...DAMODAR COLLEGE OF COMMERCE & ECONOMICS G. R. KARE ROAD, MARGAO - GOA INSURANCE SECTOR IN INDIA: THE PARADIGM SHIFT Meenakshi Bawa Lecturer, Department of Economics, M.E.S. College of Arts & Commerce, Zuarinagar, Goa The rapidly growing economic scene, the political attitude, cultural patterns, social values and rapid development in the Information Technology sector have brought about a significant transformation in the lifestyles in the urban and rural areas of our economy. These changes have introduced an element of uncertainty in the possible developments in all sectors; at the same time, the insurance sector also cannot remain untouched. In the present era of globalization, insurance companies face a dynamic global business environment. Radical changes are taking place due to the internationalization of activities, the appearance of new risks, new types of covers to match these new risk situations and innovative ideas on customer service. The low growth rates in developed markets, changing customer needs and the highly uncertain economic conditions in the developing world have been exerting pressure on insurers’ resources while testing their ability to survive. The globalization process has opened up new service markets to provide developing nations with opportunities for the expansion of trade and economic growth. Insurance has always been a politically sensitive subject in India. In fact, until 2000, the insurance industry was a government monopoly. But thereafter it...
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...Comparative study of LIC of India & private Life Insurance companies in India. Introduction: The Indian life insurance industry has its own origin and history, since its inception. It has passed through many obstacles, hindrances to attain the present status. Insurance owes its existence to 17th century England. In fact, it took shape in 1688 at a rather interesting place called Lloyd's Coffee House in London, where merchants, ship-owners and underwriters met to discuss and transact business. The first stock companies to get into the business of insurance were chartered in England in 1720. The year 1735 saw the birth of the first insurance company in the American colonies in Charleston. In 1759, the Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America for the benefit of ministers and their dependents. Life insurance in its modern form came to India from England in 1818 with the formation of Oriental Life Insurance Company (OLIC) in Kolkata mainly by Europeans to help widows of their kin. Later, due to persuasion by one of its directors (Shri Babu Muttyal Seal), Indians were also covered by the company. However, it was after 1840 that life insurance really took off in a big way. By1868, 285 companies were doing business of insurance in India. Earlier these companies were governed by Indian company Act 1866. By 1870, 174 companies ceased to exist, when British Parliament enacted Insurance Act 1870. These companies however, insured...
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...MIS IN Insurance Sector The most important aspect for any financial services institution dealing with today’s regulatory framework is the need to build an integration, risk, compliance and regulatory environment. The globalization of business, the proliferation of, and dependency on, technology, and the preservation of a trusted and secure environment to facilitate financial institutions, all require financial services organizations to have in place the mechanisms to ensure sound and reliable security and privacy. The industry's landscape is continuously changing and increasing in complexity across financial services, causing firms to face a diverse array of challenges and concerns. Role of Private sector has grown rapidly in the service industry, especially with reference to Insurance management. insurance in India covers both the public and private sector organisations Recently we are witnessing an enhanced competition in the insurance industry probably due to the opening up of this sector to private participants. There is a close inter-action between insurance and economic growth. As economy grows, the living standards of people increase. As a consequence, demand for insurance increases. As the assets of people and of business enterprises increase in the growth process, the demand for general insurance also increases. With the widening of the economy, the demand for new types of insurance products emerges. Insurance now extends not only to product market but also to service...
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...bus-iness with public sector company (LIC). Foreign Direct Investment (FDI) has allowed in private life insurance companies in India, under an act of IRDA with a limit of foreign equity of 26%.The life insurance sector is playing a pivo-tal role in both Indian and Global markets.Those factor we have taken for the analysis of private life insurance companies performance are premium growth, market share of the companies, portfolio Invest-ment, equity share capital etc. It is use for a measure of positive or negative impact of FDI investment in Indian private life insurance co-mpanies. It has investigated for a sample of five selected private life insurance companies and one pub-lic company for the purpose to co-mparison with selected companies it is using a panel data for analysis in between the period of 2002-10. Different key variable is use to an-alysis yearly premium income, infr-astructure development, employee facilities, business expansion etc. it was examined to identify cause for any significant impact on the life insurance sector. The study has made use of secondary data from different authenticated source to draw a meaningful conclusion. August , 2011 INTRODUCTION With the deregulation of insurance industry in India since 1999, private players have got an opportunity to enter in an insurance markets. Prior to its deregulation, the life insurance business was dominated by the publicsector company is life insurance Corporation of India. While...
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...EXECUTIVE SUMMARY This project was carried out in the HR department of BHARTI AXA Life insurance co. Pune. Bharti AXA Life insurance is only concern with life insurance and General insurance. The objective of this project is to study the entire Recruitment & Selection processes at Bharti AXA Life insurance. The Human Resources Department of Bharti AXA Life insurance carries out both these functions quite effectively. Hence, the procedure of Recruitment is studied thoroughly and some inferences accordingly. The data and information collected is with respect to working procedure specifically regarding recruitment procedure, the data referred for this study is for the year 2007 - 08. I have applied the concept and gained knowledge learned during the course in at CMRD In practical business situation and understood these concepts in better way. The research work really has poured of immense learning for me. I would like to thank whole heartedly to Bharti AXA and CMRD, for giving me this exposure. Introduction Company profile: Bharti AXA Life Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in telecom, agro business and retail, and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti and 26% stake of AXA. The company launched national operations in December 2006. Today, company has over 5200 employees across over 12 states in the...
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...Executive summary The life insurance industry in India is achieving a growth rate of about 4% annually. It is considered to be one of the fastest growing sectors. The changing socioeconomic demographics and consumer behavior along with increased frequency of natural calamities and disasters have been the main reasons for the growth of this Industry. Its assets as on 31.03.08 were valued at $185 billion with a total of 250 million policies sold and an employee turnover of 113000 and about 1.2 million agents. There are currently 22 life insurance companies with LIC being the only public company having a market share of almost 50%. ICICI comes in second with 10% followed by HDFC at 6%, SBI at 5%, Bajaj at 4%, Reliance at 4%, Birla at 4%, Max 3%, Tata 3%, Kotak 2%, Met 1% and the rest taking up 10% of the market share. As of 2006 FDI norms the foreign participation of Indian insurance companies is restricted to 26%. All the life insurance companies of India have to comply with the strict regulation laid out by the ‘IRDA’ which is the insurance regulatory board in India set up in 2000. The majority of the population in India is yet to be tapped leaving a huge growth potential for this industry. The insurance industry in India is both service based as well as product based. Risk management and product development are the main highlights of R&D in this industry. The life insurance industry is re shapping the retail distribution channel. The life insurers engage with prospects...
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...FDI In Insurance INTRODUCTION With the deregulation of insurance industry in India since 1999, private players have got an opportunity to enter in an insurance markets. Prior to its deregulation, the life insurance business was dominated by the public sector company is life insurance Corporation of India. While liberalization of insurance sector, as many as twelve new private life insurance companies were entered with the help of foreign equity up to 26 per cent in the life insurance business apart from the HDFC standard life, which has stand foreign equity only 18.6% in the beginning of insurance business, in the present time there are entire 22 private life insurance companies operating business in India, their in we have selected five private life insurance companies, as like ICICI prudential life insurance (2000), HDFC standard life (2000), Aviva life (2002), SBI life insurance (2001), TATA life insurance (2001). They are entire companies is playing a vital role in life insurance business with motive for exist and prospective customers to provide better facilities in lives saving scheme, future security, investment plan, funds investment etc. Consequently, the public-sector company has been face towards countering the challenges posed by the entered new players in the same business. The private players have been striving to build confidence in customers and get a foothold in the markets. In competitive markets, life insurance companies come out...
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...Are insurance ads truly changing from being purveyors of death and destruction? Once upon a time, Indians were put off by insurance advertising, as gloomy visuals reminded them of the impending demise or accident of their loved ones. Those who did, insured themselves as a ‘savings’ mechanism, which would either help them in their old age or provide for the family in case of their untimely demise. The insurance agents were the perceived Yamdoots and life insurance policies, gloomy prophecies. Cut to 2006 and the insurance scenario in the country is anything but gloomy. Marked by the entry of private players’ post-2000, India’s insurance industry has moved into exciting and thrilling times. From being a state-owned white elephant, the insurance sector in the country now accounts for 10-15% of India’s total financial sector, where over a dozen Life Insurance and Non-Life Insurance Companies are fighting it out to woo the consumer. The opening up of the sector has lured many a foreign players into the market like Sun Life (Canada), Old Mutual (S. Africa), Prudential (UK), New York Life (USA) and others. The carrot of course, is the huge potential that the sector holds: Before 1991, life insurance penetration in India was less than 1%; during the 90s it was between 1-2%, while in 2003-04 (the last available figures), insurance penetration had crossed 2.4%. Apply that to a country of over a billion people and you realise why global players are eyeing India. This untapped potential...
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...GENERAL INSURANCE 'Looks to the future with confidence and optimism' 1. Brief the history of General Insurance. In India General Insurance business started, Marine Insurance started on the later part of the 17th century. Before nationalization in 1947 we have 147 insurance companies, foreign and Indian both. But during there nationalization, in 1973 we have 107 companies that merge into four companies, i.e. taken over by Government. General Insurance Corporation of India (GIC) was set up in 1973 as a holding company, with four subsidiary operating companies- National Insurance co. Ltd., New India Assurance Co. Ltd., New India Assurance Co. Ltd., oriental Insurance co. Ltd. and United India Insurance Co. Ltd., with a clear cut mission as set out in the Act. 2. What is the overall scenario in the insurance market in India after nationalisation? GIC and its subsidiaries function through a vast country - wide network of around 4100 offices spread across the length and breadth of the country, GIC has taken the benefit of insurance to almost every district, across hilly terrain and often inaccessible areas of the country. The customer- interface is made easy through a network of agents, development officers and employees at Branch, Divisional and Regional offices as well as at the corporate level. The GIC and its subsidiaries have a workforce of approximately 86,000 in 1973 tainted at various levels through in house training institutions. Now the total number of employees...
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...LIFE INSURANCE IN INDIA : CHALLENGES AND OPPORTUNITIES IN THE POST-LIBERALISED ERA BY Dr. S.C. BANSAL Associate Professor Indian Institute of Management Lucknow (India) e-mail: bansal@iiml.ac.in Ph: 0091 522 2736637 & Dr. Y.P.SINGH Professor, Department of Commerce Delhi School of Economics, University of Delhi New Delhi(India) e-mail: ypsing@rediffmail.com Ph: 0091 951202456948 & Sneh Lohia1 Research Scholar, Department of Commerce Delhi School of Economics, University of Delhi New Delhi(India) e-mail: snehlohia@gmail.com Ph: 0091 011 25219820 1 Corresponding Author ABSTRACT The objective of this paper is to identify the challenges and opportunities in the life insurance sector in India after liberalization of the economy. It fills a research gap: many studies based on secondary data and examining the investment systems, operations, principles and practices of Life Insurance Corporation of India (LICI) have been reported; the works exploring the impact of liberalization on the quality of plans and services offered, and opportunities for growth in this area are limited in number. The data were gathered with the help of a detailed questionnaire from 560 individuals belonging to Delhi, Noida, Gurgaon, Faridabad, Mumbai, Pune, Surat, Kolkota, Chennai, Bangalore, Varanasi, Gorakhpur and other cities in India. It has been observed that the companies have added new features in the life insurance products to meet the...
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...Appendices Questionnaire Q1 A STUDY ON CONSUMER BEHAVIOUR TOWARDS ENDOWMENT POLICY OF LIFE INSURANCE CORPORATION OF INDIA AT PERAMBALUR DISTRICT QUESTIONNAIRE I. DEMOGRAPHIC PROFILE 1. Name (Option) 2. Age : : Below 20 51 – 60 3. Sex 4. Level of Education : : Male 21 to 30 31 to 40 41 to 50 61 and above Female Graduate Professional Below School level Post Graduate 5. Marital status 6. Monthly Income : : Married Unmarried Rs.5001-10000 Rs.15001-20000 Below Rs.5000 Rs.10001-15000 Rs.20001 & above 7. Type of Family 8. Occupational status : : Joint Government Student Nuclear Private Housewife Business Farmers II. FACTORS INFLUENCING POLICY HOLDERS 1. Reasons for preference of LIC? Reliability Financially sound Customer oriented Well managed Other facilities New schemes cum attractive bonus Savings 2. Level of awareness of the various types of Endowment plans in LIC? Very High High Moderate Low Very Low Q2 3. The source of buying Endowment Policy? Agent Development officer Direct 4. Number of Endowment Polices taken so far? One Two Three More than Three 5. Periodicity for payment of Premium? Monthly Quarterly Half Yearly Yearly 6. S. No. Which type of Endowment policy you have chosen? Specify the year/period? Sum Annual Assured/Period Premium Mode of pay Monthly/Quarterly/ Half-yearly/Annually Endowment plans New Janaraksha Jeevan Anand Endowment with profits Marriage Endowment / Education Annuity with...
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...With the deregulation of insurance industry in India since 1999, private players have got an opportunity to enter in an insurance markets. Prior to its deregulation, the life insurance business was dominated by the public sector company is life insurance Corporation of India. While liberalization of insurance sector, as many as twelve new private life insurance companies were entered with the help of foreign equity up to 26 per cent in the life insurance business apart from the HDFC standard life, which has stand foreign equity only 18.6% in the beginning of insurance business, in the present time there are entire 22 private life insurance companies operating business in India. They play a vital role in life insurance business with motive for exist and prospective customers to provide better facilities in lives saving scheme, future security, investment plan, funds investment etc. Consequently, the public-sector company has been face towards countering the challenges posed by the entered new players in the same business. The Foreign Private players have been striving to build confidence in customers and get a foothold in the markets. In competitive markets, life insurance companies come out with innovative and attractive life insurance products, and they are trying to reach customers through various techniques. The opening of Life insurance companies also witnessed major changes in the insurance products being offered by life insurance companies and insurance covers opted...
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...A Project Report On Customer Relationship Management in Reliance Life Insurance Submitted in partial fulfillment of the requirements for Award of Master of Business Administration With Specialization In Human Resources Submitted by Abhishek Vermani Reg No- MBA-6259 Under the Guidance of COMPANY GUIDE INSTITUTE GUIDE SANTOSH KUMAR B.R ROHITH C KALASKAR CUSTOMER EXECUTIVE SECRETARY GENERAL HET-IMS HUBLI Declaration I hereby declare that the project entitled “CUSTOMER RELATIONSHIP MANAGEMENT” undertaken at RELIANCE LIFE INSURANCE COMPANY LTD,SOLAN submitted in partial fulfillment of the requirement for the award of the degree in Master in Business Administration to the ICDEOL Summer Hill Shimla. It is my original work and is not submitted for the award of any other degree or diploma. Place Date ABHISHEK VERMANI ACKNOWLEDGEMENT As I look back after the completion of my project I feel it would not have been possible without the guidance. I am very grateful to all the people who have lent their precious time and advice for rendering this project successful. I take this opportunity to thank them all. Firstly, I am grateful to “RELIANCE LIFE INSURANCE COMPANY LTD, SOLAN” for giving...
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...A Project Report On Customer Relationship Management in Reliance Life Insurance KOPPAL Submitted in partial fulfillment of the requirements for Award of Master of Business Administration With Specialization In MARKETING Submitted by SUNIL CHOUDARY.K Reg No- MBA/08/48 Under the Guidance of COMPANY GUIDE INSTITUTE GUIDE SANTOSH KUMAR B.R ROHITH C KALASKAR CUSTOMER EXECUTIVE SECRETARY GENERAL HET-IMS HUBLI Indian Institute of Business Management Shivajinagar, Pune – 411 005 Declaration I hereby declare that the project entitled “CUSTOMER RELATIONSHIP MANAGEMENT” undertaken at RELIANCE LIFE INSURANCE COMPANY LTD,KOPPAL submitted in partial fulfillment of the requirement for the award of the degree in Master in Business Administration to the Indian Institute of Business Management, Pune. It is my original work and is not submitted for the award of any other degree or diploma. Place Date SUNIL CHOWDARY.K ACKNOWLEDGEMENT As I look back after the completion of my project I feel it would not have been possible without the guidance. I am very grateful to all the people who have lent their precious time and advice for rendering this project successful...
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...Recruitment and selection of Insurance Companies PREFACE People are a company’s most important assets. They can make or break the fortunes of a business. In today’s highly competitive business environment placing the right people in the right position is very critical for the success of any organization. The recruitment and selection decision is of prime importance as it is the vehicle for obtaining the best possible person-to-job fit that will, contribute significantly towards the Company's effectiveness. It is also becoming increasingly important, as the Company evolves and changes, that new recruits show a willingness to learn, adaptability and ability to work as part of a team. The Recruitment & Selection procedure ensures that these criteria are addressed In this project I have studied Recruitment and Selection process of ICICI Prudential Life Insurance and attempted to provide some ways so as to make recruitment more effective and to reduce the cost of hiring an employee. I am privileged to be one of the students who got an opportunity to do my training with ICICI Prudential Life Insurance. My involvement in the project has been very challenging and has provided me a platform to leverage my potential in the most constructive way. ICICI Prudential Life insurance is one of India's leading financial institutions offering complete financial solutions that encompass every sphere of life. In a short span of time,ICICI has set an example by having a steady and confident...
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