Insurance Business Environment and Insurance Company Operations

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Insurance business follows same organization structure as any other business, but it largely differentiates itself by its process orientation. There are five verticals discernible in core insurance business. They are business governance, product development, product delivery, investment, and after-sale service. The growth of any business always depends upon the marketing strategies used by that business organization. In insurance, marketing strategy is the unit of business planning and marketing planning starts from the backyard of the customer. The process of product development in an insurance organization requires huge industry level data. Insurance business also focuses on the product life cycle. Strategic planning is necessary for successful launching of products. Insurance business differs from other business in its cash flow pattern. Insurance companies earn cash by way of premiums merely by offering promises as products. They deploy/invest the cash to earn sufficiently by the time they are called upon to pay claims in few probable cases. Mastering this dynamic process cycle is the rudiment of the insurance business operation. Key Feature Developed to help students and insurance professionals to become self-reliant in undertaking research, problem solving, and problem formulation Will assist users to acquire expertise to determine their own priorities, to interpret and use insurance concepts effectively, and to monitor the training skills in their executives Case studies and illustrations weaved through out the series to give theoretical as well as practical insight into various aspects of insurance operations Table of Contents 1. Economic Overview of Insurance 2. Business Environment 3. Significance of Key Macroeconomic Markers 4. Economic Reform Process 5. Demographic Factors 6. Role of Insurance Companies 7. Insurance Company Formation 8. Organizational Structure and Product Development of Insurance Companies