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SEMINAR ON” CUSTOMIZED POLICY WORDINGS” JANUARY 2009. More... |
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GENERAL INSURANCE IN SYNC GLOBAL MARKET TRENDS. More... |
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SEMINAR ON “INSURANCE CLAIMS” IN GENERAL INSURANCE : ON 8TH MARCH More... |
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SEMINAR ON TOTALl DE-TARIFF SCENARIO IN THE GENERAL INSURANCE ON 22ND DECEMBER 2007 More... |
REMOVAL OF CONTROLS ON PRICING OF RISKS IN GENERAL INSURANCE BUSINESS WITH EFFECT FROM 1ST JANNUARY, 2008 More... |
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General Insurance in sync global market trends Now offers customized products at best price as insurance market goes totally free The desire to get customized insurance policies at best price has now become possible as the total detarrifing in general insurance came in to effect from 01.01.09 making the insurance market totally free. This decontrolling of products has elevated the general insurance market to global standards as the insurers now would be able to offer a wide choice of customized products in fire, engineering and motors insurance. At a seminar on Total Detarrifing In General Insurance organized by Unison Insurance Broking Services, Sandeep Bakshi - Â MD & CEO, ICICI Lombard said, "The product decontrolling would create more opportunities for product on international lines and trigger increase in competition between insurance companies in the terms of price reduction and product improvement, maximizing the flexibility to customize a policy as per the need of the buyer. " B. K. Sinha - Managing Director, Unison Insurance Broking Services said, "At an initial stage of detariffing, the technical details of risk may not be taken as seriously as required but as the market matures the professional broker will play a very important role in risk analysis, its prevention and product innovation. Proper risk assessment and presentation by a broker would lead to a better pricing of the product thus benefiting the customers too. " At the initial stage of product and price decontrolling all the 15 non life companies would be selective on risk. Those companies which did not select their risks and adopted a flat rate of premium lost to those who adopted a selective pricing and marketing approach, targeting profitable segments and avoiding loss-making ones. Thus, insurers need to adopt aggressive strategies to survive in the market. Before detariffing, there was hardly any focus on retail sector as the corporate sector had been yielding handsome premium. But with the freeing of tariff rates, insurers have to look at other segments for growth. With the removal of administered pricing mechanism premiums have fallen by over 70% in fire and engineering insurance portfolios and insurers are forced to skim alternate areas in retail and personal lines of insurance like health insurance for survival and growth. After detariffing, different insurers follow different models and mechanism to price their products. But, IRDA stands guard and seeks statistical basis for pricing. This would ensure that insurers can't reduce their prices beyond a point. Thus there is need to develop and maintain a strong data base and rating based on statistical and actuarial support. Customer awareness regarding all these changes is also essential. Post detariffing, customers are confused as to how detariffing would benefit them or whether this is again just hype. Many customers are totally unaware of changes that are happening, so there is a proper need to apprise them properly. IRDA along with the General Insurance Council proposes to come out with a media campaign to explain public what detariffing means and its benefits. The biggest beneficiaries have been major corporate who have paid a standard rate of premium despite the best risk management practices and loss control measures adopted. Tariff regime aided cross-subsidy and equated good and bad risks. Detariffing differentiates the risk exposure and acknowledges business realities. Free Pricing would be beneficial to insurers who have strong statistical databases to be able to price the individual risks based on effective segmentation. Insurers are thus forced to rely on their relative strengths for price differentiation and specialize in their preferred segments |
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