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Girdhar Shiksha Evam Samaj Kalyan Samiti Group of Institutions
Mandideep Bhopal
Project Report On ustomer Satisfaction Of s!i General Insurance
Session "#$%&$'
Su!mitted to Su!mitted !y
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Mr (s)ani kumar Makoriya MB( +,inanceER.I,I (.E
*aveen
This is to certify that Mr. Naveen Kumar Makoriya is student of Master Of Business Administration IIIrd Sem, for the year 2013 – 2014 from Girdhar Shiksha Evam Samaj Ka yan Samiti Grou! of Institutions "andidee! in#ho!a $ has com! eted his !roject entit ed “Customer satisfaction’’ of S#I Gerna Insurance$ under my su!ervision from 1% may 2013 to 30 june 2013
&ate' ( ))))) * ace' ( ))))+++ Mr.Ravi Dha an ,"ana-er .ccount/
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S#I Gerna Insurance$ 0e1 "arket #ho!a ,"+*+/
D!C"ARA#$ON
I$Naveen kumar makoriya of “Master Of Business Administration% from Girdhar Shiksha Evam Samaj Ka yan Samiti Grou! of Institutions #ho!a ,"+*+/ here2y dec are that a the information$ facts and fi-ures -athered 2y me are first hand in nature and is actua y 2ased on my study+ .ny resem2 ance from e3istin- 1orks is !ure y confidentia in nature+
Date &'ace
Naveen kumar makoriya "+#+.+ ,III rd Sem/ 4inance Girdhar Shiksha Evam Samaj Ka yan Samiti Grou! of Institutions #ho!a ,"+*/
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PRE,( E
In the !resent scenario of - o2a i5ation it has 2ecome mandatory to ac6uire !ractica kno1 ed-e to fit in the theory of surviva of the fittest 1ith the u! -radation in techno o-y eve and ever increasin- com!etition one must have a !ractica vie1 and e3!eriences of various theories of conce!t of 74inancia "ana-ement8+
.s the !art of "+#+.+ course$ under 1ent %0 days of 7 9ocationa Trainin-8 on com! ete study of 74inancia Statement8 of the com!any : ana ysis the 7 ;ustomer Satisfacation 8 of (B$ )erna' $nsurance Com*any "imited.
It had a !rivi e-e to 2ein- 79ocationa Trainin-8 at (B$ )erna' $nsurance Com*any "imited Bho*a' + This Trainin- is im!ortant as it is a 9ita !art of our curricu um durin- the course and its -ive me -ood e3!erience of my 1ork+ I had the o!!ortunity to interact 1ith many !eo! e from diverse fie ds$ 1hich further enriched my kno1 ed-e+
Naveen kumar makoriya "+#+.+ ,IIIrd Sem/ 4inance Girdhar Shiksha Evam Samaj Ka yan Samiti Grou! of Institutions #ho!a ,"+*/
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ACKNO+"!D)!M!N#
<ith a sense of -reat ! easure : satisfaction I !resent this re!ort entit ed as (B$ )erna' $nsurance Co. "td. cu mination of my efforts of ast si3 1eeks+ ;om! etion of this !roject$ is no dou2t$ is a !roduct of inva ua2 e su!!ort : contri2ution of a num2er of !eo! e+
I 1ish to e3!ress my -ratitude to those 1ho -enerous y he !ed me in com! etin- this research 1ork 1ith their kno1 ed-e : e3!ertise+ . !roject of this nature ca s for inte ectua nourishment$ !rofessiona he ! : encoura-ement from various 6uarters+
I !resent my -ratitude to !roject -uide Mr. Ravi Dha an ,=!eration >ead S#I GE?0.@ I0SA?.0;E $ 0e1 "arket #ho!a / for -ivin- me the o!!ortunity to 1ork for S#I GE?0.@ Insurance ;om!any @td+ for 2ein- constant -uidin- force : a source of I umination throu-hout this entire !eriod+
"y s!ecia thanks to a em! oyees of S#I GE?0.@ Insurance ;om!any @td$ 0e1 "arket #ho!a $ 1ho e3tended their !recious coo!eration : for the !atience they sho1ed 1hi e entertainin- my 6ueries+ I am immense y thankfu to a a-ents 1ho took out time from their 1ith a the va ua2 e information+ 2usy
schedu e and enthusiastica y res!onded to my 6ueries and !rovided me
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$nde,
C-A&#!R $. CONC!&#/A" 0RAM!+ORK 1+1 I0T=&A;TI=0 1+2 ;=0;E*T =4 4inance *ersona finance ;or!orate finance 4inancia services 1+3 ;AST="E? S.TIS4.;TI=0 C-A&#!R $$. M!#-ODO"O)1 2+1 0EE& =4 T>E STA&B 2+2 =#CE;TI9ES =4 T>E STA&B 2+3 S;=*E =4 STA&B 2+4 ?ESE.?;> &ESIG0 Sam! in-' "ethodo o-y' @imitations of the Study C-A&#!R $$$. OR)AN$(A#$ON &RO0$"! 3+1 I0&AST?B *?=4I@E' 3+2 ;="*.0B *?=4I@E' 9ision
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"ission .chievements 3+3 S#I Grou!' 4inancia Services #usiness .sset "ana-ement #usiness #iotechno o-y(re ated #usiness =thers 3+4 Insurance ;om!any =!erations' 3+% *roducts ; aims *hi oso!hy C-A&#!R $2 ANA"1($( O0 (#/D1 1+ 0ature of customer em! oyment' 2+ 0um2er of vehic es customers !ossesses' 3+ ;ustomer !osses any other !o icy in another insurance com!any' 4+ Ty!e of com!any chosen 2y the customer 1hen they a ready have a !o icy' %+ 0um2er of yearDs customer is insurin- 1ith S#I' E+ ?es!onsiveness of ;om!any to1ards ;ustomer' F+ *rofessiona ism of com!any' G+ &e ivery of !roduct' H+ *remium char-ed' 10+ ; aim *rocess of the com!any' 11+ ?eim2ursements durin- c aims' 12+ ?ene1a s of a!sed *o icy' 13+ =ffice .tmos!here of 9isa #ranch' 14+ =ver . satisfaction of S#I GE?0.@ I0SA?.0;E' 1%+ ;ustomer is interested in takin- any =ther Insurance *o icy' 1E+ ;ustomer su--ests S#I GE?0.@ I0SA?.0;E to any other ,*romotion/' C-A&#!R 2
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4indin-s$ Su--estions :;onc usions B$B"$O)RA&-1 <e2sites'
;>.*TE? I' ;=0;E*TA.@ 4?."E<=?K
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1.1
$N#OD/C#$ON
Insurance is not the sa e of !roducts$ 2ut servicin- customers+ It is a system$ 2y 1hich the osses suffered 2y a fe1 are s!read over many$ E3!osed to simi ar risks+ Insurance is a !rotection a-ainst financia oss arisin- on the ha!!enin- of an une3!ected event+ Insurance com!anies co ect !remiums to !rovide for this !rotection+ . oss is !aid out of the !remiums co ected from the insurin- !u2 ic and the Insurance ;om!anies act as trustees to the amount co ected+ The very fundamenta !rinci! e of s!readin- of the risk is actua y !racticed 2y the insurance com!anies 2y reinsurin- the risks that they have insured+ The o!enin- u! of the Insurance Sector to *rivate ;om!anies$ has made avai a2 e more !roducts and 1or d c ass service to Indian ;ustomer+ This !roject has 2een made 1ith an o2jective to -ive an insi-ht into various facts of Genera Insurance sector in India+ .n attem!t has 2een made to e3! ain the a!e3 2ody of Genera Insurance+ i+e+ Genera Insurance ;or!oration of India$ its structure$ !roducts and su2sidiaries+ . so the revie1 of atest entrants into insurance sector vi5+ !rivate ! ayers ike S#I Genera Insurance ;om!any$ T.T. .IG Genera Insurance ;om!any$ ?e iance Genera Insurance ;om!any imited$ I44;= Tokyo Genera Insurance ;om!any$ ?oya Sundaram Genera Insurance ;om!any imited and I;I;I @om2ard Genera Insurance ;om!any have 2een descri2ed in 2rief$ &ue to the -ro1th in the techno o-ica sector of the country$ the insurance com!anies have started uti i5inthese techno o-ies to itD as o!timum eve +
1.2
CONC!&# O0 0inance
0inance is the !ractice of funds mana-ement$ or the a ocation of assets and liabilities over time under conditions of certainty and uncertainty+ . key !oint in finance is the time value of money$ 1hich states that a unit of currency today is 1orth more than the same unit of currency tomorro1+ 4inance aims to !rice assets 2ased on their risk eve $ and e3!ected rate of return+ 4inance can 2e 2roken into three different su2 cate-ories' public finance$ corporate finance and personal finance+
&ersona' finance
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• • •
*rotection a-ainst unforeseen !ersona events$ as 1e as events in the 1ider economy Transference of fami y across -enerations ,2e6uests and inheritance/ Effects of ta3 !o icies ,ta3 su2sidies andIor !ena ties/ on mana-ement of !ersona finances Effects of credit on individua financia standin* annin- a secure financia future in an environment of economic insta2i ity
• •
*ersona finance may invo ve !ayin- for education$ financin- dura2 e -oods such as rea estate and cars$ 2uyin- insurance$ e+-+ hea th and !ro!erty insurance$ investinand savin- for retirement+ *ersona finance may a so invo ve !ayin- for a oan$ or de2t o2 i-ations+ The si3 key areas of !ersona financia ! annin-$ as su--ested 2y the 4inancia * anninStandards #oard$ are
Cor*orate finance
;or!orate finance is the area of finance dea in- 1ith the sources of fundin- and the capital structure of cor!orations and the actions that mana-ers take to increase the va ue of the firm to the shareho ders$ as 1e as the too s and ana ysis used to a ocate financia resources+ . thou-h it is in !rinci! e different from mana-eria finance 1hich studies the financia mana-ement of a firms$ rather than cor!orations a one$ the main conce!ts in the study of cor!orate finance are a!! ica2 e to the financia !ro2 ems of a kinds of firms+ ;or!orate finance -enera y invo ves 2a ancin- risk and !rofita2i ity$ 1hi e attem!tin- to ma3imi5e an entityJs 1ea th and the va ue of its stock$ and -enerica y entai s three !rimary areas of ca!ita resource a ocation+ In the first$ Kca!ita 2ud-etin-K$ mana-ement must choose 1hich K!rojectsK ,if any/ to undertake+ The disci! ine of capital budgeting may em! oy standard business valuation techni6ues or even e3tend to real options valuationL see Financial modeling+ The second$ Ksources of ca!ita K re ates to ho1 these investments are to 2e funded' investment ca!ita can 2e !rovided throu-h different sources$ such as 2y shareho ders$ in the form of equity ,!rivate y or via an initial public offering/$ creditors$ often in the form of bonds$ and the firmJs o!erations ,cash flow/+ Short(term fundin- or working capital is most y !rovided 2y 2anks e3tendin- a ine of credit+ The 2a ance 2et1een these e ements forms the com!anyJs capital structure+ The third$ Kthe dividend !o icyK$ re6uires mana-ement to determine 1hether any una!!ro!riated !rofit ,e3cess cash/ is to 2e retained for future investment I o!erationa re6uirements$ or instead to 2e distri2uted to shareho ders$ and if so in 1hat form+ Short term financia mana-ement is often termed K working capital managementK$ and re ates to cash-$ inventory( and debtors mana-ement. ;or!orate finance a so inc udes 1ithin its sco!e 2usiness va uation$ stock investin-$ or investment management+ .n investment is an ac6uisition of an asset in the ho!e that
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it 1i maintain or increase its va ue over time+ In investment management – in choosina portfolio – one has to use financia ana ysis to determine what$ how much and when to invest+ To do this$ a com!any must'
• • •
Identify re evant o2jectives and constraints' institution or individua -oa s$ time hori5on$ risk aversion and ta3 considerationsL Identify the a!!ro!riate strate-y' active versus !assive hed-in- strate-y "easure the !ortfo io !erformance
4inancia mana-ement over a!s 1ith the financia function of the ccounting profession+ >o1ever$ financial accounting is the re!ortin- of historica financia information$ 1hi e financia mana-ement is concerned 1ith the a ocation of ca!ita resources to increase a firmJs va ue to the shareho ders+ 4inancia risk mana-ement! an element of corporate finance! is t"e practice of creating an# protecting economic va ue in a firm by using financia instruments to manage e$posure to risk! particularly credit risk an# market risk% &'t"er ris( types inclu#e 4orei-n e3chan-e! )"ape! 9o ati ity! )ector! i6uidity! Inf ation ris(s! etc%* +t focuses on ,"en an# "o, to hed-e using financial instruments- in t"is sense it overlaps ,it" financia en-ineerin-% )imilar to general risk mana-ement! financial ris( management re.uires i#entifying its sources! measuring it &see/ ?isk measure' <e kno1n risk measures*! an# formulating plans to a##ress t"ese! an# can be .ualitative an# .uantitative% +n t"e ban(ing sector ,orl#,i#e! t"e #ase .ccords are generally a#opte# by internationally active ban(s for trac(ing! reporting an# e$posing operational! cre#it an# mar(et ris(s%
0inancia' services
.n entity 1hose income e3ceeds its e3!enditure can end or invest the e3cess income+ Thou-h on the other hand$ an entity 1hose income is ess than its e3!enditure can raise ca!ita 2y 2orro1in- or se in- e6uity c aims$ decreasin- its e3!enses$ or increasin- its income+ The ender can find a 2orro1er$ a financial interme#iary such as a ban($ or 2uy notes or 2onds in the bon# mar(et+ The ender receives interest$ the 2orro1er !ays a hi-her interest than the ender receives$ and the financia intermediary earns the difference for arran-in- the oan+
1.3
C/(#OM!R (A#$(0AC#$ON
It is a term fre6uent y used in marketin-$ is a measure of ho1 !roducts and services su!! ied 2y a com!any meet or sur!ass customer e3!ectation+ ;ustomer satisfaction is defined as Kthe num2er of customers$ or !ercenta-e of tota customers$ 1hose re!orted e3!erience 1ith a firm$ its !roducts$ or its services ,ratin-s/ e3ceeds s!ecified satisfaction -oa s+K It is seen as a key !erformance indicator 1ithin 2usiness and is often !art of a #a anced Scorecard+ In a com!etitive market! ace 1here 2usinesses com!ete for customers$ customer satisfaction is seen as a key differentiator and increasin- y has 2ecome a key e ement of 2usiness strate-y+
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<ithin or-ani5ations$ customer satisfaction ratin-s can have !o1erfu effects+ They focus em! oyees on the im!ortance of fu fi in- customersD e3!ectations+ 4urthermore$ 1hen these ratin-s di!$ they 1arn of !ro2 ems that can affect sa es and !rofita2i ity+ These metrics 6uantify an im!ortant dynamic+ <hen a 2rand has oya customers$ it -ains !ositive 1ord(of(mouth marketin-$ 1hich is 2oth free and hi-h y effective+ Therefore$ it is essentia for 2usinesses to effective y mana-e customer satisfaction+ To 2e a2 e do this$ firms need re ia2 e and re!rehensive measures of satisfaction+ In researchin- satisfaction$ firms -enera y ask customers 1hether their !roduct or service has met or e3ceeded e3!ectations+ Thus$ e3!ectations are a key factor 2ehind satisfaction+ <hen customers have hi-h e3!ectations and the rea ity fa s short$ they 1i 2e disa!!ointed and 1i ike y rate their e3!erience as ess than satisfyin-+ The im!ortance of customer satisfaction diminishes 1hen a firm has increased 2ar-ainin- !o1er There is a su2stantia 2ody of em!irica iterature that esta2 ishes the 2enefits of customer satisfaction for firms+ ;ustomer satisfaction !rovides a eadin- indicator of consumer !urchase intentions and oya ty+ ;ustomer satisfaction data are amon- the most fre6uent y co ected indicators of market !erce!tions+ Their !rinci!a use is t1ofo d'
1% <ithin or-ani5ations$ the co ection$ ana ysis and dissemination of these data
send a messa-e a2out the im!ortance of tendin- to customers and ensurinthat they have a !ositive e3!erience 1ith the com!anyDs -oods and services 2% . thou-h sa es or market share can indicate ho1 1e a firm is !erformincurrent y$ satisfaction is an indicator of ho1 ike y it is that the firmDs customers 1i make further !urchases in the future+ "uch research has focused on the re ationshi! 2et1een customer satisfaction and retention+ Studies indicate that the ramifications of satisfaction are most stron- y rea i5ed at the e3tremes+ <i in-ness to recommend is a key metric re atin- to customer satisfaction+
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The 4o o1in- is dia-rammatic re!resentation of customer satisfaction
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;>.*TE? II' "ET>=&=@=GB
3.4 N!!D O0 #-! (#/D1
It is first ste! to1ards achievin- the u timate -oa of com!any is customer satisfaction$ oya ty and retention+ They !rovide a foundation in 1hich you can start
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2ui din- u!on your customer re ationshi!s+ . customer satisfaction survey encoura-es your c ients and customers to -ive your 2usiness vita feed2ack on issues that can affect customer retention$ inc udin-'
• • • • • • • •
=vera satisfaction *roduct(s!ecific satisfaction #rand !erce!tion *ricinTime iness of de ivery ;ustomer service satisfaction ?eturns and e3chan-e !rocess satisfaction Interest in ne1 !roducts and services
3.3 OB5!C#$2!( O0 #-! (#/D1
• • • • • To kno1 1hether the ;ustomers of S#I GE?0.@ I0SA?.0;E are satisfied 1ith the ;om!any+ To identify imitations of customer retention+ To -et kno1 ed-e on different o!erations of com!any+ To kno1 the rene1a s *rocess+ To kno1 a2out reim2ursement durin- c aims+
3.6 (CO&! O0 (#/D1
I have imited the sco!e of my study to the ana ysis of the satisfaction of insurance !roducts and insurance com!anies of S#I GE?0.@ I0SA?.0;E customers on y ocated in #ho!a • <e can -et a sam! e of res!ondents from S#I GE?0.@ I0SA?.0;E on y+ • "oreover$ 1e can -et the se-mented data of customer+ • ;onductin- a survey !revents irritation and resistance from the res!ondents un ike those in case of doin- a survey in an or-ani5ation+
3.7 R!(!ARC- D!($)N
The !resent study inc udes e3! oratory a!!roach to -ather a hu-e amount of information 2efore conc udin- the study+ #oth descri!tive and ;ausa a!!roaches 1ere ado!ted+ S#I GE?0.@ I0SA?.0;E$ 2ein- an insurance sector re6uires a hu-e data co ection$ 1herein 2oth !rimary and secondary data 1ere used to ma3imum e3tent+ The !rimary data co ection inc udes Muestionnaires$ *ersona Intervie1s etc+$ to dra1 information+ The main o2jective 2ehind 1as to -et a dee!er insi-ht re-ardin- the customerDs satisfaction$ rather than a !articu ar 1ay of thinkin-+ .s a resu t$ various journa s$ 1e2 sites and 2ooks 1ere co ected as a !art of secondary data+
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(am*'in8.
It is a !rocess of co ectin- usefu information +The fundamenta as!ect of sam! in- is fi3in- of sam! e si5e i+e+$ 1%0$ ho1 many !eo! e shou d 2e surveyedN In order to -et more re ia2 e resu ts$ ar-e sam! es are used rather than sma sam! es+ • (am*'e units. Sam! e units 1ere the customers of com!any+ • (am*'e si9e. Sam! e si5e inc uded had covered a set of 1%0 customers+
Methodo'o8y.
In this !roject the !rimary data is co ected throu-h a 6uestionnaire$ 1hich consists of 1F 6uestions+ Secondary data information 1as co ected from journa s$ ma-a5ines and com!any hand2ook and a so 1ith interaction 1ith customers in #ho!a
"imitations of the (tudy
• • • • • The imited !eriod a ocated for the survey is not sufficient to ana y5e the market+ There is !ossi2i ity of co ectin- 2iased o!inions from the customers+ The survey is imited to area of #ho!a on y+ The survey 1as conducted to customers of S#I GE?0.@ I0SA?.0;E on y+ Some res!ondents refused to -ive information+
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;>.*TE? III' =?G.0IS.TI=0 *?=4I@E
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6.4 $ND/(#R1 &RO0$"!.
Insurance in India started 1ithout any re-u ations in the nineteenth century+ It 1as a ty!ica story of a co onia era' a fe1 #ritish insurance com!anies dominatinthe market servin- most y ar-e ur2an centers+ .fter the inde!endence$ the @ife Insurance ;om!any 1as nationa i5ed in 1H%E$ and then the -enera insurance 2usiness 1as nationa i5ed in 1HF2+ =n y in 1HHH !rivate insurance com!anies 1ere a o1ed 2ack into the 2usiness of insurance 1ith a ma3imum of 2E !er cent of forei-n ho din- ,<or d #ank Economic ?evie1 2000/+ The entry of the State #ank of India 1ith its !ro!osa of 2ank assurance 2rin-s a ne1 dynamics in the -ame+ =n Cu y 14$ 2000 Insurance ?e-u atory and &eve o!ment .uthority 2i 1as !assed to !rotect the interest of the !o icyho ders from !rivate and forei-n ! ayers+ The fo o1in- com!anies are entit ed to do insurance 2usiness in India+ The !rivate insurance joint ventures have co ected the !remium of ?s+101H+0H crore 1ith the investment of just ?s+3$ 000 crore in three years of i2era i5ation+ The !rivate insurance ! ayers have si-nificant y im!rovin- their market share 1hen com!ared to %0 years = d ;or!oration ,i+e+ @I;/+ .s !er the fi-ures com!i ed 2y I?&.$ the @ife Insurance Industry recorded a tota !remium under1ritten of ?s+ 1EG14+F2 crore for the !eriod under revie1+ =f this$ !rivate ! ayers contri2uted to ?s+1$ 01H+0H crore$ accountin- for 10 !ercent+ @ife Insurance ;or!oration of India ,@I;/$ the !u2 ic sector -iant$ continued to ead 1ith a !remium co ection of ?s+H$EGG+GF crore$ trans atin- into a market share of H0 !er cent+ In terms of num2er of !o icies and schemes so d$ !rivate sector accounted for on y 3+FF!er cent as com!ared to HE+23 !er cent share of @I;+ The I;I;I *rudentia to!!ed amon- the !rivate ! ayers in terms of !remium co ection+ It recorded a !remium of ?s+ 3E4+H crore and a market share of 2% !er cent$ fo o1ed 2y #ir a Sun @ife 1ith a !remium under( 1ritten ?s+1F0 crore and a market share of 1% !ercent$ >&4; Standard 1ith 132+F crore and "a3 0e1 Bork @ife 1ith ?s+FE+G crore 1ith a market share of a!!ro3imate y 1% !er cent each+ An ike their counter!art in the ife insurance 2usiness$ !rivate non( ife insurance com!anies have not yet started addressin- the retai market+ . is set to chan-e in the comin- years+ @ike in the 2ankin- sector$ non( ife insurance com!anies 1i soon have no choice 2ut to focus on individua 2uyers+ In case of !rivate non( ife insurance ! ayers that their market shares raised to 13 !er cent over !revious year+ *rivate sector -re1 at 12+G !er cent and !u2 ic sector -re1 2y 13+G !er cent 2y the end of Canuary 2010+ .mon- the !rivate non( ife insurance ! ayers$ I;I;I @om2ard to!!ed the ist 1ith a !remium co ection of ?s+ 4$2%1+GF crore in one year !eriod 1ith a market share of H+HG !er cent and annua rate of 10+2G !ercent$ fo o1ed 2y S#I -erna insurance 1ith a !remium of ?s+ 2$H04+F4 crore and E+G2 !er cent market share and annua -ro1th rate of H+H2 !er cent and I44;= Tokyo 1ith a !remium of ?s+ 1G$ 1%+%0 crore and 4+2E !er cent market share and annua rate of 4+34 !er cent+
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.mon- the !u2 ic sector ! ayers$ 0e1 India -arnered a market share of 1E+EE !er cent$ ?s+F$ 0HE+%3 crore !remium and an annua rate of 1F+E2 !er cent$ fo o1ed 2y Anited India 1ith a market share of 14+HF !er cent 1ith ?s+E+3FE+3% crore !remium$ 0ationa 1ith a market share of 14+3E !er cent 1ith ?s+E11%+41 crore !remium and annua rate 2y 13+E% !er cent and =rienta 1ith a market share of 12+FF !er cent$ ?s+%43H+E0 crore !remium and an annua rate 14+F4+ If this trend continues$ !rivate insurer 1ou d dominate the !u2 ic sector ike 0e1 India Insurance ;or!oration+ It is o2vious y ref ect the insurance sector has facin- the cha en-es 1ith forei-n counter !arties as 1e as !rivate counter !arties and ot more o!!ortunities are !revai in- to !enetrate the insurance 2usiness amon- the uncovered !eo! e and area of India+ 4urther$ it eads to economic deve o!ment of the country+ In this re-ard$ it assumes -reater si-nificance to conduct de2ate amonthe inter( disci! inary !ersons+
6.3 COM&AN1 &RO0$"!.
S#I Genera Insurance ;om!any @imited is a joint venture 2et1een the State #ank of India and Insurance .ustra ia Grou! ,I.G/+ S#I o1ns F4O of the tota ca!ita and I.G the remainin- 2EO+ S#I Genera c osed the financia year 2012(13 ,3rd year of o!eration/ 1ith a Gross <ritten *remium of ?s+FF0+G% ;orers re-isterin- a -ro1th of 20G O+ &urin- the year 2012(13$ S#I Genera in association 1ith State #ank of India covered over 1 ;orer Savin- #ank .ccount ho ders of S#I 1ith a *ersona .ccident Insurance cover 1orth ?s+4 @akhs+ S#I Genera has a so esta2 ished its !resence in near y 14$000 #ranches of State #ank of India+ S#I Genera fo o1s a ro2ust mu ti(distri2ution mode encom!assin- #anc assurance$ .-ency$ #rokin- : ?etai &irect ;hanne s+ Today$ S#I Genera Ds &istri2ution fami y inc udes over H$400 I?&. certified S#I : its .ssociate #ank em! oyees and over 3$200 .-ents+ S#I Genera Js current -eo-ra!hica covera-e e3tends to 3G cities !an India and ! ans are on to e3tend this reach to another 20(2% cities 2efore the end of the current financia year+ S#I Genera is current y servin- three key customer se-ments i+e+ ?etai Se-ment ,caterin- to Individua : 4ami ies/$ ;or!orate Se-ment ,caterin- mid to ar-e si5e ;om!anies/ and S"E Se-ment+ In a short s!an$ S#I Genera has emer-ed as one of the fe1 Genera Insurance com!anies in India to have a dedicated S"E Team caterin- e3c usive y to the needs of S"E Se-ment+ ;urrent *o icy offerin- of S#I Genera covers "otor$ >ea th$ *ersona .ccident : >ome Insurance for Individua s and .viation$ 4ire$ "arine$ *acka-e$ ;onstruction : En-ineerin-$ @ia2i ity$ Grou! >ea th$ Grou! *ersona .ccident : "isce aneous Insurance for #usinesses+
2ision
• • •
To 2e the first choice insurer for customers To 2e the !referred em! oyer for staff in the insurance industry To 2e the num2er one insurer for creatin- shareho der va ue
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Mission
.s a res!onsi2 e$ customer focused market eader$ 1e 1i strive to understand the insurance needs of the consumers and trans ate it into afforda2 e !roducts that de iver va ue for money+
•
Achievements
24th 0ovem2er 200G Si-nin- of C9 .-reement 1ith Insurance .ustra ia Grou! ,I.G @td+/
• •
24th 4e2ruary 200H S#I Genera Insurance ;om!any @td+ incor!orated 13th Cu y 200H S#I Genera received ?(1 a!!rova from I?&. 13th =cto2er 200H S#I Genera received ?(2 a!!rova from I?&. 1%th &ecem2er 200H I?&. a!!rova received for ?(3 a!! ication of the com!any 2%th "arch 2010 Issue of first S#I Genera Insurance *o icy 14th Se!tem2er 2010 State #ank of India 2ecomes ;or!orate .-ent for S#I Genera Insurance
•
•
•
•
6.6 (B$ )rou*.
S#I Genera 1i 2e a techno o-y driven com!any 1ith state(of(the(art IT systems+ It 1i 2e a mu ti(!roduct$ mu ti(se-ment and mu ti(channe com!any+ S#I Genera is in the !rocess of settin- u! a uni6ue mu ti(distri2ution mode encom!assin- #anc assurance$ .-ency$ #rokin- : ?etai &irect ,=n( ine : Te e Sa es/ channe s+ #anc assurance 1i 2e the major channe durin- the initia years+ S#I Grou! aims to 2ecome a cor!orate entity that !rovides a variety of one(sto! financia services over the Internet no1 that t1o major events$ the 4inancia #i#an- resu tin- from dere-u ation$ and the Internet ?evo ution resu tin- from IT innovation$ have radica y transformed the financia industry+
0inancia' (ervices Business
S#I SE;A?ITIES ;om!rehensive on ine securities 2usiness S#I Sum shin 0et #ank
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Internet 2ankinS#I Insurance =n ine no ife insurance 2usiness
S#I "=0EB *@.P. Insurance a-ency$ financia instruments intermediary service !rovider$ housin- oan a-ency S#I "ort-a-e >ousin- oans$ fire insurance a-ent S#I ;ard ;redit card 2usiness$ etc+ S#I @i6uidity "arket =fferin- market infrastructure and services of fore3 tradin- to financia firms and deve o!in- re ated systems and !roducts S#I 4QT?.&E =ver(the(counter forei-n e3chan-e mar-in transactions S#I Ca!an ne3t =!eration of *TS ,*ro!rietary tradin- system/ S#I SSI Sma (amount short(term insurance 2usinesses IKIIKI SE&.I Sma (amount short(term insurance 2usinesses "ornin- star Ca!an Internet(2ased eva uation$ information service and consu tin- on financia !roducts and 1e2sites "ornin- star .sset "ana-ement Investment advisory services$ others S#I Searchin22 | P a g e
"edia service$ finance service$ research service S#I @ease .n I;T(centered com!rehensive easin- 2usiness and o!eration of an Internet(2ased ease(estimate 1e2site S#I .uto Su!!ort .uto oan !romotion 2usiness$ auto insurance advertisin- 2usiness S#I "arketinInternet(2ased advertisin- a-ency 2usiness$ marketin- consu tin- and information services via the Internet S#I ?emit Internationa money transfer service S#I Socia @endin"oney endin- 2usiness and o!eration of socia endinS#I #usiness Su!!ort ;ontact center 2usiness for cor!orations and a tem!orary staffin- a-ency S#I #usiness So utions #ack office su!!ort services S#I 4und #ank ;onsu tin- of mutua fund sa es and o!eration of mutua funds information 1e2site 2ased on its uni6ue eva uation and ana ysis S#I #enefit Systems &efined(contri2ution !ension ! ans$ !ersonne and !u2 ic 1e fare services$ and systems outsourcinS#I 0et Systems ?:&$ sa es and maintenance for financia system and !rovision of information security !roducts and so ution services .uto one Su!!ort for automo2i e !urchaser ;E" ;or!oration
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?ea estate(secured oans S#I art fo io Intermediate dea er and sa es of art$ ! annin- and mana-ement of art dis! ay 4inance . So utions System &eve o!ment
Asset Mana8ement Business
S#I Investment =!erate and mana-e venture ca!ita funds S#I .sset "ana-ement .sset mana-ement services and investment advisory services S#I ;.*IT.@ =!erate and mana-e 2uyout and revita i5ation funds S#I 9E0 ;.*IT.@ =verseas investments S#I .rsnova ?esearch Settin- u!$ o!erate$ and mana-e a ternative financia !roducts and !rovide advisory services for investors S#I(>IK.?I *+E+ =!erate and mana-e venture ca!ita funds S#I ?oya Securities 4u (service -enera 2rokera-e firm in ;am2odia S#I .QES "ana-ement strate-y and 2usiness mana-ement of the -rou! com!anies and 2usinesses incidenta thereto S#I Savin-s #ank &e!osit takin- and oan !rovidin-
Biotechno'o8y:re'ated Business
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S#I .@.!romo "anufacturin- and sa es of cosmetics and hea th foods usin- %( .mino evu inic acid ,%(.@./ S#I *harmaceutica s &eve o!ment and manufacture of !harmaceutica $ cosmetic$ and hea th food !roducts that contain 7%([email protected] ,%(.mino evu inic acid/ S#I #iotech *harmaceutica s research and deve o!ment
Others
S#I @ife @ivin*re(deve o!ment ! annin- and desi-n$ and deve o!in- and se in- invested rea estate I .dvisory services for architectura construction 1ork and rea estate I *ro!osin- usefu means of and use and contractin- construction etc+ I Internet(2ased E; and mediation services 1e2sites I ;om!osition and fee estimate services 1e2sites S#I .rch Mua ity ;onfirmation ins!ectionsL housin- structura !erformance eva uationsL conformance certificationL ;.S#EE assessment certificationL !re!aration of architectura 2ody dia-nostics$ investi-ations and environmenta re!ortsL and intermediary services and ins!ections for ia2i ity insurance for housin- defect 1arranties S#I Guarantee 9arious -uarantee services inc udin- the -uarantee of non!ayment of rent S#I <e ness #ank >ea thcare services for mem2ers and the !u2 ic$ and consu tin- services re ated to 1e ness
6.7 $nsurance Com*any O*erations.
The most im!ortant insurance com!any o!erations consist of the fo o1in-+ • • ?ate makinAnder1ritin25 | P a g e
• • •
*roducts ; aim sett ement ?ene1a s
6.; &roducts
Motor rivate !ar "nsurance @ife is one -reat 2a ancin- act+ .s you set to -et the 2est out of ife$ you do encounter ifeJs itt e road2 ocks ike accidents and thefts+ The 2est 1ay to hand e them is to just move ahead and enjoy the journey rather than -et 2o--ed do1n+ <ith S#I Genera Js *rivate ;ar *acka-e *o icy$ you 2e in contro no matter 1hat the itt e road2 ocks that ife thro1s at you+
Motor #wo $heeler "nsurance @ife is one -reat 2a ancin- act+ .s you set to -et the 2est out of ife$ you do encounter ifeJs itt e road2 ocks ike accidents and thefts+ The 2est 1ay to hand e them is to just move ahead and enjoy the journey rather than -et 2o--ed do1n+ <ith S#I Genera Js T1o <hee er *acka-e *o icy$ you can 2e in contro no matter 1hat the itt e road2 ocks that ife thro1s at you+
%ong #erm &ome "nsurance *rotect it 1ith S#I Genera Js @on- Term >ome Insurance *o icy+ Bou s!end your ifetime in dreamin- a2out a home of your o1n+ Bou take the he ! of financia institutions to fu fi your dream+ . on- 1ith the ! easure of fu fi in- your dream come the ia2i ity and the res!onsi2i ity of !ayin- for the same over the ne3t fe1 years+ .t S#I Genera $ 1e make thin-s easy for you to !rotect your dream home+ <ith S#I Genera Js @on- Term >ome Insurance *o icy$ you can tru y enjoy the home you have just ac6uired
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'roup ersonal (ccident "nsurance
@ife has the knack of s!rin-in- un! easant sur!rises ike accidents and !otentia y u!settin- oneDs dream and causin- financia hardshi! for the fami y+ <ith S#I Genera $ you can 2e in contro and safe -uard your fami yDs ha!!iness+ .t S#I Genera 1e 2e ieve in 2ein- 1ith you at every ste! and he ! you take contro of your ife+ &ealth "nsurance
<e understand that !eo! e are uni6ue and have varyin- eve s of contro over their hea th+ Each of us 1ou d ike to define a hea thy ife on our o1n terms+ .t S#I Genera $ its our aim to !artner 1ith you and he ! you achieve 2etter hea th and a sense of security a on- the 1ay+ In times of risin- hea th care costs$ a sudden i ness or injury can eave you financia y devastated and hi-h y stressed+ <ith S#I Genera Ds >ea th Insurance *o icy – ?etai $ you can 2e in contro 2y makin- medica treatment e3!enses more mana-ea2 e+ Thus ensurin- 6ua ity hea th : ha!!iness of your fami y+ &ealth "nsurance ) *+" 1our fami'y’s ha**iness is *rice'ess. &rotect it. (B$ )!N!RA"’( )RO/& -!A"#- $N(/RANC! &O"$C1 : 0or $ndividua' and 0ami'y <e understand that !eo! e are uni6ue and have varyin- eve s of contro over their hea th+ Each of us 1ou d ike to define a hea thy ife on our o1n terms+ .t S#I Genera $ its our aim to !artner 1ith you and he ! you achieve 2etter hea th and a sense of security a on- the 1ay+ In times of risin- hea th care costs$ a sudden i ness or injury can eave you financia y devastated and hi-h y stressed+ <ith S#I Genera Ds Grou! >ea th Insurance *o icy ,for individua and fami y/$ you can 2e in contro 2y makin- medica treatment e3!enses more mana-ea2 e$ thus ensurin6ua ity hea th and ha!!iness of your fami y+ II TYPES INSURANCE FOR BUSINESS *tandard Fire and *pecial erils "nsurances Take ;ontro of your 2usinessJs destiny 1ith the he ! of S#I Genera Insurance' <ith !roduct ike Standard 4ire : s!ecia *eri s Insurance *o icy$ you can safe-uard
27 | P a g e
your assets that you va ue most+ #asis for Indemnity ( .s the *o icy can 2e avai ed of either on "arket 9a ue or on ?einstatement 9a ue of the !ro!erty 2ein- insured$ the 2asis of indemnity a so differs accordin- y+ In either case$ if the Sum Insured is ess than the amount re6uired to 2e insured$ the ;om!any 1i !ay on y in such !ro!ortion as the Sum Insured 2ears to the amount re6uired to 2e insured+ Every item ,if more than one/ sha 2e su2ject to this condition se!arate y+
!onsequential %oss ,Fire- "nsurance Take ;ontro of your 2usinessJs destiny 1ith the he ! of S#I Genera Insurance' @ife is fu of sur!rises+ Some are ! easant and some are not+ &isasters ike 4ire and s!ecia !eri s can !ut a 2reak in your -ro1th ! an+ They a so !ut hu-e financia 2urden on you+ S#I Genera Insurance can he ! successfu y overcome these situations and !ut you firm y in contro of your 2usiness+ S#I Genera Insurance can he ! successfu y overcome these situations and !ut you firm y in contro of your 2usiness+ <ith S#I Genera ;onse6uentia @oss ,4ire/ Insurance *o icy$ you can no1 safe-uard your 2usiness !rofits a-ainst !ossi2 e oss due to 2usiness interru!tion+ Insurance !o icies -enera y cover the costs of re!airin- or re! acin- dama-ed !ro!erty+ #ut$ the financia oss suffered due to an interru!tion in your 2usiness o!eration is not covered under these materia dama-e !o icies ( you need a ;onse6uentia @oss !o icy+ S#I Genera Js ;onse6uentia @oss ,4ire/ Insurance *o icy offers the so ution$ 2y coverin- !rofit ost fo o1in- an interru!tion to your 2usiness$ 1hich inevita2 y resu ts from dama-e to insured !ro!erty+ This *o icy can 2e taken on y in conjunction 1ith a !o icy that insures your assets ,such as an S#I Genera Js Standard 4ire and S!ecia *eri s !o icy/$ and tri--ers on y if the oss is admissi2 e under that !o icy+ Indemnity !eriod ( The indemnity !eriod commences 1ith the date of dama-e and asts ti such time as the 2usiness is restored to its !re(dama-e eve or the end of the indemnity !eriod is reached 1hichever comes first+ . conse6uentia oss insurance !o icy insures earnin-s end of the indemnity !eriod is reached$ indemnity !eriod+ >ence$ se ection of the indemnity !eriod is of utmost im!ortance 'roup &ealth "nsurance Bour -reatest 1ea th is your hea th : every2ody has differin- eve s of contro over their o1n 1e (2ein-+ @ife fo o1s no fi3ed !attern and sudden i ness or 2odi y injury can sometimes eave you financia y hurt and hi-h y stressed+ S#I Genera Js Grou! >ea th Insurance *o icy he !s you to 2e in contro 2y !rotectin- and makin- medica
28 | P a g e
treatment e3!enses more mana-ea2 e thus ensurin- 6ua ity hea th care for you and your fami y+ #ractor and .ther Farm /ehicles "nsurance India is an a-ricu ture(2ased country+ .-ricu ture and farmin- are the main occu!ations of the majority of the !o!u ation of our country outside 2i- cities+ .t S#I Genera $ 1e reco-ni5e the !ivota ro e farmers ike you are ! ayin- in contri2utin- to the -ro1th and deve o!ment of the country+ Anfortunate y you are a so e3!osed to the va-aries of the nature that can !otentia y cri!! e you sometimes due to accidenta dama-e to your Tractor or other farmin- vehic es+ <ith S#I Genera Js Tractor and =ther 4arm 9ehic es Insurance *o icy( *acka-e$ you can safe-uard your Tractor and other 4armin- 9ehic es as 1e as your dream
!ommercial Motor "nsurance @ife is one -reat 2a ancin- act+ .s you set to -et the 2est out of ife$ you do encounter ifeJs itt e road2 ocks ike accidents : thefts+ The 2est 1ay to hand e them is to just move ahead and enjoy the journey rather than -et 2o--ed do1n+ <ith S#I Genera Js ;ommercia 9ehic e Insurance *o icy$ you 2e in contro no matter 1hat the itt e road2 ocks that ife thro1s at you+
Marine !argo "nsurance <e are ivin- in a 1or d of #oundaries #usiness+ .s you continue to e3!and the 2usiness hori5on$ you are a so increasin- y e3!osed to the risks that are associated 1ith transit of -oods+ Bour 2i--est cha en-e is to !ut in ! ace a suita2 e ?isk "ana-ement$ so that you can confident y move ahead fu fi in- your dream of e3!andin- your 2usiness hori5on+ S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro + <ith S#I Genera Js "arine ;ar-o Insurance *o icy you can safe-uard yourse f from risks associated 1ith transit of -oods+
"ndustrial (ll 0isks "nsurance% Every successfu 2usiness needs com! ete !rotection a-ainst !otentia oss+ Industria units are e3!osed to host of risks$ 1hich can !ut a 2reak in o!eration$ cause financia 2urden and eave you ho!e ess y out of contro + S#I Genera Insurance can he ! you successfu y overcome these situations and !ut you firm y in contro of your 2usiness o!eration and dream+ <ith !roduct ike S#I Genera Industria . ?isks ,I.?/ Insurance *o icy$ you can safe-uard your assets that you
29 | P a g e
va ue most+ +usiness ackage "nsurance Bour 2usiness is the sym2o of your achievement and fructification of your dream+ In s!ite of 2est efforts$ sometimes accidents do occur resu tin- in hu-e financia oss and u!set your dream+ <ith S#I Genera you can 2e in contro and safe -uard your dream+ .t S#I Genera 1e 2e ieve 2ein- 1ith our customers at every ste! and he ! them take contro + 1lectronic 1quipment "nsurance Every successfu 2usiness 2e it a ar-e cor!oration or a S"E$ needs com! ete !rotection a-ainst !otentia oss+ "odern 2usinesses use ot of e ectronic E6ui!ments ike ;om!uters$ Servers$ .udioI9ideo and security e6ui!ments and Industry s!ecific E ectronic E6ui!ments that are e3!osed to various risks+ .ny dama-e or 2reakdo1n to them can !ut a 2reak in your -ro1th ! an 2y !uttin- a financia 2urden and stress+ S#I Genera Insurance can he ! you successfu y overcome these situations and !ut you firm y in contro of your 2usiness$ e6ui!ments and your dream of makin- it 2i-+ <ith !roduct ike S#I Genera Js E ectronic E6ui!ment Insurance *o icy$ you can safe-uard your E ectronic E6ui!ments that you va ue most+
!ontractors (ll 0isk "nsurance Every *roject under deve o!ment need com! ete !rotection a-ainst !otentia oss+ *rojects under deve o!ment are e3!osed to host of risks 1hich can !ut a 2reak in o!eration$ cause financia 2urden and eave you fee in- you have no contro + S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro of your 2usiness o!eration+ 1rection (ll 0isks "nsurance
Every *roject under erection needs com! ete !rotection a-ainst !otentia oss+ *rojects under erection are e3!osed to host of risks$ 1hich can !ut a 2reak in im! ementation$ cause financia
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2urden and eave you fee in- you have no contro + S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro of your !rojects+ !ontractors lant 2 Machinery Every *roject need com! ete !rotection a-ainst !otentia oss+ Es!ecia y the contractors * ant and "achineries used at *roject sites are e3!osed to host of risks$ 1hich can !ut a 2reak in your *roject im! ementation$ causin- financia 2urden and stress+ S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro of your !rojects+ Machinery +reakdown "nsurance Take ;ontro of your 2usinessJs destiny 1ith the he ! of S#I Genera Insurance @ife is fu of sur!rises+ Some are ! easant and some are not+ .s you continue to e3!and your 2usiness hori5on$ you are a so e3!osed to the risks that are associated 1ith "achinery #reakdo1n that can !ut a 2reak in your -ro1th ! an+ S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro of your 2usiness+
+oiler 2 ressure lant "nsurance
@ar-e Industria esta2 ishments ike yours are the ife ines for our economy+ They contri2ute enormous y to the -ro1th and !ros!erity of our nation+ It is critica to !rotect these ife ines as they fue the dream of our nation+ <ith S#I Genera Js #oi er : *ressure * ant Insurance *o icy$ you can safe -uard your dream as 1e as that of our nation+ .t S#I Genera 1e 2e ieve 2ein- 1ith our customers at every ste! and he ! them 2e in contro
!onsequential %oss ,Machinery +reakdown Take ;ontro of your 2usinessJs destiny 1ith the he ! of S#I Genera Insurance
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doc_411263696.doc
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Girdhar Shiksha Evam Samaj Kalyan Samiti Group of Institutions
Mandideep Bhopal
Project Report On ustomer Satisfaction Of s!i General Insurance
Session "#$%&$'
Su!mitted to Su!mitted !y
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Mr (s)ani kumar Makoriya MB( +,inanceER.I,I (.E
*aveen
This is to certify that Mr. Naveen Kumar Makoriya is student of Master Of Business Administration IIIrd Sem, for the year 2013 – 2014 from Girdhar Shiksha Evam Samaj Ka yan Samiti Grou! of Institutions "andidee! in#ho!a $ has com! eted his !roject entit ed “Customer satisfaction’’ of S#I Gerna Insurance$ under my su!ervision from 1% may 2013 to 30 june 2013
&ate' ( ))))) * ace' ( ))))+++ Mr.Ravi Dha an ,"ana-er .ccount/
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S#I Gerna Insurance$ 0e1 "arket #ho!a ,"+*+/
D!C"ARA#$ON
I$Naveen kumar makoriya of “Master Of Business Administration% from Girdhar Shiksha Evam Samaj Ka yan Samiti Grou! of Institutions #ho!a ,"+*+/ here2y dec are that a the information$ facts and fi-ures -athered 2y me are first hand in nature and is actua y 2ased on my study+ .ny resem2 ance from e3istin- 1orks is !ure y confidentia in nature+
Date &'ace
Naveen kumar makoriya "+#+.+ ,III rd Sem/ 4inance Girdhar Shiksha Evam Samaj Ka yan Samiti Grou! of Institutions #ho!a ,"+*/
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PRE,( E
In the !resent scenario of - o2a i5ation it has 2ecome mandatory to ac6uire !ractica kno1 ed-e to fit in the theory of surviva of the fittest 1ith the u! -radation in techno o-y eve and ever increasin- com!etition one must have a !ractica vie1 and e3!eriences of various theories of conce!t of 74inancia "ana-ement8+
.s the !art of "+#+.+ course$ under 1ent %0 days of 7 9ocationa Trainin-8 on com! ete study of 74inancia Statement8 of the com!any : ana ysis the 7 ;ustomer Satisfacation 8 of (B$ )erna' $nsurance Com*any "imited.
It had a !rivi e-e to 2ein- 79ocationa Trainin-8 at (B$ )erna' $nsurance Com*any "imited Bho*a' + This Trainin- is im!ortant as it is a 9ita !art of our curricu um durin- the course and its -ive me -ood e3!erience of my 1ork+ I had the o!!ortunity to interact 1ith many !eo! e from diverse fie ds$ 1hich further enriched my kno1 ed-e+
Naveen kumar makoriya "+#+.+ ,IIIrd Sem/ 4inance Girdhar Shiksha Evam Samaj Ka yan Samiti Grou! of Institutions #ho!a ,"+*/
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ACKNO+"!D)!M!N#
<ith a sense of -reat ! easure : satisfaction I !resent this re!ort entit ed as (B$ )erna' $nsurance Co. "td. cu mination of my efforts of ast si3 1eeks+ ;om! etion of this !roject$ is no dou2t$ is a !roduct of inva ua2 e su!!ort : contri2ution of a num2er of !eo! e+
I 1ish to e3!ress my -ratitude to those 1ho -enerous y he !ed me in com! etin- this research 1ork 1ith their kno1 ed-e : e3!ertise+ . !roject of this nature ca s for inte ectua nourishment$ !rofessiona he ! : encoura-ement from various 6uarters+
I !resent my -ratitude to !roject -uide Mr. Ravi Dha an ,=!eration >ead S#I GE?0.@ I0SA?.0;E $ 0e1 "arket #ho!a / for -ivin- me the o!!ortunity to 1ork for S#I GE?0.@ Insurance ;om!any @td+ for 2ein- constant -uidin- force : a source of I umination throu-hout this entire !eriod+
"y s!ecia thanks to a em! oyees of S#I GE?0.@ Insurance ;om!any @td$ 0e1 "arket #ho!a $ 1ho e3tended their !recious coo!eration : for the !atience they sho1ed 1hi e entertainin- my 6ueries+ I am immense y thankfu to a a-ents 1ho took out time from their 1ith a the va ua2 e information+ 2usy
schedu e and enthusiastica y res!onded to my 6ueries and !rovided me
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$nde,
C-A&#!R $. CONC!&#/A" 0RAM!+ORK 1+1 I0T=&A;TI=0 1+2 ;=0;E*T =4 4inance *ersona finance ;or!orate finance 4inancia services 1+3 ;AST="E? S.TIS4.;TI=0 C-A&#!R $$. M!#-ODO"O)1 2+1 0EE& =4 T>E STA&B 2+2 =#CE;TI9ES =4 T>E STA&B 2+3 S;=*E =4 STA&B 2+4 ?ESE.?;> &ESIG0 Sam! in-' "ethodo o-y' @imitations of the Study C-A&#!R $$$. OR)AN$(A#$ON &RO0$"! 3+1 I0&AST?B *?=4I@E' 3+2 ;="*.0B *?=4I@E' 9ision
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"ission .chievements 3+3 S#I Grou!' 4inancia Services #usiness .sset "ana-ement #usiness #iotechno o-y(re ated #usiness =thers 3+4 Insurance ;om!any =!erations' 3+% *roducts ; aims *hi oso!hy C-A&#!R $2 ANA"1($( O0 (#/D1 1+ 0ature of customer em! oyment' 2+ 0um2er of vehic es customers !ossesses' 3+ ;ustomer !osses any other !o icy in another insurance com!any' 4+ Ty!e of com!any chosen 2y the customer 1hen they a ready have a !o icy' %+ 0um2er of yearDs customer is insurin- 1ith S#I' E+ ?es!onsiveness of ;om!any to1ards ;ustomer' F+ *rofessiona ism of com!any' G+ &e ivery of !roduct' H+ *remium char-ed' 10+ ; aim *rocess of the com!any' 11+ ?eim2ursements durin- c aims' 12+ ?ene1a s of a!sed *o icy' 13+ =ffice .tmos!here of 9isa #ranch' 14+ =ver . satisfaction of S#I GE?0.@ I0SA?.0;E' 1%+ ;ustomer is interested in takin- any =ther Insurance *o icy' 1E+ ;ustomer su--ests S#I GE?0.@ I0SA?.0;E to any other ,*romotion/' C-A&#!R 2
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4indin-s$ Su--estions :;onc usions B$B"$O)RA&-1 <e2sites'
;>.*TE? I' ;=0;E*TA.@ 4?."E<=?K
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1.1
$N#OD/C#$ON
Insurance is not the sa e of !roducts$ 2ut servicin- customers+ It is a system$ 2y 1hich the osses suffered 2y a fe1 are s!read over many$ E3!osed to simi ar risks+ Insurance is a !rotection a-ainst financia oss arisin- on the ha!!enin- of an une3!ected event+ Insurance com!anies co ect !remiums to !rovide for this !rotection+ . oss is !aid out of the !remiums co ected from the insurin- !u2 ic and the Insurance ;om!anies act as trustees to the amount co ected+ The very fundamenta !rinci! e of s!readin- of the risk is actua y !racticed 2y the insurance com!anies 2y reinsurin- the risks that they have insured+ The o!enin- u! of the Insurance Sector to *rivate ;om!anies$ has made avai a2 e more !roducts and 1or d c ass service to Indian ;ustomer+ This !roject has 2een made 1ith an o2jective to -ive an insi-ht into various facts of Genera Insurance sector in India+ .n attem!t has 2een made to e3! ain the a!e3 2ody of Genera Insurance+ i+e+ Genera Insurance ;or!oration of India$ its structure$ !roducts and su2sidiaries+ . so the revie1 of atest entrants into insurance sector vi5+ !rivate ! ayers ike S#I Genera Insurance ;om!any$ T.T. .IG Genera Insurance ;om!any$ ?e iance Genera Insurance ;om!any imited$ I44;= Tokyo Genera Insurance ;om!any$ ?oya Sundaram Genera Insurance ;om!any imited and I;I;I @om2ard Genera Insurance ;om!any have 2een descri2ed in 2rief$ &ue to the -ro1th in the techno o-ica sector of the country$ the insurance com!anies have started uti i5inthese techno o-ies to itD as o!timum eve +
1.2
CONC!&# O0 0inance
0inance is the !ractice of funds mana-ement$ or the a ocation of assets and liabilities over time under conditions of certainty and uncertainty+ . key !oint in finance is the time value of money$ 1hich states that a unit of currency today is 1orth more than the same unit of currency tomorro1+ 4inance aims to !rice assets 2ased on their risk eve $ and e3!ected rate of return+ 4inance can 2e 2roken into three different su2 cate-ories' public finance$ corporate finance and personal finance+
&ersona' finance
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• • •
*rotection a-ainst unforeseen !ersona events$ as 1e as events in the 1ider economy Transference of fami y across -enerations ,2e6uests and inheritance/ Effects of ta3 !o icies ,ta3 su2sidies andIor !ena ties/ on mana-ement of !ersona finances Effects of credit on individua financia standin* annin- a secure financia future in an environment of economic insta2i ity
• •
*ersona finance may invo ve !ayin- for education$ financin- dura2 e -oods such as rea estate and cars$ 2uyin- insurance$ e+-+ hea th and !ro!erty insurance$ investinand savin- for retirement+ *ersona finance may a so invo ve !ayin- for a oan$ or de2t o2 i-ations+ The si3 key areas of !ersona financia ! annin-$ as su--ested 2y the 4inancia * anninStandards #oard$ are
Cor*orate finance
;or!orate finance is the area of finance dea in- 1ith the sources of fundin- and the capital structure of cor!orations and the actions that mana-ers take to increase the va ue of the firm to the shareho ders$ as 1e as the too s and ana ysis used to a ocate financia resources+ . thou-h it is in !rinci! e different from mana-eria finance 1hich studies the financia mana-ement of a firms$ rather than cor!orations a one$ the main conce!ts in the study of cor!orate finance are a!! ica2 e to the financia !ro2 ems of a kinds of firms+ ;or!orate finance -enera y invo ves 2a ancin- risk and !rofita2i ity$ 1hi e attem!tin- to ma3imi5e an entityJs 1ea th and the va ue of its stock$ and -enerica y entai s three !rimary areas of ca!ita resource a ocation+ In the first$ Kca!ita 2ud-etin-K$ mana-ement must choose 1hich K!rojectsK ,if any/ to undertake+ The disci! ine of capital budgeting may em! oy standard business valuation techni6ues or even e3tend to real options valuationL see Financial modeling+ The second$ Ksources of ca!ita K re ates to ho1 these investments are to 2e funded' investment ca!ita can 2e !rovided throu-h different sources$ such as 2y shareho ders$ in the form of equity ,!rivate y or via an initial public offering/$ creditors$ often in the form of bonds$ and the firmJs o!erations ,cash flow/+ Short(term fundin- or working capital is most y !rovided 2y 2anks e3tendin- a ine of credit+ The 2a ance 2et1een these e ements forms the com!anyJs capital structure+ The third$ Kthe dividend !o icyK$ re6uires mana-ement to determine 1hether any una!!ro!riated !rofit ,e3cess cash/ is to 2e retained for future investment I o!erationa re6uirements$ or instead to 2e distri2uted to shareho ders$ and if so in 1hat form+ Short term financia mana-ement is often termed K working capital managementK$ and re ates to cash-$ inventory( and debtors mana-ement. ;or!orate finance a so inc udes 1ithin its sco!e 2usiness va uation$ stock investin-$ or investment management+ .n investment is an ac6uisition of an asset in the ho!e that
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it 1i maintain or increase its va ue over time+ In investment management – in choosina portfolio – one has to use financia ana ysis to determine what$ how much and when to invest+ To do this$ a com!any must'
• • •
Identify re evant o2jectives and constraints' institution or individua -oa s$ time hori5on$ risk aversion and ta3 considerationsL Identify the a!!ro!riate strate-y' active versus !assive hed-in- strate-y "easure the !ortfo io !erformance
4inancia mana-ement over a!s 1ith the financia function of the ccounting profession+ >o1ever$ financial accounting is the re!ortin- of historica financia information$ 1hi e financia mana-ement is concerned 1ith the a ocation of ca!ita resources to increase a firmJs va ue to the shareho ders+ 4inancia risk mana-ement! an element of corporate finance! is t"e practice of creating an# protecting economic va ue in a firm by using financia instruments to manage e$posure to risk! particularly credit risk an# market risk% &'t"er ris( types inclu#e 4orei-n e3chan-e! )"ape! 9o ati ity! )ector! i6uidity! Inf ation ris(s! etc%* +t focuses on ,"en an# "o, to hed-e using financial instruments- in t"is sense it overlaps ,it" financia en-ineerin-% )imilar to general risk mana-ement! financial ris( management re.uires i#entifying its sources! measuring it &see/ ?isk measure' <e kno1n risk measures*! an# formulating plans to a##ress t"ese! an# can be .ualitative an# .uantitative% +n t"e ban(ing sector ,orl#,i#e! t"e #ase .ccords are generally a#opte# by internationally active ban(s for trac(ing! reporting an# e$posing operational! cre#it an# mar(et ris(s%
0inancia' services
.n entity 1hose income e3ceeds its e3!enditure can end or invest the e3cess income+ Thou-h on the other hand$ an entity 1hose income is ess than its e3!enditure can raise ca!ita 2y 2orro1in- or se in- e6uity c aims$ decreasin- its e3!enses$ or increasin- its income+ The ender can find a 2orro1er$ a financial interme#iary such as a ban($ or 2uy notes or 2onds in the bon# mar(et+ The ender receives interest$ the 2orro1er !ays a hi-her interest than the ender receives$ and the financia intermediary earns the difference for arran-in- the oan+
1.3
C/(#OM!R (A#$(0AC#$ON
It is a term fre6uent y used in marketin-$ is a measure of ho1 !roducts and services su!! ied 2y a com!any meet or sur!ass customer e3!ectation+ ;ustomer satisfaction is defined as Kthe num2er of customers$ or !ercenta-e of tota customers$ 1hose re!orted e3!erience 1ith a firm$ its !roducts$ or its services ,ratin-s/ e3ceeds s!ecified satisfaction -oa s+K It is seen as a key !erformance indicator 1ithin 2usiness and is often !art of a #a anced Scorecard+ In a com!etitive market! ace 1here 2usinesses com!ete for customers$ customer satisfaction is seen as a key differentiator and increasin- y has 2ecome a key e ement of 2usiness strate-y+
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<ithin or-ani5ations$ customer satisfaction ratin-s can have !o1erfu effects+ They focus em! oyees on the im!ortance of fu fi in- customersD e3!ectations+ 4urthermore$ 1hen these ratin-s di!$ they 1arn of !ro2 ems that can affect sa es and !rofita2i ity+ These metrics 6uantify an im!ortant dynamic+ <hen a 2rand has oya customers$ it -ains !ositive 1ord(of(mouth marketin-$ 1hich is 2oth free and hi-h y effective+ Therefore$ it is essentia for 2usinesses to effective y mana-e customer satisfaction+ To 2e a2 e do this$ firms need re ia2 e and re!rehensive measures of satisfaction+ In researchin- satisfaction$ firms -enera y ask customers 1hether their !roduct or service has met or e3ceeded e3!ectations+ Thus$ e3!ectations are a key factor 2ehind satisfaction+ <hen customers have hi-h e3!ectations and the rea ity fa s short$ they 1i 2e disa!!ointed and 1i ike y rate their e3!erience as ess than satisfyin-+ The im!ortance of customer satisfaction diminishes 1hen a firm has increased 2ar-ainin- !o1er There is a su2stantia 2ody of em!irica iterature that esta2 ishes the 2enefits of customer satisfaction for firms+ ;ustomer satisfaction !rovides a eadin- indicator of consumer !urchase intentions and oya ty+ ;ustomer satisfaction data are amon- the most fre6uent y co ected indicators of market !erce!tions+ Their !rinci!a use is t1ofo d'
1% <ithin or-ani5ations$ the co ection$ ana ysis and dissemination of these data
send a messa-e a2out the im!ortance of tendin- to customers and ensurinthat they have a !ositive e3!erience 1ith the com!anyDs -oods and services 2% . thou-h sa es or market share can indicate ho1 1e a firm is !erformincurrent y$ satisfaction is an indicator of ho1 ike y it is that the firmDs customers 1i make further !urchases in the future+ "uch research has focused on the re ationshi! 2et1een customer satisfaction and retention+ Studies indicate that the ramifications of satisfaction are most stron- y rea i5ed at the e3tremes+ <i in-ness to recommend is a key metric re atin- to customer satisfaction+
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The 4o o1in- is dia-rammatic re!resentation of customer satisfaction
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;>.*TE? II' "ET>=&=@=GB
3.4 N!!D O0 #-! (#/D1
It is first ste! to1ards achievin- the u timate -oa of com!any is customer satisfaction$ oya ty and retention+ They !rovide a foundation in 1hich you can start
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2ui din- u!on your customer re ationshi!s+ . customer satisfaction survey encoura-es your c ients and customers to -ive your 2usiness vita feed2ack on issues that can affect customer retention$ inc udin-'
• • • • • • • •
=vera satisfaction *roduct(s!ecific satisfaction #rand !erce!tion *ricinTime iness of de ivery ;ustomer service satisfaction ?eturns and e3chan-e !rocess satisfaction Interest in ne1 !roducts and services
3.3 OB5!C#$2!( O0 #-! (#/D1
• • • • • To kno1 1hether the ;ustomers of S#I GE?0.@ I0SA?.0;E are satisfied 1ith the ;om!any+ To identify imitations of customer retention+ To -et kno1 ed-e on different o!erations of com!any+ To kno1 the rene1a s *rocess+ To kno1 a2out reim2ursement durin- c aims+
3.6 (CO&! O0 (#/D1
I have imited the sco!e of my study to the ana ysis of the satisfaction of insurance !roducts and insurance com!anies of S#I GE?0.@ I0SA?.0;E customers on y ocated in #ho!a • <e can -et a sam! e of res!ondents from S#I GE?0.@ I0SA?.0;E on y+ • "oreover$ 1e can -et the se-mented data of customer+ • ;onductin- a survey !revents irritation and resistance from the res!ondents un ike those in case of doin- a survey in an or-ani5ation+
3.7 R!(!ARC- D!($)N
The !resent study inc udes e3! oratory a!!roach to -ather a hu-e amount of information 2efore conc udin- the study+ #oth descri!tive and ;ausa a!!roaches 1ere ado!ted+ S#I GE?0.@ I0SA?.0;E$ 2ein- an insurance sector re6uires a hu-e data co ection$ 1herein 2oth !rimary and secondary data 1ere used to ma3imum e3tent+ The !rimary data co ection inc udes Muestionnaires$ *ersona Intervie1s etc+$ to dra1 information+ The main o2jective 2ehind 1as to -et a dee!er insi-ht re-ardin- the customerDs satisfaction$ rather than a !articu ar 1ay of thinkin-+ .s a resu t$ various journa s$ 1e2 sites and 2ooks 1ere co ected as a !art of secondary data+
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(am*'in8.
It is a !rocess of co ectin- usefu information +The fundamenta as!ect of sam! in- is fi3in- of sam! e si5e i+e+$ 1%0$ ho1 many !eo! e shou d 2e surveyedN In order to -et more re ia2 e resu ts$ ar-e sam! es are used rather than sma sam! es+ • (am*'e units. Sam! e units 1ere the customers of com!any+ • (am*'e si9e. Sam! e si5e inc uded had covered a set of 1%0 customers+
Methodo'o8y.
In this !roject the !rimary data is co ected throu-h a 6uestionnaire$ 1hich consists of 1F 6uestions+ Secondary data information 1as co ected from journa s$ ma-a5ines and com!any hand2ook and a so 1ith interaction 1ith customers in #ho!a
"imitations of the (tudy
• • • • • The imited !eriod a ocated for the survey is not sufficient to ana y5e the market+ There is !ossi2i ity of co ectin- 2iased o!inions from the customers+ The survey is imited to area of #ho!a on y+ The survey 1as conducted to customers of S#I GE?0.@ I0SA?.0;E on y+ Some res!ondents refused to -ive information+
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;>.*TE? III' =?G.0IS.TI=0 *?=4I@E
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6.4 $ND/(#R1 &RO0$"!.
Insurance in India started 1ithout any re-u ations in the nineteenth century+ It 1as a ty!ica story of a co onia era' a fe1 #ritish insurance com!anies dominatinthe market servin- most y ar-e ur2an centers+ .fter the inde!endence$ the @ife Insurance ;om!any 1as nationa i5ed in 1H%E$ and then the -enera insurance 2usiness 1as nationa i5ed in 1HF2+ =n y in 1HHH !rivate insurance com!anies 1ere a o1ed 2ack into the 2usiness of insurance 1ith a ma3imum of 2E !er cent of forei-n ho din- ,<or d #ank Economic ?evie1 2000/+ The entry of the State #ank of India 1ith its !ro!osa of 2ank assurance 2rin-s a ne1 dynamics in the -ame+ =n Cu y 14$ 2000 Insurance ?e-u atory and &eve o!ment .uthority 2i 1as !assed to !rotect the interest of the !o icyho ders from !rivate and forei-n ! ayers+ The fo o1in- com!anies are entit ed to do insurance 2usiness in India+ The !rivate insurance joint ventures have co ected the !remium of ?s+101H+0H crore 1ith the investment of just ?s+3$ 000 crore in three years of i2era i5ation+ The !rivate insurance ! ayers have si-nificant y im!rovin- their market share 1hen com!ared to %0 years = d ;or!oration ,i+e+ @I;/+ .s !er the fi-ures com!i ed 2y I?&.$ the @ife Insurance Industry recorded a tota !remium under1ritten of ?s+ 1EG14+F2 crore for the !eriod under revie1+ =f this$ !rivate ! ayers contri2uted to ?s+1$ 01H+0H crore$ accountin- for 10 !ercent+ @ife Insurance ;or!oration of India ,@I;/$ the !u2 ic sector -iant$ continued to ead 1ith a !remium co ection of ?s+H$EGG+GF crore$ trans atin- into a market share of H0 !er cent+ In terms of num2er of !o icies and schemes so d$ !rivate sector accounted for on y 3+FF!er cent as com!ared to HE+23 !er cent share of @I;+ The I;I;I *rudentia to!!ed amon- the !rivate ! ayers in terms of !remium co ection+ It recorded a !remium of ?s+ 3E4+H crore and a market share of 2% !er cent$ fo o1ed 2y #ir a Sun @ife 1ith a !remium under( 1ritten ?s+1F0 crore and a market share of 1% !ercent$ >&4; Standard 1ith 132+F crore and "a3 0e1 Bork @ife 1ith ?s+FE+G crore 1ith a market share of a!!ro3imate y 1% !er cent each+ An ike their counter!art in the ife insurance 2usiness$ !rivate non( ife insurance com!anies have not yet started addressin- the retai market+ . is set to chan-e in the comin- years+ @ike in the 2ankin- sector$ non( ife insurance com!anies 1i soon have no choice 2ut to focus on individua 2uyers+ In case of !rivate non( ife insurance ! ayers that their market shares raised to 13 !er cent over !revious year+ *rivate sector -re1 at 12+G !er cent and !u2 ic sector -re1 2y 13+G !er cent 2y the end of Canuary 2010+ .mon- the !rivate non( ife insurance ! ayers$ I;I;I @om2ard to!!ed the ist 1ith a !remium co ection of ?s+ 4$2%1+GF crore in one year !eriod 1ith a market share of H+HG !er cent and annua rate of 10+2G !ercent$ fo o1ed 2y S#I -erna insurance 1ith a !remium of ?s+ 2$H04+F4 crore and E+G2 !er cent market share and annua -ro1th rate of H+H2 !er cent and I44;= Tokyo 1ith a !remium of ?s+ 1G$ 1%+%0 crore and 4+2E !er cent market share and annua rate of 4+34 !er cent+
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.mon- the !u2 ic sector ! ayers$ 0e1 India -arnered a market share of 1E+EE !er cent$ ?s+F$ 0HE+%3 crore !remium and an annua rate of 1F+E2 !er cent$ fo o1ed 2y Anited India 1ith a market share of 14+HF !er cent 1ith ?s+E+3FE+3% crore !remium$ 0ationa 1ith a market share of 14+3E !er cent 1ith ?s+E11%+41 crore !remium and annua rate 2y 13+E% !er cent and =rienta 1ith a market share of 12+FF !er cent$ ?s+%43H+E0 crore !remium and an annua rate 14+F4+ If this trend continues$ !rivate insurer 1ou d dominate the !u2 ic sector ike 0e1 India Insurance ;or!oration+ It is o2vious y ref ect the insurance sector has facin- the cha en-es 1ith forei-n counter !arties as 1e as !rivate counter !arties and ot more o!!ortunities are !revai in- to !enetrate the insurance 2usiness amon- the uncovered !eo! e and area of India+ 4urther$ it eads to economic deve o!ment of the country+ In this re-ard$ it assumes -reater si-nificance to conduct de2ate amonthe inter( disci! inary !ersons+
6.3 COM&AN1 &RO0$"!.
S#I Genera Insurance ;om!any @imited is a joint venture 2et1een the State #ank of India and Insurance .ustra ia Grou! ,I.G/+ S#I o1ns F4O of the tota ca!ita and I.G the remainin- 2EO+ S#I Genera c osed the financia year 2012(13 ,3rd year of o!eration/ 1ith a Gross <ritten *remium of ?s+FF0+G% ;orers re-isterin- a -ro1th of 20G O+ &urin- the year 2012(13$ S#I Genera in association 1ith State #ank of India covered over 1 ;orer Savin- #ank .ccount ho ders of S#I 1ith a *ersona .ccident Insurance cover 1orth ?s+4 @akhs+ S#I Genera has a so esta2 ished its !resence in near y 14$000 #ranches of State #ank of India+ S#I Genera fo o1s a ro2ust mu ti(distri2ution mode encom!assin- #anc assurance$ .-ency$ #rokin- : ?etai &irect ;hanne s+ Today$ S#I Genera Ds &istri2ution fami y inc udes over H$400 I?&. certified S#I : its .ssociate #ank em! oyees and over 3$200 .-ents+ S#I Genera Js current -eo-ra!hica covera-e e3tends to 3G cities !an India and ! ans are on to e3tend this reach to another 20(2% cities 2efore the end of the current financia year+ S#I Genera is current y servin- three key customer se-ments i+e+ ?etai Se-ment ,caterin- to Individua : 4ami ies/$ ;or!orate Se-ment ,caterin- mid to ar-e si5e ;om!anies/ and S"E Se-ment+ In a short s!an$ S#I Genera has emer-ed as one of the fe1 Genera Insurance com!anies in India to have a dedicated S"E Team caterin- e3c usive y to the needs of S"E Se-ment+ ;urrent *o icy offerin- of S#I Genera covers "otor$ >ea th$ *ersona .ccident : >ome Insurance for Individua s and .viation$ 4ire$ "arine$ *acka-e$ ;onstruction : En-ineerin-$ @ia2i ity$ Grou! >ea th$ Grou! *ersona .ccident : "isce aneous Insurance for #usinesses+
2ision
• • •
To 2e the first choice insurer for customers To 2e the !referred em! oyer for staff in the insurance industry To 2e the num2er one insurer for creatin- shareho der va ue
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Mission
.s a res!onsi2 e$ customer focused market eader$ 1e 1i strive to understand the insurance needs of the consumers and trans ate it into afforda2 e !roducts that de iver va ue for money+
•
Achievements
24th 0ovem2er 200G Si-nin- of C9 .-reement 1ith Insurance .ustra ia Grou! ,I.G @td+/
• •
24th 4e2ruary 200H S#I Genera Insurance ;om!any @td+ incor!orated 13th Cu y 200H S#I Genera received ?(1 a!!rova from I?&. 13th =cto2er 200H S#I Genera received ?(2 a!!rova from I?&. 1%th &ecem2er 200H I?&. a!!rova received for ?(3 a!! ication of the com!any 2%th "arch 2010 Issue of first S#I Genera Insurance *o icy 14th Se!tem2er 2010 State #ank of India 2ecomes ;or!orate .-ent for S#I Genera Insurance
•
•
•
•
6.6 (B$ )rou*.
S#I Genera 1i 2e a techno o-y driven com!any 1ith state(of(the(art IT systems+ It 1i 2e a mu ti(!roduct$ mu ti(se-ment and mu ti(channe com!any+ S#I Genera is in the !rocess of settin- u! a uni6ue mu ti(distri2ution mode encom!assin- #anc assurance$ .-ency$ #rokin- : ?etai &irect ,=n( ine : Te e Sa es/ channe s+ #anc assurance 1i 2e the major channe durin- the initia years+ S#I Grou! aims to 2ecome a cor!orate entity that !rovides a variety of one(sto! financia services over the Internet no1 that t1o major events$ the 4inancia #i#an- resu tin- from dere-u ation$ and the Internet ?evo ution resu tin- from IT innovation$ have radica y transformed the financia industry+
0inancia' (ervices Business
S#I SE;A?ITIES ;om!rehensive on ine securities 2usiness S#I Sum shin 0et #ank
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Internet 2ankinS#I Insurance =n ine no ife insurance 2usiness
S#I "=0EB *@.P. Insurance a-ency$ financia instruments intermediary service !rovider$ housin- oan a-ency S#I "ort-a-e >ousin- oans$ fire insurance a-ent S#I ;ard ;redit card 2usiness$ etc+ S#I @i6uidity "arket =fferin- market infrastructure and services of fore3 tradin- to financia firms and deve o!in- re ated systems and !roducts S#I 4QT?.&E =ver(the(counter forei-n e3chan-e mar-in transactions S#I Ca!an ne3t =!eration of *TS ,*ro!rietary tradin- system/ S#I SSI Sma (amount short(term insurance 2usinesses IKIIKI SE&.I Sma (amount short(term insurance 2usinesses "ornin- star Ca!an Internet(2ased eva uation$ information service and consu tin- on financia !roducts and 1e2sites "ornin- star .sset "ana-ement Investment advisory services$ others S#I Searchin22 | P a g e
"edia service$ finance service$ research service S#I @ease .n I;T(centered com!rehensive easin- 2usiness and o!eration of an Internet(2ased ease(estimate 1e2site S#I .uto Su!!ort .uto oan !romotion 2usiness$ auto insurance advertisin- 2usiness S#I "arketinInternet(2ased advertisin- a-ency 2usiness$ marketin- consu tin- and information services via the Internet S#I ?emit Internationa money transfer service S#I Socia @endin"oney endin- 2usiness and o!eration of socia endinS#I #usiness Su!!ort ;ontact center 2usiness for cor!orations and a tem!orary staffin- a-ency S#I #usiness So utions #ack office su!!ort services S#I 4und #ank ;onsu tin- of mutua fund sa es and o!eration of mutua funds information 1e2site 2ased on its uni6ue eva uation and ana ysis S#I #enefit Systems &efined(contri2ution !ension ! ans$ !ersonne and !u2 ic 1e fare services$ and systems outsourcinS#I 0et Systems ?:&$ sa es and maintenance for financia system and !rovision of information security !roducts and so ution services .uto one Su!!ort for automo2i e !urchaser ;E" ;or!oration
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?ea estate(secured oans S#I art fo io Intermediate dea er and sa es of art$ ! annin- and mana-ement of art dis! ay 4inance . So utions System &eve o!ment
Asset Mana8ement Business
S#I Investment =!erate and mana-e venture ca!ita funds S#I .sset "ana-ement .sset mana-ement services and investment advisory services S#I ;.*IT.@ =!erate and mana-e 2uyout and revita i5ation funds S#I 9E0 ;.*IT.@ =verseas investments S#I .rsnova ?esearch Settin- u!$ o!erate$ and mana-e a ternative financia !roducts and !rovide advisory services for investors S#I(>IK.?I *+E+ =!erate and mana-e venture ca!ita funds S#I ?oya Securities 4u (service -enera 2rokera-e firm in ;am2odia S#I .QES "ana-ement strate-y and 2usiness mana-ement of the -rou! com!anies and 2usinesses incidenta thereto S#I Savin-s #ank &e!osit takin- and oan !rovidin-
Biotechno'o8y:re'ated Business
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S#I .@.!romo "anufacturin- and sa es of cosmetics and hea th foods usin- %( .mino evu inic acid ,%(.@./ S#I *harmaceutica s &eve o!ment and manufacture of !harmaceutica $ cosmetic$ and hea th food !roducts that contain 7%([email protected] ,%(.mino evu inic acid/ S#I #iotech *harmaceutica s research and deve o!ment
Others
S#I @ife @ivin*re(deve o!ment ! annin- and desi-n$ and deve o!in- and se in- invested rea estate I .dvisory services for architectura construction 1ork and rea estate I *ro!osin- usefu means of and use and contractin- construction etc+ I Internet(2ased E; and mediation services 1e2sites I ;om!osition and fee estimate services 1e2sites S#I .rch Mua ity ;onfirmation ins!ectionsL housin- structura !erformance eva uationsL conformance certificationL ;.S#EE assessment certificationL !re!aration of architectura 2ody dia-nostics$ investi-ations and environmenta re!ortsL and intermediary services and ins!ections for ia2i ity insurance for housin- defect 1arranties S#I Guarantee 9arious -uarantee services inc udin- the -uarantee of non!ayment of rent S#I <e ness #ank >ea thcare services for mem2ers and the !u2 ic$ and consu tin- services re ated to 1e ness
6.7 $nsurance Com*any O*erations.
The most im!ortant insurance com!any o!erations consist of the fo o1in-+ • • ?ate makinAnder1ritin25 | P a g e
• • •
*roducts ; aim sett ement ?ene1a s
6.; &roducts
Motor rivate !ar "nsurance @ife is one -reat 2a ancin- act+ .s you set to -et the 2est out of ife$ you do encounter ifeJs itt e road2 ocks ike accidents and thefts+ The 2est 1ay to hand e them is to just move ahead and enjoy the journey rather than -et 2o--ed do1n+ <ith S#I Genera Js *rivate ;ar *acka-e *o icy$ you 2e in contro no matter 1hat the itt e road2 ocks that ife thro1s at you+
Motor #wo $heeler "nsurance @ife is one -reat 2a ancin- act+ .s you set to -et the 2est out of ife$ you do encounter ifeJs itt e road2 ocks ike accidents and thefts+ The 2est 1ay to hand e them is to just move ahead and enjoy the journey rather than -et 2o--ed do1n+ <ith S#I Genera Js T1o <hee er *acka-e *o icy$ you can 2e in contro no matter 1hat the itt e road2 ocks that ife thro1s at you+
%ong #erm &ome "nsurance *rotect it 1ith S#I Genera Js @on- Term >ome Insurance *o icy+ Bou s!end your ifetime in dreamin- a2out a home of your o1n+ Bou take the he ! of financia institutions to fu fi your dream+ . on- 1ith the ! easure of fu fi in- your dream come the ia2i ity and the res!onsi2i ity of !ayin- for the same over the ne3t fe1 years+ .t S#I Genera $ 1e make thin-s easy for you to !rotect your dream home+ <ith S#I Genera Js @on- Term >ome Insurance *o icy$ you can tru y enjoy the home you have just ac6uired
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'roup ersonal (ccident "nsurance
@ife has the knack of s!rin-in- un! easant sur!rises ike accidents and !otentia y u!settin- oneDs dream and causin- financia hardshi! for the fami y+ <ith S#I Genera $ you can 2e in contro and safe -uard your fami yDs ha!!iness+ .t S#I Genera 1e 2e ieve in 2ein- 1ith you at every ste! and he ! you take contro of your ife+ &ealth "nsurance
<e understand that !eo! e are uni6ue and have varyin- eve s of contro over their hea th+ Each of us 1ou d ike to define a hea thy ife on our o1n terms+ .t S#I Genera $ its our aim to !artner 1ith you and he ! you achieve 2etter hea th and a sense of security a on- the 1ay+ In times of risin- hea th care costs$ a sudden i ness or injury can eave you financia y devastated and hi-h y stressed+ <ith S#I Genera Ds >ea th Insurance *o icy – ?etai $ you can 2e in contro 2y makin- medica treatment e3!enses more mana-ea2 e+ Thus ensurin- 6ua ity hea th : ha!!iness of your fami y+ &ealth "nsurance ) *+" 1our fami'y’s ha**iness is *rice'ess. &rotect it. (B$ )!N!RA"’( )RO/& -!A"#- $N(/RANC! &O"$C1 : 0or $ndividua' and 0ami'y <e understand that !eo! e are uni6ue and have varyin- eve s of contro over their hea th+ Each of us 1ou d ike to define a hea thy ife on our o1n terms+ .t S#I Genera $ its our aim to !artner 1ith you and he ! you achieve 2etter hea th and a sense of security a on- the 1ay+ In times of risin- hea th care costs$ a sudden i ness or injury can eave you financia y devastated and hi-h y stressed+ <ith S#I Genera Ds Grou! >ea th Insurance *o icy ,for individua and fami y/$ you can 2e in contro 2y makin- medica treatment e3!enses more mana-ea2 e$ thus ensurin6ua ity hea th and ha!!iness of your fami y+ II TYPES INSURANCE FOR BUSINESS *tandard Fire and *pecial erils "nsurances Take ;ontro of your 2usinessJs destiny 1ith the he ! of S#I Genera Insurance' <ith !roduct ike Standard 4ire : s!ecia *eri s Insurance *o icy$ you can safe-uard
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your assets that you va ue most+ #asis for Indemnity ( .s the *o icy can 2e avai ed of either on "arket 9a ue or on ?einstatement 9a ue of the !ro!erty 2ein- insured$ the 2asis of indemnity a so differs accordin- y+ In either case$ if the Sum Insured is ess than the amount re6uired to 2e insured$ the ;om!any 1i !ay on y in such !ro!ortion as the Sum Insured 2ears to the amount re6uired to 2e insured+ Every item ,if more than one/ sha 2e su2ject to this condition se!arate y+
!onsequential %oss ,Fire- "nsurance Take ;ontro of your 2usinessJs destiny 1ith the he ! of S#I Genera Insurance' @ife is fu of sur!rises+ Some are ! easant and some are not+ &isasters ike 4ire and s!ecia !eri s can !ut a 2reak in your -ro1th ! an+ They a so !ut hu-e financia 2urden on you+ S#I Genera Insurance can he ! successfu y overcome these situations and !ut you firm y in contro of your 2usiness+ S#I Genera Insurance can he ! successfu y overcome these situations and !ut you firm y in contro of your 2usiness+ <ith S#I Genera ;onse6uentia @oss ,4ire/ Insurance *o icy$ you can no1 safe-uard your 2usiness !rofits a-ainst !ossi2 e oss due to 2usiness interru!tion+ Insurance !o icies -enera y cover the costs of re!airin- or re! acin- dama-ed !ro!erty+ #ut$ the financia oss suffered due to an interru!tion in your 2usiness o!eration is not covered under these materia dama-e !o icies ( you need a ;onse6uentia @oss !o icy+ S#I Genera Js ;onse6uentia @oss ,4ire/ Insurance *o icy offers the so ution$ 2y coverin- !rofit ost fo o1in- an interru!tion to your 2usiness$ 1hich inevita2 y resu ts from dama-e to insured !ro!erty+ This *o icy can 2e taken on y in conjunction 1ith a !o icy that insures your assets ,such as an S#I Genera Js Standard 4ire and S!ecia *eri s !o icy/$ and tri--ers on y if the oss is admissi2 e under that !o icy+ Indemnity !eriod ( The indemnity !eriod commences 1ith the date of dama-e and asts ti such time as the 2usiness is restored to its !re(dama-e eve or the end of the indemnity !eriod is reached 1hichever comes first+ . conse6uentia oss insurance !o icy insures earnin-s end of the indemnity !eriod is reached$ indemnity !eriod+ >ence$ se ection of the indemnity !eriod is of utmost im!ortance 'roup &ealth "nsurance Bour -reatest 1ea th is your hea th : every2ody has differin- eve s of contro over their o1n 1e (2ein-+ @ife fo o1s no fi3ed !attern and sudden i ness or 2odi y injury can sometimes eave you financia y hurt and hi-h y stressed+ S#I Genera Js Grou! >ea th Insurance *o icy he !s you to 2e in contro 2y !rotectin- and makin- medica
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treatment e3!enses more mana-ea2 e thus ensurin- 6ua ity hea th care for you and your fami y+ #ractor and .ther Farm /ehicles "nsurance India is an a-ricu ture(2ased country+ .-ricu ture and farmin- are the main occu!ations of the majority of the !o!u ation of our country outside 2i- cities+ .t S#I Genera $ 1e reco-ni5e the !ivota ro e farmers ike you are ! ayin- in contri2utin- to the -ro1th and deve o!ment of the country+ Anfortunate y you are a so e3!osed to the va-aries of the nature that can !otentia y cri!! e you sometimes due to accidenta dama-e to your Tractor or other farmin- vehic es+ <ith S#I Genera Js Tractor and =ther 4arm 9ehic es Insurance *o icy( *acka-e$ you can safe-uard your Tractor and other 4armin- 9ehic es as 1e as your dream
!ommercial Motor "nsurance @ife is one -reat 2a ancin- act+ .s you set to -et the 2est out of ife$ you do encounter ifeJs itt e road2 ocks ike accidents : thefts+ The 2est 1ay to hand e them is to just move ahead and enjoy the journey rather than -et 2o--ed do1n+ <ith S#I Genera Js ;ommercia 9ehic e Insurance *o icy$ you 2e in contro no matter 1hat the itt e road2 ocks that ife thro1s at you+
Marine !argo "nsurance <e are ivin- in a 1or d of #oundaries #usiness+ .s you continue to e3!and the 2usiness hori5on$ you are a so increasin- y e3!osed to the risks that are associated 1ith transit of -oods+ Bour 2i--est cha en-e is to !ut in ! ace a suita2 e ?isk "ana-ement$ so that you can confident y move ahead fu fi in- your dream of e3!andin- your 2usiness hori5on+ S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro + <ith S#I Genera Js "arine ;ar-o Insurance *o icy you can safe-uard yourse f from risks associated 1ith transit of -oods+
"ndustrial (ll 0isks "nsurance% Every successfu 2usiness needs com! ete !rotection a-ainst !otentia oss+ Industria units are e3!osed to host of risks$ 1hich can !ut a 2reak in o!eration$ cause financia 2urden and eave you ho!e ess y out of contro + S#I Genera Insurance can he ! you successfu y overcome these situations and !ut you firm y in contro of your 2usiness o!eration and dream+ <ith !roduct ike S#I Genera Industria . ?isks ,I.?/ Insurance *o icy$ you can safe-uard your assets that you
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va ue most+ +usiness ackage "nsurance Bour 2usiness is the sym2o of your achievement and fructification of your dream+ In s!ite of 2est efforts$ sometimes accidents do occur resu tin- in hu-e financia oss and u!set your dream+ <ith S#I Genera you can 2e in contro and safe -uard your dream+ .t S#I Genera 1e 2e ieve 2ein- 1ith our customers at every ste! and he ! them take contro + 1lectronic 1quipment "nsurance Every successfu 2usiness 2e it a ar-e cor!oration or a S"E$ needs com! ete !rotection a-ainst !otentia oss+ "odern 2usinesses use ot of e ectronic E6ui!ments ike ;om!uters$ Servers$ .udioI9ideo and security e6ui!ments and Industry s!ecific E ectronic E6ui!ments that are e3!osed to various risks+ .ny dama-e or 2reakdo1n to them can !ut a 2reak in your -ro1th ! an 2y !uttin- a financia 2urden and stress+ S#I Genera Insurance can he ! you successfu y overcome these situations and !ut you firm y in contro of your 2usiness$ e6ui!ments and your dream of makin- it 2i-+ <ith !roduct ike S#I Genera Js E ectronic E6ui!ment Insurance *o icy$ you can safe-uard your E ectronic E6ui!ments that you va ue most+
!ontractors (ll 0isk "nsurance Every *roject under deve o!ment need com! ete !rotection a-ainst !otentia oss+ *rojects under deve o!ment are e3!osed to host of risks 1hich can !ut a 2reak in o!eration$ cause financia 2urden and eave you fee in- you have no contro + S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro of your 2usiness o!eration+ 1rection (ll 0isks "nsurance
Every *roject under erection needs com! ete !rotection a-ainst !otentia oss+ *rojects under erection are e3!osed to host of risks$ 1hich can !ut a 2reak in im! ementation$ cause financia
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2urden and eave you fee in- you have no contro + S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro of your !rojects+ !ontractors lant 2 Machinery Every *roject need com! ete !rotection a-ainst !otentia oss+ Es!ecia y the contractors * ant and "achineries used at *roject sites are e3!osed to host of risks$ 1hich can !ut a 2reak in your *roject im! ementation$ causin- financia 2urden and stress+ S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro of your !rojects+ Machinery +reakdown "nsurance Take ;ontro of your 2usinessJs destiny 1ith the he ! of S#I Genera Insurance @ife is fu of sur!rises+ Some are ! easant and some are not+ .s you continue to e3!and your 2usiness hori5on$ you are a so e3!osed to the risks that are associated 1ith "achinery #reakdo1n that can !ut a 2reak in your -ro1th ! an+ S#I Genera Insurance can he ! you to successfu y overcome these situations and !ut you firm y in contro of your 2usiness+
+oiler 2 ressure lant "nsurance
@ar-e Industria esta2 ishments ike yours are the ife ines for our economy+ They contri2ute enormous y to the -ro1th and !ros!erity of our nation+ It is critica to !rotect these ife ines as they fue the dream of our nation+ <ith S#I Genera Js #oi er : *ressure * ant Insurance *o icy$ you can safe -uard your dream as 1e as that of our nation+ .t S#I Genera 1e 2e ieve 2ein- 1ith our customers at every ste! and he ! them 2e in contro
!onsequential %oss ,Machinery +reakdown Take ;ontro of your 2usinessJs destiny 1ith the he ! of S#I Genera Insurance
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doc_411263696.doc