How the insurance research councils help the public to be aware of insurance market?
Insurance policies are a requirement for a safe and healthy life. It is those insurance policies that we depend on in the times of disaster and accidents. With time many insurance companies have cropped up and brought into the market a variety of policies which are meant to service the needs of the populace. But as we all know insurance is matter of public risk and hence caution should be exercised before you decide to invest in a policy. It is for this reason that insurance research council was established. It is an organization which was founded in 1977 so that they could study the insurance market and analyse it for the welfare of the masses. Insurance research council aims at making the populace more informed about the choices they are making.
What is the main motive of the insurance research council?
The chief motive of the council is to study the insurance policies that have been affecting the market. They conduct researches on each and every type of policy that has been operating in the market. There are many policies which affect the insurance market negatively and their aim is to stop this by helping the population to make well informed choices. Many different kinds of research are conducted by the council. First of all, there is are the door to door as well as the telephonic studies which help the council to reach to a conclusion about the different kinds of insurance. Other than that they also perform simulation studies. Simulation studies are a new type of study which involves how the insurance policies will help the policy holders in the event of natural disasters. There are also the closed case studies where the insurance council makes a study on the cases that have been closed in the recent past. It attempts to make a study on the why the policy holders have discontinued a particular policy or why there have been legal cases on particular policies. These researches are then published with are used to determine the future of the insurance market as well as used for academic purpose for those who wishes to study the research reports for further analysis.
What is the positive impact of the insurance research council?
The positive impact of the research council is manifold. First of all, it was established to help the population regarding insurance policies. It conducts the studies on different insurance companies as well as policies so that the population may come to know which policy will be suited for them in the long run. A lot of malice has crawled up into the insurance market. The research council aims at eliminating those and make the insurance market a healthy area. In this way, it will promote more interest among the population and encourage them to invest in insurance policies so that they can secure their future.