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.

scholarly journals THE MANAGEMENT OF A TRAINING DEVELOPMENT STRATEGIES TO INCREASE THE COMPETITIVE ADVANTAGE OF LIFE LOCAL INSURANCE COMPANIES

2021 ◽  
Vol 2 (4) ◽  
pp. 639-655
Author(s):  
Jazai Tirto Utomo ◽  
Sangkala Ruslan
Keyword(s):  
Competitive Advantage ◽  
Human Resource Development ◽  
Life Insurance ◽  
Employee Development ◽  
Insurance Companies ◽  
Primary Data ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Reference Pattern ◽  
Empirical Generalizations

This study aims to analyze the development of training management for employees and agents as well as a training roadmap model and human resource development in increasing competitive advantage in Local Life Insurance. The paradigm in the implementation of this research uses a qualitative phenomenological paradigm as a reference, pattern and framework that starts from empirical generalizations or empirical generalizations on the growth and development of social reality. ThisXresearchxuses qualitativexmethods with thextype ofXcaseXstudy research. Primary data were obtained from information and factual experiences of informants using structured interviews through In-depth interviews and focus group discussions. The results of the study found that this local life insurance company did not yet have training management and employee development. HRD is not able to formulate employee development patterns. This company needs to conduct a comprehensive evaluation of the occurrence of a vacancy in the management system for employee training and development. The results of the study also show management's neglect when there is a vacancy of the people development function by the company's HRD. Agency Training & Development already owns and implements Agent training management

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 AN EXPLORATORY RESEARCH STUDY OF MARKETING STRATEGIES OF IDBI FEDERAL INSURANCE CO. LTD

2021 ◽  
pp. 478-483
Author(s):  
Himanshi Goyal ◽  
Dr. Navneet Joshi ◽  
Sanjive Saxena
Keyword(s):  
Life Insurance ◽  
Coming Out ◽  
Research Study ◽  
Research Work ◽  
Marketing Strategies ◽  
Insurance Companies ◽  
Primary Data ◽  
Exploratory Research ◽  
Insurance Company ◽  
Insurance Cover

This paper is covers the exploratory research study on the marketing strategies of IDBI Federal Insurance, Company. In the Indian context, Insurance companies are playing a major role in the development of Indian economy. With the entry of many private players in the insurance industry, the competition has risen manifold and hence insurance companies are coming out with innovative marketing strategies to woo the customer. This was the reason for narrowing down the scope of the research work. The present paper is an exploratory research study on the marketing strategy of IDBI Federal Insurance Company. The paper seeks to address the following objectives (a) To determine the marketing strategies of IDBI Federal Life Insurance Co. Ltd (b) To determine the means and mechanism deployed by IDBI Federal Life Insurance Co. Ltd. Applying the marketing mix and to determine the effectiveness of the strategy and (c) to understand the reasons which provide competitive advantage to IDBI Federal Life Insurance Co. Ltd. The paper is developed on the basis of elementary primary and secondary data available in the Internet and other documents and journals. The design of the paper follows a structured approach. The literature review resulted in the generation of the research objectives. The primary data was collected by means of Google Forms and MS Excel was used for data analysis. Descriptive Statistics is used to arrive at the findings and interpretation. The findings indicate that the majority of the people seek insurance cover for the purpose of having risk cover and availing several benefits associated with the life insurance policies. Further, the findings indicate that there is a need to capitalize social media platform for generating awareness to drive the market growth. KEY WORDS: IDBI, Insurance, Marketing, Policies, Strategies

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.

scholarly journals A COMPARATIVE STUDY OF CONVENTIONAL AND SHARIAH LIFE INSURANCE EFFICIENCY USING DATA ENVELOPMENT ANALYSIS

2020 ◽  
Vol 9 ◽  
Author(s):  
Mulia Saputra ◽  
Muhammad Arfan ◽  
Neni Zahara
Keyword(s):  
Data Envelopment Analysis ◽  
Life Insurance ◽  
Value Added ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Data Envelopment ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Purposive Sampling ◽  
Test Input

This study aims to analyze and compare the efficiency between conventional life insurance companies and Islamic life insurance companies in Indonesia over the period of 2014-2018. The sample of this study was taken from 10 conventional life insurance companies and 10 shariah life insurance companies that were selected based on the purposive sampling technique. Measurement of efficiency in this study was conducted using the method of data envelopment analysis (DEA) based on Bankers-Charnes-Cooper (BCC) and Charnes-Cooper-Rhodes (CCR) models of the value-added approach. This was followed by testing the hypothesis using a different Mann-Whitney U-test. Input variables used are assets, capital, general and administrative costs, and commission expenses. Meanwhile, the output variables are premiums and investment income. The results showed that conventional life insurance companies are more efficient than Islamic life insurance companies based on the BCC and CCR models. Furthermore, the results of different tests using the Mann-Whitney U-test showed an insignificant difference in efficiency between conventional life insurance companies and Islamic life insurance companies during the study period. The results of the comparison of the average efficiency value with the DEA method indicated that the efficiency level of a conventional life insurance company was better than a shariah life insurance company.========================================================================================================Studi Perbandingan Efisiensi antara Asuransi Jiwa Konvensional dengan Syariah Menggunakan Data Envelopment Analysis. Penelitian ini bertujuan untuk menganalisis perbandingan efisiensi perusahaan asuransi jiwa konvensional dengan perusahaan asuransi jiwa syariah di indonesia pada periode 2014-2018. Sampel penelitian ini adalah 10 perusahaan asuransi jiwa konvensional dan 10 perusahaan asuransi jiwa syariah yang dipilih berdasarkan teknik purposive sampling. Pengukuran efisiensi dalam penelitian ini menggunakan metode data envelopment analysis (DEA) dengan model BCC dan CCR berdasarkan pendekatan nilai tambah. dilanjutkan dengan melakukan uji hipotesis menggunakan uji beda mann-whitney u-test. Variabel input yang digunakan adalah aset. modal. biaya administrasi dan umum. dan beban komisi. Sedangkan variabel outputnya adalah premi dan pendapatan investasi. Hasil penelitian menunjukkan bahwa perusahaan asuransi jiwa konvensional lebih efisien dibandingkan perusahaan asuransi jiwa syariah berdasarkan pengukuran dengan model BCC maupun model CCR. Selanjutnya hasil uji beda menggunakan uji mann-whitney u- test menunjukkan bahwa tidak terdapat perbedaan efisiensi yang signifikan antara perusahaan asuransi jiwa konvensional dan perusahaan asuransi jiwa syariah selama periode penelitian ini. Hasil perbandingan nilai efisiensi rata-rata dengan metode DEA menunjukkan bahwa tingkat efisiensi perusahaan asuransi jiwa konvensional lebih baik daripada perusahaan asuransi jiwa syariah.

scholarly journals Life insurance company efficiency: best method and proxies

2018 ◽  
Vol 9 (1) ◽  
pp. 6-19 ◽  
Author(s):  
William Wise
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Critical Feature ◽  
Life Insurer ◽  
Financial Outcome ◽  
Do So

Life insurance is a very important segment of the economy of most countries as demonstrated by the investments, premium revenue and numbers employed. Hence, it is paramount to determine accurately how well life insurance companies (LICs) perform and how viable they are for the benefit of both other industries and national economies.Three papers that investigate LIC efficiency directly analyze how efficiency affects LIC profits. One critical feature is that they show that the inefficiency of LICs can greatly affect their (financial) outcome and ultimately their survivorship. Thus, said research clearly indicates that life insurer efficiency is a crucial area to investigate and assess and that it could greatly enhance the ability to properly monitor and inspect the life insurers.This article co-ordinates information regarding life insurance efficiency studies to help researchers learn which approaches, methods and output/input proxies to use. While some papers do so for some of the aspects that are important and necessary for life insurance efficiency studies, this is the first to deal with said aspects together. More specifically, this paper especially considers and evaluates the different methods and output proxies used in life insurance efficiency studies, as they seem to be the elements where the most disagreement exists between researchers. In addition, this article is unique in examining how input (proxy) prices are used in life insurance efficiency studies.

scholarly journals Analisis Pengaruh Direktur dan Komisaris Wanita terhadap Performa Perusahaan Asuransi Jiwa di Indonesia

2019 ◽  
Vol 29 (3) ◽  
pp. 1132
Author(s):  
Arya Kandrasyah ◽  
Graciala Denita ◽  
Dyah Ambar ◽  
Musa Fresno ◽  
Dewi Hanggraeni
Keyword(s):  
Corporate Governance ◽  
Life Insurance ◽  
Quantitative Method ◽  
Research Result ◽  
Least Square ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Multiple Regression Technique ◽  
Female Director

This research aims to determine whether the composition and attributes of female in the company’s board influence the performance of life insurance companies in Indonesia. The method used in this research is quantitative method, with pooled least square multiple regression technique. This research sample consist of 22 life insurance company in Indonesia on the 2014-2018 period. This research result shows that the female composition on the company’s board influences the performance of life insurance companies in Indonesia. While the educational and multi-directorship attributes, as well as corporate governance affect the performance of life insurance companies in Indonesia. Keywords : Performance; Female director; Female commissioner; Corporate Governance; Life Insurance.

scholarly journals A COMPARATIVE STUDY OF CONVENTIONAL AND SHARIAH LIFE INSURANCE EFFICIENCY USING DATA ENVELOPMENT ANALYSIS

2020 ◽  
Vol 9 (2) ◽  
pp. 110
Author(s):  
Mulia Saputra ◽  
Muhammad Arfan ◽  
Neni Zahara
Keyword(s):  
Data Envelopment Analysis ◽  
Life Insurance ◽  
Value Added ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Data Envelopment ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Purposive Sampling ◽  
Test Input

This study aims to analyze and compare the efficiency between conventional life insurance companies and Islamic life insurance companies in Indonesia over the period of 2014-2018. The sample of this study was taken from 10 conventional life insurance companies and 10 shariah life insurance companies that were selected based on the purposive sampling technique. Measurement of efficiency in this study was conducted using the method of data envelopment analysis (DEA) based on Bankers-Charnes-Cooper (BCC) and Charnes-Cooper-Rhodes (CCR) models of the value-added approach. This was followed by testing the hypothesis using a different Mann-Whitney U-test. Input variables used are assets, capital, general and administrative costs, and commission expenses. Meanwhile, the output variables are premiums and investment income. The results showed that conventional life insurance companies are more efficient than Islamic life insurance companies based on the BCC and CCR models. Furthermore, the results of different tests using the Mann-Whitney U-test showed an insignificant difference in efficiency between conventional life insurance companies and Islamic life insurance companies during the study period. The results of the comparison of the average efficiency value with the DEA method indicated that the efficiency level of a conventional life insurance company was better than a shariah life insurance company.========================================================================================================Studi Perbandingan Efisiensi antara Asuransi Jiwa Konvensional dengan Syariah Menggunakan Data Envelopment Analysis. Penelitian ini bertujuan untuk menganalisis perbandingan efisiensi perusahaan asuransi jiwa konvensional dengan perusahaan asuransi jiwa syariah di indonesia pada periode 2014-2018. Sampel penelitian ini adalah 10 perusahaan asuransi jiwa konvensional dan 10 perusahaan asuransi jiwa syariah yang dipilih berdasarkan teknik purposive sampling. Pengukuran efisiensi dalam penelitian ini menggunakan metode data envelopment analysis (DEA) dengan model BCC dan CCR berdasarkan pendekatan nilai tambah. dilanjutkan dengan melakukan uji hipotesis menggunakan uji beda mann-whitney u-test. Variabel input yang digunakan adalah aset. modal. biaya administrasi dan umum. dan beban komisi. Sedangkan variabel outputnya adalah premi dan pendapatan investasi. Hasil penelitian menunjukkan bahwa perusahaan asuransi jiwa konvensional lebih efisien dibandingkan perusahaan asuransi jiwa syariah berdasarkan pengukuran dengan model BCC maupun model CCR. Selanjutnya hasil uji beda menggunakan uji mann-whitney u- test menunjukkan bahwa tidak terdapat perbedaan efisiensi yang signifikan antara perusahaan asuransi jiwa konvensional dan perusahaan asuransi jiwa syariah selama periode penelitian ini. Hasil perbandingan nilai efisiensi rata-rata dengan metode DEA menunjukkan bahwa tingkat efisiensi perusahaan asuransi jiwa konvensional lebih baik daripada perusahaan asuransi jiwa syariah.

scholarly journals ANALYSIS OF THE MAIN INDICATORS OF THE INSURANCE COMPANY’S FINANCIAL STABILITY USING SIMULATION MODELLING

2019 ◽  
Keyword(s):  
Simulation Model ◽  
Life Insurance ◽  
Financial Stability ◽  
Simulation Modelling ◽  
Insurance Companies ◽  
Insurance Fund ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Mathematical Methods ◽  
Financial Condition

The purpose of insurance is to accumulate funds to fulfill obligations to its clients, as well as to invest further in the expansion of insurance activities and the development of the country's economy. The success of insurance companies depends to a large extent on their financial status, that is, financial stability and solvency. The financial condition of an insurance company is characterized by the indicators that describe its ability to develop and successfully operate in a competitive market environment. The stable financial condition of the insurer is a guarantee of development in the conditions of the market economy and an insurance of the stability of the development of the insurance market in the country. The purpose of this research is to assess the financial stability of a non-life insurance company and to analyze the main factors affecting it with the use of computer simulation modelling. The simulation model covers the main processes of the non-life insurance company and is based on the application of financial analysis methods, economic and mathematical methods, and modern simulation technologies. Based on the simulation model, the financial stability of the insurance company is assessed, namely the analysis of the insurance company’s profitability, income, expenses, indicators of profitability; the coefficients of financial stability of the insurance fund and the level of insurance reserves for the analysis of the adequacy of the insurance fund are calculated; the actual and normative solvency margin is calculated for controlling the fulfillment of solvency conditions; the solvency ratio (autonomy) is calculated; the equity ratio is calculated and an analysis of the adequacy of equity is carried out. The developed simulation model can be used to increase the level of planning and analytical reporting, to improve methods of conducting insurance operations, to plan and forecast the activity, and to increase the validity of managerial decisions.

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