This industry comprises primarily engaged in initially underwriting annuities and life insurance policies, disability income insurance policies, and accidental death and dismemberment insurance policies.
List of Globally Popular Insurance Companies and their countries
Aegon Life Insurance Company - Mumbai, Aviva Life Insurance Company - Gurugram, Bajaj Allianz Life Insurance Company - Pune, Bharati AXA - Mumbai, Exide Life Insurance Company - Bengaluru, India First Life Insurance Company - New Delhi, Sahara India Life Insurance Company - Lucknow, United Group Incorporated - United States of America, China Life Insurance Company - China, Prudential Plc - United Kingdom, Nippon Life Insurance Company - Japan, Life Insurance Corporation of India - India, AIA Group Ltd - Singapore, MetLife - New York, United Health Group - United States of America, Legal & General - United Kingdom, New York Life Insurance Company - United States.
The following are some of the top critical issues faced by the Insurance Companies.
• Lack of Trust
• Competition with the other companies
• Mismanage of data
• Economic Instability
• Excessive Politicization of the insurance industry
• Customer expectations has changed
• Public Challenges to ensure use of data
• Consumers interact less with the insurance companies
The Insurance Industry is still going through a period of change by several factors. Increasing Regulatory demands which produce more risk within their business. The Insurers are struggling with the low investment returns on government and corporate bonds. The long duration of low return forcing the insurers to look for the other investment types. It is not easy to reduce costs with low investment returns which will bring more pressure.
Some of the International Organisations related to Insurance Companies,
• National Association Of Insurance Commissioners (NAIC) - www.content.naic.org
• Life Insurance Corporation (LIC) - www.licindia.in
• Insurance Regulatory and Development Authority (IRDA) - www.irdai.gov.in
• Social Insurance Organization (SIO) - www.sio.gov.bh
• Insurance Services Office (ISO) - www.verisk.com
• National Insurance Company (NIC) - www.nationalinsurance.nic.co.in
• American International Group (AIG) - www.aig.com
• Insurance Information Institute (III) - www.III.com
Various Industry Standards will be followed by each specific Insurance Companies to maintain their reputation.
• The Life Insurance Corporation Act, 1957
• The Emergency Risk Insurance Act, 1971
• The Marine Insurance Act, 1963
• The Insurance Laws Act, 2015
• The Securities and Insurance Laws Act, 2012
• General Insurance Business Amendment Act, 2002
• Insurance Regulatory and Development Authority Act, 1999
• General Insurance Business Act, 1972
• Life Insurance Act, 1956
• Insurance Act, 1938
The insurance industry uses analytic for all sorts of insurance products such as life, property, health care, unemployment etc. The Life insurance and annuity of business will increase by 2.9% in each of next two years, where the emerging markets will rise to 8.7%. Insurance Penetration in India has reached 3.67% from 2.71%. Digital Technology will increase the number of users to rise from 429 million to 829 million at the rate of 17.9%. An insurance technology adoption survey shows, 67% of the customers prefer online platforms to make decisions in their business. There are 24 life insurance companies in India with customized products and their market share is 33.74%. By Insurance Act, 2015 the capital has been raised from 26% to 49%.
Some of the Magazines that will keep you on track
• Life Insurance Corporation of India
• ICICI Prudential Life Insurance
• Bajaj Allianz Life Insurance
• SBI Life Insurance
• Reliance Life Insurance
• Birla Sun Life Insurance
• Max New York Life Insurance
• Life Insurance Today