Insurance policy life cycle management
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28 February 2019 - 17:06, by , in blog, ITM Institute, PGDM, Comments off

A guest lecture was organized on 12th of February 2019 at 3:45 pm, for Operations and SCM specialization students, 2018-20 batch. The speaker for the session was Mr. Selvaraj Ramasamy.

Mr. Selvaraj Ramasamy has 30+ years of experience in life insurance industry. He worked for Life insurance Corporation of India with various capacities in operation, IT & internal audit in branch offices, Divisional office & Zonal offices. Also worked for Bajaj Life insurance company pvt Limited and SBI Life insurance Company.
He is a Bachelor of Commerce, Master of Computer application, Master of Business Administration, Executive General Management program-IIM Bangalore. He has a technical Qualification in Fellowship of insurance Institute of India – Mumbai, Oracle Certified Data Base Administrator (DBA).

The session started with the introduction of Mr. Selvaraj Ramasamy. Selvaraj sir started his discussion with general question on life insurance and understanding the perception of students about life insurance. He covered the basic concepts of insurance in the context of service operations. With the background information of insurance regulating industry (regulated in 1956) he further discussed about nationalization of insurance (1972- nationalized) and explained the types of insurance. Further discussing about insurance laws and policies in India he emphasized on the following topics.

He discussed the topics as-

  • What is Life insurance
  • Background of insurance
  • Objectives of Life insurance
  • Insurance terminologies
  • Insurable interest
  • Distribution Channels (sales)
  • Policy Life Cycle Management
  • IT support system

He explained the above topics with various examples of life insurance and cleared the doubts of students regarding claims, paying dues, time period of payments, premium and its maturity benefits in different insurance. The session followed with Q/A from students and professors.

In all it was a very informative and knowledgeable session.