Comparative Analysis Of Life Insurance Commerce Essay

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Insurance in its basic form is defined as " A contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event."

In simple terms it is a contract between the person who buys Insurance and an Insurance company who sold the Policy. By entering into contract the Insurance Company agrees to pay the Policy holder or his family members a predetermined sum of money in case of any unfortunate event for a predetermined fixed sum payable which is in normal term called Insurance Premiums.

Insurance is basically a protection against a financial loss which can arise on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. By paying a very small sum of money a person can safeguard himself and his family financially from an unfortunate event.

For Example if a person buys a Life Insurance Policy by paying a premium to the Insurance company , the family members of insured person receive a fixed compensation in case of any unfortunate event like death.

There are different kinds of Insurance Products available such as Life Insurance, Vehicle Insurance, Home Insurance, Travel Insurance, Health or Medical Insurance etc.

The functions of Insurance:

1. Primary Functions

2. Secondary Functions

3. Other Functions

The primary functions of insurance include the following:

Provide Protection - The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also.

Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following:

Prevention of Losses

Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc. Prevention of losses causes lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured.

Small capital to cover larger risks

Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries

Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery.

LIC

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage. 

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies.

Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satallite offices and the Corporate office. LIC's Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LIC's ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.

LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year.

From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Max New York Life Insurance

Overview

The New York Life Insurance Company (NYLIC) is the largest Mutual Life Insurance Company in the United States, and one of the largest life insurers in the world. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. The company is listed as #82 in the 2008 Fortune 100. In 2007, standard and poor's upgraded New York Life Insurance Company's insurance financial strength rating to AAA, the highest rating Standard and Poor's assigns. The company is now one of only three life insurers to hold the highest possible rating from all four major rating agencies.

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations.

Max India

Max India Limited is a multi-business corporate, driven by the spirit of Enterprise, focused on Knowledge,

People and Service oriented businesses of:

Healthcare

Clinical Research

Specialty Plastic Products for the packaging industry

Healthcare Staffing

New York Life

· A global powerhouse with over 160 years of life insurance expertise

· New York Life ranks 68th on the Fortune 500 lists

· Over $ 200 billion in assets under management

· AM Excellent Financial ratings Best A++ (Superior), Fitch AAA (Exceptionally Strong), S&P AA+

(Excellent Financial Security), Moody's Aa1 (Excellent)

The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business.

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up is Rs1032 crore.

The company has multi-channel distribution that includes the agency distribution, partnership distribution, banc assurance, distribution focused on emerging markets and alliance marketing through employed sales force. The company currently has 33 banc assurance relationships, 14 corporate agency tie-ups and direct sales force at 14 locations. Max New York Life has put in place a unique hub and spoke model of distribution to deepen rural penetration. The company has 39 (9 hub office 30 spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York Life offers a suite of flexible products. It now has 38 products covering both life and health insurance and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need. Besides this, the company offers 6 products and 4 riders in group insurance business. The company currently has more than 7500 employees.

Comparison between different plans of LIC and MYNL

1) Investment Plan:-

Investment plan gives the combined benefit of investment as well as our life insurance. Young people generally go for investment plan as they are more aggressive and want more and more money in less time. In these plans our money is invested in different types of funds with a fixed amount of proportion. Our money is invested in Government Securities, Corporate bonds, Money Market and Equities. In Government Securities & corporate bonds returns are comparatively lower than the returns in Money market & Equities as the risk is also low in these funds. We can choose a long or short term for investment.

In our analysis, we asked respondents to rank the selected features of a particular insurance company with respect to a investment plan. On combined ranking we found that-

ICICI Prudential ranked 1st in Investment plan segment, followed by HDFC standard Life and Max New York Life Insurance ranked 3rd. But the major public sector insurance player got last rank in the ranking.

Company

Name

Selected Features

Overall Ranking

Entry age

Min Premium

Allocation Charges

Surrender Charges

ICICI

1

2

3

1

3

HDFC

2

4

2

4

1.5

MNYL

3

2

4

2

4

LIC

4

2

1

3

1.5

Entry Age

It is the age during which a customer can go for an investment plan. Different companies offer different age period for investment plans. Age plays very crucial role in insurance policy as it is directly related to the premium customer pay. In our observation we found that Max New York Life Insurance, ICICI Prudential & LIC had an edge over HDFC Standard Life. For the entry age except HDFC Standard Life all other three companies are offering the entry age of 0-65 years. In HDFC Standard Life customer of 18 years - 65 years of age can only go for investment plan. So this would be a weak point for HDFC which can affect the customer base of HDFC Standard Life. It is shown in Figure 1 that with respect to Entry age, ICICI Prudential, Max New York Life Insurance & LIC are competing HDFC Standard Life.

Term

Term is the period for which a customer can invest. In our survey it is found that ICICI Prudential offers a long time period to its customers to invest which is 10 years to 75years, whereas the other three insurance players are lagging behind ICICI Prudential as they are giving less time to invest. LIC, the major public sector insurance player is giving only a term of 5- 20 years to invest to its customers on the other hand ICICI Prudential gives term up to 75 Years. Customers can invest up to 75 years of age with plans of ICICI Prudential. So it is a strength of ICICI Prudential because if we want to have more returns than we have to invest for a long term. So this makes the customer to think while choosing the insurance company to invest their money for better returns.

Premium

Premium is the fixed amount which a policy holder has to pay after a regular interval of time. People see in which company they can give less premium. We found that LIC stands first in this feature as the minimum premium amount in LIC is only Rs 5,000 per annum. Max New York Life Insurance stands last in the ranking as the customers of MNYL have to pay minimum of Rs 20,000 per annum as premium. In the feature of premium, LIC is the only company charging least premium, which is the unique feature among the studied insurance companies. This might be the reason why LIC still manage to have large customer base. As far as the entry level for new policy holder is concerned, a small premium would certainly help to attract more middle-class customer. This is the advantage that LIC having over the other insurance player. So, on premium front LIC manage to get the first rank. Entry level premium by MNYL was almost 4 times of LIC, so it become a costly affair for common potential policy holder and LIC still holds trust of the people, so this also add to the customer base.

Riders

Riders are the additional benefits offered by the insurance companies to the customers. Customers have also to pay for these benefits. Different types of riders are like Personal Accidental Benefit, Dread Disease, Critical Illness, Waiver of Premium etc.

We found that in case of riders Max New York Life Insurance & ICICI Prudential are standing above HDFC Standard Life & LIC as they offers more benefits to the customers. Respondents ranked ICICI Prudential above HDFC Standard Life & LIC because all of them are giving Accidental Death Benefit & Critical Illness Benefit but ICICI Prudential is giving Waiver of Further premiums along with those two benefits. In the current situation we all know every day new disease is found which affect our health, so respondents ranked Max New York Life Insurance 1st as it offers Dread Disease Benefit which covers number of major diseases like heart attack, cancer, coma, paralysis etc.

Persistency Units

These are the loyalty benefits for the customers from the insurance companies. LIC don't give any such type of benefit to their customers so it is ranked 4th by the respondents. HDFC Standard Life is giving 4% of annual premium from 4th year as a persistency unit to its customers. These units are added in their invested amount ant customers also get returns on these units. Max New York Life is offering only 0.75% from 9th year so respondents ranked it 3rd among all. Public Sector Insurance player LIC doesn't give any loyalty benefits.

Free Switches

Switch means to change the fund for investment whenever we think to change. In switching we put our invested money in different fund. For instance a customer has invested in equity market and the market conditions are going down so he can switch to balanced funds to secure his money from drastic market conditions. Free switches provide a kind of liberty to the customer to manage their investment as per the economic environment, so free switches invites alert investor to invest in insurance and to manage their risk. HDFC Standard life ranked 1st as it gives highest number of switching that is 24 in a year. Max New York Life Insurance offering 6 free switches in a year to its customers is ranked 2nd by the respondents in our survey. ICICI Prudential & LIC gives only 4 free switches so these are ranked below other companies.

Allocation Charges

These are the charges which the companies cut from the first premium paid by the customers. ICICI Prudential cuts less allocation charges than other three insurance players so it is ranked 1st, on the other hand HDFC standard life charges 60% as a allocation charges from first premium so it is ranked 4th in this segment. Max New York Life ranked 2nd in allocation charges. In our survey we found that HDFC Standard Life is charging highest charge as a allocation charge to its customers which is 60%, which means in first year our 40% amount is invested and we lost the rest 60% as a charges, so it would be the weaker side of HDFC Standard Life for having less customer base than other insurance players. ICICI Prudential charging only 20% which means our 80% amount is being invested in ICICI prudential, so it is covering the most part of market share.

Administration Charges

These are also the charges which companies charge from customers for the policy documents, underwriting etc. In our survey it is found that ICICI Prudential doesn't charge any administration charges whereas LIC has a highest administration charges among all so it is ranked 4th. Max New York Life Insurance is charging Rs 600 per annum as administration charges from customers, LIC charging Rs 720 per annum, but on the other hand ICICI Prudential doesn't charge any policy administration charges from customers so it is ranked 1st by respondents. Like in case of Term, Riders, Persistency Units, ICICI is grabbing the market by making the zero administration charges.

Surrender Charges

If a customer wants to surrender his policy before the maturity date then he has to pay surrender charges for it. We found that after 3rd year of policy HDFC standard life & LIC doesn't charge any surrender charges whereas Max New York Life Insurance charge 25% charges even after 3rd year of policy so it is ranked 4th. On the other hand HDFC Standard Life & LIC doesn't charge any surrender charge after 3rd year of policy and customer get 100% surrender value. So the both companies are ranked 1st among ICICI Prudential which is charging 2% & Max New York Life Insurance which is charging 25% surrender charges even after 3rd year of policy.

2) Pension Plan:-

These are the plans for securing the future in the retirement period of a person. In this customer can choose a vesting age from when he wants his pension. He can get his pension in different ways like Annuity for life, Annuity guaranteed for 5/10/15/20 years & for life thereafter and Life annuity with return of annuity purchase price.

On combined ranking of features of Pension plan we found that LIC ranked 1st, after that ICICI Prudential on 2nd. Max New York Life Insurance ranked 3rd in this segment.

HDFC Standard Life offering less benefit, according to respondents ranking it is on 4th rank.

Company

Name

Selected Features

Overall Ranking

Vesting Age

Deferment

Period

Minimum Premium

Allocation Charges

LIC

1

1

4

1

1

ICICI

2

2

1

3.5

2

MNYL

3

4

2

2

3

HDFC

4

3

3

3.5

4

Fig 2: Selected Features of Pension Plan (Source: Taken from Questionnaire)

Vesting Age

Vesting Age is the age from when a customer wants to have his pension from the insurance company. In figure 2, for vesting age LIC has been ranked 1st because Customers of LIC can have pension at a early age of 40 year. On the other hand Max New York Life ranked 4th as in this customer have his pension from age of 50 years. This is a strong point of LIC that a customer can have his pension at his early stage of life, on the other hand MNYL has been ranked 4th in which customers have to wait till 50 years of age to have their pension. So we can say that a common man who wants his retirement life more enjoyable would go for pension plan of LIC as he would be having his pension at 40 years to make his life comfortable & fulfill his necessities.

Deferment Period

It is a period in which customer do his savings for his retirement. In ICICI prudential customer can have savings for a long period of up to 57 years. But LIC gives only period of 5 years to its customers so it is ranked 4th.

Max New York Life Stands on 2nd rank for Deferment Period. If a person wants to have high proportion of pension amount at his retirement period then he has to either save more in less time or less premiums for long time. So for this case ICICI prudential is helping a common man who can't pay high amount of premiums so they can give premiums of comparatively less amount but for a long time. It is all clear from figure 2 that is showing the ranks given to different insurance players with respect to deferment period.

Minimum Premium

Respondents ranked LIC 1st for premium as customer have a choice of minimum premium of Rs 5000 per annum. Max New York Life is on the 2nd rank and ICICI Prudential & HDFC Standard Life both are on last rank. Again like in Investment plan LIC has a unique feature among all of least premium amount for the customers. As discussed earlier that this feature might be the reason of having a strong customer base from middle class people.

Allocation Charges

Like in Investment plan for allocation charges HDFC Standard Life is again on 4th rank as it charges highest among other three insurance players. LIC got a 1st rank because in LIC allocation charges are least that is 16.5%. In case of LIC approx of 83% of amount of customers is invested and he can have good returns as more amount of money is being invested as compared to other insurance players. But in case of Max New York Life Insurance 70% amount is invested so respondents ranked it 3rd.

Automatic Switching

Automatic Switching means the fund of customers is managed automatically by the fund management. Customer don't have to worry about the falls in the market, the fund management will automatically switch their investment according to the market. This benefit is only offered by Max New York Life Insurance so it is ranked 1st among all. This is a strong point for Max New York Life because the people who don't have enough time to manage their funds as in automatic switching their funds will be automatic managed by the fund management.

3) Children Plan:-

Children plans basically cover the future requirements of the parents for their children. In these plans customer invest for a long time and when their children enters the age of 18 or 24 the policy matures so that parents can fulfill the needs of their children like their higher education or their marriage. The primary responsibility of a responsible parent is to insure that their child has a safe & bright future. Higher education, marriage, financial securities are just some of the most important things that they want to save their money for. As a good planner, they need to look ahead and plan accordingly. The children plans help them for their children in a smart way, which takes their worries away for almost any uncertainty.

According to our survey, respondents ranked Max New York Life Insurance as 1st, then there lies HDFC Standard Life on 2nd and ICICI Prudential is on 4th rank which was on 1st in case of Investment plans. The major public sector insurance player is on 3rd rank according to the response of the respondents. The overall ranking of insurance players with respect to their features in children plan is clearly shown in figure 3.

Company

Name

Selected Features

Overall Ranking

Min

Premium

Top ups

Riders

Allocation Charges

Redirection

MNYL

1

3.5

2

1

3

2

HDFC

2

1.5

2

4

4

1

LIC

3

1.5

2

3

2

3.5

ICICI

4

3.5

4

2

1

3.5

Fig 3: Selected Features of Children Plan (Source: Taken from Questionnaire)

Minimum Premium

In case of children plans LIC & HDFC Standard Life's customers have less amount of minimum premium so that every class of people can easily pay its premiums. So these two companies are ranked 1st as compared to Max New York Life Insurance & ICICI Prudential as in these customers have to pay more premiums. As discussed earlier in case of investment plan, LIC is the company charging least premium, which is the unique feature among the studied insurance companies. This might be the reason why LIC still manage to have large customer base. As far as the entry level for new policy holder is concerned, a small premium would certainly help to attract more middle-class customer. This is the advantage that LIC having over the other insurance player. So, on premium front LIC manage to get the first rank. Like LIC, HDFC Standard Life is also sharing the same rank as its premium is also less.

Riders

Again in case of riders Max New York Life is ranked 1st like in Investment plan. ICICI is on 2nd because in case of MNYL the riders are Family income benefit & Dread Disease. Dread Disease covers different types of major disease, in ICICI Prudential the riders are Family income benefit, accidental death benefit & Waiver of premiums. Respondents gave MNYL 1st because of Dread Disease rider as compared to ICICI. Dread Disease covers different major diseases.

Top Ups

Top ups means if we have surplus money and we want to invest more amount of money by paying more premium, then we have this feature.

ICICI Prudential doesn't offer this benefit to its customers so it is ranked 4th. Other three companies have this feature for its customers. If in a particular year policy holder have surplus money with him then he can pay amount more than his fixed premium by using the feature of Top up. And he will get returns on that extra money also. Except ICICI Prudential all three insurance players we have studied are giving this benefit to its customers, so they are sharing same rank. We can see the ranks from figure with respect to Top ups for different companies.

Allocation Charges

For allocation charges again HDFC standard life is on 4th rank as it charges highest than other three insurance players. ICICI charging lowest charges is on 1st rank. Max New York Life Insurance with 26% charges is on 3rd rank. HDFC Standard Life charges approx of 60% of allocation charges first year, which means that only 40% of amount is being invested in first year.

Redirection

Redirection means if in a particular period of time the market conditions are not good then we can invest our further money in other fund according to our choice. It is different from Switching as in switching we put our existing money in new other fund but in Redirection we invest new amount or next premium in other fund. We found that ICICI Prudential & LIC doesn't have this feature so they are below Max New York Life Insurance & HDFC Standard Life in ranking. HDFC Standard Life offers 12 redirections in a year whereas MNYL offers 3 so respondents ranked HDFC 1st and MNYL on 2nd.

Findings

Allocation charges in Max New York Life Insurance are high as compared to other insurance players except HDFC Standard Life in which charges are also high.

Policy Holder to pay high surrender charges in Max New York Life Insurance Co on surrendering his policy even after 3rd year of policy.

The premium amount is quite high which is minimum of Rs 20,000 per annum.

Term in the investment plan is less as compared to private insurance player LIC.

It is found in the survey that according to the respondents ICICI Prudential is the best insurance company in case of investment plan among the studied insurance companies.

According to respondents Max New York Life Insurance is giving a tough competition to other insurance companies in case of children plan.

The private insurance player is above all other insurance companies we studied in case of Pension plan as respondents ranked it first among all after taking into consideration the different important parameters of the plan.

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