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Human Resource Management

Human Resource Management

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Published by Rajit Kumar Krishna
this paper tells about the role of human resource management in the insurance sector
this paper tells about the role of human resource management in the insurance sector

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Published by: Rajit Kumar Krishna on Mar 21, 2010
Copyright:Attribution Non-commercial


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Role HRM in InsuranceSector
Submitted to:- Dr.D.N.Venkatesh
Submitted by
R K Krishna VazrapuRoll no -0409005PGDM MARKETING
Insurance Sector
The history of Insurance in India started with life insurance in 1818 when it wasconceived as a means to provide for English Widows. Interestingly in those days a higher  premium was charged for Indian lives than the non-Indian lives as Indian lives were consideredmore risky for the coverage.The Bombay Mutual Life Insurance Society started its business in 1870. It was the firstcompany to charge same premium for both Indian and non-Indian lives. The Oriental AssuranceCompany was established in 1880. The General Insurance Business in India, on the other hand,can trace its roots to the Triton (Tital) Insurance Company Limited, the first general insurancecompany established in the year 1850 in Calcutta by the British. Till the end of nineteenthcentury insurance business was almost entirely in the hands of overseas companies.Insurance regulation formally began in India with the passing of the Life InsuranceCompanies Act of 1912 and the provident fund Act of 1912. Several frauds during 1920's and1930's sullied insurance business in India. By 1938 there were 176 insurance companies. Thefirst comprehensive legislation was introduced with the Insurance Act of 1938 that providedstrict State Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growththat was witnessed, insurance remained an urban phenomenon.A very rapidly growing private health market has developed in India. This private sector  bridges most of the gaps between what government offers and what people need. However, with proliferation of various health care technologies and general price rise, the cost of care has also become very expensive and unaffordable to large segment of population. The government and people have started exploring various health financing options to manage problems arising out of growing set of complexities of private sector growth, increasing cost of care and changingepidemiological pattern of diseases.The liberalization of insurance sector in India is not a new story as it started way behindin the early 1999 which marks the structural changes in the industry. The population of the
country was at 1 billion and the government dissolved its monopoly which paved way for the private companies to operate in Indian markets.The key development started with the market liberalization set in motion by IRDA(Insurance Regulatory and Development Authority). The entire paper discusses about thespecific market changes and how the market evolved since the liberalization efforts began.

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