Paper Title: What Is Insurance? Toward a Theory of “Aloof” and “Quasi-Aloof” Financial Risks
Author (S) : R. B. Drennan, Michael R. Powers
Abstract              
A number of scholars and practitioners have argued that financial-services integration is inevitable because there is little meaningful distinction between insurance risks and other financial risks. However, institutional realities appear to defy this assessment, as the expansion of bancassurance has proceeded little beyond the insurance sector’s personal lines, and successes with insurance-based securities have been very limited. In this article, we provide a formal distinction between conventional insurance risks and other non-insurance financial risks by showing that the former category derives from a set of “aloof” and “quasi-aloof” risks that are qualitatively different from the latter category’s “non-aloof” risks. While we do not argue that the difference between these two categories of risk is so profound as to prohibit the convergence of financial markets, we do believe that this difference serves as a useful touchstone for insurers, investment entrepreneurs, and government regulators in evaluating various financial markets.

.................................................................................................................................. 

Paper Title: Discriminant Service Quality Among Public and Private Players in Life Insurance Market
Author (S) : T. VANNIARAJAN, M. JEYAKUMARAN
Abstract              
With the globalisation and liberalization, the service sector has been facing a lot of changes. In the insurance sector, the entry of private companies leads to a drastic change in the market. The success of the companies in the market rest on the availability of customized product and also the service quality offered to customers. Life insurance company acted as a monopoly in the market but now the private insurance companies have acquired 13 percent of the life insurance market and 14 percent of non – life insurance market. The future growth of the companies depends upon its service and service quality to the customers.
At this juncture, the insurance companies should evaluate their services and identify their distinction from others. The only way to succeed in the market is the formulation of differentiated service to different customer segments. Hence, it is essential to identify the discriminate service quality among the public and private players in Life Insurance market.
The present study has made on attempt on the identification of various service quality factors among the insurers and also the discriminate service quality factors among the public and private players especially in life insurance market. The Life Insurance Corporation (LIC) and nine private insurance players have been purposively selected for the study. In total 250 customers from LIC and 20 each customers from each private players have been selected to examine the objectives of the study. The pre structured questionnaire has been used to collect the data. The response rate is only 68.83. The study concludes that the important service quality factors in the life insurance market are Distribution Network, Product, Responsiveness, Reliability, Customer Relationship Management, Empathy, Brand Building, Promotion and Tangibles. The identified discriminate service quality factors among the public and private players are Distribution Network, Product and Reliability.

.................................................................................................................................. 

Paper Title: Customer Awareness Towards LIC Policies in Coimbatore City
Author (S) : M. Dhanabhakyam,  K. R. Vijaysanthi
Abstract              
In the new economic reality of globalization, insurance companies face a dynamic global business environment. Radical changes are taking place owing to the internationalization of activities, the appearance of new risks, new types of covers to match with new risk situations, and unconventional and innovative ideas on customer service. Low growth rates in developed markets, changing customer needs, and the uncertain economic conditions in the developing world are exerting pressure on insurers’ resources while testing their ability to survive. The existing insurers are facing difficulties from non-traditional competitors that are entering the retail market with new approaches and through new channels. The basic premise of globalization is opening up of new service markets to provide the developing countries with new opportunities for the expansion of trade and economic growth.

.................................................................................................................................. 

Paper Title: Micro-insurance Institution and Innovations in China’s Rural Medical Insurance Institutions
Author (S) : Liang Zhao, Yuanhua Qiao
Abstract              
This article analyzes and puts forward certain problems on the new model of cooperative medical insurance in China and introduces the process of foundation, mechanism of working, advantage and risks connected with Micro-insurance Institutions. Combined with the status quo of the rural medical insurance in China, it explores the availability of health services in China and suggests the foundation mode to bring in new ways of solving the problem of rural health care in China.
Now in China the government is appealing to the people to build socialism and a harmonious society. I think solving the rural health problem is very important in this regard. China has seen reforms over 25 years and has experienced great change in rural areas too especially in western China. Due to lack of resources, the economy hasn’t grown as expected. Many farmers are still living beneath the line of poverty. At the same time, they are facing much more complex situation due to the progress achieved by other groups of the society. In medical care, for example, for the institution of cooperative medical insurance did not exist earlier and the cost of medical treatment is paid by farmers themselves. Without support there will be more and more people going below the poverty line because of illnesses and other similar health problems. According to an investigation in a small village in Dingnan county, Jiangxi Province, the ratio of people turning poor because of high cost of treatment for illness is 5%. This paper is based on research while exploring a new model of cooperative medical insurance in China.

.................................................................................................................................. 

Paper Title: Bancassurance in India-Tasks A Head
Author (S) : Nalini Prava Tripathy
Abstract                                                               
There is a worldwide debate about the fast growing integration of financial services. As a result, banks started identifying new channels to improve their non-interest income by exploiting convergence in the financial industry and financial liberalization. Bancassurance as an alternative distribution channel was identified as a source of improving the non-interest income of banks. The distribution of insurance products through banks has been beneficial to both insurance and banking companies as well as the customers. The growth of banc assurance depends on how well the bank and the insurance companies are able to overcome the operational challenges that are being constantly thrown at them. So success of a bancassurance venture requires change in approach, thinking and work culture on the part of everybody involved.