Home Blog Page 3

Exclusive Insurance Leads Scam

Exclusive Insurance Lead;  Just so we are all on the same page, an exclusive insurance lead is a lead that has been generated exclusively for you or your company and will not be resold or redistributed to another person or company.

Online Insurance Leads-  Most insurance leads are generated on the internet through banner ads and affiliate websites, and therein lies the problem.  Since marketing on the internet has become so competitive for the insurance industry, companies are using a network of websites to run cost-per-click campaigns like Google AdWords or post banner ads.  I’ve seen these ads even offering free Ipods if you participate by filling out your information.  Since the websites that collect this information are not fully owned by the lead generation company the leads are normally distributed to several different recipients.  Another big problem we see with internet lead generation is that online shoppers are just more competitive by nature.  If the consumer has visited one website to inquire about insurance, then the chances are they have been to others looking for comparable rates.  this means by the time you get the lead and try to set an appointment, the prospect is being contacted by other insurance agents.  The last problem with internet lead generation is that the leads are not pre-qualified and most of the time have no creditability.  Internet lead generation is such a touch-and-go process that anyone can fill out a submission form but that doesn’t mean they are qualified nor does it mean they are genuinely interested.  This may be an extreme example but my 8 year old niece clicks on those same banner ads and fills that stuff out all the time.

Mailing List Leads for Insurance-  Sending postcards and advertisements via snail mail is one of the oldest forms of marketing and it too, has it’s ups and downs.  Firstly, the conversion ratios from mailing list are the lowest in the industry, with the highest ratio being .01%.  Fortunately, the cost are so low that you can still see a profitable R.O.I. (return on investment).   You can send out tens of  thousands of mailers for just penny’s each.  The main problem again is exclusivity.  Most mailers end up in the trash before the recipient even has the chance to look at, hence the nick name junk mail.  However, there are the folks out there that actually do read these types of advertisement and if they respond to one, then most likely they would respond to other mailers as well.  Lastly, they are not pre-qualified, as this can only be done with telemarketing and this also happens to be the only way to generate a truly exclusive insurance lead.

Exclusive Insurance Leads are generated through telemarketing.  Not only do telemarketing insurance leads give you the opportunity to pre-screen and pre-qualify each lead but it is also the only way to guarantee the lead will be an exclusive insurance lead.  Some call centers that do insurance appointment setting add a qualifying question to make sure the prospect is not currently engaged in talks with other insurance agents and if written in the contract the company will not resell the same lead to any other insurance agents.  With telemarketing you catch the prospect before they have had the chance to shop around, remember, its not they, who are looking for you in this scenario its you that have had the chance to make contact before they fill out any online submission forms or respond to a mailer.  Telemarketing is also an awesome way to make sure each lead is qualified.  With a series of questions you can filter out any unwanted prospects that you know would end up being a dead lead.  For instance age, health status, income and other demographics.  Make sure you find the right call center and make sure they offer 100% on their set appointments.  The Lead Tree, LLC offers guaranteed exclusive insurance leads and guaranteed insurance appointment setting.

Pros and Cons of Owning Your Own Independent Insurance Agency

There is always a lot of pride in owning your own company, but there is also a great deal of responsibility, work and hassle. Here’s how to tell if owning an insurance agency might have enough benefits for you to outweigh the liabilities.

Every employee has had the experience of looking at their boss and/or the owner of their company and thinking “I could do this so much better than you.” If you find yourself thinking this too often, you may soon find yourself looking into actually starting a business. And if you’ve got experience working in the insurance or financial products industries, as so many people do, then you are probably considering starting your own insurance agency.

Let’s start off with some clarifications. Any small business is either going to be an independent insurance agency (which sells policies from a number of major insurance companies) or a “captive” agency, which sells policies from just one company. To actually start providing people insurance requires something called a “corporate insurance license”, and they can cost $50,000 or more to buy. To actually be able to originate insurance policies requires over a million dollars of capital, just to start, so what most small business people want is to sell insurance, not create the policies themselves.

To sell insurance you will have to be licensed in your state for the kinds of policies you want to sell. There are three major kinds of insurance policies: health, liability, and life insurance. Many insurance licenses also let you sell financial products. Because insurance is so much of a financial product there’s a lot of overlap both in services and licensing.

The pros of having your own shop are that you get to choose which hours you work — but only to a certain extent, because you have to be on the job enough to stay in business. You get to decide how long and when you will take vacations — but again, only to a certain extent, because you have to make sure your business can stay afloat while you are gone. Another major pro is that if the business is successful, you will be the owner and will have a valuable asset that can generate income for years to come. Also, as the owner, you get to decide when and how to hire and fire people. If you are brave, you can even decide which clients and customers you want to fire.

While to pros sound great, here are the cons: you will probably work more than 60 hours a week the first years. If your agency is not successful in the first year or so (and many aren’t) you may end up not paying yourself a wage at all in order to be able to balance the books. Also, until your agency can afford to hire people for different jobs, you will be wearing a lot of different hats — accountant, computer guru, secretary, marketing manager, printer fixer, and many, many more. You will almost always have five to ten times more things that need to be done in one day than you can possibly do.

Being an owner is stressful, and so while there are dozens of benefits to having your own insurance agency, you will need to be resilient enough to handle the challenges. But if you can do it, hopefully you’ll be able to give yourself a raise.

Certain Benefits of Purchasing Mobile Accessories for Your Home

Within a short span of time, our smartphones have grown as our best friends and something more, that we should take care of every time. But we need a lot of other things that goes well with these phones. Nowadays, your phone is your everything because you can do almost anything with it. The advancement of technology has gifted us the comfort that a gadget can give at the maximum. We can listen to music, play games, surf net, do banking services, download movies and songs and what not? The accessories just facilitate these functions and has made them more comfortable.

So, what do mobile phone accessories do? They support the smartphones and expand the ways of execution. Well, almost everything can be termed as mobile phone accessories. The batteries, the case, the ear jacks, the chargers, the data cable, the adopter, the screen savers, and many more things can be called as the accessories. Well, each of them have their own benefits for the users.

They assure the security of your cell phones

All of us know that the smartphones are very flexible and delicate. They tend to get ruined in the touch of dust, dirt, heat, pollution & cold. Not only that, the phone body and the screen can get scratched, dented or bruised that can ruin the look & feel of your smartphones. The mobile phone cases and the screen guard, protects the cell phones quite well, as they cover almost the entire part of it. There are many cell phone cases that are made of silicon, fabric or plastic that doesn’t react in the presence of heat, cold & dust. Moreover, the screen saver also guards the screen of the phones from getting bruised or scratched.

Provides your phone an elegant look

No doubt you have got a great phone, but does it worth to be in your hands in the ceremonies or occasions? Well, no phone comes with such an elegant look. There comes the necessities of the phone accessories. Flaunting your phone in front of your friends can really keep you up higher. A good mobile case, a fantastic screen saver, a standard ear jack and stickers, voila! You are ready to go to the party.

Long lasting phone can make you economically sound

How do you feel when your phone charge goes at the end at the time you need it the most? Batteries are the most significant part of a smartphone. The stability and long lasting quality of the phones, help your phone to go a long time. The long life span of the smartphones is the major requirement of the users. A battery is much more expensive than the smartphones. So, purchasing or replacing the batteries won’t be a very good decision. Then what to do if your battery devours up charge too soon? Well, a power bank is one of the finest mobile phone accessories recently in in the market that can resolve this problem very easily.

There are many more benefits of mobile accessories which we will discuss in our next articles.

Types of Homeowner Insurance

There are 6 different types of homeowners insurance in general that are consistently utilized. Of these HO-3 is the most usual policy then it is followed by HO-4 and HO-6. Others less used, but still important, are HO-1, HO-2 and HO-5. Everyone is described below:

HO-1

A limited policy that offers varied degrees of coverage but includes items that are specifically included in the policy. These may be used to include a valuable object in the home, such a painting or certain types of jewelry.

HO-2

Similar to HO-1, HO-2 is a limited policy in that it will cover only specific portions of a home against damage. The coverage is ordinarily a “named perils” policy, which lists the cases that would be covered. As above, these factors must be spelled come in the policy.

HO-3

This policy is the most common one written for a owner and is designed to cover all aspects of the home, its structure and it contents. Also includes any liability that will arise from daily living. This includes visitors in the home that might encounter an accident or even injury on the premises. Covered aspects of liability must be clearly spelled out in the policy to insure proper coverage. The coverage is ordinarily called “all risk”.

HO-4

This is unremarkably referred to as renter’s insurance. Similar to HO-6, this policy covers those aspects of the living accommodations and its contents not specifically covered in the blanket policy written for the renter’s complex. This policy can, as well, cover liabilities arising from accidents and injuries for guests and passers-by up to 150′ of the renter’s complex.

Extremely low in cost and high in coverage, this is an extremely recommended policy for anyone renting an apartment

HO-5

This policy, similar to HO-3, covers a home (not a dwelling or even apartment), the owner and its possessions. Liability that might arise from visitors or even passers-by. This coverage is differentiated therein it covers a wider scope and depth of incidents and losses than AN HO-3.

HO-6

As a form of supplemental homeowner’s insurance, HO-6, a.k.a. a Condominium Coverage, is designed especially for the owners of condos. It includes coverage for the share of the building closely-held per insured and for the property housed in that of the insured.

Designed to span the gap between what the homeowner’s association can cover in a blanket policy written for associate entire neighborhood and those things of importance to the insured. Occasionally the HO-6 covers liability for residents and guests on their private property. The liability coverage, contingent to the underwriter, premium paid, and more factors of the policy, can cover incidents up to 150′ from the insured property, all valuables in the home from theft, fire or even water damage or even more forms of loss.

It’s significant to read the Associations By-laws to determine the aggregate amount of insurance needful on your lodging.

Extremely low in cost and high in coverage, this is a extremely recommend policy for anyone owning a condo.

Vehicle Repair Services

Many different vehicle repair services in your area can help get your car 100% back on the road. All different types of vehicles need to be repaired some day, whether it be for automotive or auto body.

Auto Body Repair:

If you are even in an automobile accident and the body of your vehicle is damaged auto body repair is the thing for you. This is a repair that gets a bumper looking like an accident never happened. Your vehicle can be repaired to look like you just bought it. Often dents can take over a car but having the auto body repaired will get it looking new.

Automotive Repair:

There can be a few issues that go wrong with your automotive, trained staff specialize in automotive repair for all types of vehicles. This can be a transmission problem or engine problem. When you get the automotive fixed this will only touch problems inside the car. Things with the engine, wheels and others. Very different from having the auto body fixed. The price can be pretty high for automotive, depending on the car the parts may be expensive for anyone to afford. Sometimes you just want to get your car back on the road and need to push to keep your car alive.

Emergency Vehicle Repair:

Often emergency vehicles like, police cars or ambulances need to be repaired. All emergency vehicles need to be looked at for repair. Over time with so many trips to the hospital or police chases, these cars need to be reviewed. Common things like tire rotation or replacement are big when it comes to repairing emergency vehicles.

All these services may be used with your car sometime in life. It’s hard to determine which. Some people never get in accidents which is great but others it just happens. No matter what vehicle you have you can get it repaired. Sometimes an accident is so bad that nothing can be done about an accident. it’s a shame seeing a nice car put to rest but it happens.

Any mechanic in your area can specialize in these services. Everyone would need at least a tune up to their car some day. The engine may need a tune up or oil change, just know your car will be in good hands with whomever you take it to. Many cars are repaired every day. Even if they aren’t being repaired people choose to repaint a car or add a new engine.

Globlization And Its Impact Of Insurance Industry In India

INTRODUCTION

The word “Fear” has only four alphabets like love but both of them have very different e meaning. Whatever man (malor female) does for the love of their families always starts with the background of fear. Generally so many times we have been asking our selves that, what will happen if we were not there, but we keep on asking rather then doing something for it. Time is precious, it never stops for any one and we are living in the world of uncertainty; the uncertainty of job, the uncertainty of money, the uncertainty of property and like this the story goes continuous for the whole life of a man.

A thriving insurance sector is of vital importance to every modern economy. Firstly because it encourages the habit of saving, secondly because it provides a safety net to rural and urban enterprises and productive individuals. And perhaps most importantly it generates long- term invisible funds for infrastructure building. The nature of the insurance business is such that the cash inflow of insurance companies is constant while the payout is deferred and contingency related.

This characteristic feature of their business makes insurance companies the biggest investors in long-gestation infrastructure development projects in all developed and aspiring nations. This is the most compelling reason why private sector (and foreign) companies, which will spread the insurance habit in the societal and consumer interest are urgently required in this vital sector of the economy. Opening up of insurance to private sector including foreign participation has resulted into various opportunities and challenges in India.

LIFE INSURANCE MARKET

The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. The state owned LIC sold insurance as a tax instrument, not as a product giving protection. Most customers were under- insured with no flexibility or transparency in the products. With the entry of the private insurers the rules of the game have changed.

The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. The new business premium of the 12 private players has tripled to Rs 1000 crore in 2002- 03 over last year. Meanwhile, with regard to state owned LIC’s new premium business has fallen.

Innovative products, smart marketing and aggressive distribution. That’s the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer.

The growing popularity of the private insurers is evidenced in other ways. They are coining money in new niches that they have introduced. The state owned companies still dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. And in the popular unit-linked insurance schemes they have a virtual monopoly, with over 90 percent of the customers.

The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs 50,000. That has risen to about Rs 80,000. But the private insurers are ahead in this game and the average size of their policies is around Rs 1.1 lakh to Rs 1.2 lakh- way bigger than the industry average.

Buoyed by their quicker than expected success, nearly all private insurers are fast- forwarding the second phase of their expansion plans. No doubt the aggressive stance of private insurers is already paying rich dividends. But a rejuvenated LIC is also trying to fight back to woo new customers.

INSURANCE TODAY

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R. N. Malhotra, was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector.

With the setup of Insurance Regulatory Development Authority (IRDA) the reforms started in the Insurance sector. It has became necessary as if we compare our Insurance penetration and per capita premium we are much behind then the rest of the world. The table above gives the statistics for the year 2000.

With the expected increase in per capita income to 6% for the next 10 year and with the improvement in the awareness levels the demand for insurance is expected to grow.

As per an independent consultancy company, Monitor Group has estimated a growth form Rs. 218 Billion to Rs. 1003 Billion by 2008. The estimations seems achievable as the performance of 13 life Insurance players in India for the year 2002-2003 (up to October, based on the first year premium) is Rs. 66.683 million being LIC the biggest contributor with Rs. 59,187 million. As of now LIC has 2050 branches in 7 zones with strong team of 5,60,000 agents.

IMPACT OF GLOBALISATION

While nationalized insurance companies have done a commendable job in extending the volume of the business, opening up insurance sector to private players was a necessity in the context of globalization of financial sector. If traditional infrastructural and semipublic goods industries such as banking, airlines, telecom, power etc., have significant private sector presence, continuing a state of monopoly in provision of insurance was indefensible and therefore, the globalization of insurance has been done as discussed earlier. Its impact has to be seen in the form of creating various opportunities and challenges.

The introduction of private players in the industry has added colours to the dull industry. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in the sector. The new players have improved the service quality of the insurance. As a result LIC down the years have seen the declining in its career. The market share was distributed among the private players. Though LIC still holds 75% of the insurance sector the upcoming nature of these private players are enough to give more competition to LIC in the near future. LIC market share has decreased from 95%(2002-03) to 81% (2004-05). The following company holds the rest of the market share of the insurance industry.

TABLE – 1

IMPACT OF GLOBALISATION

NAME OF THE PLAYER MARKET SHARE (%)

LIC 82.3

ICICI PRUDENTIAL 5.63

BIRLA SUN LIFE 2.56

BAJA ALLIANZ 2.03

SBI LIFE 1.80

HDFC STANDARD 1.36

TATA AIG 1.29

MAX NEW YORK 0.90

AVIVA 0.79

OM KOTAK MAHINDRA 0.51

ING VYASA 0.37

AMP SANMAR 0.26

METLIFE 0.21

PRESENT SCENARIO OF GLOBALISATION

In a tough battle to expand market shares the private sector life insurance industry consisting of 14 life insurance companies at 26% have lost 3% of market share to the state owned Life Insurance Corporation(LIC) in the domestic life insurance industry in 2006-07. According to the figures released by Insurance Regulatory & Development Authority, the total premium of these 14 companies have shot up by 90% to Rs 19,471.83 crore in 2006-07 from Rs 10, 252 crore.

LIC with a total premium mobilisation of Rs 55,934 crore has been able to retain a market share of 74.26 % during the reporting period. In total the life insurance industry in first year premium has grown by 110% to Rs 75, 406 crore during 2006-07. The 2006-07 performance has thrown a few surprises in the ranking among the private sector life insurance companies. New entrants like Reliance Life and SBI Life had shown a huge growth of over 381% and 210% respectively during the year. Reliance Life which has become one of the top five companies ended the year with a premium of Rs 930 crore during the year.

Though ICICI Prudential Life Insurance remained as the No 1 private sector life insurance company during the year. Bajaj Allianz overtook ICICI Prudential in terms of monthly market share in March, for the first time ever. Bajaj’s market share among private players in non-single premium for March stood at 29.1% vs. ICICI Prudential’s 23.8%. Bajaj gained 4.6 percentage point market share among private sector players for FY07.

Among other private players, SBI Life and Reliance Life continued to do well, each gaining 4% market share in FY07. SBI Life’s growth was driven by increasing contribution from ULIP premiums. Another notable developments of the 2006-07 performance has been the expansion of retail markets by the life insurance comapnies. Bajaj Alliannz Life insurance has added 20 lakh policies while ICICI Prudential has expanded over 19 lakh policies during the year.

With the largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the country’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.

Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself is an indicator that growth potential for the insurance sector is immense.

A well-developed and evolved insurance sector is needed for economic development as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country.

Insurance is a federal subject in India. There are two legislations that govern the sector- The Insurance Act- 1938 and the IRDA Act- 1999. The insurance sector in India has become a full circle from being an open competitive market to nationalisation and back to a liberalised market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

Important milestones in the life insurance business in India

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalised. LIC formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 crore from the Government of India.

In a tough battle to expand market shares the private sector life insurance industry consisting 14 life insurance companies at 26% have lost 3% of market share to the state owned Life Insurance Corporation(LIC) in the domestic life insurance industry in 2006-07. According to the figures released by Insurance Regulatory & Development Authority the total premium these 14 companies have shot up by 90% to Rs 19,471.83 crore in 2006-07 from Rs 10, 252 crore.

LIC with a total premium mobilisation of Rs 55,934 crore has been able retain a market share of 74.26 % during the reporting period. In total the life insurance industry in first year premium has grown by 110% to Rs 75, 406 crore during 2006-07. The 2006-07 performance has thrown a few surprises in the ranking among the private sector life insurance companies. New entrants like Reliance Life and SBI Life had shown a huge growth of over 381% and 210% respectively during the year. Reliance Life which has become one of the top five companies ended the year with a premium of Rs 930 crore during the year.

Though ICICI Prudential Life Insurance remained as the No 1 private sector life insurance company during the year Bajaj Allianz overtook ICICI Prudential in terms of monthly market share in March, for the first time ever. Bajaj’s market share among private players in non-single premium for March stood at 29.1% vs. ICICI Prudential’s 23.8%. Bajaj gained 4.6 percentage point market share among private sector players for FY07.

Among other private players, SBI Life and Reliance Life continued to do well, each gaining 4% market share in FY07. SBI Life’s growth was driven by increasing contribution from ULIP premiums. Another notable development of the 2006-07 performance has been the expansion of retail markets by the life insurance companies. Bajaj Alliannz Life insurance has added 20 lakh policies while ICICI Prudential has expanded over 19 lakh policies during the year.

OPPORTUNITES

– A state monopoly has little incentive to innovative or offers a wide range of products. It can be seen by a lack of certain products from LIC’s portfolio and lack of extensive risk categorization in several GIC products such as health insurance. More competition in this business will spur firms to offer several new products and more complex and extensive risk categorization.

– It would also result in better customer services and help improve the variety and price of insurance products.

– The entry of new players would speed up the spread of both life and general insurance. Spread of insurance will be measured in terms of insurance penetration and measure of density.

– With the entry of private players, it is expected that insurance business roughly 400 billion rupees per year now, more than 20 per cent per year even leaving aside the relatively under developed sectors of health insurance, pen More importantly, it will also ensure a great mobalisation of funds that can be utilized for purpose of infrastructure development that was a factor considered for globalisation of insurance.

– More importantly, it will also ensure a great moblisation of funds that can be utilized for purpose of infrastructure development that was a factor considered for globalisation of insurance.

– With allowing of holding of equity shares by foreign company either itself or through its subsidiary company or nominee not exceeding 26% of paid up capital of Indian partners will be operated resulting into supplementing domestic savings and increasing economic progress of nation. Agreements of various ventures have already been made to be discussed later on in this paper.

– It has been estimated that insurance sector growth more than 3 times the growth of economy in India. So business or domestic firms will attempt to invest in insurance sector. Moreover, growth of insurance business in India is 13 times the growth insurance in developed countries. So it is natural, that foreign companies would be fostering a very strong desire to invest something in Indian insurance business.

– Most important not the least tremendous employment opportunities will be created in the field of insurance which is burning problem of the present day today issues.

CHALLENGES BEFORE THE INDUSTRY

New age companies have started their business as discussed earlier. Some of these companies have been able to float 3 or 4 products only and some have targeted to achieve the level of 8 or 10 products. At present, these companies are not in a position to pose any challenge to LIC and all other four companies operating in general insurance sector, but if we see the quality and standards of the products which they issued, they can certainly be a challenge in future. Because the challenge in the entire environment caused by globalisation and liberalization the industry is facing the following challenges.

– The existing insurer, LIC and GIC, have created a large group of dissatisfied customers due to the poor quality of service. Hence there will be shift of large number of customers from LIC and GIC to the private insurers.

– LIC may face problem of surrender of a large number of policies, as new insurers will woo them by offer of innovative products at lower prices.

– The corporate clients under group schemes and salary savings schemes may shift their loyalty from LIC to the private insurers.

– There is a likelihood of exit of young dynamic managers from LIC to the private insurer, as they will get higher package of remuneration.

– LIC has overstaffing and with the introduction of full computerization, a large number of the employees will be surplus. However they cannot be retrenched. Hence the operating costs of LIC will not be reduced. This will be a disadvantage in the competitive market, as the new insurers will operate with lean office and high technology to reduce the operating costs.

– GIC and its four subsidiary companies are going to face more challenges, because their management expenses are very high due to surplus staff. They can’t reduce their number due to service rules.

– Management of claims will put strain on the financial resources, GIC and its subsidiaries since it is not up the mark.

– LIC has more than to 60 products and GLC has more than 180 products in their kitty, which are outdated in the present context as they are not suitable to the changing needs of the customers. Not only that they are not competent enough to complete with the new products offered by foreign companies in the market.

– Reaching the consumer expectations on par with foreign companies such as better yield and much improved quality of service particularly in the area of settlement of claims, issue of new policies, transfer of the policies and revival of policies in the liberalized market is very difficult to LIC and GIC.

– Intense competition from new insurers in winning the consumers by multi-distribution channels, which will include agents, brokers, corporate intermediaries, bank branches, affinity groups and direct marketing through telesales and interest.

– The market very soon will be flooded by a large number of products by fairly large number of insurers operating in the Indian market. Even with limited range of products offered by LIC and GIC, the consumers are confused in the market. Their confusion will further increase in the face for large number of products in the market. The existing level of awareness of the consumers for insurance products is very low. It is so because only 62% of the Indian population is literate and less than 10% educated. Even the educated consumers are ignorant about the various products of the insurance.

– The insurers will have to face an acute problem of the redressal of the consumers, grievances for deficiency in products and services.

– Increasing awareness will bring number of legal cases filled by the consumers against insurers is likely to increase substantially in future.

– Major challenges in canalizing the growth of insurance sector are product innovation, distribution network, investment management, customer service and education.

ESSENTIALS TO MEET THE CHALLENGES

– Indian insurance industry needs the following to meet the global challenges

– Understanding the customer better will enable insurance companies to design appropriate products, determine price correctly and increase profitability.

– Selection of right type of distribution channel mix along with prudent and efficient FOS [Fleet On Street] management.

– An efficient CRM system, which would eventually create sustainable competitive advantages and build a long-lasting relationship

– Insurers must follow best investment practices and must have a strong asset management company to maximize returns.

– Insurers should increase the customer base in semi urban and rural areas, which offer a huge potential.

– Promoting health insurance and using e-broking to increase the business.

CONCLUSION

Thus, in the last on basis of above the discussion we can conclude that need for private sector entry is justifiable on the basis of enhancing the efficiency of operation, achieving greater density and insurance coverage in the country and for greater mobilization of long-term savings for long gestation infrastructure projects. In the wake of such competition it is essential for the government monopolies (LIC and GIC) that they quickly up grade their technology, restructure themselves on more efficient lines and operate as broad run enterprise. New players should not be treated as rivalries to government companies, but they can supplement in achieving the objective of growth of insurance business in India.

* Lecturer, Department of Commerce, Bharathiar University, Coimbatore-46

Email – buarticlecommerce@yahoo.com

** Ph.D Scholar, Department of Commerce, Bharathiar University, Coimbatore. Email – parentbala@sify.com

Accelerating Fundraising Contributions for Worthy Causes – Supertickets

How can I increase fundraising for my worthy cause? This is a question typically asked by the Event Planners and Foundation Directors. When I ask them to describe the audience providing contribution support, the consistent answer is “We have some sponsors and the individuals participating in the event”. When I inquire how much their net donation was, a typical answer is “we had 100 participants, but only made $2,000” followed by a statement of despair when the organizer considers the amount of organizational effort was spent delivering the event.

Event organizers charge a participation fee that normally includes a primary event activity and meal, standard for most events. There’s usually supplemental effort to gain additional contributions from those already contributing. It generally comes packaged as a variety of choices – raffle tickets, live and silent auctions, side bets and other activities. Event participants have told me countless times “I’d rather write a single check for every event element, instead of being asked to again reach for another $20”. The end result is the event supporter may question participation in subsequent years. Sponsors are also at risk, because they rarely receive recognition commensurate with their contribution. Event signage or thanks at the awards ceremony offers nominal value.

When working with large charitable foundations, my experience has been that for every 100 event participants there are typically 500 individuals, in a current contributor data base, who may receive an e-mail notification, but otherwise are entirely overlooked.

I encourage events to develop a separate prize pool or gifts for non attendees, willing to contribute and who would like the opportunity to win prizes or some simple form or recognition for their contribution.

Development of a “Superticket” was a simple way to deliver the aforementioned opportunity to non attendees and increase the value to sponsors. Supertickets are a scratch off game card that are combined with additional elements – raffle tickets, merchandise and services, printed on the back side of the scorecard. For golf events the Superticket looks like a scorecard. The recipient is instructed to “scratch off” one score per hole then add the scores for an 18 hole total. There is no skill involved, scoring is random and prizes may be awarded based on the Supertickets low (or high) scores. Providing free Supertickets to sponsors for internal distribution is a great way to encourage and reward their financial participation.

Superticket Case Study

A Southeastern children’s hospital conducts four fundraising events throughout the year. Their golf event, while popular, doesn’t contribute as much financially to the hospital as the other events do, due largely due to the expense for use of the golf course.

Because of strong community support, the hospital receives contributions supporting their events from sponsors and local sources that include restaurants, consumer electronic stores, automobile dealerships, clothing stores, jewelers and travel agents. These gifts are used to incent event participation.

Organizers increased the golf participation fee by $15, but every participating player received one Superticket. It included the scratch off game component, 5 raffle tickets, 1 individual mulligan, entry to the putting contest and a par three shootout. A separate prize pool for the golf participants included golf merchandise.

A separate Superticket promotion was announced through the hospital newsletter and e-mailed to hospital supporters who were not participating in the golf event. To non – golf participants, Supertickets were sold: 1 ticket = $20, 2 tickets = $35 and 3 tickets = $45. All details of the promotion were clearly explained on the back of the Superticket. To enter after Superticket purchase, the recipient returned the ticket to the hospital with their name, address, phone number and e-mail address. The non golf participants promotion included prizes for the lowest 20 Superticket scores and 15 additional prizes being awarded from a random raffle drawing. The Superticket golf card was identical to the card used at the golf tournament, but the prizes available were non – golf specific merchandise. A consumer electronic store sponsor donated a 32″ flat screen TV and there were a total of 35 gifts allocated. In addition to the flat screen, there were lunches and dinners for two, $25 gift certificates to retail stores, movie tickets for four and salon gift certificates were popular.

An additional 360 Supertickets were sold to individuals who were non golf participants and an announcement of all winners was sent by e-mail to all purchasing Supertickets. An important component was offering prizes both to Superticket low scores while also including a random raffle drawing. An important element to the hospital was the simplicity of the promotion, the fun and the financial contribution sustainable in subsequent events.

Financial Contribution: Net profit = $14,004 ($14,760 revenue – $756 Superticket cost)

Golf Participants 144 Supertickets x $15 (entry allocation) = $2,160 revenue

Non Golf participants – 360 Supertickets sold x $35 (avg. expenditure) = $12,600 revenue

Adding the non participant element increased event fundraising by $12,040.

Need To Repair Your Garage Door? Find The Right Garage Door Parts!

The kinds of materials and parts that your garage door is made up of or composed of say a lot about its overall quality and ease of use. The quality of your door parts of a garage can really determine whether or not you will face any problems with it in the future and if you do, then how often would you have to face that trouble. Thus it is really important for garage door installation service providers to select the best and most high grade equipments and parts during the installation process. Garage door parts repair too must take into account only excellent quality materials. To check the quality of products or the reliability of materials, make sure you always do a little research first.

If you are someone who is interested in repairing his garage door on his own, then you must know how and where to find the right repair parts and materials. For this, you need to understand what exactly your door is composed of. One of the most important equipments or parts which determine the functionality of a garage gate is the garage opener. But it is very common for garage openers to break down or get damaged depending upon the frequency of use of the door. In such a scenario, you must visit a hardware shop and ask for the highest quality openers they have. Even if you are hiring an installation or repair service provider, you must check for the quality of openers they are taking into use.

Another important part of a garage door is the torsion spring. Without a proper torsion spring in place, you cannot achieve the smooth action of the garage opening and closing. But many times, torsion springs too break down or may not function properly. In such a scenario, you may want to change the spring or repair it. While doing so, make it a point to replace or reinstall it with the best possible spring, which can be purchased easily from a hardware store. Some other parts which you may need to find to repair your door are weather seals, safety sensors, cables, cable drums, rollers, hinges, panels and other hardware products. Make sure you always contact a trustworthy and reliable parts repair company for all your repair and service needs and requirements. If you are interested in handling the repair or installation work on your own, then you must have all the necessary safety equipments and materials with handy. Attempting to use garage door installation service without the recommended safety measures can prove dangerous and even life threatening.

Affordable Auto Insurance – Understanding Your Coverage Helps With Comparison

Comparing free online car insurance quote as way of enjoying affordable auto insurance is a great thing to do. However, it is far easier to compare more effectively if you have a good understanding of auto insurance coverages and policies. Having this understanding would certainly help you know areas where you can make good savings without compromising your coverage.

Interestingly, an insurance company based in Illinois carried out a survey in which they sort to find out how many policy holders knew what deductible in a n insurance policy meant. It is surprising that only about 49% of existing policy holders were sure of what this term “deductible” meant. How would a person who does not know what a deductible stands for be bale to make savings by adjusting his or her deductible? You see how necessary it is to educate oneself on the details of ones coverage?

A deductible is an amount you would be required to pay before your insurance company would honor your claim. Increasing this amount would result in lower monthly premiums for you.

Some discounts are tied only to some types of policies. If you work from home or you do not have cause to use your car every so often, it would be very important that your policy is one that takes this into consideration and offers you a low mileage discount. If you are not aware of this possibility, you would just get any policy and possibly miss out on making some nice savings.

Availing yourself of discounts is possible only when you fully understand the contents of your policy. If you have a teenager who does well in school, you would know if you have educated yourself well in auto insurance, that you can enjoy lower rates on that teenager’s coverage because of their school grades.

It is very important to get and compare quick auto insurance quotes bit having said that, you need to get as much information as you can on your insurance coverage so that when you compare quick auto insurance quotes, you would be sure you know how to end up with an affordable auto insurance coverage.

Is Cell Phone Repair Worth It?

Having your handheld device repaired can be better and more cost effective than having to pay your mobile phone insurance deductible. If you take a look at the price of a mobile device out of contract you’ll see that these little devices aren’t cheap at all, and in fact many of them cost over $500 USD! That isn’t the price that you paid for your phone though, is it? That is because the stores that sell mobile phones get paid for every contract that they sign you up for, and if you terminate your contract early they’ll still get their money. handheld device insurance can be a good investment if you lose your device, but with sites like eBay, Craigslist, and amazon it can be cheaper to get a new handheld device than making an insurance claim. So, is cell phone repair worth it?

Did you break you digitizer by dropping your phone? Many people every day drop their phones on the pavement, in the toilet, and places that are way beyond me. Now, to get your digitizer repaired by a cell phone repair specialist this will cost you under $120 USD on an iPhone 4. The cost to have your insurance replace your iPhone with a refurbished device is $180 for an iPhone 4 if you have your insurance through Assurion. This does not include your monthly deductible that you have been paying every month through your carrier, and they make money off of that too. I’ve found that the average monthly premium price is around $10 USD even for your iPhone 4. A little bit of elementary math will show you that having your digitizer replaced by a mobile device repair specialist is cheaper, and a broken screen is something that Apple will not cover under their warranty.

I know you must be thinking that having mobile device insurance is a rip-off, and it can be depending on your view of the situation. These phone insurance companies buy broken phones in bulk, and repair them. Then they ship one of those mobile phones to you. I have taken apart a couple of those refurbished phones, and some are missing screws, show signs of water damage, and the list could go on and on. If you lost your cell phone you could get a used one off of one of the sites stated above for about the same price as your deductible. With handheld device repair becoming more prominent in larger cities, it will become easier for you to find a cell phone repair center near you. I’ve seen a lot of these device repair agencies pop up over night it seems, and you may want to be careful about who you choose.

I would do my research before I need this type of service, so that way you aren’t scrambling to make a decision on a company. I would follow these rules when choosing a mobile device repair company: Do they list their prices on their website? If they do they are more likely not to change their pricing on a regular basis, and they should know their market. Do they offer a warranty? Most of the handheld device repair companies that I have found offer a warranty of at least 90 days. Do they have parts in stock? Any one of these companies that has been around for a while is going to have parts in stock for the more popular phones that they service, because no one wants to wait. Do they take mail in phones? The strongest of these companies are ready to accept phones from anywhere in the world. Most of the time they can get your phone back to you in less time than your insurance can.

We can all hope that we never drop our phones, run them over, or take them for a swim. Honestly the chances of this happening are greater than you finding $5 dollars on the sidewalk. We all may need a great cell phone repair service one day, but we all don’t need cell phone insurance. It is a great waste of money, and although it is only $10 a month. Ten dollars a month over a year is the same price of having your screen replaced, and if your a habitual cell phone fumble and miss offender, get an Otter Box!