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K.P.B. HINDUJA COLLEGE
INTERMEDIARIES AND ACTUARIES OF INSURANCE
Presented by : GROUP NO. 8 Hemi Singh - 21Moumita Maity - 29Prakash Chaurasia - 46Priyanka Joshi - 50Kunal Katariya -70Nishitha Menon -68Arwa Merchant -67
INTERMEDIARIES OF INSURANCE
INTRODUCTION : WHAT IS 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.
WHO IS INTERMEDIARY? A person who acts as a link between people in
order to try and bring about an agreement; a mediator.
INSURANCE INTERMEDIARY : Brokers or agents who represents consumers
in insurance transactions. Insurance intermediaries are contracted with multiple insurance companies so they can focus on matching their clients needs with the most suitable insurance products.
QUALITIES OF A INSURANCE INTERMEDIARY?
Adverse selection
Role of intermediar
y compensati
on
THE REGULATION OF INTERMEDIARIES :
Agents
Brokers
Insurance intermediaries act
1999(No 31 of 1999)
ROLE OF INSURANCE INTERMEDIARY :
Innovating marketing
Disseminating of
information of consumer
Dissemination of
information to the
marketplace
Sound competition
Spread insurers
risks
Reducing costs
ACTUARIES OF INSURANCE
WHO IS AN ACTUARY ? Actuaries are experts who perform actuarial
analysis of insurance rates, rating procedures, rating plans, and schedules of insurance companies. These are professionals who are experienced in reviewing and analyzing insurance operations, reserves and underwriting procedures and provide technical assistance regarding actuarial matters to policy examiners and other technical staff.
THEIR MAIN ACTIVITIES :
pricing Financial management
Corporate planning
WHERE DO ACTUARIES WORK? Life
insurance
Pension funds
General insurance
Health insurance
Investments
Government
ROLE OF ACTUARIES IN INSURANCE Evaluating the likelihood of future events
Designing creative ways to reduce the likelihood of undesirable events
Decreasing the impact of undesirable events that do occur.
undesirable events can be both: a. Emotional b. Financial.
Gathering analytical skills, business knowledge and understanding of human behavior to design and manage programs that control risk.
RISK = UNCERTINITY Actuaries engage in risk management
programs.
WHAT HAPPENS IF RISK MANAGEMENT PROGRAMS DEVELOPED BY ACTUARIES DIDN’T EXIST ?
TECHNIQUES TO CONTROL RISK :
Offsetting one risk
with another
Risk is a matter of perspecti
ve
Focus on catastrophic risks
INDIAN ACTUARIES – ROAD AHEAD: IRDA (The Insurance Regulatory and
Development Authority of India) has stated “ We have reached a situation where the role of appointed actuaries has to be enhanced significantly so that general insurers are in a position to cope with public demand for non-life products and at the same time ensure the availability of solvency on a continuous basis.”
LIST OF TYPICAL ACTUARIES PROJECT :
Analyzing insurance rates, such as for cars, homes
or life insurance. Estimating the money to be set-aside for claims
that have not yet been paid. Participating in corporate planning, such as
mergers and acquisitions. Calculating a fair price for a new insurance
product. Forecasting the potential impact of catastrophes.
Analyzing investment programs.
THANK YOU
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