Presented By                 Pankaj kumar karMBA(Insurance and risk management)
Flow Of Presentation Introduction of the Insurance Industry HDFC-SLIC Organizational Chart SWOT Analysis Financial An...
What Is Insurance?Insurance is a :-  Contract between two parties  one party called insurer  in exchange for a fixed sum c...
INSURANCEWorking of           HistoryInsurance
Insurance Regulatory and Development                Authority IRDA is a national agency of the Government of India, based...
Housing Development Finance Corporation             Limited (HDFC) Established in year 1977. Assisted more than 3.4 mill...
Standard Life Insurance Company                   (SLIC) Standard Life is UK’s leading long term saving and  investment c...
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 easiest...
Mission   To reach out and influence our target customer.   In the most Competitive manner, providing the customers    w...
Values Integrity Innovation Customer Centric People Care “One for all and all for one” Team Work Joy & Simplicity
Organizational Structure of Company
Departments Operations Department Sales Department Human Resource Department Administration Department Training Depar...
STRENGTHS                       WEAKNESS                               Company concern with the1.Strong Brand name.       ...
OPPORTUNITIES                      THREATS                                 1. Low Customer confidence on 1. Only 25% of in...
ClaimsA claim is the payment made by the insurer to the insured orclaimant on the occurrence of the event specified in the...
Continued……Claims ManagementInsurance Claim Process   Claim Reporting   Claim Reporting Receipt   Claim Assessment  ...
Continued…… Delay in claim settlement Role of agent in claims settlement Role of Surveyors and assessor in claim settle...
TITLEClaim Settlement Procedure of        HDFC SLIC
Objectives
Research MethodologyResearch Design DescriptiveUniverse Every customer who had applied for life insurance claim in the w...
Continued…Sampling Every individual who has applied for claim in Ludhiana, Amritsar, Jalandhar and Chandigarh.Sample Siz...
LIMITATIONS Sample size was limited. Time has played a biggest constraint that the research could not  be carried out co...
Data Analysis and Interpretation
To study the problem faced by the customer regarding              claim settlement procedure
Fig 4.5 Received relevant information regarding ClaimSettlement                                        N=60               ...
Fig 4.6 Difficulties Faced   N=60                    18%                              Yes                              No ...
Fig 4.6 (a) Type of Difficulty N=11      27%                           Acceptance of document                           Ag...
To study the Satisfaction Level of           Customer Regarding Claim Settlement
Fig 4.12 Satisfaction regarding claim          settlement N=60
Fig 4.13 Re-purchase the policy                                  N=60         47%                         Yes             ...
FINDINGS Policyholder choose branch to get the information rather than the  agents this may be due to lack of trust on th...
SUGGESTIONSThe entire process of documentation should be told to the customers at the time of purchase of policy.The doc...
CONCLUSIONThe customers are attracted to an insurance company by its state of art claim service.Life insurance service s...
Claimppt
Claimppt
Claimppt
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Claimppt

  1. 1. Presented By Pankaj kumar karMBA(Insurance and risk management)
  2. 2. 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
  3. 3. 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.
  4. 4. INSURANCEWorking of HistoryInsurance
  5. 5. 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."
  6. 6. 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.
  7. 7. 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.
  8. 8. HDFC Standard Life Insurance (Joint Venture) Incorporated on 14 August,2000. HDFC holds 74% SLIC holds 26%
  9. 9. 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”
  10. 10. 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.
  11. 11. Values Integrity Innovation Customer Centric People Care “One for all and all for one” Team Work Joy & Simplicity
  12. 12. Organizational Structure of Company
  13. 13. Departments Operations Department Sales Department Human Resource Department Administration Department Training Department
  14. 14. STRENGTHS WEAKNESS Company concern with the1.Strong Brand name. productivity of FL’S2.Employee oriented.3.Claim Repudiation ratio isvery less (4%)
  15. 15. 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
  16. 16. 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 TermsClaimantClaim ExpenseClaim AdjusterLag time
  17. 17. Continued……Claims ManagementInsurance Claim Process Claim Reporting Claim Reporting Receipt Claim Assessment Claim Complaint and DisputeTypes of Claims Death Claim Disability claim Maturity ClaimFactors Affecting Claim Settlement
  18. 18. Continued…… Delay in claim settlement Role of agent in claims settlement Role of Surveyors and assessor in claim settlement Frauds in claim settlement
  19. 19. TITLEClaim Settlement Procedure of HDFC SLIC
  20. 20. Objectives
  21. 21. Research MethodologyResearch Design DescriptiveUniverse 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.
  22. 22. Continued…Sampling Every individual who has applied for claim in Ludhiana, Amritsar, Jalandhar and Chandigarh.Sample Size 60 respondentsSampling Technique Convenience samplingData collection Primary - Structured Schedule Secondary – Journal and Internet.
  23. 23. 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.
  24. 24. Data Analysis and Interpretation
  25. 25. To study the problem faced by the customer regarding claim settlement procedure
  26. 26. Fig 4.5 Received relevant information regarding ClaimSettlement N=60 27% Yes No 73%
  27. 27. Fig 4.6 Difficulties Faced N=60 18% Yes No 82%
  28. 28. Fig 4.6 (a) Type of Difficulty N=11 27% Acceptance of document Agent not cooperative 73%
  29. 29. To study the Satisfaction Level of Customer Regarding Claim Settlement
  30. 30. Fig 4.12 Satisfaction regarding claim settlement N=60
  31. 31. Fig 4.13 Re-purchase the policy N=60 47% Yes 53% No
  32. 32. 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
  33. 33. SUGGESTIONSThe 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.
  34. 34. CONCLUSIONThe 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.

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