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Management of Insurance Business - E-risk insurance policy.

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Introduction

Management of Insurance Business Project on E-risk insurance policy Submitted By: Abhijeet Pawar 402/10 Introduction Few years ago, Internet was a mystery to many people. Now, organizations and individuals alike want to be a part of the Internet. Nearly all Western companies have a presence on the Internet in the form of a Web site. Their site's uniform resource locator (URL - its electronic `address�) is routinely listed alongside their telephone, fax and e-mail numbers. Connected to Internet are the sites of organizations, businesses, and academic institutions. These sites may carry numerous pages of information and regular publications, and files for visitors to download. Some companies - `e-businesses� - now buys and sells products and services exclusively over the web. E-business requires a secure means of transferring financial information such as credit card details. Unfortunately, as with many other technical innovations there are some threats associated with the usage of Internet. Security is an ever-present problem, specifically for business transactions. Web site contents may have legal implications, and the Internet offers opportunities for the virus infestation of both host and client computers. Furthermore, hackers are always trying to find ways to reach the files stored on a Web server. Consumer intention to adopt e-commerce is a behavioral intention to exchange information online, share confidential and monetary information, and engage in product purchases. ...read more.

Middle

This risk is particularly high for companies that deal with price and time-sensitive transactions such as security dealing. --Access violations or failure of computer security. --Programming errors in software used to rate, store or transmit transactions. Programming errors in commercial software have created security breaches that allow unapproved access to information stored by financial programs. --Social engineering, or various human activities to misuse trust to obtain access, passwords, services or other unapproved value from a computer system. The exposure level can be calculated by examining the following elements of risk: * Charge-backs - the risk of refunds on merchant account * Forecast turnover figures - higher turnover can generate higher exposure * Average transaction size - if one sells/buys very high value items (diamonds, cars) this will influence the risk analysis of his transaction * Time from payment to order fulfillment - The longer it takes to dispatch goods to a customer, the greater the risk * Length of trading record - a start-up company (with whom the customer is transacting) presents more risk than a well established business * Business sector classification - different sectors have more or less risk associated with them (for example, CDs can be resold but a flight needs the purchaser to turn up in person) Rating factors * Average transaction value: this is the normal size of transactions that go through one's electronic payment system. ...read more.

Conclusion

Items that are covered include: * Third party libel and slander claims due to email or website content * Claims by employees on breaches of confidentiality * Claims for your own losses from damages caused by computer viruses or hack attacks * Legal expenses incurred in the enforcement of your intellectual property rights on the internet David Walsh, managing director of Click for Cover says, "Fifty-six per cent of UK businesses are either not covered by any insurance policy for damage arising from IT security breaches - or do not know whether they are covered." The Stats The average cost of a serious security breach is �30,000 44% have suffered at least one security breach in the last year Only 28% make staff aware of IT security issues Less than 8% of e-businesses have specific e-risk insurance Target group Club Esurance has been designed to be affordable and simple for both SMEs and brokers to use. A number of business types will not be eligible for cover, including application service providers, broadcasters, internet e-marketplaces, domain name registrars, internet portals, internet search engines, internet service providers, internet hosts... the list goes on. The premium to be charged It should be about 25% more than the normal premium given that there will not be too many policy holders giving rise to a higher risk. Profit margin etc Given high usage and low costs along with extra premium the profit margin would be great. ?? ?? ?? ?? E-risk insurance policy Management of Insurance Business 402/10 ...read more.

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