Presented By:

KARISHMA SIROHI, 21

INSURANCE

INDUSTRY

INSURANCE????

Insurance is a kind of risk management

chiefly based to avoid the risk of financial

loss.

TYPES OF INSURANCE

INSURANCE

LIFE NON LIFE

NON LIFE/GENERAL

INSURANCE???Insurance other than the life insurance is

known as general insurance which is of four

types: fire insurance, health insurance, marine

insurance, auto insurance. General insurance

which is also known as non-life insurance

policies including vehicles and homeowners

insurance policies and provides payments

depending on the loss caused from a particular

financial damage

TYPES OF NON LIFE

INSURANCE

GENERAL

AUTO

MARINE

FIRE

HEALTH

OTHER

AGRICULTURE

TRAVEL

HOME

PROPERTY

LIFE INSURANCE???

Life insurance covers the Assured

against uncertainties of life.

Insurance of life which provides a

security from any uncertain event is

known as life insurance.

IMPORTANCE OF LIFE

INSURANCE1. Protection against untimely death.

2. Saving for old age.

3. Promotion of savings.

4. Initiates investment.

5. Tax benefit.

TYPES OF LIFE INSURANCE

LIFE INSURANCE

TRADITINAL

TERMWHOLE

LIFE

STRAIGHTLIMITED

PAY

ENDOWMENT

NON TRADITIONAL

VARIABLE UNIVERSAL

LIFE

KOTAK MAHINDRA

GROUP

KOTAK MAHINDRA

GROUP• It contains various financial companies.

• It was established in 1985.

• The Group has a wide distribution network

through branches and franchisees across India,

and international offices in London, New York,

Dubai, Abu Dhabi, Mauritius and Singapore.

BUSINESSES OF KOTAK

MAHINDRA GROUPThere are 9 businesses of KOTAK MAHINDRA GROUP which

are:

1. Kotak Mahindra Bank Ltd.

2. Kotak Mahindra Old Mutual Life Insurance Ltd.

3. Kotak Securities.

4. Kotak Investment Banking.

5. Kotak Mahindra Prime Ltd.

6. Kotak International Business

7. Kotak Mahindra Asset Management Company.

8. Kotak Private Equity Group

9. Kotak Realty Fund.

MANAGEMENT OF KOTAK

MAHINDRA GROUP

MR. UDAY S. KOTAK

EXECUTIVE VICE

CHAIRMAN AND

MANAGING DIRECTORMr. C Jayaram

Joint Managing

Director Mr. Dipak Gupta

Joint Managing Director

KOTAK MAHINDRA

OLD MUTUAL LIFE

INSURANCE

KOTAK MAHINDRA OLD

MUTUAL LIFE INSURANCE

• KOTAK MAHINDRA OLD MUTUAL LIFE

INSURANCE Ltd. Was established in 2001.

• It is 74:26 joint venture between KOTAK

MAHINDRA BANK Ltd., and OLD MUTUAL.

KOTAK MAHINDRA is one of India’s leading

banking and financial services organizations,

offering a wide range of financial services that

encompass every sphere of life.

OLD MUTUAL is an international long term

savings, protection and investment group.

Originating in South Africa in 1845, the group

provides asset management, banking and general

and life insurance in Europe.

MANAGEMENT

Mr. Gaurang Shah

Director

Mr. G

Muralidhar

Managing

Director

Mr. Sunil Sharma

Appointed Actuary,

Kotak Mahindra Old

Mutual Life Insurance

Ltd

Mr. Sudhakar Shanbag

Chief Investment Officer,

Kotak Mahindra Old

Mutual Life Insurance

Ltd

FINANCIAL HIGHLIGHT OF KOTAK MAHINDRA LIFE

INSURANCE

YEAR PROFIT

‘000

SHARE

CAPITAL

‘000

RESERVES &

SURPLUS

‘000

2012-13 1722862 5102902 2923798

2011-12 1793699 5102902 1026416

2010-11 965239 5102902 520363

2009-10 692246 5102902 520363

2008-09 143401 5102902 520363

FINANCIAL HIGHLIGHTS

RECRUITMENT OF

INSURANCE

CONSULTANT

RECRUITMENTAccording to Dale S. Beach, “Recruitment is the

development and maintenance of adequate

manpower resources. It involves the creation of pool

of available labour upon whom the organization can

draw when it needs additional employees”.

FEATURES

FEATURES

POSITIVE FUNCTION

HELPS TO LOCATE

SOURCES

LINKING ACTIVITY

PROCESS

PERVASIVE FUNCTION

RECRUITMENT PROCESS

IN INSURANCE INDUSTRY

NAME GATHERING

SCREENING INTERVIEW

NAT (Numerical Ability Test)

CAREER SEMINAR & ADMINISTER P200

EVALUTION P200 & COMPENSATION INTERVIEW

PRICING

OF

PREMIUM

PRICING OF PREMIUM

Pricing refers to the methods used to

calculate rate of premium to be charged

on insurance products. Premium is a

price for which the insurer is willing to

accept the risk.

PRICING OBJECTIVES

1. Adequacy of Rates.

2. Fairness and Rate Equity.

3. Reasonableness.

4. Simplicity.

LIFE INSURANCE

PRICING ELEMENT1. Rate of death of large number of insured

persons.

2. Administration cost and other expenses

of the insurer.

3. Income from investment of premium.

RESEARCH

METHODOLOGY

RESEARCH

Research is an art of scientific investigations.

Research is an academic activity and such as

the term should be in a technical sense.

Research is defined as human activity based

on intellectual applications in the investigation

of matter. In other words, research is one of

the ways to find answers to your questions.

OBJECTIVE OF THE

STUDY1. To understand the recruitment process in an

insurance company.

2. To understand the premium pricing elements in

insurance sector.

3. To analyze the pattern of making premium value

and recruitment of insurance consultant.

4. This study shows that what is the criteria of

choosing a employee in an insurance company.

RESEARCH DESIGN

The type of research is descriptive research.

Descriptive research, also known as statistical research,

describes data and characteristics about the population of

phenomenon being studied. Descriptive research answers the

questions who, what, where, when, and how. Although the data

descriptive is factual, accurate and systematic, the research

cannot describe what caused a situation. In other words,

descriptive research is to describe something.

SWOT ANALYSISStrengths- Internal attributes that are helpful to

the organization to achieving its objective

Weaknesses – Internal attributes that are harmful

to the organization to achieving its objective

Opportunities –External factors that help the

organization achieve its objective

Threats -External factors that are harmful to the

organization to achieving its objective

SWOT OF KOTAK MAHINDRA OLD

MUTUAL LIFE INSURANCE

STRENGTH WEAKNESS

State of art Actuarial I.T Infrastructure

Has network across 300 towns

Innovative Product range with

transparent practices

The company covers over 3 million

customers and is one of the fastest

growing insurance companies in India

Lack of presence in various parts of

country

Limited Advertising and low brand

visibility as compared to leading

competitors

OPPORTUNITY THREAT

Growing potential in the semi-urban and

rural market.

Better investment awareness amongst

the younger generation

Fluctuating economic scenarios

Entry of new NBFCs in the sector

increasing competition

STP AND COMPETITIORS OF

KOTAK LIFE INSURANCE

Segmentation Targeting Positioning

Segmentation Personal and Group Insurance

Target Group Urban and Rural Investors

Positioning Complete Insurance and financial solutions

Competitors

Competitors SBI Life Insurance

Sahara Life Insurance

Birla Life Insurance

FINDINGS

AND

SUGGESTIONS

• Innovative Product range with transparent practices

• The company covers over 3 million customers and is one of the fastest growing insurance companies in India

• Growing potential in the semi-urban and rural market.

• Better investment awareness amongst the younger generation

FINDINGS

• Due to lack of presence in various parts of country it haven’t wide range.

• Limited Advertising and low brand visibility as compared to leading competitors so it should improve advertising styles.

SUGGESTIONS