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Plan Your Investments

Published by rinap059 on 03/04/2017

Identifying your goals
You save for future events that you feel are important to you. You need to be specific while setting your goals. You may want to save for your wedding, financing initial payment for home, financing your car, your child's education, retirement or any other specific event that you may think is important. You also need to prioritise them as per there importance, identify the frequency if any of them are recurring events.
Time at hand to reach goals
Goals are generally time bound. When you identify the purpose of investment, time you need to fulfill that automatically comes into picture. There would be events that you need to take care of in next five years for others you may still have time of 15 to 20 years. There might be financial requirements that might be recurring and you may need money at regular intervals. It is important to know the time you have to grow your investment to your required corpus. The amount you invest and the product you may invest vary as per that.
How much to invest
How much you invest depends upon two factors, time you have and the amount you need. To reach the same corpus if you have more time, you can invest smaller amounts regularly and the time is less you may have to invest more. Besides this, also consider your regular expenditures and how you can fit in the investment amount in it. Most investment products will allow various payment options like monthly, quarterly, half yearly and annually.
Investments insurance plans and their features
Investment insurance plans allow you the benefit of investments as well as insurance. So, if you survive the insurance term you get the maturity amount and if something happens to you during the term, your dependents are secure and will get the sum assured as per theInvestment Plans. Depending upon the requirement, time you have and risk profile, you can choose from various investment insurance plans available. You can choose between traditional plans like endowment plans and money back plans or you can choose to go for ULIPS. Each has features suitable for various requirements.
Risk Factor - Traditional plans allow you the all-round safety. Whatever you invest is safe and any risk that there might be is borne by the insurance company. Amount you get on maturity or on death is all guaranteed. If the market is doing well and you have invested in a good fund, returns on your investment may be better than on traditional plans. If the market is low or your fund is not doing too well, your investment is at risk.


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.

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