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NIILM BUSINESS SCHOOL, BANGALORE
A PROJECT REPORT ON
ORGANIZATIONAL STUDY AT HDFC
STANDARD LIFE INSURANCE CO. LTD
SUBMITTED IN PARTIAL REQUIREMENTS FOR THE AWARD OFPGPBA (POST GRADUATE PROGRAMME IN BUSINESS
ADMINISTRATION) FOR THE ACADEMIC YEAR 2009 2010
SUBMITTED BY:
MOHD NAZAR
06NSB09026
NIILM SCHOOL OF BUSINESS
BANGALORE- 560025
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DECLARATION
I MOHD NAZAR declare that the project report entitled ORGANIZATIONAL
STUDY was done at HDFC SLIC at BANGALORE. It is the record of bonafide
study carried out by me, under the guidance of Mr. DINESH SODHA, Also under
the support and guidance of internal faculty Mrs Partiksha Raichura.
Place: Bangalore Name: MOHD NAZAR
Date: 15/1/2010 ENROL. NO. 06NSB09026
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CERTIFICATE BY INTERNAL GUIDE
This is to certify that MOHD NAZAR (06NSB09026) is a bonafide student of I
semester studying under the NIILM School of Business. He has prepared and
submitted a project report titled ORGANIZATIONAL STUDY, in partial
requirements for the award of PGPBA (Post Graduate Program in Business
Administration) in for the academic year 2009 2010.
Place: Bangalore Internal Guide: Mrs. PRATIKSHA RAICHURA
Date: 15/1/2010 NIILM School of Business
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ACKNOWLEDGEMENT
It gives me immense pleasure to express my deep sense of gratitude to thosepersons without whose guidance, co-operation, inspiration and suggestion it
would have been impossible for me to accomplish the project successfully.
I would like to thank Mr. DINESH SODHA, Channel Development Manager,
HDFC STANDARD Life Insurance Co. Ltd, for his kind guidance and
necessary support during the project.
I would like to thank Mrs. Pratiksha Raichura for his noble inspiration, keen
interest, constant supervision and ever willing help throughout the course of this
study.
With a deep sense of gratitude and humble submission, I express my gratefulness
to the entire team of HDFC SLIC, Bangalore, whose help, stimulating suggestions
and encouragement helped me in all the times of research.
Lastly, a heartfelt gratitude to all my fellow trainees for their constant support &
encouragement in the most difficult times.
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TABLE OF CONTENTS
Title Page No.
1. Abstract 07
2. Objective 08
3. Industry Profile 09
History of Insurance 10
Characteristic of Insurance 19
Advantage 20
4. Company Profile 22
Background 23
Vision & Values 23
Profile of Board of Directors 24
Key Strength 28
Promoters 28
Competitors 31
Product of Profile 32
Future Growth 36
Strategy 36
Awards and Development 37
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ABSTRACT
The main focus of the study is to identify the areas of Structures followed that
would help in the organizational development.
This study report aims at covering all aspects related to organizational structure.
This study was conducted at HDFC STANDARD Life Insurance, Bangalore.
The Structural questionnaire prepared for HR survey comprised
The demographic of the respondents, asking their name, designation,
qualifications and department in the company (Vice President, Senior HR
consultants, Business Development Executive), their tenure with the organisationand total experience.
The study covers all the research methods, company profile and evaluation idea. It
provides the mapping between the theoretical aspects, the practical view and
insight into the system practiced today in the organization.
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OBJECTIVES OF THE STUDY.
In this is competitive global world and increasing flexibility in the labour market,
recruitment is becoming more and more important in every business. Therefore,
recruitment serves as the first step in fulfilling the needs of organisations for a
competitive, motivated and flexible human resource that can help achieve its
objectives.
AS A TEAM FOR SUCCESS WE PLEDGED TO FOLLOW..........
TEAM WORK MEANS
MORE WE
LESS I
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INDUSTRY PROFILE
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INTRODUCTION
The business of insurance is related to the protection of the economic values of
assets. Every asset has a value. The asset would have been created through the
efforts of the owner. The asset is valuable to the owner, because he expects to get
some benefits from it. It is a benefit because it meets some of his needs. The
benefit may be an income or in some other form. In the case of a factory or a cow,
the product generated by it is sold and income is generated. In the case of a motor
car, it provides comfort and convenience in transportation. There is no direct
income. Both are assets and provide benefits. Every asset is expected to last for a
certain period of time during which it will provide the benefits. After that, the
benefit may not be available. There is a life time for a machine in a factory or a
cow or a motor car .None of them will last for ever. The owner is aware of this and
he can so manage his affairs that by the end of that period or life-time, a substitute
is made available. Thus, he makes sure that the benefit is not lost. However, the
asset may get lost earlier. An accident or some other unfortunate event may destroy
it or make it incapable of giving the benefits. An epidemic may kill the cow
suddenly. In that case, the owner and those enjoying the benefits there from would
be deprived of the benefits. The planned substitute would not have been ready.
There is an adverse or unpleasant situation. Insurance is a mechanism that helps to
reduce the effects of such adverse situations. It promises to pay to the owner orbeneficiary of the asset, a certain sum if the loss occurs.
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PURPOSE AND NEED OF INSURANCE
Today, there is no shortage of investment options for a person to choose from.
Modern day investments include gold, property, fixed income instruments, mutual
funds and of course, life insurance. Life insurance is a unique investment that helps
us to meet our dual needs - saving for life's important goals, and protecting our
assets.
Life insurance is designed to protect us and our family against financial
uncertainties that may result due to unfortunate demise or illness.
Insurance need will change as our life does, from starting to work to enjoying our
golden years and all the stages in between. Each one of these stages may pose a
different insurance need/cover for us.
General Definition
In the words of D S Hansel, Insurance may be defined as a social device
providing financial compensation for the effects of misfortune, the paying being
made from the accumulated contributions of all participating in the scheme.
Characteristics of Insurance
Sharing of risk
Co-operative device
Evaluation of risk
Payment on happening of special event
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The amount of payment depends on the nature of losses incurred
Need of the Life Insurance
The original basic intention of life insurance is to provide for ones family and
perhaps others in the event of death. Originally, polices were to provide for short
periods of time, covering temporary risk situations, such as sea voyages. As life
insurance became more established. It was realized what a useful tool it was in a
number of situations, including:
Temporary needs threats:
The original purpose of Life Insurance remains an important element,
namely providing for replacement of income on death etc.
Regular saving:
Providing ones family and oneself, as a medium to long term exercise
(through a series of regular payment of premiums). This has been become more
relevant in recent times as people seek financial independence from their family.
Investment:
Put simply, the building up of saving while safeguarding it from ravages of
inflation. Unlike regular saving products are traditionally lump is investments,
where the individual makes are onetime payment.
Retirement:
Provision for ones on later years has become increasingly necessary.
Especially in charging culture abs social environment, one can buy a suitable
insurance policy which will provide periodical payments on ones old age.
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Sum contracts may allow the policy can be surrendered for a cash amount, if
policy holder is not in a position to pay the premium. A loan, against certain
policy, can be taken for a temporary period to tide over the difficulty. Presence of
life insurance policy facilitates credit for personal or commercial loans as it can be
offered as collateral security.
Tax relief:
The policy holder obtains income tax rebates by paying the insurance
premium. The specified from of saving which enjoys a tax rebate u/s 88 of the
income tax act. Include Life Insurance premiums and contribution to a recognized
PF etc.
History of the insurance in India
The insurance sector in India as come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360 degree
turn witnessed over a period of almost two centuries.
A brief history of the insurance sector. The business of life insurance in
India in its existing form started in India in the year1818 with the establishment of
the Oriental life insurance Company in Calcutta.
Some of the important milestones in the life insurance business in India are:
1912: The Indian life Assurance Companies Act enacted as the first statuteto 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.
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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 taken over by
the central government and nationalized. LIC formed by an Act of Parliament, viz.
LIC Act,
1956, with a capital contribution of Rs. 5 crores 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.
Some of the important milestones in the general insurance business in India
are:
1907: The Indian Mercantile insurance Ltd. set up, the first company to
transact all classes of general insurance business.
1957: General insurance Council, a wing of the insurance Association of
India, frames a code of conduct for ensuring fair conduct and sound business
practices.
1968: The insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The General insurance Business (Nationalization) Act, 1972
nationalized the general insurance business in India with effect from 1st January
1973.107 insurers amalgamated and grouped into four companies viz. the National
insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
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insurance Company Ltd. and the United life insurance Company Ltd. GIC
incorporated as a company.
Insurance sector reforms In 1993, Malhotra Committee, headed by former
Finance Secretary and RBI Governor R.N. Malhotra, was formed to evaluate the
Indian insurance industry and recommend its
future direction.
The Malhotra committee was set up with the objective of complementing the
reforms initiated in the financial sector.
The reforms were aimed at creating a more efficient and competitive
financial system suitable for the requirements of the economy keeping in mind the
structural changes currently underway and recognizing that insurance is an
important part of the overall
Financial system where it was necessary to address the need for similar reforms
In 1994, the committee submitted the report and some of the keyrecommendations
Included:
i) Structure
Government stake in the insurance Companies to be brought down to 50%
Government should take over the holdings of GIC and its subsidiaries so thatthese subsidiaries can act as independent corporations
All the insurance companies should be given greater freedom to operate
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ii) Competition
Private Companies with a minimum paid up capital of Rs.1bn should beallowed to enter the industry
No Company should deal in both life and General insurance through a single
entity
Foreign companies may be allowed to enter the industry in collaboration
with the domestic companies
Postal life insurance should be allowed to operate in the rural market Only one State Level life insurance Company should be allowed to operate
in each state
iii) Regulatory Body
The insurance Act should be changed
An insurance Regulatory body should be set up
Controller of insurance (Currently a part from the Finance Ministry) should
be made independent
iv) Investments
Mandatory Investments of LIC life Fund in government securities to be
reduced from 75% to 50%
GIC and its subsidiaries are not to hold more than 5% in any company
(There current holdings to be brought down to this level over a period of
time)
v) Customer Service
LIC should pay interest on delays in payments beyond 30 days
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Insurance companies must be encouraged to set up unit linked pension plans
Computerization of operations and updating of technology to be carried out
in the insurance industry
The committee emphasized that in order to improve the customer services
and increase the coverage of the insurance industry should be opened up to
competition. But at the same time, the committee felt the need to exercise caution
as any failure on the part of new players could ruin the public confidence in the
industry. Hence, it was decided to allow competition in a limited way by
stipulating the minimum Capital requirement of Rs.100 crores. The committee felt
the need to provide greater autonomy to insurance companies in order to improvetheir performance and enable them to act as independent companies with economic
motives. For this purpose, it had proposed setting up an independent regulatory
body. The insurance Regulatory and Development Authority Reforms in the
insurance sector were initiated with the passage of the IRDA Bill in Parliament in
December 1999. The IRDA since its incorporation as a statutory body in April
2000 has fastidiously stuck to its schedule of framing regulations and registering
the private sector insurance companies. The other decisions taken simultaneously
to provide the supporting systems to the Insurance sector and in particular the life
insurance companies was the launch of the IRDA s online service for issue and
renewal of licenses to agents.
The approval of institutions for imparting training to agents has also ensured
that the Insurance companies would have a trained workforce of insurance agents
in place to sell their products, which are expected to be introduced by early next
year. Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. In the private sector 12 life
insurance and 6 general insurance companies have been registered.
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CHARACTERISTICS OF INSURANCE
Sharing of risk
Co-operative device
Evaluation of risk
Payment of happening of a special event
The amount of payment depends on the nature of loss incurred
The success of insurance business depends upon the large number of people
insured against similar risk.
Insurance is a plan, which spreads the risk and losses of few people among a
large number of people.
The insurance is a plan in which the insured transfers his risk on the insurer.
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market rate. But in life insurance it is reverse. Sum Assured is guaranteed from the
beginning of policy and insured would know in advance that this amount of money
he will get after a certain period of time plus bonus declared by company time to
time.
The life insurance has the following additional advantages over other forms of
savings.
In the event of death, the heirs get the assured amount quickly as there is
always provision of nomination & assignment.
In this case, it is compulsion that it should continue till maturity or by thetime, the policyholder remains alive.
Creditors cannot claim the life insurance proceeds & the amount cannot be
attached by any court.
Life insurance policy avails of income tax relief & in capital gains.
Life insurance policy is actually a property & it can be transferred or
mortgaged. Loans can also be raised against it.
Unique advantages of life insurance are as under:
It provides family protection
Risks cannot be predicted & it helps the family, whenever any such
eventuality takes place
The terms of nature can be cruel sometime, but terms of insurance are
always easy
The value of human life is far greater than the value of property. Only
insurance can protect the family in such event.
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COMPANY PROFILE
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BACKGROUND
HDFC Standard Life Insurance Company Ltd. is one of India's leading private
insurance companies, which offers a range of individual and group insurance
solutions. It is a joint venture between Housing Development Finance Corporation
Limited (HDFC Ltd.), India's leading housing finance institution and a Group
Company of the Standard Life, UK. HDFC as on December 31, 2007 holds 72.38
per cent of equity in the joint venture.
HDFC Standard Life
Founded on 14th August 2000
Received a license on 23rd October 2000
First private insurance company to get a license from the IRDA
Declared 7th consecutive bonus
VISION
'The most successful and admired life insurance company, which means that we
are the most trusted company, the easiest to deal with, offer the best value for
money, and set the standards in the industry'.
'The most obvious choice for all'.
VALUES
Values that we observe while we work:
Integrity
Innovation
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Customer centric
People Care One for all and all for one
Team work
Joy and Simplicity
Brief Profile of The Board of Directors
Mr. Deepak S. Parekh is the Chairman of the Company. He is also the Executive
Chairman of Housing Development Finance Corporation Limited (HDFC
Limited).
Sir Alexander M. Crombie joined the Board of Directors of the Company in
April, 2002. He has been with the Standard Life Group for 34 years holding
various senior management positions.
Mr. Keki M. Mistryjoined the Board of Directors of the Company in December,
2000. He is currently the Managing Director of HDFC Limited.
Ms. Marcia D. Campbell is currently the Group Operations Director in the
Standard Life group and is responsible for Group Operations, Asia Pacific
Development, Strategy & Planning, Corporate Responsibility and Shared Services
Centre.
Ms. Renu S. Karnad is the Executive director of HDFC Limited, is a graduate in
law and holds a Master's degree in economics from Delhi University.
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Mr. Norman K. Skeoch is currently the Chief Executive in Standard Life
Investments Limited and is responsible for overseeing Investment Process & Chief
Executive Officer Function.
Mr. Gautam R. Divan is a practising Chartered Accountant and is a Fellow of the
Institute of Chartered Accountants of India.
Mr. Ranjan Pant is a global Management Consultant advising CEO/Boards on
Strategy and Change Management.
Mr. Ravi Narain is the Managing Director & CEO of National Stock Exchange of
India Limited.
Mr. Gerald E. Grimstone was appointed Chairman in May 2007, having been
Deputy Chairman since March 2006.
Mr. Paresh Parasnis is the Principal Officer and Executive Director of the
company since November 14, 2008.
Bancassurance Partners
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JOINT VENTURE
HDFC Standard Life Insurance Company Ltd
HDFC Standard Life Insurance Co. Ltd was incorporated on 14th august 2000. It is
a joint venture between Housing Development Finance Corporation Limited
(HDFC Ltd.) India and UK based Standard Life Company. Both the joint venture
partners being one of the leaders in their respective areas came together in
81.4:18.6 joint ventures, to form HDFC Standard Life Insurance Company
Limited. Mr. Deepak Satwalekar is the MD and CEO of the venture. HDFC
Standard Life brings to you a whole range of insurance Solutions be it group or
individual or NAV services for Corporations, they can be easily customized as per
specific needs.
HDFC Standard Life Insurance India boasts of covering around 27lakh lives by
March31, 2009. The gross premium income standing at a whopping Rs.5,
564.69crores. HDFC Standard Life Insurance Corporation is sure to become one ofthe leaders and the first preference for any life insurance customer.
HDFC STANDARD LIFE
Founded on 14th August 2000
Received a license on 23rd October 2000
First private insurance company to get a license from the IRDA
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VISION STATEMENT
The most successful and admired life insurance company, which mean that we are
the most trusted company, the easiest to deal with, offer the best value for money,
and set the standards in the Industry. In short, The most obvious choice for all
Admired mean the company should be known for its standards. Not only
customers, but also the competing life insurance companies should benchmark
against HDFC SLI a nutshell, even the IRDA should give an example of
HDFC SL as a guiding principle.
Integrity
Innovation
Customer centric
People Care One for all
Teamwork
Joy and Simplicity
HEAD OFFICE AND BRANCHES
HEAD OFFICE: HDFC Standard Life Insurance Co. Ltd.
'Trade Star', 2nd floor, A Wing,
Junction of Kondivita and M.V. Road,
Andheri-Kurla Road,
Andheri (East), Mumbai - 400 059
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Key Strengths
Financial Expertise
As a joint venture of leading financial services groups, HDFC Standard Life has
the financial expertise required to manage your long-term investments safely and
efficiently.
Range of Solutions
A range of individual and group solutions, which can be easily customized tospecific needs. HDFCSLIC group solutions have been designed to offer us
complete flexibility combined with a low charging structure.
Track Record so far
Our gross premium income, for the year ending March 31, 2009 stood at Rs.5,564.69 crores.
As on March 31, 2009, the company has more than 27 lakh polices in force.
PROMOTERS
HDFC LIMITED
Incorporated in 1977 to provide home ownership by providing long
term loans
Focus on Excellence; Customer Satisfaction and enhancing
Shareholder value
Almost 90% of initial shareholding in the hands of domestic
institutions and retail investors. Currently 78% of shares held by FII.
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Rated AAA by CRISIL and ICRA
HDFC is Indias leading housing finance institution and has helped
build more than 23,00,000 houses since its incorporation in 1977.
Rated AAA by CRISIL and ICRA for the 10th consecutive year
Stable and experienced management
High service standards
Awarded The Economic Times Corporate Citizen of the year Award
for its
long-standing commitment to community development.
Presented the Dream Home award for the best housing finance
provider in 2004 at the third Annual Outlook Money Awards.
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HDFC Group Companies
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SECURITISATION
Future Activities
DISTRIBUTION
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COMPETITORS BY COMPANY
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COMPARITIVE ADVANTAGE OVER COMPETITORS PRODUCT
I compared two products, ICICI smart kid unit link and HDFC young star, in
both the policies parent is insured and child in nominee or beneficiary,
HDFC Youngstar offers Insurance Cover up to 20 Times of Annual
Premium. You may Pay Rs. 30000 per year & take Insurance Cover of Rs. 6
Lacs.
You may take Critical Illness Rider in HDFC Youngstar up to 65 years Age
(as it Cheaper than other ULIPS).
The returns from HDFC Tax saver, HDFC LT Advantage fund are better
than the returns from HDFC Standard Life Equity Fund.
PRODUCT PROFILE
HDFC Standard Life offers a bouquet of insurance solutions to meet every need.
HDFC Standard Life, cater to both, individuals as well as to companies looking to
provide benefits to their employees. For individuals, a range of protection,
investment, pension and savings plans that assist and nurture dreams apart from
providing protection. Fororganizations a host of customized solutions that range
from Group Term Insurance, Gratuity, Leave Encashment and Superannuation
Products. These affordable plans apart from providing long term value to theemployees help in enhancing goodwill of the company.
INDIVIDUAL PRODUCTS
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HDFC Standard Life realizes that not everyone has the same kind of needs.
Keeping this in mind, they have varied range of products that we can choose from
to suit all our needs. These will help secure our future as well as the future of our
family.
Protection Plans
Protection plans protect our family against the loss of our income or the burden of
a loan in the event of our unfortunate demise, disability or sickness. These plans
offer valuable peace of mind at a small price.
Protection range includes:
A pure risk cover plan, which gives us protection against the uncertainties of life.
The HDFC Term Assurance Plan is an insurance policy that is designed to help
secure our family's financial needs.
Term Assurance Plan
Loan Cover Term Assurance Plan
Home Loan Protection Plan
Investment Plans
HDFC Standard Life provides you with attractive long term returns through regular
bonuses.
Investment range includes:
Single Premium Whole Of Life Plan
Single premium investment plan.
Pension Plans
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Pension Plans help us to secure our financial independence even after retirement.
Pension range includes:
Personal Pension Plan
Unit Linked Pension
Unit Linked Pension Plus
Savings Plans
Savings range includes:
Endowment Assurance Plan
Assurance Plan
Savings Assurance Plan
Childrens Plan
The HDFC Children's Plan gives us:
Money Back
Unit Linked Endowment Suvidha
The HDFC Unit Linked Endowment Suvidha gives us:
Unit Linked Endowment Suvidha Plus
Unit Linked Endowment Plus II
Unit Linked Young Star Suvidha
Unit Linked Young Star Suvidha Plus
Unit Linked Young Star Plus II
Unit Linked Enhanced Life Protection II
Simple life
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GROUP PRODUCTS
HDFC Standard Life has the most comprehensive list of products for progressive
employers who wish to provide the best and most innovative employee benefit
solutions to their employees.
Group Term Insurance
Employee benefits.
Cover for housing or vehicle loans given by us to our employees.
Group Unit-Linked Plan
An investment solution that provides funding vehicle to manage
corpuses with Gratuity, Defined Benefit or Defined Contribution
Superannuation or Leave Encashment schemes of your company
Also suitable for other employee benefit schemes such as salary saving
schemes and wealth management schemes
SOCIAL PRODUCTS
Development Insurance Plan
Development Insurance plan is an insurance plan which provides life cover to
members of a Development Agency for a term of one year. On the death of any
member of the group insured during the year of cover, a lump sum is paid to that
members beneficiaries to help meet some of the immediate financial needs
following their loss.
Premium Payments
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The premium to be paid will be quoted per member in the group and will be the
same for all members of the group. The premium can only be paid by the
Development Agency as a single lump sum that includes all premiums for the
group to be covered. Cover will not start until the premium and all the member
information in our specified format has been received. The premium rate is Rs.25
per Rs.10, 000 of lump sum, per member.
FUTURE GROWTH OF THE COMPANY
The future topics for research in the organization could be setting up of an
appropriate ad campaign. It is very vital to the companies success that the people
of India know about HDFC SLIC, its products and their special features and how
insurance in general can help them in their future. The advertisements have to be
emotionally appealing. They might also include a celebrity. The brand name of
HDFC could be used to give a push to HDFC SLIC and its products. The general
perception of insurance as inauspicious should be done away with and
individuals and corporations accept insurance on power with other investment
opportunities.
The other area of research could be in the management of funds HDFC SLIC
possesses and how it can maximize returns for its investors. A research project
could be undertaken on how to ensure that the money gets invested in the rightcompanies and earns a medium high return on investment. Another area of
research could be an analysis of the sales and marketing techniques used by HDFC
SLIC. A large number of changes could be introduced and this would help in
saving operating costs and improving the efficiency of the firm.
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STRATEGY
How we will deliver our mission and vision;
Our strategy is to build valuable customer relationships with leading service and
compelling propositions through:
creating capital efficient, innovative products
leveraging investment management expertise and performance
driving for operational excellence
FINANCIAL STRENTH
Standard Life Investments assets held at 30 June 2006:
INR 10,469,791,000,000 or 1046979 Crores
Worldwide insurance new premium income for full year at 31 December
2005:
INR 518,160,431,000 or 51816 Crores
AWARDS & DEVELOPMENT OF HDFC:
1977-HDFC is incorporated on October 17.
The brick that launched a Million Homes This is the actual brick used for
HDFC' s first brochure in 1978 and symbolises a part of the romance of creating a
visual identity of a new institution.
1978-
The first Housing Loan disbursed to Mr. D. B. Remedios at Bombay
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The first Public Issue of Equity Shares of Rs. 10 crores
1980
International Finance Corporation [IFC(W)] under its Investment Agreement
with HDFC disburses the first instalment of US$ 1 million from a Line of
Credit of US$ 4 million
1981
HDFC introduces its first retail Deposit Product
HDFC promotes a wholly-owned subsidiary, HDFC Developers
HDFC negotiates a guarantee of US$ 30 million from United States Agency
for International Development (USAID) under its Housing GuarantyProgram
The first external borrowing from USAID of US $ 20 million in the US
Capital Market
The first computer is installed at Head Office
1982
HDFC introduces the Line of Credit Product (LOC) for employee owned
housing
1983
His Royal Highness, The Aga Khan visits HDFC
Signing of the implementation agreement of Phase II of the USAID
programme.
1984
Annual loan approvals cross Rs. 100 crores
1985
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The Home Savings Plan based on the Bausparkassen model, West
Germany and the Step-up Repayment Facility (SURF) are introduced
1986
Our founder Chairman, Mr. H. T. Parekh and Mr. John Gunther Dean, the
then US ambassador to India, signs the USAID Housing Program
Agreement for the third and final tranche of US$ 15 million out of the US$
60 million
HDFC loan approvals cover 1,000 towns
1987
HDFCs first Equity Rights Issue
1988
HDFC Cricket team wins Times Shield - G Division
The Shelter Assistance Reserve is set up with an initial contribution of Rs.
50 lacs
World Bank approves US$ 250 million loan to HDFC
HDFCs cumulative loan approvals cross Rs. 1,000 crores
HDFC introduces Telescopic Loan Plan and Short Term Bridging Loan
products
HDFC in partnership with Indias leading financial institutions and
commercial banks promotes: Gujarat Rural Housing Finance Corporation
Limited (GRUH Finance), Housing Promotion and Finance Corporation
Limited (now SBI Home Finance), Can Fin Homes Limited and
Infrastructure Leasing and Financial Services (IL&FS), and the Credit
Rating Information Services of India Ltd. (CRISIL)
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1990
HDFC is awarded the United Nations
Scroll of Honour for Innovations in
Public-Private Partner ships to mobilise
household savings and to expand access
to families to market oriented housing
finance and services
HDFC, jointly with the United NationsCentre for Human Settlements (UNCHS)
promotes the Coalition of Housing Finance Institutions in Asia. Other
partner members are the Home Development Mutual Fund, Philippines, the
Government Housing Bank, Thailand and the Korea Research Institute for
Human Settlements
1991
HDFC relaunches its retail fixed deposit products
1992
Mr. H.T. PAREKH is conferred the Padma Bhushan by the Government of
India
Commonwealth Development Corporation (CDC) approves a loan of 25
million
1993
Mr. H.T. PAREKH is conferred the Padma Bhushan by the Government of
India
Commonwealth Development Corporation (CDC) approves a loan of 25
million
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1994
HDFCs first private placement of Equity Shares for Rs. 261 crores with
domestic institutions
HDFC introduces Non-Residential Premises Loans for Individuals.
1995
HDFC in strategic alliance with NatWest Markets (UK) promotes the HDFC
Bank which was inaugrated by Dr. Manmohan Singh, the Union Finance
Minister.
A joint venture with IL&FS and Colliers Jardine Asia Pacific Limited to
promote Colliers Jardine India Property Services Limited
Both ICRA & CRISIL awarded HDFC deposits AAA status reflecting the
highest standards of safety by their award of MAAA & FAAA
respectively.
1996
HDFC declared Best Managed Company for the
second year running this time jointly with Infosys
Technology by Asiamoney Magazine
HDFC opens its first international office at
Dubai, UAE
1997
HDFC Annual report is produced with a Corporate Profile on a CD-ROM.
HDFC, the first company in India whose equity shares were de-materialised
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Eicher consultancy selects HDFC as one of the ten best case study for
bench-marking
HDFC gets an Asian Development Bank (ADB) loan of US$ 100 million
HDFC promotes Delta Brac Housing Finance Corporation Limited, the first
private sector housing finance company in Bangladesh
1998
HDFC voted as the Best Managed company in India in a survey of 250
fund managers, world wide conducted by Asiamoney
HDFC in partnership with a South-based NGO launches the Indian
Association for Savings & Credit (IASC) a pioneering micro-finance
institution operating in the states of Tamil Nadu and Kerala
HDFC introduces Home Equity Loans and Corporate Employees Group
Finance Arrangement (CEFA)
1999
HDFC receives the IMC Ramkrishna Bajaj
National Trophy for Business Excellence the
first company to receive this award in the
Services category
HDFC invests in a new Housing Finance
company in Sri Lanka .
HDFC website www.hdfcindia.com launched (now hdfc.com)
HDFC the first housing finance institution to introduce the Adjustable Rate
Home Loans
2000
HDFC Standard Life Insurance Company Limited becomes the first private
insurer in India to obtain registration from the Insurance Regulatory and
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Development Authority (IRDA). Shri Yashwant Sinha, Union minister for
finance , inaugurates the new HDFC STANDARD LIFE Office in Mumbai
HDFC launches its first Property Fair
A joint venture with Mahindra & Mahindra group to promote
propertymartindia.com, a website to provide a range of real estate services
(renamed as HDFC Realty.com)
HDFC issues its first Mortgage Backed Securities.
Aquires entire shareholding of Hometrust Housing Finance Company
Limited. GRUH becomes a subsidary of HDFC
A joint venture with TCS to promote Intelenet Global Services Limited for
IT enabled services
A joint venture with Standard Life Investments to promote the HDFC
Mutual Fund
HDFC Securities launches retail broking services.
Renaming of the Road No. 3 at Backbay Reclamation as H. T. Parekh Marg
(where HDFCs head office is situated)
` 2001
HDFC, State Bank of India, Dun & Bradstreet and Trans Union International
Inc. (TU) promotes Credit Information Bureau (India) Ltd. (CIBIL)
HDFC figures in the Top 20 The Champions of Asian Business A poll
by Asiamoney of Asias Best Companies in the Asia Pacific Region
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HDFC features among the Top 10 Asias Best Managed Companies in the
category of Banking and Finance Euromoney magazine
2002
A joint venture with Chubb Corporation, USA to promote HDFC-Chubb
General Insurance Company Ltd. for non-life insurance
A group offer from HDFC for the benefit of its customers
HDFC Groups Asset base crosses Rs. 50,000 crores
2003
A joint venture with Chubb Corporation,
USA to promote HDFC-Chubb General
Insurance Company Ltd. for non-life
insurance
A group offer from HDFC for the benefit of
its customers
HDFC Groups Asset base crosses Rs. 50,000 crores
2004
HDFC signs US $ 200 million loan agreement with International Finance
Corporation (IFC), Washington.
The Economic Times Lifetime Achievement award for HDFC Chairman,
Mr. Deepak Parekh.
2005
HDFC wins the Economic Times
Corporate Citizen of the year award for
its longstanding commitment to
community development.
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HDFC Environment ad titled Tiger Claws wins the Gold Midas
Award at the New York Festival.
HDFC and Barclays sign long term BPO Contract. Barclays now holds
50% stake in Intelenet, the balance 50% resides with HDFC.
HDFC ranked the 5th Best Company to work for in India Business
Today
2006
HDFC Crosses Rs. 1,00,000 Crore in Home Loan Approvals
Padma Bhushan for HDFC Chairman Deepak Parekh
Ms. Renu Sud Karnad, Executive Director, HDFC receiving the
ICAI Award from Mr. P C Gupta, Hon'ble Union Minister of State
for Company Law Affairs.
ICAI confers gold shield to HDFC for 'The Best Presented Accounts'
Institute of International Finance hails HDFC's Corporate Governance
approach
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ORGANIZATIONAL STRUCTURE
ORGANISATIONAL STRUCTURE
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MD & CEO
GM- Sales
and
Marketing
HOD -
IT HOD - Legal &
Secretarial
GM -Finance
& ActuarialGM- HR
GM
Operation
and
Underwriti
ng
Business
Head-North
Business Head-
South
HOD-Inst. Sales
HOD-Marketing
HOD-Sales
Training
HOD-Channel
Development
ZonalServicesManagers
Zonal
Managers
SalesZonal
Services
ManagersZonal
Managers
-Sales
Regional
Managers
Territory Managers
Branch Managers
HOD-Audit
Actuarial
Medical
Finance
Controller
HOD-HR
National
Training
Manager HR
HOD -Health
HOD -
OPERATION
HOD -Underwriting
Process
Sales
DevelopmentManagers
HOD-Accounts
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STRATEGY
How we will deliver our mission and vision
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Our strategy is to build valuable customer relationships with leading service and
compelling propositions through:
creating capital efficient, innovative products
opening new routes to markets
leveraging investment management expertise and performance
driving for operational excellence
MARKETING STRATEGIE
MARKET CONDITION OF PRODUCT IN HDFC SLIC
When it comes to study the market condition of HDFC Standard Life Insurance, it
is quite easy to see that there is good demand for products, but the sales of Ulip
products are very good. The market share is about 65% with compare to their
competitor.
REASON FOR THEIR GOOD CONDITION:
Consultants hold on the market
When it comes for the case of market, there is a clear and complete hold of HDFC
SLIC Consultants.
Quality
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CHART SHOWING HIERARCHY OF MARKETING DEPARTMENT
SALES DEPARTMENT
Sales at HDFC Standard Life cover an array of activities. HDFC Standard Life
practices two types of sales channel. They are
Retail channel sales
Alternate channel sales
Retail channel sales
Retail channel sales are done through the help of financial consultant and sales
development managers. In this channel financial consultant plays a vital role in
selling the insurance policies in the market.
Alternate channel sales
Alternate channel sales comprises of direct sales .Direct sales taps database to
generate high quality leads for profitable business under direct sales these are
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ZONAL MANAGER
MANAGER TELECALLING
HOD
GM SALES & MARKETING
MANAGER TELECALLING
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create of recent campaigns as well as details such as database list, target audience.
Direct sales is done through the sales development managers (direct).
CHART SHOWING HIERARCHY OF RETAIL SALES DAPARTMENT
HIERARCHY OF ALTERNATE CHANNE SALES DEPARTMENT
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HUMAN RESOURCE DEPARTMENT
Human Resource Department has multiple goals. These include employee
competency development, employee motivation development and organizational
climate development. Employees require a variety of competencies to perform
different tasks or functions required by their jobs.
Human Resource Development is said to be the core of a larger system known as
Human Resource System (HRS), wherein Human Resource Development is
mainly concerned with providing learning experience for the people associated
with an organization through a behavioral approach adopting various processes..
The main functions of Human Resource Department are:
Recruitment
Staffing
Performance appraisal
Training need analysis
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Employee communication
Environmental regulations
House keeping
CHART SHOWING HIERARCHY OF HUMAN RESOURCE
DEPARTMENT
CHANNEL DEVELOPMENT DEPARTMENT
Role Profile Channel Development Manager
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Direct Responsibilities
(1) Team Building
Resource recruitment (Recruitment Consultant, Project Trainee).
(2) Training & Induction
Training program for the resources
Joint field work with resources
(3) Planning & Implementation of Lead Generation Activities
Minimum Business Opportunity Presentation per week
Road shows
Bottom Line Activity
(4) Resource Motivation and Drive
One vendor review meet per week(Channel Development Manager to
review)
One vendor meet per month( Area Manager Channel Development to
address)
(5) IRDA Training & Examination
Financial consultant 50 hours training tracking through recruitment
consultant
IRDA examination tracking through recruitment consultant
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(6) MIS & Documentation
Documentation of vendor contracts & payment modes
MIS on recruitment & licensing of financial consultant
CHART SHOWING HIERARCHY OF CHANNEL DEVELOPMENT
ADMINISTRATION DEPARTMENT
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The main functions of Training Department are:
Proper maintenance of all the equipment in the company such as printer,
scanner, fax machine, video conferencing equipment etc.
Keep record of stationery requirement in the various departments.
Tickets booking of the employee if they are traveling for the company
purpose.
Purchasing of the stationery items.
House keeping work.
CHART SHOWING HIERARCHY OF ADMINISTRATION DEPARTMENT
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LEGAL DEPARTMENT
The function of legal department is handling the legal issues of the company and
solves the issue. The legal executive duties to see that there should not be any
illegal work in the company premises .Legal executive has also duties like handle
the cases for the company if any cases are in the court.
CHART SHOWING HIERARCHY OF LEGAL DEPARTMENT
RISK MANAGEMENT DEPARTMENT
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Risk management is a structured approach to managing uncertainty related to a
threat, a sequence of human activities including: risk assessment, strategies
development to manage it, and mitigation of risk using managerial resources.
The strategies include transferring the risk to another party, avoiding the risk,
reducing the negative effect of the risk, and accepting some or all of the
consequences of a particular risk.
CHART SHOWING HIERARCHY OF RISK MANAGEMENT
DEPARTMENT
TRAINING DEPARTMENT
The main functions of Training Department are:
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Conduct the induction program on company requirement..
Training to the financial consultant every month.
Conduct the IRDA exam classes on regular basis.
CHART SHOWING HIERARCHY OF TRAINING DEPARTMENT
OPERATION DEPARTMENT
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The main functions of Operation Department are:
Verify the insurance policy application of the customers.
Maintain the file of the customers documents.
Login the application and inform to the concern department.
CHART SHOWING HIERARCHY OF OPERATION DEPARTMENT
AGENCY DAPARTMENT
The main functions of Agency Department are:
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GRADUATE TRAINEE (GT)
OPERATION OFFICER
OPERATION EXECUTIVE
TEAM MANAGER
ZONAL OPERATION
MANAGER
ZONAL SERVICE MANAGER
BUSINESS HEAD
BRANCH OPERATION
MANAGER
HOD OF OPERATION
GM OPERATION
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Verify the financial consultant application form.
Feed the applicants data in to the computer
Maintain the file of financial consultants application
Keep proper record for the IRDA exam and inform to the concern
department.
Send daily report to the higher authority.
CHART SHOWING HIERARCHY OF AGENCY DEPARTMENT
MEDICAL DEPARTMENT
The main functions of Medical Department are:
Verify the medical information given by the customer in the insurance
application.
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AGENCY OFFICERS
OPERATION EXECUTIVE
TEAM MANAGER
ZONAL OPERATION
MANAGER
ZONAL SERVICE MANAGER
BUSINESS HEAD
BRANCH OPERATION
MANAGER
HOD OF OPERATION
GM OPERATION
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Inform the customer for the medical check-up.
Tied up with the hospital for the medical check-up and other medical related
issues.
Daily report to be submitted to the higher authority.
CHART SHOWING HIERARCHY OF MEDICAL DEPARTMENT
STYLE APPROACHED
HDFC STANDARD LIC approaches PARTICIPATIVE STYLE of leadership.
HDFC SLIC have highly effective groups comprises competent and motivated
members. HDFC SLIC members are encouraged in decision making and giving
feedback. When more people think about problem it is likely that a better solution
will be found. There will be less resistance to change because those who have
developed the solution will usually support its implementation.
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SHARED VALUES
VISION STATEMENT
The most successful and admired life insurance company, which mean that we are
the most trusted company, the easiest to deal with, offer the best value for money,
and set the standards in the Industry. In short, The most obvious choice for all
Admired mean the company should be known for its standards. Not only
customers, but also the competing life insurance companies should benchmark
against HDFC SLI a nutshell, even the IRDA should give an example of
HDFC SL as a guiding principle.
VALUES
Integrity
Innovation
Customer centric
People Care One for all
Teamwork
Joy and Simplicity
Organizational Goals
HDFC SLICs main goals are to,
Maintain its position as The most obvious choice for all in
insurance sector.
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Transform ideas into viable and creative solutions,
Provide consistently high returns to shareholders, and to grow through
diversification by leveraging off the existing client base.
To build valuable customer relationships with leading service and
compelling propositions through:
creating capital efficient, innovative products
opening new routes to markets
leveraging investment management expertise and performance
driving for operational excellence
FINANCIAL POSITION OF HDFC SLIC IN FY 2008-09
HDFC Standard Life, one of the leading private life insurance companies in India
declared its annual results for the financial year ending March 31, 2009. The
company generated Total Business Premium Income of Rs. 5564.69 crores in
FY2008-09 registering a year-on-year growth of 15%. The growth was primarily
driven by the success of the company's initiative on structured sales processes
based on customer needs and their assessments.
Highlights of Financial Year 2008-09
Total Premium Income is up by 15% at Rs. 5564.69 crores as against Rs.
4858.56 crores in FY2007-08.
Renewal premium collected increased to Rs. 2913.58 crores from Rs.
2173.19crores in the previous year, registering a growth of 34%.
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Effective Premium Income (EPI) in respect of retail business increased by
5%, growing from Rs 2,425crores in 2007-08 to 2,552crores in 2008-09.
Alternate Channels, including bancassurance, contributed about 45% to the
Effective Premium Income (EPI).
A well balanced product portfolio with pension comprising over 40%
children plans around 25% and the remaining constituting protection and
savings plans,
Total assets under management increased to Rs. 10,595 crores, registering a
growth of 24% over FY2007-08.
Assets under management for the Group business have increased to Rs. 1075
crores, registering a growth of 12% over FY2007-08.
Company products and services are now available through a network of 595
offices serving over 700 cities and towns across the country. This is further
complemented by corporate agency relationships with public, private and
cooperative banks.
Strength of Financial Consultants reported year-on-year growth of 43% to
over 2,07,000 in FY2008-09 compared to 1,45,000 last financial year.
The sum assured in-force for 2008-09 was Rs. 57,158 crores as compared to
Rs. 45,743 crores for the previous year.
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SWOT ANALYSIS
SWOT analysis is a tool for auditing an organization and its environment. It is the
first stage of planning and helps marketers to focus on key issues. SWOTstands
forstrengths, weaknesses, opportunities, and threats. Strengths and weaknesses
are internal factors. Opportunities and threats are external factors.
HSFC STANDARD LIFE
STRENGTH
Financial Expertise
As a joint venture of leading financial services groups, HDFC Standard Life hasthe financial expertise required to manage your long-term investments safelyand efficiently.
RANGE OF SOLUTIONS
HDFCSLIC provides a range of individual and group solutions, which can be
easily customized to specific needs. HDFCSLIC group solutions have been
designed to offer complete flexibility combined with a low charging structure.
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TRACK RECORD SO FAR
HDFCSLIC gross premium income, for the year ending March 31, 2009 stood
at Rs. 5,564.69crores and new business premium income stood at Rs.
2913.58crores. The company has covered over 27Lakh policies year ending
March 31, 2009.
Domestic image of HDFC supported by Prudentials international image is
strength of the company.
Strong and well spread network of qualified intermediaries and sales
person.
Strong capital and reserve base.
The company provides customer service of the highest order.
Huge basket of product range which are suitable to all age and income
groups.
Large pool of technically skilled manpower with in depth knowledge and
understanding of the market.
The company also provides innovative products to cater to different needs of
different customers.
Large network branches which help the customer for the payment
Brand image, business experience and innovative products
The financial consultants are very selectively chosen have excellent
communication skills.
Service quality which is crux of their mission
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It is the fastest growing Pvt. Life Insurance Company in India.
WEAKNESS
High targets for financial consultants and for the sales departments.
Many competitors in the market offer same product by the title difference in the
premium brand and offerings.
Sustainable to risk associated with investments in money markets.
Try to catch middle lower people also.
Heavy management expenses and administrative costs.
Low customer confidence on the private players.
Vertical hierarchical reporting structure with many designations and cadres
leading to power politics at all levels without any exception.
Poor retention percentage of tied up agents.
OPPORTUNITIES
Health insurance and pension schemes, an estimated market potential of
approximately $15 billion.
Insurable population According to ING only 10% of the population is
insured, which represents around 30% of the insurable population. This
suggests more than 300m people, with the potential to buy insurance, remain
uninsured.
There will be inflow of managerial and financial expertise from the worlds
leading insurance markets. Further the burden of educating consumers will
also be shared among many players.
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International companies will help in building world class expertise in local
market by introducing the best global practices.
THREATS
Players like ICICI Prudential and Birla Sun Life with low premium for the same
plans.
Entry of many other private companies with equally strong experience and
financial strength of foreign partners making the competition difficult and
saturating the urban markets.
Current Govt. policies do not encourage gross domestic savings. If the taxliabilities of the service can rises, the customer will have little money to
invest.
LIC has woken up from sleep and is following competitive strategies .Its huge
surplus in the Life Fund gives a capability to lodge price war.
Other Private Insurance Companies Also vying For the Same uninsured
Population.
Big Public Sector insurance Companies Like LIC India, National
Insurance Company Ltd, Oriented Insurance Ltd, New India Assurance
Company Ltd, And United Insurance Company Ltd. People Trust them and go
to them more.
Poaching of Customer by other companies.
Most People do not understand the need or are not willing to take
insurance policies in general
Balance Sheet as at March 31, 2009
FINANCIAL POSITION OF HDFC SLIC IN FY 2008-09
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HDFC Standard Life, one of the leading private life insurance companies in India
declared its annual results for the financial year ending March 31, 2009. The
company generated Total Business Premium Income of Rs. 5564.69 crores in
FY2008-09 registering a year-on-year growth of 15%. The growth was primarily
driven by the success of the company's initiative on structured sales processes
based on customer needs and their assessments.
Highlights of Financial Year 2008-09
Total Premium Income is up by 15% at Rs. 5564.69 crores as against Rs.
4858.56 crores in FY2007-08.
Renewal premium collected increased to Rs. 2913.58 crores from Rs.
2173.19crores in the previous year, registering a growth of 34%.
Effective Premium Income (EPI) in respect of retail business increased by
5%, growing from Rs 2,425crores in 2007-08 to 2,552crores in 2008-09.
Alternate Channels, including bancassurance, contributed about 45% to the
Effective Premium Income (EPI).
A well balanced product portfolio with pension comprising over 40%
children plans around 25% and the remaining constituting protection and
savings plans,
Total assets under management increased to Rs. 10,595 crores, registering a
growth of 24% over FY2007-08.
Assets under management for the Group business have increased to Rs. 1075
crores, registering a growth of 12% over FY2007-08.
Company products and services are now available through a network of 595
offices serving over 700 cities and towns across the country. This is further
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complemented by corporate agency relationships with public, private and
cooperative banks.
Strength of Financial Consultants reported year-on-year growth of 43% to
over 2,07,000 in FY2008-09 compared to 1,45,000 last financial year.
The sum assured in-force for 2008-09 was Rs. 57,158 crores as compared to
Rs. 45,743 crores for the previous year.
Findings
Motivated workforceParticipative management
Weekly team meeting among executive
High performing employees have clear opportunity for growth
Finance department is centralize and all the finance related work is operated from
head branch Mumbai.
Company should come up with branch in the rural areas. With objective and goals
to meet the demand and expectations of the public.
As the people think that insurance is a tool to protect their family & a tax saving
device. They are aware of the fact & realizing its, importance. The company
should try to expand & buildup with infrastructure because there is a large
potential for insurance in India.
SUGGESTIONS
The suggestion section contains some of the inputs given by me from the
observation made during the internship.
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Recruit more number of financial consultants.
Company should introduce attractive offers to draw the attention of customers.
Educating the potential customers about the HDFCSLIC products and focus on,
how trust worthy and useful are these products.
Procedure of availing loans on the policy should be made easier on insurance
policy.
RECOMMENDATIONS
The insurance companies should now try to identify the gap between current level
of customer service and customer expectation .some of the strategies being
recommended are as follows:
Product differentiation: Offering a product that is distinctly different from other
products available in the market.
Innovativeness: Identifying a delightful customer experience.
Riders: These are additional offerings along with the main product.
Proper policy documentation: Wrong interpretation\non-awareness of policy
document by the customer may have the serious implication in the long term.
HDFC Standard Life Insurance Company Ltd. is one of the best insurance
company in India. All members are striving towards even more betterment of
the company whole-heartedly. The company intends to see its efficiency and
quality through customer services and satisfaction. With the creative and
innovative culture of the company it has been successful in creating a very
good image in the minds of the customers.
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Personally speaking it was my pleasure being with company for period of 4 weeks.
I had an opportunity to learn about the recruitment of financial consultant,
working of different departments in the organization, and the knowledge
about the insurance industry and the products of the company.
CONCLUSION
HDFC Standard Life Insurance Company Ltd. is one of the best insurance
companies in India. All members are striving towards even more betterment
of the company whole-heartedly. The company intends to see its efficiency
and quality through customer services and satisfaction. With the creative and
innovative culture of the company it has been successful in creating a very
good image in the minds of the customers.
HDFC Standard Life, the insurance arm of HDFC is expected to go on stream.
Promoted by HDFC & Standard Life, already has good number of employees on
board and is recruiting Financial Consultants heavily to take the headcount to
many more. It is on the brim of increasing its client through its attractive schemes
and offer.
Insurance was considered as unsought good which require hard core selling, but in
changing trend in income and people becoming financially literate, the demand for
insurance is increasing day by day. So, it is the company that first approaches gets
its share of reward. Proper after sale service can help the advisors to generate more
business. Gradually people are realizing the fact that insurance is not a necessaryevil but means to attain worry free life.
There is tough competition ahead for the company from its major competitors in
terms of number of Financial Consultants.
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Personally speaking it was my pleasure being with company for period of 8 weeks.
I had an opportunity to learn about the Organizational structure, functions of
all departments and the system followed in selection and recruitment of
financial consultant, working of different departments in the organization, and
the knowledge about the insurance industry and the products of the company.
LEARNING EXPERIENCE
It was a good experience working in a large organization like HDFC SLIC. I came
to know how the various departments work in an organization. The employees are
very cooperative and I came to know many things about corporate working. It also
helped to get first hand information about growth and future plans.
LEARNING IN THE ORGANISATION
Understanding and adjusting to the work environment.
All the employees are much dedicated towards their work.
Organizational structure.
Functions of different departments.
System followed in the organization.
Time management.
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BIBILIOGRAPHY
TEXT BOOKS:-
IC-33 LIFE INSURANCE
Organizational Behaviour:- K. Ashwatappa
WEBSITES:-
www.hdfcinsurance.com
www.irdaindia.org
http://uk.group.standardlife.com
www.licindia.com
http://www.hdfcinsurance.com/http://www.irdaindia.org/http://www.hdfcinsurance.com/http://www.irdaindia.org/