Maitri Newindia Finalgcjg

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Tolani Institute ofManagementStudies Page 1

A

PROJECT REPORT

ON

RISK MANAGEMENT

HOMEOWNERS INSURANCE @

NEW INDIA ASSURANCE

SUBMITTED BY:

GROUP-3

SURBHI GOYAL 12017

SAGAR TANNA 12049

KEVAL THACKER 12050

MAITRI THAKAR 12054

SUBMITTED TO:

Prof. PRATIBHA NAIR

PGDM PROGRAMME

(Batch: 2012 2014)

Tolani Institute of Management Studies


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INDEX

Contents

INTRODUCTION ................................................................................................................................ 4

HISTORY ........................................................................................................................................... 6

OUR STRENGTHS .............................................................................................................................. 7

PIONEERS ......................................................................................................................................... 7

OUR MISSION ................................................................................................................................... 8

OUR VALUES ..................................................................................................................................... 8

THE INDIAN ASSURANCE INDUSTRY IS FEATURED BY THE ATTRIBUTES: ...................................... 14

1. RISK PERCEPTION AND EVALUATION: ........................................................................................ 16

2. DESIGNING THE INSURANCE PRODUCT: .................................................................................... 16

3. MARKETING OF THE PRODUCT: ................................................................................................. 17

4. SELLING OF THE PRODUCTS: ...................................................................................................... 17

5. MANAGEMENT OF PORTFOLIO: ................................................................................................. 17

PUBLIC SECTOR .............................................................................................................................. 18

PRIVATE SECTOR ............................................................................................................................ 18

Products24

COMMERCIAL ................................................................................................................................. 25

INDUSTRIAL .................................................................................................................................... 26

LIABILITY ......................................................................................................................................... 26

SOCIAL ............................................................................................................................................ 27


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ACKNOWLEGMENT

We would like to thanks Professor. Pratibha Nair Tolani Institute of

Management Studies for giving us such an opportunity to have a deep

insight of insurance company (HOMEOWNERS). We would also like to

thanks Mr.Akhilesh Acharya New India Assurance company Gdham Branch

to share his knowledge and experience with us and for giving us his

valuable time and making we understand the deep knowledge of

homeowners insurance. At last we would like to thank each and every who

helped us in making this report.


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ASSURANCE

INTRODUCTION

Assurance industry has always been a growth-oriented industry

globally. On the Indian scene too, the assurance industry has always

recorded noticeable growth vis--vis other Indian industries.

It is a system by which the losses suffered by a few are spread over

many, exposed to similar risks. Insurance is a protection against financial

loss arising on the happening of an unexpected event.

stablished by Sir Dorab Tata in 1919, New India is the first fully Indian

owned insurance company in India. Incorporated on July 23rd, 1919

Founded by the House of Tata Founder member - Sir Dorab Tata.

Nationalised in 1973 with merger of Indian companies.

New India was a pioneer among the Indian Companies on various fronts,

right from insuring the first domestic airlines in 1946 to satellite

insurance in 1980. The latest addition to the list of firsts is the insurance

of the INSAT-2E.

With a wide range of policies New India has become one of the largest

non-life insurance companies, not only in India, but also in the Afro-Asian

region.


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The new India assurance Co. Ltd. was the first general assurance

company to be established in India in 1850, which was a wholly British-

owned company. The new India assurance company to be set up by an

Indian was Indian Mercantile assurance Co. Ltd., which was established in

1907. There emerged many a assurance player on the Indian scene

thereafter. The general assurance business was nationalized after the

promulgation of General Insurance Business (Nationalization) Act, 1972.

The post-nationalization general assurance business was undertaken by the

assurance Corporation of India (GIC) and its 3 subsidiaries:

1. New India Assurance Company Limited

2. National Insurance Company Limited

3. United India Insurance Company Limited

Towards the end of 2000, the relation ceased to exist and the four

companies are, at present, operating as independent companies.


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PROFILE

History Present Position

International Presence

Our Strengths

Pioneers

Citizens' Charter

HISTORY

Incorporated on July 23rd, 1919 Founded by the House of Tata Founder

member - Sir Dorab Tata. Nationalised in 1973 with merger of Indian

companies.

PRESENT POSITION

Network of Offices-26 Regional Offices, 393 Divisional Offices, 614 Branches

and 34 Direct Agent Branches. Rank No. 1 in the Indian market. Largest

Non-Life insurer in Afro-Asia excluding Japan. First Indian non-life company

to cross Rs. 5000 crores Gross Premium. Global Re-insurance facilities.Over-seas presence in countries like Japan, U.K, Middle East, Fiji and

Australia.
http://www.newindia.co.in/about-company.asp#1http://www.newindia.co.in/about-company.asp#2http://www.newindia.co.in/about-company.asp#3http://www.newindia.co.in/about-company.asp#4http://www.newindia.co.in/about-company.asp#5http://www.newindia.co.in/about-company.asp#6http://www.newindia.co.in/about-company.asp#6http://www.newindia.co.in/about-company.asp#5http://www.newindia.co.in/about-company.asp#4http://www.newindia.co.in/about-company.asp#3http://www.newindia.co.in/about-company.asp#2http://www.newindia.co.in/about-company.asp#1


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INTERNATIONAL PRESENCE

Overseas operations commenced in 1920. Operations in 24 countries in the

year 2004-05. Network of 19 Branches, 12 Agencies, 2 Associate companies

and 2 Subsidiary companies in the year 2004-05

OUR STRENGTHS

Largest number of Offices - In India and Abroad Trained and technically

qualified staff 1068 fully computerised offices across India. "A-" (Excellent)

rating by A.M.Best & Co (Europe) First domestic company to be rated by an

International Rating Agency Rating based upon following factors: Superior

capital position Strong operating performance Strong market position Only

company to develop significant International operations, long record of

successful trading outside India.

PIONEERS

First company to set up an Aviation Insurance Department in 1946. First company to handle the Hull Insurance requirements of the

Indian Shipping Fleet.

First company to establish its own Training School. First company to introduce the concept of 'Model Office Training'. First company to create department in Engineering insurance. Pioneer in Satellite insurance.


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CITIZENS CHARTER

OUR MISSION

To develop general insurance business in the best interest of thecommunity.

To provide financial security to individuals, trade, commerce and allother segments of the society by offering insurance products and

services of high quality at affordable cost

OUR VALUES

Highest priority to customer needs. High standards of public conduct. Transparency in operations.


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COMMITMENT TO THE CITIZENS

The company responds to all commercially viable general insurancerequirements of the citizens, including products for weaker sections

of the society at affordable price within three months from the date

on which such a requirement is received.

They ensure issuance of 100% of documents within a period of sevendays.

They ensure that prospectus of the various insurance products areprovided to the customers and the extent of coverage is explained

for his choosing the appropriate product. A written proposal will be

obtained from the insured wherever necessary and accordingly the

policy will be prepared.

Settlement of all claims within a time schedule envisaged hereunder:A. Personal life insurance claims within 30 days on completion of all

requirements.

B. Property claims within 30 days on completion of all requirements.

C. Liability claims within 30 days on completion of process of law.

They promote customer education in general insuranceproducts/services by holding workshops in various centers.

The company has opened a customer service cell in all ROs/DOs inaddition to the existing 'May I Help You' counters.


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Will set up proper grievance redressal mechanism in every operatingoffice and will educate the clients about the same including the

system of grievance redressal thorough ombudsman.

On request to the policy issuing office, company will make availableto a customer, the status of his claim and/or claim settlement details

within seven working days.

Will adhere to the IRDA guidelines in protecting the policyholders'interest.

The Indian assurance industry saw a new sun when the assurance

Development Authority invited the applications for registration as assurors

in August, 2000. With the liberalization and opening up of the sector to

private players, the industry has presented promising prospects for the

coming future. The transition has also resulted into introduction of ample

opportunities for the professionals including Chartered Accountants.


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MANAGEMENT

BOARD OF DIRECTORS

NAME

1. Shri M. Ramadoss Chairman cum Managing Director

2. Shri A. R. Sekar, Director and FA

3. Shri I S Phukela, Director

4. Mr. R. Gopalan I.A.S., Secretary,

Department of Financial Services,

Ministry of Finance,

Government of India

5. Shri M. D. Mallaya Chairman & Managing Director,

Bank of Baroda


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CORPORATE

CORPORATE HEAD OFFICE

ADDRESS:

The New India Assurance Co. Ltd.

87, M.G. Road, Fort,

Mumbai 400 001.


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OUR OFFICES

Corporate Domestic Overseas
http://www.niacl.com/off-corp.asphttp://www.niacl.com/off-corp.asphttp://www.niacl.com/off-domestic.asphttp://www.niacl.com/off-domestic.asphttp://www.niacl.com/off-overseas.asphttp://www.niacl.com/off-overseas.asphttp://www.niacl.com/off-overseas.asphttp://www.niacl.com/off-domestic.asphttp://www.niacl.com/off-corp.asphttp://www.niacl.com/off-overseas.asphttp://www.niacl.com/off-domestic.asphttp://www.niacl.com/off-corp.asphttp://www.niacl.com/off-overseas.asphttp://www.niacl.com/off-domestic.asphttp://www.niacl.com/off-corp.asphttp://www.niacl.com/off-overseas.asphttp://www.niacl.com/off-domestic.asphttp://www.niacl.com/off-corp.asp


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THE INDIAN ASSURANCE INDUSTRY IS FEATURED BY THE ATTRIBUTES:

LOW MARKET PENETRATION

Ever-growing middle class component in population.GROWTH OF CONSUMER

Movement with an increasing demand for better assuranceproducts;

Inadequate application of information technology for business.


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STRUCTURE OF THE ASSURANCE INDUSTRY

The structure of the assurance industry comprises of the Operating

department, Administrative department and the finance department. The

Operating Department generally performs the basic functions pertaining to

the designing of products, marketing thereof, servicing the insured, the

insured, management of portfolio, etc.

The Administrative Department looks after the day-to-day affairs of

the company. The Finance Department backs the operations and

administration of the company by accounting for the transactions,

streamlining the flow of funds, materializing the management decisions,

etc.

The Administration Department as well as the Finance Department,

usually, functions through in-house setup. The Finance Department

functions in the areas of accounting, financial and management reporting,

budgeting and controlling, etc. and thus renders enormous scope for

finance professionals.


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BASIC FUNCTIONS OF THE ASSURANCE

INDUSTRY

1. RISK PERCEPTION AND EVALUATION:

The fundamental function of an insurer is to provide a cover against

the loss caused to the insured due to the happening of certain specified and

agreed events. Thus, prior to providing such umbrella through a product,

the insurer has to assess the risk involved in the transaction. The

perception of risk requires the study of variables through various methods

including the application of scientific and statistical techniques and

correlation thereof with the industry or unit under study in light of their

basic environmental and infra-structural characteristics.

2. DESIGNING THE INSURANCE PRODUCT:

On the basis of the risks perceived, the insurer develops a product to

cover the stipulated risks. While designing an insurance product, an insurer

decides its cost to be charged from the insured in the form of premium,

reduction thereof in certain cases like not lodging any claim during the

previous covered period(s), suggesting the implementation of risk-

mitigating measures, etc.


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3. MARKETING OF THE PRODUCT:

The core function of the marketing force of an insurance company is

to generate awareness about the insurance products among the target

market. But in the Indian scenario, where the insurance penetration is too

low as compared to the other nations, the marketing force needs to

perform the pro-active role in developing an insurance culture. It is through

the efficiency of the sales force of an insurance company that the

desirability and the success of a product are determined. Further, the

marketing personnel should be adequately backed by the back-office setup.

4. SELLING OF THE PRODUCTS:

The term selling in the context of Assurance industry is the

issuance of policies to the applicant proposer.

5. MANAGEMENT OF PORTFOLIO:

The management of the portfolio includes the assessment of

requirement of funds, identification of various sources of finance, the

evaluation of the sources in the light of their cost, availability, timing, etc.,

reconciling the features of various sources with the needs of the company

and the selection of appropriate conjunction of sources. The insurer

possesses huge amount of funds, which need proper management. The

management of the portfolio of an insurance company requires the

identification of investment avenues, evaluation thereof.


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NON-LIFE INSURANCE COMPANIES

PUBLIC SECTOR

New India Assurance Co. Ltd. United India Insurance Co. Ltd. Oriental Insurance Co. Ltd. National Insurance Co. Ltd

PRIVATE SECTOR

ICICI Lombard General Insurance Co. Ltd. Reliance General Insurance Co. Ltd. IFFCO Tokyo General Insurance Co. Ltd. Bajaj Allianz General Insurance Co. Limited TATA AIG General Insurance Co. Limited Cholamandalam General Insurance Co. Ltd. HDFC General Insurance Co. Ltd. Royal Sundaram Alliance Insurance Co. Ltd.


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KUTCH AND NEW INDIA ASSURANCE

26 Jan 2001, the devastating earthquake that hit the land of Kutch (Gujarat)

and nearby areas shook many of the homes and lives. No insurance

company can insure and return the non-financial losses that people of

Kutch faced but financial losses were covered well by insurance company to

the people who were having insurance. That time team of number of

surveyor was send to Kutch to different areas so that process of claim

settlement can be quickly served. New India assurance being part of

government was able to recover from this capital shock soon and was one

of top player that served the people to best that they can.

This was rise of homeowners insurance in this ZONE 5 earthquake prone

region of Kutch. Due to capital shock there was rise of premium initially

around 2001-2002 year. Following reasons were responsible for rise in

premium:

Earthquake prone Zone 5

Capital shock recover

Increase in risk probability

Customer demand

At present situation is stable with average premium price and industry is

growing and flourishing.


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INTERMEDIARY

Third Party Administrators (TPA)

Agents

Surveyors

New India has tied up with 18 TPAs. Above mentioned are few of persons

involved in insurance process. Third party administrators for few of

documentation and administrative work, agents for selling policies and

surveyor to check and verify about claim by visiting at place of loss and to

give report to regional office about claim and actual loss.
http://www.niacl.com/intermed-tpa.asphttp://www.niacl.com/intermed-agents.asphttp://www.niacl.com/intermed-surveyors.asphttp://www.niacl.com/intermed-surveyors.asphttp://www.niacl.com/intermed-agents.asphttp://www.niacl.com/intermed-tpa.asp


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FINANCIAL RATING

For the sixth consecutive year, the Company has been rated as "A-"

(Excellent) by M/s. A.M. Best Europe Ltd. The rating reflects Company's

excellent risk adjusted capitalization, prospective improvement in

underwriting performance and its leading business profile in the direct

insurance market in India. A partially off-setting factor is the Company's

reliance on investment income which counter balances underwriting losses.

But the outlook is stable. A.M. Best believes the Company's risk adjusted

capitalization is excellent and anticipates that it will remain sufficient to

absorb the likely growth in the net premium. Further it also expects that

there will be a reduction in the combined ratio in the years to come. The

Company is likely to maintain its leading business position as the largest

direct insurer in India, despite increased competition from private players.
http://www.newindia.co.in/fin-rating.asphttp://www.newindia.co.in/fin-rating.asphttp://www.newindia.co.in/fin-rating.asphttp://www.newindia.co.in/fin-rating.asp


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NIA-INDIAN ASSURANCE EVEN IN JAPAN

Japan is the 2nd largest non-life insurance market in the world, after the

USA. There are 32 Japanese companies and 21 foreign companiesoperating in Japan. The market share of 21 foreign companies is just over

4.5%. There is only one company that has kept the flag of the Indian and

Asian insurance industry high for more than 5 decades in the highly

competitive market- The New India Assurance Co. Ltd.

One of the major business operations of the company in Japan is to assist

the Indian office in procuring business emanating from Japanese

companies that undertake projects in India. New India Japan is

approached by not only Japanese companies but also by Japanese

insurance companies whose clients are in the process of acquiring

interest in India, for guidance.

Its gross premium income in 2002-03 was Yen 3.8 billion (Rs.153 crore),

which was 15 percent higher than the previous year. The company made

a profit around Yen 40 million (Rs.1.64 crore) during the year, all this

despite a nearly zero growth and zero interest economy and continuing

recession in Japan.

New India writes all classes of traditional non-life insurance business and

more than 95% of its business is derived from Japanese clients through its

agents network.


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NEW INDIA GANDHIDHAM

As per our visit to Gandhidham office where we talked to Mr.Akhilesh

Acharya to start and enter in this market as insurance company a deposit oflump sum of Rs.1000 Crs. to IRDA Insurance Regulatory Development

Authority. IRDA is central government authority to regulate the premium

and policies (product) given to customer. IRDA came into existence after

nationalization.

In fire insurance/ homeowners insurance dwelling is covered generally. For

additional add on like: National calamites like earthquake, cyclone etc,

theft, fire and others have to mention in this form. One also have tomention about type that is residence, commercial, nearby surrounding like

boundaries and geographical location like our Kutch is in ZONE 5

Earthquake prone zone and as per detail premium is charged.

Premium is charged as per different criteria like for earthquake prone zone

a premium charged per mille i.e. for example RS 5 per mille. By computer

software and data provided by company for every thousand rupees

premium is charged.

For claim settlement during any damage loss like fire, one have to call fire

brigade first and try to save as many goods as one can, call insurance

company and then as per reports given by fire brigade, surveyor will give

photos and report and forensic department report for cause of damage and

stock register or evidence of goods available at place , and then only if loss

is caused without personal intention then file is moved further for claim

settlement and generally time lag of 1 month after all reports are

submitted is given for claim payment. For any additional extension

coverage after issue of policy, one have to submit in writing and have to

pay premium accordingly in advance.


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PRODUCTS

PRODUCTS

PERSONAL

COMMERCIAL

INDUSTRIAL

SOCIAL


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COMMERCIAL

Jewelers Block Policy Bankers Indemnity Policy Shopkeepers Policy Marine Cargo Policy Plate Glass Insurance Special Contingency Policy Neon Sign Insurance MultiPeril Policy for L.P.G. Dealers Fidelity Guarantee Insurance Policy Marine Hull Policy Aviation Insurance
http://www.niacl.com/comm-jewel.asphttp://www.niacl.com/comm-banker.asphttp://www.niacl.com/comm-shop.asphttp://www.niacl.com/comm-cargo.asphttp://www.niacl.com/comm-plate.asphttp://www.niacl.com/comm-cont.asphttp://www.niacl.com/comm-neon.asphttp://www.niacl.com/comm-multi.asphttp://www.niacl.com/comm-fidelity.asphttp://www.niacl.com/comm-marine.asphttp://www.niacl.com/comm-aviation.asphttp://www.niacl.com/comm-aviation.asphttp://www.niacl.com/comm-marine.asphttp://www.niacl.com/comm-fidelity.asphttp://www.niacl.com/comm-multi.asphttp://www.niacl.com/comm-neon.asphttp://www.niacl.com/comm-cont.asphttp://www.niacl.com/comm-plate.asphttp://www.niacl.com/comm-cargo.asphttp://www.niacl.com/comm-shop.asphttp://www.niacl.com/comm-banker.asphttp://www.niacl.com/comm-jewel.asp


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INDUSTRIAL

Fire Policy Burglary Policy Machinery Breakdown Policy Electronics Equipment Policy Consequential Loss Policy Contractors All Risk Policy

Marine cum Erection / Storage cum Erection Policy Advanced Loss of Profit / Delay in Startup Policy Contractor Plant and Machinery Policy Mega Package Policies

LIABILITY

Public Liability Policy Products Liability Policy Professional Indemnity Policy Directors and Officers Liability Policy Lift (Third Party) Insurance

Employers' Liability Policy Carrier's Liability Insurance Liability Insurance Act Policy Golfers Indemnity Insurance
http://www.niacl.com/inds-fire.asphttp://www.niacl.com/inds-burglary.asphttp://www.niacl.com/inds-machinery.asphttp://www.niacl.com/inds-electronics.asphttp://www.niacl.com/inds-cons.asphttp://www.niacl.com/inds-contract.asphttp://www.niacl.com/inds-marine.asphttp://www.niacl.com/inds-advance.asphttp://www.niacl.com/inds-plant.asphttp://www.niacl.com/inds-mega.asphttp://www.niacl.com/inds-mega.asphttp://www.niacl.com/liab-pub.asphttp://www.niacl.com/liab-prod.asphttp://www.niacl.com/liab-prof.asphttp://www.niacl.com/liab-director.asphttp://www.niacl.com/liab-lift.asphttp://www.niacl.com/liab-employer.asphttp://www.niacl.com/liab-carrier.asphttp://www.niacl.com/liab-carrier.asphttp://www.niacl.com/liab-insact.asphttp://www.niacl.com/liab-golf.asphttp://www.niacl.com/liab-golf.asphttp://www.niacl.com/liab-golf.asphttp://www.niacl.com/liab-insact.asphttp://www.niacl.com/liab-carrier.asphttp://www.niacl.com/liab-employer.asphttp://www.niacl.com/liab-lift.asphttp://www.niacl.com/liab-director.asphttp://www.niacl.com/liab-prof.asphttp://www.niacl.com/liab-prod.asphttp://www.niacl.com/liab-pub.asphttp://www.niacl.com/inds-mega.asphttp://www.niacl.com/inds-plant.asphttp://www.niacl.com/inds-advance.asphttp://www.niacl.com/inds-marine.asphttp://www.niacl.com/inds-contract.asphttp://www.niacl.com/inds-cons.asphttp://www.niacl.com/inds-electronics.asphttp://www.niacl.com/inds-machinery.asphttp://www.niacl.com/inds-burglary.asphttp://www.niacl.com/inds-fire.asp


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SOCIAL

Universal Health Insurance Scheme Jan Arogya Bima Policy Raj Rajeshwari Mahila Kalyan Yojana Bhagyashree Child Welfare Policy Janata Personal Accident Insurance Student Safety Insurance

Ashrya Bima Yojana Rural Insurance
http://www.niacl.com/social-universal.asphttp://www.niacl.com/social-arogya.asphttp://www.niacl.com/social-mahila.asphttp://www.niacl.com/social-child.asphttp://www.niacl.com/social-janata.asphttp://www.niacl.com/social-student.asphttp://www.niacl.com/social-bima.asphttp://www.niacl.com/social-rural.asphttp://www.niacl.com/social-rural.asphttp://www.niacl.com/social-bima.asphttp://www.niacl.com/social-student.asphttp://www.niacl.com/social-janata.asphttp://www.niacl.com/social-child.asphttp://www.niacl.com/social-mahila.asphttp://www.niacl.com/social-arogya.asphttp://www.niacl.com/social-universal.asp


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CATEGORIES OF PRODUCTS WITH

CUSTOMER SEGMENTS IN NEW INDIA

ASSURANCE

CUSTOMER

SEGMENTS

PERSONAL BUSINESS INDUSTRI

AL

LIABILITY SOCIAL

Categories

of

Products

Accident

House

holders

Motor

policy

Money

insurance

Road Safety

TV/VCR/VC

P

Mobile

Jewelers

Shop

Marine

Aviation

Fire

Machine

breakdow

n

Burglary

Electronic

equipment

Public

liability

policy

Products

Directors

& Officers

Employers

Rural

Student

safety

Women

welfare

Child

welfare


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PERSONAL

1. HOUSEHOLDERS POLICY

This is a package policy specially designed to meet the insurance

requirements of a householder.

HIGHLIGHTS

This is a package policy specially designed to meet the insurance

requirements of a householder by combining under a single policy, a

number of our standard policies usually taken by householders.

Discount in premium is offered depending upon the number of sections of

the policy, opted for, by the proposer.


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SCOPE AND PREMIUM CHARGES:

The policy comprises of 10 sections as given here under

SECTION I - FIRE & ALLIED PERILS

(PREMIUM: 0.65 PER MILE)

A - Coverage for building

B - Covers contents of the dwelling belonging to the proposer and his/her

family members permanently residing with him/her.

ALLIED PERILS:

a. Fire, Lightening, Explosion of gas in domestic appliancesb. Bursting and overflowing of water tanks, apparatus or pipes.c. Damage caused by Aircraftd. Riot, Strike, Malicious or Terrorist Acte. Earthquake, Fire and/or Shock, subsidence and Landslide (including

Rockslide) damage

f. Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tomado orCyclone.

g. Impact damage


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SECTION II - BURGLARY & HOUSE BREAKING INCLUDING LARCENY AND

THEFT.


Covers contents of the dwelling against loss due to burglary, house

breaking, larceny or theft.

SECTION III - ALL RISKS (JEWELLERY & VALUABLES)


Covers loss or damage to your jewelry and valuables by accident or

misfortune whilst kept, worn or carried anywhere in India subject to the

value declared in the schedule.

SECTION IV - PLATE GLASS


Loss or damage to fixed plate glass in the insured premises by accidental

breakage subject to limit of sum insured


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SECTION V - BREAKDOWN OF DOMESTIC APPLIANCES


Covers domestic appliances against unforeseen and sudden physical

damage due to mechanical or electrical breakdown.

SECTION VI - T.V. SET INCLUDING VCP/VCR (ALL RISKS)


Covers loss or damage to T.V.Set including VCP/VCR by fire and allied perils,

burglary, house breaking or theft, breakage due to accidental external

means, mechanical or electrical breakdown. Any legal liability arising out of

bodily injury or accidental death of any person other than insured's family

members or employee as also damage to property not belonging to or in

the custody of insured , caused by use of the T.V. Set is also covered upto a

limit of Rs.25,000/-.


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HOW TO CLAIM

In case of any incident leading to a valid claim under the policy, following

steps should be taken:

1. Take necessary steps to minimize the loss/damage.2. In case of fire, inform fire brigade immediately.3. In case of theft, larceny or burglary inform the police immediately

along with a list of items stolen and their approximate value.

4. Inform insurance company by phone or fax and in writing.5. Extend full co-operation to the surveyor appointed by the insurance

Co. and provide necessary documents to substantiate the loss. A

claim form issued by the company is also to be submitted.

6. In case any rights of recovery exist against any other partyresponsible for the loss, your rights of recovery have to be

subrogated to the insurance company on payment of claim.


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BRANDS ACROSS THE COMPANIES

CUSTOMER

SEGMENTS

PERSONAL BUSINESS/

INDUSTRIAL/

LIABILITY

RURAL/ SOCIAL

ICICI

Lombard

Motor Insurance:

Carinsurance

Twowheeler

insurance

Home insurance

Fire insurance:

Fire andspecial perils

policy

(materialdamage)

ConsequentialLoss (Fire)

Insurance

Policy

Marine insurance:

Marine ImportTransit

Insurance

Policy

Marine ExportTransit

Insurance

Policy

Marine InlandTransit

Insurance

Rural insurance:

Tractorinsurance

Weatherinsurance


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New India

Assurance

Motor Insurance:

All type ofvehicle

Home insurance:

Householders policy

Fire insurance:

Fire policy(One policy

covering

destruction or

damage to insured

property)

Marine insurance:

Marine cumErection /

Storage cum

Erection Policy

Marine CargoPolicy

Rural insurance:

LiftIrrigation

Insurance

FarmersPackage

Insurance

Scheme

Reliance

General

Insurance

Motor Insurance:

Twowheeler

comprehens

ive

Private carcomprehens

ive

Home Insurance:

Reliancehome

Fire insurance:

RelianceStandard Fire

and Special

Perils Policy

RelianceConsequential

Loss Policy

Marine insurance:

Reliance Marine

Cargo Insurance

N .A


36/39


protect

Householders

package

Policy


37/39


DISTRIBUTION CHANNEL OF COMPANIES

Customer

segments

Personal Business NRI Rural SME Industri

al

Social

ICICI

Lombard

Retail

Telesales

Online

Bank

Retail

Telesales

Online

bank

Retail

Telesal

es

Online

Bank

Retail

Bank

New India

Assurance

Retail

Telesales

Online

Bank

Retail

Telesales

Online

Bank

Retail

Telesale

s

Online

Bank

Retail

Telesal

es

Online

Bank

Reliance

General

Insurance

Retail

Telesales

Online

Bank

Retail

Telesales

Online

Bank

Retai

l

Teles

ales

Onlin

e

Bank


38/39


DOCUMENTS REQUIRED IN NEW INDIA

ASSURANCE

CUSTOMER

SEGMENTS

PERSONAL BUSINESS/

INDUSTRIAL/

LIABILITY

RURAL

Document s

required

Two/ four wheeler

RC

Oldinsurance (if

available)

photographof vehicle

Health insurance

Age proof Medical

certificate

PhotographHome insurance

List ofaccessiors

Copy ofregistry

Fire

Proposal

Addressproof

Lastinsurance

policy

Jewelerynumber

Marine Builty Bill of

lading

Receipt

Kisan Policy

Residenceproof

inspection


39/39

CONCLUSION

Each and every individual faces risk and on basis of this risk insurance

companies survive. Home or dwelling is one of basic necessity and so each

and every individual desire to protect its shelter but due to lack of

knowledge and misbelieve of high premium they dont go for insurance.

Here comes the role of marketing department of insurance companies and

that to in Indian market they have to aware people for this policy to get

protected their home from calamities like earthquake, cyclone, theft, fire

etc. Overall market of this sector is growing and developing after 2001

earthquake in Kutch region and now is expanding at high frequency.

Documents

Maitri Newindia Finalgcjg