Description
very good and easy to understand project report
A Project Report on
MARKETING TECHNIQUES
OF
SHRIRAM GENERAL INSURANCE
CO. LTD.
Project submitted in partial fulfillment for the award of the Degree of
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED BY:
MEGHESH GUPTA
1MB!""#1$
DEC%ARATION BY STUDENT
I here by declare that this pr!ect Reprt titled MAR"ETING TECHNI#UES O$ Shrira%
Ge&eral i&s'ra&ce C. Ltd. s'b%itted by %e t the depart%e&t ( %a&a)e%e&t *++++ is a
b&a(ide ,r- '&derta-e& by %e a&d it is &t s'b%itted t a&y ther '&i.ersity r i&stit'ti&
(r the a,ard t a&y de)ree /dipl%a/certi(icate r p'blished a&y ti%e be(re.
0
MEGHESH GUPTA
1
ACKNO&%EDGEMENT
A s'ccess('l pr!ect ,r- is a res'lt ( the r)a&i2ed a&d ,ell3crdi&ated
tea%,r-* s at the c%pleti& ( the pr!ect.
The prese&tati& ( the reprt i& the ,ay re4'ired has bee& %ade pssible by
the ,ay ( c&trib'ti& ( .ari's peple. The c%pleti& ( this pr!ect reprt
titled MAR"ETING TECHNI#UES O$ SHRIRAM GENERAL INSURANCE
CO. LTD. 5bri&)s t e+press tha&-s t &e a&d all ( thse ,h helped
al&) the ,ay. I ta-e this pprt'&ity t tha&- MR'MUKESH SONI (r his
.al'able ad.ice a&d directi& ,hich he pr.ided t %e d'ri&) the c'rse ( %y
pr!ect. I a% als )rate('l t all the %e%bers 6 the (ac'lty ( clle)e (r their
c&sta&t s'pprt a&d i&spirati& thr')h't the li(espa& ( the pr!ect.
I e+press %y deep se&se ( )ratit'de a&d si&cere tha&-s t %y pr!ect )'ide
PROF' (r her c&sta&t )'ida&ce* c3perati& a&d ad.ice* ,hich helped %e i&
c%pleti&) the pr!ect s'ccess('lly.
I ,'ld als li-e t ac-&,led)e %y si&cere )ratit'de t the Directr (
My i&stit'ti& Mr' (r his %ti.ati&
Last b't &t the least* I ,'ld li-e t tha&- all %y (a%ily %e%bers a&d (rie&ds
(r their c&sta&t cperati& a&d i&spirati& a&d direct r i&direct help ,ith't
,hich this pr!ect c'ld &t be c%pleted.
MEGHESH GUPTA
7
E"ECUTI(E SUMMARY
I&s'ra&ce is &t the sale ( prd'cts* b't ser.ici&) c'st%ers. It is a syste%* by
,hich the lsses s'((ered by a (e, are spread .er %a&y* E+psed t si%ilar
ris-s. I&s'ra&ce is a prtecti& a)ai&st (i&a&cial lss arisi&)8 & the happe&i&) (
a& '&e+pected e.e&t. I&s'ra&ce c%pa&ies cllect pre%i'%s t pr.ide (r this
prtecti&. A lss is paid 't ( the pre%i'%s cllected (r% the i&s'ri&) p'blic
a&d the I&s'ra&ce C%pa&ies act as tr'stees t the a%'&t cllected. The .ery
('&da%e&tal pri&ciple ( spreadi&) ( the ris- is act'ally practiced by the
i&s'ra&ce c%pa&ies by rei&s'ri&) the ris-s that they ha.e i&s'red. The pe&i&)
'p ( the I&s'ra&ce Sectr t Pri.ate C%pa&ies* has %ade a.ailable %re
prd'cts a&d ,rld class ser.ice t I&dia& C'st%er. This pr!ect has bee& %ade
,ith a& b!ecti.e t )i.e a& i&si)ht i&t .ari's (acts ( Ge&eral I&s'ra&ce sectr
i& I&dia. A& atte%pt has bee& %ade t e+plai& the ape+ bdy ( Ge&eral
I&s'ra&ce i.e.
Ge&eral I&s'ra&ce Crprati& ( I&dia* its str'ct're* prd'cts a&d s'bsidiaries.
Als the re.ie, ( latest e&tra&ts i&t i&s'ra&ce sectr .i2 pri.ate players li-e
TATA AIG Ge&eral I&s'ra&ce C%pa&y* Shrira% Ge&eral I&s'ra&ce C. Ltd. *
Relia&ce Ge&eral I&s'ra&ce C%pa&y li%ited* 9a!a! Allia&2 Ge&eral I&s'ra&ce
C%pa&y* I$$CO T-i Ge&eral I&s'ra&ce C%pa&y* Ryal S'&dara% Ge&eral
I&s'ra&ce C%pa&y li%ited a&d ICICI L%bard Ge&eral I&s'ra&ce C%pa&y
ha.e bee& described i& brie(* D'e t the )r,th i& the tech&l)ical sectr ( the
c'&try* the i&s'ra&ce c%pa&ies ha.e started 'tili2i&) these tech&l)ies t it:s
pti%'% le.el.
;
PRO!ECT REPORT ON
MARKETING TECHINQUES OF SHRIRAM GENERA%
INSURANCE CO' %TD'
MASTER OF BUSSINESS ADMINSTRATION
CHAPTER 31
? INTRODUCTION
? LEVEL OF MARKETING
? PRINCIPAL AND TECHNIQUE OF MARKETING
? INSURANCE BUSINESS
? PRINCIPAL OF INSURANCE
? AGENTS INVOLVED IN MARKETING
? BENEFITS AND CHALLENGES
CHAPTER 37
? INDUSTRY PROFILE
? COMPANY PROFILE
? PRODUCT PROFILE
CHAPTER 3;
? RESEARCH METHODLOGY
? METHODS OF RESEARCH
? OBJECTIVES OF THE STUDY
? LIMITATIONS OF THE STUDY
CHAPTER 3<
? DATA ANALYSIS
? INTERPRETATION
? QUESTIONNAIRE ANALYSIS
CHAPTER 3=
<
? FINDINGS & SUGEESTIONS
? SUMMAR> AND CONCLUSION
?
• BIBLOGRAPHY
• QUESTIONNAIRE
=
CHAPTER)I
GENERA%
INTRODUCTION
MEANING AND DEFINITIONS OF MARKETING:
?
M*r+et,n- is a scietal prcess ,hich discer&s c&s'%ers@ ,a&ts* (c'si&) & a prd'ct r
ser.ice t ('l(ill thse ,a&ts* atte%pti&) t %ld the c&s'%ers t,ard the prd'cts r
ser.ices ((ered. Mar-eti&) is ('&da%e&tal t a&y b'si&esses )r,th. The %ar-eti&) tea%s
A%ar-etersB are tas-ed t create c&s'%er a,are&ess ( the prd'cts r ser.ices thr')h
%ar-eti&) tech&i4'es. U&less it pays d'e atte&ti& t its prd'cts a&d ser.ices a&d
c&s'%ers@ de%)raphics a&d desires* a b'si&ess ,ill &t 's'ally prsper .er ti%e.
Mar-eti&) te&ds t be see& as a creati.e i&d'stry* ,hich i&cl'des ad.ertisi&)* distrib'ti&
a&d selli&). It is als c&cer&ed ,ith a&ticipati&) the c'st%ers@ ('t're &eeds a&d ,a&ts*
,hich are (te& disc.ered thr')h %ar-et research. Esse&tially* %ar-eti&) is the prcess (
creati&) r directi&) a& r)a&i2ati& t be s'ccess('l i& selli&) a prd'ct r ser.ice that
peple &t &ly desire* b't are ,illi&) t b'y.
There(re )d %ar-eti&) %'st be able t create a Cprpsiti&C r set ( be&e(its (r the e&d
c'st%er that deli.ers .al'e thr')h prd'cts r ser.ices. A %ar-et3(c'sed* r c'st%er3
(c'sed* r)a&i2ati& (irst deter%i&es ,hat its pte&tial c'st%er:s desire* a&d the& b'ilds
the prd'ct r ser.ice. Mar-eti&) thery a&d practice is !'sti(ied i& the belie( that c'st%ers
'se a prd'ct r ser.ice beca'se they ha.e a &eed* r beca'se it pr.ides a percei.ed be&e(it.
“Two major factors of marketing are the recruitment of new customers (acquisition) and
the retention and expansion of relationships with existing customers (base management)”.
O&ce a %ar-eter has c&.erted the prspecti.e b'yer* base %a&a)e%e&t %ar-eti&) ta-es
.er. The prcess (r base %a&a)e%e&t shi(ts the %ar-eter t b'ildi&) a relati&ship*
&'rt'ri&) the li&-s* e&ha&ci&) the be&e(its that sld the b'yer i& the (irst place* a&d
i%pr.i&) the prd'ct/ser.ice c&ti&''sly t prtect the b'si&ess (r% c%petiti.e
e&crach%e&ts
“For a marketing plan to be successful the mix of the four !"s! must reflect the wants
and desires of the consumer s or #hoppers in the target market.”
Tryi&) t c&.i&ce a %ar-et se)%e&t t b'y s%ethi&) they d&@t ,a&t is e+tre%ely
e+pe&si.e a&d seld% s'ccess('l. Mar-eters depe&d & i&si)hts (r% %ar-eti&) research*
D
bth (r%al a&d i&(r%al* t deter%i&e ,hat c&s'%ers ,a&t a&d ,hat they are ,illi&) t
pay (r it. Mar-eters hpe that this prcess ,ill )i.e the% a s'stai&able c%petiti.e
ad.a&ta)e. Mar-eti&) %a&a)e%e&t is the practical applicati& ( this prcess. The ((er is
als a& i%prta&t additi& t the <P@s thery.
THE A%erica& Mar-eti&) Assciati& AAMAB states*
“$arketing is the acti%it& set of institutions and processes for creating
communicating deli%ering and exchanging offerings that ha%e %alue for
customers clients partners and societ& at large.!.
%E(E%S OF MARKETING
#trategic marketing atte%pts t deter%i&e h, a& r)a&i2ati& c%petes a)ai&st its
c%petitrs i& a %ar-et place. I& partic'lar* it ai%s at )e&erati&) a c%petiti.e
ad.a&ta)e relati.e t its c%petitrs
'perational marketing e+ec'tes %ar-eti&) ('&cti&s t attract a&d -eep c'st%ers
a&d t %a+i%i2e the .al'e deri.ed (r the%* as ,ell as t satis(y the c'st%er ,ith
pr%pt ser.ices a&d %eeti&) the c'st%er e+pectati&s. Operati&al Mar-eti&)
i&cl'des the deter%i&ati& ( the %ar-eti&) %i+ A< PsB
PRINCIP%ES AND TECHNIQUES OF MARKETING .$P/S0 1P/S2
1' $P/3 OF MARKETING:
"roduct( The prd'ct aspects ( %ar-eti&) deal ,ith the speci(icati&s ( the act'al
)ds r ser.ices* a&d h, it relates t the e&d3'ser@s &eeds a&d ,a&ts. The scpe ( a
prd'ct )e&erally i&cl'des s'pprti&) ele%e&ts s'ch as ,arra&ties* )'ara&tees* a&d s'pprt.
"ricing(
E
This re(ers t the prcess ( setti&) a price (r a prd'ct* i&cl'di&) disc'&ts. The
price &eed &t be %&etary 3 it ca& si%ply be ,hat is e+cha&)ed (r the prd'ct r
ser.ices* e.). ti%e* e&er)y* psychl)y r atte&ti&
"romotion8
This i&cl'des ad.ertisi&)* sales pr%ti&* p'blicity* a&d pers&al selli&)* bra&di&)
a&d re(ers t the .ari's %ethds ( pr%ti&) the prd'ct* bra&d* r c%pa&y
"lacement (or distribution)(
Re(ers t h, the prd'ct )ets t the c'st%erF (r e+a%ple* pi&t ( sale place%e&t
r retaili&). This ('rth P has als s%eti%es bee& called Place* re(erri&) t the
cha&&el by ,hich a prd'ct r ser.ices is sld Ae.). &li&e .s. retailB* ,hich
)e)raphic re)i& r i&d'stry* t ,hich se)%e&t Ay'&) ad'lts* (a%ilies* b'si&ess
pepleB* etc
These ('r ele%e&ts are (te& re(erred t as the %ar-eti&) %i+* ,hich a %ar-eter ca& 'se t
cra(t a %ar-eti&) pla&. The ('r Ps %del is %st 'se('l ,he& %ar-eti&) l, .al'e
c&s'%er prd'cts. I&d'strial prd'cts* ser.ices* hi)h .al'e c&s'%er prd'cts re4'ire
ad!'st%e&ts t this %del. Ser.ices %ar-eti&) %'st acc'&t (r the '&i4'e &at're (
ser.ices. I&d'strial r 979 %ar-eti&) %'st acc'&t (r the l&) ter% c&tract'al a)ree%e&ts
that are typical i& s'pply chai& tra&sacti&s. Relati&ship %ar-eti&) atte%pts t d this by
l-i&) at %ar-eti&) (r% a l&) ter% relati&ship perspecti.e rather tha& i&di.id'al
tra&sacti&.
4' 1 P/3 OF MARKETING:
"eople( A&y pers& c%i&) i&t c&tact ,ith c'st%ers ca& ha.e a& i%pact & .erall
satis(acti&. Ghether as part ( a s'pprti&) ser.ice t a prd'ct r i&.l.ed i& a ttal
Ser.ice* peple are partic'larly i%prta&t beca'se* i& the c'st%er@s eyes* they are )e&erally
i&separable (r% the ttal ser.ice . As a res'lt ( this* they %'st be apprpriately trai&ed*
H
,ell %ti.ated a&d the ri)ht type ( pers&. $ell, c'st%ers are als s%eti%es re(erred t
'&der @peple@* as they t ca& a((ect the c'st%er@s ser.ice e+perie&ce* Ae.).* at a sprti&)
e.e&t.B
"rocess(
This is the prcessAesB i&.l.ed i& pr.idi&) a ser.ice a&d the beha.ir ( peple*
,hich ca& be cr'cial t c'st%er de%&strati&s.
"h&sical e%idence(
U&li-e a prd'ct* a ser.ice ca&&t be e+perie&ced be(re it is deli.ered* ,hich %a-es
it i&ta&)ible. This* there(re* %ea&s that pte&tial c'st%ers c'ld percei.e )reater
ris- ,he& decidi&) ,hether t 'se a ser.ice. T red'ce the (eeli&) ( ris-* th's
i%pr.i&) the cha&ce (r s'ccess* it is (te& .ital t ((er pte&tial c'st%ers the
cha&ce t see ,hat a ser.ice ,'ld be li-e. This is d&e by pr.idi&) physical
e.ide&ce* s'ch as case st'dies* testi%&ial r de%&strati&s.
"ersonali)ation(
It is here re(ered c'st%i2ati& ( prd'cts a&d ser.ices thr')h the 'se ( the
I&ter&et. Early e+a%ples i&cl'de Dell &3li&e a&d A%a2&.c%* b't this c&cept is
('rther e+te&ded ,ith e%er)i&) scial %edia a&d ad.a&ced al)rith%s. E%er)i&)
tech&l)ies ,ill c&ti&'e t p'sh this idea (r,ard
"articipation(
This is t all, c'st%er t participate i& ,hat the bra&d sh'ld sta&d (rF ,hat
sh'ld be the prd'ct directi&s a&d e.e& ,hich ads t r'&. This c&cept is layi&) the
('&dati& (r disr'pti.e cha&)e thr')h de%crati2ati& ( i&(r%ati&
"eer*to*"eer( This re(ers t c'st%er &et,r-s a&d c%%'&ities ,here ad.cacy
happe&s. The histrical prble% ,ith %ar-eti&) is that it is 5i&terr'pti.eI i& &at're* tryi&) t
i%pse a bra&d & the c'st%er. This is %st appare&t i& TJ ad.ertisi&). These 5passi.e
c'st%er basesI ,ill 'lti%ately be replaced by the 5acti.e c'st%er c%%'&itiesI. 9ra&d
10
e&)a)e%e&t happe&s ,ithi& thse c&.ersati&s. P7P is &, bei&) re(erred as Scial
C%p'ti&) a&d ,ill li-ely t be the %st disr'pti.e (rce i& the ('t're ( %ar-eti&)
"redicti%e modeling(
This re(ers t &e'ral &et,r- al)rith%s that are bei&) s'ccess('lly applied i&
%ar-eti&) prble%s Abth a re)ressi& as ,ell as a classi(icati& prble%
INSURANCE BUSINESS
I&s'ra&ce b'si&ess is di.ided i& t ('r classes8
1. Li(e I&s'ra&ce
7. $ire I&s'ra&ce
;. Mari&e I&s'ra&ce
<. Miscella&e's I&s'ra&ce
INSURANCE:
A c&tract AplicyB i& ,hich a& i&di.id'al r e&tity recei.es (i&a&cial prtecti& r
rei%b'rse%e&t a)ai&st lsses (r% a& i&s'ra&ce c%pa&y. The c%pa&y pls clie&ts@ ris-s
t %a-e pay%e&ts %re a((rdable (r the i&s'red.
The act* syste%* r b'si&ess ( i&s'ri&) prperty* li(e* &e@s pers&* etc.* a)ai&st
lss r har% arisi&) i& speci(ied c&ti&)e&cies* as (ire* accide&t* death* disable%e&t* r the
li-e* i& c&siderati& ( a pay%e&t prprti&ate t the ris- i&.l.ed.
KEYMAN INSURANCE:
"ey%a& i&s'ra&ce is a& i%prta&t (r% ( b'si&ess i&s'ra&ce. There is & le)al
de(i&iti& (r Ke56*n In37r*nce. I& )e&eral* it ca& be described as a& i&s'ra&ce plicy
ta-e& 't by a b'si&ess t c%pe&sate that b'si&ess (r (i&a&cial lsses that ,'ld arise (r%
the death r e+te&ded i&capacity ( the %e%ber ( the b'si&ess speci(ied & the plicy. The
11
plicy:s ter% des &t e+te&d bey&d the perid ( the -ey pers&:s 'se('l&ess t the
b'si&ess. The ai% is t c%pe&sate the b'si&ess (r lsses a&d (acilitate b'si&ess c&ti&'ity.
"ey%a& I&s'ra&ce des &t i&de%&i(y the act'al lsses i&c'rred b't c%pe&sates ,ith a
(i+ed %&etary s'% as speci(ied & the i&s'ra&ce plicy.
E"AMP%E 83
A si%ple e+a%ple ,ill %a-e 6e*n,n- o8 ,n37r*nce easy t '&dersta&d. A bi-er is
al,ays s'b!ected t the ris- ( head i&!'ry. 9't it is &t certai& that the accide&t ca'si&) hi%
the head i&!'ry ,'ld de(i&itely cc'r. Still peple ridi&) bi-es c.er their heads ,ith a
hel%et. This hel%et i& s'ch cases act as i&s'ra&ce by prtecti&) hi%/her (r% the c&ti&)e&t
accide&t a&d the 'lti%ate da&)er.
Th')h lss ( li(e r i&!'ries ca&&t be %eas'red i& (i&a&cial ter%s* still i& this
%aterialistic ,rld it is 4'a&ti(iable ,hich tries t c%pe&sate the pte&tial ('t're lss
(i&a&cially. Me*n,n- o8 In37r*nce ca& be de(i&ed as the prcess ( rei%b'rsi&) r
prtecti&) a pers& (r% c&ti&)e&t ris- ( lsses thr')h (i&a&cial %ea&s.
PRINCIP%ES OF INSURANCE
1 A 9*r-e n76:er o8 ;o6o-eneo73 e<po37re 7n,t38
The .ast %a!rity ( i&s'ra&ce plicies are pr.ided (r i&di.id'al %e%bers (
.ery lar)e classes. A't%bile i&s'ra&ce* (r e+a%ple* c.ered ab't 1D= %illi&
a't%biles i& the U&ited States i& 700<. The e+iste&ce ( a lar)e &'%ber (
h%)e&e's e+ps're '&its all,s i&s'rers t be&e(it (r% the s3called 5la, (
lar)e &'%bersI ,hich i& e((ect states that as the &'%ber ( e+ps're '&its i&creases*
the act'al res'lts are i&creasi&)ly li-ely t bec%e clse t e+pected res'lts.
There are e+cepti&s t this criteri&. Llyd@s ( L&d& is (a%'s (r i&s'ri&)
the li(e r health ( actrs* actresses a&d sprts (i)'res. Satellite La'&ch i&s'ra&ce
c.ers e.e&ts that are i&(re4'e&t. Lar)e c%%ercial prperty plicies %ay i&s're
e+cepti&al prperties (r ,hich there are & Kh%)e&e's: e+ps're '&its.
LL
4 De8,n,te %o33 8
17
The e.e&t that )i.es rise t the lss that is s'b!ect t i&s'ra&ce sh'ld* at least
i& pri&ciple* ta-e place at a -&,& ti%e* i& a -&,& place* a&d (r% a -&,& ca'se.
The classic e+a%ple is death ( a& i&s'red & a li(e i&s'ra&ce plicy. $ire* a't%bile
accide&ts* a&d ,r-er i&!'ries %ay all easily %eet this criteri&. Other types ( lsses
%ay &ly be de(i&ite i& thery. Occ'pati&al disease* (r i&sta&ce* %ay i&.l.e
prl&)ed e+ps're t i&!'ri's c&diti&s ,here & speci(ic ti%e* place r ca'se is
ide&ti(iable. Ideally* the ti%e* place a&d ca'se ( a lss sh'ld be clear e&')h that a
reas&able pers&* ,ith s'((icie&t i&(r%ati&* c'ld b!ecti.ely .eri(y all three
ele%e&ts.
=
Acc,>ent*9 %o338
The e.e&t that c&stit'tes the tri))er ( a clai% sh'ld be (rt'it's* r at least
'tside the c&trl ( the be&e(iciary ( the i&s'ra&ce. The lss sh'ld be Kp're*: i& the
se&se that it res'lts (r% a& e.e&t (r ,hich there is &ly the pprt'&ity (r cst.
E.e&ts that c&tai& spec'lati.e ele%e&ts* s'ch as rdi&ary b'si&ess ris-s* are )e&erally
&t c&sidered i&s'rable.
$ %*r-e %o33:
The si2e ( the lss %'st be %ea&i&)('l (r% the perspecti.e ( the i&s'red.
I&s'ra&ce pre%i'%s &eed t c.er bth the e+pected cst ( lsses* pl's the cst (
iss'i&) a&d ad%i&isteri&) the plicy* ad!'sti&) lsses* a&d s'pplyi&) the capital
&eeded t reas&ably ass're that the i&s'rer ,ill be able t pay clai%s. $r s%all
lsses these latter csts %ay be se.eral ti%es the si2e ( the e+pected cst ( lsses.
There is little pi&t i& payi&) s'ch csts '&less the prtecti& ((ered has real .al'e t
a b'yer.
? A88or>*:9e Pre6,76:
I( the li-elihd ( a& i&s'red e.e&t is s hi)h* r the cst ( the e.e&t s
lar)e* that the res'lti&) pre%i'% is lar)e relati.e t the a%'&t ( prtecti& ((ered* it
is &t li-ely that a&y&e ,ill b'y i&s'ra&ce* e.e& i( & ((er. $'rther* as the acc'&ti&)
pr(essi& (r%ally rec)&i2es i& (i&a&cial acc'&ti&) sta&dards* the pre%i'%
ca&&t be s lar)e that there is &t a reas&able cha&ce ( a si)&i(ica&t lss t the
i&s'rer. I( there is & s'ch cha&ce ( lss* the tra&sacti& %ay ha.e the (r% (
i&s'ra&ce* b't &t the s'bsta&ce.
1;
# C*9c79*:9e %o33 8
There are t, ele%e&ts that %'st be at least esti%able* i( &t (r%ally
calc'lable8 the prbability ( lss* a&d the atte&da&t cst. Prbability ( lss is
)e&erally a& e%pirical e+ercise* ,hile cst has %re t d ,ith the ability ( a
reas&able pers& i& pssessi& ( a cpy ( the i&s'ra&ce plicy a&d a pr( ( lss
assciated ,ith a clai% prese&ted '&der that plicy t %a-e a reas&ably de(i&ite a&d
b!ecti.e e.al'ati& ( the a%'&t ( the lss rec.erable as a res'lt ( the clai%.
1 %,6,te> r,3+ o8 c*t*3trop;,c*995 9*r-e 9o33e38
The esse&tial ris- is (te& a))re)ati&. I( the sa%e e.e&t ca& ca'se lsses t
&'%er's plicyhlders ( the sa%e i&s'rer* the ability ( that i&s'rer t iss'e plicies
bec%es c&strai&ed* &t by (actrs s'rr'&di&) the i&di.id'al characteristics ( a
)i.e& plicyhlder* b't by the (actrs s'rr'&di&) the s'% ( all plicyhlders s
e+psed.
Typically* i&s'rers pre(er t li%it their e+ps're t a lss (r% a si&)le e.e&t
t s%e s%all prti& ( their capital base* & the rder ( = perce&t. Ghere the lss
ca& be a))re)ated* r a& i&di.id'al plicy c'ld prd'ce e+cepti&ally lar)e clai%s*
the capital c&strai&t ,ill restrict a& i&s'rer:s appetite (r additi&al plicyhlders.
The classic e+a%ple is earth4'a-e i&s'ra&ce* ,here the ability ( a& '&der,riter t
iss'e a &e, plicy depe&ds & the &'%ber a&d si2e ( the plicies that it has already
'&der,ritte&.
AGENTS IN(O%(ED IN MARKETING:
+ommission agents ,r- (r a&y&e ,h &eeds their ser.ices. They d &t ac4'ire
,&ership ( )ds b't recei.e del credere c%%issi&
,u&ing agents b'y )ds & behal( ( prd'cers a&d retailers. They ha.e a& e+pert
-&,led)e ( the p'rchasi&) ('&cti&s
#elling agents act & a& e+te&ded c&tract'al basis* selli&) all ( the prd'cts ( the
%a&'(act'rer. They ha.e ('ll a'thrity re)ardi&) price a&d ter%s ( sale.
,rokers speciali2e i& the sale ( &e speci(ic prd'ct. They recei.e a br-era)e
1<
Bene8,t3 *n> C;*99en-e3:
S'r.eys all, a& r)a&i2ati& t 4'ic-ly capt're .ital i&(r%ati& ,ith relati.ely little
e+pe&se a&d e((rt. A pri%ary ad.a&ta)e ( this %ethd is its direct&ess8 5the p'rpse is clear
a&d the resp&ses strai)ht(r,ard.I Additi&ally* the i&(r%ati& )athered by s'r.eys ca&
easily be a&aly2ed a&d 'sed t ide&ti(y tre&ds .er ti%e. The p'blic .ie,s c&s'%er prd'ct
plls a&d pllsters i& a )e&erally psiti.e %a&&er c%pared t plitical a&d ther plls. O&e
st'dy ('&d that at least si+ty perce&t ( the p'blic (eels that %ar-et research ab't prd'cts
a&d ser.ices has a psiti.e i%pact & sciety. Se.e&ty perce&t c&sider the peple ,h
c&d'ct s'ch s'r.eys t ha.e psiti.e i%pacts & sciety.
A %a!r disad.a&ta)e ( c'st%er s'r.eys is that the resp&ses %ay be i&(l'e&ced by
the %eas're%e&t itsel( thr')h .ari's (r%s ( bias. $r e+a%ple* %st s'r.eys are
.l'&tary* a&d s%e researchers ha.e ('&d di((ere&ces bet,ee& s'r.ey resp&de&ts a&d
&&3resp&de&ts. Peple ,h resp&d t s'r.eys a&s,er 4'esti&s di((ere&tly tha& thse
,h d &t resp&d* a&d late resp&ders a&s,er di((ere&tly tha& early resp&ders.
1=
CHAPTER)II
INDUSTRY PROFI%E
AND
COMPANY
INTRODUCTION
1'1 GENERA% INTRODUCTION ABOUT THE SECTOR
1?
Ghe&e.er there is '&certai&ty there is ris-. Ge d &t ha.e a&y c&trl .er '&certai&ties
,hich i&.l.es (i&a&cial lsses. The ris- %ay be certai& e.e&ts li-e death* pe&si&*
retire%e&t r '&certai& e.e&ts li-e the(t* (ire* accide&t* etc. I&s'ra&ce is a (i&a&cial ser.ice
(r cllecti&) the sa.i&)s ( the p'blic a&d pr.idi&) the% ,ith ris- c.era)e. It c%es
'&der ser.ice sectr a&d ,hile %ar-eti&) this ser.ice d'e care is ta-e& i& 4'ality prd'ct a&d
c'st%er satis(acti&. The %ai& ('&cti& ( the I&s'ra&ce is t pr.ide prtecti& a)ai&st the
pssible cha&ces ( )e&erati&) lsses. The i&s'ra&ce sectr i& I&dia has c%e a ('ll circle
(r% bei&) a& pe& c%petiti.e %ar-et t &ati&ali2ati& a&d bac- t a liberali2ed %ar-et
a)ai&. Traci&) the de.elp%e&ts i& the I&dia& i&s'ra&ce sectr re.eals the ;?03de)ree t'r&
,it&essed .er perid ( al%st t, ce&t'ries.
1'4 INDUSTRY ORIGIN
A' Ori)i& a&d De.elp%e&t ( the i&d'stry
Till M'&e* 1HD1 there ,ere ;D? c%pa&ies perati&) i& the %ar-et* bth I&dia& a&d (rei)&.
S%e c%pa&ies ,ere i& the c3perati.e sectr. The si2e ( the c%pa&ies a&d there reach
.aried t a )reat e+te&t. Ghereas %a&y c%pa&ies 'sed t '&der,rite all types ( c.ers (ire*
%ari&e 6 %iscella&e's i&s'ra&ce
The ).er&%e&t i& May* 1HD1 t- .er the '&derta-i&) ( all the
C%pa&ies as a prel'de t 'lti%ate &ati&ali2ati&. This ,as br')ht ab't '&der the
Ge&eral i&s'ra&ce b'si&ess ANati&ali2ati&B Act* 1HD7.
Th's* e((ecti.e 01/01/1HD; a si&)le hldi&) c%pa&y ,as created &a%ed as Ge&eral
I&s'ra&ce Crprati& ( I&dia* ,ith < s'bsidiaries t ta-e care ( the )e&eral i&s'ra&ce
b'si&ess perati&.
1' Br,e8 H,3tor5 o8 t;e In37r*nce Sector The b'si&ess ( li(e i&s'ra&ce i&
I&dia i& its e+isti&) (r% started i& I&dia i& the year1E1E ,ith the establish%e&t ( the
Orie&tal Li(e I&s'ra&ce C%pa&y i& "l-ata. S%e ( the i%prta&t %ilest&es i& the
i&s'ra&ce b'si&ess i& I&dia are8
1D
1@14: The I&dia& Li(e Ass'ra&ce C%pa&ies Act e&acted as the (irst stat'te t re)'late the
li(e i&s'ra&ce b'si&ess.
1@4A: The I&dia& I&s'ra&ce C%pa&ies Act e&acted t e&able the ).er&%e&t t cllect
statistical i&(r%ati& ab't bth li(e a&d &&3li(e i&s'ra&ce b'si&esses.
1@A: Earlier le)islati& c&slidated a&d a%e&ded t by the I&s'ra&ce Act ,ith the
b!ecti.e ( prtecti&) the i&terests ( the i&s'ri&) p'blic.
1@?#: I&dia& a&d (rei)& i&s'rers a&d pr.ide&t scieties ta-e& .er by the ce&tral
).er&%e&t a&d &ati&ali2ed. LIC (r%ed by a& Act ( Parlia%e&t* .i2. LIC Act* 1H=?* ,ith
a capital c&trib'ti& ( Rs. = crre (r% the G.er&%e&t ( I&dia. The Ge&eral i&s'ra&ce
b'si&ess i& I&dia* & the ther ha&d* ca& trace its rts t the Trit& I&s'ra&ce C%pa&y Ltd.*
the (irst )e&eral i&s'ra&ce c%pa&y established i& the year 1E=0 i& "l-ata by the 9ritish.
So6e o8 t;e ,6port*nt 6,9e3tone3 ,n t;e -ener*9 ,n37r*nce :73,ne33 ,n In>,* *re:
1@B1: T;e In>,*n Merc*nt,9e In37r*nce %t>' set 'p* the (irst c%pa&y t tra&sact all
classes ( )e&eral i&s'ra&ce b'si&ess.
1@?1: Gener*9 In37r*nce Co7nc,9= * C,n- o8 t;e In37r*nce A33oc,*t,on o8 In>,*= (ra%es a
cde ( c&d'ct (r e&s'ri&) (air c&d'ct a&d s'&d b'si&ess practices.
1@#A: T;e In37r*nce Act *6en>e> t re)'late i&.est%e&ts a&d set %i&i%'% sl.e&cy
%ar)i&s a&d the Tari(( Ad.isry C%%ittee set 'p.
1@14: T;e Gener*9 In37r*nce B73,ne33 .N*t,on*9,D*t,on2 Act= 1@14'Nati&ali2ed the
)e&eral i&s'ra&ce b'si&ess i& I&dia ,ith e((ect (r% 1st Ma&'ary 1HD;.
1# i&s'rers a%al)a%ated a&d )r'ped i&t ('r c%pa&ies.
The ('r s'bsidiaries (r%ed ,ere as '&der8
1. The Nati&al I&s'ra&ce C. Ltd
7. The I&dia Ass'ra&ce C. Ltd
;. The Orie&tal I&s'ra&ce C. Ltd
<. The U&ited I&dia I&s'ra&ce C. Ltd
The ('r s'bsidiary c%pa&ies perated '&der the all directi& ( the GIC.Each ( these had
al%st a si%ilar str'ct're ,ith < tiers
1E
N The bra&ch at the btt% r'&)*
N The di.isi&al ((ice*
N Re)i&al ((ice a&d
N The Head O((ice at the ape+.
B' GroCt; *n> Pre3ent 3t*t73 o8 t;e ,n>73tr5
At prese&t 7< c%pa&ies are perati&) i& )e&eral i&s'ra&ce %ar-et (r direct b'si&ess. The
('r p'blic sectr c%pa&ies %e&ti&ed ab.e a&d the (ll,i&) c%pa&ies i& the pri.ate
sectr. These pri.ate c%pa&ies ,ere (r%ed a(ter the passi&) ( the IRDA Act* 1HHH. This
re%.ed the prhibiti& e+isti&) i& the GI9NA Act relati&) t (r%ati& ( i&s'ra&ce
c%pa&ies ther tha& the ('r P'blic sectr c%pa&ies.
T;e co6p*n,e3 ,n t;e pr,E*te 3ector *re
1. Shrira% Ge&eral i&s'ra&ce C. Ltd.
7. 9a!a! Allia&2 Ge&eral I&s'ra&ce C. Ltd.
;. Chla%a&dala% Ge&eral I&s'ra&ce C. Ltd.
<. HD$C Ch'bb Ge&eral I&s'ra&ce C. Ltd.
=. ICICI LOM9ARD Ge&eral I&s'ra&ce C. Ltd.
?. I$$OCO T-y Ge&eral I&s'ra&ce C. Ltd.
D. Relia&ce Ge&eral I&s'ra&ce C. Ltd.
E. Ryal S'&dara% Allia&ce I&s'ra&ce C. Ltd.
H. Tata AIG Ge&eral I&s'ra&ce C. Ltd.
The Ge&eral I&s'ra&ce Crprati& is &, &ly Rei&s'ra&ce C%pa&y a&d perates as the
Nati&al Rei&s'res. There are h,e.er* s%e c%pa&ies i& the %ar-et* ,hich are (r%ed (r
a speci(ic p'rpse &ly.
Depo3,t ,n37r*nce co6p*n5
1H
T ta-e care ( lss s'((ered by the depsitrs ( a ba&-
N E+prts Credit G'ara&tee Crprati& 3 this ta-es care ( the credit ris-* ,hich e+prters
(ace i& respect ( the )ds e+prted.
N A)ric'lt'ral I&s'ra&ce Crprati& t ta-e care ( crp i&s'ra&ce a&d allied ris-s.
N There are als i&s'ra&ce depart%e&ts i& s%e ( the states.
The ('r p'blic sectr a&d the E pri.ate sectr c%pa&ies are a'thri2ed t ha&dle direct
b'si&ess as ,ell as rei&s'ra&ce b'si&ess* bth i&,ard 't,ard. The b'yers ( i&s'ra&ce
,'ld be prperty ,&ers* (actry ,&ers* traders* .ehicle ,&ers* c%%ercial
establish%e&ts* pr(essi&als etc. I& (act the ,hle pp'lati& c'ld dee% as pte&tial
cst'%ers (r i&s'ra&ce ( &e type r a&ther.
I&dia@s i&s'ra&ce sectr is 2%i&) t sh, a& '&precede&ted pr)ressi.e )r,th ( %re
tha& 700O by the perid ( 700H317. The Assciated Cha%bers ( C%%erce a&d I&d'stry
( I&dia has clc-ed 't the (act that d'ri&) this perid* pri.ate players i& the i&d'stry ,ill
see a )r,th ( ab't 1<0 per ce&t* ,i&) t the adpti& ( the a))ressi.e %ar-eti&)
tech&i4'es i& c%paris& ( the )r,th rate ( ;=3<0 per ce&t achie.ed by the state ,&ed
i&s'ra&ce c%pa&ies. The cha%ber is e+pected t pise the b'si&ess ( i&s'ra&ce t reach at
Rs.7000 billi&s i& c%i&) 7 years (r% the prese&t le.el ( Rs. =00 billi&. Gith the res'lt
( adpti& ( the i&te&se %ar-eti&) strate)ies by the pri.ate players* the decli&ati& has
bee& ,it&essed i& respect ( the share ( the state ,&ed i&s'ra&ce c%pa&ies capt'red i&
the %ar-et.
The %ar-et share (all't has bee& &ticed i& c&te+t ( s'ch c%pa&ies li-e GIC* LIC*
,hich ha.e c%e d,& t &early D0 per ce&t i& the past <3= years (r% the HDper ce&t. The
e+perts ha.e (re casted the %re se.ere c%petiti& i& the i&s'ra&ce sectr li-ely t be
cc'rred i& the &ear ('t're. Till rece&tly* i&s'ra&ce sectr ,as %a!rity dri.e& by the
).er&%e&t sectr players b't &, %a&y pri.ate sectr %'lti&ati&al players ha.e c%e i&t
the pict're. Li-e HD$C* ICICI L%bard* SGI* Ryal S'&dra%* Tata AIG* etc. I&s'ra&ce
70
sectr has bee& characteri2ed as the b%i&) sectr ( the I&dia& are&a* ,hich has sh,& the
)r,th rate ( %re tha& 1= perce&t t 70 per ce&t. I&s'ra&ce i& I&dia is p't '&der the (ederal
s'b!ect a&d is ).er&ed by the I&s'ra&ce Act* 1H;E* the Li(e I&s'ra&ce Crprati& Act*
1H=? a&d Ge&eral I&s'ra&ce 9'si&ess ANati&ali2ati&B Act* 1HD7* I&s'ra&ce Re)'latry a&d
De.elp%e&t A'thrity AIRDAB Act* 1HHH a&d by .ari's ther acts.
Tday I&s'ra&ce C%pa&ies i& I&dia ha.e )r,& %ai& (ld. The i&s'ra&ce sectr i& I&dia
has sh,& i%%e&se )r,th pte&tial. E.e& tday a )ia&t share ( I&dia& pp'lati& &early
E0O is &t '&der li(e i&s'ra&ce c.era)e* let al&e health a&d &&3li(e i&s'ra&ce plicies.
This clearly i&dicates the pte&tial (r i&s'ra&ce c%pa&ies: t )r, their %ar-et i& I&dia. I&
1HHH* .ari's re(r%s ,ere s'))ested i& the i&s'ra&ce i&d'stry i& I&dia. This has cha&)ed a
lt ( thi&)s (r the i&s'ra&ce c%pa&ies: i& I&dia. These re(r%s ,ere8
9ri&)i&) d,& ( the ).er&%e&t sta-e hldi&) t =0O.O&ly the pri.ate c%pa&ies ,ith a
%i&i%'% capital ( Rs.100 crers sh'ld be all,ed t e&ter the i&s'ra&ce sectr. N
i&s'ra&ce c%pa&y ca& deal i& bth li(e a&d &&3li(e i&s'ra&ce '&der the sa%e b'si&ess
e&tity.
$rei)& I&s'ra&ce C%pa&ies ca& e&ter I&dia &ly i& cllabrati& ,ith d%estic i&s'ra&ce
c%pa&ies I&terest sh'ld be paid & delays ( pay%e&ts by the i&s'ra&ce c%pa&ies i& case
( &&3settle%e&t ( i&s'ra&ce clai%s. A&d %a&y %re t bri&) )reater (reed% a&d a ,ell3
pla&&ed re)'lati& t the i&s'ra&ce c%pa&ies i& I&dia
Th')h* the e+isti&) r'le says that a (rei)& part&er ca& hld 7?O e4'ity i& a& i&s'ra&ce
c%pa&y* a prpsal t i&crease this li%it t <HO is pe&di&) ,ith the ).er&%e&t. Si&ce
pe&i&) 'p ( the i&s'ra&ce sectr i& 1HHH* (rei)& i&.est%e&ts ( Rs. E.D billi& ha.e
p'red i&t the I&dia& %ar-et a&d 77 pri.ate c%pa&ies ha.e bee& )ra&ted lice&ses.
The de%a&d (r health i&s'ra&ce c.ers has see& a healthy i&crease* a&d tday the sectr is
the (astest )r,i&) se)%e&t i& the &&3li(e i&s'ra&ce i&d'stry i& I&dia* ,hich )re, at .er
<0O last year. It is als e%er)i&) as a& i&creasi&)ly si)&i(ica&t li&e ( b'si&ess (r li(e
i&s'ra&ce c%pa&ies. Ghile this rate ( )r,th appears t be .ery healthy* it is & a l,
71
base* a&d health i&s'ra&ce pe&etrati& i& the c'&try c&ti&'es t be l,. O&ly ab't 7=
%illi& pers&s are prese&tly c.ered (r health thr')h c%%ercial i&s'ra&ce* i& a c'&try
( .er 1.1 billi& peple. O.erall* the I&dia& health sectr is still characteri2ed by the &ear
abse&ce ( a&y si)&i(ica&t ris- prtecti& a)ai&st %a!r health3related e+pe&dit're
1'$ SOME P%AYERS IN THE INDUSTRY:
%,8e In37r*nce Gener*9 In37r*nce
%,8e In37r*nce Corpor*t,on o8 In>,*'
1' Gener*9 In37r*nce Corpor*t,on o8 In>,*'
4' Or,ent*9 In37r*nce Co6p*n5 %t>'
' NeC In>,* A337r*nce Co6p*n5 %t>'
$' N*t,on*9 In37r*nce Co6p*n5 %t>'
?' Un,te> In>,* In37r*nce Co6p*n5 %t>'
NeC Entr*nt3
Ro5*9 S7n>*r*6 A99,*nce In37r*nce
Co6p*n5 %t>'
B*j*j A99,*nD Gener*9 In37r*nce Co6p*n5 %t>
T*t* AIG %,8e In37r*nce Corpor*t,on %t>' Re9,*nce Gener*9 In37r*nce Co6p*n5 %t>'
ING (535* %,8e In37r*nce Corpor*t,on %t>' T*t* AIG Gener*9 In37r*nce Co6p*n5 %t>'
O6 Kot*+ M*;,n>r* %,8e In37r*nce
Corpor*t,on %t>
ICICI Pr7>ent,*9 9,8e ,n37r*nce %t>'
S;r,r*6 Gener*9 In37r*nce Co' %t>
1'1 COMPANY PROFI%E
77
I& tday:s a)e ( c&s'%eris%* i&s'ra&ce re4'ire%e&ts ha.e e+pa&ded t -eep pace ,ith the
i&creasi&) ris-s. Tday ,e ha.e ,ide assrt%e&t ( ris- c.era)e c%%e&ci&) (r% ra&s%
t ,eddi&)* shps t assets* tra.el t .ehicles etcP. Ge&eral I&s'ra&ce c%pa&ies ha.e
,illi&)ly catered t these i&creasi&) de%a&ds a&d ha.e ((ered plethra ( i&s'ra&ce c.ers
that al%st c.er a&ythi&) a&d e.erythi&) '&der the s'&.
He&ce (reseei&) the Ge&eral I&s'ra&ce b'si&ess as a S'&rise I&d'stry* Shrira% Gr'p has
e&tered i&t this b'si&ess a&d as a res'lt Shrira% Ge&eral I&s'ra&ce ca%e i&t e+iste&ce. Up
t Sept 7017 it ,as a D<87? Mi&t Je&t're bet,ee& Shrira% Capital Ltd. a&d Sa&la% Li%ited
AS'th A(ricaB.. SANLAM is a leadi&) $i&a&cial Ser.ices Gr'p ( S'th A(rica ,ith a
%ar-et capitali2ati& ( %re tha& Q? billi&* established i& 1H1E a&d the Gr'p
de%'t'alised i& 1HHE. SANTAM is a part ( Sa&la% Li%ited* ,hich is e&)a)ed i& shrt3ter%
i&s'ra&ce cl'ster a&d is the leadi&) shrt3ter% i&s'ra&ce c%pa&y i& S'th A(rica. Si&ce
Septe%ber 7017* the sta-e ( Sa&la% Li%ited AS'th A(ricaB has bee& tra&s(erred t Shrira%
Capital Ltd. The .erall tea% ( SGI i&cl'des y'&) a&d .ibra&t se&ir e+ec'ti.es (
i&s'ra&ce d%ai& t ha&dle U&der,riti&) a&d Clai% %atters.
The b'si&ess philsphy ( Shrira% Ge&eral I&s'ra&ce is t ser.e the lar)est &'%ber (
c%%& peple A5Aa% Ad%iIB. The Gr'p:s c&ti&'ed (c's & addressi&) c'st%er &eeds*
&'rt'ri&) tale&t a&d bri&)i&) a h%e )r,& tech&l)y plat(r% ,hile deli.eri&) t the
'&derser.ed se)%e&ts ( the ec&%y* has e&s'red str&) )r,th 6 s'stai&ability (r .er ;
decades. The Gr'p:s .isi& is ser.i&) t the '&derser.ed a&d creati&) .al'e at the btt% (
the Pyra%id.
SGI is rede(i&i&) the ser.ice para%eters ( Ge&eral I&s'ra&ce I&d'stry by e&s'ri&) that each
e%plyee '&dersta&ds the Sl)a& 59E INSUREDP REST ASSUREDI i& its spirit a&d the
c'st%er has a& .erall pleasa&t e+perie&ce. The c%pa&y is )i.i&) special atte&ti& t the
i&&.ati.e prd'cts a&d applicati& ( latest IT de.elp%e&ts i& its perati&s.
7;
SGI has bee& a,arded CE+celle&ce I& Gr,th A,ardC sec&d c&sec'ti.e year A7011 6
7017B
Th's* SGI is all set t bec%e the $IRST CHOICE Ge&eral I&s'ra&ce C%pa&y ( I&dia.
4'4 PROMOTERS OF THE COMPANY:
Shrira% Capital Li%ited ASCLB is the .erarchi&) hldi&) c%pa&y (r the $i&a&cial
Ser.ices a&d I&s'ra&ce e&tities ( the Shrira% Gr'p* created ,ith the pri%ary b!ecti.e (
pti%i2i&) the sy&er)ies acrss the Gr'p:s e&tities.
SCL* & a c&slidated basis* has a& .erall c'st%er base i& e+cess ( H.= Milli&* %re
tha& <=*000 e%plyees acrss 7<00 ((ices* &et pr(it ( .er Rs.1= 9illi& ,ith Assets
U&der Ma&a)e%e&t AAUMB i& e+cess ( Rs.?0*000 Crres.
SCL is ,ell3psiti&ed t ta-e the Gr'p t the &e+t strate)ic le.el thr')h c&slidati&) its
psiti& i& s%e ( the -ey b'si&esses li-e Tra&sprtati&* E4'ip%e&t $i&a&ce a&d pr.idi&)
the &ecessary i%pet's t )r, its Retail $i&a&ce b'si&esses.
SCL ,ill als help t )r, the I&s'ra&ce b'si&esses Abth Li(e 6 Ge&eral I&s'ra&ceB i& the
Gr'p ,ith pti%al pr(it. The strate)ic rerie&tati& ( SCL ,ill help Shrira% Gr'p t be
a si)&i(ica&t a&d pr(itable e&terprise i& .ari's (acets ( the $i&a&cial Ser.ices b'si&esses
i& I&dia a&d .erseas.
7<
4' BORED OF DIRECTOR
7=
4'? COMPETITORS
7?
4'# COMPARISON FROM COMPETITORS
S;r,r*6 Gener*9 In37r*nce Co %t> Ot;er Co6pet,tor3
PRODUCTS OF SHRI RAM GENERA% INS' CO'%TD
There are di((ere&t types ( pla&s ,here the li(e %a-er clari(ies the basic reas&s (r b'yi&)
li(e i&s'ra&ce a&d helps y' t b'ild a c%plete (i&a&cial pla& (r li(e.
1. MOTOR INSURANCE
7. $IRE INSURANCE
;. ENGINEERINT INSURANCE
<. MISCELLANEOUS INSURANCE
L, Pre%i'% 9etter Ser.ice Hi)h Hi)h Pre%i'% A.era)e Ser.ice
C%petiti.e Disc'&t is Hi)h Jery less Disc'&t
Prd'ct ra&)e is .ast Li%ited prd'cts
9etter C'st%er Rete&ti& Rete&ti& is .ery l,
N hidde& Char)es Ma&y hidde& char)es
Plicy ,rdi&)s are dc'%e&ted N dc'%e&tati&
Mai& (c's is Re.e&'e Mai& (c's is &ly Pr(it
I%%ediate clai% settle%e&t Jery l&) prcess
7D
MOTOR INSURANCE
Types of Motor Insurance Solutions
1' CAR INSURANCE :
•
Protection from a financial loss arising out of loss or damage to your vehicle.
•
Protection from liability towards third parties for personal injury and property damage.
•
Protection in case of accident for you (personal accident) and your dear ones traveling
withyou.
•
Enhanced protections through unique add on covers.
•
Protection for your investment in CN !it" electrical and non#electrical accessories etc.
S*9,ent 8e*t7re3
•
$ave upto %&' on car insurance premium.
•
(t)s fast" easy and quic!.
•
*irect settlement facility at special garages+
•
,assle -ree Claims $ettlement.
7. T&O &HEE%ER:
•
Protection from a financial loss arising out of loss or damage to your vehicle.
•
Protection from liability towards third parties for personal injury and property damage.
•
Protection in case of accident for you (personal accident) and your dear ones traveling with
you.
•
Enhanced protection through add on covers.
•
Protection for your investment in CN !it" electrical and non#electrical accessories etc..
S*9,ent Fe*t7re3
7E
•
et best covers and low premium on your .#wheeler insurance.
•
(t)s fast" easy and quic!.
•
*irect settlement facility at special garages+
•
,assle -ree Claims $ettlement
;. COMMERCIA% (EHIC%E INSURANCE:
/our commercial vehicle is not only a high value asset but also a highly valued
possession. 0herefore" it becomes crucial to insure your valuable possession. (n today)s times
you need a comprehensive policy that not only covers you against the mandatory third party
liability but also against the losses caused due to fire" theft" e1plosion" burglary" riots" stri!es"
earthqua!es" flood" cyclones" accidents" malicious acts and terrorist activities
S*9,ent Fe*t7re3
•
*irect settlement facility at special garages+
•
,assle -ree Claims $ettlement.
•
Enhanced protection through unique add on covers.
4' FIRE INSURANCE
Introduction:
Every individual want to fulfill his dreams" see his family happily grow with the
prosperity but life is full of unforeseen events" which can change the life of any
person forever. No one can predict the future but everyone can buy protection
against such uncertainties. $tandard -ire and $pecial Perils (nsurance Policy of
$hriram eneral (nsurance offers you the protection for your assets. $o" if you are
insured with $hriram eneral (nsurance" you will get the best services and fast claim
settlement.
STANDARD FIRE AND SPECIA% PERI%S PO%ICY'
INDUSTRIA% A%% RISK PO%ICY'
Fire Loss of Profit Policy.
7H
4'1 STANDARD FIRE AND SPECIA% PERI%S PO%ICY
Policy Coverage:
0his Policy may cover various assets such as 2uilding" Plant 3 4achinery" $toc!" and -urniture"
-i1tures against loss or damage due to5
•
-ire" 6ightning" E1plosion 7 (mplosion.
•
8ircraft *amage"
•
9iot" $tri!e 3 4alicious *amage.
•
$torm" Cyclone" 0empest" ,urricane" 0ornado" -lood and (nundation.
•
(mpact *amage" $ubsidence and 6andslide including 9oc!slide.
•
2ursting and7or overflowing of :ater 0an!s" 8pparatus and Pipes.
•
4issile testing operations.
•
6ea!age from 8utomatic $prin!ler (nstallations and 2ush -ire.
Add-on Coverage:
0he 8dd#on covers offered are as follows5
•
-ees for 8rchitects" $urveyors and Consulting Engineers are beyond ;' of the claim
amount.
•
E1penses for removal of *ebris beyond <' of claim amount.
•
*eterioration of $toc!s in Cold $torage premises due to power failure 7change in
temperature arising out of loss or damage to the cold storage machinery (ies) due to operation
of insured peril.
•
-orest -ire.
•
(mpact *amage due to (nsured)s own 9ail79oad =ehicles" -or!lifts" Cranes" $tac!ers and
the li!e and articles dropped there from.
•
$pontaneous Combustion.
•
>mission to insure additions" alterations or e1tensions.
•
Earthqua!e damage caused by -ire and $hoc!.
•
0emporary removal of stoc!s is covered to any other premises for the purpose of production
or processing or finishing or similar purposes.
•
6oss of 9ent and 7 or additional e1penses of rent for alternative accommodation.
•
$tart ?p E1penses
;0
•
$poilage 4aterial *amage Cover
•
6ea!age 8nd Contamination Cover
•
0emporary 9emoval of $toc!s Clause
Specific Exclusion:
•
6oss" destruction or damage caused by war" invasion" act of foreign enemy hostilities or war
li!e operations (whether war be declared or not)" civil war" mutiny" civil commotion assuming the
proportions of or amounting to a popular rising" military rising" rebellion" revolution" insurrection
or military or usurped power.
1'4 INDUSTRIA% A%% RISK PO%ICY
Scope of cover:
8ll industrial ris!s (other than ris!s ratable under Petrochemical 0ariff) having overall $um (nsured
of 9s.@& crores and above in one or more locations in (ndia shall be eligible for (ndustrial 8ll 9is!s
Policy.
Section I: Material a!age
•
a) $tandard -ire 3 $pecial Perils
•
b) 2urglary
•
c) 4achinery 2rea!down7 2oiler E1plosion7Electronic Equipment (nsurance
Section II: "usiness Interruption
•
a) a) -ire 6oss of Profit
•
b) >ptional Cover5 4achinery 6oss of Profit
Su! Insured
•
a) 0he policy in so far as it relates to 2uildings" 4achinery" -urniture" -i1tures" -ittings 3
Electrical (nstallations shall be on 9einstatement =alue basis only" while the $toc!s shall be
covered on 4ar!et =alue basis. ,owever" the facility of declarations for stoc!s shall not be
available under the (89 Policy.
•
b) 0he Policy shall be subject to condition of average. ,owever" ?nder (nsurance on each
item of the schedule will be ignored if it does not e1ceed <@' thereat.
Specific Exclusion:
;1
•
<) -aulty or defective design materials or wor!manship inherent vice latent defect gradual
deterioration deformation or distortion or wear and tear
•
.) (nterruption of the water supply gas electricity or fuel systems or failure of the effluent
disposal systems to and from the premises. .
4' Fire Loss of Profit Policy83
Scope of cover:
0his policy operates in the event of damage to the premises of an insured due to any peril insured
under the $tandard -ire 3 $pecial Perils Policy" causing an interruption to his business. (t enables
the insured to recover5
•
<) ,is 6oss of ross Profit due to a reduction in turnover
•
.) (ncreased Cost of
r!ing incurred in minimiAing that loss of ross Profit.
efinitions
ross Profit is the sum of Net Profit and (nsured $tanding Charges.
#et Profit
Net Profit is the BNet 0rading ProfitB e1cluding capital receipts" accretions and outlay chargeable
to capital after ma!ing provisions for all standing charges but prior to deduction of ta1.
Standing C$arges
$tanding Charges are e1penses which do not diminish proportionately with a reduction in
turnover. (ndemnity Period commences with the date of the damage" and lasts till such time as
the business is restored to its pre#damage level" or the period stipulated in the policy" whichever
is earlier. 0his policy insures earnings of the business lost during the (ndemnity Period.
"asis of Su! Insured
0his is based on the annual net profit of the business as per the previous yearBs accounts plus
the Bstanding chargesB. 8n (nsured is entitled to return of premium (not e1ceeding @&' of the
premium paid) in case the ross Profit earned during the financial year concurrent with the
period of insurance is less than the $um (nsured.
Extensions:
•
6oss of :ages
;7
•
6ay off 3 retrenchment
•
8uditors78ccountants -ees
•
6oss of oods 6ying at $uppliers Premises
•
6oss due to accidental failure of public electricity7gas7water supply.
Specific Exclusions
$ame as e1cluded in the $tandard -ire and $pecial Perils Policy
' ENGINEERING INSURANCE
$hriram eneral (nsurance provides following products in engineering insurance category5#
•
Contractors 8ll 9is! (nsurance Policy
•
Erection 8ll 9is! (nsurance Policy
•
Electronic Equipment (nsurance Policy
•
4achinery 2rea!down (nsurance Policy
•
2oiler 3 Pressure Plant (nsurance Policy
%
'1 CONTRACTORS A%% RISK INSURANCE PO%ICY
Scope of cover:
0his Policy covers civil construction projects" such as residential 7 commercial buildings" theatres"
factory sheds" warehouses" roads" bridges" dams" reservoirs" tunnels" oil 7 gas pipelines" water 7
sewage disposal wor!s" airports" flyovers" etc.
-ollowing perils covered under this Policy5
0his is Call ris!D insurance" which covers 5
•
$ection <5#4aterial damage by accidental physical loss and
•
$ection .5#0hird party losses
*uring the e1ecution of a civil engineering project unless specifically e1cluded.
Su! Insured
0he $um (nsured shall include landed cost at site of imported 7 indigenous materials" construction
cost (including visits of specialists 7 e1perts" supervision charges). (t is the completely erected
;;
value of property inclusive of freights" custom duty" erection cost adjusted to fluctuations in
wages 7 prices.
Add on cover&Extension
•
4aintenance =isits and e1tended 4aintenance cover
•
Earthqua!e
•
Clearance 3 9emoval of *ebris
•
0hird Party 6iability
•
>wnerBs $urrounding Property
•
Escalation
•
0errorism
Significant Exclusions
•
:ar 3 Nuclear 9is!s
•
:illful 8ct 7 Negligence
•
Partial 7 0otal cessation ofr!
•
Normal wear 3 tear
•
6oss or damage due to faulty design
•
Consequential 6osses
•
Cost of replacement 7 repair or rectification of defective material and 7 or wor!manship.
'4 ERECTION A%% RISK INSURANCE PO%ICY
Scope of cover:
Erection 8ll 9is!s (E89) policy is designed to cover all 9is! e1cept specifically e1cluded pertaining
to Projects during $torage" Erection" 0esting and Commissioning
Su! Insured
•
0he sum insured is the completely erected value of the plant and machinery
•
inclusive of freight" customs duty and cost of erection
•
8dd on cover7E1tension
•
4aintenance =isits and e1tended 4aintenance cover
•
Earthqua!e
•
Clearance 3 9emoval of *ebris
;<
•
0hird Party 6iability
•
>wnerBs $urrounding Property
•
Escalation.
•
0errorism
Specific Exclusions
•
:ar 3 Nuclear 9is!s
•
:illful 8ct 7 Negligence
•
Partial 7 0otal cessation ofr!
•
Normal wear 3 tear
•
6oss or damage due to faulty design
•
Consequential 6osses.
' E%ECTRONIC EQUIPMENT INSURANCE PO%ICY
0his Policy covers entire range of Electronic Equipments such as Personal Computer" 4icro#
processor" 0elecommunication Equipments" 8udio 7 =isual Equipments and sophisticated gadgetry.
Scope of cover:
•
$ection (5 8ny unforeseen and sudden physical loss or damage to electronic equipments
from any cause" other than the e1clusions.
•
$ection ((5 E1ternal data media and the e1penses for reconstruction and re#recording of
information.
•
$ection (((5 (ncreased cost of wor!ing.
Exclusions:
•
0ransit ris!s from site to site.
•
Electrical 3 mechanical brea!down.
•
-reeAing of coolant or other fluids" defective lubrication" replaceable parts.
•
E1plosion due to steam pressure in (.C. engine.
•
:ear and tear" rusting" testing for other purposes.
•
:ar and nuclear perils.
•
Pre#e1isting defects at inception.
•
:illful act7negligence of insured.
;=
•
Consequential loss7liability" inventory loss..
•
Cost of alteration" improvement" overhauls" modifications" additions" material changes.
Exclusions to Section I:
•
Pre#e1isting faults or defects.
•
Normal wear and tear" erosion" corrosion" encrustation.
•
8ny costs incurred in connection with the elimination of functional failures unless such
failures were caused by an indefinable loss or damage.
•
4aintenance cost of the insured items.
•
6oss or damage to objects made of glass" porcelain or ceramics" sieves or any operating
media.
•
8esthetic defects such as scratches on painted or enameled surfaces.
Exclusions to Section II:
•
Costs arising from false programming" punching" labeling or inserting" inadvertent canceling
of information or discarding of data media" and from loss of information caused by magnetic
fields.
Exclusions to Section III:
•
Costs for replacement of data media" data and regeneration of data.
'eneral Exclusions:
•
0errorism.
•
:ar and nuclear ris!.
•
:illful act or negligence.
•
Partial or total cessation of wor!.
•
6oss or damage to the property falling under the terms of the 4aintenance 8greement.
•
6oss or destruction or damage directly occasioned by pressure wave caused by aircraft and
other aerial devices.
•
Consequential losses.
•
radual deterioration due to atmospheric conditions.
•
-aulty design.
•
Contractual liabilities.
•
Cost or replacement 7 repair or rectification of defective material and 7 or wor!manship.
;?
Specific Exclusion:-
:ar" (nvasion" 8ct of foreign Enemy" ,ostilities or :ar 6i!e operations (whether war be declared or
not)" Civil :ar" 9ebellion 9evolution" (nsurrection 4utiny" Civil Commotion" Confiscation"
Commandeering a roup of 4alicious persons or persons acting on behalf of or in connection with
any political organiAation" requisition or destruction or damage by order of any government de#jure
or de#facto or any public" municipal or local authority
'$ MACHINERY BREAKDO&N INSURANCE PO%ICY:
Scope of cover:
0his Policy covers for physical loss or damage to 4achinery and equipment against unforeseen
and sudden physical loss due to all !inds of accidental" electrical and mechanical brea!downs as
a result of internal and e1ternal cause" or damage to the insured items" necessitating their repair
or replacement" other than specified e1cluded perils. Covers remain in effect during the time the
machinery is in operation or at rest or in the process of being dismantled" overhauled or during
subsequent re#erection at the same premises.
Significant Extensions:
•
8ir -reight.
•
E1press -reight (E1cluding 8ir -reight)" overtime and holiday wages.
•
(nsured)s own surrounding property.
•
0hird Party 6iability.
Specific Exclusions:
•
-ire and related perils.
•
0heft.
•
>verloading e1periments.
•
:illful acts or gross negligence.
•
radual flaws 7 defects not necessitating immediate stoppages.
•
Normal wear and tear.
•
Consequential losses.
•
Pre#e1isting defects.
;D
•
0errorism.
Su! Insured:
•
0he value proposed for insurance should be equal to the new replacement cost" including
freight" erection cost and customs duty" if any.
'? BOI%ER 0 PRESSURE P%ANT INSURANCE PO%ICY:
Scope of cover:
0his policy covers boilers and other pressure vessels"
•
*amage to both fired and unfired against losses due to e1plosion or collapse.
•
*amage to surrounding property arising due to e1plosion or collapse of the
Pressure Plant during its normal course of wor!ing.
•
0hird Party 6egal 6iability arising due to e1plosion or collapse of the Pressure
Plant during its normal course of wor!ing.
8ny firm" company" factory etc. who are using any 2oiler and Pressure Plant" can
cover them under this policy.
Significant Extensions:
•
*amage to the >wner)s e1isting surrounding property.
•
6egal liability for 0hird Party bodily injury and property damage.
•
E1press -reight (E1cluding 8ir -reight)" overtime and holiday rates for wages.
•
8ir -reight.
•
8dditional Customs *uty.
Significant Exclusions:
•
-ire and allied perils.
•
:ar and Nuclear perils.
•
>verload e1periments 7 tests imposing abnormal conditions.
•
radually developing defects not necessitating stoppage.
•
Normal wear and tear.
•
-ailure of individual tubes not leading to e1plosion 7 collapse.
•
6oss 7 *amage during application of test by inspecting authority or otherwise.
•
:illful act 7 negligence.
•
Pre#e1isting defects and faults.
•
Consequential losses.
•
6oss or damage for which the manufacturer or supplier or repairer of the
property is responsible either by law or under contracts
Su! Insured:
•
$um insured should be reinstatement cost of the 2oiler.
;E
$'MISCE%%ANEOUS INSURANCE:
$hriram eneral (nsurance provides following products in miscellaneous insurance category5#
•
(ouse$older)s *!+rella Pac,age Insurance
•
S$op,eeper *!+rella Pac,age Insurance
•
Personal Accident Insurance
•
Money Insurance Policy
•
Fidelity 'uarantee Policy
•
#eon Sign&'lo- Sign& (oardings Insurance Policy
•
Plate 'lass and&or Sanitary Fittings Insurance Policy
•
"aggage Insurance
•
"urglary Insurance
•
All .is, Insurance
•
"usiness Protector Policy
.
$'1 PERSONA% ACCIDENT INSURANCE:
0his policy is designed to cover individual or group of people against both death and disablement
(total7permanent7partial) from accidental bodily injury. 0he cover is worldwide.
CoEer*-e3:
•
*eath only (equivalent to sum insured). 0he sum insured will get double if death results
from accident while traveling in commercial aircraft7cruise (ship) as a fare paying passenger.
•
6oss of two limbs 7 two eyes or one limb and one eye (equivalent to $.().
•
6oss of one limb or one eye (equivalent to @&' of $.().
•
Permanent 0otal *isablement from (njuries other than those named above (Equivalent to
$.().
•
Permanent Partial *isablement (PP*) # ' of C$(. (Equivalent to ' of sum insured as per
table)
•
4edical E1penses 9s. @&&& per amputation.
•
Per3on*9 Acc,>ent coEer 8or In>,E,>7*9FF*6,95:
;H
0he total capital sum insured in respect of a person should not e1ceed E& months) salary7income
from present occupation. (ncome from property" shares etc. will not be ta!en into account.
i) Earning member (Person (nsured) C.$.(. for each as per norms
ii) $pouse ((f not earning member)
iii) *ependent Children (2etween the age of @ .... 8nd .@ years)
<&' *iscount on premium applied on F-84(6/ P8CG8ED
H0he information provided is narrative in nature and not e1haustive.
Coverage
8ge of the insured person @#I& /ear
roup Personal 8ccident Policy#$imilar coverage)s" e1clusions" terms 3 conditions are applied for
P8 also.
H0he information provided is narrative in nature and not e1haustive.
$'4 BURG%ARY:
The c%pa&y shall c%pe&sate the i&s'red (r a&y lss r da%a)e* ca'sed by
b'r)lary* t the c&te&ts ( i&s'red:s pre%ises.
$' CASH IN SAFE:
The c%pa&y ,ill c%pe&sate the i&s'red i& respect ( lss (* r da%a)e t* %&ey a&d/r
.al'ables ca'sed by b'r)lary a&d/r atte%pted b'r)lary ,he& s'ch %&ey a&d/r .al'ables
are c&tai&ed i& a d%estic sa(e r .a'lt ,hich is prtected by apprpriate a&d ade4'ate
sec'rity %eas'res ,ith lc- i& -ey.
$'$ CASH IN TRANSIT
The c%pa&y shall c%pe&sate the i&s'red (r lss ( %&ey i& ci&s a&d/r &tes ca'sed by
b'r)lary* rbbery r the(t cc'rri&) ,hile s'ch %&ey is i& the i&s'red:s pssessi& a&d is
bei&) c&.eyed by the i&s'red t the i&s'red:s pre%ises (r% the i&s'red:s ba&- /ATM (r%
,here s'ch %&ey had bee& ,ithdra,& i%%ediately prir t the cc'rre&ce.
$'? NEON SIGN FG%O& SIGN:
The c%pa&y ,ill c%pe&sate the i&s'red i& respect ( lss r da%a)e t &e& si)&/)l,
si)& bel&)i&) t the i&s'red ca'sed by Accide&tal e+ter&al %ea&s $ire* li)ht&i&) r e+ter&al
<0
e+plsi& r the(t Rit* stri-e r %alici's act $ld* i&'&dati&* str%* te%pest* typh&
h'rrica&e* tr&ad* cycl&e.
$'# G%ASS BREAKAGE:
The c%pa&y shall c%pe&sate the i&s'red (r lss r da%a)e t a&y (i+ed )lass ther tha&
that ,hich are speci(ically e+cl'ded here'&der* ca'sed by a&y accide&tal* e+ter&al a&d
.isible %ea&s.
$'1 CHEQUE FORGERY:The c%pa&y shall c%pe&sate the i&s'red (r a&y lss t
the i&s'red ca'sed by (r)ery r %aterial alterati& ( che4'es* dra(ts r ther &e)tiable
i&str'%e&ts iss'ed by* r i& (a.r (* the i&s'red.
FIDE%ITY:
The c%pa&y ,ill c%pe&sate the i&s'red (r a&y direct pec'&iary lss s'stai&ed by the
i&s'red thr')h act ( (ra'd r dish&esty c%%itted by a&y salaried e%plyee ( the
i&s'red i& the i&s'red pre%ises* pr.ided that 8
N The lss shall ha.e cc'rred i& c&&ecti& ,ith the e%plyees cc'pati& a&d d'ties
d'ri&) the '&i&terr'pted c&ti&'a&ce ( his e%ply%e&t a&d he disc.ered ,ithi& si+
%&ths a(ter its happe&i&) (irst ( si+ %&ths a(ter the death* dis%issal r retire%e&t ( s'ch
pers& a&d
N The liability ( the c%pa&y i& respect ( a&y &e pers& r all pers&s s e%plyed a&d
i& respect ( lsses i& a&y &e perid ( i&s'ra&ce shall &t e+ceed the s'% i&s'red.
He*9t; In37r*nce:
Ge sa.e %&ey (r a better ('t're. 9't li(e is ('ll ( s'rprisesF a %edical e%er)e&cy ca&
strai& y'r hard3ear&ed i&.est%e&ts. N,* let y'r sa.i&)s be '&t'ched* )et sec'red.
Ho6e In37r*nce:
I&s're y'r h%e a&d its c&te&ts a)ai&st &at'ral cala%ities li-e (ire* earth4'a-e* (ld* )as
cyli&der e+plsi&* (ire d'e t electric shrt circ'it as ,ell as %a&3%ade disaster li-e
b'r)lary.
<1
CHAPTER)III
DISCUSSION
ON
TRAINING
<7
D,3c733,on on tr*,n,n-
St7>ent Cor+ pro8,9e .ro9e *n> re3pon3,:,9,t,e32
Sales trai&ee/E+ec'ti.e/((icer
I ,as recr'ited* as a trai&ee i& Shrira% )e&eral i&s'ra&ce c. ltd.its a crprate selli&) ( &&
%tr i&s'ra&ce prd'ct. it is ttally (ield ,r- ,hich is called direct selli&). My rle is
(i+i&) the appi&t%e&t ,ith c%pa&y HR a&d 9ra&ch %a&a)er ( the c%pa&y. A&d cllect
i&(r%ati& ab't i&s'ra&ce. I( it is already i&s'red the& %y rle is t )et i&(r%ati& ab't
prese&t i&s'rer* ttal s'% i&s'ra&ce pre%i'% a&d ttal c.era)e etc. a&d still it is &t
i&s'red* tha& %y rle is t ((er prpsal )et detail ( s'% i&s'ra&ce a&d desired c.era)e.
As a trai&ee %y resp&sibilities ,ere '&der8
? Lead )e&erati&
? $i+ a& appi&t%e&t ,ith %a&a)ers a&d clie&ts
? Cld Calli&)
? Prepare database ( &e, clie&ts
? Getti&) (eedbac- (r% e+isti&) clie&ts
? Ma-i&) a)e&ts
'4 De3cr,pt,on o8 9,Ee e<per,ence3
The ,r-i&) e+perie&ce has helped %e a lt i& '&dersta&di&) the crprate ,rld a&d I ca%e
t -&, the %ea&i&) ( sales a&d %ar-eti&). Each a&d e.erythi&) y' ca& ta-e* there are
t, resp&ses ,hich I )t (r% the %ar-et r (ield ,r-8 Psiti.e a&d Ne)ati.e.
H, t ,r- i& a crprate ,rld a&d h, ca& ,e s'r.i.e i& crprate (ields that all types
( practical a&d theretical -&,led)e ,e ca& )et (r% crprate acti.ities. Ge %'st ha.e t
lear& ab't c'st%er re4'ire%e&t* ,hat a&d ,hich type ( c'st%er ha.e t e+pect their
&eed r re4'ire%e&ts. This ,r-i&) e+perie&ce als helped %e i& i%pr.i&) c%%'&icati&
a&d prese&tati& s-ills. S%e ( these are8
? Real e+ps're t the crprate ,rld ,hich helped %e a lt i& '&dersta&di&) the %i&d
set ( e+ec'ti.es t a certai& e+te&t.
? Lear&ed ab't c'st%er re4'ire%e&ts* c'st%er %i&d set h, t c&.i&ce thers a&d
%a&y.
<;
? It helped %e i& i%pr.i&) %y c%%'&icati& s-ills* prese&tati& s-ills a&d h, t
beha.e i& (r&t ( crprate e+ec'ti.es.
? Apart (r% these psiti.e e+perie&ces I (aced certai& prble%s t ,hich I ,'ld li-e
t disc'ss here.
? It ,as 4'ite di((ic'lt i& the be)i&&i&) t cpe ,ith bth clle)e st'dies a&d !b.
<<
CHAPTER)I(
RESEARCH
METHODO%GY
<=
RESEARCH METHODO%OGY
Research ca& be de(i&ed as 5A Scie&ti(ic a&d Syste%ic Search (r
perti&e&t i&(r%ati& & a speci(ic tpicI. There(re* research c'ld be
'&derstd as a& r)a&i2ed acti.ity ,ith speci(ic b!ecti.es & a prble% r
iss'es s'pprted by c%pilati& ( related data a&d (acts* i&.l.i&) applicati&
( rele.a&t tls ( a&alysis a&d deri.i&) l)ically & ri)i&ality.
RESEARCH DESIGN
Research Desi)& is the arra&)e%e&t ( c&diti& (r cllecti& a&d
a&alysis ( data i& %a&&er that ai%s t c%bi&e rele.a&ce t the research p'rpse
,ith the ec&%y i& prced're. Research Desi)& is i%prta&t pri%arily beca'se
( the i&creased c%ple+ity i& the %ar-et as ,ell as %ar-eti&) appraches
a.ailable t the researchers. A research desi)& speci(ies the %ethds a&d
prced'res (r c&d'cti&) a partic'lar st'dy.
METHOD OF RESEARCH
S7rEe5 6et;o>:
A S'r.ey is a c%plete perati&* ,hich re4'ires s%e tech&ical -&,led)e S'r.ey
%ethds are %stly pers&al i& character. S'r.eys are best s'ited (r )etti&) pri%ary data.
the research btai&s i&(r%ati& (r% the resp&de&ts by i&ter.ie,i&) the%.
S*6p9,n-: It is &t al,ays &ecessary t cllect data (r% ,hle '&i.erse<. A s%all
represe&tati.e sa%ple %ay ser.e the p'rpse. A sa%ple %ea&s a s%all )r'p ta-e& i& a lar)e
lt. This s%all )r'p ta-e& i& a lar)e lt .This s%all )r'p sh'ld be e%a&ati.e crss secti&
a&d really 5represe&tati.eI i& character. This selecti& prcess i& calls sa%pli&).
S*6p9e 3,De: Sa%ples are de.ices (r lear&i&) ab't lar)e %asses by bser.i&) a (e,
i&di.id'als. The selected sa%ple is 100.
<?
Met;o>3 o8 S*6p9,n-
R*n>o6 3*6p9e 6et;o>:
The %ethd adp0ted here is ra&d% sa%pli&) %ethd. A Ra&d% sa%ple is &e
,here each ite% i& the '&i.erse has as a& e4'al cha&ce ( -&,& pprt'&ity ( bei&)
selected. Ra&d% sa%pli&) is a sa%pli&) tech&i4'e ,here ,e select a )r'p ( s'b!ects Aa
sa%pleB (r st'dy (r% a lar)er )r'p Aa pp'lati&B. Each i&di.id'al is chse& e&tirely by
cha&ce a&d each %e%ber ( the pp'lati& has a -&,&* b't pssibly &&3e4'al* cha&ce (
bei&) i&cl'ded i& the sa%ple
Re3e*rc; In3tr76ent
Q7e3t,onn*,re:
A 4'esti&&aire is a care('lly c%plied l)ical se4'e&ce ( 4'estr=i&s directed t
a de(i&e b!ecti.e. It is the 'tli&e ( ,hat i&(r%ati& is re4'ired a&d the (ra%e,r- &
,hich the data is b'ilt 'p&. #'esti&&aire is c%%&ly 'sed i& sec'ri&) %ar-er
i&(r%ati& that its preparati& deser.es 't%st s-ill a&d care.
Co99ect,on o8 >*t*:
O&e ( the i%prta&t tls (r c&d'cti& %ar-et research is that a.ailability (
&ecessary a&d 'se('l data. Date cllecti& is %re ( a& art tha& a scie&ce. The %ethds (
%ar-eti&) research are i& a ,ay the %ethds ( data cllecti&. The s'rces ( i&(r%ati&
(all '&der t, cate)ries.
I&ter&al s'rces8
E.ery c%pa&y has t -eep certai& recrds s'ch as acc'&ts* reprts etc. these
recrds pr.ide sa%ple i&(r%ati& ,hich a& r)a&i2ati& 's'ally -eeps cllecti& i& its
,r-i&).
E+ter&al s'rces8
Ghe& i&ter&al recrds are i&s'((icie&t a&d re4'ired i&(r%ati& is &t a.ailable* the
r)a&i2ati& ,ill ha.e t depe&d & e+ter&al s'rces. O( data are.
*2 Pr,6*r5 >*t*:
The data cllected (r a p'rpse i& ri)i&al a&d (r the (irst ti%e is -&,& as
pri%ary data. The researches cllect this data t st'dy a partic'lar prble%.
<D
Here the pri%ary data is data cllected thr')h 4'esti&&aire by directly %eeti&) the
c'st%ers
:2 Secon>*r5 D*t*:
The data* ,hich is cllected (r% the p'blished s'rces i.e.* &t ri)i&ally
cllected ( the (irst ri%e is called sec&dary data.
Here the sec&dary data is data cllected (r% the c%pa&y:s brch'res* pa%phlets*
catal)'es a&d the ,ebsite.
OB!ECTI(E OF THE STUDY
1. T search (r the )r,th pprt'&ities a.ailable by st'dyi&) the .erall
%ethds (ll,ed by the Shri Ra% )e&eral i&s. C. Ltd..
3This st'dy %ai&ly deals ,ith the .ari's %ethds (ll,ed by Shri Ra%
)e&eral i&s. C. Ltd.
7. T st'dy i&cli&ati& ( .ari's c'st%ers t,ards e.e&t'alities a&d the
be&e(its recei.ed by the plicy hlders. :ene8,t3 9,+e3 Property coverage= the
cost of treating injuries= 6ong#term disability insurance = fire" theft
or weather damage protects aircraft hulls and spares protection against any loss or
damage caused by terrorist activities.
;. T st'dy the .ari's plicies a.ailable t cater the &eeds ( di((ere&r -i&ds (
c'st%ers by the SHRIRAM )e&eral i&s'ra&ce.
< T st'dy als the di((ere&t strate)ies %ethds (ll,ed by the )e&eral i&s'ra&ce
c%pa&y. The .ari's tech&i4'es (ll,ed by SHRIRAM )e&eral i&s'ra&ce c.
t attract the &e, type ( c'st%ers.
<E
5. The s'r.ey ( the peple* ,h &e.er 'sed the ser.ice ( SGI .helps 's t
'&hide the reas&s (r &t 'si&) it.
%IMATIONS OF THE STUDY
? The st'dy ,as restricted t 9I"ANER CIT>.
? The i&(r%ati& )i.e& by the resp&de&ts %ay be biased.
?S'))esti&s )i.e& at the e&d ( the reprt are based & the i&(r%ati&
cllected* ,hich %ay &t be acc'rate d'e t the cha&)i&) percepti&s ( the
c&s'%ers.
?D'e t ti%e c&strai&t %re i&(r%ati& c'ld &t be cllected.
?A&alysis c'ld &t be dra,& (r the e&tire 4'esti&&aire &ly speci(ic
4'esti&s ha.e bee& a&aly2ed a&d i&terpreted.
<H
CHAPTER)(
DATA ANA%YSIS
AND
INTERPRETATION
=0
1' Are 5o7 C,99,n- to t*+e * po9,c5 C,t; SHRIRAM GENERA% INS'G
Interpret*t,on:
As %st ( the% ha.e their ,& chice ( ta-i&) plicy i& the real ,rld (
c%petiti& i& the %ar-et ,here SHRIRAM GENERAL INS. als plays a rle (
i&s'ra&ce sectr* i& %y pr!ect s'r.ey ,here %st ( the% ha.e a )d pi&i&
( ab't ?=O ,ith SHRIRAM GENERAL INS. A&d the rest ;=O are ,ith
&e)ati.e pi&i&.
7 Do 5o7 ;*Ee *n5 po9,c5G
NeC In>,* ICICI
Or,ent*9
Un,te>
CATEGORY
Re3pon>ent3
YES #?
NO ?
=1
%o6:*r>
$A B 14 1B
Interpret*t,on:
Mst ( %y (i&di&)s 't ( 100 ha.e a )d relati& i& the Ne, I&dia ,ith <EO*
;0O are (r ICICI L%bard* 17O are (r Orie&tal 10O ha.e a plicy ,ith
U&ited Ge&eral i&s'ra&ce.
=7
'&;*t t5pe o8 :ene8,t Co79> 5o7 9,+e to preE*,9G
Interpret*t,on:
O't ( ttal 100 plicyhlders* ,here %st ( the% ha.e li-e their be&e(its i&
.ari's cate)ries* =7O are i&terested i& death prcess* 7?O are i&terested i&
%at'rity prcess* 17O are (r partial* a&d 10O are (r s'rre&der prcess.
DEATH MATURITY PARTIA% SURRENDER
?4 4# 14 1B
=;
$ &;*t t5pe o8 :ene8,t 5o7 9,+e ,n ot;er ,n37r*nce co6p*n,e3G
HEA%TH EAR%Y GRO&TH GO%D
?1 4A 1@ 4
Interpret*t,on:
O't ( ttal 100* %st ( the% ha.e their ,& disli-e a&d li-i&) ab't ther
i&s'ra&ce c%pa&ies* ,here =1O are i&terested i&t health pla&s* 7EO are
i&terested i&t early prtecti& pla&s* 1HO are i&terested i& easy )r,th pla&s*
a&d 7O are &ly i&terested i& )ld pla&s ( the i&s'ra&ce c%pa&ies.
=<
@<
.J
<K
.
&
<&
.&
;&
%&
@&
E&
,E860, E896/ 9>:0, >6*
?' Do 5o7 C*nt to +noC t;e p9*n3 o8 SHRIRAM GENERA% INSURANCE
CO' %TD' G
YES $1
NO ?@
Interpr*t*t,on:
I&t %y ttal stre&)th ( 100 ,here <1O has a)reed (r ING pla&s a&d rest =HO
( the% ha.e NO i&terest ab't SGI.
==
%<
@K
/E$
N>
# &;*t t5pe o8 p9*n3 >o 5o7 C,3; to t*+e C,t; SGIG
MOTOR FIRE ENGINEERING MISCE%%ANEOUS
$B B 4B 1B
Interpret*t,on:
o7t o8 tot*9 1BB ,n t;e project 6o3t o8 t;e peop9e C;o C,3; to -o 8or t;e
p9*n3 o8 SGI' *re= $BH *re opte> 8or MOTOR= BH opte> 8or FIRE= 4BH
8or ENGINEERING= 1BH MISCE%%ANEOUS'
=?
%&
;&
.&
<&
&
@
<&
<@
.&
.@
;&
;@
%&
%@
safal jeevan retirement child protection freedom
1'&;*t t5pe o8 p9*n3 >o 5o7 9,+e C,t; ot;er ,n37r*nce co6p*n,e3G
Ce*9t; ,nEe3t6ent e>7c*t,on M*rr,*-e
$ # 11 1B
Interpret*t,on:
O7t o8 tot*9 1BB po9,c5;o9>er3= $H *re 8or Ce*9t; p9*n3= #H *re *pp9,e>
8or ,nEe3t6ent= 11H *re 8or e>7c*t,on= *n> 1BH *re *pp9,e> 8or 6*rr,*-e'
=D
%;
;E
<<
<&
&
@
<&
<@
.&
.@
;&
;@
%&
%@
@&
wealth and health investment education marriage
A &;*t *re p9*n3 5o7 *re 9oo+,n- to t*+e ,n SGIG
CAR=4
&HEE%ER=
COMMERCIA%
Standard Fire
/ Special
Perils Policy
Contractors
All .is,
Insurance
Policy
Personal
Accident
Insurance
$@ 1@ 1A 1$
Interpret*t,on:
o7t o8 1BB per3on3= $@H *re C,99,n- to -o 8or
CAR=4 &HEE%ER=
COMMERCIA%
= 1@H *re 8or
Standard Fire / Special Perils Policy
= 1AH *re 8or
Contractors All .is, Insurance Policy
*n> 1$H *re *pp9,e> 8or
Personal Accident Insurance
'
%K
<K
<J
<%
&
<&
.&
;&
%&
@&
<
9etirement plan
Creating life plan
4a1imising plan
Child protection
=E
CHAPTER)(I
FINDING= SUGGESTION 0
CONC%USION
=H
FINDING
? All resp&de&t ha.e a,are&ess ab't i&s'ra&ce ((ice.
? Ma!rity ( resp&de&t tld they ,ere c%e t -&, ab't i&s'ra&ce ((ice thr')h
tele.isi& a&d a)e&ts.
? There is a %ar-et pte&tial (r h'se/((ice/(actry i&s'ra&ce prd'ct.
? Ma!rity ( resp&de&ts belie.e i& ).er&%e&t ,&ed i&s'ra&ce c%pa&ies.
? There is a %ar-et pte&tial (r Shrira% Ge&eral I&s'ra&ce ((ice i&s'ra&ce prd'cts.
? Ma!rity ( resp&de&ts tld they are tryi&) t a.ail $ire i&s'ra&ce a&d electr&ic
e4'ip%e&t i&s'ra&ce (r their ((ices.
? Ma!rity ( resp&de&ts tld they ha.e satis(acti& ,ith the ser.ice ( the c%pa&y
a&d c'st%er help dis-.
? Mst ( the c'st%ers tld they dial t c'st%er help dis- (r prd'ct related e&4'iry.
? All )e&eral i&s'ra&ce plicies are yearly re&e,al plicies.
? Ma!rity ( resp&de&ts tld their payi&) pre%i'% is ec&%ical.
? Ma!rity ( resp&de&ts tld c%pa&y is the %ai& (actr (r p'rchasi&) i&s'ra&ce
Plicy.
SUGGESTIONS:
1. As %re peple are i&cli&ed t,ards ta-i&) SGI plicy* the %ar-et share
sh'ld be capt'red by ((eri&) the% %re .al'e i&itially.
7. C'st%ers are %re i&terested i& psth'%'s be&e(its the prced'res a&d
settle%e&ts i& cases ( e.e&t'alities sh'ld be as si%ple as pssible* e.e&
dr deli.ery ( the settle%e&t che4'es ca& be th')ht ( i( .iable.
;. H%e,r- is t be d&e i& 5(reed% pla&I a&d it sh'ld be %ade %re
attracti.e.
<. SGI sh'ld c%e 'p ,ith &e, 5I7*9,t5 pro>7ct3I i& li&e ,ith cpetitrs
as it )t %re ta-ers i& the %ar-et.
=. The c%pa&y %'st i&crease the a,are&ess ( i&s'ra&ce.
?. The c%pa&y sh'ld c&ce&trate & r'ral areas.
7. ,he&e.er cha&)es cc'r i& the c%pa&y it sh'ld i&(r% t the
C'st%ers.
?0
SUMMARY AND CONC%USIONS:
The st'dy ( %y .erall data relates ,ith the di((ere&t tech&i4'es*%ethds*pla&s ,hich are
%ai&ly be&e(it t the plicy hlders.As %y .erall st'dy )i.es a brie( e+pla&ati& ( the
.ari's pla&s (ll,ed by the SHRIRAM GENERAL i&s'ra&ce. My st'dy %ai&ly
s'%%ari2es ab't the .ari's %ar-eti&) tech&i4'es 'sed by the SHRIRAM GENERAL
i&s'ra&ce t attract the &e, type ( c'st%ers ,here the c%petiti& pre.ails i& the %ar-et.
At last I brie(ly c&cl'de that SGI has .ery %'ch pte&tial abilities t
pre.ail i& the %ar-et.
QUSTIONNAIRE ANA%YSIS:
?1
STUDY OF PEOP%E AT BIKANER:
N*6e: A-e:
Se<: D'O'B:
1'Do 5o7 ;*Ee *n5 po9,c5G
A' I8 5e3 . 2 B' I8 no . 2
4' Are 5o7 C,99,n- to t*+e * po9,c5 C,t; SGIG
A' I8 5e3 . 2 B' I8 no . 2
' Do 5o7 t;,n+ GENERA% In37r*nce ,3 E33ent,*9 8or eEer5 oneG
A' I8 5e3 . 2 B' I8 no . 2
$' &;*t t5pe o8 :ene8,t 5o7 9,+e ,n ot;er ,n37r*nce co6p*n,e3G
A' ;e*9t; :ene8,t B' e*r95 *-e :ene8,t
C' -roCt; :ene8,t D' -o9> :ene8,t
?' .*2 Are 5o7 *C*re o8 SHRIRAM GENERA% In37r*nce Co' %t>'G
.YFN2
.:2 I8 5e3= ;oC 5o7 c*6e to +noCG
.*2 E9ectron,c 6e>,* .:2 pr,nt 6e>,*
.c2 Fr,en>3 .>2 Ot;er3
#' T;e re*3on 8or opt,n- t;e co6p*n5:
.*2 9r*n> ,6*-e .:2 Con8,>ence o8 t;e co6p*n5
.c2 Attr*ct,Ee po9,c,e3F:ene8,t3 .>2 ;,-; ret7rn3
1' &;*t ,3 t;e 6o>e o8 p*5,n- 5o7r pre6,76G
*2 C*3; :2 C;eI7e
A' &;*t ot;er co6p*n,e3 *re con3,>ere> :5 5o7 *t t;e t,6e o8
Dec,3,on:
.*2 %IC .:2 ICICI pr7>ent,*9 9,8e
In37r*nce
.c2 M*< NeC Yor+ .>2 HDFC.3t*n>*r> 9,8e2
.e2 B,r9* S7n 9,8e .82 Ot;er3
@' HoC >o 5o7 8ee9 *7t t;e 3erE,ce o88ere> :5 SHRIRAM GENERA%
,n37r*nce 9t>G
?7
*2 Goo> :23*t,38*ctor5 c2:*> >2not +noCn
BIBI%OGRAPHY:
REFERED MARKETING BOOKS:
1' 9y Philip "tler
7. 9y G.C.9eri
INTERNET SITES:
1. http8//e&.,i-ipedia.r)/,i-i/Mar-eti&)RI&trd'cti&
7. http8//,,,.theti%es100.c.'-/thery/thery33%ar-eti&)3tech&i4'es331E?.php
;. http8//,,,.er('rt%ar-eti&).c.'-/
<. http8//,,,.shrira%)i.c%/
REFFERED !OURNA%S:
1. 9rch'res O( S;r,r*6 Gener*9 In37r*nce Co' %t>.
7. 9'si&ess Grld
;. Ec&%ic Ti%es Abra&d e4'ityB
<. <ps Mar-eti&)
?;
doc_602019594.doc
very good and easy to understand project report
A Project Report on
MARKETING TECHNIQUES
OF
SHRIRAM GENERAL INSURANCE
CO. LTD.
Project submitted in partial fulfillment for the award of the Degree of
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED BY:
MEGHESH GUPTA
1MB!""#1$
DEC%ARATION BY STUDENT
I here by declare that this pr!ect Reprt titled MAR"ETING TECHNI#UES O$ Shrira%
Ge&eral i&s'ra&ce C. Ltd. s'b%itted by %e t the depart%e&t ( %a&a)e%e&t *++++ is a
b&a(ide ,r- '&derta-e& by %e a&d it is &t s'b%itted t a&y ther '&i.ersity r i&stit'ti&
(r the a,ard t a&y de)ree /dipl%a/certi(icate r p'blished a&y ti%e be(re.
0
MEGHESH GUPTA
1
ACKNO&%EDGEMENT
A s'ccess('l pr!ect ,r- is a res'lt ( the r)a&i2ed a&d ,ell3crdi&ated
tea%,r-* s at the c%pleti& ( the pr!ect.
The prese&tati& ( the reprt i& the ,ay re4'ired has bee& %ade pssible by
the ,ay ( c&trib'ti& ( .ari's peple. The c%pleti& ( this pr!ect reprt
titled MAR"ETING TECHNI#UES O$ SHRIRAM GENERAL INSURANCE
CO. LTD. 5bri&)s t e+press tha&-s t &e a&d all ( thse ,h helped
al&) the ,ay. I ta-e this pprt'&ity t tha&- MR'MUKESH SONI (r his
.al'able ad.ice a&d directi& ,hich he pr.ided t %e d'ri&) the c'rse ( %y
pr!ect. I a% als )rate('l t all the %e%bers 6 the (ac'lty ( clle)e (r their
c&sta&t s'pprt a&d i&spirati& thr')h't the li(espa& ( the pr!ect.
I e+press %y deep se&se ( )ratit'de a&d si&cere tha&-s t %y pr!ect )'ide
PROF' (r her c&sta&t )'ida&ce* c3perati& a&d ad.ice* ,hich helped %e i&
c%pleti&) the pr!ect s'ccess('lly.
I ,'ld als li-e t ac-&,led)e %y si&cere )ratit'de t the Directr (
My i&stit'ti& Mr' (r his %ti.ati&
Last b't &t the least* I ,'ld li-e t tha&- all %y (a%ily %e%bers a&d (rie&ds
(r their c&sta&t cperati& a&d i&spirati& a&d direct r i&direct help ,ith't
,hich this pr!ect c'ld &t be c%pleted.
MEGHESH GUPTA
7
E"ECUTI(E SUMMARY
I&s'ra&ce is &t the sale ( prd'cts* b't ser.ici&) c'st%ers. It is a syste%* by
,hich the lsses s'((ered by a (e, are spread .er %a&y* E+psed t si%ilar
ris-s. I&s'ra&ce is a prtecti& a)ai&st (i&a&cial lss arisi&)8 & the happe&i&) (
a& '&e+pected e.e&t. I&s'ra&ce c%pa&ies cllect pre%i'%s t pr.ide (r this
prtecti&. A lss is paid 't ( the pre%i'%s cllected (r% the i&s'ri&) p'blic
a&d the I&s'ra&ce C%pa&ies act as tr'stees t the a%'&t cllected. The .ery
('&da%e&tal pri&ciple ( spreadi&) ( the ris- is act'ally practiced by the
i&s'ra&ce c%pa&ies by rei&s'ri&) the ris-s that they ha.e i&s'red. The pe&i&)
'p ( the I&s'ra&ce Sectr t Pri.ate C%pa&ies* has %ade a.ailable %re
prd'cts a&d ,rld class ser.ice t I&dia& C'st%er. This pr!ect has bee& %ade
,ith a& b!ecti.e t )i.e a& i&si)ht i&t .ari's (acts ( Ge&eral I&s'ra&ce sectr
i& I&dia. A& atte%pt has bee& %ade t e+plai& the ape+ bdy ( Ge&eral
I&s'ra&ce i.e.
Ge&eral I&s'ra&ce Crprati& ( I&dia* its str'ct're* prd'cts a&d s'bsidiaries.
Als the re.ie, ( latest e&tra&ts i&t i&s'ra&ce sectr .i2 pri.ate players li-e
TATA AIG Ge&eral I&s'ra&ce C%pa&y* Shrira% Ge&eral I&s'ra&ce C. Ltd. *
Relia&ce Ge&eral I&s'ra&ce C%pa&y li%ited* 9a!a! Allia&2 Ge&eral I&s'ra&ce
C%pa&y* I$$CO T-i Ge&eral I&s'ra&ce C%pa&y* Ryal S'&dara% Ge&eral
I&s'ra&ce C%pa&y li%ited a&d ICICI L%bard Ge&eral I&s'ra&ce C%pa&y
ha.e bee& described i& brie(* D'e t the )r,th i& the tech&l)ical sectr ( the
c'&try* the i&s'ra&ce c%pa&ies ha.e started 'tili2i&) these tech&l)ies t it:s
pti%'% le.el.
;
PRO!ECT REPORT ON
MARKETING TECHINQUES OF SHRIRAM GENERA%
INSURANCE CO' %TD'
MASTER OF BUSSINESS ADMINSTRATION
CHAPTER 31
? INTRODUCTION
? LEVEL OF MARKETING
? PRINCIPAL AND TECHNIQUE OF MARKETING
? INSURANCE BUSINESS
? PRINCIPAL OF INSURANCE
? AGENTS INVOLVED IN MARKETING
? BENEFITS AND CHALLENGES
CHAPTER 37
? INDUSTRY PROFILE
? COMPANY PROFILE
? PRODUCT PROFILE
CHAPTER 3;
? RESEARCH METHODLOGY
? METHODS OF RESEARCH
? OBJECTIVES OF THE STUDY
? LIMITATIONS OF THE STUDY
CHAPTER 3<
? DATA ANALYSIS
? INTERPRETATION
? QUESTIONNAIRE ANALYSIS
CHAPTER 3=
<
? FINDINGS & SUGEESTIONS
? SUMMAR> AND CONCLUSION
?
• BIBLOGRAPHY
• QUESTIONNAIRE
=
CHAPTER)I
GENERA%
INTRODUCTION
MEANING AND DEFINITIONS OF MARKETING:
?
M*r+et,n- is a scietal prcess ,hich discer&s c&s'%ers@ ,a&ts* (c'si&) & a prd'ct r
ser.ice t ('l(ill thse ,a&ts* atte%pti&) t %ld the c&s'%ers t,ard the prd'cts r
ser.ices ((ered. Mar-eti&) is ('&da%e&tal t a&y b'si&esses )r,th. The %ar-eti&) tea%s
A%ar-etersB are tas-ed t create c&s'%er a,are&ess ( the prd'cts r ser.ices thr')h
%ar-eti&) tech&i4'es. U&less it pays d'e atte&ti& t its prd'cts a&d ser.ices a&d
c&s'%ers@ de%)raphics a&d desires* a b'si&ess ,ill &t 's'ally prsper .er ti%e.
Mar-eti&) te&ds t be see& as a creati.e i&d'stry* ,hich i&cl'des ad.ertisi&)* distrib'ti&
a&d selli&). It is als c&cer&ed ,ith a&ticipati&) the c'st%ers@ ('t're &eeds a&d ,a&ts*
,hich are (te& disc.ered thr')h %ar-et research. Esse&tially* %ar-eti&) is the prcess (
creati&) r directi&) a& r)a&i2ati& t be s'ccess('l i& selli&) a prd'ct r ser.ice that
peple &t &ly desire* b't are ,illi&) t b'y.
There(re )d %ar-eti&) %'st be able t create a Cprpsiti&C r set ( be&e(its (r the e&d
c'st%er that deli.ers .al'e thr')h prd'cts r ser.ices. A %ar-et3(c'sed* r c'st%er3
(c'sed* r)a&i2ati& (irst deter%i&es ,hat its pte&tial c'st%er:s desire* a&d the& b'ilds
the prd'ct r ser.ice. Mar-eti&) thery a&d practice is !'sti(ied i& the belie( that c'st%ers
'se a prd'ct r ser.ice beca'se they ha.e a &eed* r beca'se it pr.ides a percei.ed be&e(it.
“Two major factors of marketing are the recruitment of new customers (acquisition) and
the retention and expansion of relationships with existing customers (base management)”.
O&ce a %ar-eter has c&.erted the prspecti.e b'yer* base %a&a)e%e&t %ar-eti&) ta-es
.er. The prcess (r base %a&a)e%e&t shi(ts the %ar-eter t b'ildi&) a relati&ship*
&'rt'ri&) the li&-s* e&ha&ci&) the be&e(its that sld the b'yer i& the (irst place* a&d
i%pr.i&) the prd'ct/ser.ice c&ti&''sly t prtect the b'si&ess (r% c%petiti.e
e&crach%e&ts
“For a marketing plan to be successful the mix of the four !"s! must reflect the wants
and desires of the consumer s or #hoppers in the target market.”
Tryi&) t c&.i&ce a %ar-et se)%e&t t b'y s%ethi&) they d&@t ,a&t is e+tre%ely
e+pe&si.e a&d seld% s'ccess('l. Mar-eters depe&d & i&si)hts (r% %ar-eti&) research*
D
bth (r%al a&d i&(r%al* t deter%i&e ,hat c&s'%ers ,a&t a&d ,hat they are ,illi&) t
pay (r it. Mar-eters hpe that this prcess ,ill )i.e the% a s'stai&able c%petiti.e
ad.a&ta)e. Mar-eti&) %a&a)e%e&t is the practical applicati& ( this prcess. The ((er is
als a& i%prta&t additi& t the <P@s thery.
THE A%erica& Mar-eti&) Assciati& AAMAB states*
“$arketing is the acti%it& set of institutions and processes for creating
communicating deli%ering and exchanging offerings that ha%e %alue for
customers clients partners and societ& at large.!.
%E(E%S OF MARKETING
#trategic marketing atte%pts t deter%i&e h, a& r)a&i2ati& c%petes a)ai&st its
c%petitrs i& a %ar-et place. I& partic'lar* it ai%s at )e&erati&) a c%petiti.e
ad.a&ta)e relati.e t its c%petitrs
'perational marketing e+ec'tes %ar-eti&) ('&cti&s t attract a&d -eep c'st%ers
a&d t %a+i%i2e the .al'e deri.ed (r the%* as ,ell as t satis(y the c'st%er ,ith
pr%pt ser.ices a&d %eeti&) the c'st%er e+pectati&s. Operati&al Mar-eti&)
i&cl'des the deter%i&ati& ( the %ar-eti&) %i+ A< PsB
PRINCIP%ES AND TECHNIQUES OF MARKETING .$P/S0 1P/S2
1' $P/3 OF MARKETING:
"roduct( The prd'ct aspects ( %ar-eti&) deal ,ith the speci(icati&s ( the act'al
)ds r ser.ices* a&d h, it relates t the e&d3'ser@s &eeds a&d ,a&ts. The scpe ( a
prd'ct )e&erally i&cl'des s'pprti&) ele%e&ts s'ch as ,arra&ties* )'ara&tees* a&d s'pprt.
"ricing(
E
This re(ers t the prcess ( setti&) a price (r a prd'ct* i&cl'di&) disc'&ts. The
price &eed &t be %&etary 3 it ca& si%ply be ,hat is e+cha&)ed (r the prd'ct r
ser.ices* e.). ti%e* e&er)y* psychl)y r atte&ti&
"romotion8
This i&cl'des ad.ertisi&)* sales pr%ti&* p'blicity* a&d pers&al selli&)* bra&di&)
a&d re(ers t the .ari's %ethds ( pr%ti&) the prd'ct* bra&d* r c%pa&y
"lacement (or distribution)(
Re(ers t h, the prd'ct )ets t the c'st%erF (r e+a%ple* pi&t ( sale place%e&t
r retaili&). This ('rth P has als s%eti%es bee& called Place* re(erri&) t the
cha&&el by ,hich a prd'ct r ser.ices is sld Ae.). &li&e .s. retailB* ,hich
)e)raphic re)i& r i&d'stry* t ,hich se)%e&t Ay'&) ad'lts* (a%ilies* b'si&ess
pepleB* etc
These ('r ele%e&ts are (te& re(erred t as the %ar-eti&) %i+* ,hich a %ar-eter ca& 'se t
cra(t a %ar-eti&) pla&. The ('r Ps %del is %st 'se('l ,he& %ar-eti&) l, .al'e
c&s'%er prd'cts. I&d'strial prd'cts* ser.ices* hi)h .al'e c&s'%er prd'cts re4'ire
ad!'st%e&ts t this %del. Ser.ices %ar-eti&) %'st acc'&t (r the '&i4'e &at're (
ser.ices. I&d'strial r 979 %ar-eti&) %'st acc'&t (r the l&) ter% c&tract'al a)ree%e&ts
that are typical i& s'pply chai& tra&sacti&s. Relati&ship %ar-eti&) atte%pts t d this by
l-i&) at %ar-eti&) (r% a l&) ter% relati&ship perspecti.e rather tha& i&di.id'al
tra&sacti&.
4' 1 P/3 OF MARKETING:
"eople( A&y pers& c%i&) i&t c&tact ,ith c'st%ers ca& ha.e a& i%pact & .erall
satis(acti&. Ghether as part ( a s'pprti&) ser.ice t a prd'ct r i&.l.ed i& a ttal
Ser.ice* peple are partic'larly i%prta&t beca'se* i& the c'st%er@s eyes* they are )e&erally
i&separable (r% the ttal ser.ice . As a res'lt ( this* they %'st be apprpriately trai&ed*
H
,ell %ti.ated a&d the ri)ht type ( pers&. $ell, c'st%ers are als s%eti%es re(erred t
'&der @peple@* as they t ca& a((ect the c'st%er@s ser.ice e+perie&ce* Ae.).* at a sprti&)
e.e&t.B
"rocess(
This is the prcessAesB i&.l.ed i& pr.idi&) a ser.ice a&d the beha.ir ( peple*
,hich ca& be cr'cial t c'st%er de%&strati&s.
"h&sical e%idence(
U&li-e a prd'ct* a ser.ice ca&&t be e+perie&ced be(re it is deli.ered* ,hich %a-es
it i&ta&)ible. This* there(re* %ea&s that pte&tial c'st%ers c'ld percei.e )reater
ris- ,he& decidi&) ,hether t 'se a ser.ice. T red'ce the (eeli&) ( ris-* th's
i%pr.i&) the cha&ce (r s'ccess* it is (te& .ital t ((er pte&tial c'st%ers the
cha&ce t see ,hat a ser.ice ,'ld be li-e. This is d&e by pr.idi&) physical
e.ide&ce* s'ch as case st'dies* testi%&ial r de%&strati&s.
"ersonali)ation(
It is here re(ered c'st%i2ati& ( prd'cts a&d ser.ices thr')h the 'se ( the
I&ter&et. Early e+a%ples i&cl'de Dell &3li&e a&d A%a2&.c%* b't this c&cept is
('rther e+te&ded ,ith e%er)i&) scial %edia a&d ad.a&ced al)rith%s. E%er)i&)
tech&l)ies ,ill c&ti&'e t p'sh this idea (r,ard
"articipation(
This is t all, c'st%er t participate i& ,hat the bra&d sh'ld sta&d (rF ,hat
sh'ld be the prd'ct directi&s a&d e.e& ,hich ads t r'&. This c&cept is layi&) the
('&dati& (r disr'pti.e cha&)e thr')h de%crati2ati& ( i&(r%ati&
"eer*to*"eer( This re(ers t c'st%er &et,r-s a&d c%%'&ities ,here ad.cacy
happe&s. The histrical prble% ,ith %ar-eti&) is that it is 5i&terr'pti.eI i& &at're* tryi&) t
i%pse a bra&d & the c'st%er. This is %st appare&t i& TJ ad.ertisi&). These 5passi.e
c'st%er basesI ,ill 'lti%ately be replaced by the 5acti.e c'st%er c%%'&itiesI. 9ra&d
10
e&)a)e%e&t happe&s ,ithi& thse c&.ersati&s. P7P is &, bei&) re(erred as Scial
C%p'ti&) a&d ,ill li-ely t be the %st disr'pti.e (rce i& the ('t're ( %ar-eti&)
"redicti%e modeling(
This re(ers t &e'ral &et,r- al)rith%s that are bei&) s'ccess('lly applied i&
%ar-eti&) prble%s Abth a re)ressi& as ,ell as a classi(icati& prble%
INSURANCE BUSINESS
I&s'ra&ce b'si&ess is di.ided i& t ('r classes8
1. Li(e I&s'ra&ce
7. $ire I&s'ra&ce
;. Mari&e I&s'ra&ce
<. Miscella&e's I&s'ra&ce
INSURANCE:
A c&tract AplicyB i& ,hich a& i&di.id'al r e&tity recei.es (i&a&cial prtecti& r
rei%b'rse%e&t a)ai&st lsses (r% a& i&s'ra&ce c%pa&y. The c%pa&y pls clie&ts@ ris-s
t %a-e pay%e&ts %re a((rdable (r the i&s'red.
The act* syste%* r b'si&ess ( i&s'ri&) prperty* li(e* &e@s pers&* etc.* a)ai&st
lss r har% arisi&) i& speci(ied c&ti&)e&cies* as (ire* accide&t* death* disable%e&t* r the
li-e* i& c&siderati& ( a pay%e&t prprti&ate t the ris- i&.l.ed.
KEYMAN INSURANCE:
"ey%a& i&s'ra&ce is a& i%prta&t (r% ( b'si&ess i&s'ra&ce. There is & le)al
de(i&iti& (r Ke56*n In37r*nce. I& )e&eral* it ca& be described as a& i&s'ra&ce plicy
ta-e& 't by a b'si&ess t c%pe&sate that b'si&ess (r (i&a&cial lsses that ,'ld arise (r%
the death r e+te&ded i&capacity ( the %e%ber ( the b'si&ess speci(ied & the plicy. The
11
plicy:s ter% des &t e+te&d bey&d the perid ( the -ey pers&:s 'se('l&ess t the
b'si&ess. The ai% is t c%pe&sate the b'si&ess (r lsses a&d (acilitate b'si&ess c&ti&'ity.
"ey%a& I&s'ra&ce des &t i&de%&i(y the act'al lsses i&c'rred b't c%pe&sates ,ith a
(i+ed %&etary s'% as speci(ied & the i&s'ra&ce plicy.
E"AMP%E 83
A si%ple e+a%ple ,ill %a-e 6e*n,n- o8 ,n37r*nce easy t '&dersta&d. A bi-er is
al,ays s'b!ected t the ris- ( head i&!'ry. 9't it is &t certai& that the accide&t ca'si&) hi%
the head i&!'ry ,'ld de(i&itely cc'r. Still peple ridi&) bi-es c.er their heads ,ith a
hel%et. This hel%et i& s'ch cases act as i&s'ra&ce by prtecti&) hi%/her (r% the c&ti&)e&t
accide&t a&d the 'lti%ate da&)er.
Th')h lss ( li(e r i&!'ries ca&&t be %eas'red i& (i&a&cial ter%s* still i& this
%aterialistic ,rld it is 4'a&ti(iable ,hich tries t c%pe&sate the pte&tial ('t're lss
(i&a&cially. Me*n,n- o8 In37r*nce ca& be de(i&ed as the prcess ( rei%b'rsi&) r
prtecti&) a pers& (r% c&ti&)e&t ris- ( lsses thr')h (i&a&cial %ea&s.
PRINCIP%ES OF INSURANCE
1 A 9*r-e n76:er o8 ;o6o-eneo73 e<po37re 7n,t38
The .ast %a!rity ( i&s'ra&ce plicies are pr.ided (r i&di.id'al %e%bers (
.ery lar)e classes. A't%bile i&s'ra&ce* (r e+a%ple* c.ered ab't 1D= %illi&
a't%biles i& the U&ited States i& 700<. The e+iste&ce ( a lar)e &'%ber (
h%)e&e's e+ps're '&its all,s i&s'rers t be&e(it (r% the s3called 5la, (
lar)e &'%bersI ,hich i& e((ect states that as the &'%ber ( e+ps're '&its i&creases*
the act'al res'lts are i&creasi&)ly li-ely t bec%e clse t e+pected res'lts.
There are e+cepti&s t this criteri&. Llyd@s ( L&d& is (a%'s (r i&s'ri&)
the li(e r health ( actrs* actresses a&d sprts (i)'res. Satellite La'&ch i&s'ra&ce
c.ers e.e&ts that are i&(re4'e&t. Lar)e c%%ercial prperty plicies %ay i&s're
e+cepti&al prperties (r ,hich there are & Kh%)e&e's: e+ps're '&its.
LL
4 De8,n,te %o33 8
17
The e.e&t that )i.es rise t the lss that is s'b!ect t i&s'ra&ce sh'ld* at least
i& pri&ciple* ta-e place at a -&,& ti%e* i& a -&,& place* a&d (r% a -&,& ca'se.
The classic e+a%ple is death ( a& i&s'red & a li(e i&s'ra&ce plicy. $ire* a't%bile
accide&ts* a&d ,r-er i&!'ries %ay all easily %eet this criteri&. Other types ( lsses
%ay &ly be de(i&ite i& thery. Occ'pati&al disease* (r i&sta&ce* %ay i&.l.e
prl&)ed e+ps're t i&!'ri's c&diti&s ,here & speci(ic ti%e* place r ca'se is
ide&ti(iable. Ideally* the ti%e* place a&d ca'se ( a lss sh'ld be clear e&')h that a
reas&able pers&* ,ith s'((icie&t i&(r%ati&* c'ld b!ecti.ely .eri(y all three
ele%e&ts.
=
Acc,>ent*9 %o338
The e.e&t that c&stit'tes the tri))er ( a clai% sh'ld be (rt'it's* r at least
'tside the c&trl ( the be&e(iciary ( the i&s'ra&ce. The lss sh'ld be Kp're*: i& the
se&se that it res'lts (r% a& e.e&t (r ,hich there is &ly the pprt'&ity (r cst.
E.e&ts that c&tai& spec'lati.e ele%e&ts* s'ch as rdi&ary b'si&ess ris-s* are )e&erally
&t c&sidered i&s'rable.
$ %*r-e %o33:
The si2e ( the lss %'st be %ea&i&)('l (r% the perspecti.e ( the i&s'red.
I&s'ra&ce pre%i'%s &eed t c.er bth the e+pected cst ( lsses* pl's the cst (
iss'i&) a&d ad%i&isteri&) the plicy* ad!'sti&) lsses* a&d s'pplyi&) the capital
&eeded t reas&ably ass're that the i&s'rer ,ill be able t pay clai%s. $r s%all
lsses these latter csts %ay be se.eral ti%es the si2e ( the e+pected cst ( lsses.
There is little pi&t i& payi&) s'ch csts '&less the prtecti& ((ered has real .al'e t
a b'yer.
? A88or>*:9e Pre6,76:
I( the li-elihd ( a& i&s'red e.e&t is s hi)h* r the cst ( the e.e&t s
lar)e* that the res'lti&) pre%i'% is lar)e relati.e t the a%'&t ( prtecti& ((ered* it
is &t li-ely that a&y&e ,ill b'y i&s'ra&ce* e.e& i( & ((er. $'rther* as the acc'&ti&)
pr(essi& (r%ally rec)&i2es i& (i&a&cial acc'&ti&) sta&dards* the pre%i'%
ca&&t be s lar)e that there is &t a reas&able cha&ce ( a si)&i(ica&t lss t the
i&s'rer. I( there is & s'ch cha&ce ( lss* the tra&sacti& %ay ha.e the (r% (
i&s'ra&ce* b't &t the s'bsta&ce.
1;
# C*9c79*:9e %o33 8
There are t, ele%e&ts that %'st be at least esti%able* i( &t (r%ally
calc'lable8 the prbability ( lss* a&d the atte&da&t cst. Prbability ( lss is
)e&erally a& e%pirical e+ercise* ,hile cst has %re t d ,ith the ability ( a
reas&able pers& i& pssessi& ( a cpy ( the i&s'ra&ce plicy a&d a pr( ( lss
assciated ,ith a clai% prese&ted '&der that plicy t %a-e a reas&ably de(i&ite a&d
b!ecti.e e.al'ati& ( the a%'&t ( the lss rec.erable as a res'lt ( the clai%.
1 %,6,te> r,3+ o8 c*t*3trop;,c*995 9*r-e 9o33e38
The esse&tial ris- is (te& a))re)ati&. I( the sa%e e.e&t ca& ca'se lsses t
&'%er's plicyhlders ( the sa%e i&s'rer* the ability ( that i&s'rer t iss'e plicies
bec%es c&strai&ed* &t by (actrs s'rr'&di&) the i&di.id'al characteristics ( a
)i.e& plicyhlder* b't by the (actrs s'rr'&di&) the s'% ( all plicyhlders s
e+psed.
Typically* i&s'rers pre(er t li%it their e+ps're t a lss (r% a si&)le e.e&t
t s%e s%all prti& ( their capital base* & the rder ( = perce&t. Ghere the lss
ca& be a))re)ated* r a& i&di.id'al plicy c'ld prd'ce e+cepti&ally lar)e clai%s*
the capital c&strai&t ,ill restrict a& i&s'rer:s appetite (r additi&al plicyhlders.
The classic e+a%ple is earth4'a-e i&s'ra&ce* ,here the ability ( a& '&der,riter t
iss'e a &e, plicy depe&ds & the &'%ber a&d si2e ( the plicies that it has already
'&der,ritte&.
AGENTS IN(O%(ED IN MARKETING:
+ommission agents ,r- (r a&y&e ,h &eeds their ser.ices. They d &t ac4'ire
,&ership ( )ds b't recei.e del credere c%%issi&
,u&ing agents b'y )ds & behal( ( prd'cers a&d retailers. They ha.e a& e+pert
-&,led)e ( the p'rchasi&) ('&cti&s
#elling agents act & a& e+te&ded c&tract'al basis* selli&) all ( the prd'cts ( the
%a&'(act'rer. They ha.e ('ll a'thrity re)ardi&) price a&d ter%s ( sale.
,rokers speciali2e i& the sale ( &e speci(ic prd'ct. They recei.e a br-era)e
1<
Bene8,t3 *n> C;*99en-e3:
S'r.eys all, a& r)a&i2ati& t 4'ic-ly capt're .ital i&(r%ati& ,ith relati.ely little
e+pe&se a&d e((rt. A pri%ary ad.a&ta)e ( this %ethd is its direct&ess8 5the p'rpse is clear
a&d the resp&ses strai)ht(r,ard.I Additi&ally* the i&(r%ati& )athered by s'r.eys ca&
easily be a&aly2ed a&d 'sed t ide&ti(y tre&ds .er ti%e. The p'blic .ie,s c&s'%er prd'ct
plls a&d pllsters i& a )e&erally psiti.e %a&&er c%pared t plitical a&d ther plls. O&e
st'dy ('&d that at least si+ty perce&t ( the p'blic (eels that %ar-et research ab't prd'cts
a&d ser.ices has a psiti.e i%pact & sciety. Se.e&ty perce&t c&sider the peple ,h
c&d'ct s'ch s'r.eys t ha.e psiti.e i%pacts & sciety.
A %a!r disad.a&ta)e ( c'st%er s'r.eys is that the resp&ses %ay be i&(l'e&ced by
the %eas're%e&t itsel( thr')h .ari's (r%s ( bias. $r e+a%ple* %st s'r.eys are
.l'&tary* a&d s%e researchers ha.e ('&d di((ere&ces bet,ee& s'r.ey resp&de&ts a&d
&&3resp&de&ts. Peple ,h resp&d t s'r.eys a&s,er 4'esti&s di((ere&tly tha& thse
,h d &t resp&d* a&d late resp&ders a&s,er di((ere&tly tha& early resp&ders.
1=
CHAPTER)II
INDUSTRY PROFI%E
AND
COMPANY
INTRODUCTION
1'1 GENERA% INTRODUCTION ABOUT THE SECTOR
1?
Ghe&e.er there is '&certai&ty there is ris-. Ge d &t ha.e a&y c&trl .er '&certai&ties
,hich i&.l.es (i&a&cial lsses. The ris- %ay be certai& e.e&ts li-e death* pe&si&*
retire%e&t r '&certai& e.e&ts li-e the(t* (ire* accide&t* etc. I&s'ra&ce is a (i&a&cial ser.ice
(r cllecti&) the sa.i&)s ( the p'blic a&d pr.idi&) the% ,ith ris- c.era)e. It c%es
'&der ser.ice sectr a&d ,hile %ar-eti&) this ser.ice d'e care is ta-e& i& 4'ality prd'ct a&d
c'st%er satis(acti&. The %ai& ('&cti& ( the I&s'ra&ce is t pr.ide prtecti& a)ai&st the
pssible cha&ces ( )e&erati&) lsses. The i&s'ra&ce sectr i& I&dia has c%e a ('ll circle
(r% bei&) a& pe& c%petiti.e %ar-et t &ati&ali2ati& a&d bac- t a liberali2ed %ar-et
a)ai&. Traci&) the de.elp%e&ts i& the I&dia& i&s'ra&ce sectr re.eals the ;?03de)ree t'r&
,it&essed .er perid ( al%st t, ce&t'ries.
1'4 INDUSTRY ORIGIN
A' Ori)i& a&d De.elp%e&t ( the i&d'stry
Till M'&e* 1HD1 there ,ere ;D? c%pa&ies perati&) i& the %ar-et* bth I&dia& a&d (rei)&.
S%e c%pa&ies ,ere i& the c3perati.e sectr. The si2e ( the c%pa&ies a&d there reach
.aried t a )reat e+te&t. Ghereas %a&y c%pa&ies 'sed t '&der,rite all types ( c.ers (ire*
%ari&e 6 %iscella&e's i&s'ra&ce
The ).er&%e&t i& May* 1HD1 t- .er the '&derta-i&) ( all the
C%pa&ies as a prel'de t 'lti%ate &ati&ali2ati&. This ,as br')ht ab't '&der the
Ge&eral i&s'ra&ce b'si&ess ANati&ali2ati&B Act* 1HD7.
Th's* e((ecti.e 01/01/1HD; a si&)le hldi&) c%pa&y ,as created &a%ed as Ge&eral
I&s'ra&ce Crprati& ( I&dia* ,ith < s'bsidiaries t ta-e care ( the )e&eral i&s'ra&ce
b'si&ess perati&.
1' Br,e8 H,3tor5 o8 t;e In37r*nce Sector The b'si&ess ( li(e i&s'ra&ce i&
I&dia i& its e+isti&) (r% started i& I&dia i& the year1E1E ,ith the establish%e&t ( the
Orie&tal Li(e I&s'ra&ce C%pa&y i& "l-ata. S%e ( the i%prta&t %ilest&es i& the
i&s'ra&ce b'si&ess i& I&dia are8
1D
1@14: The I&dia& Li(e Ass'ra&ce C%pa&ies Act e&acted as the (irst stat'te t re)'late the
li(e i&s'ra&ce b'si&ess.
1@4A: The I&dia& I&s'ra&ce C%pa&ies Act e&acted t e&able the ).er&%e&t t cllect
statistical i&(r%ati& ab't bth li(e a&d &&3li(e i&s'ra&ce b'si&esses.
1@A: Earlier le)islati& c&slidated a&d a%e&ded t by the I&s'ra&ce Act ,ith the
b!ecti.e ( prtecti&) the i&terests ( the i&s'ri&) p'blic.
1@?#: I&dia& a&d (rei)& i&s'rers a&d pr.ide&t scieties ta-e& .er by the ce&tral
).er&%e&t a&d &ati&ali2ed. LIC (r%ed by a& Act ( Parlia%e&t* .i2. LIC Act* 1H=?* ,ith
a capital c&trib'ti& ( Rs. = crre (r% the G.er&%e&t ( I&dia. The Ge&eral i&s'ra&ce
b'si&ess i& I&dia* & the ther ha&d* ca& trace its rts t the Trit& I&s'ra&ce C%pa&y Ltd.*
the (irst )e&eral i&s'ra&ce c%pa&y established i& the year 1E=0 i& "l-ata by the 9ritish.
So6e o8 t;e ,6port*nt 6,9e3tone3 ,n t;e -ener*9 ,n37r*nce :73,ne33 ,n In>,* *re:
1@B1: T;e In>,*n Merc*nt,9e In37r*nce %t>' set 'p* the (irst c%pa&y t tra&sact all
classes ( )e&eral i&s'ra&ce b'si&ess.
1@?1: Gener*9 In37r*nce Co7nc,9= * C,n- o8 t;e In37r*nce A33oc,*t,on o8 In>,*= (ra%es a
cde ( c&d'ct (r e&s'ri&) (air c&d'ct a&d s'&d b'si&ess practices.
1@#A: T;e In37r*nce Act *6en>e> t re)'late i&.est%e&ts a&d set %i&i%'% sl.e&cy
%ar)i&s a&d the Tari(( Ad.isry C%%ittee set 'p.
1@14: T;e Gener*9 In37r*nce B73,ne33 .N*t,on*9,D*t,on2 Act= 1@14'Nati&ali2ed the
)e&eral i&s'ra&ce b'si&ess i& I&dia ,ith e((ect (r% 1st Ma&'ary 1HD;.
1# i&s'rers a%al)a%ated a&d )r'ped i&t ('r c%pa&ies.
The ('r s'bsidiaries (r%ed ,ere as '&der8
1. The Nati&al I&s'ra&ce C. Ltd
7. The I&dia Ass'ra&ce C. Ltd
;. The Orie&tal I&s'ra&ce C. Ltd
<. The U&ited I&dia I&s'ra&ce C. Ltd
The ('r s'bsidiary c%pa&ies perated '&der the all directi& ( the GIC.Each ( these had
al%st a si%ilar str'ct're ,ith < tiers
1E
N The bra&ch at the btt% r'&)*
N The di.isi&al ((ice*
N Re)i&al ((ice a&d
N The Head O((ice at the ape+.
B' GroCt; *n> Pre3ent 3t*t73 o8 t;e ,n>73tr5
At prese&t 7< c%pa&ies are perati&) i& )e&eral i&s'ra&ce %ar-et (r direct b'si&ess. The
('r p'blic sectr c%pa&ies %e&ti&ed ab.e a&d the (ll,i&) c%pa&ies i& the pri.ate
sectr. These pri.ate c%pa&ies ,ere (r%ed a(ter the passi&) ( the IRDA Act* 1HHH. This
re%.ed the prhibiti& e+isti&) i& the GI9NA Act relati&) t (r%ati& ( i&s'ra&ce
c%pa&ies ther tha& the ('r P'blic sectr c%pa&ies.
T;e co6p*n,e3 ,n t;e pr,E*te 3ector *re
1. Shrira% Ge&eral i&s'ra&ce C. Ltd.
7. 9a!a! Allia&2 Ge&eral I&s'ra&ce C. Ltd.
;. Chla%a&dala% Ge&eral I&s'ra&ce C. Ltd.
<. HD$C Ch'bb Ge&eral I&s'ra&ce C. Ltd.
=. ICICI LOM9ARD Ge&eral I&s'ra&ce C. Ltd.
?. I$$OCO T-y Ge&eral I&s'ra&ce C. Ltd.
D. Relia&ce Ge&eral I&s'ra&ce C. Ltd.
E. Ryal S'&dara% Allia&ce I&s'ra&ce C. Ltd.
H. Tata AIG Ge&eral I&s'ra&ce C. Ltd.
The Ge&eral I&s'ra&ce Crprati& is &, &ly Rei&s'ra&ce C%pa&y a&d perates as the
Nati&al Rei&s'res. There are h,e.er* s%e c%pa&ies i& the %ar-et* ,hich are (r%ed (r
a speci(ic p'rpse &ly.
Depo3,t ,n37r*nce co6p*n5
1H
T ta-e care ( lss s'((ered by the depsitrs ( a ba&-
N E+prts Credit G'ara&tee Crprati& 3 this ta-es care ( the credit ris-* ,hich e+prters
(ace i& respect ( the )ds e+prted.
N A)ric'lt'ral I&s'ra&ce Crprati& t ta-e care ( crp i&s'ra&ce a&d allied ris-s.
N There are als i&s'ra&ce depart%e&ts i& s%e ( the states.
The ('r p'blic sectr a&d the E pri.ate sectr c%pa&ies are a'thri2ed t ha&dle direct
b'si&ess as ,ell as rei&s'ra&ce b'si&ess* bth i&,ard 't,ard. The b'yers ( i&s'ra&ce
,'ld be prperty ,&ers* (actry ,&ers* traders* .ehicle ,&ers* c%%ercial
establish%e&ts* pr(essi&als etc. I& (act the ,hle pp'lati& c'ld dee% as pte&tial
cst'%ers (r i&s'ra&ce ( &e type r a&ther.
I&dia@s i&s'ra&ce sectr is 2%i&) t sh, a& '&precede&ted pr)ressi.e )r,th ( %re
tha& 700O by the perid ( 700H317. The Assciated Cha%bers ( C%%erce a&d I&d'stry
( I&dia has clc-ed 't the (act that d'ri&) this perid* pri.ate players i& the i&d'stry ,ill
see a )r,th ( ab't 1<0 per ce&t* ,i&) t the adpti& ( the a))ressi.e %ar-eti&)
tech&i4'es i& c%paris& ( the )r,th rate ( ;=3<0 per ce&t achie.ed by the state ,&ed
i&s'ra&ce c%pa&ies. The cha%ber is e+pected t pise the b'si&ess ( i&s'ra&ce t reach at
Rs.7000 billi&s i& c%i&) 7 years (r% the prese&t le.el ( Rs. =00 billi&. Gith the res'lt
( adpti& ( the i&te&se %ar-eti&) strate)ies by the pri.ate players* the decli&ati& has
bee& ,it&essed i& respect ( the share ( the state ,&ed i&s'ra&ce c%pa&ies capt'red i&
the %ar-et.
The %ar-et share (all't has bee& &ticed i& c&te+t ( s'ch c%pa&ies li-e GIC* LIC*
,hich ha.e c%e d,& t &early D0 per ce&t i& the past <3= years (r% the HDper ce&t. The
e+perts ha.e (re casted the %re se.ere c%petiti& i& the i&s'ra&ce sectr li-ely t be
cc'rred i& the &ear ('t're. Till rece&tly* i&s'ra&ce sectr ,as %a!rity dri.e& by the
).er&%e&t sectr players b't &, %a&y pri.ate sectr %'lti&ati&al players ha.e c%e i&t
the pict're. Li-e HD$C* ICICI L%bard* SGI* Ryal S'&dra%* Tata AIG* etc. I&s'ra&ce
70
sectr has bee& characteri2ed as the b%i&) sectr ( the I&dia& are&a* ,hich has sh,& the
)r,th rate ( %re tha& 1= perce&t t 70 per ce&t. I&s'ra&ce i& I&dia is p't '&der the (ederal
s'b!ect a&d is ).er&ed by the I&s'ra&ce Act* 1H;E* the Li(e I&s'ra&ce Crprati& Act*
1H=? a&d Ge&eral I&s'ra&ce 9'si&ess ANati&ali2ati&B Act* 1HD7* I&s'ra&ce Re)'latry a&d
De.elp%e&t A'thrity AIRDAB Act* 1HHH a&d by .ari's ther acts.
Tday I&s'ra&ce C%pa&ies i& I&dia ha.e )r,& %ai& (ld. The i&s'ra&ce sectr i& I&dia
has sh,& i%%e&se )r,th pte&tial. E.e& tday a )ia&t share ( I&dia& pp'lati& &early
E0O is &t '&der li(e i&s'ra&ce c.era)e* let al&e health a&d &&3li(e i&s'ra&ce plicies.
This clearly i&dicates the pte&tial (r i&s'ra&ce c%pa&ies: t )r, their %ar-et i& I&dia. I&
1HHH* .ari's re(r%s ,ere s'))ested i& the i&s'ra&ce i&d'stry i& I&dia. This has cha&)ed a
lt ( thi&)s (r the i&s'ra&ce c%pa&ies: i& I&dia. These re(r%s ,ere8
9ri&)i&) d,& ( the ).er&%e&t sta-e hldi&) t =0O.O&ly the pri.ate c%pa&ies ,ith a
%i&i%'% capital ( Rs.100 crers sh'ld be all,ed t e&ter the i&s'ra&ce sectr. N
i&s'ra&ce c%pa&y ca& deal i& bth li(e a&d &&3li(e i&s'ra&ce '&der the sa%e b'si&ess
e&tity.
$rei)& I&s'ra&ce C%pa&ies ca& e&ter I&dia &ly i& cllabrati& ,ith d%estic i&s'ra&ce
c%pa&ies I&terest sh'ld be paid & delays ( pay%e&ts by the i&s'ra&ce c%pa&ies i& case
( &&3settle%e&t ( i&s'ra&ce clai%s. A&d %a&y %re t bri&) )reater (reed% a&d a ,ell3
pla&&ed re)'lati& t the i&s'ra&ce c%pa&ies i& I&dia
Th')h* the e+isti&) r'le says that a (rei)& part&er ca& hld 7?O e4'ity i& a& i&s'ra&ce
c%pa&y* a prpsal t i&crease this li%it t <HO is pe&di&) ,ith the ).er&%e&t. Si&ce
pe&i&) 'p ( the i&s'ra&ce sectr i& 1HHH* (rei)& i&.est%e&ts ( Rs. E.D billi& ha.e
p'red i&t the I&dia& %ar-et a&d 77 pri.ate c%pa&ies ha.e bee& )ra&ted lice&ses.
The de%a&d (r health i&s'ra&ce c.ers has see& a healthy i&crease* a&d tday the sectr is
the (astest )r,i&) se)%e&t i& the &&3li(e i&s'ra&ce i&d'stry i& I&dia* ,hich )re, at .er
<0O last year. It is als e%er)i&) as a& i&creasi&)ly si)&i(ica&t li&e ( b'si&ess (r li(e
i&s'ra&ce c%pa&ies. Ghile this rate ( )r,th appears t be .ery healthy* it is & a l,
71
base* a&d health i&s'ra&ce pe&etrati& i& the c'&try c&ti&'es t be l,. O&ly ab't 7=
%illi& pers&s are prese&tly c.ered (r health thr')h c%%ercial i&s'ra&ce* i& a c'&try
( .er 1.1 billi& peple. O.erall* the I&dia& health sectr is still characteri2ed by the &ear
abse&ce ( a&y si)&i(ica&t ris- prtecti& a)ai&st %a!r health3related e+pe&dit're
1'$ SOME P%AYERS IN THE INDUSTRY:
%,8e In37r*nce Gener*9 In37r*nce
%,8e In37r*nce Corpor*t,on o8 In>,*'
1' Gener*9 In37r*nce Corpor*t,on o8 In>,*'
4' Or,ent*9 In37r*nce Co6p*n5 %t>'
' NeC In>,* A337r*nce Co6p*n5 %t>'
$' N*t,on*9 In37r*nce Co6p*n5 %t>'
?' Un,te> In>,* In37r*nce Co6p*n5 %t>'
NeC Entr*nt3
Ro5*9 S7n>*r*6 A99,*nce In37r*nce
Co6p*n5 %t>'
B*j*j A99,*nD Gener*9 In37r*nce Co6p*n5 %t>
T*t* AIG %,8e In37r*nce Corpor*t,on %t>' Re9,*nce Gener*9 In37r*nce Co6p*n5 %t>'
ING (535* %,8e In37r*nce Corpor*t,on %t>' T*t* AIG Gener*9 In37r*nce Co6p*n5 %t>'
O6 Kot*+ M*;,n>r* %,8e In37r*nce
Corpor*t,on %t>
ICICI Pr7>ent,*9 9,8e ,n37r*nce %t>'
S;r,r*6 Gener*9 In37r*nce Co' %t>
1'1 COMPANY PROFI%E
77
I& tday:s a)e ( c&s'%eris%* i&s'ra&ce re4'ire%e&ts ha.e e+pa&ded t -eep pace ,ith the
i&creasi&) ris-s. Tday ,e ha.e ,ide assrt%e&t ( ris- c.era)e c%%e&ci&) (r% ra&s%
t ,eddi&)* shps t assets* tra.el t .ehicles etcP. Ge&eral I&s'ra&ce c%pa&ies ha.e
,illi&)ly catered t these i&creasi&) de%a&ds a&d ha.e ((ered plethra ( i&s'ra&ce c.ers
that al%st c.er a&ythi&) a&d e.erythi&) '&der the s'&.
He&ce (reseei&) the Ge&eral I&s'ra&ce b'si&ess as a S'&rise I&d'stry* Shrira% Gr'p has
e&tered i&t this b'si&ess a&d as a res'lt Shrira% Ge&eral I&s'ra&ce ca%e i&t e+iste&ce. Up
t Sept 7017 it ,as a D<87? Mi&t Je&t're bet,ee& Shrira% Capital Ltd. a&d Sa&la% Li%ited
AS'th A(ricaB.. SANLAM is a leadi&) $i&a&cial Ser.ices Gr'p ( S'th A(rica ,ith a
%ar-et capitali2ati& ( %re tha& Q? billi&* established i& 1H1E a&d the Gr'p
de%'t'alised i& 1HHE. SANTAM is a part ( Sa&la% Li%ited* ,hich is e&)a)ed i& shrt3ter%
i&s'ra&ce cl'ster a&d is the leadi&) shrt3ter% i&s'ra&ce c%pa&y i& S'th A(rica. Si&ce
Septe%ber 7017* the sta-e ( Sa&la% Li%ited AS'th A(ricaB has bee& tra&s(erred t Shrira%
Capital Ltd. The .erall tea% ( SGI i&cl'des y'&) a&d .ibra&t se&ir e+ec'ti.es (
i&s'ra&ce d%ai& t ha&dle U&der,riti&) a&d Clai% %atters.
The b'si&ess philsphy ( Shrira% Ge&eral I&s'ra&ce is t ser.e the lar)est &'%ber (
c%%& peple A5Aa% Ad%iIB. The Gr'p:s c&ti&'ed (c's & addressi&) c'st%er &eeds*
&'rt'ri&) tale&t a&d bri&)i&) a h%e )r,& tech&l)y plat(r% ,hile deli.eri&) t the
'&derser.ed se)%e&ts ( the ec&%y* has e&s'red str&) )r,th 6 s'stai&ability (r .er ;
decades. The Gr'p:s .isi& is ser.i&) t the '&derser.ed a&d creati&) .al'e at the btt% (
the Pyra%id.
SGI is rede(i&i&) the ser.ice para%eters ( Ge&eral I&s'ra&ce I&d'stry by e&s'ri&) that each
e%plyee '&dersta&ds the Sl)a& 59E INSUREDP REST ASSUREDI i& its spirit a&d the
c'st%er has a& .erall pleasa&t e+perie&ce. The c%pa&y is )i.i&) special atte&ti& t the
i&&.ati.e prd'cts a&d applicati& ( latest IT de.elp%e&ts i& its perati&s.
7;
SGI has bee& a,arded CE+celle&ce I& Gr,th A,ardC sec&d c&sec'ti.e year A7011 6
7017B
Th's* SGI is all set t bec%e the $IRST CHOICE Ge&eral I&s'ra&ce C%pa&y ( I&dia.
4'4 PROMOTERS OF THE COMPANY:
Shrira% Capital Li%ited ASCLB is the .erarchi&) hldi&) c%pa&y (r the $i&a&cial
Ser.ices a&d I&s'ra&ce e&tities ( the Shrira% Gr'p* created ,ith the pri%ary b!ecti.e (
pti%i2i&) the sy&er)ies acrss the Gr'p:s e&tities.
SCL* & a c&slidated basis* has a& .erall c'st%er base i& e+cess ( H.= Milli&* %re
tha& <=*000 e%plyees acrss 7<00 ((ices* &et pr(it ( .er Rs.1= 9illi& ,ith Assets
U&der Ma&a)e%e&t AAUMB i& e+cess ( Rs.?0*000 Crres.
SCL is ,ell3psiti&ed t ta-e the Gr'p t the &e+t strate)ic le.el thr')h c&slidati&) its
psiti& i& s%e ( the -ey b'si&esses li-e Tra&sprtati&* E4'ip%e&t $i&a&ce a&d pr.idi&)
the &ecessary i%pet's t )r, its Retail $i&a&ce b'si&esses.
SCL ,ill als help t )r, the I&s'ra&ce b'si&esses Abth Li(e 6 Ge&eral I&s'ra&ceB i& the
Gr'p ,ith pti%al pr(it. The strate)ic rerie&tati& ( SCL ,ill help Shrira% Gr'p t be
a si)&i(ica&t a&d pr(itable e&terprise i& .ari's (acets ( the $i&a&cial Ser.ices b'si&esses
i& I&dia a&d .erseas.
7<
4' BORED OF DIRECTOR
7=
4'? COMPETITORS
7?
4'# COMPARISON FROM COMPETITORS
S;r,r*6 Gener*9 In37r*nce Co %t> Ot;er Co6pet,tor3
PRODUCTS OF SHRI RAM GENERA% INS' CO'%TD
There are di((ere&t types ( pla&s ,here the li(e %a-er clari(ies the basic reas&s (r b'yi&)
li(e i&s'ra&ce a&d helps y' t b'ild a c%plete (i&a&cial pla& (r li(e.
1. MOTOR INSURANCE
7. $IRE INSURANCE
;. ENGINEERINT INSURANCE
<. MISCELLANEOUS INSURANCE
L, Pre%i'% 9etter Ser.ice Hi)h Hi)h Pre%i'% A.era)e Ser.ice
C%petiti.e Disc'&t is Hi)h Jery less Disc'&t
Prd'ct ra&)e is .ast Li%ited prd'cts
9etter C'st%er Rete&ti& Rete&ti& is .ery l,
N hidde& Char)es Ma&y hidde& char)es
Plicy ,rdi&)s are dc'%e&ted N dc'%e&tati&
Mai& (c's is Re.e&'e Mai& (c's is &ly Pr(it
I%%ediate clai% settle%e&t Jery l&) prcess
7D
MOTOR INSURANCE
Types of Motor Insurance Solutions
1' CAR INSURANCE :
•
Protection from a financial loss arising out of loss or damage to your vehicle.
•
Protection from liability towards third parties for personal injury and property damage.
•
Protection in case of accident for you (personal accident) and your dear ones traveling
withyou.
•
Enhanced protections through unique add on covers.
•
Protection for your investment in CN !it" electrical and non#electrical accessories etc.
S*9,ent 8e*t7re3
•
$ave upto %&' on car insurance premium.
•
(t)s fast" easy and quic!.
•
*irect settlement facility at special garages+
•
,assle -ree Claims $ettlement.
7. T&O &HEE%ER:
•
Protection from a financial loss arising out of loss or damage to your vehicle.
•
Protection from liability towards third parties for personal injury and property damage.
•
Protection in case of accident for you (personal accident) and your dear ones traveling with
you.
•
Enhanced protection through add on covers.
•
Protection for your investment in CN !it" electrical and non#electrical accessories etc..
S*9,ent Fe*t7re3
7E
•
et best covers and low premium on your .#wheeler insurance.
•
(t)s fast" easy and quic!.
•
*irect settlement facility at special garages+
•
,assle -ree Claims $ettlement
;. COMMERCIA% (EHIC%E INSURANCE:
/our commercial vehicle is not only a high value asset but also a highly valued
possession. 0herefore" it becomes crucial to insure your valuable possession. (n today)s times
you need a comprehensive policy that not only covers you against the mandatory third party
liability but also against the losses caused due to fire" theft" e1plosion" burglary" riots" stri!es"
earthqua!es" flood" cyclones" accidents" malicious acts and terrorist activities
S*9,ent Fe*t7re3
•
*irect settlement facility at special garages+
•
,assle -ree Claims $ettlement.
•
Enhanced protection through unique add on covers.
4' FIRE INSURANCE
Introduction:
Every individual want to fulfill his dreams" see his family happily grow with the
prosperity but life is full of unforeseen events" which can change the life of any
person forever. No one can predict the future but everyone can buy protection
against such uncertainties. $tandard -ire and $pecial Perils (nsurance Policy of
$hriram eneral (nsurance offers you the protection for your assets. $o" if you are
insured with $hriram eneral (nsurance" you will get the best services and fast claim
settlement.
STANDARD FIRE AND SPECIA% PERI%S PO%ICY'
INDUSTRIA% A%% RISK PO%ICY'
Fire Loss of Profit Policy.
7H
4'1 STANDARD FIRE AND SPECIA% PERI%S PO%ICY
Policy Coverage:
0his Policy may cover various assets such as 2uilding" Plant 3 4achinery" $toc!" and -urniture"
-i1tures against loss or damage due to5
•
-ire" 6ightning" E1plosion 7 (mplosion.
•
8ircraft *amage"
•
9iot" $tri!e 3 4alicious *amage.
•
$torm" Cyclone" 0empest" ,urricane" 0ornado" -lood and (nundation.
•
(mpact *amage" $ubsidence and 6andslide including 9oc!slide.
•
2ursting and7or overflowing of :ater 0an!s" 8pparatus and Pipes.
•
4issile testing operations.
•
6ea!age from 8utomatic $prin!ler (nstallations and 2ush -ire.
Add-on Coverage:
0he 8dd#on covers offered are as follows5
•
-ees for 8rchitects" $urveyors and Consulting Engineers are beyond ;' of the claim
amount.
•
E1penses for removal of *ebris beyond <' of claim amount.
•
*eterioration of $toc!s in Cold $torage premises due to power failure 7change in
temperature arising out of loss or damage to the cold storage machinery (ies) due to operation
of insured peril.
•
-orest -ire.
•
(mpact *amage due to (nsured)s own 9ail79oad =ehicles" -or!lifts" Cranes" $tac!ers and
the li!e and articles dropped there from.
•
$pontaneous Combustion.
•
>mission to insure additions" alterations or e1tensions.
•
Earthqua!e damage caused by -ire and $hoc!.
•
0emporary removal of stoc!s is covered to any other premises for the purpose of production
or processing or finishing or similar purposes.
•
6oss of 9ent and 7 or additional e1penses of rent for alternative accommodation.
•
$tart ?p E1penses
;0
•
$poilage 4aterial *amage Cover
•
6ea!age 8nd Contamination Cover
•
0emporary 9emoval of $toc!s Clause
Specific Exclusion:
•
6oss" destruction or damage caused by war" invasion" act of foreign enemy hostilities or war
li!e operations (whether war be declared or not)" civil war" mutiny" civil commotion assuming the
proportions of or amounting to a popular rising" military rising" rebellion" revolution" insurrection
or military or usurped power.
1'4 INDUSTRIA% A%% RISK PO%ICY
Scope of cover:
8ll industrial ris!s (other than ris!s ratable under Petrochemical 0ariff) having overall $um (nsured
of 9s.@& crores and above in one or more locations in (ndia shall be eligible for (ndustrial 8ll 9is!s
Policy.
Section I: Material a!age
•
a) $tandard -ire 3 $pecial Perils
•
b) 2urglary
•
c) 4achinery 2rea!down7 2oiler E1plosion7Electronic Equipment (nsurance
Section II: "usiness Interruption
•
a) a) -ire 6oss of Profit
•
b) >ptional Cover5 4achinery 6oss of Profit
Su! Insured
•
a) 0he policy in so far as it relates to 2uildings" 4achinery" -urniture" -i1tures" -ittings 3
Electrical (nstallations shall be on 9einstatement =alue basis only" while the $toc!s shall be
covered on 4ar!et =alue basis. ,owever" the facility of declarations for stoc!s shall not be
available under the (89 Policy.
•
b) 0he Policy shall be subject to condition of average. ,owever" ?nder (nsurance on each
item of the schedule will be ignored if it does not e1ceed <@' thereat.
Specific Exclusion:
;1
•
<) -aulty or defective design materials or wor!manship inherent vice latent defect gradual
deterioration deformation or distortion or wear and tear
•
.) (nterruption of the water supply gas electricity or fuel systems or failure of the effluent
disposal systems to and from the premises. .
4' Fire Loss of Profit Policy83
Scope of cover:
0his policy operates in the event of damage to the premises of an insured due to any peril insured
under the $tandard -ire 3 $pecial Perils Policy" causing an interruption to his business. (t enables
the insured to recover5
•
<) ,is 6oss of ross Profit due to a reduction in turnover
•
.) (ncreased Cost of
r!ing incurred in minimiAing that loss of ross Profit.efinitions
ross Profit is the sum of Net Profit and (nsured $tanding Charges.
#et Profit
Net Profit is the BNet 0rading ProfitB e1cluding capital receipts" accretions and outlay chargeable
to capital after ma!ing provisions for all standing charges but prior to deduction of ta1.
Standing C$arges
$tanding Charges are e1penses which do not diminish proportionately with a reduction in
turnover. (ndemnity Period commences with the date of the damage" and lasts till such time as
the business is restored to its pre#damage level" or the period stipulated in the policy" whichever
is earlier. 0his policy insures earnings of the business lost during the (ndemnity Period.
"asis of Su! Insured
0his is based on the annual net profit of the business as per the previous yearBs accounts plus
the Bstanding chargesB. 8n (nsured is entitled to return of premium (not e1ceeding @&' of the
premium paid) in case the ross Profit earned during the financial year concurrent with the
period of insurance is less than the $um (nsured.
Extensions:
•
6oss of :ages
;7
•
6ay off 3 retrenchment
•
8uditors78ccountants -ees
•
6oss of oods 6ying at $uppliers Premises
•
6oss due to accidental failure of public electricity7gas7water supply.
Specific Exclusions
$ame as e1cluded in the $tandard -ire and $pecial Perils Policy
' ENGINEERING INSURANCE
$hriram eneral (nsurance provides following products in engineering insurance category5#
•
Contractors 8ll 9is! (nsurance Policy
•
Erection 8ll 9is! (nsurance Policy
•
Electronic Equipment (nsurance Policy
•
4achinery 2rea!down (nsurance Policy
•
2oiler 3 Pressure Plant (nsurance Policy
%
'1 CONTRACTORS A%% RISK INSURANCE PO%ICY
Scope of cover:
0his Policy covers civil construction projects" such as residential 7 commercial buildings" theatres"
factory sheds" warehouses" roads" bridges" dams" reservoirs" tunnels" oil 7 gas pipelines" water 7
sewage disposal wor!s" airports" flyovers" etc.
-ollowing perils covered under this Policy5
0his is Call ris!D insurance" which covers 5
•
$ection <5#4aterial damage by accidental physical loss and
•
$ection .5#0hird party losses
*uring the e1ecution of a civil engineering project unless specifically e1cluded.
Su! Insured
0he $um (nsured shall include landed cost at site of imported 7 indigenous materials" construction
cost (including visits of specialists 7 e1perts" supervision charges). (t is the completely erected
;;
value of property inclusive of freights" custom duty" erection cost adjusted to fluctuations in
wages 7 prices.
Add on cover&Extension
•
4aintenance =isits and e1tended 4aintenance cover
•
Earthqua!e
•
Clearance 3 9emoval of *ebris
•
0hird Party 6iability
•
>wnerBs $urrounding Property
•
Escalation
•
0errorism
Significant Exclusions
•
:ar 3 Nuclear 9is!s
•
:illful 8ct 7 Negligence
•
Partial 7 0otal cessation of
r!•
Normal wear 3 tear
•
6oss or damage due to faulty design
•
Consequential 6osses
•
Cost of replacement 7 repair or rectification of defective material and 7 or wor!manship.
'4 ERECTION A%% RISK INSURANCE PO%ICY
Scope of cover:
Erection 8ll 9is!s (E89) policy is designed to cover all 9is! e1cept specifically e1cluded pertaining
to Projects during $torage" Erection" 0esting and Commissioning
Su! Insured
•
0he sum insured is the completely erected value of the plant and machinery
•
inclusive of freight" customs duty and cost of erection
•
8dd on cover7E1tension
•
4aintenance =isits and e1tended 4aintenance cover
•
Earthqua!e
•
Clearance 3 9emoval of *ebris
;<
•
0hird Party 6iability
•
>wnerBs $urrounding Property
•
Escalation.
•
0errorism
Specific Exclusions
•
:ar 3 Nuclear 9is!s
•
:illful 8ct 7 Negligence
•
Partial 7 0otal cessation of
r!•
Normal wear 3 tear
•
6oss or damage due to faulty design
•
Consequential 6osses.
' E%ECTRONIC EQUIPMENT INSURANCE PO%ICY
0his Policy covers entire range of Electronic Equipments such as Personal Computer" 4icro#
processor" 0elecommunication Equipments" 8udio 7 =isual Equipments and sophisticated gadgetry.
Scope of cover:
•
$ection (5 8ny unforeseen and sudden physical loss or damage to electronic equipments
from any cause" other than the e1clusions.
•
$ection ((5 E1ternal data media and the e1penses for reconstruction and re#recording of
information.
•
$ection (((5 (ncreased cost of wor!ing.
Exclusions:
•
0ransit ris!s from site to site.
•
Electrical 3 mechanical brea!down.
•
-reeAing of coolant or other fluids" defective lubrication" replaceable parts.
•
E1plosion due to steam pressure in (.C. engine.
•
:ear and tear" rusting" testing for other purposes.
•
:ar and nuclear perils.
•
Pre#e1isting defects at inception.
•
:illful act7negligence of insured.
;=
•
Consequential loss7liability" inventory loss..
•
Cost of alteration" improvement" overhauls" modifications" additions" material changes.
Exclusions to Section I:
•
Pre#e1isting faults or defects.
•
Normal wear and tear" erosion" corrosion" encrustation.
•
8ny costs incurred in connection with the elimination of functional failures unless such
failures were caused by an indefinable loss or damage.
•
4aintenance cost of the insured items.
•
6oss or damage to objects made of glass" porcelain or ceramics" sieves or any operating
media.
•
8esthetic defects such as scratches on painted or enameled surfaces.
Exclusions to Section II:
•
Costs arising from false programming" punching" labeling or inserting" inadvertent canceling
of information or discarding of data media" and from loss of information caused by magnetic
fields.
Exclusions to Section III:
•
Costs for replacement of data media" data and regeneration of data.
'eneral Exclusions:
•
0errorism.
•
:ar and nuclear ris!.
•
:illful act or negligence.
•
Partial or total cessation of wor!.
•
6oss or damage to the property falling under the terms of the 4aintenance 8greement.
•
6oss or destruction or damage directly occasioned by pressure wave caused by aircraft and
other aerial devices.
•
Consequential losses.
•
radual deterioration due to atmospheric conditions.
•
-aulty design.
•
Contractual liabilities.
•
Cost or replacement 7 repair or rectification of defective material and 7 or wor!manship.
;?
Specific Exclusion:-
:ar" (nvasion" 8ct of foreign Enemy" ,ostilities or :ar 6i!e operations (whether war be declared or
not)" Civil :ar" 9ebellion 9evolution" (nsurrection 4utiny" Civil Commotion" Confiscation"
Commandeering a roup of 4alicious persons or persons acting on behalf of or in connection with
any political organiAation" requisition or destruction or damage by order of any government de#jure
or de#facto or any public" municipal or local authority
'$ MACHINERY BREAKDO&N INSURANCE PO%ICY:
Scope of cover:
0his Policy covers for physical loss or damage to 4achinery and equipment against unforeseen
and sudden physical loss due to all !inds of accidental" electrical and mechanical brea!downs as
a result of internal and e1ternal cause" or damage to the insured items" necessitating their repair
or replacement" other than specified e1cluded perils. Covers remain in effect during the time the
machinery is in operation or at rest or in the process of being dismantled" overhauled or during
subsequent re#erection at the same premises.
Significant Extensions:
•
8ir -reight.
•
E1press -reight (E1cluding 8ir -reight)" overtime and holiday wages.
•
(nsured)s own surrounding property.
•
0hird Party 6iability.
Specific Exclusions:
•
-ire and related perils.
•
0heft.
•
>verloading e1periments.
•
:illful acts or gross negligence.
•
radual flaws 7 defects not necessitating immediate stoppages.
•
Normal wear and tear.
•
Consequential losses.
•
Pre#e1isting defects.
;D
•
0errorism.
Su! Insured:
•
0he value proposed for insurance should be equal to the new replacement cost" including
freight" erection cost and customs duty" if any.
'? BOI%ER 0 PRESSURE P%ANT INSURANCE PO%ICY:
Scope of cover:
0his policy covers boilers and other pressure vessels"
•
*amage to both fired and unfired against losses due to e1plosion or collapse.
•
*amage to surrounding property arising due to e1plosion or collapse of the
Pressure Plant during its normal course of wor!ing.
•
0hird Party 6egal 6iability arising due to e1plosion or collapse of the Pressure
Plant during its normal course of wor!ing.
8ny firm" company" factory etc. who are using any 2oiler and Pressure Plant" can
cover them under this policy.
Significant Extensions:
•
*amage to the >wner)s e1isting surrounding property.
•
6egal liability for 0hird Party bodily injury and property damage.
•
E1press -reight (E1cluding 8ir -reight)" overtime and holiday rates for wages.
•
8ir -reight.
•
8dditional Customs *uty.
Significant Exclusions:
•
-ire and allied perils.
•
:ar and Nuclear perils.
•
>verload e1periments 7 tests imposing abnormal conditions.
•
radually developing defects not necessitating stoppage.
•
Normal wear and tear.
•
-ailure of individual tubes not leading to e1plosion 7 collapse.
•
6oss 7 *amage during application of test by inspecting authority or otherwise.
•
:illful act 7 negligence.
•
Pre#e1isting defects and faults.
•
Consequential losses.
•
6oss or damage for which the manufacturer or supplier or repairer of the
property is responsible either by law or under contracts
Su! Insured:
•
$um insured should be reinstatement cost of the 2oiler.
;E
$'MISCE%%ANEOUS INSURANCE:
$hriram eneral (nsurance provides following products in miscellaneous insurance category5#
•
(ouse$older)s *!+rella Pac,age Insurance
•
S$op,eeper *!+rella Pac,age Insurance
•
Personal Accident Insurance
•
Money Insurance Policy
•
Fidelity 'uarantee Policy
•
#eon Sign&'lo- Sign& (oardings Insurance Policy
•
Plate 'lass and&or Sanitary Fittings Insurance Policy
•
"aggage Insurance
•
"urglary Insurance
•
All .is, Insurance
•
"usiness Protector Policy
.
$'1 PERSONA% ACCIDENT INSURANCE:
0his policy is designed to cover individual or group of people against both death and disablement
(total7permanent7partial) from accidental bodily injury. 0he cover is worldwide.
CoEer*-e3:
•
*eath only (equivalent to sum insured). 0he sum insured will get double if death results
from accident while traveling in commercial aircraft7cruise (ship) as a fare paying passenger.
•
6oss of two limbs 7 two eyes or one limb and one eye (equivalent to $.().
•
6oss of one limb or one eye (equivalent to @&' of $.().
•
Permanent 0otal *isablement from (njuries other than those named above (Equivalent to
$.().
•
Permanent Partial *isablement (PP*) # ' of C$(. (Equivalent to ' of sum insured as per
table)
•
4edical E1penses 9s. @&&& per amputation.
•
Per3on*9 Acc,>ent coEer 8or In>,E,>7*9FF*6,95:
;H
0he total capital sum insured in respect of a person should not e1ceed E& months) salary7income
from present occupation. (ncome from property" shares etc. will not be ta!en into account.
i) Earning member (Person (nsured) C.$.(. for each as per norms
ii) $pouse ((f not earning member)
iii) *ependent Children (2etween the age of @ .... 8nd .@ years)
<&' *iscount on premium applied on F-84(6/ P8CG8ED
H0he information provided is narrative in nature and not e1haustive.
Coverage
8ge of the insured person @#I& /ear
roup Personal 8ccident Policy#$imilar coverage)s" e1clusions" terms 3 conditions are applied for
P8 also.
H0he information provided is narrative in nature and not e1haustive.
$'4 BURG%ARY:
The c%pa&y shall c%pe&sate the i&s'red (r a&y lss r da%a)e* ca'sed by
b'r)lary* t the c&te&ts ( i&s'red:s pre%ises.
$' CASH IN SAFE:
The c%pa&y ,ill c%pe&sate the i&s'red i& respect ( lss (* r da%a)e t* %&ey a&d/r
.al'ables ca'sed by b'r)lary a&d/r atte%pted b'r)lary ,he& s'ch %&ey a&d/r .al'ables
are c&tai&ed i& a d%estic sa(e r .a'lt ,hich is prtected by apprpriate a&d ade4'ate
sec'rity %eas'res ,ith lc- i& -ey.
$'$ CASH IN TRANSIT
The c%pa&y shall c%pe&sate the i&s'red (r lss ( %&ey i& ci&s a&d/r &tes ca'sed by
b'r)lary* rbbery r the(t cc'rri&) ,hile s'ch %&ey is i& the i&s'red:s pssessi& a&d is
bei&) c&.eyed by the i&s'red t the i&s'red:s pre%ises (r% the i&s'red:s ba&- /ATM (r%
,here s'ch %&ey had bee& ,ithdra,& i%%ediately prir t the cc'rre&ce.
$'? NEON SIGN FG%O& SIGN:
The c%pa&y ,ill c%pe&sate the i&s'red i& respect ( lss r da%a)e t &e& si)&/)l,
si)& bel&)i&) t the i&s'red ca'sed by Accide&tal e+ter&al %ea&s $ire* li)ht&i&) r e+ter&al
<0
e+plsi& r the(t Rit* stri-e r %alici's act $ld* i&'&dati&* str%* te%pest* typh&
h'rrica&e* tr&ad* cycl&e.
$'# G%ASS BREAKAGE:
The c%pa&y shall c%pe&sate the i&s'red (r lss r da%a)e t a&y (i+ed )lass ther tha&
that ,hich are speci(ically e+cl'ded here'&der* ca'sed by a&y accide&tal* e+ter&al a&d
.isible %ea&s.
$'1 CHEQUE FORGERY:The c%pa&y shall c%pe&sate the i&s'red (r a&y lss t
the i&s'red ca'sed by (r)ery r %aterial alterati& ( che4'es* dra(ts r ther &e)tiable
i&str'%e&ts iss'ed by* r i& (a.r (* the i&s'red.
FIDE%ITY:
The c%pa&y ,ill c%pe&sate the i&s'red (r a&y direct pec'&iary lss s'stai&ed by the
i&s'red thr')h act ( (ra'd r dish&esty c%%itted by a&y salaried e%plyee ( the
i&s'red i& the i&s'red pre%ises* pr.ided that 8
N The lss shall ha.e cc'rred i& c&&ecti& ,ith the e%plyees cc'pati& a&d d'ties
d'ri&) the '&i&terr'pted c&ti&'a&ce ( his e%ply%e&t a&d he disc.ered ,ithi& si+
%&ths a(ter its happe&i&) (irst ( si+ %&ths a(ter the death* dis%issal r retire%e&t ( s'ch
pers& a&d
N The liability ( the c%pa&y i& respect ( a&y &e pers& r all pers&s s e%plyed a&d
i& respect ( lsses i& a&y &e perid ( i&s'ra&ce shall &t e+ceed the s'% i&s'red.
He*9t; In37r*nce:
Ge sa.e %&ey (r a better ('t're. 9't li(e is ('ll ( s'rprisesF a %edical e%er)e&cy ca&
strai& y'r hard3ear&ed i&.est%e&ts. N,* let y'r sa.i&)s be '&t'ched* )et sec'red.
Ho6e In37r*nce:
I&s're y'r h%e a&d its c&te&ts a)ai&st &at'ral cala%ities li-e (ire* earth4'a-e* (ld* )as
cyli&der e+plsi&* (ire d'e t electric shrt circ'it as ,ell as %a&3%ade disaster li-e
b'r)lary.
<1
CHAPTER)III
DISCUSSION
ON
TRAINING
<7
D,3c733,on on tr*,n,n-
St7>ent Cor+ pro8,9e .ro9e *n> re3pon3,:,9,t,e32
Sales trai&ee/E+ec'ti.e/((icer
I ,as recr'ited* as a trai&ee i& Shrira% )e&eral i&s'ra&ce c. ltd.its a crprate selli&) ( &&
%tr i&s'ra&ce prd'ct. it is ttally (ield ,r- ,hich is called direct selli&). My rle is
(i+i&) the appi&t%e&t ,ith c%pa&y HR a&d 9ra&ch %a&a)er ( the c%pa&y. A&d cllect
i&(r%ati& ab't i&s'ra&ce. I( it is already i&s'red the& %y rle is t )et i&(r%ati& ab't
prese&t i&s'rer* ttal s'% i&s'ra&ce pre%i'% a&d ttal c.era)e etc. a&d still it is &t
i&s'red* tha& %y rle is t ((er prpsal )et detail ( s'% i&s'ra&ce a&d desired c.era)e.
As a trai&ee %y resp&sibilities ,ere '&der8
? Lead )e&erati&
? $i+ a& appi&t%e&t ,ith %a&a)ers a&d clie&ts
? Cld Calli&)
? Prepare database ( &e, clie&ts
? Getti&) (eedbac- (r% e+isti&) clie&ts
? Ma-i&) a)e&ts
'4 De3cr,pt,on o8 9,Ee e<per,ence3
The ,r-i&) e+perie&ce has helped %e a lt i& '&dersta&di&) the crprate ,rld a&d I ca%e
t -&, the %ea&i&) ( sales a&d %ar-eti&). Each a&d e.erythi&) y' ca& ta-e* there are
t, resp&ses ,hich I )t (r% the %ar-et r (ield ,r-8 Psiti.e a&d Ne)ati.e.
H, t ,r- i& a crprate ,rld a&d h, ca& ,e s'r.i.e i& crprate (ields that all types
( practical a&d theretical -&,led)e ,e ca& )et (r% crprate acti.ities. Ge %'st ha.e t
lear& ab't c'st%er re4'ire%e&t* ,hat a&d ,hich type ( c'st%er ha.e t e+pect their
&eed r re4'ire%e&ts. This ,r-i&) e+perie&ce als helped %e i& i%pr.i&) c%%'&icati&
a&d prese&tati& s-ills. S%e ( these are8
? Real e+ps're t the crprate ,rld ,hich helped %e a lt i& '&dersta&di&) the %i&d
set ( e+ec'ti.es t a certai& e+te&t.
? Lear&ed ab't c'st%er re4'ire%e&ts* c'st%er %i&d set h, t c&.i&ce thers a&d
%a&y.
<;
? It helped %e i& i%pr.i&) %y c%%'&icati& s-ills* prese&tati& s-ills a&d h, t
beha.e i& (r&t ( crprate e+ec'ti.es.
? Apart (r% these psiti.e e+perie&ces I (aced certai& prble%s t ,hich I ,'ld li-e
t disc'ss here.
? It ,as 4'ite di((ic'lt i& the be)i&&i&) t cpe ,ith bth clle)e st'dies a&d !b.
<<
CHAPTER)I(
RESEARCH
METHODO%GY
<=
RESEARCH METHODO%OGY
Research ca& be de(i&ed as 5A Scie&ti(ic a&d Syste%ic Search (r
perti&e&t i&(r%ati& & a speci(ic tpicI. There(re* research c'ld be
'&derstd as a& r)a&i2ed acti.ity ,ith speci(ic b!ecti.es & a prble% r
iss'es s'pprted by c%pilati& ( related data a&d (acts* i&.l.i&) applicati&
( rele.a&t tls ( a&alysis a&d deri.i&) l)ically & ri)i&ality.
RESEARCH DESIGN
Research Desi)& is the arra&)e%e&t ( c&diti& (r cllecti& a&d
a&alysis ( data i& %a&&er that ai%s t c%bi&e rele.a&ce t the research p'rpse
,ith the ec&%y i& prced're. Research Desi)& is i%prta&t pri%arily beca'se
( the i&creased c%ple+ity i& the %ar-et as ,ell as %ar-eti&) appraches
a.ailable t the researchers. A research desi)& speci(ies the %ethds a&d
prced'res (r c&d'cti&) a partic'lar st'dy.
METHOD OF RESEARCH
S7rEe5 6et;o>:
A S'r.ey is a c%plete perati&* ,hich re4'ires s%e tech&ical -&,led)e S'r.ey
%ethds are %stly pers&al i& character. S'r.eys are best s'ited (r )etti&) pri%ary data.
the research btai&s i&(r%ati& (r% the resp&de&ts by i&ter.ie,i&) the%.
S*6p9,n-: It is &t al,ays &ecessary t cllect data (r% ,hle '&i.erse<. A s%all
represe&tati.e sa%ple %ay ser.e the p'rpse. A sa%ple %ea&s a s%all )r'p ta-e& i& a lar)e
lt. This s%all )r'p ta-e& i& a lar)e lt .This s%all )r'p sh'ld be e%a&ati.e crss secti&
a&d really 5represe&tati.eI i& character. This selecti& prcess i& calls sa%pli&).
S*6p9e 3,De: Sa%ples are de.ices (r lear&i&) ab't lar)e %asses by bser.i&) a (e,
i&di.id'als. The selected sa%ple is 100.
<?
Met;o>3 o8 S*6p9,n-
R*n>o6 3*6p9e 6et;o>:
The %ethd adp0ted here is ra&d% sa%pli&) %ethd. A Ra&d% sa%ple is &e
,here each ite% i& the '&i.erse has as a& e4'al cha&ce ( -&,& pprt'&ity ( bei&)
selected. Ra&d% sa%pli&) is a sa%pli&) tech&i4'e ,here ,e select a )r'p ( s'b!ects Aa
sa%pleB (r st'dy (r% a lar)er )r'p Aa pp'lati&B. Each i&di.id'al is chse& e&tirely by
cha&ce a&d each %e%ber ( the pp'lati& has a -&,&* b't pssibly &&3e4'al* cha&ce (
bei&) i&cl'ded i& the sa%ple
Re3e*rc; In3tr76ent
Q7e3t,onn*,re:
A 4'esti&&aire is a care('lly c%plied l)ical se4'e&ce ( 4'estr=i&s directed t
a de(i&e b!ecti.e. It is the 'tli&e ( ,hat i&(r%ati& is re4'ired a&d the (ra%e,r- &
,hich the data is b'ilt 'p&. #'esti&&aire is c%%&ly 'sed i& sec'ri&) %ar-er
i&(r%ati& that its preparati& deser.es 't%st s-ill a&d care.
Co99ect,on o8 >*t*:
O&e ( the i%prta&t tls (r c&d'cti& %ar-et research is that a.ailability (
&ecessary a&d 'se('l data. Date cllecti& is %re ( a& art tha& a scie&ce. The %ethds (
%ar-eti&) research are i& a ,ay the %ethds ( data cllecti&. The s'rces ( i&(r%ati&
(all '&der t, cate)ries.
I&ter&al s'rces8
E.ery c%pa&y has t -eep certai& recrds s'ch as acc'&ts* reprts etc. these
recrds pr.ide sa%ple i&(r%ati& ,hich a& r)a&i2ati& 's'ally -eeps cllecti& i& its
,r-i&).
E+ter&al s'rces8
Ghe& i&ter&al recrds are i&s'((icie&t a&d re4'ired i&(r%ati& is &t a.ailable* the
r)a&i2ati& ,ill ha.e t depe&d & e+ter&al s'rces. O( data are.
*2 Pr,6*r5 >*t*:
The data cllected (r a p'rpse i& ri)i&al a&d (r the (irst ti%e is -&,& as
pri%ary data. The researches cllect this data t st'dy a partic'lar prble%.
<D
Here the pri%ary data is data cllected thr')h 4'esti&&aire by directly %eeti&) the
c'st%ers
:2 Secon>*r5 D*t*:
The data* ,hich is cllected (r% the p'blished s'rces i.e.* &t ri)i&ally
cllected ( the (irst ri%e is called sec&dary data.
Here the sec&dary data is data cllected (r% the c%pa&y:s brch'res* pa%phlets*
catal)'es a&d the ,ebsite.
OB!ECTI(E OF THE STUDY
1. T search (r the )r,th pprt'&ities a.ailable by st'dyi&) the .erall
%ethds (ll,ed by the Shri Ra% )e&eral i&s. C. Ltd..
3This st'dy %ai&ly deals ,ith the .ari's %ethds (ll,ed by Shri Ra%
)e&eral i&s. C. Ltd.
7. T st'dy i&cli&ati& ( .ari's c'st%ers t,ards e.e&t'alities a&d the
be&e(its recei.ed by the plicy hlders. :ene8,t3 9,+e3 Property coverage= the
cost of treating injuries= 6ong#term disability insurance = fire" theft
or weather damage protects aircraft hulls and spares protection against any loss or
damage caused by terrorist activities.
;. T st'dy the .ari's plicies a.ailable t cater the &eeds ( di((ere&r -i&ds (
c'st%ers by the SHRIRAM )e&eral i&s'ra&ce.
< T st'dy als the di((ere&t strate)ies %ethds (ll,ed by the )e&eral i&s'ra&ce
c%pa&y. The .ari's tech&i4'es (ll,ed by SHRIRAM )e&eral i&s'ra&ce c.
t attract the &e, type ( c'st%ers.
<E
5. The s'r.ey ( the peple* ,h &e.er 'sed the ser.ice ( SGI .helps 's t
'&hide the reas&s (r &t 'si&) it.
%IMATIONS OF THE STUDY
? The st'dy ,as restricted t 9I"ANER CIT>.
? The i&(r%ati& )i.e& by the resp&de&ts %ay be biased.
?S'))esti&s )i.e& at the e&d ( the reprt are based & the i&(r%ati&
cllected* ,hich %ay &t be acc'rate d'e t the cha&)i&) percepti&s ( the
c&s'%ers.
?D'e t ti%e c&strai&t %re i&(r%ati& c'ld &t be cllected.
?A&alysis c'ld &t be dra,& (r the e&tire 4'esti&&aire &ly speci(ic
4'esti&s ha.e bee& a&aly2ed a&d i&terpreted.
<H
CHAPTER)(
DATA ANA%YSIS
AND
INTERPRETATION
=0
1' Are 5o7 C,99,n- to t*+e * po9,c5 C,t; SHRIRAM GENERA% INS'G
Interpret*t,on:
As %st ( the% ha.e their ,& chice ( ta-i&) plicy i& the real ,rld (
c%petiti& i& the %ar-et ,here SHRIRAM GENERAL INS. als plays a rle (
i&s'ra&ce sectr* i& %y pr!ect s'r.ey ,here %st ( the% ha.e a )d pi&i&
( ab't ?=O ,ith SHRIRAM GENERAL INS. A&d the rest ;=O are ,ith
&e)ati.e pi&i&.
7 Do 5o7 ;*Ee *n5 po9,c5G
NeC In>,* ICICI
Or,ent*9
Un,te>
CATEGORY
Re3pon>ent3
YES #?
NO ?
=1
%o6:*r>
$A B 14 1B
Interpret*t,on:
Mst ( %y (i&di&)s 't ( 100 ha.e a )d relati& i& the Ne, I&dia ,ith <EO*
;0O are (r ICICI L%bard* 17O are (r Orie&tal 10O ha.e a plicy ,ith
U&ited Ge&eral i&s'ra&ce.
=7
'&;*t t5pe o8 :ene8,t Co79> 5o7 9,+e to preE*,9G
Interpret*t,on:
O't ( ttal 100 plicyhlders* ,here %st ( the% ha.e li-e their be&e(its i&
.ari's cate)ries* =7O are i&terested i& death prcess* 7?O are i&terested i&
%at'rity prcess* 17O are (r partial* a&d 10O are (r s'rre&der prcess.
DEATH MATURITY PARTIA% SURRENDER
?4 4# 14 1B
=;
$ &;*t t5pe o8 :ene8,t 5o7 9,+e ,n ot;er ,n37r*nce co6p*n,e3G
HEA%TH EAR%Y GRO&TH GO%D
?1 4A 1@ 4
Interpret*t,on:
O't ( ttal 100* %st ( the% ha.e their ,& disli-e a&d li-i&) ab't ther
i&s'ra&ce c%pa&ies* ,here =1O are i&terested i&t health pla&s* 7EO are
i&terested i&t early prtecti& pla&s* 1HO are i&terested i& easy )r,th pla&s*
a&d 7O are &ly i&terested i& )ld pla&s ( the i&s'ra&ce c%pa&ies.
=<
@<
.J
<K
.
&
<&
.&
;&
%&
@&
E&
,E860, E896/ 9>:0, >6*
?' Do 5o7 C*nt to +noC t;e p9*n3 o8 SHRIRAM GENERA% INSURANCE
CO' %TD' G
YES $1
NO ?@
Interpr*t*t,on:
I&t %y ttal stre&)th ( 100 ,here <1O has a)reed (r ING pla&s a&d rest =HO
( the% ha.e NO i&terest ab't SGI.
==
%<
@K
/E$
N>
# &;*t t5pe o8 p9*n3 >o 5o7 C,3; to t*+e C,t; SGIG
MOTOR FIRE ENGINEERING MISCE%%ANEOUS
$B B 4B 1B
Interpret*t,on:
o7t o8 tot*9 1BB ,n t;e project 6o3t o8 t;e peop9e C;o C,3; to -o 8or t;e
p9*n3 o8 SGI' *re= $BH *re opte> 8or MOTOR= BH opte> 8or FIRE= 4BH
8or ENGINEERING= 1BH MISCE%%ANEOUS'
=?
%&
;&
.&
<&
&
@
<&
<@
.&
.@
;&
;@
%&
%@
safal jeevan retirement child protection freedom
1'&;*t t5pe o8 p9*n3 >o 5o7 9,+e C,t; ot;er ,n37r*nce co6p*n,e3G
Ce*9t; ,nEe3t6ent e>7c*t,on M*rr,*-e
$ # 11 1B
Interpret*t,on:
O7t o8 tot*9 1BB po9,c5;o9>er3= $H *re 8or Ce*9t; p9*n3= #H *re *pp9,e>
8or ,nEe3t6ent= 11H *re 8or e>7c*t,on= *n> 1BH *re *pp9,e> 8or 6*rr,*-e'
=D
%;
;E
<<
<&
&
@
<&
<@
.&
.@
;&
;@
%&
%@
@&
wealth and health investment education marriage
A &;*t *re p9*n3 5o7 *re 9oo+,n- to t*+e ,n SGIG
CAR=4
&HEE%ER=
COMMERCIA%
Standard Fire
/ Special
Perils Policy
Contractors
All .is,
Insurance
Policy
Personal
Accident
Insurance
$@ 1@ 1A 1$
Interpret*t,on:
o7t o8 1BB per3on3= $@H *re C,99,n- to -o 8or
CAR=4 &HEE%ER=
COMMERCIA%
= 1@H *re 8or
Standard Fire / Special Perils Policy
= 1AH *re 8or
Contractors All .is, Insurance Policy
*n> 1$H *re *pp9,e> 8or
Personal Accident Insurance
'
%K
<K
<J
<%
&
<&
.&
;&
%&
@&
<
9etirement plan
Creating life plan
4a1imising plan
Child protection
=E
CHAPTER)(I
FINDING= SUGGESTION 0
CONC%USION
=H
FINDING
? All resp&de&t ha.e a,are&ess ab't i&s'ra&ce ((ice.
? Ma!rity ( resp&de&t tld they ,ere c%e t -&, ab't i&s'ra&ce ((ice thr')h
tele.isi& a&d a)e&ts.
? There is a %ar-et pte&tial (r h'se/((ice/(actry i&s'ra&ce prd'ct.
? Ma!rity ( resp&de&ts belie.e i& ).er&%e&t ,&ed i&s'ra&ce c%pa&ies.
? There is a %ar-et pte&tial (r Shrira% Ge&eral I&s'ra&ce ((ice i&s'ra&ce prd'cts.
? Ma!rity ( resp&de&ts tld they are tryi&) t a.ail $ire i&s'ra&ce a&d electr&ic
e4'ip%e&t i&s'ra&ce (r their ((ices.
? Ma!rity ( resp&de&ts tld they ha.e satis(acti& ,ith the ser.ice ( the c%pa&y
a&d c'st%er help dis-.
? Mst ( the c'st%ers tld they dial t c'st%er help dis- (r prd'ct related e&4'iry.
? All )e&eral i&s'ra&ce plicies are yearly re&e,al plicies.
? Ma!rity ( resp&de&ts tld their payi&) pre%i'% is ec&%ical.
? Ma!rity ( resp&de&ts tld c%pa&y is the %ai& (actr (r p'rchasi&) i&s'ra&ce
Plicy.
SUGGESTIONS:
1. As %re peple are i&cli&ed t,ards ta-i&) SGI plicy* the %ar-et share
sh'ld be capt'red by ((eri&) the% %re .al'e i&itially.
7. C'st%ers are %re i&terested i& psth'%'s be&e(its the prced'res a&d
settle%e&ts i& cases ( e.e&t'alities sh'ld be as si%ple as pssible* e.e&
dr deli.ery ( the settle%e&t che4'es ca& be th')ht ( i( .iable.
;. H%e,r- is t be d&e i& 5(reed% pla&I a&d it sh'ld be %ade %re
attracti.e.
<. SGI sh'ld c%e 'p ,ith &e, 5I7*9,t5 pro>7ct3I i& li&e ,ith cpetitrs
as it )t %re ta-ers i& the %ar-et.
=. The c%pa&y %'st i&crease the a,are&ess ( i&s'ra&ce.
?. The c%pa&y sh'ld c&ce&trate & r'ral areas.
7. ,he&e.er cha&)es cc'r i& the c%pa&y it sh'ld i&(r% t the
C'st%ers.
?0
SUMMARY AND CONC%USIONS:
The st'dy ( %y .erall data relates ,ith the di((ere&t tech&i4'es*%ethds*pla&s ,hich are
%ai&ly be&e(it t the plicy hlders.As %y .erall st'dy )i.es a brie( e+pla&ati& ( the
.ari's pla&s (ll,ed by the SHRIRAM GENERAL i&s'ra&ce. My st'dy %ai&ly
s'%%ari2es ab't the .ari's %ar-eti&) tech&i4'es 'sed by the SHRIRAM GENERAL
i&s'ra&ce t attract the &e, type ( c'st%ers ,here the c%petiti& pre.ails i& the %ar-et.
At last I brie(ly c&cl'de that SGI has .ery %'ch pte&tial abilities t
pre.ail i& the %ar-et.
QUSTIONNAIRE ANA%YSIS:
?1
STUDY OF PEOP%E AT BIKANER:
N*6e: A-e:
Se<: D'O'B:
1'Do 5o7 ;*Ee *n5 po9,c5G
A' I8 5e3 . 2 B' I8 no . 2
4' Are 5o7 C,99,n- to t*+e * po9,c5 C,t; SGIG
A' I8 5e3 . 2 B' I8 no . 2
' Do 5o7 t;,n+ GENERA% In37r*nce ,3 E33ent,*9 8or eEer5 oneG
A' I8 5e3 . 2 B' I8 no . 2
$' &;*t t5pe o8 :ene8,t 5o7 9,+e ,n ot;er ,n37r*nce co6p*n,e3G
A' ;e*9t; :ene8,t B' e*r95 *-e :ene8,t
C' -roCt; :ene8,t D' -o9> :ene8,t
?' .*2 Are 5o7 *C*re o8 SHRIRAM GENERA% In37r*nce Co' %t>'G
.YFN2
.:2 I8 5e3= ;oC 5o7 c*6e to +noCG
.*2 E9ectron,c 6e>,* .:2 pr,nt 6e>,*
.c2 Fr,en>3 .>2 Ot;er3
#' T;e re*3on 8or opt,n- t;e co6p*n5:
.*2 9r*n> ,6*-e .:2 Con8,>ence o8 t;e co6p*n5
.c2 Attr*ct,Ee po9,c,e3F:ene8,t3 .>2 ;,-; ret7rn3
1' &;*t ,3 t;e 6o>e o8 p*5,n- 5o7r pre6,76G
*2 C*3; :2 C;eI7e
A' &;*t ot;er co6p*n,e3 *re con3,>ere> :5 5o7 *t t;e t,6e o8
Dec,3,on:
.*2 %IC .:2 ICICI pr7>ent,*9 9,8e
In37r*nce
.c2 M*< NeC Yor+ .>2 HDFC.3t*n>*r> 9,8e2
.e2 B,r9* S7n 9,8e .82 Ot;er3
@' HoC >o 5o7 8ee9 *
7t t;e 3erE,ce o88ere> :5 SHRIRAM GENERA% ,n37r*nce 9t>G
?7
*2 Goo> :23*t,38*ctor5 c2:*> >2not +noCn
BIBI%OGRAPHY:
REFERED MARKETING BOOKS:
1' 9y Philip "tler
7. 9y G.C.9eri
INTERNET SITES:
1. http8//e&.,i-ipedia.r)/,i-i/Mar-eti&)RI&trd'cti&
7. http8//,,,.theti%es100.c.'-/thery/thery33%ar-eti&)3tech&i4'es331E?.php
;. http8//,,,.er('rt%ar-eti&).c.'-/
<. http8//,,,.shrira%)i.c%/
REFFERED !OURNA%S:
1. 9rch'res O( S;r,r*6 Gener*9 In37r*nce Co' %t>.
7. 9'si&ess Grld
;. Ec&%ic Ti%es Abra&d e4'ityB
<. <ps Mar-eti&)
?;
doc_602019594.doc