Presented By Pankaj kumar karMBA(Insurance and risk management)
Flow Of Presentation Introduction of the Insurance Industry HDFC-SLIC Organizational Chart SWOT Analysis Financial Analysis Introduction to the project Research Methodology Data Interpretation Findings Suggestions Conclusion
What Is Insurance?Insurance is a :- Contract between two parties one party called insurer in exchange for a fixed sum called premium to pay the other party on happening of a certain event.
Insurance Regulatory and Development Authority IRDA is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999. Mission of IRDA as stated in the act is "to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental there to."
Housing Development Finance Corporation Limited (HDFC) Established in year 1977. Assisted more than 3.4 million families own a home. International offices in Dubai, London and Singapore.
Standard Life Insurance Company (SLIC) Standard Life is UK’s leading long term saving and investment company. Established in year 1825. Headquarter in Edinburgh and operating internationally. On 10 july, 2006 Standard Life was listed in London Stock Exchange.
HDFC Standard Life Insurance (Joint Venture) Incorporated on 14 August,2000. HDFC holds 74% SLIC holds 26%
VisionThe most successful and admired Life Insurance Company,which means that we are the most trusted company, the easiestto deal with, offer the best values for money, and set thestandards in the industry, In short,:- “The most obvious choice for all”
Mission To reach out and influence our target customer. In the most Competitive manner, providing the customers with access to world class insurance based solutions.
Values Integrity Innovation Customer Centric People Care “One for all and all for one” Team Work Joy & Simplicity
Departments Operations Department Sales Department Human Resource Department Administration Department Training Department
STRENGTHS WEAKNESS Company concern with the1.Strong Brand name. productivity of FL’S2.Employee oriented.3.Claim Repudiation ratio isvery less (4%)
OPPORTUNITIES THREATS 1. Low Customer confidence on 1. Only 25% of insurable private players. people have any insurance 2. IRDA reduces upfront charges , it affects the profitability of the company 2. Can introduce innovative products offering a right mix 3. Other private insurance of Flexibility/Risk/Return companies 3. Company is going to launch its IPO
ClaimsA claim is the payment made by the insurer to the insured orclaimant on the occurrence of the event specified in thecontract, in return for premiums paid for the insured.Key TermsClaimantClaim ExpenseClaim AdjusterLag time
Continued……Claims ManagementInsurance Claim Process Claim Reporting Claim Reporting Receipt Claim Assessment Claim Complaint and DisputeTypes of Claims Death Claim Disability claim Maturity ClaimFactors Affecting Claim Settlement
Continued…… Delay in claim settlement Role of agent in claims settlement Role of Surveyors and assessor in claim settlement Frauds in claim settlement
Research MethodologyResearch Design DescriptiveUniverse Every customer who had applied for life insurance claim in the world.Population The customers who had purchased the life insurance policies of HDFC SLIC and availed the services of claim in India.
Continued…Sampling Every individual who has applied for claim in Ludhiana, Amritsar, Jalandhar and Chandigarh.Sample Size 60 respondentsSampling Technique Convenience samplingData collection Primary - Structured Schedule Secondary – Journal and Internet.
LIMITATIONS Sample size was limited. Time has played a biggest constraint that the research could not be carried out comprehensively as the duration of the study was only 6 - 8 weeks A maturity claim is not considered in research because company has not yet covered its 10 year. Analysis of claim is done only for the HDFC SLIC. Study is conducted through telephonic interview. So respondents may be biased.
Fig 4.13 Re-purchase the policy N=60 47% Yes 53% No
FINDINGS Policyholder choose branch to get the information rather than the agents this may be due to lack of trust on the agents. The main problems regarding the claim settlement are documentation and non-co-operation of agents. Customers are neutral regarding the time period for settlement of claim. There is a need to improve the satisfaction of the customers regarding time period. Customers are satisfied with the employee behaviour and co- operation they have received from the company which clearly projects that company values their customer. There is a mix response regarding the purchase of policy again from HDFCSLIC
SUGGESTIONSThe entire process of documentation should be told to the customers at the time of purchase of policy.The documentation process should be simple.Time period for settlement of claim should be decreased.Company should give their customers proper updates about their claim status.The company should urge their agents to co-operate with the customers.
CONCLUSIONThe customers are attracted to an insurance company by its state of art claim service.Life insurance service sector is highly growing finance sector.Claim settlement services provided by the company affects the image of the company.