Insurance is a contract between two parties, the insurer or the insurance company and the insured or the person seeking insurance, whereby the insurer agrees to hedge the risk of the insured against some specified future events or losses, in return for a regular payment from the insured as premium. Insurance policy helps in not only mitigating risks but also provides a financial cushion against adverse financial burdens suffered. Insurance policies are a safeguard against the uncertainties of life.
The insurance industry is comprised of a variety of stakeholders and supplies products and services that are designed to protect businesses and individuals from risks. The insurance industry players provide risk coverage to their clients and simultaneously need to manage their own risks to ensure competitiveness and profitability of their business model. The insurance environment that is subject to regulatory and legal requirements, competitive forces, margin pressures, and changing customer demands and industry players need to manage all these factors and provide risk coverage to their clients. Insurance companies adopt strategies that are unique to the environment they operate in to overcome these challenges and to propel growth and market share in a global environment.
This section helps the learners understand key concepts, terminology, issues, and challenges associated with the insurance industry. The later articles focuses on the tools and strategies employed to meet some of those challenges. We will discuss the main types of Insurance Industry, the main sectors
of the insurance Industry and the business drivers, business model, and the competitive environment in the following articles. Enjoy the tutorials on insurance domain.
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This section will benefit all the learners who want to have an overview of Insurance Industry and want to understand the industry dynamics and business drivers for the players in this industry. This section is also relevant to consulting professionals, industry investors, and all size companies that sell products or services to insurance players. Individuals who want to understand the insurance terminology and key concepts to assess their own insurance needs will also find this section very useful. Organizations looking for knowledge and key business information in the insurance industry can buy the training material available to impart this knowledge to their employees in a very cost effective manner.