Sun life Insurance Co of Canada
Post on 22-Jan-2015
54 Views
Preview:
DESCRIPTION
Transcript
Davraj
SadamAyub
M.Abdullah
Naveed Iqbal
Mi12MBA056 Mi12MBA073
Mi12MBA045Mi12MBA038
• Insurance…?• Assurance• What is• Products • Underwriting • Claim management/Handling• SW0T Analysis• Recommendations
Purpose of Presentation!
a contract between an insured and an insurer
, where the insurer promises to pay a
designated beneficiary a sum of money in
exchange for a premium, upon the death of
the insured person
Sun Life Financial Inc. is an international financial services company known primarily as a life insurance company, but also has a strong presence in investment management with over $494, established in 1871In World WAR II, the British Crown Jewels as well as the gold reserves of several European countries were moved to what is now known as the Old Sun Life Building for safekeeping.
• A multinational Company• Working in more than 50
countries• 1st company of Canada
having largest customer base in Life insurance
• 1st priority of public due to good repute
• Largest company with regard to its Capital base
• Canadian $640 billion
Products
Products Under the SUN
Sun life
Life Insurance
Health insurance
Disability insurance
Life Insurance
Sun Life Term Insurance
Universal Sun Life Insurance
Work Place Life Insurance
• Term life insurance provides temporary protection for temporary needs. It also has some flexibility, so you can adjust your insurance as your needs change.
• It provides several guarantees.• you can choose between:• Term life insurance - provides coverage for one person Joint term life
insurance - one policy that covers 2 people who share a joint risk (e.g. a mortgage
• Simplest form of insurance• Sun will pay Sum assured on occurrence of Death• Simple and easy to understandable conditions• No maturity value and no Loan Value
Sun life Term insurance
An all-in-one way to protect and build your moneyUniversal Life insurance is one solution that combines 2 important aspects of financial planning:• Permanent insurance protection for lifelong peace of mind, plus • Investment account options that can grow your savings, tax-deferred
universal Sun life
• We believe that a healthy workforce is integral to the success of any business. That’s why we offer the products and services you need to help keep you and your family healthy. Consider it an investment into your well-being.
Work Place Life Insurance
Health & dental Dental Drugs Hospital expenses in your province Vision care Paramedical services and equipment Travel
Work Place Life Insurance
Personal health
Insurance
Disability Insurance
Critical illness
Insurance
Long term Care
Insurance
Health Insurance
Personal health insurance provides affordable coverage for:• unexpected health expenses • many ongoing health-related services not covered
by provincial plans.
Basic Plan
Standard Plan
Enhanced Plan
Personal health
Insurance
• Disability insurance is designed to protect you from the possible loss of income due to any mishap with you during normal life events .
• When you're unable to work as defined by the coverage you've chosen
• You receive a recurring monthly payment• It replaces a portion of your income if you're unable to
work
Disability Insurance
• Critical illness insurance offers help paying costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment
• Expenses related to coping with and recovering from a serious illness
• When you are diagnosed with and meet the requirements of a covered condition
• You receive a lump sum cash payment
• Cost of your care over a lengthy period
• When you're unable to perform two or more activities of daily living or require continual supervision due to deterioration in mental abilities
• Reimburses your expenses or pays a benefit
• May be a regular recurring payment or a reimbursement style plan to cover the cost of care
Long term Care
Insurance
Sadam Ayub Mi12mbA073
Underwriting
What is underwriting?
• Underwriting is the process of – Examining, accepting or rejecting insurance risks, and – Classifying those selected, in order to charge the appropriate
premium for each.
• The purpose of underwriting is to spread the risk among a pool of insured in a manner that is equitable for the insured and profitable for the insurer.
What is underwriting?
Underwriter
B
C
D
AEvaluates
risk
Accepts Applications
Declines Applications
Determines appropriate premium
The decision to provide insurance coverage or
not is commonly referred to as an
underwriting decision
The decision to provide insurance coverage or
not is commonly referred to as an
underwriting decision
These decisions greatly affect the success or failure of an insurance company
How Underwriting done at Sun Life?
1. Occupation
2. Avocation
3. Hobbies
4. Residence
5. Moral Hazard
1. Insurable Interest
2. Income Protection
3. Persistency
4. Net Worth
1. Build
2. Habits
3. Personal Medical History
4. Family Medical History
Risk Factors in Life Insurance• The various risk factors to be assessed prior to underwriting
decision are:1. Medical 2. Financial 3. Personal
Life Insurance Risk FactorsLife Insurance Risk Factors
321
Risk Factors in Life Insurance
7 Factors
F1
F6
F2
F3
F7Age
Gender
Build
Lifestyle Habits
F5 F4Family Medical
History Personal Medical
History
Factors affecting Medical Underwriting
• Application Form• Medium Of Relationship• Medium Between Insured And Insurer• Representative Of Both Parties• Accurate Information• Helper In Decision Making
Application form filling
• Name• Address• Marital status• Age• Date of birth• Nationality• Application and
nominee details
Elements in Application Form
• Hazardous risk questions• Aviation / Armed forces
question• Covers with other companies• Smoking , alcohol• Health questions• Occupation
• Financial Questionnaire• Assets Liability Statement• Juvenile Questionnaire• Housewife Questionnaire• Mode Of Payment
Some Important Aspects
• Two categories:
• Gainfully employed women with earned income / unearned income, pays income tax, single or married, good educational and social background.
• Assessment of this category of female is per normal any earning individual.
• Non-working woman, dependent on husband.
• This group is referred as 'Housewife'.• This category is again classified in to 2
categories depending on the Husband’s insurance status.
Maximum Sum Assured (Life) available to each category:
Category 1Category 2
Husband has Life insurance Husband has no Life insurance
Subject to normal underwriting
Lesser of 10x husband’s annual income or Rs. 1,000,000
Lesser of 5x husband’s annual income or Rs. 1,000,000
Female life underwriting
M. Abdullah Mi12MbA057
Claim Handling
• Claim• Claim reporting• Receipt of claim• Claim files and procedure• Fraud• Settlement
Claim Handling And Settlement
HOD Claims assesses whether the claim is payable under the terms and conditions of policy and if payable what should be the quantum of claim.
Claim Management ProcedureIt consists of following steps; Claims reporting Receipt of claim by the insurance company Claim files & procedures Fraud detection & prevention Claim processing Claim payment
Claim
When claim arises, insured has following duties:
To try to minimize the loss To report the claim timely To cooperate in investigation To provide official documents To authorize the insurance company to conduct
inspectionTo fill an appropriate claim form
CLAIMS REPORTING
After receiving intimation of claim, the insurance company must; Send an acknowledgement to the insured Inform the insured, in case of any delay Ask for documents required in settling the
claim
RECEIPT OF CLAIM
Once a claim has been filed, it must contain following documents; Intimation letter Claim form duly filled and signed by insured Summary sheet showing review of the claim Date of loss and Reporting date Description of claim Assessment date Copy of loss adjuster’s and investigator’s report Estimated cost of damage Amount of payment
Claim Files & Procedure
Fraud…?
In case of fraudulent intention found, claim can
be repudiated.
Settlement Of Claims
• Payment of money• Paying for repairs• Replacement• Reinstatement
A claim can be settled in following ways
Dav Raj Mi12MbA041
SWOT Analysis
Strong and well capitalized company Large customer base Innovative products Customer loyalty Effective advertisement Less cost due to line authority Brand name
How Much Strong Are We?
Standard &Poor’s
Moody’s A.M. Best DBRS
Sun life Assurance company
AA-Very strong
AAExcellent
A+Superior
IC-1Superior
Sun life And health insurance company (U.S)
AA-Very strong
AStrong
A+Superior
Not rated yet
Rating of Sun Life
Work Inefficiencies Low premium income due to more competition Economic recession More Fraudulent claims Adverse underwriting by agent
Drawbacks
Opportunities
Expand business worldwide Improve online marketing Correcting underwriting cycle Start programs of insurance awareness Special discount and free gifts More and more advertisement Effective Customer relation system
High Operating cost Low cost products by competitors Over all world recession Dumping from fresh entrance Changing laws about healthcare
Threats
Summing up!No doubt sun life insurance is one of the leading players of insurance sector. But
there are some grounds on which is performance is not according to its
expectations. Reasons may includes more fraudulent claims settlement. We can say if the claim settlement department work effectively the company may become Top
insurance company of world.More over , underwriting management
system is doing according to rules , that’s why premium charge accordingly.
Customers want discount but Sun life refuse, its also a cause of low
development.Reasonable rebate should be given to
regular customers
top related