Literature Review

D. Ramkumar (2003)

Studied the role of relationship marketing i n l i f e i n s u r a n c e s e c t o r . i n

t o d a y s m a r k e t p l a c e customer satisfaction, retention and loyalty are rapidly
become the thing of the past. Relationship marketing brings them back to the forefront,
providing easy-to-apply solutions and strategies forestablishing meaningful bonds with
customers and turning themi n t o r e l i a b l e , l i f e -
long partners. Relationship marketing can bede ned as the process to
identify and establish, maintain
ande n h a n c e a n d , w h e n n e c e s s a r y , t e r m i n a t e r e l a t i o n s h i p s w i t
h customers and other stakeholders at a so that the
ob!ectiveo f a l l p a r t i e s i n v o l v e d a r e m e t " a n d t h i s i s d o n e
b y exchange and fullfillment of promises. he important objectives of relationship
marketing are to new customers, maintain t e r m i n a t i o n s . h e k e y o b j e c t i v e s
of relationship marketing is to establish a one to one relationship with all
the customers. s o u n d l i k e a d a y d r e a m f e w y e a r s a g o " b u t t h a n k s t o
t h e technology breakthrough and technological solutions providers itis very much of
reality.

Gatzert, et.al (2009).

Gatzert says that the life insurers often claim that the life settlement industry reduces their surrender
profits and leads to an adverse shift in their portfolio of insured risks; that is, high risksremain in the
portfolio instead of surrendering. In this article, we aim to quantify the effect of altered surrender
behavior - subject to the health status of an insured - in a portfolio of lifeinsurance contracts on the
surrender profits of primary insurers. Our model includes mortalityheterogeneity by applying a
stochastic frailty factor to a mortality table. We additionally analyzethe impact of the premium
payment method by comparing results for annual and single premium payments.Bernier & mouelhi
(2009)Bernier shows that the paper characterizes the (weak-form) efficiency of the Toronto Stock
Exchange (TSX) with respect to the life insurance sector in a post-demutualization context, usinga
methodology called co integration analysis. The major conclusion that can be drawn from
thisanalysis is that the Canadian stock market appears to have been inefficient in pricing
thesecurities of the three newly demutualized life insurance firms that became part of the
S&P/TSXindex of Canada's financial sector. Indeed, it appears that it would

Bernier & Moulhie(2009)

Bernier shows that the paper characterizes the (weak-form) efficiency of the Toronto Stock
Exchange (TSX) with respect to the life insurance sector in a post-demutualization context, usinga
methodology called co integration analysis. The major conclusion that can be drawn from
thisanalysis is that the Canadian stock market appears to have been inefficient in pricing
thesecurities of the three newly demutualized life insurance firms that became part of the
S&P/TSXindex of Canada's financial sector. Indeed, it appears that it would have been possible to
predictthe future price behavior of these life insurance stocks by relying on past information
followingtheir demutualization

have been possible to predictthe future price behavior of these life insurance stocks by relying on
past information followingtheir demutualization.Graves (2009)Graves had explained about the
recession has added many challenges to the already full platefaced by insurance executives. There
is no question that changes are coming in the regulation of insurers. Even before the recession, the
SEC proposed regulating indexed annuities as securities.It is still aggressively pursuing that issue.

SCOPE FOR FURTHER STUDY

A scope of loss is different from an estimate in the amount of detail it provides. A scope of loss is
typically more detailed than an estimate. A clear and complete scope of loss helps a property owner get a
fair, full and prompt insurance claim settlement and resist "lowballing", should that occur.
India’s life insurance industry has been growing at a steady pace. Over FY12-18, new business
premium has grown at a CAGR of over 14%. Despite this, life insurance penetration in India
remains low, at 2.76% as of 2017.

Insurance is a form of risk management that is primarily used to prevent the risk of a team loss.
Insurance is defined as the risk of a loss equal to the transfer, from one institution to another, in a
foreign currency for a premium, and a guarantee is small and to prevent loss of a large,
potentially devastating loss Can be thought of as.

An insurance company is a company that sells insurance, or the insurance policyholder is a

person or institution insurance purchase. Insurance rates are an aspect that is used to determine
the amount which is being charged for a certain amount of insurance coverage and called
premium

Insurance has been a federal subject in India. The insurance sector has gone through many stages
and changes. Since 1999, when the government started with the insurance sector to allow private
insurance companies to plead and also allowed foreign direct investment to 26%, the insurance
sector was celebrated for a fast-growing market. Has gone. However, the most significant life
insurance company in India is still owned by a large number of government-owned enterprises
When the event is insured against that, the insured person will be kept in the same
monetary position that he/she will be captured immediately before the occurrence of the
incident.

In the event of a claim, there is a need to ensure:

Prove that the incident took place

Prove that an economic loss has also happened
The transfer has any right that he/she can recover the insurance company from any other
source if he/she is fully indemnified.

If an insurance court wants to enforce an insurance contract before it, it should have an
insurable interest in the subject matter of insurance, which means that it suffers from its
protection and its loss. In the case of non-marine insurance, it is insurable interest required
for insurance when the policy is taken out, and the loss is also on the date of giving birth to a
claim under the policy.
The life insurance sector in India – Along with life insurance, India started its 100
years ago. Our main features are not as widely understood in our country as they should be.
Is there such an attempt to introduce readers to some of the concepts of life insurance with
special reference to life insurance? It should, however, be understood that the following
statement means a detailed explanation of the terms and conditions of a life insurance
policy or its benefit or privilege. With the help of any life insurance agent, you will be happy
to choose life insurance plan to meet your needs and provide policy servicing.

In the field of life insurance, the fastest growing sector in India since 2000, when the
government has allowed private players and foreign direct investment (FDI) to 26%. Life
Insurance was nationalized in India by incorporating Life Insurance Corporation (LIC) in
1956. At that time all the private life insurance companies were taken by the LIC.

The Insurance Regulatory and Development Authority Act 2000 was passed, in 2000,
amendments to the Insurance Act of 1938 and legislating where newly appointed insurance
regulator – Insurance Regulatory and Development Authority [IRDA]issued
licenses for private life insurance companies.

Property Insurance: The home has the most important authority. The policy is designed
to cover various risks under the same policy. It protects property and insurance and family
interest.

Health Insurance: This cover is available, which takes care of medical expenses after
taking a sudden illness or accident after hospitalization.

Personal Accident Insurance: This insurance policy provides compensation for the loss
of life or injury (partially or permanently) due to an accident. The cost of this treatment
includes the use of facilities in the hospital for reimbursement and treatment.

Travel insurance policy covers insurance under various circumstances while traveling
abroad. Insurance cover against personal accident, medical expenses, and repatriation, loss
of luggage check, passport, etc.

Liability Insurance: This policy compensates other professionals against losses arising
out of claims made against them by the cause of the act or any wrongdoing in their official
capacity.

Motor insurance: In the Motor Vehicles Act, it has been said that for every motor vehicle
that runs on the road, at least the obligation is to be ensured only with the policy. Two types
of policy are covering the liability work, while other cover insurance companies all liability
and damage are due to one vehicle.

Since one policy cannot meet all the insurance objectives, one needs all the portfolio of
policies covered.

Though LIC continues to dominate the Insurance sector in India, the introduction of the new
private insurers will see a vibrant expansion and growth of both life and non-life sectors in 2017.
The demands for new insurance policies with pocket-friendly premiums are sky high. Since the
domestic economy cannot grow drastically, the insurance sector in India is controlled for a
strong growth.
With the increase in income and exponential growth of purchasing power as well as household
savings, the insurance sector in India would introduce emerging trends like product innovation,
multi-distribution, better claims management and regulatory trends in the Indian market.
The government also strives hard to provide insurance to individuals in a below poverty line by
introducing schemes like the

Pradhan Mantri Suraksha Bima Yojana (PMSBY),

Rashtriya Swasthya Bima Yojana (RSBY) and
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Introduction of these schemes would help the lower and lower-middle income categories to
utilize the new policies with lower premiums in India.
With several regulatory changes in the insurance sector in India, the future looks pretty awesome
and promising for the life insurance industry. This would further lead to a change in the way
insurers take care of the business and engage proactively with its genuine buyers.
Some demographic factors like the growing insurance awareness of the insurance, retirement
planning, growing middle class and young insurable crowd will substantially increase the growth
of the Insurance sector in India.

 In September 2018, National Health Protection Scheme was launched under Ayushman
Bharat to provide coverage of up to Rs 500,000 (US$ 7,723) to more than 100 million
vulnerable families. The scheme is expected to increase penetration of health insurance in
India from 34 per cent to 50 per cent.
 Over 47.9 million famers were benefitted under Pradhan Mantri Fasal Bima Yojana
(PMFBY) in 2017-18.
 The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue
redesigned initial public offering (IPO) guidelines for insurance companies in India,
which are to looking to divest equity through the IPO route.
 IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds
that are issued by banks to augment their tier 1 capital, in order to expand the pool of
eligible investors for the banks .
 OBJECTIVES
Objective of Insurance Companies. Insurance companies generate a profit when they sell
more in policy dollar amounts than they pay out in insured claims. Asuch, insurance companies
have an objective of using a process called underwriting to examine every insurance applicant.

The objective of insurance is to financially guard against unpredictable life occurrences. In short,
when you buy an insurance policy, you make monthly payments, called premiums, to purchase
protection from monetary repercussions related to things like accidents, illness or even death.
The amount of your premiums is based on your coverage needs, your personal history, and in
some cases, your age, health and even where you live.

Insurance companies generate a profit when they sell more in policy dollar amounts than they
pay out in insured claims. As such, insurance companies have an objective of using a process
called underwriting to examine every insurance applicant. They then make a determination about
whether that client will be an asset or a liability, and make coverage offers accordingly.
Insurance companies also utilize deductibles - the amount of money you have to pay out-of-
pocket before insurance kicks in with the rest, and co-pays, or the portion of coverage you have
to pay before insurance covers the remainder.

Many types of insurance have qualifiers that affect eligibility and premiums. For example, if you
are 95 years old and in poor health, a life insurance or health insurance policy may not be
available -- if it is, you will be required to take a physical exam and will likely be charged very
high premiums. Insurers are, after all, trying to mitigate their own risk in covering you. Likewise,
if you have a terrible driving record, with numerous collisions and citations, auto insurance will
cost you significantly more than someone who has never had an accident
To know the various investment alternatives that is mostly preferred by thecustomers.

To find out the criteria that people think about before investing in a lifeinsurance policy.

To find out the level of awareness of Reliance life insurance among people
.To encourage the expansion of capital markets;
To accelerate the intermediation competence in the insurance sector, and to release latest out new
schemes and services;
To contribute to all-inclusive sectoral reforms
To facilitate and improve the corporate administration and introduce sound commercial structure
To sustain health modifications and private health insurance.
To enable the investors to take a close view of the fund performance over the years
To motivate the selling of insurance schemes
To monitor the insurance schemes transactions
To trigger long term strategic planning
The aims and objectives for which the Association was established are to bring together
insurance, reinsurance, insurance brokers and other insurance agencies transacting insurance
business in the Gambia for the purpose of:

To promote insurance education within the country with a view to increasing insurance
awareness and enhance the public image of the industry.
To promote the development of insurance services within the country.
To create and maintain a closer co-operation between members for the benefit of the insurance
industry and the nation as a whole.
To provide a forum under which mutual problems of the industry can be discussed and firm
resolutions taken.
To encourage and facilitate exchange of information and experience amongst the members.
To encourage the exchange of insurance business among members to help conserve the much
needed foreign exchange and cut down on insurance costs.
To take all necessary steps which are in the interest of members for promoting the objectives of
the Association.
To consult or co-operate with other Associations or similar bodies in regard to matters of mutual
interest and to obtain affiliation with such Associations whether within or outside the Republic of
The Gambia.