CHAPTER 1 INSURANCE INDUSTRY-An overview The insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death. Insurance business is divided into four classes : 1) Life Insurance business 2) Fire 3) Marine 4) Miscellaneous Insurance. Life Insurers transact life insurance business; the rest …
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showed last 75 words of 5093 total
… trail, call center agents, representatives and brokers are freed up to focus on the more strategic activities--like servicing customers. Today's insurance companies certainly face a daunting challenge in maintaining and increasing their competitive edge. But by focusing on three key imperatives--gaining a unified enterprise view of customers, retaining customers with great service and controlling costs while expanding--insurance companies can turn challenges into strategic competitive advantage and enhance their long-term viability and profitability.