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Insurance Sector

The insurance industry of India consists of 57 insurance companies of which 24 are in life
insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
insurers there are six public sector insurers. In addition to these, there is sole national re-insurer,
namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian
Insurance market include agents (individual and corporate), brokers, surveyors and third party
administrators servicing health insurance claims.
Out of 33 non-life insurance companies, five private sector insurers are registered to underwrite
policies exclusively in health, personal accident and travel insurance segments. They are Star
Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max
Bupa Health Insurance Company Ltd, Religare Health Insurance Company Ltd and Cigna TTK
Health Insurance Company Ltd. There are two more specialised insurers belonging to public
sector, namely, Export Credit Guarantee Corporation of India for Credit Insurance and
Agriculture Insurance Company Ltd for crop insurance.
During June 2016 to May 2017 period, the life insurance industry recorded a new premium
income of Rs 1.87 trillion (US$ 29.03 billion. . The life insurance industry reported 9 per cent
increase in overall annual premium equivalent in April-November 2016. In the period, overall
annual premium equivalent (APE)- a measure to normalise policy premium into the equivalent of
regular annual premium- including individual and group business for private players was up 16
per cent to Rs 1,25,563 crore (US$ 18.76 billion) and Life Insurance Corporation up 4 per cent to
Rs 1,50,456 crore (US$ 22.48).

INSURANCE COMPANIES

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange
for payment. It is a form of risk management primarily used to hedge against the risk of a
contingent, uncertain loss. Insurance companies may be classified into two groups:

 Life insurance companies, which sell life insurance, annuities and pensions products.
 Non-life or property/casualty insurance companies, which sell other types of insurance.

General insurance companies can be further divided into these sub categories:

 Standard lines
 Excess lines
LIC (Life Insurance Corporation of India):
LIC, or Life Insurance Corporation of India, as it is known in its extended form, is
India’s sole life insurance provider from the public sector. Having commenced
operations in 1956, LIC is the oldest life insurance company in the country, and it
was formed thanks to the amalgamation of over 245 provident societies and
insurance companies. The company’s headquarters is located in Mumbai, and it
currently boasts more than 110 divisional offices in addition to 8 zonal offices,
more than 14 lakh insurance agents, and more than 2000 branches.

HR POLICIES IN LIC

People are our most valuable asset. is what HR Manager of LIC says.
1. Organization Behaviour:
2. People management: All about the skill in getting diverse workforces to work together
towards achieving organizational goals and objectives.

3. Performance management: Future-oriented continuous process to which managers and


employees need to devote time, all the time. It encompasses performance appraisal, self-
assessment, reward systems and Total Quality Management.
4. Training and development: Provides an insight into the how and why of training, right
from an employees induction to his exit in an organization.

CSR:
Monthly scholarship to 20 poor and meritorious students, health initiatives, rural education
programmes and providing infrastructural support in the fields of education and health.
Birla Sun Life
Insurance:
Birla Sun Life Insurance
Company Limited was
formed as a joint venture between Sun Life Financial Inc. and the Aditya Birla
Group and is currently one of the best global financial services provider. The
company has gained a strong reputation for contributing significantly to the
growth of the life insurance sector, making it one of the biggest insurance
providers in India. The company currently has more than two million customers
as it offers a comprehensive range of policies that include protection plans,
solutions for the future of children, health and wellness products, wealth with
protection plans, savings with protection plans and retirement packages.
Birla Sun Life Insurance Company Limited has more than 500 branches in
addition to over 85,000 empanelled advisors. The company is also accredited
with the release of unit-linked life insurance policies among various other
pioneering feats.

HR policy of Birla Sun life Insurance


1. Recruitment Policy:

 Job description with job brands

 Competency maps

 Technical and Attitude test ( where applicable)

 Group Discussions (where applicable)

 Structured interviews
2. 360 Degree Appraisal

 A 360 degree feedback program was introduced 1999 that permitted managers
to raise questions over leadership styles, managerial ability and also personal
traits.

 After the feedback each senior manager has to submit a six page letter
mentioning the areas of improvement and their expectations.
3. Training Talent Management

 Development assessment centers

 Individual Development Plan

 Talent Reviews
 Talent engagement
4. Recognition
5. Benefits
6. Happiness at work
(Some of the implementation were brought about by Mr. K.M. Birla himself and were
later carried on by the organization’s H.R. Department.)
CSR ACTIVITIES:

GiveIndia‟s Payroll Contribution Program is one of the most important CSR initiatives driven by
BSLI.
Holistic education and development, vocational training and improving the quality of life
of underprivileged children.

Reliance Life Insurance :


Reliance Life Insurance Company Limited is among the most important
subsidiaries of Reliance Capital, which is among the best financial service
companies in the country.Reliance Life Insurance Company Limited has more
than 10 million customers and boasts in excess of 800 branches around the
country. The company also employs more than 1 lac advisors, and has gained a
reputation as the biggest non-bank supported private life insurance company.
Reliance Life Insurance Company Limited has a relatively huge insurance
portfolio too. Whether you are looking for protection plans, health plans, child
plans, retirement plans, savings and investment plans, group plans or unit-linked
life insurance policies, the company has it all.

HR practices in Reliance Life insurance


1. Recruitment, Examination and Selection
2. Targeted Recruitment Process
3. Selection Committee.
4. Affirmative Action
5. Job Classification
6. Compensation and Benefits
7. Training and Development
8. Promotion and Advancement

ICICI Prudential Life Insurance:


ICICI Prudential Life Insurance Company was formed as a joint venture between Prudential Plc., which is
one of the largest global financial services group from the UK, and ICICI Bank, which is among the
biggest and most successful private banking institutions in India. ICICI Bank holds 74% of the stake in
ICICI Prudential Life Insurance Company, while Prudential Plc. Holds 26%.
The company remains India’s primary private life insurer to have been accredited from Fitch Ratings with
a National Insurer Financial Strength rating of AAA. ICICI Prudential has was also voted as the country’s
Most Trusted Private Life Insurer for three years in succession thanks to its delivery of quality products
and services.
ICICI Prudential Life Insurance Company offers a wide variety of plans and schemes. The only term life
insurance plan made available by the company is ICICI Pru IProtect Smart, but customers have options to
choose from when it comes to selecting unit-linked insurance plans. The ULIPs offered by ICICI
Prudential Life Insurance Company include ICICI Pru Guaranteed Wealth Protector, ICICI Pru Wealth
Builder II, ICICI Pru Elite Wealth II, and ICICI Pru Elite Life II

HR Policy of ICICI Prudential life insurance


11 policy or practice areas those are crucial to effective people management and development:

 Recruitment and selection

 Training and learning/development

 Career opportunities

 Communication

 Employee involvement

 Team working

 Performance appraisal

 Pay satisfaction

 Job security

 Job challenge/job autonomy

 Work-life balance
Not all policies and procedures will be relevant to all organizations, and some policies are
required by law while others are to promote good practice.
CSR areas: Primary health, elementary education, comprehensive access to financial
services, a strong civil society and environmental sustainability.

TATA AIG INSURANCE COMPANY


Tata AIG Insurance Solutions is one of the leading insurance companies that provide both
life insurance as well as general insurance. Joint collaboration between the American
International Group, Inc. (AIG) and Tata Group. They own the company in the ration of
26:74. It is a leading financial institution that has carved a niche for itself all over the
world.
HR Policies of Tata AIG Life insurance

 Recruitment and selection

 Induction

 Competence Development

 Providing compensation and other employee benefits

 Performance Management

 Talent and Career Management

 Motivating Employees
 Motivational training programmers
 Providing Incentives
 Recognition to employees
 Providing sponsored holidays for employees and their family
 Helping them in converting a prospect into a sale
Bajaj Allianz Life Insurance:
Bajaj Allianz Life Insurance Co. Ltd. (BALIC), headquartered in Pune (Maharashtra),
commenced operation in 2001. It is a joint venture between Bajaj Finserv Limited (India’s
leading financial services Company under the Bajaj Group) and Allianz SE (world’s largest
Insurance Company with total assets of € 113 bn: As at 31 December 2016). CARE reaffirmed
BALIC’s rating towards claim paying ability as AAA (Insurance) during the financial year
considering factors like strong parentage, strong solvency position, experienced management,
good asset quality, strong systems & processes, comfortable liquidity and moderate persistency
ratios. The Company has ISO 9001:2015 certified processes covering key operations like
customer servicing, claims, etc.
HR Policies of Bajaj Allianz Life Insurance
1. Personnel (motivation)
Bajaj Allianz motivates their employees by:
 Promotion
 Appreciation
 Incentives
 For employees I am BALIC app –

 Added several new features to this app facilitating employees to get


instant access to customer data, business position, training materials and
policy status among others. Training bay – Facilitates employees to
undertake training through online portal. For customers Website
revamping
CSR:
 At BALIC, we believe in being the change initiators by touching the lives
of underprivileged sections of the society. Our CSR activities focus around
the areas of healthcare, education, environment sustainability and
livelihood generation.
Kotak Life Insurance:
One of the largest life insurance providers in India, Kotak Mahindra Life Insurance Company is
a joint venture between Old Mutual Fund and Kotak Mahindra Bank Ltd. Old Mutual Fund holds
26% of the stake in the company while Kotak Mahindra Bank Ltd. holds the remaining 74%. The
headquarters of the company is located in Mumbai and the company has grown exceptionally
ever since it commenced operations in 2001. In fact, it is India’s fastest growing insurance
provider and currently boasts more than 4 million customers. The clam settlement ratio of the
company is among the highest in the industry, highlighting the company’s quality business
practice.

HR Policies of Kotak Life Insurance:


1. Recruitment and Selection
2. Training and Development
3. “I” All laud: The language of appreciation
4. Rewards to employees
5. Strong team building activities
6. Hall of FLAME- Rewarding the right behaviour as per the value system.