IDBI- Summer Tratining Project

8/18/2019 IDBI- Summer Tratining Project

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PART - A

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1. INTRODUCTION OF INSURANCE

Insurance is a contract between the insurance company (insurer) and the policyholder (insured).

In return for a consideration (the premium), the insurance company promises to pay a specified

amount to the insured on the happening of a specified event.

As the first step in helping you to gain the knowledge you need to become a professional and

successful life insurance agent, we are going to first take an overview of life insurance – what it

is and why it is needed.

In seeing how life insurance works we will need to make reference to the insurance market as a

whole – insurance is available for many other things, not just for human life – but our focus will

remain firmly on the life insurance part of it.

How does insurance work

e can move on to understanding how insurance works e!actly.

Case stud!-

Ajay is "# years old and works for a multinational corporation ($%&). 'e has a year old son,

*ijay, whom he dreams will one day become a doctor. Ajay+s spouse is a housewife, and his

parents are retired and depend on him. Ajay has a home loan and is making monthly investments

for *ijay+s higher studies and marriage and his own retirement. Ajay wants to ensure that *ijay

gets the best of everything and that he himself is not depend on *ijay during his retirement in the

way that Ajay+s parents are on him. o far everything is going well with Ajay+s plans. -ut

imagine what will happen in the following scenario.

ne day while returning home from the office Ajay has an accident and dies. hat will happen/

ho will take care of the family, *ijay+s education and marriage, the home loan etc/ hat are

options available to Ajay so that his family can be taken care of in his absence/

0ife insurance provides protection to a family on the untimely death of income provider. If Ajay

has ade1uate life insurance cover, then should he die, the money received from the life insurance

company can help to support his family. 2he insurance money will help to take care of the

family+s living e!penses, *ijay+s education and marriage, and the cost of the home loan etc.

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0et us continue with our case study of Ajay. 2he risk of premature death described above is only

one of the risks that Ajay faces. 'e faces any other risks – that he will need medical care at

some point, that his home may burn down, for instance. Ajay can handle these risks

in different ways.

• Risk retention! ne, not very wise way, of handling these risks is to retain them, i.e. for Ajay

to bear the risk that he will have to provide these situations himself, and so do nothing about

them. hile times are good and none of these events happen, Ajay need not be worried. -ut the

moment any one of them does happen, Ajay will be in trouble. o it is definitely not wise for

Ajay retain, or handle, these risks himself.

• Risk trans"er! the other way of handling these risks is to transfer them to someone who can

handle them properly. In simple words, the process of transferring risks from one person who

does not have the capacity to bear them to someone who does have the capacity for them, is

known as insurance.

At this point, it may be useful to return to our definition of insurance3

Insurance is a contract between the insurance company (insurer) and the policyholder (insured).

In return for a consideration (the premium), the insurance company promises to pay a specified

amount to the insured on the happening of a specified event.

o, from the above e!planation we can see that insurance is3

• 2he process of transferring the risk from the owner (insured person)4

• 2o another party (insurer) who can bear that risk4

• In for a consideration (premium).

Ro#e o" "inancia# ser$ices and insurance! we can see from all of this that a well –

developed and evolved insurance sector benefits economic development and at the same timestrengthens the risk – taking ability of the country. Insurance has a role to play at the individual

level too. ome of the benefits for the policyholder are shown below3

In$est%ent o&tion Insurance products are an e!cellent investment option where the

policyholder not only gets the advantage of insurance cover, but

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also a return on their investments based on their risk appetite.

Protection o" "inancia#

securit

Insurance companies provide compensation in case something

happens to the assets or the individual insured, as per the terms and

conditions of the policy. 0ife insurance protects the family against

the loss of the income provider, helping to provide for the family+s

needs and the children+s education and marriage. 'ence the effect

of loss is considerably reduced for and individual.

Ta' (ene"its Insurance offers considerable ta! benefits under the inco%e ta'

act 1)*1. 5remium paid up to 6s. ,, 1ualifies for education

from ta!able income under section 7& of the Act, subject to

certain terms and conditions. 2he death benefit or the maturity

benefit received by the nominee or the policyholder is ta! – free

under section (8) of the Act, as per prevailing laws, before

premium paid up to 6s. ,,.

P#annin+ "or #i"e sta+e

needs

2oday the insurance products that are being offered by insurance

companies are designed to suit the needs of individuals in different

age groups. 2his allows individuals to invest in insurance policies

to meet their various and changing priorities.

De$e#o&s t,e ,a(it o"

sa$in+

An individual learns to save a certain amount of money from their

income in order to pay their insurance premium. 2his encourages

the habit of saving among individuals.

oan a+ainst

insurance &o#ic

Individuals can also take out a loan against their insurance

policies, subject to the conditions and privileges of the policy,

without affecting any policy benefits.

Re#eases ca&ita# and

%ana+e%ent

hen the management of a company knows that many of the risks

faced by the company are covered by insurance, they no longer

need to set funds aside to cover the impact of those risks taking

place. 2hey are also free to concentrate on developing and growing

their business. 2his makes the company more effective, which in

turn helps to improve the overall economy of the country.

. INTRODUCTION OF IFE INSURANCE /USINESS

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Insura

nce

LifeInsurance

Non-Life

Insurance

Reinsurance

0ife insurance companies risks that relate to human lives. 2hey offer different benefits

under different types of products and cover the risk of early death, as well as the risk of living

into old age. 9nder traditional plans, like term insurance plans, insurance companies provide

death cover. If the insured person dies within the term of policy then the nominee:beneficiary

amount (also known as sum assured).

2he key objectives of the I68A include the promotion of competition with a view to

increasing customer satisfaction through more consumer choice and lower premiums, while

insuring the financial security of the insurance market. 2he I68A has the power to make

regulations under section ;A of the insurance Act I-%A were amended which removed the e!clusive

privilege of >I& and its four subsidiaries to write general insurance in Indi. As a result, general

insurance business was opened up to the private sector.

T&es o" Insurance Or+ani0ations

Insurance organi?ations are divided into three main categories, as the following figure shows. e

will look briefly at the various products the different types of insurance organi?ations offers

inbelowsections3

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i"e insurance co%&anies

0ife insurance companies cover risks that relate to human lives. A professional market

insures that the customer gets what they are looking for rather than what the company wishes to

sell them. 2his is called needed 2 (ased se##in+3. A customer who is confident that they willonly be sold a product that meets their needs is more likely to buy again, and recommended

insurance to others. 2he insurance industry+s regulator (the I68A) has been proactively trying to

address concerns about miss@selling, which is where a customer has been sold a policy that does

not meet their needs in some way. hen this happens the public becomes wary and cynical about

the value of insurance.

Non 2 #i"e insurance co%&anies

%on – life insurance companies generally cover risks other than those relating to human

lives. 2he e!ceptions to this are personal accident and health insurance, which are provided by

non – life insurance companies. Any assets their gives a monetary return (such as house given on

rent), or offers convenience can be insured. All assets are e!posed to various risks3 they can be

damaged or destroyed by fire, earth1uake, riot, flooding, theft, cyclones etc. non – life insurance

companies offer product that cover these risks and compensate the owner should the assets be

damaged by one of them. It is a product from this type of company that an individual would buy

to protect their assets.

Reinsurance co%&anies

e saw earlier that insurance is a risks transfer mechanism. 6isk is transferred from those

who are unable to bear it to those who can. 'owever, insurance companies can only take on so

much risk. nce that limit is reached, the insurer itself is e!posed to the risk of loss. hen this

happens insurer look to transfer some of their risks to someone else to shield themselves from

overe!posure. 2his is where reinsurance companies come into use. A reinsurance company is an

insurer for the insurance company. 6einsurance companies take on a certain percentage of the

risks on the insurance company+s book, in return for the payment of a consideration.

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Constituents ofthe insurance

market

Agents

Corporate Agents

Intermediaries

Underwriters

Acturies

TPAs

Surveyrs/lossadjusters

The regulator

Training Institutes

!"s # Protectingthe customers$

right

Ro#es in t,e insurance industr

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Phase I # Pre#

%i&eralisation

Phase II - Liberalisation

Phase III # Post#%i&eralisation

Histor o" insurance

2he history of insurance in India is deep – rooted. ince the earliest times insurance has beencarried out in some from or other. Insurance in India has developed over time and has taken ideas

from countries – ngland particular.

2he history of insurance in India can be divided into three phases as follows3

P,ase I 2 Pre 2 i(era#i0ation

1414-14) First insurance co%&an! in 1414 t,e orienta# #i"e insurance in ko#kata

5t,en ca#cutta6 was t,e "irst co%&an to start a #i"e insurance (usiness in

India. Howe$er7 t,e co%&an "ai#ed in 1489. In 14) ,e :adras E;uita(#e

,ad (e+un transactin+ #i"e insurance (usiness in :adras Presidenc.

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1)4 2he Indian insurance companies Act


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P,ase III 2 Post 2 i(era#i0ation

As we have seen, following the recommendations of the $alhotra committees, the insurance

sector was opened to private companies. Boreign companies were also allowed to participate in

the Indian insurance market through joint ventures (E*s) with Indian companies. 9nder current

regulations the foreign partner can+t hold more than =DF stake in the joint venture.

Recent de$e#o&%ent in t,e Insurance Industr

-y = India was the fifth largest insurance market in the world and it is still growing rapidly3

?rowin+ i%&ortance o"

IT

All insurance companies now use information technology to benefit their business and to improve convenience for their

customers. 2oday, customers can pay their premiums and

check the status and other details of their policies company+s

website. 9pdates relating to the receipt of premiums or

changes to their policy or sent to the customer through mobile

$.

/ancassurance $any banks have joined with insurance companies to cross –

sell insurance products to their customers. Insurance

companies benefit from the wide network and loyal customers

base of banks, and the contribution that -ancassurance makes

to insurance sells has steadily grown over the last few years.

2he banks benefit through being able to provide value added

products to their customers and from the fee income they

received in return from the insurance companies. $any banks

have started their own life insurance subsidiaries.On#ine se##s $ost of the insurance companies have now started selling

insurance products online. 2his eliminates the needs for an

intermediary and reduces costs. 2he saving can be passed to

customers in the firm of reduced premium.

:icro 2 insurance $icro insurance guidelines were issued by the I68A in =#.

$icro – insurance products provide insurance protection to

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people in lower income groups, such as self – help group

('>) members, formers, rickshaw pullers and others against

the risks that they and their assets are e!posed to. 2he

premiums for these products me be as low as 6s. # and are

collected on a weekly basis. 2he minimum life insurance

cover specified by the regulator for this category is rupees

#. and the ma!imum cover that can be provided is rupees

#. people work in agriculture and allied activities are

e!posed to the 'a?ards of nature so they need protection

against risks like monsoon failure, floods etc. this is where

micro – insurance can come to their rescue.

?rie$ance redressa# henever any industry is e!periencing fast growth there are

bound t be concerns, and the insurance industry is no

different. 2here has been an increase in complaints from

customers about the settlement their claims and customer

service in general. As we saw earlier, the I68A has taken

steps to protect the interest of the policyholders. It has asked

insurance companies to set – up internal customer grievance

redressal sellsGdepartments, and an insurance ombudsman has

been established.

2he latest initiative from the I68A is the setting – up of a call

centre which an insured can contact to seek the resolution of a

grievance they have against their insurer. 2he unhappy

customer can either call a toll free number (##=##) or e –

mail3 complaintsHirda.gov.in to register their complaints.

Hu+e sco&e "or insurance %arket

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Ta+s! "i"t, Insurance Su%%it o" t,e Indian C,a%(er o" Co%%erce Insurance

Re+u#arit De$e#o&%ent Aut,orit

Indian insurers should think

of having A2$s like banks

for cash payment against

surrendered or matured

policies.J udhin 6oy

&howdhury, $ember (0ife)

of Insurance 6egularity

8evelopment Authority

(I68A) said this today while

addressing the #th Insurance

ummit in Kolkata, organised

by the Indian &hamber of

&ommerce.

A2$ card can be issued to each policy@holder while signing for the policy, which they

would be able to use after surrender or maturing the policy. therwise, poor policy@holders of

interiors have to open bank accounts and are forced to deposit a major portion in fi!ed deposits

and end up with a paltry sum in their hands.J 'e was addressing a gathering of the insurers and

other stake@holders at the fifth Insurance ummit of the Indian &hamber of &ommerce in

Kolkata. 2he I68A member does not consider that the Indian insurance sector is lagging behind

and tremendous scope of growth is there. 'e advised the players to look at 'ealth and 5ension

sector for future growth.

2he 0I& is currently enjoying


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A&&ea#s

If your health insurer refuses to pay a claim or ends your coverage, you have the right to appeal

the decision and have it reviewed by a third party.

Mou can ask that your insurance company reconsider its decision. Insurers have to tell you why

they+ve denied your claim or ended your coverage. And they have to let you know how you can

dispute their decisions.

@ou3re ri+,t to a&&ea#

2here are two ways to appeal a health plan decision3

• Interna# a&&ea#! If your claim is denied or your health insurance coverage

cancelled, you have the right to an internal appeal. Mou may ask your insurance

company to conduct a full and fair review of its decision. If the case is urgent,

your insurance company must speed up this process.

• E'terna# re$iew! Mou have the right to take your appeal to an independent

third party for review. 2his is called e!ternal review. !ternal review means that

the insurance company no longer gets the final say over whether to pay a claim.

Interna# A&&ea#s

2here are " steps in the internal appeals process3

. @ou "i#e a c#ai%! A claim is a re1uest for coverage. Mou or a health care

provider will usually file a claim to be reimbursed for the costs of treatment or

services.

=. @our ,ea#t, an denies t,e c#ai%! Mour insurer must notify you in writing

and e!plain why3

• ithin # days if you+re seeking prior authori?ation for a treatment

• ithin " days for medical services already received

• ithin C= hours for urgent care cases

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". @ou "i#e an interna# a&&ea#! 2o file an internal appeal, you need to3

• &omplete all forms re1uired by your health insurer. r you can

write to your insurer with your name, claim number, and health

insurance I8 number.

• ubmit any additional information that you want the insurer to

consider, such as a letter from the doctor.

• 2he &onsumer Assistance 5rogram in your state can file an appeal

for you.

Mou must file your internal appeal within 7 days (D months) of receiving notice that your claimwas denied. If you have an urgent health situation, you can ask for an e!ternal review at the same

time as your internal appeal.

If your insurance company still denies your claim, you can file for an e!ternal review.

,at &a&ers do I needB

Keep copies of all information related to your claim and the denial. 2his includes information

your insurance company provides to you and information you provide to your insurance

company like3

• 2he !planation of -enefits forms or letters showing what payment or services

were denied

• A copy of the re1uest for an internal appeal that you sent to your insurance

company

• Any documents with additional information you sent to the insurance company

(like a letter or other information from your doctor)

• A copy of any letter or form you+re re1uired to sign, if you choose to have your

doctor or anyone else file an appeal for you.

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• %otes and dates from any phone conversations you have with your insurance

company or your doctor that relate to your appeal. Include the day, time, name,

and title of the person you talked to and details about the conversation.

•

Keep your original documents and submit copies to your insurance company.Mou+ll need to send your insurance company the original re1uest for an internal

appeal and your re1uest to have a third party (like your doctor), file your internal

appeal for you. $ake sure to you keep your own copies of these documents.

,at kinds o" denia#s can (e a&&ea#edB

Mou can file an internal appeal if your health plan won+t provide or pay some or all of the cost for

health care services you believe should be covered. 2he plan might issue a denial because3

• 2he benefit isn+t offered under your health plan

• Mour medical problem began before you joined the plan

• Mou received health services from a health provider or facility that isn+t in your

plan+s approved network

• 2he re1uested service or treatment is not medically necessaryJ

• 2he re1uested service or treatment is an e!perimentalJ or investigativeJ

treatment

• Mou+re no longer enrolled or eligible to be enrolled in the health plan

• It is revoking or canceling your coverage going back to the date you enrolled

because the insurance company claims that you gave false or incomplete

information when you applied for coverage.

How #on+ does an interna# a&&ea# takeB

• Mour internal appeal must be completed within " days if your appeal is for a

service you haven+t received yet.

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• Mour internal appeals must be completed within D days if your appeal is for a

service you+ve already received.

• At the end of the internal appeals process, your insurance company must provide

you with a written decision. If your insurance company still denies you the serviceor payment for a service, you can ask for an e!ternal review. 2he insurance

company+s final determination must tell you how to ask for an e!ternal review.

,at i" % care is ur+ent and I need a "aster decisionB

In ur+ent situations7 you can re1uest an e!ternal review even if you haven+t completed all of the

health plan+s internal appeals processes. Mou can file an e!pedited appeal if the timeline for the

standard appeal process would seriously jeopardi?e your life or your ability to regain ma!imum

function. Mou may file an internal appeal and an e!ternal review re1uest at the same time.

A final decision about your appeal must come as 1uickly as your medical condition re1uires, and

at least within ; business days after your re1uest is received. 2his final decision can be delivered

verbally, but must be followed by a written notice within ;7 hours.

E'terna# Re$iew

2here are = steps in the e!ternal review process3

. @ou "i#e an e'terna# re$iew! Mou must file a written re1uest for an e!ternal

review within D days of the date your insurer sent you a final decision. ome

plans may allow you more than D days to file your re1uest. 2he notice sent to

you by your health insurance issuer or health plan should tell you the timeframe

in which you must make your re1uest.

=. E'terna# re$iewer issues a "ina# decision! An e!ternal review either upholds your insurer+s decision or decides in your favor. Mour insurer is re1uired

by law to accept the e!ternal reviewer+s decision.

T&es o" denia#s t,at can +o to e'terna# re$iew

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• Any denial that involves medical judgment where you or your provider may

disagree with the health insurance plan

• Any denial that involves a determination that a treatment is e!perimental or

investigational

• &ancellation of coverage based on your insurer+s claim that you gave false or

incomplete information when you applied for coverage.

,at are % ri+,ts in an e'terna# re$iewB

Insurance companies in all states must participate in an e!ternal review process that meets the

consumer protection standards of the health care law.

State! Mour state may have an e!ternal review process that meets or goes beyond these

standards. If so, insurance companies in your state will follow your state+s e!ternal review

processes. Mou+ll get all the protections outlined in that process.

Federa#! If your state doesn+t have an e!ternal review process that meets the minimum

consumer protection standards, the federal government+s 8epartment of 'ealth and 'uman

ervices ('') will oversee an e!ternal review process for health insurance companies in your

state.

8epending on your plan and where you live, the following may apply to you3

• Insurance companies may choose to participate in an ''@administered process

or contract with independent review organi?ations in states where the federal

government oversees the process.

• If you+re in an employer@sponsored health plan, you may not be eligible to

participate in a state@run e!ternal review process.

• If your plan doesn+t participate in a state or ''@administered e!ternal review

process, your health plan must contract with an independent review organi?ation.

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manage the e!tra financial burden that

comes with hospitalisation, by

providing a wide range of attractive

benefits.

'ere are the few reasons why you

should include 'ealthsurance in your

financial plan.

Don3t

sa it

wi##

not ,a&&en to %e -very year, millions of adults in India

are admitted to hospitals due to illness or injury.

ven if you think it will not happen to you, there is unfortunately a very real chance that it will.

2he costs involved in even the shortest hospital stay can be difficult to meet for many individuals

and families. n top of the costs of the treatment itself, household bills still need to be paid and

there could be e!tra costs to cover, such as travel e!penses for family visits and additional

childcare costs.

2hat+s why I8-I Bederal 0ife Insurance &o. 0td. 8eveloped the I8-I Bederal 'ealthsurance

'ospitalisation and urgical 5lan. If you are aged 7 years to ## years and currently in good

health, this new insurance plan is designed to help you manage the e!tra financial burden that

comes with hospitalisation, by providing a wide range of attractive benefits.

A ,ea#t, an wit,out t,e ,eadac,e

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very year, millions of adults in India are

admitted to hospitals due to illness or injury.

ith the sharp rise in lifestyle diseases in the

country, hospitali?ation has now become a real

chance for most of us. Met, when you bring up

hospitali?ation, It won+t happen to meOJ is

the typical response from people at large.

It is this insight that helped us create I8-I

Bederal 'ealthsuranceP 'ospitalisation and urgical 5lan. 2his new insurance plan offers a host

of features and benefits that are designed to help you manage the e!tra financial burden that

comes with hospitalisation.

, Hea#t,suranceB

2he costs involved in even the shortest hospital stay can be

difficult to meet for many individuals and families. Apart

from the costs of the treatment itself, household bills still

need to be paid and there could be e!tra costs to cover, such

as travel e!penses for family visits or additional childcare

costs. Mou need a plan to help you to manage this e!tra financial burden.

Ad$anta+e o" Hea#t,surance

I8-I Bederal 'ealthsurance 'ospitali?ation and urgical 5lan is a power packed plan with loads

of benefits that aim to keep you tension free.

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• 8aily hospital cash benefit paid for each day

(=; hours) spent in an eligible hospital (from

day = onwards)3 6s. #, 6s. ,, 6s.

,# or 6s. =, depending on your choice

of benefit level

• 'igher daily hospital cash benefits of 6s

", and 6s. ;, available, subject to

suitable proof of income

• Additional daily benefit e1ual to the daily hospital cash benefit, from day = onwards for

hospitali?ation in an Intensive &are 9nit, (up to an overall ma!imum daily benefit of 6s.

#,)

• Additional lump sum surgery benefit paid if you undergo any of the wide range of

surgical procedures specified in this brochure3 either # or times your chosen daily

benefit, depending on the severity of the surgery

• 2hree times your daily hospital cash benefit paid as a lump sum convalescence benefit

(ma!imum once per year) if your hospital stay is at least D7 continuous hours (at least C

consecutive days)

• >enerous total benefit limits. 9p to # times your daily hospital cash benefit each year4

up to =, times your daily hospital cash benefit over the lifetime of your policy

• &over lasts until you are aged D# years, provided you continue to pay your premiums in

the agreed manner and as long as your lifetime benefits limit (=, times your daily

hospital cash benefit) has not been reached

• Mour choice of nominee, to whom any outstanding benefits will be paid, in the event of

the death of the insured person

• 0ow@cost monthly premiums that depend on your age at the outset. Mour premium will

never increase because of any changes in your age, health, or the number of claims youmake. 'owever, I8-I Bederal 0ife Insurance &o. 0td. does reserve the right (subject to

I68A approval) to increase premiums in the future across all its specified plans.

Note! In this plan, Qhospitali?ationQ means any admission in hospital upon the written advice of a

medical practitioner for the purpose of necessary medical treatment of an illness or injury and

resulting in an overnight stay. It+s easy to apply, and enjoy peace of mind. 2o apply for the

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protection of the I8-I Bederal 'ealthsuranceP 'ospitali?ation and urgical 5lan, simply choose

the level of cover you re1uire from the table below and complete the application form.

?O/A IFE INSURANCE PRE:IU:S

• %on@life premium growth picked up to =.DF in =;, while life premiums resumed

growth, rising by =."F. verall premium volume e!panded, but developments in estern

urope, &hina and India weighed on the result.

• 5remium growth will likely improve further in the near term. 2he gradual hardening of

prices in non@life insurance is likely to broaden and deepen. In life insurance, &hina and India

are e!pected to rebound in =;. 'owever, the weak economy in the uro ?one will remain a

drag on insurance demand in the region.

• Asian insurance markets will continue to rise in importance over the ne!t years. In the

very long@run, projected population patterns suggest that Africa could become the ne!t star of

the industry.

NON-IFE PRE:IU: ?ROTH PICED UP IN =19

• 5remium volume for non@life business increased by =.DF in =; to 98


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•

T,e (e#ow c,arts i##ustrate t,e t&ica# (ene"its o" at"or%

%oderni0ation!24


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$ost insurers recogni?e that they need an optimi?ed operating platform to meet these objectives

Ryet so many are still reliant on old systems.

9. :ARET SE?:ENTATION

:arket Se+%entation @ 2his document prepared and presented by

-usiness 6esource oftware, including , $arket segmentation the purpose for segmenting a

market is to allow your marketingGsales program to focus on the subset of prospects that are most

likely to purchase your offering.

If done properly this will help to insure the highest return for your marketingGsales e!penditures.

8epending on whether you are selling your offering to individual consumers or business, there

are definite differences in what you will consider when defining market segments.

Cate+or o" Need

@2he first thing you can establish is a category of need that your offering satisfies. 2he following

classifications may help.

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'irectmarketingchannels

Inirect!ar"etin#channels

For (usinesses strate+ic! Mour offering is in some way important to the enterprise mission,

objectives and operational oversight. Bor e!ample, a service that helped evaluate capital

investment opportunities would fall into

this domain of influence. 2he purchase decision for this category of

offering will be made by the prospectSs top level e!ecutive management.

perations @ your offering affects the general operating policies and

procedures. 2o reach different markets or to promote your products to different locations or

people one has to use a method called market segmentation. Q$arket segmentation describes the

division of a market into homogenous groups which will respond differently to promotions,

communications, advertising and other marketing mi! variableQ (&umming). $arket

segmentation is e!tremely important for companies around the world. If a company doesnSt

research the area in which they are going to market or they put a product that is either to

e!pensive or to elaborate in an area that canSt afford that then they will fail as a company. In my

paper I will discussion why market segmentation is used in around the world, the types of

segmentation, some techni1ues used to make segmentation work the best.

Insurance distri(ution!

$arketing of insurance products is done through two channels3

Resistance to insurance!

ower Hea#t, Insurance Pre%iu%s to Co%e at Cost o" Fewer C,oices!

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ASHIN?TON R Bederal officials often say that health insurance will cost consumers less

than e!pected under 5resident bama+s. -ut they rarely mention one big reason3 many insurers

are significantly limiting the choices of doctors and hospitals available to consumers.

hen insurance marketplaces open on ct. ,

most of those shopping for coverage will be low@

and moderate@income people for whom price is

paramount. 2o hold down costs, insurers say,

they have created smaller networks of doctors

and hospitals than are typically found in

commercial insurance. And those health care

providers will, in many cases, be paid less thanwhat they have been receiving from commercial insurers.

ome consumer advocates and health care providers are increasingly concerned. 8ecades of

e!perience with, the program for low@income people, show that having an insurance card does

not guarantee access to specialists or other providers.

&onsumers should be prepared for much tighter, narrower networksJ of doctors and hospitals,

said Adam $. 0inker, a health policy analyst at the %orth &arolina Eustice &enter, a statewide

advocacy group.

2hat can be positive for consumers if it holds down premiums and drives people to higher@

1uality providers,J $r. 0inker said. -ut there is also a risk because, under some health plans,

consumers can end up with astronomical costs if they go to providers outside the network.J

Insurers say that with a smaller array of doctors and hospitals, they can offer lower@cost policies

and have more control over the 1uality of health care providers. 2hey also say that having

insurance with a limited network of providers is better than having no coverage at all.

2he networks will be narrower than the networks typically offered to large groups of employees

in the commercial market,J said Eoseph $ondy, a spokesman for &igna.

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2he current concerns echo some of the criticism that sank the &linton administration+s plan for

universal coverage in


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5remiums will vary across the country, but federal officials said that consumers in many states

would be able to buy insurance on the e!change for less than T" a month R and less than

T a month per person after taking account of federal subsidies.

&ompetition and consumer choice are actually making insurance affordable,J $r. bama saidrecently.

$any insurers are cutting costs by slicing doctors+ fees.

8r. -arbara 0. $cAneny, a specialist in Albu1uer1ue, said that insurers in the %ew $e!ico

e!change were generally paying doctors at levels, which she said were often below our cost of

doing business, and definitely below commercial rates.J

utsiders might e!pect insurance companies to e!pand their networks to treat additional patients

ne!t year. -ut many insurers see advantages in narrow networks, saying they can steer patients to

less e!pensive doctors and hospitals that provide high@1uality care.

ven though insurers will be forbidden to discriminate against people with pre@e!isting

conditions, they could subtly discourage the enrollment of sicker patients by limiting the si?e of

their provider networks.

>. INTRODUCTION TO IRDA

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,at is IRDA!

:ISSION STATE:ENT OF THE AUTHORIT@!

IRDA3s :e%(ers!

. A &hairman,

=. Bive whole – time members,

". Bour part – time members.

31

2o protect the interest of and secure fair treatment to policyholders4

2o bring about speedy and orderly growth of the insurance industry (including annuity

and superannuation payments), for the benefit of the common man, and to provide

long term funds for accelerating growth of the economy4

2o set, promote, monitor and enforce high standards of integrity, financial soundness,

fair dealing and competence of those it regulates4

2o ensure speedy settlement of genuine claims, to prevent insurance frauds and other

malpractices and put in place effective grievance redressal machinery4

2o promote fairness, transparency and orderly conduct in financial markets dealing

with insurance and build a reliable management information system to enforce high

standards of financial soundness amongst market players4

2o take action where such standards are inade1uate or ineffectively enforced4

2o bring about optimum amount of self@regulation in day@to@day working of the

industry consistent with the re1uirements of prudential regulation.


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DUTIES7 POERS AND FUNCTIONS OF IRDA

Section 19 o" IRDA Act7 1))) #as down t,e duties7 &owers and "unctions o" IRDA.

ubject to the provisions of this Act and any other law for the time being in force, the Authority

shall have the duty to regulate, promote and ensure orderly growth of the insurance business

and re@insurance business.

ithout prejudice to the generality of the provisions contained in sub@section (), the powers and

functions of the Authority shall include –

• Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend

or cancel such registration4

• 5rotection of the interests of the policy holders in matters concerning assigning of

policy, nomination by policy holders, insurable interest, settlement of insurance

claim, surrender value of policy and other terms and conditions of contracts of

insurance4

• pecifying re1uisite 1ualifications, code of conduct and practical training for

intermediary or insurance intermediaries and agents4

• pecifying the code of conduct for surveyors and loss assessors4

• 5romoting efficiency in the conduct of insurance business4

• 5romoting and regulating professional organisations connected with the insurance

and re@insurance business4• 0evying fees and other charges for carrying out the purposes of this Act4

• &alling for information from, undertaking inspection of, conducting en1uiries and

investigations including audit of the insurers, intermediaries, insurance

intermediaries and other organisations connected with the insurance business4

• &ontrol and regulation of the rates, advantages, terms and conditions that may be

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offered by insurers in respect of general insurance business not so controlled and

regulated by the 2ariff Advisory &ommittee under section D;9 of the Insurance Act,


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Head O""ice ! Insurance 6egulatory and 8evelopment Authority

"rd Bloor, 5arisrama -havan, -asheer -agh 'M86A-A8@#;,

Andhra 5radesh (I%8IA )

5h3(;)=""7

Ba!3 (;) DD7= """;

De#,i O""ice! Insurance 6egulatory and 8evelopment Authority

8elhi ffice – >ate %o. "

Eeevan 2ara -uilding, Birst Bloor

ansad $arg, %ew 8elhi@

5h3()="C;CD;7

Ba!3 () ="C; ""


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received in physical as well as email form or voice calls received by I68A >rievance &all

centre (I>&&).

IRDA Grievance Call Centre (IGCC) can be accessed through3

A toll free number@ 1>>>> for voice calls @mail@ complaintsHirda.gov.in

2he I>&& also provides details of the redressal systems of insurance companies whenever

policyholders re1uire them. Burther, the I>&& also educates policyholders about the Insurance

mbudsman who provides a channel for fair disposal of complaints falling within the

jurisdiction laid down.

How I?:S works! 5olicy holder needs to login in to www.igms.irda.gov.in and create a

profile for registering a complaint. 5olicy holders can register one or more complaints. nce

the policy holder registers in to I>$ then details of complaint are passed on to

respective insurance companies. 5olicy holder can see the details of the branch offices of the

insurance company while registering the complaint. 5olicy holder receives the confirmation

email after registering the complaint along with I68A token no which will be used by I68A

and Insurance &ompany for tracking of the complaint through I>$. A complaint registered

through I>$ flows to the insurer+s system as well as the I68A repository. If the complainant

is not satisfied with the resolution provided by Insurer, heGshe can escalate the complaint for a

review by I68A for a potential violation of 6egulations. All the transactions between the

Insurer, Insured and 6emarks by I68A are visible to the complainant.

*. OERIE OF ID/I FEDERA IFE INSURANCE CO.

TD.!

CO:PAN@ PROFIE!

35

mailto:[email protected]://www.igms.irda.gov.in/mailto:[email protected]://www.igms.irda.gov.in/


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open representative offices in various other parts of the >lobe, for encasing emerging global

opportunities.

As on $arch ", =, the -ank had a network of 7D -ranches and "C= A2$s. 2he -ankSs

total business, during Bey =@, reached 6s. ","C,#7; &rore, -alance sheet reached 6s.

=,#","CC &rore while it earned a net profit of 6s. D# &rore (up by DF).

I8-I -ank 0td. is today one of IndiaSs largest commercial -anks. Bor over ; years, I8-I -ank

has essayed a key nation@building role, first as the ape! 8evelopment Binancial Institution (8BI)

(Euly , overnment shareholding today touches the lives of millions of

Indians through an array of corporate, retail, $ and Agri products and services.

'ead1uartered in $umbai, I8-I -ank today rides on the back of a robust business strategy, a

highly competent and dedicated workforce and a state@of@the@art information technology

platform, to structure and deliver personali?ed and innovative -anking services and customi?ed

financial solutions to its clients across various delivery channels.

As on $arch ", =" I8-I -ank has a balance sheet of 6s. ",==,CD< &rore and business si?e

(deposits plus advances) of 6s ;,=",;=" &rore. As a 9niversal -ank, I8-I -ank, besides its core

banking and project finance domain, has an established presence in associated financial sector

businesses like &apital $arket, Investment -anking and $utual Bund -usiness. >oing forward,

I8-I -ank is strongly committed to work towards emerging as the S-ank of choiceS and Sthe most

valued financial conglomerateS, besides generating wealth and value to all its stakeholders.

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Industria# De$e#o&%ent /ank o" India

Industrial 8evelopment bank of India (I8-I) was constituted under Industrial 8evelopment bank

of India Act,


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electronic banking re1uirements. Bederal -ank 0td was incorporated on April =7,


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activities in urope and Asia, which together make up the largest share of the global insurance

market.

2hese are grouped around four segments3 -elgium, 9nited Kingdom, &ontinental urope andAsia and served through a combination of wholly owned subsidiaries and partnerships with

strong financial institutions and key distributors around the world. Ageas operates successful

partnerships in -elgium, 9K, 0u!embourg, Italy, 5ortugal, 2urkey, &hina, $alaysia, India and

2hailand and has subsidiaries in Brance, 'ong Kong and 9K.

Ageas is the market leader in -elgium for individual life and employee benefits, as well as a

leading non@life player through A> Insurance. In the 9K, Ageas has a strong presence as thefourth largest player in private car insurance and the over #+s market. Ageas employs more than

", people in the consolidated entities and over =, in the non@consolidated partnerships

and has annual inflows of more than 96 = billion.

:IESTONES

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ISION

2o be the leading provider of wealth management, protection and retirement solutions that meets

the needs of our customers and adds value to their lives.

:ISSION

43

$arch =7 I8-I Bederal starts operations with two products – 'omesurance N

ealthsurance.

August =7 I8-I Bederal becomes one of the fastest growing new life insurers to collect

premiums worth 6s crores.

ctober =7 I8-I Bederal launches -ondsurance

Eanuary =< I8-I ealthsurance &up =< – India vGs ri 0anka held in ri 0anka.

$arch =< collected premium of over "=7 corers and 7C, policies and a um

assured of 6s =7=# crores since inception

0aunches 6etirements N 2ermsurance >rameen uraksha

%ovember

=<I8-I Bederal launches Incomesurance

$arch = 0aunches Incomesurance ndowment N $oney -ack 5lan, 2ermsurance

5rotection 5lan N 2ermsurance >rameen -achat Mojana

eptember

=

0aunches 0oansurance >roup 0ife 5lan N 'ealthsurance 'ospitali?ation

and urgical 5lan

$arch = 0aunches 6etirements >uaranteed 5ension plan

0aunches 2* &ampaigns for ealthsurance – jinse bhi suna, khaeed liya,

Incomesurance – guaranteed income ki bhavishyavani and 6etiresurance –

$onthly pension, ?indgi bhar


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2o continually strive to enhance customer e!perience through innovative product offerings,

dedicated relationship management and superior service delivery while striving to interact with

our customers in the most convenient and cost effective manner.

2o be transparent in the way we deal with our customers and to act with integrity.

2o invest in and build 1uality human capital in order to achieve our mission.

AUES

2ransparency3 &rystal &lear communication to our partners and stakeholders

*alue to &ustomers3 A product and service offering in which customers perceive value

6ock olid and 8elivery on 5romise3 2his translates into being financially strong,

operationally robust and having clarity in claims

&ustomer@friendly3 Advice and support in working with customers and partners

5rofit to takeholders3 -alance the interests of customers, partners, employees,

shareholders and the community at large

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Co%&etitors o" ID/I Federa# i"e Insurance Co. td.!

. A>% 6eligare 0ife Insurance

=. Aviva India

". hriram 0ife Insurance

;. -ajaj Allian? 0ife Insurance

#. -harti AWA 0ife Insurance &o 0td

D. -irla un 0ife Insurance

C. &anara '-& riental -ank of &ommerce 0ife Insurance

7. tar 9nion 8ai@ichi 0ife Insurance


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. delweiss 2okio 0ife Insurance &o. 0td

. Buture >enerali 0ife Insurance &o 0td

=. '8B& tandard 0ife Insurance &ompany 0imited

". I&I&I 5rudential

;. I8-I Bederal 0ife Insurance

#. IndiaBirst 0ife Insurance &ompany

D. I%> *ysya 0ife Insurance

C. Kotak 0ife Insurance

7. $a! 0ife Insurance


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=


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marketing of Insurance products, in the following manner3

PRODUCT

A product means what we produce. If we produce goods, it means tangible product and when we

produce or generate services, it means intangible service product. A product is both what a seller

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Interest3 2he rate of interest is one of the major factors which determine people+s willingness

to invest in insurance. 5eople would not be willing to put their funds to invest in insurance

business if the interest rates provided by the banks or other financial instruments are much

greater than the perceived returns from the insurance premiums.

PACE

2his component of the marketing mi! is related to two important facets

i) $anaging the insurance personnel, and

ii) 0ocating a branch.

2he management of agents and insurance personnel is found significant with the viewpoint of

maintaining the norms for offering the services. 2his is also to process the services to the end

user in such a way that a gap between the services@ promised and services offered is bridged

over. In a majority of the service generating organi?ations, such a gap is found e!istent which has

been instrumental in making worse the image problem. 2he transformation of potential

policyholders to the actual policyholders is a difficult task that depends upon the professional

e!cellence of the personnel.

2he agents and the rural career agents acting as a link, lack professionalism. 2he front@line staff

and the branch managers also are found not assigning due weight age to the degeneration

process. 2he insurance personnel if not managed properly would make all efforts insensitive.

ven if the policy makers make provision for the 1uality up gradation, the promised services

hardly reach to the end users.

It is also essential that they have rural orientation and are well aware of the lifestyles of the

prospects or users. 2hey are re1uired to be given ade1uate incentives to show their e!cellence.

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hile recruiting agents, the branch managers need to prefer local persons and provide them

training and conduct seminars. In addition to the agents, the front@line staff also needs

an intensive training programmed to focus mainly on behavioral management. Another important

dimension to the 5lace $i! is related to the location of the insurance branches.

hile locating branches, the branch manager needs to consider a number of factors, such as

smooth accessibility, availability of infrastructural facilities and the management of branch

offices and premises. In addition it is also significant to provide safety measures and also factors

like office furnishing, civic amenities and facilities, parking facilities and interior office

decoration should be given proper attention.

2hus the place management of insurance branch offices needs a new vision, distinct approach

and an innovative style. 2his is essential to make the work place conducive, attractive and

proactive for the generation of efficiency among employees. 2he branch managers need

professional e!cellence to make place decisions productive. I8-I Bederal has around thousands

and thousands of insurance agents all over India to manage their regional customers effectively.

Also, I8-I Bederal has over C


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2he process should be customer friendly in insurance industry. 2he speed and accuracy of

payment is of great importance. 2he processing method should be easy and convenient to the

customers. Instalment schemes should be streamlined to cater to the ever grow.

PRO:OTION

2he insurance services depend on effective promotional measures. In a country like India, the

rate of illiteracy is very high and the rural economy has dominance in the national economy. It is

essential to have both personal and impersonal promotion strategies.

In promoting insurance business, the agents and the rural career agents play an important role.

8ue attention should be given in selecting the promotional tools for agents and rural career

agents and even for the branch managers and front line staff. 2hey also have to be given proper

training in order to create impulse buying. Advertising and 5ublicity, organi?ation of conferences

and seminars, incentive to policyholders are impersonal communication. Arranging Kirtans,

e!hibitions, participation in fairs and festivals, rural wall paintings and publicity drive through

the mobile publicity van units would be effective in creating the impulse buying and the rural

prospects would be easily transformed into actual policyholders.

ID/I Federa# ,as a#so ado&ted $arious &ro%otiona# strate+ies #ike!

&ommercial Ads

5rint Ads

vents

5ersonnel selling

ord of mouth

*iral marketing.

2hey have brought out many interesting and humorous ads of their products such as

ealthsurance, Incomesurance, 6etiresurance etc which has got very good response from

customers. 2hey have also conducted events with an aim to create interest around financial

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planning with 0ife Insurance at branches which was critical to getting prospects interested in

I8-I Bederal products.


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EATHSURANCE!

2he ealthsurance $ilestone 5lan is a uni1ue Insured ealth 5lan designed to help cross

different milestones in one+s life. It enables customers to save and build wealth under the

protection of Insurance to meet their financial goals. 2he ealthsurance $ilestone 5lan offers a

wide range of Investment options, Insurance options and unmatched fle!ibility that allows

customers to customi?e a plan suited to their needs. &ustomers can plan for their milestones like

completion of school education for their child, a marriage, ac1uisition of a new house and so on.

2his 5lan comes with a wide range of " investment options and C insurance benefits @ all

packaged with a low charge structure and unmatched fle!ibility.

INCO:ESURANCE!

I8-I Bederal Incomesurance ndowment and $oney -ack 5lan is loaded with lots of benefits

which ensure that you get >uaranteed Annual 5ayout along with insurance protection which will

help you to reach you goals with full confidence. Incomesurance 5lan is very fle!ible and allows

you to customise your 5lan as per your individual and family+s future re1uirements. $oreover it

also allows you to choose 5remium 5ayment 5eriod, 5ayout 5eriod, 5ayout ptions and more.

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/ONDSURANCE!

2he I8-I Bederal -ondsurance Advantage 5lan is a single premium plan where you need to

make just a one@time investment. Mou can choose a $aturity 5eriod of #, C, , # or = years.

At the end of the chosen period, you will receive a guaranteed maturity amount. In case of death

of the insured person before the $aturity 8ate, a guaranteed 8eath -enefit will be paid.

TER:SURANCE!

I8-I Bederal 2ermsurance 5rotection 5lan (2ermsurance) comes with three cover options which

you can select on the basis your re1uirement. 2ermsurance is designed with a host of benefits N

options aimed at satisfying your every need. It not only allows you to customise your plan as per

your individual and family+s needs, it also comes with a host of benefits like convenient

insurance cover options, fle!ible premium payment terms, choice of policy term and lots more

fle!ible options.

HEATHSURANCE!

5resenting the I8-I Bederal 'ealthsurance 'ospitalisation and urgical 5lan. If you+re aged 7years to ## years and currently in good health, this new insurance plan is designed to help you

manage the e!tra financial burden that comes with hospitalisation, by providing a wide range of

attractive benefits.

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RETIRESURANCE!

A retirement plan designed to accumulate money to aid a comfortable retirement. 2he plan

provides a guaranteed return on your investment and grows steadily over the years to ensure that

you have a corpus on your retirement date, guaranteed.

:ICROSURANCE!

I8-I Bederal >roup $icrosurance 5lan provides affordable life insurance cover to groups. 2his

plan is e!tremely useful to $icro Binance Institutions, elf 'elp >roups and %>s to insure the

lives of their group members and thus provide security to the group members+ families. 2he plan

can also be used for providing loan protection to the group members+ families.

HO:ESURANCE!

I8-I Bederal 'omesurance 5lan is a mortgage reducing term assurance plan – $62A, which

offers protection to your home from your home loan. 2he 5lan provides a cover e1ual to the

outstanding balance of your home loan against any unfortunate events that may occur to you.

2his plan gives you the option of a ingle 5remium.

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OANSURANCE!

0oansurance is a cost@effective way to ensure that the outstanding debt is settled in the

unfortunate event of death of the insured member. 2his term assurance plan provides cover to a

person directly liable for loan repayment (and the partners, in case of a partnership), as per the

benefit schedule.

CHIDSURANCE!

hether your child wants to be a doctor, an engineer, an $-A, a sportsman, a performing artist,

or dreams of being an entrepreneur, the I8-I Bederal &hildsurance 8ream builder Insurance

5lan will keep you future@ready against both, changing dreams and life+s twists. It allows you to

create build and manage wealth by providing several choices and great fle!ibility so that your

plan meets your specific needs. 'owever, what makes &hildsurance a must@have for any parent

who is looking to make their child+s future shock@proof is its powerful insurance benefits.

&hildsurance allows you to protect your child plan with triple insurance benefits so that your

wealth@building efforts remain unaffected by unforeseen events and your child+s future goals can

be achieved without any hindrance.

8espite all these tailored products there is still scope for improvement in this field. 2he >roup

Insurance scheme is re1uired to be promoted, the &rop Insurance is re1uired to be e!panded and

the new schemes and policies for the villagers or the rural population are to be included. . 2he

introduction of 6ural &areer Agents cheme has been found instrumental in inducing the rural

prospects but the process is at infant stage and re1uires more professional e!cellence. o there is

lot of potential in insurance sector which is waiting to be uncorked hence revealing to the

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economy the benefits of insurance industry. 2he policymakers are re1uired to activate the

efforts. It would be prudent that the 0I& is allowed to pursue a policy of direct investment for

rural development. Investment in >overnment securities should be stopped and the investment

should be channeli?ed in private sector for ma!imi?ing profits. In short, the formulation

of product@mi! should be in the face of innovative product strategy, while initiating the

innovative processes it is necessary to take into consideration the strategies adopted by private

and foreign insurance companies.

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PART 2 /

4. O/GECTIE OF RESEARCH PAN!

2he research plan is the main part of a grant application describing a principal investigatorSs

proposed research, stating its importance and how it will be conducted. 2his page describes the

essentials of a research plan.

A typical research plan has four main sections3

A. pecificAims

-. -ackgroundandignificance

&. 5reliminarytudiesand5rogress6eport

8. 6esearch 8esign and $ethods

2he research plan should be written to address the following 1uestions3

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• 6eferences should reflect an updated knowledge of the field.

• pecify e!isting gaps that the project is intended to fill.

•8iscussion should convey the importance and relevance of the research aims.

• 'ighlight potential policy or practice impacts.

• 'ighlight why research findings are important beyond the confines of the specific

research project (e.g., significance4 how research results can be applied).

Pre#i%inar Studies and Pro+ress Re&orts!

2he preliminary results section describes prior work by the investigators relevant to the proposed

project. In a new application, the preliminary results are important to establish the e!perience

and competence of the applicant to pursue the proposed research project and to provide support

for the study hypotheses and research design.

In a competing renewal application, this section becomes a progress report, describing studies

performed during the last grant period. 2he progress report should include a summary of the

previous applicationSs specific aims and importance of the findings.

• 8iscuss how previous work leads to the current proposal.

• mphasi?e how the previous work demonstrates feasibility of proposed methods.

• If you do not have the re1uired e!pertise for a specific methodology, enlist a collaborator

or consultant (include a letter of support or agreementRection E of the 6esearch 5lan).

• Accuracy and overall presentation are important in figures, tables and graphs.

Researc, Desi+n and :et,ods!

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2he purpose of the research design and methods section is to describe how the research will be

carried out. 2his section is critical for demonstrating that the applicant has developed a clear,

organi?ed and thoughtful study design.

• hould provide an overview of the proposed design and conceptual framework.

• tudy goals should relate to proposed study hypotheses.

• Include details related to specific methodology4 e!plain why the proposed methods are

the best to accomplish study goals.

• 8escribe any novel concepts, approaches, tools or techni1ues.

• Include details of how data will be collected and results analy?ed.

• &onsider re1uired statistical techni1ues.

• Include proposed work plan and timeline.

• &onsider and discuss potential limitations and alternative approaches to achieve study

aims.

). :ETHODOO?@ USED IN STUD@!

Sa%e si0e!-

2he sample si?e of a survey most typically refers to the number of units that were chosen

from which data were gathered. 'owever, sample si?e can be defined in various ways. 2here is

the designated sample si?e, which is the number of sample units selected for contact or data

collection. 2here is also the final sample si?e, which is the number of completed interviews or

units for which data are actually collected. 2he final sample si?e may be much smaller than the

designated sample si?e if there is considerable non@response, ineligibility, or both. %ot all the

units in the designated sample may need to be processed if productivity in completing interviews

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is much higher than anticipated to achieve the final sample si?e. 'owever, this assumes that units

have been activated from the designated sample in a random fashion. urvey researchers may

also be interested in the sample si?e.

- ?ar :. S,a&iro

E""ecti$e sa%e si0e!-

&omple! sample surveys rarely result in a set of

independent and identically distributed observations,

because of sample design features such as stratification,

clustering, and une1ual weighting that are necessary for

efficient data collection. uch features affect the

resulting variance of survey estimates.

It is immediately obvious that there is not a single

effective sample si?e for any one study, since the

variance for n.

DEFININ? SA:PE AND COECTIN? DATA!-

T,e Scienti"ic :et,od is an Essentia# Too# in Researc,

2his image lists the various stages of the scientific method.

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2he scientific method

is a body of techni1ues

for @

investigating

phenomena, ac1uiring

new knowledge, or

correcting and

integrating previous

knowledge.

e &oints!-

• 0ike any research paper, a sociological research report typically consists of a literature

review, an overview of the methods used in data collection, and analysis, findings, and

conclusions.

• A literature review is a creative way of organi?ing what has been written about a topic by

scholars and researchers.

• 2he methods section is necessary to demonstrate how the study was conducted, including

the population, sample frame, sample method, sample si?e, data collection method, and data

processing and analysis.

• In the findings and conclusion sections, the researcher reviews all significant findings,

notes and discusses all shortcomings, and suggests future research.

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1=. UESTIONNAIRE DESI?NIN?

1- Are ou aware a(out insuranceB

(a) Mes (b) %o

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Yes No

0

20

40

60

80

100

Yes No

Binding@

veryone knows About Insurance

- I" es7 t,en #i"e insurance or +enera# insuranceB

(a) 0ife Insurance (b) >eneral Insurance

Life Insurance General Insurance

0

20

40

60

80

100

Life Insurance General Insurance

Binding@

eneral Insurance.

8- ,ere ou want our In$est%ent in /ank or in Insurance Co%&anB

(a) -ank (b) Insurance &ompany

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Bank Insurance Company

0

10

20

30

40

50

60

0

80

!0

Bank Insurance Company

Binding@

7#F 5eople want their Investment in -ank and #F 5eople want their Investment in Insurance

&ompany.

9- Do ou ,a$e an Insurance Po#icB

(a) Mes (b) %o

67


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Yes No

0

10

20

30

40

50

60

0

80

!0

Yes No

Binding@


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(a) 0I& (b) '8B& (c) I8-I B86A0

(d) I&I&I (e) -harti AWA (f) thers

LIC "#$C I#BI $%#%&'L ICICI B(ar)i '*' +)(ers

0

10

20

30

40

50

60

0

80

!0

100


Binding@

F 5eople know about 0I&, DF Know about '8B&, C#F know about I8-I Bederal, DF

know about -harti AWA N 7F know about I&I&I.

69


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71/82


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4- I" es7 t,en w, ou &re"er ID/I Federa# &roducts7

(a) 0ow &ost (b) -rand

(c) >uaranteed 6eturns (d) thers

Lo, Cos) Bran- Guaran)ee- &e)urns +)(ers

0

10

20

30

40

50

60

0

80

!0

100

Lo, Cos) Bran- Guaran)ee- &e)urns +)(ers

72


73/82

Binding@

F 5eople 5refer I8-I Bederal 5roducts because of 0ow &ost, -rand, >uaranteed 6eturns N

#F by others ervices.

)- ,ic, t&e o" sc,e%e is &ro$ided ( our Insurance Co%&anB

(a) &hildren 5lan (b) Investment 5lan

(c) 5ension 5lan (d) thers

73


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C(il-ren .lan In/es)men) .lan .ansion .lan +)(ers

0

10

20

30

40

50

60

0

80

!0

C(il-ren .lan In/es)men) .lan .ansion .lan +)(ers

Binding@

F cheme for &hildren 5lan, 7#F cheme for Investment 5lan, #F for 5ension 5lan, F

cheme for others.

1=- Accordin+ to ou7 w,ic, co%&an3s c,ar+e is %ini%u%B

(a) 0I& (b) '8B& (c) I8-I B86A0


74


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LIC "#$C I#BI $%#%&'L ICICI B(ar)i '*' +)(ers0

10

20

30

40

50

60

0


Binding@

D#F 5eople think that &harge of 0I& is $inimum while F 5eople for '8B&, =F 5eople forI8-I, F for I&I&I, F 5eople for -harti AWA N "F 5eople think that charge of others

Insurance company are minimum.

11- In our o&inion w,ic, co%&an3s distri(ution c,anne# is (estB

(a) 0I& (b) -harti AWA (c) '8B&

(d) I&I&I (e) I8-I Bederal (f) thers

75


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LIC (ar)i '*' "#$C ICICI I#BI $e-eral +)(ers

0

10

20

30

40

50

60

LIC (ar)i '*' "#$C ICICI I#BI $e-eral +)(ers

Bindings@

DF 5eople think that 0I&+s 8istribution channel is best while #F 5eople think for -harti AWA,

#F 5eople think for '8B&, F 5eople think for I&I&I and =F people think that the I8-I+s

distribution channel is best.

1- ,ic, &roduct o" ID/I Federa# i"e Insurance Co%&an is %ost

&ro"ita(#eB

(a) Income insurance (b) ealth insurance

76


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Income Insurance eal)( Insurance

0

5

10

15

20

25

30

35

40

45

50

Income Insurance eal)( Insurance

Bindings@

-oth the 5roduct Incomesurance N ealthsurance life Insurance company is most profitable.

11. SU??ESTIONS RECO::ENDATIONS

2o >ive uggestions are very easy4 but Implementation is very difficult.

. 2he company+s advertisement should be more in 0ocal 2* channel and %ews 5apers.

=. 2he company should be open more branches in, ?onal areas.

". 2he policies amount should be taken by the company, is small installment, so that

more and more investor+s can take the policies of the company.

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;. 2he company should be developed more attractive product plan or policies.

#. Attractive gift packages should be given by, company to customer, on the basis of

lottery system in every year.

D. Attractive package of salary should be given by, company to the employee so, that

they can motivate hard work.

C. Attractive training facility should be developed for financial adviser.

7. 2ransparency should be their if an insurance company want to create good image in

the eyes of policy holder.


79/82

9. 5hone %o.3

>. >ender3 $ale G Bemale

*. $arital status3 ingle G $arried


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(a) 0I& (b) '8B& (c) I8-I Bederal


1uaranteed 6eturns (d) thers

1). hich type of scheme is provided by your Insurance &ompany/

(a) &hildren 5lan (b) Investment 5lan

(c) 5ension 5lan (d) thers

=. According to you, which company+s charge is minimum/

(a) 0I& (b) '8B& (c) I8-I B86A0


1. In your opinion which company+s distribution channel is best/

(a) 0I& (b) -harti AWA (c) '8B&

(d) I&I&I (e) I8-I Bederal (h) thers

. hich product of I8-I Bederal 0ife Insurance &ompany is most profitable/

(a) Income insurance (b) ealth insurance

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19. /I/IO?RAPH@ E/IO?RAPH@

$A6K2I%> 6A6&'@ -y 2900 and 'AKI%.

$A6K2I%> $A%A>$%2@ -y 5'I0I5 K206

&ompany $aga?ines and $anuals.

Bogan, C.E. and English, M.J. (1994) - Benchmarking for Best

Practices: Winning through Innovative Adaptation.

Kotler, Philip & Keller, L. Kevin (2012)- Marketing Management 14e,

Pearson Education Limited 2012

Zikmund, W.G.; Babbin, Barry J.; Carr, Jon C. and Griffin, Mitch

(2013)- Business Research Methods, South-Western CENGAGE

Learning, USA.

Articles in a Newspaper

Brooks Peter (2011), Indian investors are less risk taking compared to

Hong Kong, Taiwan and Indonesia: Peter Brooks, Barclays Wealth,The

Economic Times.

81


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www.google.com

www.wikipedia.org

www.yahoo.comG1uestion@answerG

www.idbifederal.com

www.ageas.com www.federal.com

www.irda.org

http3GGwww.swissre.comGmediaGnewsXreleasesGwissX6eXsigmaXstudyXonXwo

rldXinsuranceXinX==XshowsXpremiumXgrowthXXresumed.html http3GGwww.idbifederal.comG5roductsG'ealthsuranceG5agesGhat@is@

'ealthsurance.asp!Y http3GGwww.studymode.comGessaysG$arket@egmentation@;#=".html

http3GGen.wikipedia.orgGwikiGZXmethodology

1>. CONCUSION!

ummer training is a best e!ample for a trainee to learn about the company working, corporate

culture under which he is operating the functions.

I8-I Bederal 0ife Insurance &o. 0td. is a life insurance company under which I gained a

significant knowledge with respect to life insurance, its importance and applicability as well as

undertook the task to research and compare with global markets which is conductive for the

company to grow with more prosperity.

hat I taught in the management institute utili?ed them fruitfully leading to the best advantage

to the company and to the best e!perience for mine.

At far I can conclude that life insurance is a noble service which is very important for every
http://www.google.com/http://www.wikipedia.org/http://www.yahoo.com/question-answer/http://www.idbifederal.com/http://www.ageas.com/http://www.federal.com/http://www.irda.org/http://www.swissre.com/media/news_releases/Swiss_Re_sigma_study_on_world_insurance_in_2012_shows_premium_growth__resumed.htmlhttp://www.swissre.com/media/news_releases/Swiss_Re_sigma_study_on_world_insurance_in_2012_shows_premium_growth__resumed.htmlhttp://www.idbifederal.com/Products/Healthsurance/Pages/What-is-Healthsurance.aspxhttp://www.idbifederal.com/Products/Healthsurance/Pages/What-is-Healthsurance.aspxhttp://www.studymode.com/essays/Market-Segmentation-40523.htmlhttp://en.wikipedia.org/wiki/Q_methodologyhttp://www.google.com/http://www.wikipedia.org/http://www.yahoo.com/question-answer/http://www.idbifederal.com/http://www.ageas.com/http://www.federal.com/http://www.irda.org/http://www.swissre.com/media/news_releases/Swiss_Re_sigma_study_on_world_insurance_in_2012_shows_premium_growth__resumed.htmlhttp://www.swissre.com/media/news_releases/Swiss_Re_sigma_study_on_world_insurance_in_2012_shows_premium_growth__resumed.htmlhttp://www.idbifederal.com/Products/Healthsurance/Pages/What-is-Healthsurance.aspxhttp://www.idbifederal.com/Products/Healthsurance/Pages/What-is-Healthsurance.aspxhttp://www.studymode.com/essays/Market-Segmentation-40523.htmlhttp://en.wikipedia.org/wiki/Q_methodology

Documents

IDBI- Summer Tratining Project