PREFACE

This Project Report has been prepared in partial fulfilment of the requirement for the

Subject: Practical Studies of the programme B.B.A. in Financial Services (Sem. IV) in

the academic year 2009-2010.

For preparing the Project Report, we have visited the insurance company during the

suggested duration for the period of 10 days, to avail the necessary information. The

blend of learning and knowledge acquired during our practical studies at the company is

presented in this Project Report.

The rationale behind visiting the insurance company and preparing the Project Report is

to study the insurance basics, history and development of Indian insurance sector,

major players in insurance sector, contribution of insurance sector in the growth of

economy and its functional areas like marketing department, services, human resource

department and financial department.

The Project Report starts with the basic concepts of insurance, history of insurance

sector and also covers the general information of the insurance company visited and its

functional departments like marketing department, human resource department and

financial department.

The information presented in this Project Report is obtained from sources like Company

Personnel, Company Websites, Other Websites, Company Reports, and Other

Literature.

Names of group members

Mr. Rishi Khamar

Mr. Hitesh Asnani

Mr. Hepi Patel

Mr. Ranchhod Jid

I

ACKNOWLEDGEMENT

It was indeed an opportunity for us to visit “Oriental Insurance Company, Mehsana”

and prepare a Project Report on the same during the programme B.B.A. in Financial

Services (Sem. IV). During our visit to the company for preparing this Project Report, we

learnt many interesting things about the company, along with the aspects of insurance

industry as a whole.

Preparation of such kind of report, which is based on secondary information, requires

data gathering from many sources like Company Personnel, Company Websites, Other

Websites, Company Reports, and Other Literature.

We are thankful to Mr. R. S. Rahul who permitted us to visit the company and allowed

us to prepare the Report. We are also thankful to the Departmental Heads of the

company, who provided us the required information. Moreover we thank all those who

supported us directly or indirectly in preparing this Report, without whose assistance,

preparing this Report might have been much difficult for us.

We would like to express our gratitude to Dr. K. M. Chudasama, (I/C Principal), Mr.

Kiran J. Patel (Project Coordinator), Mr. Vishal A. Acharya (Project Co-coordinator)

and other faculty members of the college for their valuable guidance and help in the

preparation of this Report. At last but not least, we are thankful to all our friends and

other people, who helped us in preparation of this Project Report.

Names of group members

Mr. Rishi Khamar

Mr. Hitesh Asnani

Mr. Hepi Patel

Mr. Ranchhod Jid

II

EXECUTIVE SUMMERY

It is necessary to have practical knowledge before doing any work because of today’s

competitive world. Any organization’s success depends upon availability of their

products and their services to the customer. So for that the distribution channel is

necessary so it is important to study the distribution channel in marketing department.

It is necessary to study for the recruitment of the agents and for the awareness about

the company’s structure so that the human resource department is necessary to be

studied and in it we have added different concepts of agents.

We are overwhelmed with pleasure while presenting this report on Oriental General

Insurance Co. Ltd. We are presenting here different policies based upon Fire Insurance,

Marine Insurance and Miscellaneous Insurance. In it we are also presenting the basic

information about the IRDA and different concepts of IRDA.

This company has made its progressive curve due to exemplary team work in all

departments and it provides the Policies to the customers with many characteristic.

III

TABLE OF CONTENTS

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NO.PARTICULARS

PAGE

NO.

Preface I

Acknowledgement II

Executive summary III

Table of contents IV

1 Introduction To Insurance & Indian Insurance Sector 1

1.1 Introduction 2

1.2 Classification of Insurance 3

1.3 General Insurance 4

1.4 Benefits of Insurance 9

1.5 Principles of Insurance 10

1.6 History of Insurance 13

1.7 Some Highlight Points in General Insurance 16

1.8 History of IRDA 17

1.9 Objectives of IRDA 18

1.10 Formation of IRDA 19

1.11 Duties & Powers of IRDA 20

2 General Information About Oriental Insurance Co. Ltd. 21

2.1 Company Profile 22

2.2 History of The Company 23

2.3 Mission & Vision 24

2.4 Managing Bodies 25

IV

2.5 Organisation Structure 28

2.6 Awards & Achievements 30

3 About The Services of The Company 31

3.1 Different Policies Offered by the Company 32

3.2 Claim Settlement Procedure in General Insurance 38

4 Human Resource Department 47

4.1 Definition of Agent 48

4.2 Procedure to be an Insurance Agent 49

5 Marketing 52

5.1 Marketing Strategy 53

5.2 Competitors In Insurance Field 55

5.3 Distribution channel 57

6 Conclusion 58

7 Bibliography 60

V