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SOP Manual for Direct Life Insurance Carriers

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This SOP article offers a comprehensive report on “Direct Life Insurance Carrier”. This industry primarily involved in offering various life insurance schemes to the individuals, and it provides a safety in terms of financial security to the policy holder or beneficiary. Rising global population, availability of various scheme for all kind of individuals, uncertainty of human life, growing economic conditions in developing country, increasing awareness regarding the insurance, and urbanization, these are the major facts that influence the growth of global direct life insurance industry market. In comparison with other schemes, life insurance policies are considered as a more comfortable for the individuals, where the risk of return is low. Globally, Asia-Pacific region dominates the global life insurance market in terms of policy holder and owing to the huge population, this region is anticipated to continue its dominance in upcoming forecast period. The main demerits of this segment are the amount can’t be claimed until it fulfils the policy requirement. Lack of awareness regarding schemes and financial literacy are the major threats that restricts the growth of global life insurance industry market. Currently, the global life insurance carrier market is evolving at a constant pace and owing to the rising influential factors, the market is anticipated to attain a massive growth in upcoming annual period.

Industry’s Subsector:

  • Accidental death and dismemberment insurance underwriting, direct
  • Annuity underwriting
  • Cooperative life insurance organizations
  • Credit life insurance carriers, direct
  • Disability insurance carriers, direct
  • Disability insurance underwriting, direct
  • Fraternal life insurance organizations
  • Insurance carriers, disability, direct
  • Insurance underwriting, disability, direct
  • Life insurance carriers, direct
  • Savings bank life insurance carriers, direct

1. Standard Operating Procedures (SOP) Manual for Accounts Department
2.Standard Operating Procedures (SOP) Manual for Finance Department
3. Standard Operating Procedures (SOP) Manual for Customer Service
4. Standard Operating Procedures (SOP) Manual for CRM Department
5. Standard Operating Procedures (SOP) Manual for Credit Department
6.Standard Operating Procedures (SOP)Manual for Treasury Department
7.Standard Operating Procedures (SOP) Manual for Human Resources (HR) Department
8. Standard Operating Procedures (SOP) Manual for Training Department
9. Standard Operating Procedures (SOP) Manual for Learning & Development Department
10. Standard Operating Procedures (SOP) Manual for Administration Department
11. Standard Operating Procedures (SOP) Manual for Front Office
12. Standard Operating Procedures (SOP) Manual for House Keeping
13. Standard Operating Procedures (SOP) Manual for Safety Department
14. Standard Operating Procedures (SOP) Manual for Security Department
15. Standard Operating Procedures (SOP) Manual for Facilities Management Department
16. Standard Operating Procedures (SOP) Manual for Vigilance Department
17. Standard Operating Procedures (SOP) Manual for Legal Department
18. Standard Operating Procedures (SOP) Manual for Information Technology (IT) Department
19. Standard Operating Procedures (SOP) Manual for Sales & Marketing Department
20. Standard Operating Procedures (SOP) Manual for Design & Engineering 
21.Standard Operating Procedures (SOP) Manual for Procurement Department
22. Standard Operating Procedures (SOP) Manual for Production
23. Standard Operating Procedures (SOP) Manual for SRM Department
24.Standard Operating Procedures (SOP) Manual for Supply Chain Department
25. Standard Operating Procedures (SOP) Manual for Warehouse
26. Standard Operating Procedures (SOP) Manual for New Product Development Department
27. Standard Operating Procedures (SOP) Manual for Research and Development  
28. Standard Operating Procedures (SOP) Manual for Quality Department
29. Standard Operating Procedures (SOP) Manual for Calibration Department
30. Standard Operating Procedures (SOP) Manual for Maintenance Department

Typical Types of Life Insurance Plan:

  • Term life insurance
  • Whole life insurance
  • Universal life insurance
  • Variable life insurance
  • Variable universal life insurance
  • Simplified issue life insurance
  • Guaranteed issue life insurance
  • Final expense insurance
  • Group life insurance
  • Term insurance
  • Term insurance with return of premium
  • Unit Linked Insurance Plans
  • Endowment plans
  • Moneyback policy
  • Child Insurance Plans
  • Retirement Plans

Industry Process:

Life insurance is a scheme, where the policy holder or beneficiary can claim the amount after reaching a maturity stage or else, it can be claimed after the death of the respective policy holder. In short term, this insurance used to secure the beneficiary life by providing financial security. Major banks, financial firms, and other related insurance are involved in offering life insurance schemes. Based on the insurance plan, the procedure gets differ. The life insurance scheme is considered as a low risk investment, which offers a financial support on a needy time. So, the government and other welfare organization are insisting the individual to invest or apply in the life insurance policy to secure their family.

Typical Departments Operated in this industry:

  • Underwriting Department
  • Policy Issue and Administration
  • Claims Department
  • Actuarial and Statistical Department
  • Accounting Department
  • Investment Department
  • Legal Department
  • Audit Department
  • Loss Control Department
  • Agency Department
  • Marketing Department
  • Reinsurance Department
  • Miscellaneous Support Departments

International Association Regarding this Industry:

Leading Life Insurance companies in the world:

Journals and Magazine Related to this Industries:

SOP Manual for Direct Life Insurance Carriers

Research By : Udhay Sankar

 

Written by SOP Team

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