by ROHIT.GUPT » Tue May 05, 2009 05:34 am
This question is bit different in a way that I am interested in knowing Business Processes of a Life Insurance Companies. I'm coming from a consultant view for Life Insurance company. Is it possible to get an answer from you about the generic Business processes of a Life Insurance Company?
Posted: Tue May 05, 2009 06:15 am Post Subject:
Life insurance companies sell policies to the people in need of coverage. They collect premiums from the policy holders and in turn promise to pay a lump-sum amount upon the death of the insured.
The life insurance companies invest the collected premium in different investment channels and generate return out of it. The may also share a certain percentage of the revenue earned with the policy holders on a regular basis.
Well, that is my understanding. The experts of life insurance would be here soon with better explanation.
~Jeremy
Posted: Tue May 05, 2009 10:42 am Post Subject:
:arrow: :wink: Yes,...the life insurance business is all about math and the rate at which people die.
It's that simple, EXCEPT the mathematicians at the insurance companies are well above 4th grade math. :shock:
:P Hope this helps! 8)
Posted: Tue May 05, 2009 01:07 pm Post Subject:
Basically they work on the basis of risk related to individual, geography etc. & decide premium accordingly. premium may vary depending upon individuals history, place of living, age etc.
Posted: Tue May 05, 2009 06:08 pm Post Subject:
How many types of policies does the insurance company provides? and for each policy they are having different income or same income?
Posted: Thu May 07, 2009 10:21 am Post Subject:
An insurance company can operate in single line, i.e. life or health or property; or can be multiliner offering all or any combination of the main types of insurance.
and for each policy they are having different income or same income?
Each policy is different, covering different risks and therefore would be charged differently.
The profitability of the insurance would depend upon the premium earned and claims paid over a period of time.
Posted: Fri May 08, 2009 01:24 pm Post Subject:
Hi All,
I think I haven't made a good attempt in stating my problem. I know about Life Insurance. I have to come up with a Business Process Library for Individual Life Insurance. In order to do that I need to know all the main processes (e.g. Product/Plan Development, New Business, Underwriting, Distribution Channel Management, Policy Servicing, Claims Management) in detail i.e. each & every step to perform all the main processes. I know what I'm asking needs lot of writing. In case anyone of you has some document which talks about the same, I'll really appreciate if you can share the same with me. I can be contacted at ROHIT.GUPT[at]GMAIL.COM
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