Академический Документы
Профессиональный Документы
Культура Документы
Earlier there were Oriental Life Insurance Company in Calcutta, Madras Equitable had begun transacting life insurance business in the Madras Presidency, Bombay Mutual, Oriental, Empire of India in Mumbai, Foreign insurance company like Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance 19th January, 1956- Nationalizing the Life Insurance sector and Life Insurance Corporation(LIC) came into existence in the same year. April 19, 2000 IRDA (Insurance Regulation & Development Authority) was established by the act of parliament December 2000- It was opened to private sector. HDFC Standard was the first followed by ICICI pru.
1. Bajaj Allianz Life Insurance Company Limited 2. Birla Sun Life Insurance Co. Ltd 3. HDFC Standard Life Insurance Co. Ltd 4. ICICI Prudential Life Insurance Co. Ltd. 5. ING Vysya Life Insurance Company Ltd. 6. Life Insurance Corporation of India 7. Max New York Life Insurance Co. Ltd 8. Met Life India Insurance Company Ltd. 9. Kotak Mahindra Old Mutual Life Insurance Limited 10. SBI Life Insurance Co. Ltd 11. Tata AIG Life Insurance Company Limited 12. Reliance Life Insurance Company Limited. 13. Aviva Life Insurance Co. India Pvt. Ltd. 14. Sahara India Life Insurance Co, Ltd. 15. Shriram Life Insurance Co, Ltd. 16. Bharti AXA Life Insurance Company Ltd. 17. Future Generali Life Insurance Company Ltd. 18. IDBI Fortis Life Insurance Company Ltd. 19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd 20. AEGON Religare Life Insurance Company Limited. 21. DLF Pramerica Life Insurance Co. Ltd. 22. Star Union Dai-ichi Life Insurance Comp. Ltd.
Different distribution setup- Tide Agency, Banc assurance, Corporate Agent, Broker, Agents Insurance industry is one of the highest paid industry. They select fresher's with good package.
GAPS
Focus is not in rural area. Lack of Awareness. Lack of Post sale service. Mislead by the Agent. Focus on the same customer. The span of manger in insurance industry is nearly 6 month only. Huge Vertical Hierarchy
Opportunity
Penetration Only 5.1% Awareness Need
INTRODUCING
Vision
To
Ensure that all Indian are fully insured. To become number one preferred insurance company. Work style we not I
Mission
To
reach every corner of India. To educate each and every individual about Insurances need in their Family.
Product
TPROPG Term plan with return of premium guarantee.(participating Plan) High coverage Low premium For e.g.:- Age 30,Pay premium 500rs monthly, Term -20yrs, SA 10lac At Maturity all premium refund with bonus(if any)
Investment Strategy
1st year 40% charges will be deducted. From 2nd year 5% will be deducted. We will be hiring Franklin Templeton for our investment. Our Major section of investment will be Debt market.
Hierarchy
MD State Managers
5 year Strategy
Rural Coverage Reach, Awareness, Information and Knowledge Number of State = 28 Total District =658
MD
State Managers
Agents
MD Profit 10%(3600)lakh