ReLiance-Organisational Study (2)

7/28/2019 ReLiance-Organisational Study (2)

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A Presentation on

organizational study ofReliance Life insurance

M.G.Road, Bangalore

Ayan kapuria

Registration NO

111GCMA016

1R.V.INSTITUTE OF MANAGEMENT


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About The Industry

1818, British introduced the life insurance to India with the

establishment of the Oriental Life Insurance Company in Calcutta

There are three parties in a life insurance transaction: the insurer, the

insured, and the owner of the policy (policyholder), although the

owner and the insured are often the same person.

Life Insurance contracts allow an individual to have a risk cover

against any unfortunate event of the future.

Life Insurance policies thus decrease the total taxable income of an

individual.

Insurance constitutes one of the major segments of the financial

market.2R.V.INSTITUTE OF MANAGEMENT


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About The Company

Reliance life insurance company limited is officially launched on 1st

February, 2006

It has offered need based life insurance solutions to individuals &

corporate

Reliance has 0.54% market share in the insurance sector

A wide network of 1230 branches & 1,50,000 advisors in India

It has net worth of over Rs 3,300 crore & over 165,000 share holder

Its rank 3rd among the others insurance company

There is only one public sector company LIC & rest 14 are private

sector3R.V.INSTITUTE OF MANAGEMENT


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Product Profile

Reliance has various product like as

Reliance Term Plan

Reliance Child Plan

Reliance Endowment Plan

Reliance Cash Flow Plan



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OPERATION & TURN OVER

Achieves 6 millions policies landmark in less than five years

This company has world class data center, inter office connectivity

facility, customer care center, advisor lounge, document managementsystem

A Company has crossed 1.7 Million policies last 2 years of operation,

post take over of AMP Sanmar business.

Last year Reliance Life insurance make profit almost 226 crore

All the plans are very much beneficial for the customers.



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AWARD ACHIVEMENT QUTOS

Reliance Life Insurance gets ISO 9001- 2000 certification

Winner of Best non-urban Coverage award at Indian Insurance

awards 2011, Most trusted service brands 2011 & also won silver

at the Indian Digital media award

Reliance life insurance has crossed the 6 million policy mile stone &

aims to achieve on overall premium of US $ 4.28 billion within the

next 3 years

Think Bigger , Think Better



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VISION

Empowering everyone live their dreams

MISSION

The mission of Reliance Life Insurance Company Limited is to be the

best in every sphere- business results, customer care and employee

focus

OBJECTIVE

To get some good market exposure by dealing with the prospectsface to face

To improve our ability to sell a financial product like life insurance.

To know the perception of the consumer about life insurance



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CEO

AgencyHead of

TPDHead of

FinanceHead of

CDAHead of

ProductHead of

EBNHead of CRO CHRO

Zonal

Busines

s Head

Regional

Manager

Branch

Manager

Sales

Manager

Advisor

Zonal

Manager

Territory

Manager

Finance

Team

General

Manager

Territory

Manager

Zonal

Manager

Area

Manager

Chief

Risk

Officer

Team of

Employe

e Risk

Zonal HR

Manager

HR

Manager



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Human Resource department

Recruitment Process

Selection Process

Training & Development

Career development plans



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Marketing Department

Distribution channel

promotional programmes

Elite Club Membership

Incentives

Employee benefits



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Finance Department

Capital secure fund

Balance fund

Equity fund

Growth fund



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Swot Analysis

SWOT analysis is the analysis of the internal and external factors

STRENGTH

The brand name is enough to sell the products easily

Reliance has a long and strong history of solvency, financial stability.

Range of products

WEEKNESS

Newly established company, so people seems it risky

Lack of staff Lack of advertisement, so most of the customers are not aware of the

Reliance Life Insurance.



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OPPURTUNITY

Opportunities in the newer semi-urban & rural market Earning Urban youth looking for investments

Increasing demands for insurance & pensions plan

Growth prospects in emerging markets

THREATS

Economic crisis & global financial problem

Entry of new NBFCs in the sector

Competitive environment mounting insurance frauds US recession &weakening of the financial marker



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Findings 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 & build up its infrastructure because there is a large potential forinsurance in India.

As seen from the survey that at present 70% of the customer are having insurancepolicy out of which 87.5% of the customer are planning for new investments. So itcan be a good potential for the company and they should make an attempt to trapthese customers.

Monthly meeting have been done by the Branch Manager where they will discussabout the sales figure at present and also for the upcoming days

Branch manager motivates the Advisor & sales executive

The 100 hours training is very useful to all the employees

The human resource Department frequently arrange team building programs & funevent to improve moral of its employees



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Suggestion The Company should have more concern about the Rural sector & also

comes with the more new branches with new plans

The company can provide the exciting gift which can be attractive to thenew customer & also for the existing customer

Advisor should be more knowledgeable about the product, various planswhich are available in the Reliance life insurance & try to build the betterrelationship with the clients

Since Reliance Life Insurance is leading with several companies policies it

should be easy for them to penetrate into the market and secure a goodposition if they pay greater attention to the service part provided to theircustomer and thereby forming a long and trusted relationship.



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Conclusion

Reliance Life Insurance has a good brand name which is very helpful to

grab the market

Company has 0.53% market share, as well as we have the various kind ofplan, product which is very much beneficial to satisfy the customer needs.

All plans are very attractive & premium also bit less than others marketplayers, but company should more concentrate about the productpromotion, awareness in the rural sector

Company will work harder , honest towards work & maintain the healthyrelationship with every customers.

A good team effort is always makes a profitable sales figure.



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Documents

ReLiance-Organisational Study (2)