My Insurance Finallllllllllllllll

8/14/2019 My Insurance Finallllllllllllllll

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Dipika Bist 7709

Twinkle Haria 7731

Seema Jain 7738

Kunjan Kariya 7747

Vijay Kasbe 7749


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SHELTER = PROTECTION = INSURANCE


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A social device

A contract between 2 parties


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YEAR EVENT

1818 Oriental Life Insurance Company was started by Anita

Bhavsar in Kolkotta.

1870 Bombay Mutual Life Assurance Society.

1912 Life Insurance Companies Act.

1956 Life Insurance Corporation Act.

1999 Insurance Regulatory Development Act.


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In India, insurance business is classifiedprimarily as:

Life insurance.

Non-life or general.

a)Fireb)Marine

c)Miscellaneous


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Insurance

GICLIC

United Indiainsurance

company ltd

Nationalinsurance

company ltd

New Indiaassurance

company ltd

Orientalinsurance

corporationltd


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Together with banking services, it adds about 7 percentto the countrys GDP

Gross premium collection by-i. Life Insurance is 2.5%

ii. Non Life Insurance is 0.65% of the GDP.

Funds available with LIC for investment are 8 percent ofGDP


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The market share of private companies in life insurance business hasgone up from 36.4 per cent in 2007\08 to 39.2 per cent in 2008\09,according to Bajaj Finserv, a major private insurance player

The company while releasing the results today said in 2008\09, the lifeinsurance industry declined by 6.3 per cent against a growth of 23 percent during the year before

New business premium for the industry as a whole was around Rs

87,108 crore compared to Rs 92,989 crore the year before, the companysaid.

While LIC had to contend with a negative growth of 10.5 per cent , theprivate sector companies grew marginally by one per cent in 2008\09.

21 May 2009, 1938 hrs IST, PTI
http://economictimes.indiatimes.com/


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EXAMPLE :


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EXAMPLE:


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Whole Life Policy Limited Payment Life

Convertible Whole Life PolicyJoint Life Endowment Policy

Jeevan Saathi Money Back Policy

Group Insurance Policy


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WHOLE LIFEINSURANCE

WHOLELIFE WITH

PROFITPOLICY

LIMITEDPAYMENTWHOLE

LIFEPOLICY

SINGLEPREMIUM

WHOLELIFE POLICY


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A wide basket of products , well suited to individualrequirements depending on the age , risk appetite ,

Family needs. Life .

For e.g. best of the Child plans , ULIP plans , PensionPlans , Term Plans suited to individual specific need.


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LIFE INSURANCE POLICY

LOANS

AFTER SALES SERVICE

PAYMENTS THROUGH

CREDIT CARDS


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PRICING DECISIONS ARE

CONCERNED WITH

PREMIUMCHARGED INTEREST

CHARGED

COMMISSIONCHARGED


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MORTALITY TABLES

EXPECTED SURPLUS

EXPENSES


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Pricing of life insurance is done onthe basis of life expectancy:

Age

For e.g. low premium is charged for

children

Medical History

For e.g. higher premium is charged for

higher risk of death


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Advertising

Public relations Sales Promotion Personal Selling Word of Mouth.


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PRESS RELEASES

SEMINARS
http://web.twelvehorses.com/images/digg/press_release.jpg


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GIFTS

SPONSORING EVENTS

COMPETITIONS


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AGENTS

STAFF


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CUSTOMERS

AGENTS


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Zindagi ke saath bhi,zindagi ke baad bhi

Your dreams, our

commitment

Prithvi, Agni, Jal,

Aakash, Sabki surakshahamare paas
http://images.google.co.in/imgres?imgurl=http://www.topnews.in/files/lic.jpg&imgrefurl=http://www.stockwatch.in/stock-news/lic-housing-finance&usg=___riR41Feauh-TUu--N5q_xmP-iQ=&h=205&w=380&sz=38&hl=en&start=15&tbnid=P_l8AahqPunUeM:&tbnh=66&tbnw=123&prev=/images?q=lic&gbv=2&hl=en


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DISTRIBUTIONCHANNELS

DIRECTSELLING

PARTNERSELLING

CALL CENTRES

AGENTS

FINANCIALADVISORS

SELLINGTHROUGH

CORPORATES

BANCASSURANCE

POSTALDEPARTMENT


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INTERNET

INFORMATION KIOSKS

for e.g. LIC has setup 150 Touch screen

multimedia kiosks

SMS


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While locating branches, the branch managerneeds to consider a number of factors

smooth accessibility, availability of infrastructural facilities management of branch offices safety provisions etc.


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1) PUBLIC SECTOR COMPANIES TO FACEBRAIN-DRAIN.

2) INSURANCE AGENTS / INSURANCEADVISORS

Eg:


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PHYSICAL EVIDENCE

DEFINITION

PHYSICAL EVIDENCE IS THEENVIRONMENT IN WHICH THE SERVICEIS DELIVERED AND WHERE THECOMPANY AND THE CUSTOMERS

INTERACT AND ANY TANGIBLE GOODSTHAT FACILITATE THECOMMUNICATION OF THE SERVICE.


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TANGIBLE AS PHYSICAL


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TANGIBLE AS PHYSICALEVIDENCE

1) POLICY DOCUMENTS

2) BROCHURES

3) PERIODIC STATEMENTS

4) RENEWAL NOTICES5) CERTIFICATE OF INSURANCE

6) BUSINESS CARDS / STATIONARIES

7) CALENDERS / DIARIES

8) WEBSITE OF THE COMPANY.


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PROCESS

THE PROCESS MIX INCLUDESTHE VARIOUS INTERACTIONS THATTAKES PLACE BETWEEN THEINSURANCE AGENT AND THECUSTOMER IN THE PROCESS OF

SELLING THE POLICY TO THECUSTOMER TILL THE SETTLEMENT OFCLAIMS.


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IN CASE OF LIFE INSURANCE

1) Insurance agent calls up customer

2) Meets the customer

3) Financial review form

4) Depend on FRF, 2 / 3 policies

5) Agent explains policy in detail

6) Feedback form

7) Customer selects the policy plan, fill up theproposal form and makes first premium payment

8) Agents collects the form and submits to office


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26/11


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EmergenceCoverage

Alternative to LICDifference in service providing (agents)Policy of hire valueTargeted clients

Insurance premium

BIRLA SUN LIFE Rs. 24500

OM KOTAK MAHINDRA Rs. 20400

LIC Rs.3200


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Modern Insurance company are money makingbusiness

Contains too many exclusion clauses

Reading from a script


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6,00,000 villages across the country

8-10% covered

Non agricultural based increase in rural GDP at 45%

Crop insurance

Two important aspects


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Panchayat meetings are held

Influence by word of mouth


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One of the largest sector of finance

Major insurance market of world

Global insurance premium grew by 9.7%

Life Insurance premium grew by 9.8%

Non life insurance premium grew by 9.4 %


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Life insurance market value - Rs 1683 billion byend of 2009

By 2010 - Rs 2220 billion

Contribution of Private sector to rural areas


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Documents

My Insurance Finallllllllllllllll