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Huge info about insurance Plans

INSURANCE BUSINESS MODEL

The business model of an insurance company is closely linked to the
types of products it sells. It is therefore easiest to use a product segmentation
to describe the different insurance business models. Typically two
types of insurance companies are distinguished.
• Life insurance companies sell insurance policies related to a person’s
life. When a customer buys such an insurance policy it can be
structured such that the customer receives a benefit either as long
as he is alive (e.g. pension, life annuity) or when he dies (e.g. life
insurance), or a combination of both. In order to be entitled to this
benefit, the customer needs to pay a premium. This can be a one-off
payment, in which case it is called a single premium life insurance,
or a periodic premium (typically annually).
• Non-life insurance is quite a broad definition, but covers all insurance
policies that are not directly related to an individual’s life. This means
that non-life insurance companies can be health insurance companies,
but also property and casualty insurance companies.
A product segmentation of the insurance industry is just one way
to describe the different insurance business models. There are several
other aspects that determine a business model. A very important one
in the insurance industry is the distribution network. Distribution can
be organized through brokers, independent agents, bank channels, tied
agents, or direct selling.



Bank and Insurance Business Model 

Although there are many different types of insurance companies,
they all have one common denominator: their reason for being is ‘risk
pooling’. Thus, the question arises: Why do insurance companies add
value to society if their sole purpose is to pool risks? Indeed, pooling
risks does not result in mitigation of risks, it only spreads the costs
among a greater number of people. Then, why is there a demand for
insurance products at all? The answer lies in the fact that most human
beings are inherently risk averse. If one is risk averse, one can maximize
his expected utility – a measure of relative satisfaction – by buying
insurance. This can be illustrated by a simple example.



Consider two individuals playing in a lottery. Person A is risk averse and person B is risk
seeking. The risk preferences of persons A and B can be expressed by a concave and
a convex utility function, respectively. In other words, the utility of risk-averse person
A increases relatively less for every additional dollar payout. This is also known as the
law of decreasing marginal utility. Most people exhibit the same feature as person A. The
utility of risk-seeking person B increases relatively more for every additional dollar payout.
Alternatively put, person B’s utility accelerates as a function of payout. Therefore, person
B will always seek risk, because the additional utility that can be achieved outweighs the
associated extra risks. Graphically, the utility functions of persons A and B are shown in
Figure 2.1. Persons A and B both have a utility of 0 if the payout is 0, and a utility of 100
if the payout is 100. However, if the payout is 50, person A has a utility of 75, whereas

Figure 2.1 Risk preferences expressed by utility functions.

Bank and Insurance Capital Management

person B has only a utility of 12.5. The lottery in which A and B are participating pays

100 with a probability of 50% and 0 with a probability of 50%. The expected utility of the

lottery is 50 (= 0*50% + 100*50%) for both A and B. Suppose persons A and B can

purchase an insurance product that ensures a payout of 50 in exchange for the proceeds

of the lottery ticket. This means that, if the payout of the lottery ticket is 0, the insurance

product still pays out 50. However, if the payout of the lottery ticket is 100, the insurance

product only pays 50. For A this is an attractive insurance product as it increases his

expected utility from 50 to 75 (a payout of 50 generates 75 utility for person A). This

confirms the statement that risk-averse people have demand for insurance products. In

contrast, person B does not benefit from buying this insurance as this decreases his

expected utility from 50 to 12.5.

The above example shows that insurance products are of interest to

risk-averse individuals and actually ‘add value’. Since society as a whole

can be classified as risk averse, the insurance industry has grown to be

one of the major industries of the developed world.

One of the major client differences between banks and insurance

companies is that bank clients retain legal ownership of their deposited

money whereas legal ownership of deposited money by insurance clients

is transferred to the insurance company in the form of a premium.

The insurance client can become a creditor of the insurance company

at a later stage, should the conditions under the insurance contract

materialize.

U.S. insurance companies List

·         21st Century Insurance

·         Acuity

·         ACE Limited

·         Aetna

·         Aflac

·         Alleghany Corporation

·         Allied Insurance

·         Allstate

·         American Automobile Association

·         American Family Insurance

·         American Income Life Insurance Company

·         American International Group (AIG)

·         American National Insurance Company

·         Ameritas Life Insurance Company

·         Amica Mutual Insurance

·         Applied Underwriters

·         Arbella Insurance Group

·         Assurant

·         Assurity Life Insurance Company

·         Auto-Owners Insurance

·         AXA Equitable Life Insurance Company

·         Bankers Life and Casualty Company

·         Berkshire Hathaway

·         California Casualty

·         Cincinnati Insurance Company

·         CNA Financial

·         Colonial Life & Accident Insurance Company

·         Combined Insurance

·         Commerce Insurance Group

·         Conseco

·         Country Financial

·         Chartis

·         Chubb Corp.

·         Elephant.com

·         Encompass Insurance Company

·         Erie Insurance Group

·         Esurance

·         Evergreen USA RRG

·         FM Global

·         Family Heritage

·         Farmers Insurance Group

·         Federated Mutual Insurance Company

·         First Catholic Slovak Ladies Association of the United States of America

·         FirstComp Insurance Company

·         First Insurance Company of Hawaii

·         GAINSCO

·         GEICO

·         General Re

·         Genworth Financial

·         GMAC Insurance

·         Gracy Title Company

·         Guarantee Insurance Company

·         Guardian Life Insurance Company of America

·         GuideOne Insurance

·         Hanover Insurance

·         The Hartford

·         HCC Insurance Holdings

·         Infinity Property & Casualty Corporation

·         IntelliQuote Insurance Services

·         Jackson National Life

·         John Hancock Insurance

·         K&K Insurance

·         Kansas City Life Insurance Company

·         Kentucky Farm Bureau

·         Knights of Columbus

·         Liberty Mutual

·         Lincoln National Corporation

·         Markel Corporation

·         MassMutual Financial Group

·         Merchants Insurance Group

·         Mercury Insurance Group

·         MetLife

·         Mutual of Omaha

·         National Life

·         Nationwide Mutual Insurance Company

·         New Jersey Manufacturers Insurance Company

·         New York Life Insurance Company

·         Nonprofits Insurance Alliance Group

·         Northwestern Mutual

·         Ohio Mutual Insurance Group

·         Omega

·         OneBeacon

·         Oxford Health Plans

·         Pacific Life

·         Pacificare

·         PEMCO

·         Penn Mutual

·         Philadelphia Contributionship for the Insurance of Houses from Loss by Fire

·         Philadelphia Insurance Companies

·         Physicians Mutual

·         Principal Financial Group

·         Primerica

·         Progressive

·         Protective Life

·         Prudential Financial

·         QBE

·         The Regence Group

·         Reliance Insurance Company

·         RLI Corp.

·         Safe Auto Insurance Company

·         Safeco

·         Safeway Insurance Group

·         Secura Insurance Company

·         Sentry Insurance

·         Selective Insurance

·         Shelter Insurance

·         Southern Aid and Insurance Company

·         Standard Insurance Company

·         State Auto Insurance Group

·         State Farm Insurance

·         Sun Life Financial

·         Symetra

·         TIAA-CREF

·         The Main Street America Group

·         The Norfolk & Dedham Group

·         The Travelers Companies

·         Trupanion

·         Unitrin Direct Auto Insurance

·         Unum

·         USAA

·         West Bend[disambiguation needed]

·         West Coast Life

·         Western Mutual Insurance Group

·         Western & Southern Financial Group

·         Westfield Insurance

·         White Mountains Insurance Group

·         Workmen's Auto Insurance Company

·         Zurich NA

·         Main article: Life annuity

·         Allstate

·         American Family Insurance

·         American Fidelity Assurance

·         Amica Mutual Insurance

·         AXA Equitable Life Insurance Company

·         Bankers Life and Casualty

·         Conseco

·         Farmers Insurance Group

·         Fidelity Life

·         Genworth Financial

·         ING Group

·         Jackson National Life

·         John Hancock Insurance

·         Lincoln National Corporation

·         MetLife

·         Mutual of Omaha

·         Nationwide Mutual Insurance Company

·         Old Mutual

·         Pacific Life

·         Protective Life

·         Prudential Financial

·         Standard Insurance Company

·         State Farm Insurance

·         Thrivent Financial for Lutherans

·         TIAA-CREF

·         Transamerica Corporation

·         UNIFI Companies

·         United of Omaha

·         Western & Southern Financial Group

Health insurance {main medical insurance}

·         AARP

·         Aetna

·         American Family Insurance

·         American National Insurance Company

·         Amerigroup

·         Anthem Blue Cross and Blue Shield

·         Assurant

·         Blue Cross and Blue Shield Association

·         Centene Corporation

·         Cigna

·         Coventry Health Care

·         EmblemHealth

·         Fortis

·         Golden Rule Insurance Company

·         Group Health Cooperative

·         GHI

·         Health Net

·         HealthMarkets

·         HealthPartners

·         HealthSpring

·         Highmark

·         Humana

·         Independence Blue Cross

·         Kaiser Permanente

·         Kaleida Health

·         LifeWise Health Plan of Oregon

·         Medica

·         Medical Mutual of Ohio

·         Molina Healthcare

·         Premera Blue Cross

·         Principal Financial Group

·         The Regence Group

·         Shelter Insurance

·         State Farm

·         Thrivent Financial for Lutherans

·         UnitedHealth Group

·         Unitrin

·         Universal American Corporation

·         WellCare Health Plans

·         WellPoint