This is the most basic insurance company structure. In a life insurance company major line units include marketing actuarial underwriting customer service claim administration and annuity administration.
The organizational structure of an insurance company generally depends on the company s size age and specialty.
Insurance company hierarchy. Mutual insurance customers actually own part of the company. Lines of business lob refers to specific products and services offered by insurance companies to both individual and commercial clients. Hierarchy in insurance company basically categorizes the people working in any insurance company depending on some pre specified norms that may include their power in the company their roles duties and decision making authority.
The american insurance industry sold over 419 billion in products in 2009 according to the insurance information institute. Most of the time it will start with a functional structure where workers are organized vertically based on what they do. The hierarchical structure of an insurance company generally depends on the company s size experience and specialty.
Is organized in a manner that would facilitate a superb service to its esteemed customers. A staff unit also called a service department is an area that provides support services to line units and other staff units but does not itself produce or administer products and services. An insurance company needs many divisions in order to operate efficiently and make profit.
The insurer s board of directors and managers run the company in trust for. In addition allianz se operates in the field of reinsurance providing reinsurance protection for allianz group companies in particular. Next to the board of directors the upper internal structure goes to the chief executive officer under which functional and support departments and services are situated.
Despite their offerings most insurance companies share a common organizational structure. Company structure abay insurance s c. Most life insurance companies fall into one of three categories.
In a functional hierarchy structure a rank determines role and responsibilities of professional in the. In addition to home and auto insurance the industry offers specialized coverage for any conceivable insurance need. Major lobs typically include commercial insurance health insurance investment management life insurance property casualty insurance reinsurance and risk management.
From there the company will often move into a divisional structure where individual teams handle specific concerns. Company structure allianz se is the holding company of the allianz group.