Bancassurance in Asia

The effect of bancassurance in the first quarter of 2010, was an increase in total premium income to $26. 91 billion, up 44% compared with the same period of 2009, this represents 8% higher compared to the overall insurance industry growth within the same period. Cotham, 2010) The main contributing factors for this trend have been the rapid growth of the Chinese economy leading to higher per capital income and the multiple economic reforms leading foreign companies to enter the insurance industry. In addition, the regulations introduced in 2003 played a major factor for the bancassurance growth. These regulations permitted banks to have multiple insurers as suppliers (â€Å"many-to-many† model). For instance, some major banks worked with 30 different suppliers for life insurance, and as many as 10 for property and casualty insurance. (Paribas, 2012) Although this model created growth, recently it has contributed to the slow down in the bancassurance market. Through this model, numerous complex insurance products were created and offered to clients by bank staff with minimal insurance expertise. As a result, demand decreased due to the lack of consumer understanding of the product and lack of trust. In addition, other major challenges in the bancassurance market are the financial market volatility (which makes insurance products less appealing compared to other wealth management products), intense competition and constant changes in regulations (particularly the introduction of CBRC 90 which prohibits insurance salesman from selling in banks). In turn, sales have declined. For instance, in 2011, sales through the bancassurance channel declined significantly and were blamed for an overall slowdown in premiums growth, from 29 percent to 11. KPMG,2012) India Just as in China, insurance products in India have been sold traditionally through agents. In addition, the insurance industry was entirely monopolized by the public sector. However, since the opening to private companies in the early 2000’s bancassurance through the distribution model has gained market share. In fact, it now accounts for about 25 per cent of new business for private insurers, with trends indicating that the proportion could rise to 40 per cent by the year 2013 (Cotham, 2012). In addition, India’s rapid economy has also played a major factor on bancassurance growth. However, just as China, India faces major challenges. The major challenges are poor manpower management, lack of a sales culture within the bank, no involvement by the branch manager, insufficient product promotions, failure to integrate marketing plans, marginal database expertise, poor sales channel linkages, inadequate incentives, resistance to change, negative attitudes toward insurance and unwieldy marketing strategy. (Sarvanakumar, 2012) Bancassurance in Asia The effect of bancassurance in the first quarter of 2010, was an increase in total premium income to $26. 91 billion, up 44% compared with the same period of 2009, this represents 8% higher compared to the overall insurance industry growth within the same period. Cotham, 2010) The main contributing factors for this trend have been the rapid growth of the Chinese economy leading to higher per capital income and the multiple economic reforms leading foreign companies to enter the insurance industry. In addition, the regulations introduced in 2003 played a major factor for the bancassurance growth. These regulations permitted banks to have multiple insurers as suppliers (â€Å"many-to-many† model). For instance, some major banks worked with 30 different suppliers for life insurance, and as many as 10 for property and casualty insurance. (Paribas, 2012) Although this model created growth, recently it has contributed to the slow down in the bancassurance market. Through this model, numerous complex insurance products were created and offered to clients by bank staff with minimal insurance expertise. As a result, demand decreased due to the lack of consumer understanding of the product and lack of trust. In addition, other major challenges in the bancassurance market are the financial market volatility (which makes insurance products less appealing compared to other wealth management products), intense competition and constant changes in regulations (particularly the introduction of CBRC 90 which prohibits insurance salesman from selling in banks). In turn, sales have declined. For instance, in 2011, sales through the bancassurance channel declined significantly and were blamed for an overall slowdown in premiums growth, from 29 percent to 11. KPMG,2012) India Just as in China, insurance products in India have been sold traditionally through agents. In addition, the insurance industry was entirely monopolized by the public sector. However, since the opening to private companies in the early 2000’s bancassurance through the distribution model has gained market share. In fact, it now accounts for about 25 per cent of new business for private insurers, with trends indicating that the proportion could rise to 40 per cent by the year 2013 (Cotham, 2012). In addition, India’s rapid economy has also played a major factor on bancassurance growth. However, just as China, India faces major challenges. The major challenges are poor manpower management, lack of a sales culture within the bank, no involvement by the branch manager, insufficient product promotions, failure to integrate marketing plans, marginal database expertise, poor sales channel linkages, inadequate incentives, resistance to change, negative attitudes toward insurance and unwieldy marketing strategy. (Sarvanakumar, 2012)

The U.S. Constitution Promotes Intercultural Communication Essay

The U.S. Constitution Promotes Intercultural Communication - Essay Example The constitution ‘encourages the American people to become one people. The legislators have been developing policies that seek to bring about intercultural communication. The policies should serve to institute a healthy form of communication that appreciates cultural diversity. However, despite the efforts, an analysis of the current situation indicates that more needs to be done. For the American community to thrive peacefully and in unity, intercultural communication is essential (Castillo-Ayometzi 1). Intercultural communication refers to a form of conveying messages in an ethno-relative manner. In the past years defined by the worst forms of racism, each race has had an ethno-centric communication. The whites communicate in ways that make blacks feel intimidated. Christians pass messages that imply that their religion overrides Islam. This perspective of communication centers on creating an overemphasis of one’s culture. It involves defending it unnecessarily too muc h while rejecting to appreciate the culture of other people. Inter- cultural communication is necessary in the society. An intercultural communication is the type of communication will foster an understanding between the people and the existing differences will reduce. Intercultural communication is necessary not only for internal unity but also affects the relationship with others countries whose beliefs, policies and religion differ (Jandt 99). The multiracial population in America makes it more tasking for intercultural communication to exist (Castillo-Ayometzi 1). The country has a dark history of slavery against the blacks and continued racism and white superiority. Slavery and racism has brought about a divide in the American society. Racism has caused the blacks and minority races in America in the past. To bridge the gap racism has caused, an intercultural communication is a step towards bringing unity to the nation. Some institution offer intercultural communication as a co urse for the young generation to learn to appreciate the existence of variety. In the past, an ethnocentric perspective has existed in the minds of the whites. All races differ in various aspects in behavior, religion, values, and norms. Since these people live in the same country, it is worthwhile for an ethno-relative form of communication. Communication is an aspect whose importance society should not underestimate (Jandt 91). It determines the value of our interactions with others. Although English is the official American language, it is not the only language in use by the different cultures. The constitution in this case seeks to establish a universal language that people should use regarding official matters. This was a step towards building intercultural communication. This requires all people to use as a means of communication in official business (jandt 91). This policy served to foster a communication that is beyond ethnicity and culture. Having an official language preve nts situations in which people in offices use a language that other people do not understand. However, the minority groups that cannot speak fluent English faced negative effects. They could not express themselves clearly and this created a barrier for them. They received services without satisfaction. In other cases, they failed to access essential basic services. This shows that legislators should do more to foster the development of a lasting effective intercultural com

History-Modern American Culture Essay Example | Topics and Well Written Essays - 750 words

History-Modern American Culture - Essay Example Thus, the progressivism arose as the main political ideology of America in the first half of the twentieth century. The underlying concept of progressivism was that the government could be used to improve the society. The reforms took place in all spheres from education, medicine, finance, insurance, industry, railroads, and so on. Under the leadership of Theodore Roosevelt, political and business leaders, and journalists like Ida Tarbell, and Lincoln Steffens, the country began to clean its systems up; cities began to appear cleaner and healthier, workplaces became safer and workers received more consideration from their employers and many of these changes were the result of ‘enlightened self-interest’1. Some notable achievements of progressivism were the antitrust laws, state and national income taxes, strict regulations on businesses, laws regarding minimum wages, the decision to have direct election of senators, and the Federal Reserve System. Some other developments that had a significant role in shaping American society were the Pure Food and Drug Act of 1906 and the establishments of juvenile courts. In addition, the Nineteenth Amendment allowed women’s suffrage. ... It enabled militarism, conscription, and allowed the federal government to intervene heavily in all regional affairs in the name of war and gave the central government total control over economy and the whole nation. Another important thing was the coming of females to the social front as envisaged by Progressivism. The National Defense established an Advisory Committee on Women’s Defense Work, thus enabling females to have a better position in the society, though indirectly, through food control and voluntary work in support of the war effort. Yet another point according to Rothbard is that the war has made it necessary for economy to cooperate with the government later allowing the government to have more control over the economic monopolies2. Though the Great Depression and World War II battered American economy, it again flourished considerably. As a result of the new social changes, wealth was more equitably distributed and the government had more control over investment, development and research. The GI bill enabled many to have education, many owned their own homes, and as a result of the growth, unemployment went down and wages rose considerably. Thus, one can say, the liberal consensus of America reached its peak. Probably as a result of the many wars it fought, the National Security Act recognized the federal government and a National Security Council was set up to advice the president. as Bigsby points out, the wars and the potential threat from Soviet Union helped the government to proceed with its aggressive military plans of alliances, treaties and military bases in many countries throughout the world3. A marked change in the position of Blacks in America did not take place until the Civil Rights Act of 1964 and Voting Rights Act of 1965. Thus,