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Presented By JASASKAR BOSE – 10 SEEMA LOBO – 49 DEEPAK KAMATH – 34 VIJAY KUMAR – 48

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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Presented By JASASKAR BOSE – 10 SEEMA LOBO – 49 DEEPAK KAMATH – 34 VIJAY KUMAR – 48

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  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. “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

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