SlideShare a Scribd company logo
1 of 10
Download to read offline
© RapidValue Solutions
Basics of Insurance
© RapidValue Solutions 2
In boring terms Insurance is…
Definition of Insurance
“An arrangement by which a company or
the state undertakes to provide a
guarantee of compensation for specified
loss, damage, illness, or death in return
for payment of a specified premium.”
© RapidValue Solutions 3
Lines of business (LoB)
Life Insurance
Non Life Insurance
Health Insurance
Insurer promises to pay a designated beneficiary a
sum of money (the benefit) in exchange for a
premium, upon the death of an insured person
Provide payments depending on the loss from a particular
financial event. General insurance is typically defined as any
insurance that is not determined to be life insurance
Type of insurance coverage that pays for medical
and surgical expenses that are incurred by the
insured
© RapidValue Solutions 4
Insurance line of business
Auto/Motor Insurance
Property Insurance
Pecuniary loss
Freight
Genera liability
Non-life insurance
Whole life
Term life
Endowment
Annuity
Investment linked
Life insurance
Accumulate wealth. Regular premiums pay insurance costs and
contribute to equity growth in a savings account where dividends or
interest is allowed to build-up tax-deferred
Provides coverage at a fixed rate of payments for a limited period of
time, the relevant term
Designed to pay a lump sum after a specific term (on its 'maturity')
or on death
Save money for retirement. Premiums earn interest, generally tax-
deferred, and after a period of time, provide with a stream of
income
Unit Linked Insurance Plan (ULIP) unlike a pure insurance policy,
gives investors both insurance and investment under a single
integrated plan
Marine, Aviation & Transport
Other non-life
Protect the general public from any accident that might take place on
the road
Coverage for monetary loss due to a wide range of factors from
external and internal influences
Provides financial reimbursement to the owner or renter of a structure
and its contents, in the event of damage or theft
Indemnifying the policyholder against loss of the freight money if the
ship-owner cannot complete his contract of carriage because of
unavoidable peril
Protects the purchaser (the "insured") from the risks of liabilities
imposed by lawsuits and similar claims, within the coverage of the
insurance policy
Covers the loss or damage of ships, aviation, cargo, terminals, and any
transport or cargo by which property is transferred, acquired, or held
between the points of origin and final destination
© RapidValue Solutions 5
Sales channels
Agents
Brokers &
advisors
Bancassurance
Direct sales
staffs
Internet
Registered agent for one or more insurers. Gets paid
through commission from Insurers
They act on their clients' behalf to negotiate and obtain the
most appropriate insurance covers at competitive premium
rates from their insurers, exercising care and skill in doing so
Selling of insurance products and services by banking
institutions
Selling by the direct staffs of insurance companies
Selling through digital/mobile channels
Channel Description Commission
From Insurer
From Insurance
advise seeker/
Insurer
From Insurer
Salary from
Insurer
IntermediariesDirect
39.4%
30.7%
29.1%
29.2%
31.1%
28.9%
© RapidValue Solutions 6
Customer purchase process
Underwriting
© RapidValue Solutions 7
Insurance claims process
© RapidValue Solutions 8
Insurance will have major digital transformation
000
© RapidValue Solutions 9
Key terms to know
• Insurer: A person or company that accepts the risk of loss and compensates the
insured in the event of loss in exchange for a premium or payment. This is usually an
insurance company
• Insured: The person or company transferring the risk of loss to a third party through a
contractual agreement (insurance policy). This is the person or entity who will be
compensated for loss by an insurer under the terms of the insurance contract
• Insurance Rider/Endorsement: An attachment to an insurance policy that alters the
policy's coverage or terms
• Bound: Once the insurance has been accepted and is in place, it is called "bound".
The process of being bound is called the binding process
• Reinsurance: Insurance that is purchased by an insurance company from one or more
other insurance companies as a means of risk management or sometimes tax
mitigation
© RapidValue Solutions
About RapidValue
RapidValue is a leading provider of end-to-end mobility, omni-channel and cloud solutions to
enterprises worldwide. Armed with a large team of experts in consulting, UX design, application
engineering, testing, along with experience delivering global projects, we offer a range of services
across various industry verticals. RapidValue delivers its services to the world’s top brands and
Fortune 1000 companies, and has offices in the United States and India.
www.rapidvaluesolutions.com www.rapidvaluesolutions.com/blog
+1 877-643-1850 contactus@rapidvaluesolutions.com
This document contains information that is confidential and proprietary to RapidValue Solutions Inc. No part of it may be used, circulated, quoted, or reproduced for distribution outside RapidValue.
If you are not the intended recipient of this report, you are hereby notified that the use, circulation, quoting, or reproducing of this report is strictly prohibited and may be unlawful.
Disclaimer:
10

More Related Content

What's hot

Chapter 4: INSURANCE COMPANY OPERATIONS
Chapter 4: INSURANCE COMPANY OPERATIONSChapter 4: INSURANCE COMPANY OPERATIONS
Chapter 4: INSURANCE COMPANY OPERATIONSMarya Sholevar
 
Compulsory insurance
Compulsory insuranceCompulsory insurance
Compulsory insuranceSegun Collins
 
What is insurance?
What is insurance?What is insurance?
What is insurance?Keroy King
 
Insurance considerations, perils and pitfalls
Insurance considerations, perils and pitfallsInsurance considerations, perils and pitfalls
Insurance considerations, perils and pitfallswalescva
 
risk management seminar by Insource Help
risk management seminar by Insource Helprisk management seminar by Insource Help
risk management seminar by Insource HelpInsource Help
 
What's wrap up insurance and do i need it
What's wrap up insurance and do i need it What's wrap up insurance and do i need it
What's wrap up insurance and do i need it FernandoCourts
 
Insurance Presentation
Insurance PresentationInsurance Presentation
Insurance Presentationmbachnak
 
Bst project insurance
Bst project  insurance Bst project  insurance
Bst project insurance PIYUSHD6
 
Insurance intermediaries
Insurance intermediariesInsurance intermediaries
Insurance intermediariesPadmini M
 
Liability Insurance: An Indian Perspective
Liability Insurance: An Indian PerspectiveLiability Insurance: An Indian Perspective
Liability Insurance: An Indian PerspectiveAbhizar Bootwala
 
2007 20 nature and_importance_insurance
2007 20 nature and_importance_insurance2007 20 nature and_importance_insurance
2007 20 nature and_importance_insuranceCarol Peters
 
principles of insurance
principles of insuranceprinciples of insurance
principles of insuranceQue Tomeyz
 
The role of insurance intermediaries
The role of insurance intermediariesThe role of insurance intermediaries
The role of insurance intermediariesRADHIKA GUPTA
 

What's hot (20)

Chapter 4: INSURANCE COMPANY OPERATIONS
Chapter 4: INSURANCE COMPANY OPERATIONSChapter 4: INSURANCE COMPANY OPERATIONS
Chapter 4: INSURANCE COMPANY OPERATIONS
 
Compulsory insurance
Compulsory insuranceCompulsory insurance
Compulsory insurance
 
What is insurance?
What is insurance?What is insurance?
What is insurance?
 
Insurance considerations, perils and pitfalls
Insurance considerations, perils and pitfallsInsurance considerations, perils and pitfalls
Insurance considerations, perils and pitfalls
 
risk management seminar by Insource Help
risk management seminar by Insource Helprisk management seminar by Insource Help
risk management seminar by Insource Help
 
What's wrap up insurance and do i need it
What's wrap up insurance and do i need it What's wrap up insurance and do i need it
What's wrap up insurance and do i need it
 
Insurance
InsuranceInsurance
Insurance
 
General Insurance
General InsuranceGeneral Insurance
General Insurance
 
Insurance Presentation
Insurance PresentationInsurance Presentation
Insurance Presentation
 
Bst project insurance
Bst project  insurance Bst project  insurance
Bst project insurance
 
Insurance course 101
Insurance course 101Insurance course 101
Insurance course 101
 
Insurance | Finance
Insurance | FinanceInsurance | Finance
Insurance | Finance
 
Insurance Basics
Insurance Basics Insurance Basics
Insurance Basics
 
Insurance intermediaries
Insurance intermediariesInsurance intermediaries
Insurance intermediaries
 
Chapter 5 risk financing
Chapter 5 risk financingChapter 5 risk financing
Chapter 5 risk financing
 
Liability Insurance: An Indian Perspective
Liability Insurance: An Indian PerspectiveLiability Insurance: An Indian Perspective
Liability Insurance: An Indian Perspective
 
2007 20 nature and_importance_insurance
2007 20 nature and_importance_insurance2007 20 nature and_importance_insurance
2007 20 nature and_importance_insurance
 
principles of insurance
principles of insuranceprinciples of insurance
principles of insurance
 
The role of insurance intermediaries
The role of insurance intermediariesThe role of insurance intermediaries
The role of insurance intermediaries
 
Insurance..ppt
Insurance..pptInsurance..ppt
Insurance..ppt
 

Viewers also liked

Happiness - Secret Key to Productivity by Melvin Thambi RapidValue solutions
Happiness - Secret Key to Productivity by Melvin Thambi  RapidValue solutionsHappiness - Secret Key to Productivity by Melvin Thambi  RapidValue solutions
Happiness - Secret Key to Productivity by Melvin Thambi RapidValue solutionsRapidValue
 
Virtual reality in e learning – redefining the learning experience
Virtual reality in e learning – redefining the learning experienceVirtual reality in e learning – redefining the learning experience
Virtual reality in e learning – redefining the learning experienceRapidValue
 
Retail Mobility Statistics by RapidValue Solutions
Retail Mobility Statistics by RapidValue SolutionsRetail Mobility Statistics by RapidValue Solutions
Retail Mobility Statistics by RapidValue SolutionsRapidValue
 
Android Cheatsheet by RapidValue Solutions
Android Cheatsheet by RapidValue SolutionsAndroid Cheatsheet by RapidValue Solutions
Android Cheatsheet by RapidValue SolutionsRapidValue
 
Approach to Unified Mobile Application Implementation for Multisystem Integra...
Approach to Unified Mobile Application Implementation for Multisystem Integra...Approach to Unified Mobile Application Implementation for Multisystem Integra...
Approach to Unified Mobile Application Implementation for Multisystem Integra...RapidValue
 
Meet The Vector Superhero - Seminar on Adobe Illustrator by RapidValue Solutions
Meet The Vector Superhero - Seminar on Adobe Illustrator by RapidValue SolutionsMeet The Vector Superhero - Seminar on Adobe Illustrator by RapidValue Solutions
Meet The Vector Superhero - Seminar on Adobe Illustrator by RapidValue SolutionsRapidValue
 

Viewers also liked (6)

Happiness - Secret Key to Productivity by Melvin Thambi RapidValue solutions
Happiness - Secret Key to Productivity by Melvin Thambi  RapidValue solutionsHappiness - Secret Key to Productivity by Melvin Thambi  RapidValue solutions
Happiness - Secret Key to Productivity by Melvin Thambi RapidValue solutions
 
Virtual reality in e learning – redefining the learning experience
Virtual reality in e learning – redefining the learning experienceVirtual reality in e learning – redefining the learning experience
Virtual reality in e learning – redefining the learning experience
 
Retail Mobility Statistics by RapidValue Solutions
Retail Mobility Statistics by RapidValue SolutionsRetail Mobility Statistics by RapidValue Solutions
Retail Mobility Statistics by RapidValue Solutions
 
Android Cheatsheet by RapidValue Solutions
Android Cheatsheet by RapidValue SolutionsAndroid Cheatsheet by RapidValue Solutions
Android Cheatsheet by RapidValue Solutions
 
Approach to Unified Mobile Application Implementation for Multisystem Integra...
Approach to Unified Mobile Application Implementation for Multisystem Integra...Approach to Unified Mobile Application Implementation for Multisystem Integra...
Approach to Unified Mobile Application Implementation for Multisystem Integra...
 
Meet The Vector Superhero - Seminar on Adobe Illustrator by RapidValue Solutions
Meet The Vector Superhero - Seminar on Adobe Illustrator by RapidValue SolutionsMeet The Vector Superhero - Seminar on Adobe Illustrator by RapidValue Solutions
Meet The Vector Superhero - Seminar on Adobe Illustrator by RapidValue Solutions
 

Similar to Basics of Insurance by RapidValue Solutions

Glossary of insurance_terms a-z
Glossary of insurance_terms a-zGlossary of insurance_terms a-z
Glossary of insurance_terms a-zRohit Gupta
 
Types of Insurance gives detail of insurance
Types of Insurance gives detail of insuranceTypes of Insurance gives detail of insurance
Types of Insurance gives detail of insuranceDrBabarAliKhan
 
Types of Insurance gives detail of insurance
Types of Insurance gives detail of insuranceTypes of Insurance gives detail of insurance
Types of Insurance gives detail of insuranceDrBabarAliKhan
 
Presentation RMI420 Amro & Hajar.pptx
Presentation RMI420 Amro & Hajar.pptxPresentation RMI420 Amro & Hajar.pptx
Presentation RMI420 Amro & Hajar.pptxHajarManasrah
 
Insurance (Litty Sylus).pptx
Insurance (Litty Sylus).pptxInsurance (Litty Sylus).pptx
Insurance (Litty Sylus).pptxLitty Sylus
 
Risk Management Presentation 2010.pptx
Risk Management Presentation 2010.pptxRisk Management Presentation 2010.pptx
Risk Management Presentation 2010.pptxKristinMarinelli
 
Infina - Corporate Profile
Infina - Corporate ProfileInfina - Corporate Profile
Infina - Corporate ProfileMihas Setalvad
 
IPR Case Study- by GlobalInsure
IPR Case Study- by GlobalInsureIPR Case Study- by GlobalInsure
IPR Case Study- by GlobalInsureglobalinsure
 
Non LiFe InSurAncE/GeNeRal InsuRanCe
Non LiFe InSurAncE/GeNeRal InsuRanCeNon LiFe InSurAncE/GeNeRal InsuRanCe
Non LiFe InSurAncE/GeNeRal InsuRanCeSonu Sah
 
InsUraNce, Re-InSurAnce & BanCaSSuraNce
InsUraNce, Re-InSurAnce & BanCaSSuraNceInsUraNce, Re-InSurAnce & BanCaSSuraNce
InsUraNce, Re-InSurAnce & BanCaSSuraNceSonu Sah
 

Similar to Basics of Insurance by RapidValue Solutions (20)

Insurance in cambodia
Insurance in cambodiaInsurance in cambodia
Insurance in cambodia
 
Glossary of insurance_terms a-z
Glossary of insurance_terms a-zGlossary of insurance_terms a-z
Glossary of insurance_terms a-z
 
P&C insurance basics v2
P&C insurance basics v2P&C insurance basics v2
P&C insurance basics v2
 
14 role of insurance
14 role of insurance14 role of insurance
14 role of insurance
 
full project final-PDF
full project final-PDFfull project final-PDF
full project final-PDF
 
Types of Insurance gives detail of insurance
Types of Insurance gives detail of insuranceTypes of Insurance gives detail of insurance
Types of Insurance gives detail of insurance
 
Types of Insurance gives detail of insurance
Types of Insurance gives detail of insuranceTypes of Insurance gives detail of insurance
Types of Insurance gives detail of insurance
 
Presentation RMI420 Amro & Hajar.pptx
Presentation RMI420 Amro & Hajar.pptxPresentation RMI420 Amro & Hajar.pptx
Presentation RMI420 Amro & Hajar.pptx
 
Reinsurance-FC01.pptx
Reinsurance-FC01.pptxReinsurance-FC01.pptx
Reinsurance-FC01.pptx
 
Risk financing
Risk financingRisk financing
Risk financing
 
Insurance (Litty Sylus).pptx
Insurance (Litty Sylus).pptxInsurance (Litty Sylus).pptx
Insurance (Litty Sylus).pptx
 
General insurance
General insurance General insurance
General insurance
 
business services
business servicesbusiness services
business services
 
Risk Management Presentation 2010.pptx
Risk Management Presentation 2010.pptxRisk Management Presentation 2010.pptx
Risk Management Presentation 2010.pptx
 
CIT_ProfitCenterArticleforVCIA
CIT_ProfitCenterArticleforVCIACIT_ProfitCenterArticleforVCIA
CIT_ProfitCenterArticleforVCIA
 
Infina - Corporate Profile
Infina - Corporate ProfileInfina - Corporate Profile
Infina - Corporate Profile
 
IPR Case Study- by GlobalInsure
IPR Case Study- by GlobalInsureIPR Case Study- by GlobalInsure
IPR Case Study- by GlobalInsure
 
Non LiFe InSurAncE/GeNeRal InsuRanCe
Non LiFe InSurAncE/GeNeRal InsuRanCeNon LiFe InSurAncE/GeNeRal InsuRanCe
Non LiFe InSurAncE/GeNeRal InsuRanCe
 
Company Profile (2)
Company Profile (2)Company Profile (2)
Company Profile (2)
 
InsUraNce, Re-InSurAnce & BanCaSSuraNce
InsUraNce, Re-InSurAnce & BanCaSSuraNceInsUraNce, Re-InSurAnce & BanCaSSuraNce
InsUraNce, Re-InSurAnce & BanCaSSuraNce
 

More from RapidValue

How to Build a Micro-Application using Single-Spa
How to Build a Micro-Application using Single-SpaHow to Build a Micro-Application using Single-Spa
How to Build a Micro-Application using Single-SpaRapidValue
 
Play with Jenkins Pipeline
Play with Jenkins PipelinePlay with Jenkins Pipeline
Play with Jenkins PipelineRapidValue
 
Accessibility Testing using Axe
Accessibility Testing using AxeAccessibility Testing using Axe
Accessibility Testing using AxeRapidValue
 
Guide to Generate Extent Report in Kotlin
Guide to Generate Extent Report in KotlinGuide to Generate Extent Report in Kotlin
Guide to Generate Extent Report in KotlinRapidValue
 
Automation in Digital Cloud Labs
Automation in Digital Cloud LabsAutomation in Digital Cloud Labs
Automation in Digital Cloud LabsRapidValue
 
Microservices Architecture - Top Trends & Key Business Benefits
Microservices Architecture -  Top Trends & Key Business BenefitsMicroservices Architecture -  Top Trends & Key Business Benefits
Microservices Architecture - Top Trends & Key Business BenefitsRapidValue
 
Uploading Data Using Oracle Web ADI
Uploading Data Using Oracle Web ADIUploading Data Using Oracle Web ADI
Uploading Data Using Oracle Web ADIRapidValue
 
Appium Automation with Kotlin
Appium Automation with KotlinAppium Automation with Kotlin
Appium Automation with KotlinRapidValue
 
Build UI of the Future with React 360
Build UI of the Future with React 360Build UI of the Future with React 360
Build UI of the Future with React 360RapidValue
 
Python Google Cloud Function with CORS
Python Google Cloud Function with CORSPython Google Cloud Function with CORS
Python Google Cloud Function with CORSRapidValue
 
Real-time Automation Result in Slack Channel
Real-time Automation Result in Slack ChannelReal-time Automation Result in Slack Channel
Real-time Automation Result in Slack ChannelRapidValue
 
Automation Testing with KATALON Cucumber BDD
Automation Testing with KATALON Cucumber BDDAutomation Testing with KATALON Cucumber BDD
Automation Testing with KATALON Cucumber BDDRapidValue
 
How to Implement Micro Frontend Architecture using Angular Framework
How to Implement Micro Frontend Architecture using Angular FrameworkHow to Implement Micro Frontend Architecture using Angular Framework
How to Implement Micro Frontend Architecture using Angular FrameworkRapidValue
 
Video Recording of Selenium Automation Flows
Video Recording of Selenium Automation FlowsVideo Recording of Selenium Automation Flows
Video Recording of Selenium Automation FlowsRapidValue
 
JMeter JMX Script Creation via BlazeMeter
JMeter JMX Script Creation via BlazeMeterJMeter JMX Script Creation via BlazeMeter
JMeter JMX Script Creation via BlazeMeterRapidValue
 
Migration to Extent Report 4
Migration to Extent Report 4Migration to Extent Report 4
Migration to Extent Report 4RapidValue
 
The Definitive Guide to Implementing Shift Left Testing in QA
The Definitive Guide to Implementing Shift Left Testing in QAThe Definitive Guide to Implementing Shift Left Testing in QA
The Definitive Guide to Implementing Shift Left Testing in QARapidValue
 
Data Seeding via Parameterized API Requests
Data Seeding via Parameterized API RequestsData Seeding via Parameterized API Requests
Data Seeding via Parameterized API RequestsRapidValue
 
Test Case Creation in Katalon Studio
Test Case Creation in Katalon StudioTest Case Creation in Katalon Studio
Test Case Creation in Katalon StudioRapidValue
 
How to Perform Memory Leak Test Using Valgrind
How to Perform Memory Leak Test Using ValgrindHow to Perform Memory Leak Test Using Valgrind
How to Perform Memory Leak Test Using ValgrindRapidValue
 

More from RapidValue (20)

How to Build a Micro-Application using Single-Spa
How to Build a Micro-Application using Single-SpaHow to Build a Micro-Application using Single-Spa
How to Build a Micro-Application using Single-Spa
 
Play with Jenkins Pipeline
Play with Jenkins PipelinePlay with Jenkins Pipeline
Play with Jenkins Pipeline
 
Accessibility Testing using Axe
Accessibility Testing using AxeAccessibility Testing using Axe
Accessibility Testing using Axe
 
Guide to Generate Extent Report in Kotlin
Guide to Generate Extent Report in KotlinGuide to Generate Extent Report in Kotlin
Guide to Generate Extent Report in Kotlin
 
Automation in Digital Cloud Labs
Automation in Digital Cloud LabsAutomation in Digital Cloud Labs
Automation in Digital Cloud Labs
 
Microservices Architecture - Top Trends & Key Business Benefits
Microservices Architecture -  Top Trends & Key Business BenefitsMicroservices Architecture -  Top Trends & Key Business Benefits
Microservices Architecture - Top Trends & Key Business Benefits
 
Uploading Data Using Oracle Web ADI
Uploading Data Using Oracle Web ADIUploading Data Using Oracle Web ADI
Uploading Data Using Oracle Web ADI
 
Appium Automation with Kotlin
Appium Automation with KotlinAppium Automation with Kotlin
Appium Automation with Kotlin
 
Build UI of the Future with React 360
Build UI of the Future with React 360Build UI of the Future with React 360
Build UI of the Future with React 360
 
Python Google Cloud Function with CORS
Python Google Cloud Function with CORSPython Google Cloud Function with CORS
Python Google Cloud Function with CORS
 
Real-time Automation Result in Slack Channel
Real-time Automation Result in Slack ChannelReal-time Automation Result in Slack Channel
Real-time Automation Result in Slack Channel
 
Automation Testing with KATALON Cucumber BDD
Automation Testing with KATALON Cucumber BDDAutomation Testing with KATALON Cucumber BDD
Automation Testing with KATALON Cucumber BDD
 
How to Implement Micro Frontend Architecture using Angular Framework
How to Implement Micro Frontend Architecture using Angular FrameworkHow to Implement Micro Frontend Architecture using Angular Framework
How to Implement Micro Frontend Architecture using Angular Framework
 
Video Recording of Selenium Automation Flows
Video Recording of Selenium Automation FlowsVideo Recording of Selenium Automation Flows
Video Recording of Selenium Automation Flows
 
JMeter JMX Script Creation via BlazeMeter
JMeter JMX Script Creation via BlazeMeterJMeter JMX Script Creation via BlazeMeter
JMeter JMX Script Creation via BlazeMeter
 
Migration to Extent Report 4
Migration to Extent Report 4Migration to Extent Report 4
Migration to Extent Report 4
 
The Definitive Guide to Implementing Shift Left Testing in QA
The Definitive Guide to Implementing Shift Left Testing in QAThe Definitive Guide to Implementing Shift Left Testing in QA
The Definitive Guide to Implementing Shift Left Testing in QA
 
Data Seeding via Parameterized API Requests
Data Seeding via Parameterized API RequestsData Seeding via Parameterized API Requests
Data Seeding via Parameterized API Requests
 
Test Case Creation in Katalon Studio
Test Case Creation in Katalon StudioTest Case Creation in Katalon Studio
Test Case Creation in Katalon Studio
 
How to Perform Memory Leak Test Using Valgrind
How to Perform Memory Leak Test Using ValgrindHow to Perform Memory Leak Test Using Valgrind
How to Perform Memory Leak Test Using Valgrind
 

Recently uploaded

Strategic Resources May 2024 Corporate Presentation
Strategic Resources May 2024 Corporate PresentationStrategic Resources May 2024 Corporate Presentation
Strategic Resources May 2024 Corporate PresentationAdnet Communications
 
cost-volume-profit analysis.ppt(managerial accounting).pptx
cost-volume-profit analysis.ppt(managerial accounting).pptxcost-volume-profit analysis.ppt(managerial accounting).pptx
cost-volume-profit analysis.ppt(managerial accounting).pptxazadalisthp2020i
 
Test bank for advanced assessment interpreting findings and formulating diffe...
Test bank for advanced assessment interpreting findings and formulating diffe...Test bank for advanced assessment interpreting findings and formulating diffe...
Test bank for advanced assessment interpreting findings and formulating diffe...robinsonayot
 
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...Henry Tapper
 
Economics Presentation-2.pdf xxjshshsjsjsjwjw
Economics Presentation-2.pdf xxjshshsjsjsjwjwEconomics Presentation-2.pdf xxjshshsjsjsjwjw
Economics Presentation-2.pdf xxjshshsjsjsjwjwmordockmatt25
 
falcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesfalcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesFalcon Invoice Discounting
 
abortion pills in Jeddah Saudi Arabia (+919707899604)cytotec pills in Riyadh
abortion pills in Jeddah Saudi Arabia (+919707899604)cytotec pills in Riyadhabortion pills in Jeddah Saudi Arabia (+919707899604)cytotec pills in Riyadh
abortion pills in Jeddah Saudi Arabia (+919707899604)cytotec pills in Riyadhsamsungultra782445
 
uk-no 1 kala ilam expert specialist in uk and qatar kala ilam expert speciali...
uk-no 1 kala ilam expert specialist in uk and qatar kala ilam expert speciali...uk-no 1 kala ilam expert specialist in uk and qatar kala ilam expert speciali...
uk-no 1 kala ilam expert specialist in uk and qatar kala ilam expert speciali...batoole333
 
Famous Kala Jadu, Black magic expert in Faisalabad and Kala ilam specialist i...
Famous Kala Jadu, Black magic expert in Faisalabad and Kala ilam specialist i...Famous Kala Jadu, Black magic expert in Faisalabad and Kala ilam specialist i...
Famous Kala Jadu, Black magic expert in Faisalabad and Kala ilam specialist i...batoole333
 
Shrambal_Distributors_Newsletter_May-2024.pdf
Shrambal_Distributors_Newsletter_May-2024.pdfShrambal_Distributors_Newsletter_May-2024.pdf
Shrambal_Distributors_Newsletter_May-2024.pdfvikashdidwania1
 
7 tips trading Deriv Accumulator Options
7 tips trading Deriv Accumulator Options7 tips trading Deriv Accumulator Options
7 tips trading Deriv Accumulator OptionsVince Stanzione
 
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai MultipleDubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiplekojalpk89
 
fundamentals of corporate finance 11th canadian edition test bank.docx
fundamentals of corporate finance 11th canadian edition test bank.docxfundamentals of corporate finance 11th canadian edition test bank.docx
fundamentals of corporate finance 11th canadian edition test bank.docxssuserf63bd7
 
Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques  in Participating in Various Types...Business Principles, Tools, and Techniques  in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...jeffreytingson
 
QATAR Pills for Abortion -+971*55*85*39*980-in Dubai. Abu Dhabi.
QATAR Pills for Abortion -+971*55*85*39*980-in Dubai. Abu Dhabi.QATAR Pills for Abortion -+971*55*85*39*980-in Dubai. Abu Dhabi.
QATAR Pills for Abortion -+971*55*85*39*980-in Dubai. Abu Dhabi.hyt3577
 
Bhubaneswar🌹Ravi Tailkes ❤CALL GIRLS 9777949614 💟 CALL GIRLS IN bhubaneswar ...
Bhubaneswar🌹Ravi Tailkes  ❤CALL GIRLS 9777949614 💟 CALL GIRLS IN bhubaneswar ...Bhubaneswar🌹Ravi Tailkes  ❤CALL GIRLS 9777949614 💟 CALL GIRLS IN bhubaneswar ...
Bhubaneswar🌹Ravi Tailkes ❤CALL GIRLS 9777949614 💟 CALL GIRLS IN bhubaneswar ...Call Girls Mumbai
 
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...batoole333
 
Lion One Corporate Presentation May 2024
Lion One Corporate Presentation May 2024Lion One Corporate Presentation May 2024
Lion One Corporate Presentation May 2024Adnet Communications
 
Female Escorts Service in Hyderabad Starting with 5000/- for Savita Escorts S...
Female Escorts Service in Hyderabad Starting with 5000/- for Savita Escorts S...Female Escorts Service in Hyderabad Starting with 5000/- for Savita Escorts S...
Female Escorts Service in Hyderabad Starting with 5000/- for Savita Escorts S...kajalverma014
 
Toronto dominion bank investor presentation.pdf
Toronto dominion bank investor presentation.pdfToronto dominion bank investor presentation.pdf
Toronto dominion bank investor presentation.pdfJinJiang6
 

Recently uploaded (20)

Strategic Resources May 2024 Corporate Presentation
Strategic Resources May 2024 Corporate PresentationStrategic Resources May 2024 Corporate Presentation
Strategic Resources May 2024 Corporate Presentation
 
cost-volume-profit analysis.ppt(managerial accounting).pptx
cost-volume-profit analysis.ppt(managerial accounting).pptxcost-volume-profit analysis.ppt(managerial accounting).pptx
cost-volume-profit analysis.ppt(managerial accounting).pptx
 
Test bank for advanced assessment interpreting findings and formulating diffe...
Test bank for advanced assessment interpreting findings and formulating diffe...Test bank for advanced assessment interpreting findings and formulating diffe...
Test bank for advanced assessment interpreting findings and formulating diffe...
 
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
 
Economics Presentation-2.pdf xxjshshsjsjsjwjw
Economics Presentation-2.pdf xxjshshsjsjsjwjwEconomics Presentation-2.pdf xxjshshsjsjsjwjw
Economics Presentation-2.pdf xxjshshsjsjsjwjw
 
falcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunitiesfalcon-invoice-discounting-unlocking-prime-investment-opportunities
falcon-invoice-discounting-unlocking-prime-investment-opportunities
 
abortion pills in Jeddah Saudi Arabia (+919707899604)cytotec pills in Riyadh
abortion pills in Jeddah Saudi Arabia (+919707899604)cytotec pills in Riyadhabortion pills in Jeddah Saudi Arabia (+919707899604)cytotec pills in Riyadh
abortion pills in Jeddah Saudi Arabia (+919707899604)cytotec pills in Riyadh
 
uk-no 1 kala ilam expert specialist in uk and qatar kala ilam expert speciali...
uk-no 1 kala ilam expert specialist in uk and qatar kala ilam expert speciali...uk-no 1 kala ilam expert specialist in uk and qatar kala ilam expert speciali...
uk-no 1 kala ilam expert specialist in uk and qatar kala ilam expert speciali...
 
Famous Kala Jadu, Black magic expert in Faisalabad and Kala ilam specialist i...
Famous Kala Jadu, Black magic expert in Faisalabad and Kala ilam specialist i...Famous Kala Jadu, Black magic expert in Faisalabad and Kala ilam specialist i...
Famous Kala Jadu, Black magic expert in Faisalabad and Kala ilam specialist i...
 
Shrambal_Distributors_Newsletter_May-2024.pdf
Shrambal_Distributors_Newsletter_May-2024.pdfShrambal_Distributors_Newsletter_May-2024.pdf
Shrambal_Distributors_Newsletter_May-2024.pdf
 
7 tips trading Deriv Accumulator Options
7 tips trading Deriv Accumulator Options7 tips trading Deriv Accumulator Options
7 tips trading Deriv Accumulator Options
 
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai MultipleDubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
Dubai Call Girls Deira O525547819 Dubai Call Girls Bur Dubai Multiple
 
fundamentals of corporate finance 11th canadian edition test bank.docx
fundamentals of corporate finance 11th canadian edition test bank.docxfundamentals of corporate finance 11th canadian edition test bank.docx
fundamentals of corporate finance 11th canadian edition test bank.docx
 
Business Principles, Tools, and Techniques in Participating in Various Types...
Business Principles, Tools, and Techniques  in Participating in Various Types...Business Principles, Tools, and Techniques  in Participating in Various Types...
Business Principles, Tools, and Techniques in Participating in Various Types...
 
QATAR Pills for Abortion -+971*55*85*39*980-in Dubai. Abu Dhabi.
QATAR Pills for Abortion -+971*55*85*39*980-in Dubai. Abu Dhabi.QATAR Pills for Abortion -+971*55*85*39*980-in Dubai. Abu Dhabi.
QATAR Pills for Abortion -+971*55*85*39*980-in Dubai. Abu Dhabi.
 
Bhubaneswar🌹Ravi Tailkes ❤CALL GIRLS 9777949614 💟 CALL GIRLS IN bhubaneswar ...
Bhubaneswar🌹Ravi Tailkes  ❤CALL GIRLS 9777949614 💟 CALL GIRLS IN bhubaneswar ...Bhubaneswar🌹Ravi Tailkes  ❤CALL GIRLS 9777949614 💟 CALL GIRLS IN bhubaneswar ...
Bhubaneswar🌹Ravi Tailkes ❤CALL GIRLS 9777949614 💟 CALL GIRLS IN bhubaneswar ...
 
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
Certified Kala Jadu, Black magic specialist in Rawalpindi and Bangali Amil ba...
 
Lion One Corporate Presentation May 2024
Lion One Corporate Presentation May 2024Lion One Corporate Presentation May 2024
Lion One Corporate Presentation May 2024
 
Female Escorts Service in Hyderabad Starting with 5000/- for Savita Escorts S...
Female Escorts Service in Hyderabad Starting with 5000/- for Savita Escorts S...Female Escorts Service in Hyderabad Starting with 5000/- for Savita Escorts S...
Female Escorts Service in Hyderabad Starting with 5000/- for Savita Escorts S...
 
Toronto dominion bank investor presentation.pdf
Toronto dominion bank investor presentation.pdfToronto dominion bank investor presentation.pdf
Toronto dominion bank investor presentation.pdf
 

Basics of Insurance by RapidValue Solutions

  • 2. © RapidValue Solutions 2 In boring terms Insurance is… Definition of Insurance “An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.”
  • 3. © RapidValue Solutions 3 Lines of business (LoB) Life Insurance Non Life Insurance Health Insurance Insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person Provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance Type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured
  • 4. © RapidValue Solutions 4 Insurance line of business Auto/Motor Insurance Property Insurance Pecuniary loss Freight Genera liability Non-life insurance Whole life Term life Endowment Annuity Investment linked Life insurance Accumulate wealth. Regular premiums pay insurance costs and contribute to equity growth in a savings account where dividends or interest is allowed to build-up tax-deferred Provides coverage at a fixed rate of payments for a limited period of time, the relevant term Designed to pay a lump sum after a specific term (on its 'maturity') or on death Save money for retirement. Premiums earn interest, generally tax- deferred, and after a period of time, provide with a stream of income Unit Linked Insurance Plan (ULIP) unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan Marine, Aviation & Transport Other non-life Protect the general public from any accident that might take place on the road Coverage for monetary loss due to a wide range of factors from external and internal influences Provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft Indemnifying the policyholder against loss of the freight money if the ship-owner cannot complete his contract of carriage because of unavoidable peril Protects the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims, within the coverage of the insurance policy Covers the loss or damage of ships, aviation, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination
  • 5. © RapidValue Solutions 5 Sales channels Agents Brokers & advisors Bancassurance Direct sales staffs Internet Registered agent for one or more insurers. Gets paid through commission from Insurers They act on their clients' behalf to negotiate and obtain the most appropriate insurance covers at competitive premium rates from their insurers, exercising care and skill in doing so Selling of insurance products and services by banking institutions Selling by the direct staffs of insurance companies Selling through digital/mobile channels Channel Description Commission From Insurer From Insurance advise seeker/ Insurer From Insurer Salary from Insurer IntermediariesDirect 39.4% 30.7% 29.1% 29.2% 31.1% 28.9%
  • 6. © RapidValue Solutions 6 Customer purchase process Underwriting
  • 7. © RapidValue Solutions 7 Insurance claims process
  • 8. © RapidValue Solutions 8 Insurance will have major digital transformation 000
  • 9. © RapidValue Solutions 9 Key terms to know • Insurer: A person or company that accepts the risk of loss and compensates the insured in the event of loss in exchange for a premium or payment. This is usually an insurance company • Insured: The person or company transferring the risk of loss to a third party through a contractual agreement (insurance policy). This is the person or entity who will be compensated for loss by an insurer under the terms of the insurance contract • Insurance Rider/Endorsement: An attachment to an insurance policy that alters the policy's coverage or terms • Bound: Once the insurance has been accepted and is in place, it is called "bound". The process of being bound is called the binding process • Reinsurance: Insurance that is purchased by an insurance company from one or more other insurance companies as a means of risk management or sometimes tax mitigation
  • 10. © RapidValue Solutions About RapidValue RapidValue is a leading provider of end-to-end mobility, omni-channel and cloud solutions to enterprises worldwide. Armed with a large team of experts in consulting, UX design, application engineering, testing, along with experience delivering global projects, we offer a range of services across various industry verticals. RapidValue delivers its services to the world’s top brands and Fortune 1000 companies, and has offices in the United States and India. www.rapidvaluesolutions.com www.rapidvaluesolutions.com/blog +1 877-643-1850 contactus@rapidvaluesolutions.com This document contains information that is confidential and proprietary to RapidValue Solutions Inc. No part of it may be used, circulated, quoted, or reproduced for distribution outside RapidValue. If you are not the intended recipient of this report, you are hereby notified that the use, circulation, quoting, or reproducing of this report is strictly prohibited and may be unlawful. Disclaimer: 10