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INTRODUCTION
system, by which the losses suffered by a few are spread over many,
paid out of the premiums collected from the insuring public and the
Companies, has made available more products and world class service
to Indian Customer.
This project has been made with an objective to give an insight into
level.
Till May, 1971 there were 107 companies operating in the market,
sector. The size of the companies and there reach varied to a great
1972.
India in the year 1818 with the establishment of the Oriental Life
1912: The Indian Life Assurance Companies Act enacted as the first
insuring public.
1956: 245 Indian and foreign insurers and provident societies taken
business in India, on the other hand, can trace its roots to the Triton
India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company
of India, frames a code of conduct for ensuring fair conduct and sound
business practices.
1968: The Insurance Act amended to regulate investments and set
minimum solvency margins and the Tariff Advisory Committee set up.
The four subsidiary companies operated under the all direction of the
private companies were formed after the passing of the IRDA Act,
1999. This removed the prohibition existing in the GIBNA Act relating
companies.
only.
exported.
The four public sector and the 8 private sector companies are
Indian insurance sector accounted for 4.1 per cent of GDP in 2006-07,
insurance accounts for just 1.7 % of the GDP and even the US where
The time factor plays an important role while providing service to the
customer. The customer expects that the procedures for settling the
claim should be short and not much time consuming. They should get
provide online assistant to the customer the policy status and how to
calculate the premium. To calculate the premium they just need the
present age, the type of police, sum assured, and accident covered if
premium you have to pay. The customer can pay their premiums by
means of credit cards or can also give standing instruction to the bank
in order to pay their monthly premiums.
to 90% of the Surrender Value for policies, where the premium due is
fully paid-up, and Up to 85% of the Surrender Value for policies where
The minimum amount for which a loan can be granted under a policy
yearly.
Loans are not granted for a period shorter than six months, or on the
security of lost policies (the assured must have the duplicate policies)
grew 37.34 per cent to Rs1272.22 crore over April 2006. In the
Private sector has grabbed a market share of 40 per cent in the non-
life insurance business, from 34 per cent in the financial year 2006-07.
Public sector market share is now only 60 per cent.
out the fact that during this period, private players in the industry will
see a growth of about 140 per cent, owing to the adoption of the
at Rs.2000 billions in coming 2 years from the present level of Rs. 500
market. The market share fallout has been noticed in context of such
companies like GIC, LIC, which have come down to nearly 70 per cent
in the past 4-5 years from the 97 per cent. The experts have fore
private sector multinational players have come into the picture. Like
which has shown the growth rate of more than 15 per cent to 20 per
today a giant share of Indian population nearly 80% is not under life
insurance industry in India. This has changed a lot of things for the
insurance companies in India.
Though, the existing rule says that a foreign partner can hold 26%
poured into the Indian market and 22 private companies have been
granted licenses.
The demand for health insurance covers has seen a healthy increase,
and today the sector is the fastest growing segment in the non-life
insurance industry in India, which grew at over 40% last year. It is also
country of over 1.1 billion people. Overall, the Indian health sector is
LITERATURE REVIEW
A Unique Deployment
The use of a GIS-based RMS was essentially to identify areas on
a map with high population density, a large concentration of
rental properties, or other demographic characteristics that
affect whether to underwrite a property for fire or burglary
insurance.
OBJECTIVES ACCOMPLISHED
In managing insurance policies, getting the correct details is of
prime importance. Gulati believes that if the system for
analyzing the information related to policy and customer
concentration service is available, decisions are much more
accurate, efficient and quick.
Another reason for deploying such systems was to incorporate
regulatory requirements of Nat-Cat (Natural Catastrophic) limits
in reinsurance treaties, provide real-time information of
potential damages in case of a natural calamity and provide
business intelligence requirement at the geographical level to
ensure elimination of bad risk.
The RMS helps to zoom into spatial level risk data representing
real-world entities including both geo-referenced and
quantitative attributes attached to it at a national scale. This
application helps to manage risks in a better way, and operate
more efficiently by geographically assessing and analyzing
information about underwriting, risk management, and
customer service.
The policy covers the drug companies against any claims from
persons who are volunteers for human clinical trials."Sufficient
reinsurance cover has been taken by us while selling the clinical
trial and marine hull insurance policies," Bharathan says.
Meanwhile, ICICI Lombard is expanding its reach in the four
southern states by leveraging ICICI Bank's branch network. By
paying rent and other charges to its parent, ICICI Bank, the
insurance company will operate from the bank premises.
CHAPTER.3
RESEARCH OBJECTIVE
Claim Settlement:
Lightning-fast claim settlement is one of the key areas of focus
for ICICI Lombard. Our dedicated Relationship Managers,
wide spread network across India and presence of 24 *7 call
centers assure our customers that we are always on call, day or
night. Our tie-up with Cunningham Lindsey, the world is
second largest loss adjustors with its network in 80 locations
across India, ensures a surveyor on site in less than 24 hours.
Rural Initiative:
ICICI Lombard believes in striking the right balance between
the commercial and socio-economic aspects of the insurance
business. In its Endeavour to offer tailor-made products to meet
the requirement of the rural population, explore business
opportunities in the related segments and build a competitive
edge through strong distribution network and product
innovation, ICICI Lombard uses Intermediaries like ICICI Banks
kiosks, direct selling Agents, state-level tie-ups, ITCs e-Chou
pals, NGOs and other micro finance Institutions (MFIs). The
rural segment offers immense business opportunities for
insurers since it constitutes 50% of the GDP. Growing per capita
and disposable income and rising financial awareness among
rural masses has opened up new avenues for insurers in this
segment.
Corporate Business:
ICICI Lombard via its CSG segment aims to tap large
corporate with high premium potential. The company has
emerged as a major player in the corporate segment with a
well-balanced portfolio.
Bank assurance
The Company has set up a dedicated SBU to cater to banc
assurance business managed by dedicated teams for each bank
partner across all locations to ensure
Retail
ICICI Lombard aims to tap retail segment through multi-product
and multi- channel approach to marketing. The company
believes that retail segment has immense potential and will
drive the companies growth in future. It has presence in all
retail categories - travel, health,
E-channel
ICICI Lombards e-channel initiative has embraced technology
with open arms. The effective use of technology platforms has
enabled customers to view all their insurance transactions
through the web on a real time basis. ICICI Lombards e-channel
mainly focuses on targeting customers through Internet,
intranet (of large corporate and manufacturing companies) and
other national level distribution networks. The focus is on
targeting customers through the online medium. The model is
to develop an integrated and customized product platform with
key partners ICICI Direct, ICICI Bank, preferred partners
moneycontrol.com and indiatimes.com and other websites.
Board Members
Chanda Kochhar, Chairperson
R. Athappan, Director
Sandeep Bakhshi, Director
B.V. Bhargava, Director
Dileep Choksi, Director
N.S. Kannan, Director
S. Mukherji, Director
Chandran Ratnaswami, Director
M.K. Sharma, Director
H.N. Sinor, Director
Bhargav Dasgupta, Managing Director & CEO
COMMITTEES
Audit Committee
Mr. S Mukherji, Chairman
Mr. Dileep Choksi, Director
Mr. James F Dowd, Director
Investment Committee
Mr. Chandran Ratnaswami, Chairman
Ms. Kalpana Morparia, Director
Mr. Sandeep Bakhshi,, Managing Director & CEO
Mr. S Gopalakrishnan, Head ñ Investments
Mr. Rakesh Jain, Head-Finance & Accounts
Mr. Liyaquat Khan, Appointed Actuary
Lighting
Explosion and Implosion
Excluding loss, destruction of or damage.
To boilers (other than domestic boilers), Economizers or
other vessel, machinery or apparatus (in which steam is
generated) or other contents resulting from their own
explosion- implosion.
Caused by centrifugal forces.
Aircraft damage
Loss, destruction or damage caused by aircraft, other aerial or
space devices and articles dropped there from excluding those
caused by pressure waves.
Impact Damage
1. Bush Fire
Excluding loss destruction or damage caused by forest fires.
2. BURGLARY:
The company shall compensate the insured for any loss or
damage, caused by burglary, to the contents of insureds
premises.
3. CASH IN SAFE:
The company will compensate the insured in respect of loss of,
or damage to, money and/or valuables caused by burglary
and/or attempted burglary when such money and/or valuables
are contained in a domestic safe or vault which is protected by
appropriate and adequate security measures with lock in key.
4. CASH IN TRANSIT
The company shall compensate the insured for loss of
money in coins and/or notes caused by burglary, robbery or
theft occurring while such money is in the insured s possession
and is being conveyed by the insured to the insured s premises
from the insureds bank /ATM from
6. GLASS BREAKAGE:
The company shall compensate the insured for loss or damage
to any fixed glass other than that which are specifically
excluded hereunder, caused by any accidental, external and
visible means.
7. CHEQUE FORGERY:
The company shall compensate the insured for any loss to the
insured caused by forgery or material alteration of cheques,
drafts or other negotiable instruments issued by, or in favor of,
the insured.
8. EMPLOYERS LIABILITY:
The company shall indemnify the insured against the legal
liability of the insured in respect of any bodily injury sustained
by,
or the loss of life of, the insureds employees arising out of and
in the course of their employment.
11. FIDELITY:
The company will compensate the insured for any direct
pecuniary loss sustained by the insured through act of fraud or
dishonesty committed by any salaried employee of the insured
in the insured premises, provided that :
Health Insurance:
We save money for a better future. But life is full of surprises; a
medical emergency can strain your hard-earned investments.
Now, let your savings be untouched, get secured.
Home Insurance:
Insure your home and its contents against natural calamities
like fire, earthquake, flood, gas cylinder explosion, fire due to
electric short circuit as well as man-made disaster like burglary.
Home Plans
Gold Plan:
The Gold plan covers much more than just your home. It offers
family protection, covers loss of cash, public liability, temporary
resettlement, alternative accommodation and baggage
insurance. Other adds on offered are loan repayment for home
and car and cover for terrorism.
Silver Plan:
The Silver plan covers the structure of your home and its
contents from natural and man-made calamities like fire, flood,
storm and burglary. The adds on offered include expenses of
rent for alternative accommodation and terrorism.
Motor Insurance:
Your vehicle helps you reach destinations and enables you to
commute from one place to another. But it might face some
damage in an accident or get stolen. The security of your co-
passengers can be endangered during accidents. Motor
insurance takes care of all these possibilities and more.
Motor Plans
Four Wheeler Package Policy:
A comprehensive policy that not only covers you against third
party but also against accidents, damage, injury and much
more.
Travel Insurance:
You do not want anything to ruin your hard earned holiday or
your crucial business meeting. There is a possibility of some
unexpected occurrence no matter how perfectly you plan your
trip. Unfortunate events such as baggage loss, passport loss, a
medical emergency or an accident can affect you. Having Travel
Insurance protects you from all such perils at a fraction of the
cost of your trip.
Travel Plans
COMPRTITORS
The National Insurance Co. Ltd
The New India Assurance Co. Ltd
The Oriental Insurance Co. Ltd
The United India Insurance Co. Ltd
Bajaj Allianz GIC Ltd.
Transparency
ICICI Lombard encourages total transparency in all channels of
communication (internally and externally) and complete
accountability in customer deliverables. In November 2005,
ICICI Lombard became the first private sector general insurance
company to cross the Rs. 10 billion Gross Working Profit (GWP)
mark. This record target achieved manifests the trust garnered
by our employees nationwide from its customers.
Empowerment
ICICI Lombard provides you the platform to evolve from an
employee to a partner in progressive growth.
Since our origin in 2001, our employees have always been
empowered to make decisions that chart their career path. We
do not create jobs but build futures.
Passion
The passion to excel with customer focus in mind is what
initiates ICICI Lombard to attain greater milestones. This
inherent principle drives our employees to set higher
benchmarks of excellence and performance.
Integrity
Integrity is about honesty, sincerity, sound moral principles,
keeping promises and fulfilling expectations. At ICICI Lombard,
integrity is not limited to the organization's capacity to meet
the needs of the stakeholder but also encompasses the vision
and values of everyone involved.
Humility
True leadership in the service industry like ours requires
humility to keep one's ego sublime and to serve others. One of
the key values we look for and inculcate in our employees is
humility which allows us to keep the interests of our customer
and the organization before our own and work efficiently as a
team.
CHAPTER 5
DISCUSSION ON TRAINING
CHAPTER 6
STUDY OF SELECTED RESEARCH PROBLEM
OPERATIOANAL DEFINATIONS:
Market:
Traditionally, market was a physical place where buyers and
sellers gathered to exchange goods. It is also a collection of
buyers and sellers who transact over a particular product.
Marketing:
It is a societal process by which individual and groups obtain
what they need and want through creating, offering and freely
exchanging products and services of values with others.
Marketing research:
It is a systematic and objective study of problems pertaining to
the marketing of good and services. It may be emphasized that
it is not restricted to any particular area of marketing but is
applicable to its all phases and aspects.
Product:
A product is anything that can be offered to a market to satisfy
a want/need. Products that are marketed include physical
goods, Services, Experiences, events, persons, properties,
organizations, information and ideas.
Brand:
A Brand is a name, term, sign, symbol, design or a combination
of them intended to identify the goods/services of one
seller/group of sellers and to differentiate them from those Of
Competitors.
Bodily injury
Means any accidental physical bodily harm but does not include
any sickness or disease.
Burglary
Means an act involving the unauthorized entry to or exit from
the insureds property or attempt threat by unexpected, visible,
forcible and violent means, with the intent to commit an act of
theft.
Bank
Means and includes bank of every description, post office and
government treasury.
Contents
Means the following used for business or business purposes, so
long as they are owned by the insured and / or for which the
insured legally responsible for including family of insured,
directors, partners and the like goods such as furniture, stock,
machinery, equipment, fixtures, fittings and interior decorations
but excluding money, jewelry, and valuables.
Employee
Means any person employed by the insured to perform certain
duties for consideration, either expressly or impliedly in the
course of employment
Insured or insured’s
Means the person named in the policy as the policyholder and /
or his family, and / or his parents, and / or directors and / or
karta of HUF, and the like.
Medical expenses
Means expenses incurred on necessary on medical or surgical
treatment, services, or supplies.
Period of insurance
Means the period of time stated in the schedule for which the
policy is valid.
Policy
Means insureds proposal, the schedule, companys covering
letter to the insured, insurance clauses, definitions, exclusions,
conditions and other terms contained here in and any
endorsement attaching to or forming part hereof, either at
inception or during the period of insurance.
Premises
Means insureds shop as stated in the schedule, which is used or
occupied mainly for business purposes by insured.
Schedule
Means the schedule, and any annexure to it, attached to and
forming part of this policy.
Sum insured
Means and denotes the amount of cover available under each
section as stated in schedule or any revisions thereof based on
claim settled, as stated in the scope of cover of the policy and,
where appropriate, as more particularly described.
TYPE OF RESEARCH
The type of research used in this project is a Descriptive
research design. The major purpose of descriptive research is a
description of the state of the affairs, as it exists at present.
Thus a Descriptive study is a fact-finding investigation with
adequate interpretation. It is the simplest type of research. It
focuses on particular aspects or dimensions of the problem
studied. It is so designed that it gathers descriptive information
and provides information for formulating more sophisticated
studies. There is a cause effective relationship.
The criteria for selecting this particular design are that, the
problem of the project must be described and not arguable.
The data collected is amenable to statistical analysis and has
accuracy and significance. It is possible to develop valid
standards of comparison. It lends itself to the verifiable
procedure of collection and analysis of data.
SAMPLING TECHNIQUE:
The sampling technique used is convenient sampling. It is also
called as purposive sampling or non-probability sampling. This
sampling method involves purposive or deliberate selection of
particular units of the universe for constituting the sample,
which represents the universe. When population elements are
selected for inclusion in the sample based on the ease of
access, it can be called as convenient sampling. Empirical field
studies required collection of first hand information and data
pertaining to the units of study from the field.
SAMPLING DESIGN:
SAMPLING UNIT
The samples include various offices & shops in Bangalore city.
SAMPLE SIZE
The sample size for listing questionnaire of research is 100,
and the sample size is broken down in to two samples i.e. a
sample size of 80 respondents from the offices and shops and
the sample size of 20 respondents from the customers.
Secondary data:
The secondary data was collected from the company reports,
broaches, manuals, text books and Internet. The customer of 20
respondents was provided by the company for assessing the
service provided by a company.
RESEARCH LIMITATIONS:
This research is company- specific and confined only to
Bangalore city, the problem of generalization becomes obvious
Limited sample size is taken.
Table1:
Particul No. Of
ars respondents Percentages
Yes 67 83.75
No 0 0
Little Bit 13 16.25
Total 80 100
Source: Field Study
Interpretation:
The response given by respondents 83.75 are aware of office
insurance and 16.25 know very little about office insurance.
This clearly shows that there is no proper advertisement reach
to the people.
Table 2:
No. Of
Media Respondents Percentages
TV 40 50
News Paper 19 23.75
Agents 21 26.25
Total 80 100
Source: Field Study
Interpretation:
It is depicted from the chart that,
50% of respondents came to know through television.
23.75% of respondents came to know through newspapers.
26.25% of respondents came to know through agents
Major of the respondents came to know through television.
Table 4:
No. Of
Type Respondents Percentages
Yearly
Renewal 17 85
Auto 3 15
Renewal
Total 20 100
Interpretation:
Table 5:
Product Services No. Of Percentage
Respondents s
Fire Insurance 10 50
Electronic Insurance 5 25
Burglary Insurance 3 15
All of Above 2 10
Total 20 100
Source: Field Study
Interpretation:
It is depicted from the chart that 50% of respondents trying to
avail Fire insurance, 25% of respondents planning to avail
Electronic insurance,15% of respondents trying to avail Burglary
insurance and 10% of respondents trying to avail all Fire,
Electronics and Burglary insurance policies.
No. Of
Particulars Respondents Percentages
Within 15 Days 7 35
15 to 30 Days 13 65
30 to 60 Days 0 0
Total 20 100
Source: Field Study
Interpretation:
Interpretation:
ICICI Lombard customers rated the services are as,
30% of respondents said very well
45% of respondents said well
20% of respondents said normal and
5% of respondents said not well.
8. How much premium are you paying now?
Table 8:
No. Of
Amount Respondents Percentages
More Than 5000 4 20
More Than 10000 5 25
More Than 20000 11 55
Total 20 100
Source: Field Study
Interpretation:
The above chart depicts that
20% of respondents paying premium more then Rs.5000,
25% of respondents paying premium more then Rs.10000 and
55% of respondents paying more then Rs.20000.
Major of the respondents are paying more then Rs.20000 are of
big offices and important customers to the company.
9. Do you feel its really economical?
Table 9:
No. of
Particulars Respondents Percentages
Yes 14 70
No 6 30
Total 20 100
Source : Field Study
Interpretation:
Table 10:
No. Of
Particulars Respondents Percentages
Yes 16 80
No 4 20
Total 20 100
Source : Field Study
Interpretation:
Table 11:
No. Of
Opinion Respondents Percentages
Good 10 50
OK 8 40
Poor 2 10
Total 20 100
Interpretation:
12. For what reason you dial to our customer help desk?
Table 12:
No. Of Percentage
Particulars Respondents s
Product Related Inquiry 11 55
To Renew Policy 8 40
To Complaint 1 5
Total 20 100
Source: Field Study
Interpretation:
The customers dial up to customer help desk for the following
reasons:
55% customer dial up for product related enquiry
40% customers dial up for to renew policy and
5% customers dial up for file a complaint.
CONCLUSION
ANNEXURE:
1. Are you aware of Office insurance?
A. Yes
B. No
2. If Yes, How do you come to know about Office Insurance?
A. TV
B. Newspaper
C. Agents
3. Which factor is important in your eye for purchasing
insurance policy?
A. Company
B. Premium
C. Service
4. How many employees are there in your office?
A. More than 5
B. More than 10
C. More than 20