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Axis Capital International Group Insurance Review

We all recognize the necessity of insurance in present times

. With thousands and

even millions of people losing their properties and even lives in natural disasters,

the loss could have been worse if not for the assistance of insurance. Across the

globe, life, health and car insurances are prevailing. Indeed, insurances have

undergone great changes in both developed and developing nations. The changes

in the market showed the gradual move towards liberalization and privatization

and also the consolidation of insurance operations.

The last 5 years had shown eventful development of insurance market. Not only in

America and Europe was there a great change. Even developing cities of Kuala

Lumpur, Malaysia, Jakarta, Indonesia and Bangkok, Thailand has revamped their

own systems to make way for further growth Singapore, Japan, Seoul, South

Korea and China, on the other hand, are known to have distinct insurance


Some of the changes that insurance underwent to are:

I. Adaption of Technology

Technological usage has benefited insurance in terms of cost and ease of usage.

Services have become more efficient and products are easily distributed. However,

the products sold online limits to be personal insurances as the internet is still an

easy venue for scammers and hackers. Larger insurance coverage, such as

commercial insurance continues to rely on agents and Brokers for advisory inputs.

2. Fragmentation of specific function

Insurance companies have become more detailed. The task has been distributed

into underwritings, administration and fund management and other different

functions provided by different entities. This disaggregation could be useful for

developing countries, which could then invest in capturing specific markets such

as policies administration, marketing, claim settlement/processing and fund

management, accounting and underwriting.

3. Strengthening of ties between the bank and insurers

Banks and insurers have joined forces over the years through conglomerates

(broader financial spectrum) and bancasurrance (fuse between bank and

insurance) Insurers have diversified into banking and asset management products.

Moreover, new services and products are also offered. Insurance also have secured

risk management program for the benefits of clients.

4. Ease of Access through off-shore sites

Gone were the times when insurance have been imprisoned within the boundaries

of its localities. International connection has been developed to cater to the

demands of those abroad. Axis Capital Inc., one of the leading insurance

companies in Bermuda, is itself an example with off-shore sites in as far as

Singapore, Australia and Europe. More than 10 branches more are scattered

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Axis Capital International Group Insurance Review