BFSI Industry – Domain Knowledge
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brings you BFSI industry overview, business model, value chain, competitive landscape and latest trends. The term BFSI is an acronym for banking, financial services and insurance and popular as an industry term for companies that provide a range of such products/services and is commonly used by IT/ITES/BPO and IT companies. technical/professional services that manage data processing, application testing and software development activities in this field. Banking services can include basic, retail, private, corporate, investment, card banking, etc. Financial services can include stock brokerage, payment gateways, mutual funds, etc. The insurance covers both life and non-life.
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Insurers in this sector directly underwrite insurance policies relating to life, health, accident and medical risks. Life and annuity insurance not only covers life and annuities, but also health and disability. Learn more about the health and life insurance industry. Life and health insurers generate revenue not only through the specific business of insurance underwriting, but also by investing premiums.
General insurance industry providers perform an essential function in today’s economy. General insurance is generally defined as any insurance that is not considered life insurance. Depending on the type of occupation, risk exposure and money involved, insurance may be different for each industry or business. By taking out insurance policies, general insurers earn premiums which they then invest.
A primary insurer purchases reinsurance to limit its exposure, usually to a specific type of risk, thereby diversifying its risk portfolio. Companies in this sector focus on assuming all or part of the risk associated with existing insurance policies originally underwritten by direct insurers. In other words, the main activity of this industry is to insure insurance companies. Reinsurance occurs when several insurance companies share the risk by purchasing insurance policies from other insurers.
The business model of the insurance industry can be categorized into two main business types, the service domain and the support domain. The activities of the service domain constitute the value chain of the enterprise and the support domain provides the infrastructure and support necessary to support the value chain. Support activities may include general services, finance, human resources, or information systems and technology.
This article helps the student understand the legal principles and provisions of insurance law. Starting from the fundamental principles from which the law derives, this article helps the student to understand the salient aspects of any insurance contract, the rights and obligations of the parties to the contract and the legal environment in which the practice of insurance is exercised. insurance. Discover the seven most important principles of insurance.
There are two parts to the insurance contract. Understand these parties and their definition in the insurance contract. Learners will learn about the main stakeholders in the insurance industry as well as a classification of internal and external stakeholders.
A financial asset is a financial claim, an intangible asset that derives its value from a contractual claim. Learn about financial assets and the role the banking sector plays in the financial asset market. Discover the different types of financial assets and their importance for the banking sector.
Find out what we mean by financial institutions and financial intermediaries. Learn the two main classifications of financial institutions and understand the important distinction between depositary and non-custodial financial institutions. Learn how the financial system works and understand the concept of financial markets.