The economic role of insurance

The economic role of insurance
A service activity
Insurance is a service in the tertiary sector of the economy, the insurer being responsible for the organization and management of the mutual insurance company. To this end, he must be at the service of policyholders at all times, before contracts are concluded - to inform and advise policyholders, design insurance products - and during the life of the contracts - to settle claims and ensure payment of claims. benefits. Today, the insurer's advisory role is becoming predominant and consumers are increasingly demanding in this regard. The F.F.S.A. was tasked in 1995 with leading a commission responsible for improving the language of insurance.

In addition, since October 1, 1993, the generalization of a mediation system reflects the desire of insurers to improve dialogue with their customers. Any insured in dispute with an insurance company can contact a mediator appointed either by the insurance company or by the professional organization to which it belongs. Three professional mediators were thus chosen respectively by the F.F.S.A., the G.E.M.A. (Group of mutual insurance companies) and Groupama. The law of January 4, 1994 establishes the obligation, for the insurer, to inform the subscribers of the methods of examination of the complaints which it can formulate concerning the contract, including, if necessary, the existence of a body responsible in particular for this examination.

The role of investor
The primary role of insurance is to provide security to economic agents. Another, no less important role is its contribution to the financing of investments.

Insurance companies make commitments to their policyholders, subject to immediate payment of the price of this guarantee, which will not result in payment until later.