Insurance is a contract between two parties, the insurer or the insurance company and the insured or the person seeking insurance, whereby the insurer agrees to hedge the risk of the insured against some specified future events or losses, in return for a regular payment from the insured as premium. Insurance policy helps in not only mitigating risks but also provides a financial cushion against adverse financial burdens suffered. Insurance policies are a safeguard against the uncertainties of life.
The insurance industry is comprised of a variety of stakeholders and supplies products and services that are designed to protect businesses and individuals from risks. The insurance industry players provide risk coverage to their clients and simultaneously need to manage their own risks to ensure competitiveness and profitability of their business model. The insurance environment that is subject to regulatory and legal requirements, competitive forces, margin pressures, and changing customer demands and industry players need to manage all these factors and provide risk coverage to their clients. Insurance companies adopt strategies that are unique to the environment they operate in to overcome these challenges and to propel growth and market share in a global environment.
This section helps the learners understand key concepts, terminology, issues, and challenges associated with the insurance industry. The later articles focuses on the tools and strategies employed to meet some of those challenges. We will discuss the main types of Insurance Industry, the main sectors of the insurance Industry and the business drivers, business model, and the competitive environment in the following articles. Enjoy the tutorials on insurance domain.
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This section will benefit all the learners who want to have an overview of Insurance Industry and want to understand the industry dynamics and business drivers for the players in this industry. This section is also relevant to consulting professionals, industry investors, and all size companies that sell products or services to insurance players. Individuals who want to understand the insurance terminology and key concepts to assess their own insurance needs will also find this section very useful. Organizations looking for knowledge and key business information in the insurance industry can buy the training material available to impart this knowledge to their employees in a very cost effective manner.
This section provides an overview of the Insurance Industry. It touches upon the brief history of Insurance and its development as an Industry. This section also tells the learner how Insurance works and what are some of the key elements in insurance sector.
Insurance has become so integrated with our lives that today it provides enormous benefits to individuals, societies, businesses, corporates, nations and economies. This article explains the benefits of insurance and is one of the most comprehensive material available on this subject.
This article explains the various types of Insurance Policies available in the market today. Importance of each type of insurance policy is explained along-with its usage. The list might not be exhaustive , but covers all major insurance covers that are available and gives learner a fair understanding of industry products.
This article describes current insurance industry sectors and their associated activities, products, and services. This will help you understand the major products offered by the insurance industry and how they are classified. Understand the four key sectors for Insurance Coverage.
Insurers in this industry directly underwrite insurance policies relating to life, health, accident and medical risks. Life and annuity insurance covers not only life and annuities, but also health and disability. Read more about the health and life insurance industry.
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and casualty insurance in the U.S. and Non-Life Insurance in Continental Europe. Read More!
Businesses in this industry focus on assuming all or part of the risk associated with existing insurance policies originally underwritten by direct insurance carriers. In other words, the primary activity of this industry is insuring insurance companies. Understand the dynamics of this sector.
The insurance industry business model can be further categorized into two types of main activities, service domain and support domain. Service domain activities make up the company's value chain and support domain provides the infrastructure and support to sustain the value chain. Support activities may include corporate services, finance, human resources, or information systems and technology.
This article helps the student to understand the legal principles and provisions of the insurance law. Starting with the fundamentals from which law is derived, this article help the student to understand the salient aspects of any insurance contract, the rights and obligations of parties to the contract and the legal environment within which insurance practice is carried out. Explore the seven most important principles of insurance.
Understand the parties and their definition in the contract of insurance. Learners will learn about the key stakeholders in the insurance business along with a classification of internal and external stakeholders.
A article to explain key terms used in Insurance Industry and Insurance Business. Also learn about various operational and performance metrics used in insurance domain.