Insurance Companies ◽  
Rate Risk

Abstract Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM), as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.

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