Professional Documents
Culture Documents
Events
APRIL 2003
April 6 8, 2003
Venue: Baltimore, Maryland
The Annuity Conference
This annual spring conference is by LOMA, LIMRA International May 7 8, 2003
and the Society of Actuaries. Over 400 financial Venue: Taiwan
services professionals meet to discuss important issues related to Conference on Catastrophe Insurance in Asia by Asia Insurance Review
income annuities, qualified plans, product design, product Seeking Real Solutions to CAT Exposures in Asia
management, conservation and about everyday issues that affect
the annuity professional. May 5 9, 2003
Bonus Registered attendees of The Annuity Conference can Venue: Beirut
also attend sessions at The Pension Conference at no additional Financial Stability Forums Special Seminar with the World Bank
charge. Topic: Anti-Money Laundering
By the time this issue of the Journal is in your of the management of his company in cases where
hands, the Authority would have finished three years the management, according to the actuary, was not
of its existence. In this period, the Authority had carrying on business in public interest.
succeeded in establishing a transparent and
These measures to my mind have been very
responsive organisation.
productive and have now created a situation where
Over this period of time, the Authority had brought the profession of actuarial sciences is being talked of
into existence a number of regulations which deal as the next area where development will take place.
with the establishment of insurance companies, the We have a very limited number of actuaries in this
setting up and regulation of various professional country. The profession of actuarial sciences deserves
intermediaries like agents, brokers, surveyors, loss our support and encouragement not only because we
assessors and third party administrators. The want the profession as such to develop, but because
purpose of all these regulations was only to sub-serve we also want them to take care of the interests of the
the cause of the Indian consumers and to bring to Indian insureds.
them a service from an industry which they richly
Elsewhere in this Journal you will find articles
merit. If these activities have resulted in improving
contributed by very senior and respected members of
the service standards in the insurance industry and
the profession of actuaries. I do hope that readers
had awakened a consciousness in the minds of the
would find the articles interesting and I am sure that
Indian consumers, the Authority considers itself lucky
they will respond to us in good measure pointing out
to have done something.
to us their perception of how the market has developed
One of the wholesome measures that we thought over the last two years and how they consider actuaries
the nascent insurance industry required, moving from to be important in that respect.
the rigidity of a controlled regime to one driven by
We are starting a new financial year with this issue.
market forces, was an assurance to the Indian
The Authority has decided to continue this Journal
consumers that the product that he buys, and the
on a permanent basis and, therefore, requires support
premium he pays periodically, are safe and sound.
from the readers in the matter of suggestions for
We, therefore, adopted the practice of the Appointed
articles to be carried as well as by way of articles etc.
Actuary system in this country much ahead of that
The Editor of the Journal will be willing to accept
system being introduced in some of the developed
articles, of topical interest, for publication in this
nations.
Journal.
The Appointed Actuary of a life insurance company
is the eyes and ears of the Authority in regard to the
functioning of the company. We have also given him
the powers to approach the Authority over the heads N. RANGACHARY
Introducing
The Actuary in India K. P. Sarma 21
Life Breath S.P. Subhedar 23
Long Way to Go Arpan N. Thanawala 26
the Actuary
àH$meH$ H$m g§Xoe 28
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Hw$N> Vmo bmoJ H$h|Jo 30
20
AmB©AmB©AmaE_ EH$ A{^Zd g§ñWmZ g§Ord Hw$_ma O¡Z 31
~r_m CËnmX H$s_V, {ZYm©aU, Ed§ à{H«$`m {XZoe MÝX« IZgrbr 32
^mfm ~r{_V Ho$ {hV Ho$ {bE g§Ord Hw$_ma O¡Z 33
~r_m nm{b{g Ho$ nrN>o ~r_m§H$H$ dr. eof A``a 34
Statistics Non-Life Insurance 38
Brass Tacks R. Anand 40
News Briefs 42
Round Up 46
36
You Said 48
Business by Mandate
We are happy to focus this month on the profession of actuaries, the unsung backroom boys of the insurance industry
who make profits happen. If those who market insurance are the face of the industry, it is the actuaries who are the brains,
and this issue presents their role and place in todays industry and makes an attempt to discern a vision for their future.
Except for actuaries and some others, the mysteries of creating and pricing insurance products are not known to all. But
anyone can do it wrong. One of the wrong ways of doing it is by mandate. We have the living example of Mediclaim, a
government mandated policy which has suffered much abuse and caused much loss over the decade and a half that it has
been in existence. It sprang into existence not from the calculations of the actuaries or an intimate and masterly knowledge of
the healthcare market, its dynamics and costs. It happened or was made to happen through an announcement in
Parliament by the then Prime Minister, Mr. Rajiv Gandhi, that the nation would have a health insurance policy soon.
The industry had to create the product following a say-so and not from its own know-how. And the path of the product
was sadly predictable.
Mediclaim has not been the only product thrust on the industry, there was the poor mans Mediclaim or the Jan Arogya.
Laudable as both were, there is no substituting dreams for a business backed by simple hard-headed numbers.
We are back again staring at another couple of mandated schemes, this time by the Union Minister for Finance,
Mr. Jaswant Singh. In his budget 2003-04, he announced a universal health insurance scheme and an assured return pension
scheme, both of which seem less than likely to succeed commercially.
There is no basis for a Rupee-a-day premium for a health cover of Rs. 30,000 a year, except perhaps the attractive sound
of it. And if the policy is to be offered for treatment at community hospitals, then the scope for fraud can easily be imagined.
The general insurance companies in the public sector who presumably are the ones who will be offering this cover are
already reeling under the pressure of the bottom line due to various acts of omission and commission and not all of their own
making. This would add to their woes at a very wrong time, not that there is a right time for it.
This is simply because the health sector is in a massive chaos. Not just data about the healthcare industry, but even basic
information on health status in India is not readily available in any satisfactory measure, and the less said about the
retrievability and reliability of individual health records the better.
The Government is the owner of the PSU general insurers and can indeed impose such measures on them. But the question
is whether they should do this when the products or schemes fly in the face of scientific product development and its critical
component, remunerative pricing and feasible administration, and thus place obstacles in their path to profitability in a newly
competitive environment.
Equally worrisome is the Varishta Bima Pension Yojana. A guaranteed return, at a time when the industry is finally
following with alarm IRDAs repeated advice to phase it out, is anachronistic to say the least. Even if the LIC, which has been
named as the sole administrator of the scheme to be subsidised by the Government, manages a seven per cent return in these
soft interest days net of its administrative expenses, the remainder, the subsidy, could well arrive a couple of years later.
If the scheme garners about Rs. 25,000 crores, which has been indicated by the LIC management, then the interest
burden on that would be Rs. 2,250 crores. And if the LIC has to wait for a fourth of this for a couple of years, the least we could
say is that it would be out of pocket.
Private players need not feel envious but can breathe a huge sigh of relief that they were left well out of this scheme. It is
the LIC that one should be concerned about. The strongest insurance player today that has reinvented itself to suit the new
era, could find itself wasting away slowly. Let us hope it does not come to that.
We also present in this issue an entry into the subject of our May issue remuneration to intermediaries and the cost of
doing business - with an article by Mr. Venkatesh Mysore, Managing Director of MetLife India. An article on data mining and
warehousing, outlines the remedy for the industry today. There is also an unconventional approach outlined to spreading
health insurance, by Mr. G.V. Rao, which has all sorts of common sense reasons to succeed.
We hope you enjoy the issue!
K. Nitya Kalyani
4
irda Journal, April 2003
Some commission structures There should be penalties imposed And finally, consideration should be
on agents for policy lapses through a given to introducing a Risk Based
Country Commission Cap charge-back system with some Capital system (RBC) as soon as
measures and controls to maintain possible. The RBC system would make
UK No cap companies more accountable and would
integrity and quality. It would be
US No cap indirectly force them to pay attention
important to have all field managers to how they pay commission on their
Ireland No cap
accountable for uncollected charge-back products, which products they sell or
China Cap only on by their agents so that they are strongly encourage agents to sell and how they
premium
encouraged through the commission invest their money to support those
loading. No cap on
system to recruit quality people and to products through better asset-liability
commissions.
focus on making sure that the business management (ALM) systems.
South Commissions
is of good quality. RBC could be an important part of
Africa capped
establishing a strong foundation for the
Commission caps should be lower for industry with solid financial discipline.
Source: LIMRA International, US
investment type products and mutual We have seen companies that have
funds. Consistency of rules across the withdrawn products or reduced
A higher commission system with financial industry (banks and mutual commissions in order to comply with or
some decent incentives for quality and funds) will also be required. improve their RBC ratio. It is a very
good management of the field force can good way to make the industry
make the industry very professional and The focus must be on maintaining accountable and self regulated.
provide clients with value added service. strong licensing and training
The author is Managing Director, MetLife
We have to enforce strictly laws programmes for agents with continuing India Insurance Company. He is part of
related to rebating and other similar educational requirements. Strict the committee set up by the IRDA to go
practices. We should discourage disclosure and compliance rules into life insurance agents compensation
introducers of business, selling without regarding sales practices and and this article is a compilation of the
licence and part timers. illustration systems are part of this. views he had presented to the committee.
WHAT SHOULD WE DO
5
irda Journal, April 2003
6
irda Journal, April 2003
GUIDELINES
Investing In Mutual Funds investment, if any, is made by the
The IRDA has set out the following
guidelines for investments in mutual funds
mutual fund.
Overall investment / exposure limit
TRACKING
by insurers.
Since the term mutual fund is neither The investment in mutual funds at any DEFAULTS
covered under the Insurance Act, 1938, nor point of time shall not exceed 50 per cent In view of the prevailing market
by the IRDA (Investment) Regulations, (10 per cent for public sector insurers) of conditions for investments which have
2000, any investment made in mutual investment falling under Other than seen defaults in interest and principal,
funds will fall under the residuary category Approved Investments for both life and including in cases of state government
of investments namely, Other than general insurance companies. guaranteed debt instruments, it has
Approved Investments. These exposure limits will be reviewed become important for the correct
Hence they will be subject to the limits by the Authority annually. picture to be obtained about investment
prescribed in the IRDA (Investment) portfolios of insurance companies. The
Valuation of mutual fund
Regulations, 2000, and also to the norms reason is that investments are
investments
as follows: policyholders funds and their
Mutual fund units shall be reported at impairment could have an impact on
The investment shall be restricted to Weighted Average Cost each quarter. Also, the ability of the insurance companies
investment of temporary surpluses of the the insurer shall mention the market value to meet their claims.
insurer which may be placed in schemes of of such mutual funds (which shall reflect
mutual funds comprising liquid funds, gilt the increase/ decrease in the net asset value With this in mind, the IRDA has
or debt funds. The investment will be [NAV]) in Form 3B as per IRDA announced that insurers have to submit
governed by the following norms: (Investment) Regulations, 2000. the following additional information on
1. The mutual fund should be registered a quarterly basis relating to defaults
A separate Fair Value Change Account
with the Securities and Exchange in their investment portfolios.
segregated for each of the mutual fund
Board of India (SEBI) and be governed investments shall be maintained. g Details of Approved Investments/
by the SEBI (Mutual Funds) Other Investments which have
Regulations, 1996. The unrealised gains / losses arising
due to changes in fair value of the mutual matured for payment and maturity
2. The insurer shall at all times ensure funds shall be taken to Fair Value Change amount is outstanding along with
that the investments in mutual funds Mutual Fund account. The Profit / Loss particulars of defaulted amount and
are diversified among various mutual on sale of mutual fund units shall include period for which the default has
funds. accumulated changes in the fair value continued.
3. The board of the insurer shall lay down previously recognised in mutual funds g Any investment where defaults
proper guidelines for selection of under the heading Fair Value Change have occurred which, subsequent to
permissible mutual funds and schemes, Mutual Fund in respect of a particular maturity, have been rolled over.
including exposure norms, to any single mutual fund and being recycled to Revenue
/ Profit and Loss Account on actual sale of g In respect of investments where
mutual fund and to each scheme of
mutual fund units. periodic income has fallen due,
mutual fund, so as to avoid
details of interest payment in
concentration of investment. The insurer shall assess on each default, along with the period for
4. Where the schemes of mutual funds in Balance Sheet date, whether any which such defaults have persisted.
which such investment is made by an impairment has occurred to the
investment. An impairment loss shall be g Details of steps taken to recover the
insurer is managed by an investment
recognised as an expense in Revenue/ Profit defaulted amounts, and the
manager who is under the direct or
indirect management or control of the and Loss Account to the extent of the provisioning done/ proposed in the
insurer or its promoter, the investment difference between the re-measured fair accounts against such defaults.
shall not exceed 20 per cent (four per value of the investment and its Weighted This information is to be filed with the
cent for public sector insurers) of the Average Cost as reduced by any previous Authority along with the other
amount of investments falling under impairment loss recognised as expenses in Quarterly Investment Returns
Other than Approved Investments Revenue/ Profit and Loss Account. Any beginning with the last quarter of the
subject to provision referred under reversal of impairment loss earlier current financial year, the statements
Clause 5, pertaining to Group under recognised in Revenue/ Profit and Loss for which period are due 21 days after
IRDA (Investment) Regulations, 2000. Account shall be recognised in the Revenue/
the quarter ends.
Profit and Loss Account.
5. The insurer shall not make any
investment in shares or debentures of In the case of unit-linked business,
any private limited company in which mutual fund units shall be valued at NAV.
7
irda Journal, April 2003
8
irda Journal, April 2003
9
irdairda Journal,
Journal, April 2002
December 2003
business during the first 11 months of Group Superannuation Business schemes, covering 4,11,965 lives, and
the financial year, covering 6,66,332 underwrote premium of Rs.500.58
Under 10 different schemes offered
lives. The premium underwritten lakhs. As a rider, under the Shiksha
by the private players, 831 lives were
during the period was Rs.2,753.06 lakhs. Sahayog Yojana 25,567 lives were
covered, and Rs.590.12 lakhs premium
LIC offered the term and the group was underwritten during April, 2002, to covered for a premium of Rs.88.61 lakhs.
savings linked insurance schemes February, 2003.
Group Gratuity Social Sector
during the period. Under these two LIC offered three products under Business
options, 5,426 schemes were Group Superannuation, namely Group
underwritten covering 11,19,537 lives. Superannuation (GS), Group Annuity None of the players private or
The premium underwritten was (GA) and VRS, covering 235 schemes. public - reported any business during
Rs.2,608.77 lakhs. Under the schemes, 83,237 lives were the 11 month period under this category.
Group Gratuity Business covered, and Rs.77,527.91 lakhs
premium was underwritten during the Group Superannuation Social
The private players were operating first 11-month period of the current Sector Business
21 schemes during the year, covering financial year. None of the private players reported
2,698 lives. Premium underwritten
Group Social Sector Business any business under this category,
during the period was Rs.1,040.59 lakhs.
during the period under consideration.
The private players offered 17
As against this, LIC offered 1,580
schemes, covering 33,897 lives under During the first 11 months of the
schemes during the period covering
the social sector, and garnered Rs.12.81 current financial year, 2,498 schemes
1,80,853 lives. New business premium
lakhs premium. were offered to cover 93,519 lives with
underwritten during the period was
Rs.24,706.04 lakhs. This includes group As against this under the Janashree underwritten premium of Rs.168.23
leave encashment business also. Bima Yojana, LIC offered 2,765 lakhs by the LIC.
10
irda Journal, April 2003
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irda Journal, April 2003
cases are before a consumer court and before the introduction of the above Depending on the gravity of case, the
there are chances of further delay due Regulation. officials from the higher offices, the
to appeals/ revisions. Substantial doctor, investigator or surveyor
Many a time, policy issuing offices
expense is necessary if cases are to be concerned may accompany him/her at
perceive the Office of the Insurance
filed before civil courts due to stamp fee the time of oral deposition so that they
Ombudsman as an outside entity and
and advocates fee with an average time can supplement in their areas of
do not submit the required papers as
period of five years and chances of expertise.
per the notices and within the required
further delay and cost due to appeals Challenges ahead
time. They also remain indifferent at the
and so on. Even in case of arbitration,
time of hearing, apart from writing very All of us are aware of the names of
there are expenses towards sharing of
casual, generalised letters to the Office globally acclaimed insurance companies
arbitrators fees.
of the Insurance Ombudsman. which went into liquidation in the recent
In addition to fast settlement with past. The present day competitive
The policy issuing offices of the
no expenses of cases in front of the environment, regulator-controlled
insurance company should take cases
ombudsman, the credibility of the cause business climate and disinvestment, all
before the Ombudsman seriously. As
of action is clear. This is due to the fact have their inter-linked effects on dealing
soon as any Notice (P IV) from the
that the systems support services with consumers who are more conscious
Insurance Ombudsman is received, a
providers are from the insurance about their rights.
self-contained note (i.e., written
industry, and have good number of
statement), giving information in The mitigating aspect of insurance
years exposure in technical areas in
chronological order with para-wise litigation is also to be seen from the
different offices and in different cadres.
comments on the complaint along with above larger perspective. Global studies
Hence, they understand the subject in
of insurance companies reveal that
its proper perspective. In many offices
disputes with insureds cause losses.
of insurance ombudsmen, there is
Before the introduction of the
further value addition as there is a Many policy issuing Ombudsman in insurance sector, the
techno-legal executive deputed from the offices perceive the Office question of how customer disputes can
insurance Industry.
of the Insurance be settled quickly through an impartial,
Subtleties Ombudsman as an outside credible mechanism with the requisite
In todays buyers market, insurance domain knowledge had been debated
entity and do not submit and seriously discussed before the
product purchasers are demanding and
savvy. Retired officials of insurance the required papers as per regulator.
companies are also contributing to the the notices and within the A system like that of the Insurance
increased in the knowledge of the required time. They also Ombudsman is a long desired grievance
buyers. The desire to be apprised about remain indifferent at the redressal mechanism which is outside
the price mechanism of a particular time of hearing. any insurance company but which is
insurance product as well as the logical very much within the insurance
interpretation of the meaning of industry and the successful execution
different policy wordings are of the system will lie with all the
predominant demands from the buyers the copies of vital documents like policy- insurance companies operating in India.
side. schedule, policy conditions, survey
report, medical opinion, claim form and The introduction of the Insurance
The opening up of the insurance Ombudsman system may have caused
the other documents on which the
an increase in the financial liabilities of
sector and the consequent creation of a decision has been based and consent
insurers which they avoided till now by
competitive environment has enhanced letter are to be submitted.
their casual approach. But as this lax
the opportunities in this respect. The
At the time of oral deposition, attitude has tarnished companies
obvious end result is the increase in original documents should be brought images and no company can afford to
disputes between the insureds and and the dealing officer of the respondent allow this in the present market
insurance companies. Today, interest policy-issuing office should normally be environment, the sincerity with which
on delayed insurance claims payments present. The dealing officer is involved they respond to cases in front of the
is a matter of right of the insureds in all the decision-making processes in ombudsmen will only benefit them.
according to Regulation 9 of The IRDA respect of underwriting/ claim-
(Protection of Policyholders Interests) settlement of the aggrieved insured.
Regulations, 2002, effective from April The author is Assistant Secretary (Legal),
Hence, no other officer is in a better
30, 2002. Incidentally, the LIC started Office of the Insurance Ombudsman,
position to present the companys case
paying interest on delayed claims much Mumbai.
before the Insurance Ombudsman.
12
irda Journal, April 2003
13
irda Journal, April 2003
genuine awareness about the dire need providing assured monthly income and monthly income to meet his basic daily
of such a system among people at large. healthcare benefits in the form of riders. requirements. Any scheme in the
Future planning or retirement planning shape of a monthly pension is the
is as important and significant as But they are yet to come out with
actual answer to his problem.
todays living. need-based solutions. Their approach
has been a bit conservative. Perhaps The UK and a few Western
Also, they lack the professional the greater interest of self sustenance countries have such schemes for their
knowledge to calculate the quantum has been overriding for them. In the senior citizens. In spite of the fact that
and method of savings required to cater scheme of annuities, the concern of the most of the countries are turning out
to their future needs. To complicate insurance company is not that the to be welfare states, this kind of
matters, future needs have also insured will die early but that he will gesture cannot be easily afforded by
undergone tremendous changes costing live too long and receive the annuity many of them. Many countries provide
more in terms of money. for a longer period than expected. annuities based on contributory
Savings, hitherto, have been almost funding both by the employee and the
This is an opportunity to innovate
entirely from the angle of tax avoidance. employer and in the case of self-
in terms of products to meet the
There have been no serious efforts from employment, the schemes self-
compelling requirements of a market
any quarter to create any awareness to financed.
segment. Again this is not as easily
enthuse people to plan their savings for done as said. Life sector policies are There may be cases where
old age needs. very difficult to devise as they have to individuals have outlived their assets
Insurance companies should take sustain over a very long period, and died paupers, or other cases where
the lead in creating such an atmosphere sometimes even for a longer period they have lived very miserly lives and
where even a common man is able to than the person had actually served in died asset rich. Actually a great
comprehend his future requirements an organisation. amount of intrusive calculation and
and look for solutions in terms of assessment is required.
This involves a deep actuarial study
insurance policies and other products. The actual answer is a viable
to develop a product keeping in view
Members of this segment in synergic the quantum and tenure of investment pension/ annuity scheme modelled on
association with some agencies/ required for a particular yield. The various available schemes. Concerted
corporates can help themselves by investments are not free from risks and efforts on the part of all involved is
carving out a few schemes which can uncertainties. But again, this is required to ensure some regular
yield long-term regular monthly income. achievable and sustainable. The income to the growing numbers of
apprehensions are genuine but how ageing members of the society.
Hitherto, life insurance companies
long will the stalemate continue?
have floated some schemes giving
multiple benefits combined with life Again this is not the real need of The author is Assistant Director, IRDA.
insurance. These schemes could help in an old person. He has to have a regular The views expressed here are his own.
GOOD
AND BAD We welcome consumer experiences.
Tell us about the good and the bad you have gone through and your suggestions. Your insights are valuable to the industry.
Help us see where we are going.
Send your articles to: Editor, IRDA Journal, Insurance Regulatory and Development Authority,
Parisrama Bhavanam, III Floor, 5-9-58/B, Basheer Bagh, Hyderabad 500 004 or e-mail us at irdajournal@irdaonline.org
14
irda Journal, April 2003
Q Product knowledge, with stress on from trainees without any fear or favour
added advantages and comfort to
product designing and this should be thoroughly monitored
customers and profits/ surplus to the to improve trainers training. In course
Q Investment pattern under the IRDA
producer/ provider. Insurance is a very of time we will have visionary trainers
Act
technical subject. It involves a Q Solvency margin and share capital for the industry as a whole.
knowledge of medical and health Market and outcome of market
sciences, law, statistics, technicalities
Q
As we know the LIC has the largest
research vis-a-vis rules for number of agents among the insurers of
of all industries, actuarial science, advertising and publicity the world. The fact remains that in spite
financial markets and so on. When Value-added service before and after
Q
of this Malhotra committees report on
thinking of training it is normal to think the sale the opening up of insurance sector
of growth in sales and in turn profits. Q Information technology observed that the Indian life insurance
At the IRDA the consumer is now the market is untapped.
The practical training, at first instance,
focus of training.
should include: As such, trainers training should be
Training examines the very nature of such a high quality that they deliver
Q The office - its outlook and purpose
of consumers and their growing and the expected results. Today training has
Q Process of working, including basic
changing needs in the light of a become just a formality because it is
of underwriting of risk
changing world. In insurance we think Q Office discipline and expectations mandatory.
of risks involved in day-to-day life, from an intermediary At present, training is given at a
business, production, travel, health, and Q Paperwork and use of information place near residence/ office of the trainee.
so on. These require a very close look at technology Many good orators have started the
new and growing risks, the type of losses Q The role of an intermediary and that institutes without any subject knowledge
people face and their cost in terms of of the office (underwriter, marketing, of insurance. This results in trainees not
premium and claims. product designing and so on) attending the training course diligently.
They are involved in their day-to-day
The present state of affairs is such All these together, if provided by
activity and work. It may be a good idea
that the IRDA has prescribed a training good, experienced, innovative and
if the training is imparted as a
course for intermediaries like individual friendly trainers, will go a long way in
residential programme of three to six
agents, brokers, for bancassurance and achieving the goal. days
so on. They attend the course conducted
by recognised institutions and pass the
B ut the very big and burning This could also include sports, indoor
question of trainers training is to be and outdoor, opportunities to show off
test to get licences. resolved on a priority basis. ones talent in other areas and to
The first renewals of agency licences We, at present, do not have trainers exchange ideas and opinions on various
become due in July 2003. But no course with a clear vision of what the industry subjects and so on. This will make
is designed, no books published and no requires. They are not clear about training attractive as it includes, to some
arrangements made in terms of various aspects of the future needs of extent, subjects and preferred activities
infrastructure required. consumers vis-a-vis the needs of apart from usual course, and is result-
providers. As such a very comprehensive oriented. A close look at the number of
The same was the case when the trainees will make it easy to have more
IRDA started issuing licences to new programme of trainers training has to
be conducted at every level. personalised training.
agents. The productivity of newly
recruited agents, even after 100 hours This may be devised under the able What is our expectation of training?
of training and passing of the prescribed guidance of the IRDA and conducted by Usually it is an increase in sales and, in
test, has been very discouraging. The insurers, very keenly watched and turn, of profits. But it is expected also
retention ratio is also likely to go down supervised by the IRDA. that the trainee be very familiar with
products, legal liabilities, attitude,
drastically. In a nutshell, the ball has
A body should be established to future growth prospects and his
started rolling for training first.
conduct the exams which should be participation vis-a-vis his income, the
The training course should include licensed after confirming the faculty, support he will be getting from his
both classroom and practical infrastructure and integrity of the principal, his role in making the
components. institution. Each and every session has customer the king and, above all, faith
15
irda Journal, April 2003
and trust in his principal as to solvency have a visionary, and thriving the industry in the global market, then
and capital requirements. insurance sector on a global level as we I am sure the future is Indias.
All industries are building up their have in the software industry. The author has been with the Life Insurance
dream teams to become global players,
I end with the hope that, as the Corporation of India (LIC) as Development
and insurance is one of them. We have
IRDA is at its initial stage in life if it Officer for 20 years and studied actuarial
capabilities to market insurance
thinks of and visualises the future of science at the Post-graduate level.
globally, and from these trainees we will
16
irda Journal, April 2003
Data, by itself, does not have any Recession, market conditions and the
meaning. It needs to be structured for Unstructured and static tragic events of 9/11 have contributed to
analytical purposes leading to analysis data is of little use to the dismal industry-wide results. Weak
in some form to reveal the hidden underwriting, product pricing, sky-
insurers and reinsurers. rocketing reinsurance costs, reduced
patterns. This analysis then becomes
information. It is this information that
Profitability in the capacities, nose-diving interest rates,
is to be unlocked for driving the insurance industry spiralling claims and reserving decisions
business of an enterprise, particularly requires the ability to have put pressure on the balance sheet
of major players.
insurance. judge risks with a high
When information is internalised, degree of precision. This The legacy of these decisions will
it becomes knowledge and knowledge in turn creates a continue to plague the industry and
when applied becomes wisdom. This is impede its financial recovery for years
dependency on aggregate to come. Insurance companies need to
the classic hierarchy as we move along
with data and convert it to help us
statistical analysis. initiate and implement fundamental
make meaningful decisions. changes to analyse operational data in
the decision-making process if
Rightly then information is seen as profitability has to improve significantly.
significance due to the deregulation and
a strategic asset. Access to and usage
increasing competition in the insurance Leveraging technology and
of this information at the right time is
industry in India. analytical systems will enable insurers
becoming a key to compete efficiently.
Usage of information to identify The common refrain, both for and to profile their business, precisely,
profitable customers, business trends, against detariffing is centred on the lack assess actual levels of risk, accurately
high yield products and the most of sufficient information as a result of: and price those risks appropriately.
productive distribution channels will New analytical systems will assist in
enable an insurance enterprise to Q Absence of data informed decision-making, which in
compete effectively. Q Inadequacy of data turn will lead to improved future
Q Absence of statistical information profitability.
While the insurance industry in the Q Absence of scientific practice,
industrialised world has moved ahead and so on Policies generate revenue and
with technology (in relative terms-it is claims generate expenses. Large
still laggard when compared to other The inference is that the general amounts of data are collected from
industries like banking and securities), insurance industry, with its current set underwriting risks and paying claims.
insurance companies in India have of data, is not in a position to harness Operational offices of the public sector
either not been able to capture all the the full potential of the Indian market unit (PSU) general insurance companies
data or have not been able to devise an to its advantage. have underwritten a large number of
17
irda Journal, April 2003
risks each year and paid claims of that helps business users make informed determined from known results. Then
diverse nature. It is here that the PSU decisions through the analysis of that model has to be tested.
companies enjoy a tremendous patterns, trends and events that affect
advantage over their young competitors the business. The subject areas could be Simply put, data mining is used to
since they can leverage the data that is any factor of business like customer, discover relationships between various
available in various operational offices product, activity, policy, claim, account facts and dimensions in order to help
across the country. or reinsurance. the management make better business
decisions. Data mining unearths
However, this data is in its most It is a process by which subject-based relationships that exist within data
rudimentary, unstructured form. data from many different sources and in that exists within an organisation.
Collation and compilation of data many different forms is extracted,
scattered across operational offices of cleansed, loaded, transformed and Statistical and actuarial
the PSU companies spanning the length converted into a consistent, uniform professions have shown great interest
and breadth of this country is a format. The user can extract the relevant in data mining techniques like
challenging task and requires information from the data warehouse. It Classification and Regression Trees
is so organised that it can support the (CART). This technique aids in
Herculean efforts. But this is necessary
decision-making process of an enterprise. resolving a business problem that
for survival of an insurance enterprise
requires risk modelling in insurance.
itself. Especially when operating
A data mining technique sifts The nonlinear and nonparametric
margins and profits are under constant
through massive amounts of data using approach on which CART methodology
threat due to dwindling investment
a variety of data analysis tools. Combined is based, provides good insights into
income, increasing business acquisition
with modelled it uncovers hidden the hidden patterns in large data sets
cost and escalating underwriting losses.
patterns and relationships in the data, with, maybe, a few million cases and
The challenge for the PSUs is to leading to valuable information that may several hundreds of possible variables.
harness the vast amounts of dormant Such data sets are common in many
data available in its operational offices, areas of insurance, healthcare,
and develop a robust technology-driven Data mining unearths telecommunications, credit risk,
analytical system that would augment banking and so on.
relationships that exist
the ability to use the information at an
enterprise level to improve on the within data that exists Modelling is the process of
mathematically combining data about
business performance. within an organisation. past performance to make predictions
Relevance of a data warehouse about future events. It aids in making
and of data mining better business decisions, identifying
important trends in the data and in
A data warehouse can be defined as be utilised for making a probabilistic
determining which customers or the
a subject-oriented, integrated, time- estimation. This information can help in
industry processes in a particular
variant, non-volatile collection of data developing a risk and a pricing model.
geography are the best risks or who
in support of the managements decision
making process. It is a repository of The first step in data mining is to are the best candidates for a
consistent historical data that can be describe the data and to identify the marketing campaign. Data mining
easily accessed and manipulated for statistical attributes (such as means enables searches through large
decision support. and standard deviations) of the data. collections of data and helps in
This is followed by a visual review, detecting hard-to- find relationships
A data warehouse holds, maintains using charts and graphs, and the that can be exploited for driving the
and integrates subject-specific data determination of potentially business in a profitable manner.
from operational and support systems meaningful links among variables
like underwriting applications, claims (such as values that can be clubbed A simple example of such a model
systems, sales and distribution systems, together). Exploration, collection, and is the batting average of a cricket
accounting and other systems player.
selection of the right data are critical
throughout the enterprise in a central
activities during the data mining Data about past performance
location.
process. But these activities alone (number of innings and number of
Simply, a data warehouse is an cannot provide relevant business runs scored) is combined into a
orderly and accessible repository of information. A predictive model must mathematical formula (runs divided
historical facts based on related data be built on the basis of patterns by number of innings) to estimate the
18
irda Journal, April 2003
probability of runs that a player may though manifold, is centred on detail by combining a number of
score the next time he goes out to bat. achieving the following objectives: dimensions such as demographic,
geographic, socio-psychographic etc.
This batting average tells you what Q To understand the needs of
The micro view will help it in
you can expect from a player on an customers and offer them superior
recognising and exploiting information
average for his innings. It also allows products and service at affordable
you to determine which of two players that is revealed by uncovering hidden
prices
has a better chance of scoring more runs patterns, which can be utilised to create
the next time they are going to bat. Q To develop, augment and new products, services or processes.
implement superior risk
An insurance pricing model works A data warehouse combined with
management
the same way. Data about past data mining techniques provides
performance such as number of claims, Q To increase profitability and intelligent business inputs and plays a
mean claim size, premium, number of investment strategies to offer vital role in all the areas of insurance
insured in that particular category of stable returns to stakeholders, operations like Corporate Strategy &
risk and other factors are combined in policy holders and employees Management, Finance & Asset
a formula to determine the expected Management, Sales & Marketing,
Q To service customers quickly,
loss ratio of a policy. Such a loss ratio Customer Management, Risk
efficiently and conveniently and
allows you to determine which of two Modelling and Business Intelligence &
risks is the better one. Q To plan ambitiously for profitable Strategic Decision Making.
growth in a cost-effective manner
Underwriting models have been (A discussion on how data
built for a long time. Underwriters Insurance companies in India, warehousing and data mining impact
take information about past especially the nationalised insurers, key business areas like actuarial work,
performance and make assessments can leverage data warehousing and anderwriting, risk and policy
as to what is likely to happen during data mining techniques to not only management and its relevance to the
the period of the policy. This process create new business opportunities, but debate of detariffing, particularly with
becomes analytical when statistical also conduct the business profitably reference to the general insurance
theory, mathematical formulae and and efficiently. market, follows in the next part of this
computers are used to process massive article, to be carried in the next issue.)
An insurance enterprise can
amounts of data to come up with
leverage on data warehousing and
predictions or scores. Typically models
data mining techniques to discover The author is Functional Consultant,
can be built to predict loss ratios,
new perspectives at both the macro Finance and Banking vertical, Wipro
claims frequency, severity, propensity InfoTech. The observations made in this
to renew and so on. and micro levels. The macro view
would allow an enterprise to article are in his personal capacity and
The aims for building up a data understand the general market do not in any manner reflect the
warehouse in an insurance company, companys understanding of the subject.
environment or geography in rich
19
irda Journal, April 2003
Ageing-the new challenge for actuaries of the world, can only be described as a
revolution. But a revolution is exactly what
it is, and unfortunately most people,
Rising longevity is changing traditional dimly aware of, but the implications of it whether the general public, in business or
family structures and is already are not well understood or prepared for. in government, are only just waking up to
dramatically affecting inheritance patterns. Actuaries in general, and the Institute this reality. The importance of the
We now see inheritance skipping a specifically, are pivotal in understanding actuarial profession in making the facts
generation to grandchildren or great and explaining the implications. more widely known is crucial.
grandchildren, as children themselves may
For a profession rightly proud of its
be in their 60s or 70s by the time they inherit. Baroness Sally Greengross, Executive
conservative and cautious image, it may
The role of actuaries in all this is obviously be hard to accept that the impact of the Chair, International Longevity Centre, UK
important because of the fundamental age demographic shift across the life course and Honorary Fellow of the Institute of
shift our society is undergoing; the fact we face in the United Kingdom, across the Actuaries, London, in a Guest Editorial
that this is happening, most people are European Union and in most other parts in the British Actuarial Journal.
20
irda Journal, April 20032002
December
21
irda Journal, April 2003
partner on the one hand and v Developing abilities to not just live far reaching implications not just on
increasing awareness and choices of with varied and sometimes new business but also on existing
policyholders and customers on the conflicting interests of shareholders portfolios and expectations of
other hand in introduction and but to foresee potential and possible policyholders.
pricing of new products. changes in shareholding patterns. The future for the profession is
v Sticking to actuarial principles and Issues especially relevant here would indeed promising and challenging. It
professional standards which are be both choice of methods and fixing would be also of interest to speculate on
drawn from developed markets actuarial bases connected with how not only individual actuaries
perhaps ignoring the realities and working out embedded values and handle the problems but how the
problems of a heavily distorted appraisal values of the business. profession as a whole and the
element of competition in the market professional body representing the
v Alertness in understanding and
with a few small and growing profession goes through the process of
implementing regulators preferences
companies set against a nationalised evolution to promptly and correctly
and intricacies of statutory reporting
company/ companies with a giant size identify issues and bring out common
connected with pricing, valuation, approaches and solutions in the best
of the market share. An alternative
expense limitation, segregation of public interest.
to this could be to not only accept
differing yardsticks for the playing funds, vigil on investment decisions
by companies etc. The author has been in the actuarial
field but also translate such
yardsticks into technical standards v Last, but not the least, helping profession for over 25 years and was
acceptable for regulators, legislators managements cope with changes in Appointed Actuary, Max New York Life
and the public in general. tax regimes and regulations having Insurance Company Limited.
22
irda Journal, April 2003
Life Breath
S.P. Subhedar The Role of the Appointed Actuary in Life Insurance
The Appointed be satisfied at all times that, if a full
actuarial valuation was carried out, the
include a certification by the Appointed
Actuary which confirms:
Actuary has a
financial position of the life office would
special role in Q that the data used was adequate for
be satisfactory.
the life the valuation of the life offices
insurance The Appointed Actuary system liabilities
business in envisages shift of responsibility for Q that the actuarial value placed on
India. The role monitoring financial viability from the the liabilities under the life offices
of this category regulatory authority to the Appointed policies is adequate
of professionals Actuary.
Q the available solvency margins and
c o n t a i n s
This is because the annual actuarial the required solvency margins
elements of a
investigation report is to be submitted the adequacy of premium rates on
system of self-regulation with the local Q
professional body, the Actuarial Society to the regulatory authority within the which new business is transacted,
of India (ASI), functioning as a self- specified period, six months in India, and
regulatory organisation. from the close of the year and it may
Q that the relevant guidance notes
take a few weeks for the regulatory
issued by the ASI have been
The IRDA regulations require that authority to analyse the report. On the
complied with
A life insurer shall not carry on other hand, the Appointed Actuary is
business of insurance without an considered to be in such a position This process of valuation, reporting
appointed actuary and, inter alia, within the life office that he/ she should and certification by the Appointed
prescribes the duties and obligations of have a good idea of the financial position Actuary enables the regulatory
the Appointed Actuary. The procedure at any particular moment, and not just authority to monitor the life offices
for appointment of Appointed Actuary at the year ending. financial position without going in for
requires that, in the case of an insurer its own detailed investigations.
carrying on life insurance business, the In order to be satisfied on this, the
Appointed Actuary has to monitor all This wider role of the Appointed
Appointed Actuary shall be an employee
aspects which could influence the Actuary, as it has developed, has come
of the insurer.
financial position, and in particular: to be regarded by the regulatory
Supervision of Life Insurers authorities as one of the central features
Q product design of the prudential supervision of life
Section 13 - Actuarial report and method of marketing
Q
offices. The Appointed Actuary is
abstract - of the Insurance Act, 1938, volume of business
Q supported by the regulatory authority
requires that Every insurer carrying on premium rates
Q and the actuarial professional body by
life insurance business shall, in respect
Q options and guarantees allowing consultation and providing
of the insurer
in respect of all life
Q surrender and paid up values advice when required by him or her.
insurance business transacted by him,
Q investments held and changes in
every year, cause an investigation to be Professional Conduct
investment policy
made by an actuary into the financial
current and likely future levels of The ASI requires all its members to
condition of the life insurance business Q
23
irda Journal, April 2003
Professional Development (CPD). These (ii) any other meeting of members of the While the Appointed Actuary, as
CoPs are renewable annually. The insurer at which the insurers such, has no executive powers, it is his/
renewal is dependent, in particular, on annual accounts or financial her duty to advise the Board of Directors.
the Appointed Actuary keeping abreast statements are to be considered or
of relevant developments through It is possible that a situation could
at which any matter in connection
participation in the CPD programs arise where the business considerations
with the Appointed Actuarys duties
organised by the ASI. is discussed. of the management and the Board
require the recommendations of the
The ASI has, with the concurrence The presence of the Appointed Appointed Actuary to be modified with
of the regulatory authority, issued a Actuary at the meetings of the Board of his approval. It is also possible that the
guidance note specifically related to the Directors enables him/ her to give Board and the Appointed Actuary are
work of Appointed Actuaries. Two more his/ her advice directly to the Board as unable to reach an agreement on some
guidance notes, one on the Financial also to respond to any questions that material issue. In such a situation the
Condition Report and the other on may arise. regulatory authority could be
Additional Guidance to the Appointed approached for assistance in resolving
Actuaries are on the anvil. The IRDA It is also necessary that the
Appointed Actuary be consulted and the issue. The IRDA regulations do
regulations on the actuarial report
given the opportunity to comment on specify that Any provision of letter of
require that a certificate signed by the
any significant proposals at the initial appointment of the appointed actuary,
Appointed Actuary shall be appended
stage so that advice can be given to the which restricts or prevents his duties,
to the Abstract and Statement
obligations and privileges under these
certifying, inter alia, that he has
regulations, shall be of no effect.
complied with guidance notes issued by
the ASI with the concurrence of the The Appointed Actuary Financial Management
Authority. is clearly expected to act
The Appointed Actuary is clearly
Guiding the Board as a front line controller expected to act as a front line controller
of prudential financial of prudential financial management of
The Board of Directors of the life
office are essentially the employers of management of the life the life office, lessening the need for close
the Appointed Actuary, the Appointed office, lessening the need regulatory attention, which could never,
Actuary of a life office essentially being for close regulatory in practice, give the same degree of
required to be an employee of the continuous monitoring as is required of
attention. the Appointed Actuary. The link to the
company. Even though the Appointed
Actuary is an employee, the normal regulatory authority is effected through
professional relationship of the professional duty to blow the whistle
confidentiality and independence of Board about the influence of the if the board or the management of the
advice applies here. proposed action on the financial life office persists in following a strategy
development of the life office. which the Appointed Actuary considers
The Appointed Actuary system
The IRDA (Appointed Actuary) might have a serious adverse financial
envisages that the Appointed Actuary
Regulations do include in the duties and impact on the life office.
has access to the Board to present
his/ her advice directly. Many life offices obligations of the Appointed Actuary In order to undertake the work of
follow a working arrangement under the duty of rendering actuarial advice determining the value to be placed on
which the Appointed Actuary receives to the management of the insurer, in the life offices liabilities for the purpose
all Board papers and is invited to attend particular in the area of product design of comparison with its assets, the
all Board meetings where the life offices and pricing, insurance contract Appointed Actuary will need particulars
insurance activities are under wording, investment and reinsurance. of the life offices portfolio of business,
discussion. This could be regarded as The regulations also require the information regarding its recent history
best practice if the Appointed Actuary Appointed Actuary to draw the and details of assets.
is not a Director. attention of the management of the
insurer, to any matter on which he/ she The Appointed Actuary would like
The IRDA (Appointed Actuary) to be satisfied that the need for
thinks that action is required to be
Regulations, inter alia, require that the information required for actuarial
taken by the insurer to avoid
Appointed Actuary shall be entitled to investigation into the financial condition
attend (i) any contravention of the Act or
of the life insurance business of the life
(i) any meeting of the shareholders or (ii) prejudice to the interests of office is fully understood by the life
the policyholders of the insurer; or policyholders offices management and the Board and
24
irda Journal, April 2003
that appropriate arrangements are put These are: The Appointed Actuary has
in place to ensure that the information responsibilities to:
Q the treatment of with-profit
is provided.
policyholders through bonus Q the life offices Board of Directors
The IRDA regulations do specify declarations Q the life offices policyholders
that An appointed actuary shall have Q the basis on which unit prices are Q the regulatory authority for
access to all information or documents determined for unit-linked business, monitoring and reporting on the life
in possession, or under control, of the and offices financial position, and
insurer if such access is necessary for Q the exercise of any discretion the life Q the actuarial professional body that
the proper and effective performance of office may have to alter the terms its guidance is followed
the functions and duties of the and conditions applicable to existing
The Appointed Actuary assists the
appointed actuary. policies, especially in the area of
life office to operate on a sound financial
charges under unit-linked policies
footing and to meet the reasonable
Policyholders
One of the duties of the Appointed expectation of its policyholders.
The Appointed Actuary has to Actuary is to advise the life office
The development of statutory, quasi-
ensure that the policyholders interests management and the Board in these
regulatory roles, such as that of the
are protected. The regulatory authority areas. The Appointed Actuary has to
Appointed Actuary of a life office, has
expects that the life offices fulfil their advise the life office of his/ her
served well the interests of both life
policyholders reasonable interpretation of its policyholders
offices and the regulatory authorities,
expectations. The IRDA regulations reasonable expectations, having due
and has led to a high level of protection
require that the Appointed Actuary regard to the broad nature of the life
offices business and its treatment of for policyholders. It is in this context
shall ensure that the policyholders that the IRDA has adopted the
reasonable expectations have been policyholders, both individually and
collectively vis-à-vis shareholders. Appointed Actuary system for life
considered in the matter of valuation of insurance business in India.
liabilities and distribution of surplus to It is also incumbent on the
the participating policyholders who are Appointed Actuary to ensure that References:
entitled for a share of surplus. prospective policyholders are not misled 1. The IRDA Regulations.
as to their expectations; the life office 2. The Role of the Appointed Actuary
The expression policyholders being required to consult its Appointed in the United Kingdom. An Institute
reasonable expectations is not formally Actuary about the various aspects of the of Actuaries and Faculty of
defined. However, over time, the information to be disclosed in respect Actuaries, UK, publication.
actuarial profession has developed a of new policies, including the level of 3. The Regulatory Role of the Actuary,
working understanding of how the expenses and other charges to be a paper presented by C.D. Daykin
concept should be interpreted. allowed for when giving projections of to the Institute of Actuaries on
possible policy benefits. February 22, 1999.
There are three main areas where
the policyholders reasonable The Appointed Actuary system is The author, an actuary, is Senior Advisor,
expectations are relevant in the day-to- central to the financial viability of life Prudential International Corporation.
day operations of a typical life office. offices.
25
irda Journal, April 2003
26
irda Journal, April 2003
the exposure to risk from motor car put a system and process in place so that functions of general insurance
claims. The main rating factors used by in times to come the Appointed Actuary operations, the regulator should make
insurers in the UK for motor car of a general insurer will be well placed it mandatory for the Appointed Actuary
insurance include, besides the size of the to effectively discharge his duties and to spend a certain stipulated amount of
engine, the type of cover, vehicle use, play a meaningful role in the prosperity time in various departments of a general
area and age of the vehicle as well as of of the insurer in particular and in the insurance company till he acquires
the policyholder and so on. development of the industry in general. adequate expertise in order to
In addition to these, insurers also In particular, emphasis should be appreciate the intricacies of various
use other minor rating factors such as placed on the following: lines of business.
occupation of the policyholder, whether
1. Actuaries should be involved at the Furthermore, much work has to be
the car is garaged at night, driving
outset in specifying the amount and carried out by the professional actuarial
convictions and maintenance of the
the type of data which need to be
vehicle. Pricing premiums on various body to pro-actively produce various
collected and stored, to be able to use
rating factors will need a careful guidance notes and to conduct
the same for rating and reserving
planning of the proposal form in order numerous Continued Professional
purposes.
to capture the relevant information and Development (CPD) programmes in the
also to develop techniques to use all 2. Proposal forms should be designed areas in which the actuary is expected
these rating factors in arriving at sound to play a role in general insurance
rates. business. These steps will assist the
Increasingly the world over, Not many actuaries in Appointed Actuary in obtaining the
actuaries in the general insurance area practical orientation of the general
have been adding value to the
India are specifically
insurance business which he may be
management of the insurance company trained in the complex currently lacking.
by preparing various kinds of financial general insurance By very nature, insurance business
analyses which include financial
projections for profitability and solvency
business. This will make it deals with uncertainties. Actuaries are
purposes, development of budgeting difficult for actuaries in trained in assessing the financial impact
techniques, analysis of cashflows and the short term to play a of such uncertainties by using statistical
expenses and their allocation between and other modelling tools. Therefore,
classes of business. Actuaries have, in full role as envisaged in actuaries can play a very vital role in the
the past, not been involved in the regulations survival and general prosperity of the
performing such financial analyses and general insurance company in a highly
providing valuable management volatile and competitive market.
information systems to the
management of the insurer from time The IRDA has placed a large
suitably to capture all rating factors
to time. responsibility on the shoulders of the
for each risk involved and actuaries
actuary by requiring each insurance
For reasons explained before, not should rate risks more scientifically
company to appoint an Appointed
many actuaries in India are specifically by breaking them down in
homogeneous sub-groups to arrive Actuary. The role of the Appointed
trained in the area of general insurance. Actuary is not only to act as a watchdog
Although actuaries may have the at sound rates.
of the policyholder but also to provide
theoretical knowledge acquired through 3. By providing useful and timely vital inputs to the sound management
the course curriculum, very few management information reports, of the business.
actuaries in India have the relevant actuaries should demonstrate to the
experience of working in a general management the utility of carrying It is now for the actuaries concerned,
insurance company. This, coupled with out financial analysis from time to the professional body and the industry
the fact that the general insurance time and of consulting the actuary to work together and meet the
business is complex and very varied in before taking crucial financial challenges for the Appointed Actuary
nature and each class of business has decisions which may have a long system to work most effectively as we
unique features, will make it difficult term impact on the solvency or move forward.
for actuaries in the short-term to play a profitability of insurance operations.
full role as envisaged in the regulations.
In view of the fact that not many The author is a consulting actuary and
The Way Forward actuaries in India have had an a partner in Thanawala Consultancy
The way forward is to address each opportunity to obtain first hand Service, Mumbai. The views expressed
of the challenges highlighted above and experience in dealing with various in this article are his own.
27
irda Journal, April 2003
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31
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32
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CªÉÉäÊEò ´Éä <iÉxÉÒ VɱnùÒ nùÉä ¦ÉɹÉÉ+Éå ¨Éå xÉɨÉ{É]Âõ]õ EòÉ Ê{ÉUô±Éä ´É¹ÉÉæ ¨Éå ºÉ®úEòÉ®úÒ ¤ÉÒ¨ÉÉ EÆò{ÉÊxɪÉÉå ¨Éå ¤Ébä÷ ®úÉVɦÉɹÉÉ +ÊvÉÊxÉªÉ¨É Eäò ¶É¤nù¶É: +xÉÖ{ÉɱÉxÉ EòÒ
<ÆiÉVÉÉ¨É xɽþÒ Eò®ú ºÉEäò <ºÉʱÉB xÉɨÉ{É]Âõ]õ ½þ]õÉ ÊnùªÉä ºiÉ®ú {É®ú ®úÉVɦÉɹÉÉ EòÉ |ÉSÉÉ®ú |ɺÉÉ®ú ½Öþ+É ½èþ. ʽþxnùÒ +{ÉäIÉÉ ªÉ½þ VÉ°ü®úÒ ½èþ ¤Énù±ÉiÉä ½ÖþB {ÉÊ®ú´Éä¶É ¨Éå <ºÉEòÉ
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33
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½þÉäMÉÉ VÉ¤É ¤ÉÖ®úÒ º´ÉɺlÉªÉ {ÉÊ®úκlÉÊiÉ ½þÉä =ºÉ ´ªÉÊHò Eäò ÊVÉxÉEòÒ ¤ÉÒ¨ÉÉÆEòEò iÉEòxÉÒEòÉå Eäò +ÉvÉÉ®ú {É®ú MÉhÉxÉÉ ªÉ½þ <ºÉʱÉB ºÉÆ¦É´É ½þÉä ºÉEòÉ EòÒ =ºÉ ºÉ¨ÉªÉ ¶Éè¶É´É
ʱÉB VÉÉä ¤ÉÒ¨ÉÉ SÉɽþiÉÉ ½èþ. EòÒ VÉÉiÉÒ ½èþ. ÊVɺɨÉå ªÉ½þ näùJÉÉ VÉÉiÉÉ ½èþ ÊEò ʴɶÉä¹É °ü{É ¨Éå ¤ÉÒ¨ÉÉÆEòEò iÉEòÊxÉEòÉå EòÉä {ɽþ±ÉÒ ¤ÉÉ®ú °ü{É ÊnùªÉÉ
34
irda Journal, April 2003
MɪÉÉ =ºÉEäò ¤ÉÉnù EòÉ Ê´ÉEòÉºÉ BEò ¶ÉiÉɤnùÒ {ɽþ±Éä {É®ú ´É½þ EòÉä<Ç ±ÉÉ¦É xɽþÓ ±ÉäxÉÉ SÉɽþiÉÉ ªÉÊnù ½þ¨É JÉSÉÇ VÉ°ü®úiÉ EòÉä {ÉÖ®úÉ ÊEòªÉÉ VÉÉ ºÉEäò.
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35
irda Journal, April 2003
36
irda Journal, April 2003
greater intensity, serve the insurers Banks are going in heavily for sell and service such business. It is
interests better? There does not appear personal loan offerings for a variety of suggested that non-life companies be
to be much choice given the alternative personal needs. The number of allowed to enter this specific segment
of losing cases with greater regularity borrowers is ever increasing. In the of the market so that they may sell such
and earning a bad name for themselves. event of the death of the borrower prior covers to the borrowers of all financial
The other question insurers would have to the full repayment of the loan, the institutions.
to address is if their current pricing of banks are exposed to the risk of Another popular cover, with a large
Mediclaim cover gives them any recovering the balance loan amount. section of the employers in the Middle
meaningful profits. If it does not, then Since personal loans are usually clean East, is a life cover for a term of one year
where is the tradeoff? facilities, loans without collateral, the renewable every year for all their
The Government, the IRDA and the default risk is higher for the lender in salaried employees against death either
insuring public are all keen that health such cases. by accident or natural causes. The sums
insurance should gain a faster and insured are fixed in multiples of the
In Western countries, and also in the basic salaries of the employees and
deeper penetration so that more and Middle East, banks invariably insure
more people are covered under the underwritten based on their respective
the lives of all borrowers for the age groups. Medical expenses insurance
safety net of insurance reducing the outstanding loan amounts and pay
social burden otherwise placed on the is given as an add-on rider at extra
premiums every month at an agreed premium.
Government machinery. rate. The death of any borrower, either
as a result of an accident or due to Such a life cover is provided as a
Allowing life insurance companies to
perquisite for employee retention by the
sell health insurance will serve the cause
company. Life insurers in India do not
more aggressively. They are at present
seem to be pushing sales of such a cover,
transacting personal accident cover that
forms a part of non-life business. The
Since insurance contracts as they are keen on targetting
backing personal loans individuals and not companies as their
dividing lines are thin. Health insurance
main prospects. Non-life insurers are
can certainly be an additional product in are on an annual basis certainly better placed to use their
their sales armoury. Since life cover is
given after verification of the medical
non-life companies can existing customer relationships with
write the business without companies to sell such group life covers.
record, they have more underwriting
They could be permitted to sell such
information with them to decide on actuarial calculations, like annual covers.
acceptance of the business. Life
companies have a wider reach in the
any other personal As spread of insurance awareness
medical fraternity to consult with for accident cover. and deeper penetration of the market
acceptances, even where non-medical life for these two socially relevant schemes
insurance is given. They also have a is a worthwhile goal, it is necessary that
wider distribution network and closer natural causes, enables the bank to get the expertise lying with the two sectors,
contacts with the insuring public. In paid the full outstanding loan amount life and non-life, should be brought to
every way they are better placed than on the date of death, including any the fore. These proposals may look odd
non-life companies to enhance the spread overdue interest payments. and threatening to each others interests
and penetration of health covers. but are certainly worth examining
Since the insurance contracts are on further to widen the availability of
It is for the IRDA to consult the non- an annual basis even non-life covers to large sections of the insuring
life companies on the possible companies do write the business public.
competitive impact and then decide that without actuarial calculations like any
life companies could enter the fray to other personal accident cover though Now that a new enactment to
enhance the spread and penetration to death due to natural causes is an add- combine all the existing laws on
a wider public. Life companies have on provision. insurance into one is on the anvil, any
sufficient means to advertise the cover legal impediments, to such a
Since these covers are essentially of competition between the two wings of
heavily for creating better public
interest to banks, financial institutions insurance can be ironed out keeping in
awareness of the product in addition to
and hire purchase companies, non-life view the larger interests of the insuring
the agency network that can push its
companies that are in the core business community.
sales.
of selling insurance covers to
What should non-life companies get corporations and companies and have The author is retired CMD, The Oriental
in return? the close contacts are better placed to Insurance Company Limited.
37
irda Journal, April 2003
38
irda Journal, April 2003
(Rs. in lakhs)
S. No. Insurer Premium No. of Policies
6 Oriental
Underwritten Issued
Fake TPAs
Fire 49,542.34 6,28,314
Marine Cargo 12,376.62 1,55,705 The IRDA has expressed concern over cases
Marine Hull 8,993.54 5,755 where some institutions which have not
Engg 14,130.90 48,254
Motor 94,278.07 44,79,719
registered themselves as Third Party
Health 17,867.85 3,59,692 Administrators - Health Services (TPAs) under
Aviation 23,236.10 1064 the regulations are reported to be offering
Others 34,847.31 1,5,06,190
assistance in the development of medical
TOTAL 2,55,272.73 71,84,693
insurance schemes.
7 National* 2,59,327.00 N/A
8 United India* 2,71,871.00 N/A
What is more worrisome is the fact that some
of these organisations seem to have the
9 ICICI Lombard
Fire 11,598.18 27,213
support of insurance companies.
Marine Cargo 518.92 1,241 The IRDA has issued a warning that the
Marine Hull 287.53 9
Engg 1,852.66 613 insurers, by aligning themselves with these
Motor 195.54 2,278 unlicensed organisations, would be
Health 1,258.83 190 compromising their interest. Moreover, it has
Aviation 114.99 15
Liability 89.08 84
pointed out that any agreement with an
Special Contingency 10.22 13 unlicensed organisation to act as a TPA in
Others 3,206.03 47,898 those areas of work which have been allotted
TOTAL 19,131.98 79,554 to be done by the TPA would be outside the
10 Bajaj Allianz scope of the provisions of the Act and the
Fire 4,245.91 14,784
IAR 862.13 457
regulations and that the insurers as well as
Cargo 653.36 7,959 such unlicensed service providers would
Hull 0.14 1 attract penalty from the Authority.
Motor 15,224.33 6,03,726
Engg 1,659.15 1,787 The IRDA has also reminded insurers of their
Health 893.41 13,537 obligation of filing with the Authority the
Aviation 57.17 10
Travel 829.17 61,131
agreements they have concluded with licensed
Special Contingency 392.33 632 TPAs under the IRDA (Third Party
Others 1,094.93 28,846 Administrators-Health Services) Regulations.
TOTAL 25,912.03 7,32,870 Some insurers have not yet done so and in
11 Cholamandalam other cases the Authority feels that the
Fire 459.69 405
Cargo 11.39 144
documents require clarity and that the
Engg 84.89 36 coverage in the agreement is not to the extent
Motor 149.57 11,428 it has to be.
Health 65.49 827
Liability 14.13 20 The purpose of this requirement was for the
Crop Insurance 0.57 1 Authority to know the exact scope of work
Others 23.90 577
which an insurer has entrusted to the TPA or
TOTAL 809.63 13,438
the jurisdiction in which the TPAs act on behalf
12 HDFC Chubb
Motor 598.00 10,783
of the insurers.
Personal Acc. 1.79 4 Hence the insurers and the TPAs are now
Others 2.69 7
required to see to it that the agreements
TOTAL 602.48 10,794
entered into bring out clearly the scope of the
GRAND TOTAL 12,54,548.83 #86,09,240
work the TPA is to carry out in various areas
N/A : Not available and be aware of their obligations under the
*Break-up not available
# Does not include No. of policies for New India, National, United India regulations.
Companies at serial Nos. 11 and 12 began their operations in October 2002.
39
irda Journal, April 2003
40
irda Journal, April 20032002
December
an insurance policy in respect of which the While there may be some rationale in January 2003, the private players in the
premium paid in any of the years during restricting the tax rebate to 20 per cent of insurance business have put through
the term of the policy, exceeds twenty per the capital sum assured, it is harsh to 40,881 policies, garnering a premium of
cent of the actual capital sum assured. tax the entire proceeds on maturity as Rs.234.26 crores and sum assured of
However, any sum received under such taxable in the hands of the policyholder. Rs.353.65 crores. As against this, LIC
policy on the death of a person shall (See table for a sample case). underwrote 2,53,625 policies at a
continue to be exempt. It is also proposed premium of Rs. 227.29 crores and sum
to clarify that the value of any premium As the wordings in the proposed Bill
assured of Rs. 284.45 crores.
agreed to be returned or of any benefit by stand, even premiums paid on which no
way of bonus or otherwise, over and above tax rebate is allowed will be subject to Insurance is a contract between the
the sum actually assured, which is to be tax on maturity which cannot be the insurer and the insured. The insured
or may be received under the policy by any intention of the proposal. At best only the avails of the product taking into account
person, shall not be taken into account for portion relatable to the excess of the the position of taxation at the time of
the purpose of calculating the actual proceeds over the sum assured should be concluding the deal and the pattern of
capital sum assured under this clause. subject to tax on maturity. tax savings he will be getting over a
The new provision also provides that the period of time. Any abrupt change in
amounts received under sub-section (3) of the taxation pattern will completely
Section 80DD, shall not be exempt under Insurance is a contract upset the economics of the decision
this clause. making process.
between the insurer and
It is also proposed to insert a new sub- the insured who takes into The proposal in the Finance Bill to
section (2A) in Section 88 which seeks to restrict the quantum of rebate under
provide that the deduction in respect of account the tax at the Section 88 and also to tax the proceeds
the sums paid or deposited as premium time of concluding the on maturity in respect of SPP products
under an insurance policy shall be deal. Any abrupt change can be construed as a breach of
available only on so much of the premium promissory estoppel.
or other payment made on an insurance in the taxation pattern
policy, other than a contract for a deferred will upset the economics It is earnestly felt that the proposed
annuity, as is not in excess of twenty per amendment with suitable modifications
cent of the actual sum assured.
of the decision. as mentioned above should be made
applicable only in respect of policies
It is also proposed to clarify that the taken on or after April 1, 2003. This
value of any premiums agreed to be will protect the benefits of the insured
returned or of any benefit by way of bonus Reports indicate that the
Government is reconsidering the issue who have availed SPP products in the
or otherwise, over and above the sum
of taxing the maturity proceeds in current year.
actually assured, which is to be or may
be received under the policy by any entirety and hopefully some
person, shall not be taken into account amendments will be moved during the
for the purpose of calculating the actual debate in the Parliament. The author is General Manager,
capital sum assured under this clause. SPP as a business product has made Corporate Affairs, Sundaram Finance
considerable progress in the last couple Limited. The views expressed here are
At present, Section 10/(10D) of the
of years. During the period upto his own.
Act exempts any sum received under a
life insurance policy including the sum
allocated by way of bonus on such policy
from income tax. In 1996 it was made
clear that any sum received under
Keyman insurance policy will not be
entitled to the exemption. Finance Bill
2003-04 provides that the exemption
under Section 10/10D will not apply in
respect of, among other things:
any sum received under an insurance
policy in respect of the premium paid in on the web!
any of the years during the term of the
policy exceeds twenty per cent of the http://www.irdaindia.org/irdajournal.htm
actual capital sum assured.
41
irda Journal, April 2003
42
irda Journal, April 2003
Compliance Certificate
The IRDA, in an effort to get a true and fair
picture of the investments of insurance SBI Life covers
companies has asked that they file a
certificate on a quarterly basis stating the
nature and extent of encumbrances, if any,
on their investment portfolios.
personal loan borrowers
This Compliance Certificate, under Sections
28(2A) and 28(2B)/ 28B(3) of the Insurance SBI Life Insurance Company has tied up with GE Countrywide and Maruti
Act, 1938, is to be filed along with other Countrywide to provide life insurance cover against personal loans, two-
investment returns. The certificate has to be wheeler loans and auto loans.
from the Custodian who is holding such
securities on behalf of the insurer and has R. Krishnamurthy, MD and CEO, SBI Life, said that creditor protection
to state that they are free of encumbrance, policies are the best way of ensuring the financial protection of family
charge, hypothecation or lien at the end of members as they take away the burden of repayment of outstanding loan
the quarter. amounts in case of death or total permanent disability of the primary loan
The insurer has to forward this certificate to holder.
the IRDA at the end of the financial year
along with a certificate from the Custodian SBI Life already has creditor protection schemes in place for outstanding
mentioning the amount as certified by the payments against credit cards (for SBI card holders) and housing loans
insurer is free of encumbrance, charge, (SBI housing loans and Sundaram Home Finance customers).
hypothecation or lien.
43
irda Journal, April 2003
The five most costly insured losses in 2002 The five worst catastrophes in terms of victims in 2002
Insured Total Date Event Country Victims Date Event Country
Loss Loss (start) (dead and (start)
(in $ bn) missing)
3.2 15.0 31.07.2002 Flood (2 events) Europe 2000 27.02.2002 Social unrest India
1.7 - 27.04.2002 Spring storm, US after arson on train
tornadoes 2000 25.03.2002 Earthquake Afghanistan,
0.8 - 26.10.2002 Storm Jeanett Europe (6.0 Richter scale) Pakistan
1863 26.09.2002 Ferry Le Joola capsizes Gambia
0.7 2.0 21.09.2002 Hurricane Lili Caribbean, US
1500 01.12.2002 Cold wave India et al
0.5 - 14.09.2002 Tropical storm
Isidore Caribbean, et al 1460 27.01.2002 Explosion in munitions Nigeria
44
irda Journal, April 2003
UK regulator eyes non-life insurance market over the last several years.
Survivorship life annualised premium was down
five per cent for the quarter (compared to fourth
Britains financial super-regulator, the Financial Services Authority, in another step
towards taking over the regulation of mortgages and general insurance products asked quarter 2001) and 12 per cent for the year. The
lenders and insurers for their opinions on a set of draft rules. fourth quarter declines were driven by variable
The FSA will take over supervision of firms that lend, sell and advise on mortgages products. Both UL and whole life increased
on October 31 next year. From January 14, 2005, the FSA will also assume control of compared to fourth quarter 2001.
insurance products like car and health cover.
The Treasury has brought general insurance into the scope of FSA regulation in Limra International which used to be called Life
order to implement the Insurance Mediation Directive (IMD), which sets common Insurance Marketing and Research Association,
minimum standards across EU countries for....the sale and administration of is a worldwide association providing research,
insurance, the FSA said in a statement. consulting and other services to nearly 850
It (the Treasury) had previously announced that mortgage lenders, administrators insurance and financial services companies in
and intermediaries would be regulated by the FSA. The FSA has put together a set
of proposals covering how mortgage and general insurance firms should operate and
more than 60 countries. Limra was established
how much cash they should hold to ensure solvency. Companies have until June 13 to in 1916 to help its member companies maximize
comment. their marketing effectiveness.
45
irda Journal, April 2003
Event?
Mr. S. Ramakrishnan, Secretary, Department of Consumer Affairs, Government
of Tamil Nadu, releases the CD on Helmet Wearing for Two Wheeler Safety and
Mr. Venu Srinivasan, Chairman, Sundaram Clayton Limited, receives the first
copy during the vehicle safety workshop. Mr. N. Rangachary, Chairman, IRDA,
Send us a write-up! is also seen in the picture.
AWARD!
Yogakshema, the corporate house journal of the Life Insurance
Corporation of India (LIC), won the best house magazine award from
the Public Relations Society of India (PRSI), Hyderabad Chapter.
The competition for house journals received 40 entries from all over
India from public and private sector organisations. LIC, South Central
Zone, Hyderabads house magazine, Sagar also won a
certificate of merit.
Mrs. Swarna Prabha Sukumar, Regional Manager (PR & Publicity) of LIC, Hyderabad
Zone receives the award on behalf of Yogakshema from Mr. Tammineni Sitaram, Minister
for Excise and Prohibition, Government of Andhra Pradesh. Also in the picture is
Mr. N. L. Narasimha Rao, Chairman, PRSI, Hyderabad Chapter.
?
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IRDA Journal
Insurance Regulatory and Development Authority,
Parisrama Bhavanam,
5-9-58/B, III Floor, Basheer Bagh, Hyderabad - 500 004
or e-mail us at : irdajournal@irdaonline.org
Dear Editor
I received information about the IRDA from my insurance agent and found that We thank you for including our address
it is the only and correct place where I can get my query cleared. in your mailing list. I find the journal
to be very interesting and useful.
I have gone through many insurance plans available in the market from LIC It is suggested that you may allot one
and from private companies who have just come in. page in the Journal every month
What is the security of my funds? Will these private companies exist till the time exclusively to publish any modifications
to the regulations made by IRDA. A
I receive my maturity money? In case the company I am buying any insurance
point in question is as follows :
plan from quits the insurance business, what happens to my money paid as
As per the Regulations made by IRDA
premiums till that date?
for licensing insurance agents, it is
I am sure you will help me with answers to my questions. mandatory for anyone who desires to
take up insurance selling to undergo
As such what I have found is agents are just behind their business and dont 100 hours training and pass an
actually care about what the customer wants. They dont even try to tell me examination to be conducted by the
which plan is suitable for me. Insurance Institute of India (III),
Mumbai.
I would not only be thankful, but it also will be my pleasure to have a reply from
But the regulations also provide
your side.
exemption to certain categories of
Shashank Harshe qualified persons from the 100 hours
Wadi, Baroda-390 017. training and prescribe only 50 hours
training for them. The list of such
All insurance companies are registered and their registration renewed annually by the qualified persons includes Chartered
IRDA after they fulfil stringent capital and other financial requirements. Accountants, Cost Accountants,
Company Secretaries, Fellows of the III
Insurers can invest policyholders funds only according to strictly laid down norms which and F.I.As and F.A.S.Is.
are geared towards the security of funds. They also have to maintain solvency standards We understand that the IRDA has
according to IRDA regulations. These aspects of financial stability are monitored by the recently added two more qualifications
IRDA on an ongoing basis including through onsite inspections. to the above list viz. (1) Engineering
Graduates (B.E. or B.Tech.) and
As such the IRDAs responsibility is to ensure the protection of policyholders interests by
monitoring and ensuring the financial strength of all registered insurers. The IRDA achieves (2) C.A.I.I.B. prescribing only 50 hours
training to persons holding any of these
this end through various mechanisms and actions that will act as early warning systems to
two qualifications also. When we looked
potential failure.
into the relevant regulation on your
In the event of a company heading towards failure, a scheme of merger would be devised website, no such addition was found to
by the regulator so that one of the other insurance companies would take over and the list of qualifications.
discharge the liabilities of the ailing company. In the event of a failure, policyholders Will you please confirm whether such a
funds will be distributed in an equitable manner as per the law, and their claim will take modification has been made to the
precedence over that of shareholders. regulation by the IRDA.
M. Viswanatha Rao
I have received two issues of IRDA Journal. The contents and printing are Associate Director
informative and beautiful. Subodha Institute of Insurance
It would be good if the IRDA initiates the introduction of a health insurance Education & Training,
policy whereby health cover is provided for a longer period of time like a life Hyderabad
insurance policy instead of one which is being renewed year after year where We do publish changes in regulations as and
the insurer also has option to discontinue at his will. when they take place. We also keep readers
abreast of changes in rules.
Health insurance should be available as a long-term contract. It is more so because
once a person starts needing it, he may be refused cover by an insurance As for your specific query on the waiver of 50
company. of the 100 hours training and the additions of
new categories eligible for waiver, the answer
YK Gupta is no. There have been no such additions to
1-Kha-19, Jawahar Nagar the list. The regulations on the website are kept
Jaipur-302 004. always updated so you can go by that.
48
irda Journal, April 2003
Events
APRIL 2003
April 6 8, 2003
Venue: Baltimore, Maryland
The Annuity Conference
This annual spring conference is by LOMA, LIMRA International May 7 8, 2003
and the Society of Actuaries. Over 400 financial Venue: Taiwan
services professionals meet to discuss important issues related to Conference on Catastrophe Insurance in Asia by Asia Insurance Review
income annuities, qualified plans, product design, product Seeking Real Solutions to CAT Exposures in Asia
management, conservation and about everyday issues that affect
the annuity professional. May 5 9, 2003
Bonus Registered attendees of The Annuity Conference can Venue: Beirut
also attend sessions at The Pension Conference at no additional Financial Stability Forums Special Seminar with the World Bank
charge. Topic: Anti-Money Laundering