INSURANC E

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C26 Ayush Sinha C27 Divya Aggarwal C28 Ankita Agrawal C29 Kanika Taneja C30 Varsha Vijayaraghavan
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Insurance is a trillion dollar business

Insurance sector involves helping individuals and business manage risk to protect themselves from catastrophic losses and to anticipate potential problems jobs are:
Insured/ Policyholder
Personally as well as Financially rewarding Stable yet Dynamic industry

Insurance

Insurer

Premium
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Insurance is useful to individuals, business/ industry & society

Uses to an individual

Provides security, safety and fulfills the needs of a person; Protects mortgaged property; Eliminates dependency; Provides profitable investment

Uses to business/ industry

Removal of uncertainty; Stimulant of business enterprise; Source of credit; Growth of business competition

Uses to society
Solution of social problems; promotion of international trade; 7/30/12 Employment opportunity

JOB OPTIONS: ROLES AND RESPONSIBILITIES

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ACTUARY is a mathematical evaluator

An actuary is a business professional who deals with the financial impact of risk and uncertainty.
Mathematically evaluates the likelihood of the event, to minimize losses.

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Analyzes important data such as mortality, sickness etc to forecast future risks. Compilation of data, to help the company deal with payment and coverage issues.

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AGENTS and BROKERS are intermediary between the insurer & insured

Insurance brokers, best described as superindependent agents offer a whole host of insurance products for you to consider

What do they do?

They

are responsible for timely and accurate processing of forms & premiums

Analyze

a business and secure correct and 7/30/12 adequate coverage for the business

UNDERWRITER is the risk evaluator

DECIDES:

Whether or not to accept the risk and insure claimant The premium that needs to be charged to insure that risk The amount of coverage the client should receive

ROLE: Helps in creating homogenous portfolios and Click to edit Master subtitle style accepting them Helps designing policies for individual and companies looking for protection Protects company from acquiring Non-Profitable business Identifies moral and physical risk
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CLAIM ADJUSTER is the claims evaluator

Determines if the claimant is owed a payment under insurance policy and in what amount Can be insurance companys employee or independent consultant representing claimant

Evaluation of a claim includes

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INTERVIEWING PEOPLE 7/30/12 Claimant

EXAMINE DOCUMENTS Police Reports Medical Records

RISK MANAGER minimizes the risk

Analyzes

accidents, incidents, and catastrophes

Recommendation for Risk minimization Both employed in insurance sector, as well as, corporate and government agencies to lower premium LOSS CONTROL SPECIALIST:

Subset of Risk management Identification and elimination of potential hazards7/30/12 accidents and losses, diseases etc

Insurance requires basic key skills

People skills Accuracy Ability to synthesiz e Creative Ability
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Sales skills Analytical skills Communicati on skills

Initiative

THANK-YOU

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