Vous êtes sur la page 1sur 68

A

Project Study Report


On

To Compare the products of Reliance General


Insurance and Bajaj Allianz Insurance
Submitted in partial fulfillment for the
Award of degree of
Master of Business Administration

Submitted By:

Submitted To:

Vikas Kumar Sharma

Mr. Pankaj Gupta

MBA IIIrd Sem

Session 2011-13

APEX INSTITUTE OF MANAGEMENT & SCIENCE, MANSAROVAR,


JAIPUR
Affiliated to Rajasthan Technical University, Kota

ACKNOWLEDEMENT
project study is successful not only by the single efforts of trainee alone but there are
several people who are helpful in making training a completed job done for a specific
purpose. It is a matter of great privilege and immense pleasure to be associated with
an esteemed organization like RELIANCE General insurance.
Also acknowledging the work and help of all those who have guided us for the
completion of the project on time is indeed a duty of ours knowledge the fact that no
words can measure their guidance to any extent.
Like wise in completion of my summer training I would like to thanks many
authorities and personalities upon whose guidance and sincere cooperation.
I made myself to finish and complete the summer training schedule with grace and
confidence.
First of all, I would like to pay my sincere and honest regard to Mr. Anil Sharma,
Sales MANAGER under whom I have done my training and who aspired me through
the training with his skills and knowledge and inculcated in me to face the challenges
of the market with confidence.
Secondly, I also dedicated my warm thanks to Mrs. Jyotsana Khandelwal, H.O.D.,
MBA, Department, Apex Inst. Of Management & Science, Mansarovar and all the
staff members and my colleagues during the summer training who didnt let me down
rather inspired me all the time performing the best.

VIKAS KUMAR SHARMA

PREFACE
Training is the essential part of the professional studies without practical training is in
vain. Practical training forms an integral component of any professional course like MBA.
The MBA faces and tackles live problems in the industries and the field the institute where
one person pursues his studies can not provide him that practical knowledge on all aspects of
learning often the studies of a subject is said to be incomplete until the student has been
expose to his practical the theoretical studies build manager in him by providing pools of
knowledge whereas the practical applications make him the principles and policies the
practical exposes tells him how to use these principles.
In the Indian insurance companies, RELAINCE GENERAL INSURANCE & BAJAJ
ALLIANZ insurance is the most private insurance company among them. BAJAJ ALLIANZ
also commences operation in the post liberalization era and we would be honored to say that
it is going to push up the growth of core sector of Indian industry and infrastructure.
Our area of work was TO SIGNIFY THE PERFORMANCE OF GENERAL
INSURANNCE with comparison to BAJAJ ALLIANZ & TATA AIG player on the private
insurance sector on the basis of the service offered, level of satisfaction, facility availed by
customer and at the same time to create awareness among the people.
With the feedback that we gathered from customers we tried to provide some fruitful
outcomes and relevant information that would necessarily be beneficial to the utmost
important for the organization.
We hope that the job undertaken in summer training and the suggestion given by us would
prove to be a useful source of information for the RELAINCE GENERAL insurance in
achieving its growth in the future as now and would facilitate its growth.

Sr.

Contents

no.
1

Page
No.

Introduction to industry

Introduction to Company

5-28

Research Methodology:

29-42

1. Objectives of the study


2. Scope
3. Methodology
4. Data analysis Interpretation And Findings
5.
6.

S.W.O.T. Analysis
Recommendation Suggestion &

Conclusion
7. Bibliography & Wibliography
8. Questionnaire

43-54
55
59-61
62
63-66

INTRODUCTION
Reliance general insurance is one of the leading private general
insurance companies of India, in the present times. It was amongst the
first companies to apply for, and obtain, a license for insurance
business, after the liberalization of insurance sector,in 2000. The
company continued to growth with the passing time, widening the
scope of its insurance policies. Today, it offers over 94 customized
insurance products catering to need of the corporate, SME and
individual customers. Reliance general insurance also boasts of being
the first insurance company in India to be awarded the ISO 9001:2000
certification across all functions, processes, products and location panIndia.

Company Profile:

Reliance Commercial Corporation


In 1962, DhirubhaiAmbani started the Reliance Commercial Corporation with
the capital of Rs 15000. The primary business of Reliance Commercial Corporation
was to import polyester yarn and export spices. The business was setup in partnership
with ChampaklalDamani, his second cousin. In1965 ChampaklalDamani and
Dhirubhai ended their partnership and Dhirubhai started on his own. In1968, he
moved to an up market apartment at Alta mount Road in South Mumbai.Ambanis net
worth was estimated at about Rs. 10 lakh by late 1960s.

Initial Public Offering


DhirubhaiAmbani is credited with starting the equity cult in India. More than
58,000 investors from various parts of India subscribed to Reliances IPOs in 1977.
Reliance Industries holds distinction that it is the only private sector company
whose several annual general meetings were held in stadiums. In 1986, Dhirubhai
managed to convince a large no. of first time retail investors to participate in the
unfolding Reliance story and put their hard earned money in the Reliance Textile IPO,
promising them, in exchange for their trust, substantial returns on their investments.
Ambanis net worth was estimated at about Rs.1 billion by early 1980s.

Diversification
Over time Dhirubhai diversified his business with the core specialization being in
petrochemicals and additional interest in telecommunications, information
technology, energy, power, retail, textiles, infrastructure services, capital markets

and logistics. The company as a whole by BBC as a business empire with an


estimated annual turnover of $12 million, and an 85,000 strong workforce

Reliance Capital

Reliance
Reliance
General
Mutual fund Insurance
Mutual Fund
Insurance

Reliance
Life
Insurance

Reliance
Reliance
Consum
Money er Finance

Reliance general insurance is one of the leading private general insurance


companies of India, in the present times. It was amongst the first companies to apply
for, and obtain, a license for insurance business, after the liberalization of insurance
sector,in 2000. The company continued to growth with the passing time, widening the
scope of its insurance policies. Today, it offers over 94 customized insurance products
catering to need of the corporate, SME and individual customers. Reliance general
insurance also boasts of being the first insurance company in India to be awarded the
ISO 9001:2000 certification across all functions, processes, products and location
pan-India.
Vision
To be an insurer of World Standards and the most preferred choice for clientele at the
domestic and global level.
Mission
Companies mission is to keep the customer satisfaction as focal point of all our
operations, adopt the best international practices in underwriting, claims and customer
service, be the most innovative in product development, establish presence all over

India, ensure sustained value addition to all stake holders and to uphold Corporate
Value & Corporate Governance.

Goals

Make affordable insurance accessible to all


Keep customer as focal point for all operations
Protect policy holders interests
Adopt best international practices in claims, underwriting and policy servicing
Be the most innovative in product development
Establish Pan India presence

Growth and innovation


Reliance general insurance company Ltd has grown over time, to set up as many as
2000 offices, which have spread across 173 cities, in 22 states of India. Such a wide
distribution channel network, along with 24x7 customer service assistance and a fully
fledged website, has added to its success. As the same time, the company continuous
to launce innovative products, like Indies first Over-The-Counter health and home
insurance policies, to woo potential customers and keep the present ones satisfies and
pleased.
Customer Focus
The brand philosophy of reliance general insurance company is Protecting what u
value. The company aims at helping individuals;Corporates as well as SMEs protect
their dreams and accomplishments; that too though a hassle frees buying process.
With the concept of online buying, Reliance has made it possible for the potential
customers to book the policies from within the confines of their home/office. At the
same time, the insurance company intends to make the claim settlement as prompt,
transparent and speedy as possible.
Services
Reliance general insurance company offers a wide range of innovative products to the
potential customers. Right from health and home insurance to car/motor and travel
9

insurance, we can get almost all types of individual policies with reliance, that too as
the premium rate. Apart from that, the company also caters to corporate and SME
clients, providing end to end insurance solutions. The product basket includes fire,
engineering, liability, marine, travel and other types of insurance, for organization risk
management.

10

11

The key business & financial highlights are:

Reliance General Insurance has notched a premium of Rs.1946 crores during


the FY 2007-08, an exponential growth of 113 per cent as against the industry
growth of 13 per cent.
The Companys new business premium of Rs.1034 crores for the FY 2007-08,
constitutes 33.01% of the Industrys new business premium.
Reliance General Insurance ranks among the Top three private sector general
insurance companies in India, during FY 2007 - 08
Enjoys a 17 per cent market share amongst the private sector players.
The distribution network extends across 200 Branch Offices spread across 172
cities in 22 States.
Reliance General Insurance has achieved the ISO 9001:2000 certification for
maintaining quality standards across all functions, processes, products and
locations pan-India. This has made RGI the first general insurance company in
the industry to achieve this milestone.
Has many Industry firsts to its credit including the first Over-The-Counter
retail health insurance policy in India - Reliance Health Wise Policy.
The health kit system, launched by RGI was conferred the PC Quest award for
Best IT implementation.
The Reliance Home Insurance film won an ABBY Award at Ad Fest 2008
Rapidly expanded the width and depth of the customer touch points over the last 2
years. The current customer touch points are offered through distribution channels
like Agents, Banc assurance, Motor, Broking, Travel, Direct Sales and Rural.

Quality
At Reliance General Insurance, we identify Quality and Customer-focus as our
key strategic initiatives. Our Quality roadmap, strictly aligned with our business
priorities, is benchmarked to the best contemporary global practices, and is designed
12

to support our single-minded objective of maintaining world-class quality standards.


Our quality system deployment, defined from the point of the view of our customers,
is to enhance customer experience at all the touch points. As part of this initiative,
every business process in the organization is identified, documented, automated and
deployed. These processes are further monitored continuously through their
compliance scores and dashboard measures and reviewed by the Senior Management
team within the organization.
In fact this passion has taken us one step ahead. We are pleased to share the
recognition of our Quality Management System by reputed global quality standards
auditing organization Det Norske Veritas (DNV), which has awarded us the ISO
9001:2000 certification. The certification conforms our adherence to design,
development & sale of General Insurance product offerings to meet customer needs
and

in

line

with

'IRDA

regulations'

What does the ISO 9001: 2000 certification mean to our Customer?
Streamlined processes and procedures
Reliance General Insurance has established well-defined and documented
process and to help understand our Customers requirements and address them
to their satisfaction.

Superior Service Standards


our unwavering commitment to excellence ensures prompt and correct
documentation while also ensuring transparent & speedy claims settlement.

13

Operations
To achieve business success by improving operational efficiencies, Reliance General
Insurance realizes the need to tighten up and streamline both channel partner
relationships and back office operations. The brokers and channel partners are the
interface to end customers. They play a vital role in helping sustain existing customers
as well as attract new customers through better and diverse services. So it is
imperative that we are well connected with brokers / channels partners as well as meet
their needs. Improvement in back office operations can happen if policy production
and billing are automated; overall claims expenses are reduced, and claims settlement
is made faster.
To be successful at doing this, we need to nurture both parts of the solution
equation, that is, creation of solution-oriented strategy and deployment of solutionbased scalable technology that enables meeting of strategic goals laid out as part of
our enterprise strategy. In the current scenario many insurers either rely on manual
methods or custom coded solutions that lack strategic approach to address their
business needs. Manual execution of their crucial operations leads to many errors that
occur in documents passed from insurers to brokers or ceding companies to
reinsurers, which results in lengthy settlement cycles. While custom coded interfaces
are developed to meet a certain set of needs only. They are not scalable so cannot
meet changing needs and require recurring IT investment to keep them in use.
Reliance General Insurance Co. Ltd is in the process of rolling out a 'Centrally
controlled, decentralized delivery' operations structure to ensure speedy processing
and service while maintaining predictable and strict quality control. A solution is also
being developed to offer strategic value through systematic design and deployment of
BPM and integration technologies. The solution will address volatile situations, and
shall be a scalable and reusable solution. It would help meet the challenge of
operational costs saving while enabling us to exploit business expansion opportunities

14

Technology
The IT strategy aims to integrate the business and IT visions and has been an
important instrument in facilitating the dialogue between the IT community and the
business leaders across the Company. The importance of planning, in this fast-paced
environment, has never been more critical. The technical and business segments have
worked closely to identify the impact of external drivers, clarify the business needs,
and ultimately determine how IT can best help in achieving the business goals. Our
Customers form the centre piece of the business architecture and rightly so, be the
focal point from a technology perspective as well. Our Endeavour shall be to provide
easy, consistent and instant access of relevant information to customers across
multiple channels and touch points. All our technology initiatives shall be geared
towards this objective.
The Company recognizes that the security of information requires an ongoing
commitment. Towards this end a security program would provide a continuous cycle
for assessing risk, developing and implementing effective security procedures, and
monitoring the effectiveness of those procedures. We want to guarantee the reliability,
confidentiality and availability of critical information. To that end, we will continue
implementation of our strategy for enhancing information security management
controls. We are in a challenging environment, dealing with all the changes in
technology, the insurance industry, the IRDA regulations and the workplace. The
expectations of what information technology (IT) can do to benefit the business and
its customers continue to grow. We've been working hard to provide day-to-day IT
services, while keeping our eye on where the Company is headed strategically, and
also transforming the IT organization to meet future requirements.
Meaning of Risk / Insurance
Insurance is a contract whereby, in return for the payment of premium by the insured,
the insurers pay the financial losses suffered by the insured as a result of the
occurrence of unforeseen events. The term "risk" is used to describe all the accidental
happenings, which produce a monetary loss.
15

Insurance is a method in which a large number of people exposed to a similar risk


make contributions to a common fund out of which the losses suffered by the
unfortunate few, due to accidental events, are made good. The sharing of risk among
large groups of people is the basis of insurance. The losses of an individual are
distributed over a group of individuals.

The risk becomes insurable if the following requirements are complied with:

The insured must suffer financial loss if the risk operates.


The loss must be measurable in money,
The object of the insurance contract must be legal.
The insurer should have sufficient knowledge about the risks he accepts

16

Reliance Energy Ltd.

Harmony

Reliance Life Insurance

Reliance General Insurance

Reliance Mutual Fund

Reliance Communications

Reliance Anil Dhirubhai Ambani


Group

Reliance Portfolio Management


Service

Reliance Big Entertainment

17

18

DIFFERENT PRODUCTS-OFFERED BY RGICL

HEALTH
Reliance Health Wise
Access to quality healthcare is a necessity today. The Reliance Health Wise Policy
ensures you provide the best medical care to your family. We offer a health insurance
policy that gives you the optimum value for money without compromising on the
quality of medical attention.
Reliance Individual Medi claim Insurance Policy
Your family deserves the best especially when it comes to medical care. With medical
expenses shooting sky high, Reliance Mediclaim Insurance Policy helps you meet
hospitalization costs. We free you from financial worries so that you can give your
full attention to your loved ones.
MOTOR
Reliance Two Wheeler Insurance Policy
Two wheelers are convenient and exuberant. With the many advanced features added
in, today's two wheelers are safe too. However, the possibility of damage to your pride
and joy exist by way of theft, natural calamities and accidents. Ensure your peace of
mind with Reliance Two Wheeler Insurance Policy. It gives you comprehensive cover
for your vehicle.

Reliance Private Car Insurance Policy


Your car is more than a means of transport. It can be used for a family outing or for
your feel of freedom when your work burdens you down or it could be your primary
aid in emergencies. Reliance Private Car Policy provides you comprehensive
protection for your valued possession.
19

HOME
Reliance Home Protect Policy
Your home is probably your most valuable asset, both as an investment and as your
sanctuary in a hectic world. You need to protect it from harm. Reliance Home Protect
Policy offers quality, basic coverage with many standard features, plus a full array of
coverage options to enhance your protection
Reliance Householders' Package Policy
Your home is the place where you feel most secure. It protects from outside elements
and keeps the family bound together. To secure it, you need comprehensive coverage
offered by Reliance Householders' Package Policy that is tailored to your individual
home and possessions.

Travel
Reliance Travel Care Insurance Policy for Individuals and Families
Are you planning a trip to Disneyland with your family or a romantic tour of the
classics in Europe? Reliance Travel Care gives you comprehensive cover for you and
your family when you globe trot. Travel Care goes beyond just health insurance and
provides you with a wide range of travel related covers to make your trip stress-free.
Reliance Travel Care Insurance Policy for Students
If you are planning on an international education, you need to have health insurance
cover that meets the norms of the university. Reliance Travel Care offers you a plan
especially designed for student life abroad. We value your dreams and aspirations and
we will be glad to assist you in realizing them.

20

Reliance Travel Care Insurance Policy Asia


Asia with its exotic flavors and shopping Meccas has attracted the Indian travelers in
hoards. Reliance Travel Care-Asia Plan is designed to safeguard and protect you from
medical and other emergencies at a reasonable cost

Reliance Pravasi Bhartiya Bima Yojana Insurance Policy


With the advent of globalization and liberalization, every day, thousands of Indians
are crossing new frontiers and taking up new challenges in different parts of the
world. But at the same time they are exposed to several perils like illness, accidents
and various other misfortunes. In order to help cover such contingencies, we present
the Reliance Pravasi Bhartiya Bima Yojana Insurance policy. This policy is specially
designed for emigrant Indians who are abroad on a valid visa for purposes of
employment

ACCIDENT COVER

Reliance Individual Personal Accident Policy


Safety is always a paramount concern. However accidents do occur. An accident at
home could be simply broken glass or a gas cylinder burst. Reliance Individual
Personal Accident Policy is one of the key security measures to undertake for
providing financial security in case of a injurious accident. It ensures that one's family
does not suffer in event of an accident by providing compensation for accidental death
or disablement.

21

PACKAGE POLICY

Reliance Office Package Policy

Your office which is the place of your professional success has been built with much
of your time and money. However, it is constantly exposed to various kinds of risks.
An unfortunate occurrence might disrupt the customary functioning of it, bringing a
huge financial burden to your business and on you. Although you cannot guard your
business from all possible risks, but with the Reliance Office Package Policy, you can
choose those risks which you want to protect your office against and also determine
the extent of cover against each risk.

Reliance Commercial Care Policy

Your enterprise means the whole world to you. You direct all your efforts in securing
the business against any undesirable misfortune. Reliance Commercial Care Policy
furthers this Endeavour and protects your business against various perils and risks
which it might be exposed to, making sure that you can focus your efforts where it is
needed the most the running of the business.

Reliance Industry Care Insurance Policy


For a manufacturing or industrial unit, every operational moment is critical. However,
despite the best safety efforts, accidents do happen leading to significant losses. We
understand and appreciate your business and to ensure that in such events your
business is up and running as soon as possible, we present Reliance Industry Care
Policy.

22

Reliance Shopkeeper's Package Policy


Often, establishments such as shops are exposed to various risks that threaten to result
in significant loss and damage to property as well as business. To ensure financial
protection from such losses and to facilitate smooth running of your business, we
present Reliance Shopkeeper's Package Policy.

Miscellaneous Policies

Reliance Money Insurance


Daily monetary transactions are an integral part of business routine. Few of these
innumerable exchanges could include transfer of funds through cash, cheques, drafts,
and postal orders etc which are typically exposed to certain risks. To cover such risks,
we are pleased to offer the advantage of Reliance Money Insurance Policy, which
protects your money round the clock.

Reliance Burglary & Housebreaking Insurance Policy


The world around us is becoming more and more unsafe and the increase in crime rate
bears witness to this fact. Occurrences like burglary, housebreaking or robbery of
contents at your office, warehouse, shop or industry can bring about a huge financial
loss to you. Reliance General Insurance is pleased to offer a plan that keeps your
property protected at all times against burglary and house breaking.

23

Reliance Fidelity Guarantee Insurance Policy


Your employees are the driving force of your business. The successful functioning of
your enterprise is most often based on responsibility and subsequent empowerment of
your workforce. However, it is also possible that such delegation might lead to misuse
of empowerment and hence, one should guard against this risk. The Reliance Fidelity
Guarantee Policy facilitates you in delegating and empowering your employees while
keeping your business safe
Industrial All Risks Policy
Industrial Units are exposed to a host of perils which threaten to bring their day to day
operations to a grinding halt. Any loss or damage to property due to these perils can
cause a lot of financial trouble, both in terms of the repair or replacement costs and
the business loss that such events can bring about. The Reliance Industrial All Risks
Policy can be the perfect solution for the industrial units to ensure complete coverage
when such loss or damage occurs

Reliance Standard Fire and Special Perils Policy


Corporates with large spread out business insurance need comprehensive protection
for their operation. Insurance is an essential tool to protect yourself against losses that
could devastate your business. Reliance has provided Reliance Standard Fire and
Special Perils Policy with a combination of both standard and optional features so that
you can choose the cover which best suits your business

24

Reliance Machinery Insurance Policy

Machinery forms an integral part of any manufacturing or industrial set-up.


Breakdown of critical machines have a significant impact on your business, not only
in terms of the heavy expenses towards repair and replacements, but also the financial
losses that you might have to bear during downtime. We help companies protect their
assets and safeguard their revenue streams with the help of the Reliance Machinery
Insurance Policy.

Reliance Electronic Equipment Insurance Policy


Today electronic equipment is a part and parcel of all businesses, whether big or
small. From computers to medical devices, industrial equipments to electronic cash
registers, companies all over the world are increasingly relying on the latest
technology as a backbone to aid their day-to-day operations. It becomes imperative to
cover these equipments against the perils that they are exposed to, so as to ensure the
continuity of your business and safeguard your investments. The Reliance Electronic
Equipment Policy is the ideal solution for such an insurance need, providing coverage
for unforeseen physical loss or damage to your equipments
Reliance Marine Cargo Insurance Policy
The increase in global trade has boosted our economic prosperity as a nation and has
developed new avenues of business for many organizations. Today, new trade
agreements are expanding the realms of business operations to many new countries
and more goods are being shipped around the world. There are a variety of risks that
are associated with transit of goods and it becomes pertinent to have comprehensive
coverage for loss or damage to the goods. For this purpose, we present the Reliance
Marine Cargo Policy.

25

OVERVIEW OF INSURANCE INDUSTRY

As we all know that the Indian insurance system has its roots in the nineteenth
century. Before 1973 prior to nationalization of general insurance companies,
insurance was concentrated mainly among private hands. It was clear that a better
insurance system was needed to promote the economic goals of the new Indian state.
According to experts in insurance there has been a substantial growth in the
distribution of insurance branches and size. After nationalization, there was also a
change in recruitment policy. However due to the advancement in technology there
was introduction of computer in every field but insurance in India did not, however,
introduce computers on a large scale because of the fear that these would result in
retrenchment and unemployment.
For a long time Indian insurance companies faced very little competition and
operated in a protected economy. But after 1999 market for insurance products and
services has become more competitive than ever before because of the entry of big
private insurance companies.
Now due to the increase in competition the private and public sector insurance
companies had to broaden the horizon of their products and services to meet their
demand and fulfill their need through better facilities.
To fulfill the need of their customer the insurance companies has to be accelerate
in the country.

26

To be successful in insurance sector, insurance companies will need to revamp their


business model to
(a) Build a large volume, highly scalable operation,
(b) Package and deliver products rapidly in a dynamic market,
(c) Leverage effectively on multiple delivery channels (branch, internet, etc.) with
a view to contain the cost of operations
(d) Build relationships with providers of related insurance products and services
and move towards converting the network of insurance companies branches into
insurance supermarkets.
So there are different insurance products and services that are offered by the
insurance companies in order to fulfill the need and the demand of the customer.
Although all insurance companies offer same type of insurance products like
home insurance ,motor insurance, office insurance etc. but the sections covered and
premium charges varies from one company to another company.

OVERVIEW OF PACKAGE POLICIES


27

1-HOUSE HOLDERS POLICY


Our home and family mean everything to us. Not only our love and care, but also
a lot of our time and money have gone behind their being what they are today.
Although we cannot guard them from all possible risks, we can take steps to help us
tide over unexpected events that can totally shatter our life and our dreams.
The Householders Policy is a comprehensive shelter that protects our house and
the various contents in it against a variety of risks. It is a single policy that takes care
of a number of contingencies.It is imperative that we secure our home from natural
and man-made catastrophes. House holders Policy covers risks of different types and
protects the house as well as personal effects and household goods. This is a package
policy specially designed to meet the insurance requirements of a householder by
combining a number of standard policies usually taken by householders, under a
single policy.

Features:*Fire and Allied Perils


*Burglary and House Breaking.
*All Risks (jewellery and valuables)
*Domestic Mechanical and Electrical Appliances.
*Domestic Electronic Appliances.
*Television Sets.
*Fixed Plate Glass.
*Baggage.
*Personal Accident.
*Legal Liability etc.

2-OFFICE PACKAGE POLICY

28

There are huge investments made when it comes to business. Investments are
made for office premises, equipment's, human resources and other infrastructural
facilities. Our trade or business on which so much of our time and money have been
spent to build up is constantly exposed to various kinds of risks. Some unfortunate
occurrence might bring a huge financial burden to our business and to us. Although
we cannot guard our business from all possible risks, we can take steps to tide over
such unexpected events.
The Office Package Policy is a comprehensive insurance policy, specially
designed to provide protection to our Office against different kinds of risks and perils.
By opting for this single policy, the office owner covers those risks which his business
is likely to encounter while concentrating on his business activity. This policy is
suitable for large offices owned by big companies as well as small and medium sized
offices like Travel Agencies, Professionals like Chartered Accountants, Consultants,
Architects, Interior Decorators, Engineers or any other service provider
Features:*Fire and Allied Perils
*Burglary and House Breaking.
*Mechanical and Electrical Appliances.
*Electronic Appliances.
*Money Insurance.
*Fixed Glass and Sanitary Fittings.
*Baggage.
*Neon Sign/Glow sign/Hoarding.
*Personal Accident.
*Infidelity/Dishonesty of Employees.
*Legal Liability.
*Additional Rent for Alternative Accommodation.
*Tenants Legal Liability etc
3-SHOPKEEPERS POLICY

29

The Shopkeepers insurance policy is a comprehensive and specially designed


policy that seeks to cover the losses arising out of a wide variety of risks and perils. It
lets the shopkeeper concentrate on the running of his business, his most valued asset
but also his source of income. It covers both the structure and the contents of our shop
and protects us against financial loss in case of an unfortunate incident. Only one
policy can be taken by one shopkeeper for each shop in a specific location having
separate books of accounts. This is a package policy specially designed for small
shopkeepers. It is a single policy combining the various insurance requirements of
shopkeepers.
Features:*Fire and Allied Perils
*Burglary and House Breaking.
*Mechanical and Electrical Appliances.
*Electronic Appliances.
*Money Insurance.
*Fixed Glass and Sanitary Fittings.
*Baggage.
*Neon Sign/Glow sign/Hoarding.
*Personal Accident.
*Infidelity/Dishonesty of Employees.
*Legal Liability

30

Research:

Research is defined as human activity based on intellectual application in the


investigation of matter. The primary aim for applied research is discovering,
interpreting and the development of methods and systems for the advancement of
human knowledge on a wide variety of scientific matters of our world and the
universe.
Research as a means for gaining knowledge can be carried out either arbitrarily or
in a systematic fashion. Research is a purposive investigation. It is a way of
finding new ways of looking at familiar things in order to explore ways of
changing it. As a process it involves defining and redefining problems, hypothesis
formulation, organizing and evaluating data, deriving deduction, inferences and
conclusions, after careful testing.

Research Design:
The researcher will be required to prepare a research design i.e. he will have to
state the conceptual structure within which research would be conducted. The
function of research design is to provide for the collection of relevant evidence
with minimum expenditure of effort, time and money.

Types of research design:


Exploratory design
Descriptive design
31

Diagnostic design
Experimental design
The research design, which researcher used for this project is the descriptive one.
Descriptive research
Descriptive research includes surveys and fact finding enquiries of different
kinds. The major purpose of descriptive research is description of the state of affairs
as it exists at present. In social science and business research we quit often use the
term ex post facto research for descriptive research studies. The main characteristics
of this method are that the researcher has no control over the variables. He can only
report what has happened or what is happening. Most ex facto research projects are
used for descriptive studies in which the researcher seeks to measure such item as for
example frequency of shopping, preference of people, or similar data.

Sample Design:
A sample design is definite plan for obtaining a sample from a given population. It
refers to the technique or the procedure the researcher would adopt in selecting
items
for the sample. Sample design is determined before data is collected.

Steps in sample design:


While developing a sampling design, the researcher must pay attention to the
Following points;

32

( i ) Type of universe:
The universe can be finite or infinite. In finite universe the number of items is
certain like population of city, workers in factory etc. in case of infinite universe
the number of items is infinite like stars in sky, listeners of radio programmed etc.
In this research, universe of sampling is Offices, Homes & Shop Owners of Patna

( ii ) Sampling unit:
Sampling unit may be Geographical one such as State, District, Village etc., or a
Construction unit such as House, Flat etc., or it may be Social unit such as Family,
Club, School etc.
In this research sampling unit is Geographical as well as Social.

(iii) Size of sample:


This refers to the number of items to be selected from the universe to constitute a
sample. The size of sample should neither be excessively large, nor too small. It
should be optimum i.e. sample fulfills the requirements.
In this project sample size is of 180.

(iv) Sampling procedure/techniques:


Researcher must decide about the technique to be used in selecting the items for
the sample. In fact, this technique or procedure stands for the sample design itself.
Mainly there are two techniques:
Random or probability sampling
33

Purposive or non-probability sampling

In thisresearch Non-probability sampling (Judgment sampling) is used.

Non-probability sampling

(Judgment sampling)
Samples can be either probability samples or non-probability samples. With
probability samples each element has a known probability of being included in the
sample but the non-probability samples do not allow the researcher to determine this
probability.
Non probability samples are those based on convenience sampling, judgment
sampling and quota sampling techniques.
Judgment sampling the researchers judgment is used for selecting items which
he considers as representative of the population.

Data sources:
There are two types of data:
1. Primary Data
2. Secondary Data
Primary Data:
The primary data are those which are collected afresh and for the first time, and
34

thus happen to be original in character. The collection of primary data is costly


and time consuming. It requires greater planning and co-ordination.

Secondary Data:
The secondary data, on the other hand, are those which have already been
collected by someone else and which have already been passed through the
statistical purpose. It is also called the Historical data.
Research is totally based on primary data. Secondary data is used only for the
reference. Research has been done by primary data collection, and primary data
has been collected by interacting with various people and taking the feedback by
Questionnaires. Secondary data are used for the theoretical and statistical part of
the project.
The secondary data has been collected through various sources like:
Company manuals & Records.
Magazines and publications.
Website on internet.
Interacting with the employers of the company.

Data Collection Method: Questionnaire


This included different questions which helped us to gather information required
to come up to a conclusion from the research.

Type of Questions

: Structure

35

1(a)-HOUSE HOLDERSPOLICY- COMPARISON OF FEATURES

Sections & sub-sections/Company name


RELIANCE
YES

BAJAJ
ALLIANZ
YES

YES

YES

3,All Risk (jewellery and


valuables)

YES

YES

4,Domestic Mechanical and


Electrical Appliances
5,Domestic Electronic Appliances

YES

YES

YES

YES

6,Fixed Plate Glass

YES

YES

7,Baggage

YES

YES

8,Personal Accident

YES

YES

9,Legal Liability
(A)WC
(B)Third party
10,Television
Sets

YES

YES

YES

YES

11,Loan Payment protection

NO

NO

12,Increased Living expenses

NO

NO

1,Fire and Allied Perils


(including Terrorism)
2,Burglary and Housebreaking

1(b)-HOUSE HOLDERS POLICY-COMPARISON OF RATES


36

Sections & sub-sections/Company name

Premium rates given below Rs. per 1000/RELIANCE


As per tariff

BAJAJ
ALLIANZ
.50

1.5

2.25

10

10

4,Domestic Mechanical and

2.5

2.25

5,Domestic Electronic Appliances

10

10

6,Fixed Plate Glass

10

10

7,Baggage

7.5

7.5

As per tariff

As per tariff

9,Legal Liability

0.5

0.5

10,Television
Sets

10

2.25

______

_____

1,Fire and Allied Perils


(including Terrorism)
2,Burglary and Housebreaking
3,All Risk (jewellery and
valuables)

8,Personal Accident

11.Loan Payment protection


12.Increased Living expenses

______

_____

2(a)-OFFICE PACKAGE POLICY- COMPARISON OF


37

FEATURES
Sections & sub-sections/Company name
RELIANCE
YES

BAJAJ
ALLIANZ
YES

YES

YES

YES

YES

4,Electronic
Equipments

YES

YES

5,Fixed Plate Glass

YES

YES

6,Baggage

YES

YES

7,Money Insurance

YES

YES

8,Personal Accident

YES

YES

9,Legal Liability
(A)WC
(B)Third party
10,Infidelity/Dishonesty of
employees
11,Neon Sign and Glow sign

YES

YES

YESS

YES

YES

NO

12,Business Interruption

NO

NO

13,Tenant Legal Liability

NO

NO

14,Cost of Re-instatement of
data

NO

NO

1,Fire and Allied Perils


(including Terrorism)
2,Burglary and Housebreaking
3, Mechanical and Electrical
Equipments

38

15,All Risk on Professional


instruments

NO

NO

16, Loss of Rent.

NO

NO

17,Alternative
Accommodation

YES

NO

18,Hospital Cash

NO

YES

2(b)-OFFICE PACKAGE POLICY-COMPARISON OF RATES


39

Sections & sub-sections/Company name


Premium rates given below Rs. Per 1000/RELIANCE
1,Fire and Allied Perils
(including Terrorism)
2,Burglary and
Housebreaking

0.30 and 0.50

BAJAJ
ALLIANZ
As per tariff

1.5

3, Mechanical and Electrical


Equipments

2.75

15

4,Electronic
Equipments

10

10

5,Fixed Plate Glass

10

10

6,Baggage

10

10

7,Money Insurance

1.5

8,Personal Accident

1.5

As per tariff

5+10/staff

10

10

____

12,Business Interruption

____

____

13,Tenant Legal Liability

____

____

14.Cost of Re-instatement of
data

____

____

9,Legal Liability
10,Fidelity Guarantee
11,Neon Sign and Glow sign

40

15.All Risk on Professional


instruments

____

____

16.Loss of Rent.

____

____

17,Alternative
Accommodation

0.50

____

18,Hospital Cash

____

As per tariff

3(a)-SHOPKEEPER POLICY- COMPARISON OF FEATURES


41

Sections & sub-sections/Company name


RELIANCE
1,Fire and Allied Perils
(including Terrorism)
2,Burglary and
Housebreaking

YES

BAJAJ
ALLIANZ
YES

YES

YES

3, Mechanical and Electrical


Equipments
4,Electronic
Equipments

YES

YES

YES

YES

5,Fixed Plate Glass

YES

YES

6,Baggage

YES

NO

7,Money Insurance

YES

YES

8,Personal Accident

YES

YES

9,Legal Liability
(A)WC
(B)Third party
10,Infidelity/ Dishonesty of
Employees
11,Neon Sign and Glow sign

YES

YES

YES

YES

YES

YES

12,Business Interruption

NO

YES

3(b)-SHOPKEEPER POLICY- COMPARISON OF RATES


42

Sections & sub-sections/Company name


RELIANCE
2.8

BAJAJ
ALLIANZ
2.25

2,Burglary and
Housebreaking

2.25

3, Mechanical and Electrical


Equipments
4,Electronic
Equipments

2.5

1,Fire and Allied Perils

Varies from item to


item (max is 25)
10

10

5,Fixed Plate Glass

10

6,Baggage

7,Money Insurance

1.5

8,Personal Accident

0.45

As per tariff

9,Legal Liability
(A)WC
(B)Third party
10,Infidelity/ Dishonesty of
Employees

0.5

0.5

10

10

11,Neon Sign and Glow sign

10

10

12,Business Interruption

10
____

____

OTHER COMPETITORS

43

2.25

IFCO - TOKIO

NATIONAL
INSURANCE

THE ORIENTAL
INSURANCE

For Household Insurance


44

For your household, do you think that it is important to have


insurance?
Percentage (%)

Always

No. Of Customers
(60)
18

Sometime

10

16.66

Never

12

20

Depends upon Product

20

33.33

30

INTERPITATION
33.33 % of respondents said that the insurance of household depends on
product.
30% of respondents said that insurance is always essential for house.
20 % of respondents said that there is no need of Insurance for house.
16.66 % of respondents said that insurance is necessary, but some time.

45

For household Insurance which company does you like most?

RELIANCE
GENERAL INSURANCE
BAJAJ ALLIANZ
OTHERS

No. Of Customer (60)

Percentage (%)

22

36.66

18

30

20

33.33

INTERPITATION
36.66 % of respondents like Reliance General Insurance for household
Policy.
33.33% of respondents like other insurance company.
30 % of respondents like Bajaj Allianz for household Policy.

On which basis you select your insurance company


46

Premium

No. Of
Customers (60)
14

Percentage (%)
23.33

Facilities

21

35

Companys
Profile
Other

18

30

11.66

INTERPITATION
35 % of respondents select their Insurance Company on the basis of
Facilities.
30 % of respondents select their Insurance Company on the basis of
Companys Profile.
23.33 % of respondents select their Insurance Company on the basis of
Premium.
11.66% of respondents select their insurance company on the basis of other
reasons.

47

Do you think the legal liability is necessary for household


insurance?
Yes

No. Of
Customers (60)
42

No

Dont know

12

Percentage (%)
70
10
20

INTERPITATION
70 % of respondents think that legal liability is necessary.
10% of respondents think that legal liability is not necessary.
20% of respondents dont know about legal liability.

48

For Office package Policy


For your Office, do you think that it is important to have
insured?
Always

No. Of
Customer (60)
26

Percentage (%)
43.33

Sometime

12

20

Never

6.66

18

30

Depends upon
Product

INTERPITATION
43.33% of respondents said that insurance is always essential for Office.

30 % of respondents said that the insurance is depends on product.


20 % of respondents said that there insurance is necessary, but some time.
6.66% of respondents said that there is no need of Insurance.

49

For Office Package policy which company do you like most?

RELIANCE
GENERAL
INSURANCE
BAJAJ
ALLIANZ
OTHERS

No. Of
Customer (60)
18

Percentage (%)
30

19

31.66

23

38.33

INTERPITATION

30 % of respondents like Reliance General Insurance for their Office Package


Policy.
31.66 % of respondents like Bajaj Allianz for their Office Package Policy.
38.33 % of respondents like Other Insurance for their Office Package Policy.

On which basis you select your insurance company


50

Premium

No. Of
Customer (60)
16

Percentage (%)
26.66

Facilities

22

36.66

Companys
Profile
Other

14

23.33

13.33

INTERPITATION
36.66 % of respondents select theirinsurance company on the basis of
facilities.
26.66 % of respondents select their insurance company on the basis of
Premium..
23.33 % of respondents select their insurance company on the basis of
Companys Profile
13.33% of respondents select their insurance company on the basis of other
reasons.

Do you think the legal liability is necessary for Office


51

insurance?
No. Of Customers
(60)

Percentage (%)

Yes

35

58.33

No

20

33.33

Dont know

8.33

INTERPITATION

58.33 % of respondents think that legal liability is necessary.


33.33 % of respondents think that legal liabilityis not necessary.
8.88% of respondents dont know about legal liability.

For Shopkeepers Insurance


52

For Your Shop, do you think that it is important to have


insurance?
Always

No. Of
Customer (60)
33

Percentage (%)
55

Sometime

09

15

Never

06

10

12

20

Depends upon
Product

INTERPITATION
55% of respondents said that insurance is always essential for their shop.
20 % of respondents said that insurance isdepends on product.
15 % of respondentssaid that insurance is important, but some time.
10% of respondents said that insurance is not necessary.

For Your Shop which Insurance company does you like


53

most?
RELIANCE GENERAL
INSURANCE
BAJAJ ALLIANZ

No. Of
Customer (60)
16

OTHERS

Percentage (%)
26.66

12

20

32

53.33

INTERPITATION
26.66 % of respondents like Reliance general insurance.
20 % of respondents like Bajaj Allianz.
53.33 % of respondents like Other Insurance Companies.

On which basis you select your insurance company


No. Of Customer (60)
54

Percentage (%)

Premium

18

30

Facilities

23

38.33

Companys Profile

15

25

Other

04

6.66

INTERPITATION
38.33 % of respondents select their Insurance Company on the basis of
facilities.
30 % of respondents select their Insurance Company on the basis Premium.
25 % of respondents select their Insurance Company on the basis of
Companys profile.
6.66% of respondents select their insurance company on the basis of other
reasons.

Do you think the legal liability is necessary for Shop


insurance?
55

Yes

No. Of Customers
(60)
40

Percentage (%)
75

No

10

25

Dont know

10

10

INTERPITATION
66.66 % of respondents think that legal liability is necessary.
16.66 % of respondents think that legal liabilityis not necessary.
16.66% of respondent dont know about legal liability.

SWOT ANALYSIS

56

Swot analysis is the acronym for strength, weakness, opportunities and


threat.Strengths are the inherent capability an organization possesses which give it a
competitive advantage over its competitors. Weaknesses are the inherent incapability
an organization possesses that make a firm position weaker in the competitive
environment. Opportunity is a condition here there is a favorable atmosphere for the
organization with which an organization can expand, develop, row& prosper. Threat is
an unfavorable condition which at times provides losses to the organization or puts a
organization into risk. These strength and weakness are a part of firm internal
environment whereas opportunities and threats are a part of firms external
environment. Analysis of this factors help in new strategy formulation. So a firm
should do SWOT analysis from time to time. SWOT is also sometimes referred to as
WOTS-UP analysis..Therefore, it is almost important to do SWOT analysis for
reliance general insurance.

Strength

1. Diversity, resilience and flexibility.


2. Part of one of the biggest organization RELIANCE with a good financial
backup.
3. Quality service is assured if one has an insurance relationship with RGICL.
4. .Good infrastructure & good incentives for the result oriented employees
5. Strong sales team who are recruited through tough interviews.
6. Premium charges are comparatively less from various companies.

57

Weakness

1. Number of RGICL branches is less than its close competitors.


2. Old age people are still to be tapped.
3. Lack of concentration on rural market.
4. New customer hesitates to start a relationship with RGICL.
5. Lack of control on the marketing agent.

Opportunity

1. Explore the market with new policies.


2. Lot of scope for product variation.
3. Tap the middle income group and the salaried class.
4. Lot of scope for growth in the Indian market.

Threat
1.

Infrastructure of its competitors.

2. Players have similar strategies.


3. There is not much differentiation between the services and products of other
companies.

FINDING

58

It was found that reliance general insurance capture largest market share in
households policy(36.66%) and 26.66% in shopkeepers policy.

It was found that neon sign and glow shine like some features only provided
by reliance general insurance.

It was found that in shop keepers policy reliance general insurance provided
cheapest premium.

It was found that most households insurance depends on product.


It was found that more than 50% problems faced by the customers are related
with information.

It was found that most of the customers consider company profile and
different policies, before taking insurance.

It was that security is the main purpose behind insurance.

59


LIMITATION OF THE PROJECT

Only three package policies were taken into consideration while conducting
the market research of RGICL and its competitors. This was due to limitation
of time allotted for the study.
The non disclosure of some vital information which could have been of some

help in bringing forth certain other vital issues of importance.


To visit whole area, two month time was very less.
The finding emerged from the restricted only to Patna region.
Sometimes executives may not provide us with the correct information.
That was major problem which creates a barrier in the research is unawareness
of small shop kippers and house wives about insurance policies.

CONCLUSION

60

Service with a promise: Todays insurance customer will settle for nothing,
except the better service with a broad promise. And then they will realize that they are
the king. They will not confine themselves with the world class products and services
but they also need a broad platform where they can make different choices. Their
choice of one entity over another insurance company is determined by considerations
of service quality rather than any other factor. They want competitive premium rates,
yes, but them also wants their claim or renewal applications etc to be processed in
double-quick time. They cherish the convenience of impersonal Net insurance, yes,
but during their occasional visits to the branch, they also want the comfort of
personalized, human interactions and facilities that make their insurance experience
pleasurable. But they also needs that their grievances should be settling as soon as
possible. In short, they want a security house that will more than just issue the policy
and settles their claims: they want an insurance that cares and for more than just their
custom. They want a customer-friendly insurance company.

61

SUGGETION

Service Quality

This is the main factor which makes a insurance company customer-friendly: its
overall service standards, rated for ease of proposal form; how courteous, accessible
and knowledgeable its staff are; claim settlement time for services; how innovative
the insurance company is in introducing products and services; how quickly it handles
the grievances; how likely it is to retain customers; and how probable it is that its
customers will recommend the insurance company to others.

Branch Facilities

Walk into any branch of a multinational or leading Indian insurance company, and
youll believe youre in a country club. Many other insurance companies, of course,
have miles to go in this sphere, but theres a growing realizations among them that
offering a pleasant insurance experience with comfortable seating, air-conditioning,
restroom and drinking water facilities.

Market Potential

With An ongoing national economy, insurance-sector reforms and a growing middle


class, the Indian market offers huge potential for RELIANCE GENERAL

62

INSURANCE to grow. The large and growing middle class population and increase in
disposable incomes have created booming markets in housing, motor, televisions,
computers, mobile phones and other products, most of which require insurance.
RELIANCE GENERAL INSURANCE has been effective in leveraging this
opportunity with its product and service offerings.

The Road Ahead

After so many years of service to India, RELIANCE GROUP continues to be


committed to the country and optimistic of positively contributing to the Indian
Economy. The RELIANCE GROUP considers India to be one of the greatest
economic opportunities of the 21st century and is proud to be so strongly positioned
here. The RELIANCE GROUP has ambitious plans to transform its business in the
country and to further expand operations across the country.

63

WIBLOGRAPHY & BIBLOGRAPHY


1. Internet Sites

www.reliancegeneral.co.in

www.bajajallianz.com

www.economictimes.com

http://en.wikipedia.org/wiki/Reliance_general_insurance

www.paisawaisa.com/insurance/reliance-general/reliance-generalinsurance.aspx -

2. Magazines and Newspapers.

Economic Times

Business Indias

Business Standard

The Times Of India

3. Books

Marketing Management by Philip Kotler.

Research methodology by Dr. Shailesh Kasande.

Research methodology method and techniques 2 nd edition by C. R.


Kothari.

Research methodology by GC Beri, 4th edition published by TMH


New Delhi.

Marketing Research by Vanishree Pabalkar.

Marketing management by Arun Kumar.

4. Product Manual, Reliance General Insurance

64

Questionnaire
Dear sir/ madam,
This questionnaire is aimed at understanding your satisfaction. Your response will
be deals with strict confidentiality and it will be used only for academic purpose.
Thank you for spending your valuable time to fill this questionnaire.
Name: ____________________________________________________________
Address: __________________________________________________________
__________________________________________________________________
Contact No: Mobile_________________________Resi:_____________________
Marital Status: Single

Married

For house holders


1. For your house hold, do you think that it is important to have insurance?
a) Always
b) Some time
c) Never
d) Depend on
products.
2. Which insurance company does you like most?
a) Reliance general
Insurance
b) Bajaj Allianz
c) Other

65

3. On which basis you select your insurance company?


a) Premium
b) Facility
c) Company profile
d) Others

4. Do you think legal liability is necessary for house hold insurance?


a) Yes
b) No
c) Dont know

For Office
1. Do you think that it is important to have insurance?
a) Always
b) Some time
c) Never
d) Depend on
product
2. Which insurance company does you like most?
d) Reliance general
Insurance
e) Bajaj Allianz
f)

Other

66

3. On which basis you select your insurance company?


a) Premium
b) Facility
e) Company profile
f) Others

4. Do you think legal liability is necessary for insurance?


a) Yes
b) No
c) Dont know

For shop keepers


1. Do you think that it is important to have insurance?
a) Always
b) Some time
c) Never
d) Depend on
product
2. Which insurance company does you like most?
g) Reliance general
Insurance
h) Bajaj Allianz
i)

Other

67

3. On which basis you select your insurance company?


a) Premium
b) Facility
g) Company profile
h) Others

4. Do you think legal liability is necessary for insurance?


a) Yes
b) No
c) Dont know

68

Vous aimerez peut-être aussi