What are the various steps involved in issuing a policy to a client? What are the various departments involved in this process and what role do they play?
There has got to be a proposal by the party interested in purchasing insurance, giving the details of the life or property to be insured. The underwriting department of the insurer, after analyzing the contents and placing the risk properly, then insures the proponent or the proposed property. The process has to be done through the distribution channel, which in India, is mostly the insurance agent. Depending on the type of insurance precisely, the various departments involved are Marketing, New Business, and Accounts, although the nomenclature might differ from company to company.
There has got to be a proposal by the party interested in purchasing insurance, giving the details of the life or property to be insured. The underwriting department of the insurer, after analyzing the contents and placing the risk properly, then insures the proponent or the proposed property. The process has to be done through the distribution channel, which in India, is mostly the insurance agent. Depending on the type of insurance precisely, the various departments involved are Marketing, New Business, and Accounts, although the nomenclature might differ from company to company.
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