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ETHICS IN ADVISORY & MEDICAL PROFESSION i.e. INSURANCE. Presented By JASASKAR BOSE – 10 SEEMA LOBO – 49 DEEPAK KAMATH – 34 VIJAY KUMAR – 48 ANIL MAHATO – 50 KANHIYA MISHRA -56. ETHICS :. What is Ethics ?

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slide1

ETHICS IN ADVISORY & MEDICAL PROFESSION i.e. INSURANCE

Presented By

  • JASASKAR BOSE – 10
  • SEEMA LOBO – 49
  • DEEPAK KAMATH – 34
  • VIJAY KUMAR – 48
  • ANIL MAHATO – 50
  • KANHIYA MISHRA -56

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

ethics
ETHICS:
  • What is Ethics ?
  • Business Ethics is a Management Discipline
    • Since 1960 , Social Responsibility Movement
    • At Par with Other Management disciplines
    • Ethics From B-schools
  • Qualities Society Views as Ethical:
    • Honesty ,
    • Integrity
    • Responsibility
    • Respect & Courage

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

insurance reforms irda
Insurance Reforms- IRDA
  • Promoting and regulating organizations connected with Insurance and Reinsurance
  • Improving efficiency while conducting business
  • Establishing code of conduct for the players in insurance
  • Determining the specification of accounts and the manner in which the funds should be invested
  • Laying down prudential norms for life and non life insurers

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

the six step insurance planning process
The Six Step Insurance Planning Process
  • Establishing and defining the client
  • Gathering Client Data, including Goals
  • Analyzing and evaluating the financial status
  • Developing and presenting Financial planning recommendations and alternatives
  • Implementing the Financial Planning recommendations
  • Monitoring the Financial Planning recommendations

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

ethics in insurance present scenario
Ethics in Insurance – Present Scenario
  • Need to address unethical practices
  • Insurance Operators need to devote more resources to the issue of ethics
  • Operators should operate by the rules laid down by trade bodies and regulatory authorities
  • Collective resolve by all parties is a must

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

insurance and ethics
Insurance and Ethics
  • Man’s attempt to insure anything is Limited
  • Incorrect Notion “Oh! Now I don’t have to worry”
  • Gap between Customer Expectations and Genuine Insurable Risk
  • Sometimes disappoints, frustrates Customers
  • Insurance has played an important role for development of World Economies but at times failed to be a good corporate citizen
  • Formalized way for people to come together to help each other

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

code of ethics insurance marketing
Code of Ethics – Insurance Marketing
  • 1. To perform his / her duties in high esteem.
  • 2. To give utmost priority to the client's interest.
  • 3. Not to disclose client's confidential and personal information
  • 4. To ensure prompt and sincere service to the client and his or her family.
  • 5. To use appropriate methods in convincing clients to protect their insurable interest.

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

code of ethics insurance marketing cont
Code of Ethics – Insurance Marketing Cont …
  • 6. To make truthful and accurate presentations.
  • 7. To improve his / her knowledge of life insurance through constant study.
  • 8. To set a plan and work accordingly.
  • 9. To maintain fair relations with colleagues.
  • 10. To strictly follow the concerned laws and regulations.
  • 11. To obtain proposals only on the lives of persons who fits in the physical, moral and financial standard defined by the Company.
  • 12. To be loyal to the Organization.

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

irda code of conduct do s
IRDA – Code of Conduct --- Do’s
  • Identification of marketing staff and the insurance agency.
  • Match the needs of his / her
  • Bring to the notice of his / her client the implication of various questions
  • Disclose to the insurer all relevant information.
  • Inform the prospect about acceptance or rejection of the proposal .
  • Assist the policy holder in various matters

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

irda code of conduct don ts
IRDA – Code of Conduct --- Don’ts
  • Solicit or procure insurance business without holding a proper authorization
  • Induce the prospect to submit wrong information.
  • Offer different terms and conditions other than offered by the insurer.
  • Receive a share of the policy proceeds from the beneficiary.
  • Compel any person to terminate an insurance contract with any insurer
  • Remain or become a director of any insurer carrying on insurance business in India.

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

conclusion
CONCLUSION
  • Growth in Private sector of over 39 % share in 5 Years
  • Transparency and clarity in products offered
  • Good Ethics makes Good Business and lack of ethics has serious consequences / cost

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III

slide12

“It is easy to find successful businessmen, but not so easy to find men who put character above business”

- Orison SwettMarden 1908

JAMNALAL BAJAJ INSTITUTE OF MANAGEMENT STUDIES, MFM-III