Becoming an agent with us is a systematic process, which includes 4 steps.

Take a look: Step 1: Screening interview This is the first step. Here, we have a simple interaction to find out more about you. More than an interview, it is a getting to know each other exercise. Step 2: Career seminar In the second step, we discuss and make you conversant with the complete agent value proposition. Step by step, we introduce you to your role and profile of a Max Life insurance agent. Step 3: Project evaluation and compensation review At this stage, we help you decide whether insurance is the right career option for you. We explain you our sales process, with the targets and other details and show you the clear picture of our expectations. Step 4: Career interview The final step, this is the actual personal and final interview. After this step, you are just one step away from a career full of opportunities in the insurance arena.

At Max Life Insurance, we help people live their lives on their terms, financial security. That is why we are looking for people who are interested in partnering with us to make this endeavour a success. The three main qualities that we seek in our agents are: Willingness to work hard/learn We help you become proficient agents so that you can offer the best advice and guidance to your clients. As an agent, you must know and understand the ins and outs of our products and services as well as be aware about relevant news and trends. Self-discipline As you are your own boss, you must possess the skill to manage time well and achieve your set targets. You must have the ability to create a sound balance between your business and your personal or other professional activities. Enthusiasm Most importantly, you must be passionate about your business. Along with success and financial growth, you must be interested in helping other people achieve financial security.

ax Life Insurance brings a unique opportunity for everyone, with zero investment. Anyone from businessmen to housewives and teachers to financial product distributors or even retired individuals can achieve their personal and professional goals by becoming an agent. To join the Max Life Insurance family, candidates should meet the following eligibility criteria, possess some of the below mentioned qualities and finally, clear our selection process.

Minimum Eligibility:
Age - 18 years and above Education - Should have passed class 12th in any discipline

Qualities we look for:

Initiative-driven - As an agent, you will be your own boss. So, it is important for you to be able to take important decisions independently and pursue your goals and accomplish them. Hardworking - You must be able to face challenges and solve them efficiently with perseverance and discipline. Communication skills - You must possess good communication skills in order to offer and sell insurance products and therefore, grow your business. Good at relationship building - It will be an added advantage if you are a peoples person. You must be able to gain your clients trust and strive to build long-term relationships with them. At Max Life Insurance, we take care of your personal and / or professional needs. We offer you tailor-made solutions for your every goal with an array of opportunities that will help you grow your career. Become an agent As an agent, you are an independent worker and your own boss. You can earn as much as you want, as per your needs and potential. This is an ideal option for housewives, teachers, self employed, businessmen and people who have retired who want to earn extra income by working flexi hours without any investment. Agency Associate Program If you are looking to set up your own business, then this is an ideal option for you. Here, you can build your own team of agents and earn attractive incentives on business sourced by your team members. Employee If you are looking to increase your growth, then you even can join us as an employee later. In fact, some of our very successful Sales Managers and Office Heads started with us as agents and advisors.

Our selection process is designed to help the candidate and the organisation make a decision in their best interests. At each step of the process, you learn more about your career and we learn more about you. Training Programme Our training programme for agents is one of the finest in the industry. It includes on-the-job training, classroom instruction, and one-on-one coaching and is designed to guide you throughout your career. We have a professional trainer in every office whose sole job is to train and guide our new agents. Our Products It is a matter of great pride that our products have always been rated amongst the best in the industry. These products have been developed after extensive research of the Indian market and are designed to meet an individual's needs at every life stage. Agent's Contract Agent's contract is designed to attract the best talent and retain them for a long time by compensating them generously. As an agent, you can count on the support of Max Life Insurance at all times to help you earn a good income today and create a secure retirement for tomorrow. High-Tech Environment Max Life Insurance is committed to working in a high-tech environment. We provide the top level of service to our clients and agents. Rewards and Recognition Our rewards and recognition platform is unmatched in the industry. National and international trips every year, annual and monthly reward programmes and exciting incentives are our major highlights. Not only are our agents proud to show off their plaques, but many have also taken their families on trips abroad.

Being an insurance agent involves you being constantly in touch with people, understanding and studying their life. A regular day in the life of an insurance agent consists of meeting a lot of people and conversing with them about the benefits and concerns of taking a life insurance policy. You need to be disciplined about your work day and go as per the plan for a successful sale. Organised yet fun, thats something a day in a Max Life Insurances agent looks like. A Max Life Insurance agents day is divided in 4 parts:

Contact Meet Share

Close

Part 1: Contact prospective customer In accordance with yesterdays pending contacts list, you need to review and find out which customers need to be contacted through telephone. The customers who had asked for a recall need to be followed up on. On an average, an agent makes a minimum of 10 calls before 10 oclock in the morning. This is so that meetings can be fixed at a time comfortable with the customer. This helps in getting appointments for the day and the next day. In case, very few customers agree for a meeting, you can get references from the telephonic conversation and take it forward from there. Part 2: Meet prospective customer in person Meeting the prospective customer in person is one of the most important and crucial part of the sale process. As an agent, you have to ask the right questions and have the patience to listen to the customers requirements. Without sounding too nosy, you should be able to gauge the customers actual need for insurance. Being on time for the meeting is one of the musts. Go with an open mind and dont push for the sale. Just give an honest and patient ear to your customers needs. Part 3: Share the insurance proposition After a thorough understanding of the customers requirements, you should suggest an ideal insurance plan. It is advisable to suggest more than one plan, so that the client has a choice. As per your assessment of the customers requirements, you should be able to draw up a plan that protects and aligns with the customers needs. The nitty-grittys of insurance are a little complex to understand. It would be prudent to explain by giving examples. Be very clear about the risks involved in the suggested insurance plans so that the customer can make an informed decision. Also, if the customer is not convinced about the plan, fix a meeting for a later date. Be equipped with a better understanding of their needs, their premium paying willingness and other factors and suggest better plans. Part 4: Closure and customer retention If the customer is fine with the proposal, go about closing the deal in a systematic manner. Help the customer with the documentation. Avoid any kind of duplication of work. Once the sale is concluded, make sure to keep in touch with the customer and update them about their various payments and receipts. Be completely aware of their plan and reply to all their queries satisfactorily.

As part of the after sale service, you should make the customer aware of any new development in their plan. Job Description

About MAX LIFE Max Life Insurance - A Great Place to WorkMax Life Insurance is poised to be the Most Admired Life Insurance Company in India with a team competent, committed and motivated employees on board in the exciting landscape of the Insurance Sector in India. If you want to join a workplace that s fast paced, built on values and helps secure peoples' lives - when they need it the most, look no further. The value proposition at Max Life Insurance gives our employees an opportunity to grow exponentially. SAN Management have been engaged by Max Life Insurance to help in recruitment for the Agency Development Manager . Job Summary: Responsible for:

Agent Recruitment Agent Developmen Meet Business targets Customer Centricity

Key Responsibilities: Agent Recruitment:

Develop various sources of agent hiring & build a team of agent & agent pipe line. Conduct activity to enhance existing agent footfall to generate fresh referral for new agent hiring. Implementation of Max Life Insurance GOLD process and adhere to the business norms.

Agent Development:

Ensure product knowledge by Max Life Insurance ways of training. Field demonstration (FOD's). Development of agent prospecting habits, calling habits and work habits. Work with agent on planning and reviewing of activities and goals. Identify the training needs of the agent and work with Trainers to improve the same.

Meet Business Targets:

Achievement of monthly, quarterly & yearly business plans. Improve agent productivity & persistency by regular PRP/IID/GID etc... Development of agent prospecting habits, calling habits and work habits. Ensure companies product mix sales ration and adhere to the business norms. Maintain agent pro activity as per business plan.

Customer Centricity:

Be Max Life Insurance brand ambassador & a customer champion. Follow Max Life Insurance sales practice to develop deep customer loyalty. Hold periodical customer meet to understand customer pulse & need. Ensure customer queries are responded to satisfactorily as per Max Life Insurance standard.

Desired Competencies:

Sourcing & Selection capability. Nurturing & Developing talent. Result orientation. Customer centricity. Planning & Execution.

1. Minimum Education:Graduate preferably with an MBA.

2. Candidate Specification:Age not less then 26 years. 3. Work experience not less then 3 years in relevant field, To make the application process simple, please send your cv at [email protected] with the basic information and we will take it forward from there. Regards Kanika San Management 9310011271/9873287188 [email protected] Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

Contents

1 Principles o 1.1 Insurability o 1.2 Legal o 1.3 Indemnification 2 Societal effects 3 Insurers' business model o 3.1 Underwriting and investing o 3.2 Claims o 3.3 Marketing 4 History of insurance 5 Types of insurance o 5.1 Auto insurance 5.1.1 Gap insurance o 5.2 Health insurance o 5.3 Accident, sickness, and unemployment insurance o 5.4 Casualty o 5.5 Life

5.5.1 Burial insurance 5.6 Property 5.7 Liability 5.8 Credit 5.9 Other types 5.10 Insurance financing vehicles 5.11 Closed community self-insurance 6 Insurance companies 7 Across the world o 7.1 Regulatory differences 8 Controversies o 8.1 Insurance insulates too much o 8.2 Complexity of insurance policy contracts o 8.3 Limited consumer benefits o 8.4 Redlining o 8.5 Insurance patents o 8.6 The insurance industry and rent-seeking o 8.7 Religious concerns 9 See also 10 Notes 11 Bibliography 12 External links o o o o o o

Principles Financial market participants

Collective investment schemes

Credit unions Investment banks Pension funds Prime brokers

Insurance companies

Trusts

Finance series

Financial market Participants Corporate finance Personal finance Public finance Banks and banking Financial regulation

v t e

Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk, the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.[1]

Insurability
Main article: Insurability

Risk which can be insured by private companies typically shares seven common characteristics:[2]
1. Large number of similar exposure units: Since insurance operates through pooling resources, the majority of insurance policies are provided for individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses. Exceptions include Lloyd's of London, which is famous for insuring the life or health of actors, sports figures, and other famous individuals. However, all exposures will have particular differences, which may lead to different premium rates. 2. Definite loss: The loss takes place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place, or cause is identifiable. Ideally, the time, place, and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.

3. Accidental loss: The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks or even purchasing a lottery ticket, are generally not considered insurable. 4. Large loss: The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses, these latter costs may be several times the size of the expected cost of losses. There is hardly any point in paying such costs unless the protection offered has real value to a buyer. 5. Affordable premium: If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, then it is not likely that the insurance will be purchased, even if on offer. Furthermore, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, then the transaction may have the form of insurance, but not the substance. (See the US Financial Accounting Standards Board standard number 113) 6. Calculable loss: There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim. 7. Limited risk of catastrophically large losses: Insurable losses are ideally independent and noncatastrophic, meaning that the losses do not happen all at once and individual losses are not severe enough to bankrupt the insurer; insurers may prefer to limit their exposure to a loss from a single event to some small portion of their capital base. Capital constrains insurers' ability to sell earthquake insurance as well as wind insurance in hurricane zones. In the US, flood risk is insured by the federal government. In commercial fire insurance, it is possible to find single properties whose total exposed value is well in excess of any individual insurer's capital constraint. Such properties are generally shared among several insurers, or are insured by a single insurer who syndicates the risk into the reinsurance market.

Legal
When a company insures an individual entity, there are basic legal requirements. Several commonly cited legal principles of insurance include:[3]
1. Indemnity the insurance company indemnifies, or compensates, the insured in the case of certain losses only up to the insured's interest. 2. Insurable interest the insured typically must directly suffer from the loss. Insurable interest must exist whether property insurance or insurance on a person is involved. The concept requires that the insured have a "stake" in the loss or damage to the life or property insured. What that "stake" is will be determined by the kind of insurance involved and the nature of the property ownership or relationship between the persons. The requirement of an insurable interest is what distinguishes insurance from gambling.

3. Utmost good faith (Uberrima fides) the insured and the insurer are bound by a good faith bond of honesty and fairness. Material facts must be disclosed. 4. Contribution insurers which have similar obligations to the insured contribute in the indemnification, according to some method. 5. Subrogation the insurance company acquires legal rights to pursue recoveries on behalf of the insured; for example, the insurer may sue those liable for the insured's loss. 6. Causa proxima, or proximate cause the cause of loss (the peril) must be covered under the insuring agreement of the policy, and the dominant cause must not be excluded 7. Mitigation In case of any loss or casualty, the asset owner must attempt to keep loss to a minimum, as if the asset was not insured.

Indemnification
Main article: Indemnity

To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e., a claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured:
1. a "reimbursement" policy, and 2. a "pay on behalf" or "on behalf of"[4] policy, and 3. an "indemnification" policy.

From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for the loss and out of pocket costs including, with the permission of the insurer, claim expenses.[4][5] Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy, the insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, called an insurance policy. Generally, an insurance contract includes, at a minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and

exclusions (events not covered). An insured is thus said to be "indemnified" against the loss covered in the policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims in theory for a relatively few claimants and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit.

Societal effects
Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard, insurance fraud, and preventive steps by the insurance company. Insurance scholars have typically used morale hazard to refer to the increased loss due to unintentional carelessness and moral hazard to refer to increased risk due to intentional carelessness or indifference.[6] Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures particularly to prevent disaster losses such as hurricanesbecause of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take a more active role in loss mitigation, such as through building codes.[7]

Insurers' business model

Underwriting and investing

The business model is to collect more in premium and investment income than is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation:
Profit = earned premium + investment income - incurred loss - underwriting expenses.

Insurers make money in two ways:

Through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks By investing the premiums they collect from insured parties

The most complicated aspect of the insurance business is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates, the insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial ratemaking involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss data, bring the loss data to present value, and compare these prior losses to the premium collected in order to assess rate adequacy.[8] Loss ratios and expense loads are also used. Rating for different risk characteristics involves at the most basic level comparing the losses with "loss relativities"a policy with twice as many losses would therefore be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and a univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio"[9] which is the ratio of expenses/losses to premiums. A combined ratio of less than 100 percent indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with a combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (gathering 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange.[10] In the United States, the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle.[11]

Claims
Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents. The

insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD. Insurance company claims departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract, and if so, the reasonable monetary value of the claim, and authorizes payment. The policyholder may hire their own public adjuster to negotiate the settlement with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance policy add on, called loss recovery insurance, which covers the cost of a public adjuster in the case of a claim. Adjusting liability insurance claims is particularly difficult because there is a third party involved, the plaintiff, who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket. The adjuster must obtain legal counsel for the insured (either inside "house" counsel or outside "panel" counsel), monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge. If a claims adjuster suspects under-insurance, the condition of average may come into play to limit the insurance company's exposure. In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation (see insurance bad faith).

Marketing
Insurers will often use insurance agents to initially market or underwrite their customers. Agents can be captive, meaning they write only for one company, or independent, meaning that they can issue policies from several companies. The existence and success of companies using insurance agents is likely due to improved and personalized service.[12]

History of insurance
Main article: History of insurance

In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: natural or non-monetary economies (using barter and trade with no centralized nor standardized set of financial instruments) and more modern monetary economies (with markets, currency, financial instruments and so on). The former is more primitive and the insurance in such economies entails

agreements of mutual aid. If one family's house is destroyed the neighbours are committed to help rebuild. Granaries housed another primitive form of insurance to indemnify against famines. Often informal or formally intrinsic to local religious customs, this type of insurance has survived to the present day in some countries where a modern money economy with its financial instruments is not widespread.[citation needed] Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively.[13] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea. Achaemenian monarchs of Ancient Persia were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.

The subscription room at Lloyd's of London in the early 19th century.

The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him. Jahez, a historian and writer, writes in one of his books on ancient Iran: "[W]henever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much."[14]

A thousand years later, the inhabitants of Rhodes invented the concept of the general average. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were deliberately jettisoned in order to lighten the ship and save it from total loss. The ancient Athenian "maritime loan" advanced money for voyages with repayment being cancelled if the ship was lost. In the 4th century BC, rates for the loans differed according to safe or dangerous times of year, implying an intuitive pricing of risk with an effect similar to insurance.[15] The Greeks and Romans introduced the origins of health and life insurance c. 600 BCE when they created guilds called "benevolent societies" which cared for the families of deceased members, as well as paying funeral expenses of members. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.

Lloyd's of London, pictured in 1991, is one of the world's leading and most famous insurance markets

Some forms of insurance had developed in London by the early decades of the 17th century. For example, the will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Of the value of 100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is in regard to "one hundred pounds assured by the said Doctor Arthur Ducke on my life". Hayman's will was signed and sealed on 17 November 1628 but not proved until 1633.[16] Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships' captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is an insurance market rather than a company) for marine and other specialist types of insurance, but it operates rather differently than the more familiar kinds of insurance. Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan for London in 1667".[17] A number of attempted fire insurance schemes came to nothing, but in 1681 Nicholas Barbon, and eleven associates, established England's first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange. Initially, 5,000 homes were insured by Barbon's Insurance Office.[18] The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire.[19] Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. In the United States, regulation of the insurance industry primary resides with individual state insurance departments. The current state insurance regulatory framework has its roots in the 19th century, when New Hampshire appointed the first insurance commissioner in 1851.[19] Congress adopted the McCarran-Ferguson Act in 1945, which declared that states should regulate the business of insurance and to affirm that the continued regulation of the insurance industry by the states is in the public's best interest.[19] The Financial Modernization Act of 1999, commonly referred to as "Gramm-Leach-Bliley", established a comprehensive framework to authorize affiliations between banks, securities firms, and insurers, and once again acknowledged that states should regulate insurance.[19] Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through the National Association of Insurance Commissioners. In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the Optional federal charter (OFC)) for insurance similar to the banking industry.

In 2010, the federal Dodd-Frank Wall Street Reform and Consumer Protection Act established the Federal Insurance Office ("FIO").[20] FIO is part of the U.S. Department of the Treasury and it monitors all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that may contribute to a systemic crisis in the insurance industry or in the U.S. financial system.[20] FIO coordinates and develops federal policy on prudential aspects of international insurance matters, including representing the U.S. in the International Association of Insurance Supervisors.[20] FIO also assists the U.S. Secretary of Treasury with negotiating (with the U.S. Trade Representative) certain international agreements.[20] Moreover, FIO monitors access to affordable insurance by traditionally underserved communities and consumers, minorities, and low- and moderate-income persons.[20] The Office also assists the U.S. Secretary of the Treasury with administering the Terrorism Risk Insurance Program.[20] However, FIO is not a regulator or supervisor.[20] The regulation of insurance continues to reside with the states.[20]
Claim settlement is one of the most important services that an insurance company can provide to its customers. Insurance companies have an obligation to settle claims promptly. You will need to fill a claim form and contact the financial advisor from whom you bought your policy. Submit all relevant documents such as original death certificate and policy bond to your insurer to support your claim. Most claims are settled by issuing a cheque within 7 days from the time they receive the documents. However, if your insurer is unable to deal with all or any part of your claim, you will be notified in writing. Types of claims Maturity Claim - On the date of maturity life insured is required to send maturity claim / discharge form and original policy bond well before maturity date to enable timely settlement. Most companies offer/issue post dated cheques and/ or make payment through ECS credit on the maturity date. Incase of delay in settlement kindly refer to grievance redressal. Death Claim (including rider claim) - In case of death claim or rider claim the following procedure should be followed. Follow these four simple steps to file a claim: 1. Claim intimation/notification The claimant must submit the written intimation as soon as possible to enable the insurance company to initiate the claim processing. The claim intimation should consist of basic information such as policy number, name of the insured, date of

death, cause of death, place of death, name of the claimant. The claimant can also get a claim intimation/notification form from the nearest local branch office of the insurance company or their insurance advisor/agent. Alternatively, some insurance companies also provide the facility of downloading the form from their website. 2. Documents required for claim processing The claimant will be required to provide a claimant's statement, original policy document, death certificate, police FIR and post mortem exam report (for accidental death), certificate and records from the treating doctor/hospital (for death due to illness) and advance discharge form for claim processing. Based on the sum at risk, cause of death and policy duration, insurance companies may also request some additional documents.| 3. Submission of required documents for claim processing For faster claim processing, it is essential that the claimant submits complete documentation as early as possible. A life insurer will not be able to take a decision until all the requirements are complete. Once all relevant documents, records and forms have been submitted, the life insurer can take a decision about the claim. 4. Settlement of claim As per the regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all documents including clarification sought by the insurer. However, the insurance company can set a practice of settling the claim even earlier. If the claim requires further investigation, the insurer has to complete its procedures within six months from receiving the written intimation of claim.

Claim intimation In case a claim arises you should: Contact the respective life insurance branch office. Contact your insurance advisor Call the respective Customer Helpline

Claim requirements For Death Claim: Death Certificate Original Policy Bond Claim Forms issued by the insurer along with supporting documents For Accidental Disability / Critical Illness Claim: Copies of Medical Records, Test Reports, Discharge Summary, Admission Records of hospitals and Laboratories. Original Policy Bond Claim Forms along with supporting documents For Maturity Claims: Original Policy Bond Maturity Claim Form

Tecnooooooooooo

MAX NEW YORK LIFE INSURANCE REDUCES

operational costs and improves reliability of mail services with Lotus 8.5

THIS WAS ONE OF THE FASTEST UPGRADE OF THE ENTIRE LOTUS DOMINO ENVIRONMENT AND HAS ENABLED USERS TO COLLABORATE MORE EFFECTIVELY

ORGANIZATION NAME: Max New York Life Insurance Company Limited WEBSITE: www.maxnewyorklife.com

Industry: Insurance COMPANY PROFILE: Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading business conglomerate. The company is exploring alternative channels of distribution like franchisee model, rural business, direct sales force involving group insurance and telemarketing opportunities, bancassurance and corporate alliances.

CHALLENGES
2008 saw a spiraling growth in the businessvolumes of Max New York Life Ltd (MNYL), which resulted in a number of branches being opened up in various parts of the country. There was decentralization of servers in most locations which resulted in inherent inefficiencies such as:

Mail arriving late coupled with authentication problems for users that led to delays in business communication Duplicate naming conventions across all branch locations had to be mapped with centralized architecture Unauthorized access of users which led to data leakage and sharing of confidential information

SOLUTION
To tackle the issues of decentralized infrastructure, rising overhead costs and underutilized infrastructure, the management took a strategic decision to change the infrastructure landscape of MNYL. As part of this change, MNYL upgraded its email infrastructure from Lotus Notes version 6 to Lotus Notes version 8.5 with a centralized mail architecture which allowed for easier administration. It also enabled quicker roll out of new features and functionalities for end users. This centralized architecture allows for integrating mail messaging with other applications and communication services leading to a unified communications and collaboration (UCC) infrastructure. The Solution Architecture has been designed keeping in mind the following considerations:

Centralization of mail services leads to a drastic reduction in servers to be administered and hence easier mail administration Users should be able to access mail from Notesclient / Webmail and users must be able to use instant messaging Users in any location should be able to access the mail messaging services through whatever last mile connectivity has been provided for those locations

Servers can be consolidated in MNYL Data Center only and users from remote branch will be able to access the infrastructure application seamlessly

BENEFITS
The major advantages of having this centralized architecture are:

Usage of existing hardware since Lotus Domino supports horizontal scalability Reduced bandwidth traffic on the network due to fewer mail replication Centralized approach to messaging architecture of the infrastructure During a network outage, critical users can still communicate from the region with direct internet connectivity There is huge saving due to reductions on operational cost. This includes manpower, environmental (steps towards greener IT), and reduction in incidents per user. The MTBF is reduced to nearly zero

Tecnooooooooooooooooooooooooooo In India's recently liberalized life insurance market, fast-growing Max New York Life (MNYL), a joint venture of two leading global businesses, (Max India Limited and New York Life International), has adopted SAS technology to transform its efforts to strengthen customer retention and crossselling to a tightly segmented customer base. With SAS as the heart of its marketing process, Max New York Life has access to the right data, the right models, and the right execution. As a result, high-margin revenue from crossselling has tripled.
Customer Success Video

Max New York Life

Challenge: Need an accurate data warehouse of viable information for use in increasing customer retention and improving cross-selling efforts. Solution: SAS Business Analytics, including SAS Campaign Management, SAS Enterprise Miner and SAS Enterprise Guide. Benefits: Using SAS, Max New York Life has increased the number of new sales from existing customers from 7 percent to more than 20 percent and improved the premium

Check out this video to learn more about Max New York Life and its successes with SAS.

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(Runtime: 4 mins., 46 secs.)

revenue by nearly 40 percent with shorter sales cycles. With a favorable economy, the company believes it can generate 25 percent to 30 percent of all new sales from existing customers. Partners for success The MNYL implementation was a success in large part because of the added team effort of Mahindra Satyam Limited. The firm is a SAS Global Systems Integration Alliance Partner with extensive SAS expertice in analytics, business intelligence and performance management. Mahindra Satyams complementary skills and adherence to agreed upon timelines helped SAS ensure MNYL s successful implementation.

Customer Viewpoint You have questions; our customers have answers. Check out this video Q&A.

Dr. Nagaiyan Karthikeyan, PhD Head of Business Intelligence & Analytics

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In the first quarter after implementing SAS, sales to existing customers jumped to more than 20 percent. Nagaiyan Karthikeyan, PhD

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Head of Business Intelligence and Analytics

Read more:
Since its inception in 2000, MNYL has Visit Max New York Life on the Web. recognized that, even as it continues to For up-to-date financial services grow, the greatest revenue opportunity lies information, subscribe to SAS Financial Services within its current customer base, which was News. vulnerable to exceptional levels of churn. Read more about SAS Business Analytics. According to Nagaiyan Karthikeyan, PhD, See how other insurance organizations use SAS Head of Business Intelligence and solutions. Analytics, there were two major challenges. "First, we wanted to be able to identify our best customers and ensure we This story appears in the take appropriate steps to retain them," he Second Quarter 2011 issue of said. "But beyond just keeping them, we want to expand our relationship with them our share of wallet. These are mutually beneficial aims because, by selling more products and services, we improve the likelihood that the customer will remain with us." Not just retention expansion Previously, MNYL found that a mere 7 percent of new revenue came from cross-

sales to existing customers and only 1 percent of customers owned two or more MNYL policies. While those figures are consistent with a fast-growing enterprise, they still represented an important opportunity for improvement. "Sales cycles to existing customers are faster," Karthikeyan noted, "and the average premium amount is often 30 percent to 40 percent higher. Plus, we've found that the retention probability for a customer goes up 300 percent to 400 percent once they make a second purchase with us. We were eager to get momentum in these areas, since it would be a more profitable way to grow our business." Achieving these ambitious targets started with one important objective: a centralized repository of customer data. "Getting that single view of the customer meant pulling all of our data into a unified data warehouse," Karthikeyan explained. "We'd then need to give our business users the right analytic tools to make good, strategic decisions. But, from a tactical level, addressing the quality of the data was essential for executing our selling initiatives. Address and contact data in India is notoriously inconsistent, so to make cross-selling feasible, we needed to ensure we knew the correct addresses and phone numbers." SAS: The heart of the marketing information flow Seeking the right technology foundation to aggregate and clean the data, build models, analyze data sets, and manage campaigns, MNYL turned to SAS. The company acquired a suite of SAS solutions. "SAS is the heart of our marketing process," said Karthikeyan. "We use it to clean our data and pump the right information to the right people at the right time so that they can make the right decisions. Because of these

predictions and forecasts, SAS is removing a lot of the guesswork." One of the key advantages that SAS provides is improved speed and precision. "Before, we needed at least three weeks just to build a model," he said. "Now, we can build and run a model in two days. What's more, we're able to target our customer segments much more logically and granularly. We've identified about 25 separate cells, and we see their demographics and previous transaction behaviors. That lets us tailor specific crosssell offers and script different contact scenarios based on their value, their propensity to buy, their propensity to pay, and their propensity to lapse. Previously, we conducted two broadly targeted campaigns each quarter. Now, with these tightly defined customer segments, clean data, campaign management, and rapid modeling, we're executing 60 separate campaigns a month. That's a level of agility that we directly attribute to SAS." Through this broad initiative, MNYL has achieved remarkable improvements in retention and cross-selling. Earlier, only 7 percent of revenue came from existing customers. "In the first quarter after implementing SAS, sales to existing customers jumped to more than 20 percent," Karthikeyan said. "Depending on how the macro economy performs, we think we can get that number closer to 25 percent or 30 percent. Our senior management team is very pleased with that performance." Revealing the business insights According to Karthikeyan, SAS has made a fundamental difference in the success of Max New York Life. SAS shows us the business insights more clearly, he said. We might have hunches and gut

instincts on what we should do. But now we have the data to back up that intuition. For instance, our lowest 9 percent of our customer base only contributes 1 percent of our revenue thats something we didnt know before, and now we can act on this knowledge with confidence. These are the types of things that never would have come to light without SAS. SAS helps us ask the right questions and get the right answers. "This has been an ideal solution for Max New York Life, and I would strongly recommend it to other enterprises. If you're in an environment that changes constantly, where the decisions you made three months ago are no longer valid, you need a system that can provide senior management with timely data and insightful analyses. That's what SAS has been able to provide our organization." The results illustrated in this article are specific to the particular situations, business models, data input, and computing environments described herein. Each SAS customers experience is unique based on business and technical variables and all statements must be considered non-typical. Actual savings, results, and performance characteristics will vary depending on individual customer configurations and conditions. SAS does not guarantee or represent that every customer will achieve similar results. The only warranties for SAS products and services are those that are set forth in the express warranty statements in the written agreement for such products and services. Nothing herein should be construed as constituting an additional warranty. Customers have shared their successes with SAS as part of an agreed-upon contractual exchange or project success summarization following a successful implementation of SAS software. Brand and product names are

trademarks of their respective companies.

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Question: What Is Human Resource Management? Answer:

Human Resource Management (HRM) is the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization. HRM can also be performed by line managers. HRM is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training. HRM is also a strategic and comprehensive approach to managing people and the workplace culture and environment. Effective HRM enables employees to contribute effectively and productively to the overall company direction and the accomplishment of the organization's goals and objectives. HRM is moving away from traditional personnel, administration, and transactional roles, which are increasingly outsourced. HRM is now expected to add value to the strategic utilization of employees and that employee programs impact the business in measurable ways. The new role of HRM involves strategic direction and HRM metrics and measurements to demonstrate value. yhtryhtryhtryhftryhfghfg

Human resource management (HRM, or simply HR) is the management of an organization's workforce, or human resources. It is responsible for the attraction, selection, training, assessment, and rewarding of employees, while also overseeing organizational leadership and culture, and ensuring compliance with employment and labor laws. In circumstances where employees desire and are legally authorized to hold a collective bargaining agreement, HR will also serve as the company's primary liaison with the employees' representatives (usually a labor union). HR is a product of the human relations movement of the early 20th century, when researchers began documenting ways of creating business value through the strategic management of the workforce. The function was initially dominated by transactional work such as payroll and benefits administration, but due to globalization, company consolidation, technological advancement, and further research, HR now focuses on strategic initiatives like mergers and acquisitions, talent management, succession planning, industrial and labor relations, and diversity and inclusion. In startup companies, HR's duties may be performed by trained professionals. In larger companies, an entire functional group is typically dedicated to the discipline, with staff specializing in various HR tasks and functional leadership engaging in strategic decision making across the business. To train practitioners for the profession, institutions of higher education,

professional associations, and companies themselves have created programs of study dedicated explicitly to the duties of the function. Academic and practitioner organizations likewise seek to engage and further the field of HR, as evidenced by several field-specific publications