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Recent advances in information technology are changing the insurance business. Some of the changes are hidden away in the back office, invisible to the public. But dramatic changes are coming in the most visible part of insurance, its sales or distribution function. The technological advances place in the hands of insurance companies and agents the tools to bring new savings and better service to consumers. That opens the door to rapid shifts in the winners and losers in this highly competitive business. These developments challenge state insurance regulation as much as they challenge insurance management. State regulation is based on small geographical jurisdictions. Insurance regulation is based on old definitions of the financial service being regulated. Information technology leads to the breaking down of familiar limitations, geographical and functional. It is beginning to do so already. The aspect of insurance regulation likely to be hit first by todays and tomorrows technological change is the licensing of insurance agents. It is perhaps the oldest kind of insurance regulation. If it is not modernized quickly, it will become a needless impediment to the implementation of the new technologies. It will not for long stand against changes so profound. But even a brief delay will harm the public and, ironically, the segments of the insurance industry it is presumed to be protecting. This report describes what is going on today in the intersecting areas of information technology and agent licensing and the unfortunate consequences for the public, the industry and the regulatory agencies of applying to an emerging twenty first century business a regulatory structure carried forward nearly intact from the nineteenth.
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Understand the basis of classification of insurance business and types of insurance products. Understand the basis of classification of insurers how they can be incorporated. Understand the functions performed by insurance companies,
departments in an insurance company. Impact of Globalization on insurance and risk management business. Role of Government in regulating insurance sector and areas of regulation regarding investment of premiums. Familiarized with the legislations and enactments related to insurance business in India.
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There was one-on-one correspondence between the adrema plates and premium master cards. With the advent of the micro processors, the addressograph machines along with the adrema plates and the unit record machines along with the premium master cards became redundant and went out of use. Both were replaced by a new kind of record called Policy Master for each policy, integrating both adrema plate and the premium master cards. Apart from the ease with which servicing of the policies could be rendered through micro processor operations, the speed with which the same can be undertaken. The speed was necessary because of the tremendous increase in the volume of the new business and much larger increase in the number of service operations.
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There is a variety of insurance technologies available in the market. The hardware and the insurance software should be chosen depending on the business necessities of the insurance agencies. Different insurance management systems and comparative rating systems enable the firms to generate more revenues by decreasing the span of output and input procedures. Insurance technologies have made insurance services mobile with the availability of smart phones and such devices. Insurance companies use these devices to provide faster services like view policies, obtain quotes, and report claims through live chat application. Such improvements would have been impossible if there were no insurance technologies available within the industry.
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offices convenient to them in the cities. Now, many of the cities with MAN are connected by WAN, which enables policyholders to pay premium anywhere in the country. E-mail connections have been established in many of the offices and internet connections has been given to all the divisional offices, all department in all the zonal offices and central offices. A website {www.licinda.com} was set up to give information on the Internet about the organization, products, service. The web pages has been made interactive with the features like online Premium Calculation, On-line Bonus Calculation, On-line Forms etc. The site includes features on Frequently Asked Questions by Non Resident Indians. The corporation has also set up interactive touch screen based multimedia Kiosks in prime location in the metros and major cities for dissemination of information on the product and services. The corporation has plans to redesign these kiosks to provide policy details and accept premium payments. All these applications have definitely brought a great amount of satisfaction to policyholders. The steps taken by LIC of India during the past 5 to 6 years are an indication of the importance role that information technology can play in ensuring a very high quality in the serving operations of a life insurance company. Several private life insurance companies are also utilizing the latest technology available including creating their own web sites. A few private web sites like Bima online also have been established Technology is the most important tool in another very important area of life insurance functions. It is valuation. The process by which the values of various polices of insurance existing at a point of time are obtained is called valuation of liabilities of an insurer was small, policy values used to be calculated for individuals policies. But when the number of policies runs into several lakh or crore, as a present it is extremely inconvenient to calculate the value of each contract separately. Methods have, therefore, been devised to collect data for each plan of insurance in a form suitable for valuation in groups having some common characteristic like age, duration or term to run to maturity and like. Grouping is done only if there is sufficient number of policies to make the group of a reasonable size. For a sufficient large life insurance organization, this work is possible
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only through application of technology. It is a legal requirement today in our country for a life insurance company to conduct an actuarial valuation every year. This adds to importance of IT application. With increasing complexity of products both life insurance and pension entering the market, the field force, especially the agents needs a large support from the company represent. While discussing life insurance program with potential customers, agents need sophisticated information including benefits, comparisons, , needs and matching products , rates and impact on the customers budget , returns, etc,. Like in Japan, life insurance companies in India may also supply Palm Tops to their sales force. This will be possible only through extension of concepts of information technology. Market research is another area where information technology has a great role to play. Todays, the customer has become the center around the entire market revolves. The world is fast moving towards market driven economy. Organizations, which were merely based on sales concept, are eagerly aiming to convert themselves into marketing organizations. Life insurance companies which primarily deal with the financial needs of the people cannot ignore these realities. The life insurance has become very dynamic. The needs, aspirations, attitudes, buying behaviors, standards and quality of life are changing. The perceptions of what constitutes standards and quality of life are changing. The perceptions of what constitutes standard of life is also undergoing a metamorphosis. Different types of product are the need hour. The demand is more for flexible rather than packaged products especially in the service market. To certain its share and to improve it, there is no alternative for any life insurance company than to have a continuous market research. The company should know the demographic changes taking place in the society. They should know what is selling and where. They should know the pace of sales on the day to day basis. They should not only know the emerging customer profile but also the size of the market. All these need a scientific market survey and research either done in house or outsourced. A typical market survey report is appended which shows the enormity of the job. Without the support of technology, this will be an impossible task for the company.
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The emerging areas of IT applications are: (1) Market Research (2) Consumers targeting and segmentation (3) Customizations of products (4) Easy procedures like premium payments, claims settlements, tracking of brokers and agents (5) Complaints management! grievance handling (6) Intermediary analysis Finance Information technology can be effectively used for internal management viz. Accounting, treasury management, financial performance reporting etc. and as well as in resource mobilization, portfolio management, investment planning etc.
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The main challenge for any health companys website would be bringing all sections of people to view their site. They should show some positive incentives to bring customers to their websites. Online services have own advantages like accessibility of information 24/7, visualization of information, providing interactive plan finder tools, adding useful links to the websites, live chat technologies etc. An online activity helps to give necessary knowledge to consumers, which is very positive, because it implies that when people learn more they establish a deeper relationship and a broader dialogue with the carrier. Agents and brokers also enjoy the efficiencies that come with writing new businesses and servicing their customers on websites. About 55% to 60% of customers take booklets electronically. In order to enable efficient online self-service functions, companies typically have to update their legacy systems. Despite the current limits to online self-service, as the Internet continues to gain acceptance, customers probably will become more open for using it as a conduit for insurance services. In the past year, the portion of insurers offering customers service websites has been growing dramatically.
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managing by profit levels with an integrated approach rather than by limiting losses. Data mining can be used as a means to control costs and increase revenue resulting in enormous earning for effective users. c) Decision Support Systems:The path of business applications of computers, computer based information systems (CBIS), encompasses many stages including the very early applications like transactions processing systems (TPS) followed by the management information systems (MIS). The computer applications like decision support systems (DSS), expert systems (ES) and executive information systems (EIS) are still awaited in insurance business. Office automation (OAS) happens to be a continuously ongoing, dynamic process for any business. Such decision support systems will provide the insurance managers with a tool for customized products and services that are more in line with what customers want. d) Group Linking Software:Group-linking software enables sharing of information arid partieular1v suits document heavy insurance business. Tracking of policy application shows how information that is input and accessed from a number of locations can increase efficiency. e) Imaging and Workflow Technologies:The proposal forms may be scanned into an imaging system. Data may be extracted for update to computer and for automated underwriting workflow may be implemented. Mapping Insurers to meet different needs, such as identifying loss prone areas or geographic claim analysis, can use Mapping technology. It helps the insurer to analyse the extent of its network i.e. the insurer can determine whether it has too many or too few agency force in a particular area.
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f) Call Centre Technology:Good customer service is a crucial element for gaining, maintaining and retaining profitable customers. Call centre concept based on interactive voice response services (IVRS) is gaining importance in this aspect. Video Linking A video linking facility between two remote units of an insurance company or between an insurer and a broker allows underwriters at one place and brokers at other unit to discuss risk inherent in a proposal face to face. g) Cat Models:Catastrophic models use data from the recent natural disasters that helps develop more predictions of insurers property exposures in future disasters. Using this data curious what-if scenarios of probable maximum loss (PML) using the best estimate available at an insurers exposures are tested. Finally an underwriting policy that limits the companys exposure to catastrophic losses is implemented. Intranet is the network connecting different offices of the same business to permit the internal data within the business. Extranet is a network allowing the business to communicate with business partners like suppliers, vendors, banners, regulations etc. on the electronic channel. Internet is a global network of many computer networks. Any user, who would like to exchange some information with other user at a remote location, can log into the computer of Internet provider via modem or an Internet access CPU (IAC). The Internet and online service providers are providing opportunities to create new forums that can be utilized by everyone worldwide. Insurers can browse through many useful sites on the Internet.
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c) Behavior from ongoing transactional data:Characterizing claim activity involves the summarization of all transactional data (e.g. payments or medical service details). This summarization must not lose key aspects of activity.
d) Complex pattern in data:Identifying which claims are most suspicious requires a comprehensive analysis of many different features characterizing the claim and its activity. A detection system must be able recognize those patterns of behavior most indicative of fraud.
e) Limited examples of confirmed fraudulent claims:In many cases, only a small number of known examples of fraud may exist in the historical data. One must be able to handle such situations when developing the detection system.
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f) Prioritization of suspects:In order to match work level to staffing constraints, which may be different for different customers and may vary over time, a detection system must allow for prioritization of suspects. Scoring models provide a rank ordering of all suspects so that attention can be focused on those deemed most suspicious.
g) Effective use of detection results:In order to effectively use the detection systems results, explanations for what makes a claim look suspicious should be provided, strategies for effective workflow assignment should be determined (e.g., match resources with suspects that are most beneficial to review) and tools to review the results should be available (these may already exist).
h) System Maintenance:The system performance must not deteriorate due to changing patterns of activity overtime. Because neural network models are built from data and automatically learn complex patterns within the data, they can be efficiently redeveloped. Indeed, as more examples of abuse become known, model performance can be expected to improve over time
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a) Intellectual property infringements:Content providers who use content of others without permission can trigger these risks. Errors and Omissions liability: these risks are typically triggered by the programmers, web hosts & web-designers, who, through negligence in their work cause injury/damage to a third party. b) Personal injury & advertising Liability:As e-commerce grows, these risks can be triggered by worldwide web sites, and trade publishers who publish illegal content or content which may be constructed as libel. c) Directors liability:Directors and officers often face the risk of litigation due to numbers of factors, such as consumer protection laws, securities related laws, and certain provisions in the corporate laws that place additional responsibilities on directors. d) Employee liability:These risks would arise from the breach of confidentiality and rights of privacy arising out of confidential client information stored on a particular system or website. In addition, employee can initiate sexual harassment charges from an employee due to disturbing e-mail content. e) Legal fees:Fees incurred for litigation arising out of various claims, such as intellectual property. Many businesses on the internet mistakenly think their internet- related exposures are covered by their existing policies.
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b) Buy & sell of policy:If the insurer has an intranet, the agent can, sitting at his place of work, be attending the insurers office, making enquiries about status of proposals or claims or discussing with any other agent, for clarification or advice, whenever he wants to do it. The physical distance between the agent & the office will not be of any consequences at all.
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BENEFITS TO AGENTS:
The benefits to agents will be:-
He can receive all circulars & instructions issued by any office. All delays on account of postal transmission, being forwarded from one level to another, dispatch department absence of peons, wrong addresses, misplaced through oversight, lost in transit etc., are avoided.
Any doubts with regard to proposal, benefit, premium, taxation, medical examination, insurability etc., can be discussed & got clarified directly from the person concerned. Communications to & from the office will be immediate through e-mail & at a low cost.
BENEFITS TO POLICYHOLDERS:
l) Prospects: Prospects can get benefit through the internet in the following waysThey can get details of the various policies, the benefits there under, the premiums payable etc.,
Prospects can get advice on the suitable insurance plan for themselves.
Policyholders can get information with regard to the status of the policy, the premiums due, the bonuses attached, the surrender values or loans available, revival possibilities, nearest office for any further transactions.
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exponential growth in the near future. The Gartner Group in a study conducted by them says that in a year 25% of all customer contacts and enquiries for enterprises will come via the internet, e-mail and online forms. Banc assurance customer service, which has been almost exclusively done via the telephone (96% of all transactions), will become increasingly e-mail based in the next four years; decreasing telephone related service by 28%. In response to these trends in customer preference, insurers are mobilizing their online sales and customer account management capabilities. This move towards building Internet based business solutions benefits the insured by providing greater flexibility, greater customization of information and improved customer service for the insurance company. This drastically reduces the costs involved. Similarly, by essentially outsourcing administrative and cost intensive processes such as policy administration to customers, the cost of administration and servicing the insurance policy also decreases sharply. E-Insurance in India The intriguing question before all associated with the insurance industry is that will it be possible for private companies or even public sector monoliths to sell insurance online in India in the near future? Insurance companies will probably have to wait for Internet penetration to increase and the still ambiguous ecommerce rules to take concrete form. However, what is not debatable is that new private entrants will change the rules of the game for the Indian insurance business, both in the life and the non- life segment, unfolding opportunities for software engineers and professional agents. To peep into the possibilities and opportunities emerging out of the integration of insurance and information technology, various organizations have organized seminars and conferences in the recent past to explore the possibilities of selling insurance on the Net and gauge the opportunities for the growing Indian software industry. According to T. Ramanan of Assocham, life insurers were among the first to go online with informative content and features like actuarial calculators. However, according to him, they have been relatively slow to embrace online commerce, which currently makes up about 1 per cent of the total term life market. Only 12 per cent of insurance companies globally sell policies online. Experts expect the percentage of term life sold over the
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Internet to increase from I per cent to 15 per cent by 2003, which in monetary terms works out to $21 billion. Although traditionally term life insurance has been sold through independent agents, the big shift will become manifest sooner than later. And more importantly Indians cannot watch from the sidelines as this paradigm shift in the insurance sector takes place. In the non-life sector, automobile policies are popular over the Internet. Premium income, points out the paper, is expected to rise to $18 billion from about $1 billion currently. The growth of global online insurance business augurs well for the Indian IT sector. The exponential growth in the online insurance business will unfold significant business opportunities for software companies/consultants. The opportunities that rise out of this will be both global and local, because new entrants will have to either fine tune or prepare customized packages for the Indian market. Online insurance will also help companies reduce costs and keep premiums low, a prerequisite in a price sensitive market like India. The government, however, will have to address problems relating to bandwidth on an urgent basis to make online insurance a reality in India. Other major challenges to face Indian insurers will be to design and develop strategies for delivering services to well segmented customers. The third challenge lies in developing the right combination of customer segments and applicable distribution channel strategies. Most Web sites offer contact numbers of their branch officers where we can get further details of the products on offer. The Agent locator feature, available on maxnewyorklife.com, iciciprulife.com and on bimaonline.com help one locate an insurance agent most accessible to you based on a search facility. One would expect downloadable proposal forms on insurance web sites, but these are missing in most cases. Only Iicindia.com seems to offer downloadable proposal and claim forms for a few of the schemes.
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b) Competition pressures:Insurance companies because of competitive pressures would be driven into Internet rather than a clear ROT justification.
c) Customer:The availability of net-based services will be a huge factor for customer retention.
d) Cross sells:When linked with other financial products, a portfolio approach to investment, savings and risk coverage will increase cross sells and customer loyalty and retention.
e) Costs:In the beginning c-insurance will be a cost factor rather than a profit driver, but in the long run it will be a cost reducing factor.
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I)
Business Challenges
a) Disintermediation increases business:Study has shown that the cost of distribution decreases with the increased value of connection. Products with relatively high fixed costs and low value such as travel, credit or burial insurance are relatively expensive to produce. Customers pay a high price per dollar of coverage for these products. The Internet allows the disintermediation of this relatively high overhead for these low face value products. This means that prices can be lowered and more insurance can be sold by reducing the transaction costs of the exchange.
b) Reorganization of companies-Virtual Companies:Many insurers will be prompted by the opportunities presented by E-commerce to restructure the packaging of insurance services. Insurance companies using ccommerce may re-engineer, outsource, and/or streamline their management functions, or marketing and distribution arms. To more efficiently deliver these services, some insurers will be able to reduce their significant investments in physical facilities and certain personnel. E-commerce will enable independent agency insurers to more easily adapt their distribution mechanism to market competition and expedite their transactions with intermediaries.
c) Insurance customers what do they want:Customers could get better and different service through the Internet. It is possible to obtain quotes from a number of companies. In some cases, the Internet provides rating agencies evaluation of insurers. The Internet and outsourcing can provide additional cost savings to the consumer. Technology can bring the customer closer to the insurance contract, by removing layers of inefficiencies. Consumers will
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also obtain price comparisons for relatively generic contracts, such as life insurance and rates for a standard set of auto insurance coverage for given vehicle and driver characteristics. Consumers also could have access to internal records to see where their claims are in terms of payment, when their next annuity payment is due, and how their mutual fund is performing. This can be done without calling a burdensome voicemail system, being put on hold, or finding a person who can give them the desired information efficiently.
d) The Death of Insurance Agent:One of the reasons why insurers have been slow to use electronic commerce could be the fear of swallowing up the agents business. The Internet does not necessarily imply the death of the agent. Many insurers are examining their agents role in the process and arc also developing direct contacts with the insured through their web presence. Agents could enhance their advisory role to consumers as their paper and money processing functions diminish.
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Technological Challenges
One of the most prominent challenges of e-commerce is security. It is very evident that many users are reluctant to do business on the Internet due to security reasons: a) Database Security:The business database security is utmost important. This has to be monitored by security of the web server and web access. Web Server Security: Security policies should be defined as who is allowed access, nature of the access and who authorizes such access, etc.
b) Password sniffing:Protection against password sniffing is to avoid using plain text user names and reusable passwords.
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c) Network Scanning Programs:Automated tools should be used to scan your network. These tools check for wellknown security related bugs in network programs such as send mail and FTPD.
d) Physical Security:One can ensure physical security by having an alarm system that calls the police, having a key-lock on the computer power supply.
e) Web Access Security:Host based restrictions can be implemented using a firewall to block incoming HTTP connections to a particular web server.
g) Privacy:Privacy is likely to be a growing concern as internet-based communications and commerce increase, Designers and operators of web sites who disregard the privacy of users do so at their own peril.
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4.1 INTRODUCTION
Break free of paper-based processes Insurance companies tell us that they are hindered by slow, paper-based processes. Agents waste time and money shuffling forms, instead of closing business and prospecting for new customers. Back-office burdens, such as rekeying data and handling huge volumes of mail, further increase costs. As a result, customers are put off by frequent poor service, causing them to look for other alternatives or abandon the process altogether. The challenge is to find a way to streamline the application processdriving down costs while helping to drive additional revenues and profitsbut it hasnt been easy. Restricted by system silos and patchwork processes. If your company is like most carriers, you have legacy system silos and patchwork processes for various product lines. This lack of integration creates islands of information, which necessitates extensive manual handling and staff paperwork. The resulting inefficiencies dramatically impact your organizations ability to put the customer first and efficiently meet the needs of policyholders and agents. Applications for new insurance take an hour or more to complete. Customers have to supply the same information repeatedly A seemingly endless stream of paper flows from desk to desk and department to department, often back stepping more than once. Frequent data errors and broken process steps require timetime that costs you money. Studies have shown that paper-based processes are expensiveup to an estimated $150 to print, scan, fax, copy mail, and process each insurance application. In addition, growing regulatory requirements add to the burdens that your headquarters faces, forcing you to update systems and disclosures to remain in
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compliance. All this leads to slower service, unhappy customers, and dissatisfied agents and brokerswho just may decide to take their business elsewhere. Adobe can help remedy the situation. The Adobe solution for insurance application helps you improve service while reducing costs, meeting policyholder needs, and increasing agent loyaltyso you can dose more business. Get faster, more accurate processing The Adobe Intelligent Document Platform accommodates both paper forms and electronic documents, simplifying the collection and sharing of information, and minimizing time-cons tuning back-office tasks. Agents, customers, and call center representatives need to enter data only once. Renewal forms and other documents can be automatically populated, dramatically reducing time-consuming and error-prone re-keying. Adobe Document Services simplify underwriting and risk appraisal by allowing ratings and not to be made right on the form for review by all partieswithout altering the original document. Electronic distribution eliminates postal delays and costs, and improves response times by eliminating back-office handling. Agents and brokers can present intelligent forms to clientsin an offline mode by using the free Adobe Reader. When wet signatures are required, you can print forms out and then easily revert back to an intelligent, automated process while maintaining full integrity of the original form data. Build data validation and calculations into all application processes. Support for extensible Markup Language (XML) and ACORD XML standards helps efficiently integrate this information into your enterprise applications. Adobe Document Services also offer a flexible front end, so you can adapt easily to the latest regulatory policies, to minimize the business disruption and expense of compliance.
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refers the driver to an authorized body shop. Because process claims uses XML it can take information from any claim system and instantly route the assignment to the most appropriate appraiser. After receiving the claim the appraiser downloads is it to an estimating application, writes the estimates, adds digital photos, and sends the package back to the carrier through the process claims browser-based application suite. The ability to utilize XML and web services has established process claims as a market place leader. Not only does the solution streamline claims processes. It also extent and enhances the value of existing legacy system functionality through seamless integration with outside services. And because legacy system can access this new functionality transparently, Training and support costs are minimal. Process claims claims port system focus on areas of material damage to reduce loss-adjustment expenses, increases efficiencies, and improve customer satisfaction, and they are configured to meet the specific business requirements of individual insures. Today, innovators are taking advantage of technologies like this to automate business processes and transform insurance claim processing.
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All ULIPs
Unit linked insurance plans (ULIPs) are a category of goal-based financial solutions that combine the safety of life insurance protection and long term wealth creation opportunities. In ULIPs, a part of the premium goes towards providing you with life cover while the remaining portion is invested in fund(s) which, in turn, are invested in stocks or bonds. Retirement Wealth Child Health
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Term Plans Term insurance is the simplest and most fundamental insurance product available at extremely affordable prices. In this type of a policy, an individual pays a fixed amount of money periodically and in the unfortunate event of death of the policyholder, the entire amount paid, along with some other benefits and interest, is paid back to the deceased's family. ICICI Pru Protect ICICI Pru Pure Protect ICICI Pru Life Guard ICICI Pru Home Assure
Wealth Plans Wealth insurance plans are essentially long term savings plans which are designed to help you save enough for your long term goals, like owning a house or a car etc, along with providing you the benefit of life cover and protection for your family.
ULIP Wealth Plans ICICI Pru Life Stage Wealth II ICICI Pru Pinnacle II ICICI Pru Life Time Premier ICICI Pru Life Link Wealth SP ICICI Pru Pinnacle Super
Traditional Wealth plans ICICI Pru Future Secure ICICI Pru Guaranteed Savings Insurance Plan ICICI Pru Whole Life
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Child Plans Regardless of the rising cost of education in modern times, a parent never compromises on the expenditure that goes into his/her child's bright career. A saving's plan that is designed to provide money at key educational milestones and take care of your loved ones future even if you are not around, is a wise decision to make. In this plan, you pay premium periodically, or in lump sum, and during the key educational milestones of your child, you can withdraw the money partially.
Health Plans predicting unfortunate medical emergencies is difficult. Bearing the expenses of the costly treatment is not at all easy and therefore, ICICI Prudential has come up with health insurance plans that insure you and your family against expenses arising due to medical emergencies and uncertainties such as hospitalizations or onset of critical illnesses.
Hospitalization Plans ICICI Pru Health Saver ICICI Pru Hospital Care II
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Riders ICICI Prudential gives you the freedom to form your very own comprehensive insurance policy by adding the rider benefits to the basic life insurance policy. This increases the scope of your policy, at a nominal cost. Critical Illness Benefit Rider Accident & Disability Benefit Rider Income Benefit Rider Waiver of Premium Rider (WOP) Waiver Of Premium On Critical Illness Rider
Retirement Plans financial independence at all times is important but its importance is the most in the postretirement phase of life. After being self-dependant for a lifetime, the idea of depending upon your children can be quite putting off. Retirement plans from ICICI Prudential Life Insurance, ensure that you have enough flexibility to choose your retirement date and the manner in which you receive the pension.
Traditional Retirement Plans ICICI Pru Forever Life ICICI Pru Immediate Annuity
Group Plans Group Insurance Plans from ICICI Prudential enable the employer to effortlessly provide his/her employees with both, savings and security, so they can pass on the benefits to their loved ones.
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Protection Solution Annuity Solutions Group Term Insurance Plans Group Term in lieu of EDLI Scheme Credit Assure Utility
Rural Plans ICICI Prudential's rural business initiative has covered more than 2.5 million lives across as many as 16 states in India. The plans offer Life cover, low and affordable premiums and hassle free procedure. ICICI Pru Sarv Jana Suraksha ICICI Pru Anmol Nivesh
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Vision
Prudential tech recognizes that human capital is emerging as the biggest asset in recent times. Prudential tech is envisaging specific interest in talent and Learning Management System (LMS) to efficiently administer and manage numerous regulatory training and qualification requirement apart from providing platform for business transformation.
Goals
Identify and train the bright talents, set them up for success by placing them in the best companies. Ignite growth of our clients by providing the best talent and technology expertise.
Clients
We value our clients time and work committed for every assignment. No matter how complex your requirements may be, with prudential tech you can be assured of reliable service and exceptionally qualified candidates.
Our clients include many of the elite privately held IT companies in the world. Our goal is to provide excellent service to clients and candidates through uncompromising quality and commitment on delivery. The fact that a majority of our clients have been with us since our inception is testimony to their trust in us.
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CONCLUSION
The technology in insurance has grown through their performance, restructuring policy and their efficiency in providing the large amount of insurance services with the help of technology as their technology as their tool. The supporting technology require will be real time, rather than batch, longitudinal rather than episodic; will require connectivity rather than be self contained; will be interactive; will rely on large relational databases. Todays consumers do not like to wait. Insurance companies that are enabling to react to their customers demands will lose market share to their competitors that can. The question now facing insurance companies is no longer if they should take advantage of the internet, but now should they do it. Should you adapt your existing products or create internet specific insurance products and brands? Do you focus your efforts on distribution or service? Thus the insurance services without technology will be like tea without sugar. Therefore both need to be integrated in order to provide quality service & also to tap the insurance market.
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BIBLIOGRAPHY
Websites: Insurance & Technology http://www.insurancetech.com Network Magazine India http://www.networkmagazineindia.com Microsoft Corporation http://www.mircosoft.com Adobe Systems Incorporated http://www.adobe.com Wikipedia http://www.wikipedia.com
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QUESTIONAIRE
Name :-
Branch:-
1) Who is head of information technology in your company? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------2) What are the kinds of technology provided to client to get trust on icici prudential? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------3) What are goals of ICICI prudential? ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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5) In which countries headquarter of ICICI prudential located? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------6) How employees increase productivity and performance through information technology? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------7) What is an interactive voice response service? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------8) In which areas information technology applications are used? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------9) What are challenges faced by your company? --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------10) What is E- Insurance?
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