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Finding the Best Life Insurance Premium

Published by rinap059 on 03/03/2017

When the majority of people begin looking for life insurance, the premium they're quoted is often the one they end up paying. What most people don't realize is that it's possible to shop around for a better deal and it may even be possible to negotiate for reduced premiums.
If you're thinking of applying for life insurance, looking for a policy or maybe wanting to change your existing policy then it's best to begin forearmed with a little knowledge of what you're seeking. Obviously you'll want to be sure you're paying the most competitive life insurance premium
available for the type of policy you've chosen.
When people talk about life insurance, most people groan as they think finding and taking out insurance is a lot of hassle or that it might be too expensive. But when the inevitable happens, as it ultimately will, do you want your loved ones to be financially secure or struggle?
Finding the Best Life Insurance
Where do you look if you are in the market for insurance? Here are a few good places to look, but be advised the list is not complete and there are lots of places where you can find insurance. Don't be fobbed off with any type of insurance either, and you want the best life insurance premium too.
Take the time to speak to a professional adviser about your options. They're likely to know more about the intricacies of various policies and will be able to help you find the right one for you.
Shopping for the Best Life Insurance Premium
An adviser may also be able to give you some practical tips on ways to reduce your premium. You may consider what exclusions you need or perhaps you might consider various lifestyle factors that can determine how much you pay on your current premiums.
You should also carefully consider the payout figure you're insured for. If you're insured for a very large sum of money, this can often increase the amount you pay on premiums. Be realistic about the amount your beneficiaries will need to survive financially if something happened to you and consider reducing the payout figure if necessary. This can lower your premium payments.
Lifestyle and Career Choices
While the right type of insurance is important and best fits your circumstances, factors like age, smoking, and your occupation all come into consideration. Hazardous occupations may incur a steeper premium rate. Likewise, smokers may find themselves paying higher premiums.
Some insurance companies may penalize people who are a little overweight, as obesity can often lead to an increase in health risks, which increases your premiums in turn. In order to reduce your premiums, consider working on raising your fitness level a little. Not only will you feel healthier, but you'll lose a little weight at the same time and lower your life insurance premium.
Another good tactic is to ask for quotes from several different companies selling life insurance. You are not obliged to take out their policies if you do not want to, but it can help you to see what cover is available and you'll also be able to accurately compare the life insurance premiums available to you.
Source:- http://bit.ly/2mzAGV9

Insurance Claims Management with New Software Programs

The Role of Insurance Companies in Capital Markets
The insurance industry is a vital part of financial markets. Companies promote risk mitigation by offering individuals and organizations various types of insurance products. These products fall under two basic categories - life and non-life/general.
Proceeds from insurance products are converted to long-term investments on behalf and for the benefit of stakeholders, particularly insurance policyholders. These investments can be in the form of corporate stocks, government bonds, and other financial instruments that later earn a projected profit either upon a policyholder's death or at a specified period of time for the insured and his/her beneficiaries. Thus, aside from national and global economies, the insurance industry is essential to personal well-being as well.
Insurance Claims Management: Challenges and Good Practices of Client Service
Unlike life insurance, general assurance protects people and businesses from economic losses caused by natural disasters and human-made injuries, as well as related legal liabilities. In both cases, however, insurers are aware that it is imperative for them to satisfy policyholders with company services. With this context, some companies have developed software programs designed to assist client insurance providers in their claims management needs, such as producing timely and high-quality reports and claims settlement as an insurance firm's key functions. The article notes that the latter "can be used as a marketing tool" and helps retain customers. It also states how necessary it is for insurance companies to "manage" the nitty-gritty aspects of claims processing that includes determining the "Average time being taken for the settlement of a claim and the Claim Settlement Ratio and how it compares with other operators in the market." Moreover, "a corporate claims management philosophy" should be adopted to inspire insurance claims personnel in serving clients efficiently, including providing them with compensatory approaches, if applicable.
In 2004, the Organization for Economic Cooperation and Development (OECD) adopted a set of guidelines for good practice for insurance claim management. The OECD Insurance Committee defined these guidelines that serve as a benchmark for insurance companies in its member countries, including the United States (US). Such measure is aimed to improve the industry's public image, to sustain its marketability, and to reduce losses. Adequate information and assistance to policyholders, good claim filing methods, and expeditious claim settlement were among the cited standards.
Providing Efficient Insurance Claims Service with New Software Programs
To help maintain a client base and achieve efficient claims management set by OECD, many companies have started developing software programs for insurance companies and professionals. With committed personnel and reliable IT (information technology) facilities that ensure confidentiality of data and are compatible with mobile communication gadgets like iPhone, some reputed companies have developed software tools that can document and help analyze critical insurance narratives, financial, and statistical information. Let us take a look at some of them.
• Claims Management Software programs generally cater to insurance and risk claims departments, third party claims administrators, and risk managers, especially those involved in legal cases. They feature an advanced search mechanism that easily finds one or more needed files, information, and transaction records for general insurance claims. They can produce reports that can be exported to spreadsheets, Microsoft Office applications, and ASCII text files.
• Some software programs track financial information relevant to construction defect litigation procedures. Data including payments, insurer shares, and other expenditures, are stored in a virtual repository that can be accessed anytime and anywhere by vendors, lawyers and claims handlers.
• Some software programs equip insurance claims professionals with activity documentation, organized notes, and database references. They also provide billing techniques that instantly monitor time-bound tasks. These include work periods and communication with clients through phone calls, faxes, and mails, among others.

Source: - http://bit.ly/2m6ztEc