 Insurance and Advisory Services
Risk Management and Insurance Solutions
What is Insurance?
Insurance is protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premium to provide this protection. A loss is paid out of the premium collected from the insuring public and the Insurance Companies act as trustees to the amount collected.
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What is the concept of Insurance?
The factors that can affect the cost of insurance include:
1. The likelihood of a loss occurring —the greater the probability a loss will occur the higher the rate. E.g. Floods Insurance in parts of North-east India.
2. Purchase of a large amount of coverage (that is, if the item you are insuring is quite valuable) -- The chances are there could be a large claim and the premium will need to cover that possibility.
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Difference between Assurance and Insurance?
The term insurance refers to providing cover for an event that might happen while assurance is the provision of cover for an event that is certain to happen.
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When and why do I need Insurance?
At most critical life stages… and everybody…
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Will changes in life cycle change my Insurance needs?
1. Yes. It may increase your needs in some areas (more Property Insurance if you are combining house holds).
2. Decrease them in other areas (one of you may be able to receive coverage under the other’s health plan; there could be two vehicles which now need to be insured).
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What should I look for at the time of buying Insurance?
1. Brokers/Agents are there to help you.
2. At the most basic level, any agent should be able to:
- Answers your questions about insurance.
- Provide you with a thorough assessment of your insurance needs.
- Offer you a choice of insurance products to meet those needs.
3. Also, your insurance agency should provide you with prompt, quality service in the case of a claim.
4. Just as important is the level of professional confidence and personal comfort you feel with the agent.
5. Many people stick with the same insurance agent for decades, even generations.
6. It helps to find an agent you can get to know and trust
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What are the benefits of buying Insurance through a Consultant/Advisor?
1. You can buy many insurance products without help from an agent.
2. Typically potential policyholders will be contacted by mail, or they can call a toll-free number to apply for a product.
3. The advantage of this type of distribution system is that expenses are usually much lower because there are no agent commissions to be paid.
4. These savings can be passed onto the consumer through lower premiums.
5. The main disadvantage is that the policyholder does not receive as much, or sometimes any, personal service either when buying a product or filing a claim.
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What services does a Consultant/Advisor provide?
In general an insurance Consultant/Advisor would:
1. Provide pre sales and after sales service to customers
2. Provide relevant information to the underwriters for risk assessment and ascertain the premium
3. Structure product and design covers that meet the specific requirements of customers
4. Recommend risk improvement and loss minimization measures
5. Provide a collection of Premiums
6. Provide risk management and insurance education.
What is underwriting?
Underwriting of a risk involves the consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so, at what rate of premium.
What is Reinsurance?
Insurance companies practice the fundamental principle of spreading their risk too. Further reinsuring the risks that the insurance company has insured does this.
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What services we provide in General Insurance?
We proide the following services as General Insurance Consultant/Advisor:
- We ensure complete understanding your corporate / personal risk profile,
- A thorough risk inspection,
- We present correct underwriting information to insurers,
- We obtain comprehensive premium rates,
- We coordinate the payment of premium,
- We advice on correct terms of cover,
- We develop pragmatic risk management philosophy,
- We maintain claim records,
- We assist settlement of claims,
- We maintain detailed knowledge of insurance markets.
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What services we provide in Life Insurance?
We provide the following services as Life Insurance Consultant/Advisor:
- We assess & understand the insurance, taxation, & saving related needs,
- We identify & analyze the products being offered by various insurers,
- We collect and collate details required by insurers,
- We solicit & compare quotations provided by the chosen insurers,
- We help negotiate & fine tune the quotations,
- we render advice on selecting the investment option from time to time,
- We make presentations involving insurers,
- We maintain records of policies,
- We help in claim settlement, annual accruals, & premium contributions,
- We help coordinate medical tests and other related needs.
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What is risk management?
To plan for your future risk beforehand is risk management.
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What are the different types of solutions available with an insurance company?
Life Solutions
General Solutions
Retirement Solutions
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What are the needs fulfilled by the insurance policies?
Your personal needs, business needs, travel needs, health needs and rural needs are fulfilled by insurance policies.
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What are the features of Life solutions?
A life solution protects your life against unexpected risks and safeguards your financial needs in case of accidents or medical problems.
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What is accident covers?
In case of your accident the insurance policy help you protect against unexpected financial needs arising out of medical problem and in case of death in accidents it takes care of your family’s financial needs.
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What are the different types of losses covered in insurance policies?
Loss due to personal medical problem , accidents or death, loss due to fire, loss due to damage to your asset like your damage to vehicle / machine / motor ,burglary / fire at home or factory , loss on travel to your own country or loss on traveling abroad.
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What are the natural calamities / manual risks covered in insurance policies?
Natural calamities like Lightening, Explosion / Implosion, Riots, Strike, Terrorism, Accidental fire are covered in insurance
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What is an all risk policy?
A wide range of risks are covered in all risk policy. Your material damage, business losses, loss due to business interruption, machinery breakdown, accidental physical loss or damage to your goods; all can get insured in All Risk Policy
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What is a Key man insurance policy?
The Keyman is the key employee or a partner or associate or investor to your business
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What is Group Term Cover?
In group term cover you can insure the group of employees together under one scheme.
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What is Group Gratuity and Group superannuation scheme?
The group gratuity scheme and group superannuation scheme are the statutory liabilities of the employer. The employer can invest funds for the benefits of number of employees of his company through Group Gratuity and Group superannuation scheme.
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What is Marine Insurance?
Insurance for import, export and inland transit can be availed through Marine Insurance. The insurance can be taken after getting the cargo, packing, conveyance type and distance of travel checked. If you have any damage to your item during transportation on ship, you can claim for your damage.
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What is Engineering Insurance?
Protection against the risks associated with erection of a power house, risks during quality testing, commissioning of machinery, products, plant and equipment during manufacturing of items or machinery in a factory complex or a plant or power house are included under the Engineering Insurance.
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What is Liability insurance?
In liability insurance Public liabilities, Professional liabilities, Industrial and non-industrial liabilities are insured for an individual.
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What travel risks are covered in insurance policies?
Travel risks involve theft or loss of passport, loss of baggage/ valuables/ document, hijack, personal accidents, and financial emergency or medical problem on travel or on board, all these risks are covered in travel insurance policy.
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What is mediclaim and Group mediclaim policy?
Mediclaim is a policy towards risk free health .Group Mediclaim is a Mediclaim policy where benefit to a group of people taking up mediclaim is provided by giving group discounts
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What is Overseas Mediclaim Policy OMP?
Overseas Mediclaim Policy OMP is for safety of health on traveling abroad.
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What is the Deferred Pension scheme?
Deferred Pension plan helps you to start investing small amount of money at an early age and get a lump sum on retirement to be invested towards pension schemes
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What is Immediate Pension scheme?
Immediate pension plan offers a scheme to get pension after investing a huge sum of corpse towards getting pension immediately.
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What are covered in rural insurance policies?
Other then the life solutions, retirement solutions and general solutions, insurance for tractor, crops, and agriculture can be procured in rural insurance policies.
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