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8/8/2019 Selling of General Insurance
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Marketing and Sales of Motor
Vehicle and Marine Insurance
Abhishek B. Sharma
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Objective To sell out the general insurance policies to
individual as well as to corporate.
To know the requirement of different
customer as per need. To provide customer with easy claim
insurance policy.
To learn skills of selling
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I tr ti :
Insurance = Collective bearing of Risk. Basic Human trait is to be averse to the idea of
risk taking.
Insurance, whether life or non-life, provides
people with a reasonable degree of security andassurance that they will be protected in the eventof a calamity or failure of any sort.
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Insurance Industry Overview India is the fifth largest general insurance market in Asia with
annual premiums of $6.3 billion in FY09
21 companies operating in India:
Premium grew at 19.5% per annum
Penetration levels (premium as a % of GDP) increased from0.4% to 0.7% (world average being 3.1% in 2007)
Annual premium in April 2008-March 09 was $6.3 billion (exclhealth and specialty companies)
Market continues to be dominated by public sector, though
share has declined since FY01 Large middle class population, increased awareness and
income levels have fuelled growth
Currently maximum foreign partner investment is 26% -soon
expected to increase to 49%
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Marine insurance was being practiced in India fromthe beginning of 19th century
Fire insurance followed in 1825 at Madras
First Indian Company was formed in 1907 IndianMercantile Insurance Company
Need to control insurance business was felt by theBritish government which introduced the Insurance
Act in 1938.
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General Insurance business was being done by 106companies including LIC (GI)
In 1972 GI Nationalisation act was passed allowing theformation of GIC as the holding company and with 4
subsidiaries
The objective of nationalisation was to spread insurance tonook and corner of the country and to utilise peoplesmoney for the peoples good thus uplifting the socio
economic condition of the country
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Following globalization moves Malhotra committee hadbeen formed to look into the methods of liberalization ofinsurance
Later on the bill in the modified form as IRDA bill wasintroduced in 1999 and the IRDA act was passed.
An independent statutory authority as Regulator for
insurance business came into existence in 1999
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General Insurance -Major Private
Players 1. ICICI Lombard General Insurance (11%) 2. Bajaj Allianz General Insurance Company Limited Royal
(9%) 3. Reliance General Insurance Company Limited. (6%) 4. IFFCO-Tokio General Insurance Co. Ltd (5%) 5. TATA AIG General Insurance Company Ltd. (3%) 6. Sundaram Alliance Insurance Company Limited (3%) 7. Cholamandalam General Insurance Company Ltd. (2%) 8. HDFC-Chubb General Insurance Co. Ltd. (1%) 9. Future Generali India Insurance Company Limited (1%) 10. Apollo DKV Insurance Company Limited (0%) 11. Universal Sompo General Insurance Company Ltd. (0%) 12. Bharti Axa General Insurance Company Ltd. (0%) 13. Raheja QBE General Insurance Co. Ltd (0%)
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DIVISIONOF INSURANCE
SECTORINSURANCE
GENERAL INSURANCE
FIREINSURANCE
MARINEINSURANCE
MEDICLAIMMOTORVEHICAL
LIFEINSURANCE
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Property coverage
Liability coverage
Medical coverage
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Provides compensation for
damage or destruction of a
home from disasters Such as flood and
earthquakes, that require
additional coverage.
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Cover the cost of medical
treatments
Coverage for individualsto protect them against
dental costs.
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Theft
Accident
Uncertainty
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Company Orbit Insurance Services
Established in the year 2002 Situated at Malad(W), Mumbai Products involves
Life InsuranceGeneral Insurance
Companies associated are:IDBI Fortis Life Insurance Co LtdLife Insurance Corporation of India (LIC)Tata AIG General Insurance company ltdCholamandalam MS General insurance company ltd
United India Insurance Co. limitedNew India Assurance Company LtdStar Health and Allied Insurance company ltdIFFCO-TOKIO General Insurance company ltdHDFC-ERGO General Insurance company ltd
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Project Work Principle of General Insurance
Premium & bonuses
General Insurance Product
Policy condition
Claims
Laws & regulations
Main job was to sell motor vehicleinsurance and marine insurance
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Direct selling
Corporate agents
Group selling
Brokers and cooperative societies
Banc assurance
Distribution Channels
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FROM CUSTOMER AND SERVICEPOINT OF VIEW
Globalization - "The Dynamic Force"
MNCs - "The New Path Maker"
More customer oriented
Mostly better service oriented
More competitive
Better satisfaction
More value addition Strategic development
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FROM PROMOTION POINT OF VIEW
Computerization
Internet
Electronic Clearance Service (ECS)Call Centres and SMS services
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Insurer Apr-Jun 2008 Apr-Jun 2009Public 9600458 8887123
(8.52) (-7.43)
Private 4971011 5318470(27.93) (6.99)Total 14571469 14205593
(14.44) (-2.51)Note: Figure in brackets indicates the growth (in per cent) overprevious year.
Non-life policies issued
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Conclusion
Praying for the
best.being
Prepared for the Worst
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