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Mis In Insurance Sector Essay

1244 words - 5 pages

MIS IN Insurance Sector
The most important aspect for any financial services institution dealing with today’s regulatory framework is the need to build an integration, risk, compliance and regulatory environment. The globalization of business, the proliferation of, and dependency on, technology, and the preservation of a trusted and secure environment to facilitate financial institutions, all require financial services organizations to have in place the mechanisms to ensure sound and reliable security and privacy. The industry's landscape is continuously changing and increasing in complexity across financial services, causing firms to face a diverse array of challenges and concerns. Role of ...view middle of the document...

Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. India's life insurance sector is the biggest in the world with about 360 million policies which are expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 per cent over the next five years. 
LIC
VISION

“To be the preferred life insurer of the people of Fiji by providing innovative life insurance products and world class service at affordable rates”.

MISSION

“Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.”
Objectives
* Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. 
* Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. 
* Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. 
* Act as trustees of the insured public in their individual and collective capacities.
* Meet the various life insurance needs of the community that would arise in the changing social and economic environment. 
* Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy. 
* Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.
Information Systems
Transaction Process System TPS
A transaction process system (TPS) is an information processing system for business transactions involving the collection, modification and retrieval of all transaction data. Characteristics of a TPS include performance, reliability and consistency.
A transaction process system and transaction processing are often contrasted with a batch process system and batch processing, where many requests are executed all at one time. The former requires the interaction of a user, whereas batch processing does not require a user to be present. Also, in batch processing the results of each transaction are not immediately available. Additionally, there is a delay while the many requests are being organized, stored and eventually executed. In transaction processing there is no delay and the results of each transaction are immediately available. During the delay time for batch processing, errors can occur. Although errors can occur in transaction processing, they are infrequent and tolerated, but do not warrant shutting down the entire system.
To achieve performance, reliability and consistency, data must be readily accessible...

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