The essence of an insurance policy is the timely and correct payment of a claim when it arises. All the reluctance of a prospect to buy, or a policyholder to pay and renew, find an answer at the time of a claim when, in that moment of distress, there is one voice that brings restitution [...]

“If you can not measure it, you can not improve it.”
That quote, a favourite of managers, is attributed to nineteenth century physicist Lord Kelvin who formulated the Laws of Thermodynamics.
IRDA Annual Report, 2008-09 presents measurements galore for the insurance industry analyst. We continue with excerpts from the document.

The release of Insurance Regulatory and Development Authority’s Annual Report for 2008-09 three months in advance with statistics on Life, General, Microinsurance and Intermediaries is a piece of good news. The high lapsation rate of intermediaries is a worrying trend in the report.

Numbers tell us the stories behind the developments in the industry. What happens when a Life insurance policy lapses.

Premium Over the Years Life insurance first year premium, including single premium In six years first year premium of the Life insurance industry grew five times! According to statistics in the 2007-08 Annual Report of Insurance Regulatory and Development Authority (IRDA,) the first year premium and single premium of the Life insurance industry which was [...]

Select Highlights from IRDA Annual Report 2007-08 detailing the happenings in the industry. Read the highlights pertaining to agents and other intermediaries as well as about customer service parameters.