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The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur
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The study of life Insurance products being offered by the global market in insurance cms college, Mc-robertganj kanpur

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The uploaded summer internship project report which is titled for The study of life Insurance products being offered by the global market in insurance of IDBI Federal Life Insurance Corporation. …

The uploaded summer internship project report which is titled for The study of life Insurance products being offered by the global market in insurance of IDBI Federal Life Insurance Corporation.
The above summer internship project report is made by Mr. Ankit Mohan Lal for M.B.A. 3rd sem in the College of management of Studies, mc - Robertganj, kanpur UP.
Through this report I got 141 marks out of 150 marks and examiner say to me that the data collection is current and report is up to date and he pray to god for best blesing to me in future.
I have own business which is titled for the real-Estate and company's titled is GREEN PARIVAR AGRO AND BIO-TECH (P) Ltd.
Website:-www.greenparivar.com
E-mail:- greenparivar2005a.b@gmail.com

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  • 1. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 1 The study of life Insurance products being offered by the global market in insurance (A summer training project report submitted in partial fulfillment of the requirement of Master of Business Administration) (Session 2012-2014) Under the guidance of: Submitted By: Mr. UPENDRA SINGH ANKIT MOHAN LAL (MANAGER DISTRIBUTION) MBA 3rd Sem. GBTU IDBI FEDERAL LIFE INSURANCE Roll No.-:1205070008 Co. LTD. COLLEGE OF MANAGEMENT STUDIES Mc – Robertganj, Kanpur, 208001 (Affiliated to Gautam Budhdha Technical University, Lucknow) Formerly known as Uttar Pradesh technical University
  • 2. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 2 CONTENTS S.N. Topic Page Declaration i College Certificate ii Company Certificate iii Acknowledgement iv Preface v PART – A 1. Introduction of Insurance 2. Introduction of life Insurance Business  History of Insurance  Scope of Insurance business in India 3. The Decision Process 4. Market Segmentation  Resistance to Insurance  Managing Information 5. Introduction of IRDA 6. Overview of IDBI Federal Life Insurance 7. Product of IDBI Federal Life Insurance
  • 3. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 3 PART – B 8. Objective of Research Plan 9. Methodology used in Study 10. Life Insurance Product 11. Questionnaire Designing 12. SWOT Analysis 13. Suggestion and Recommendation 14. Limitation 15. Conclusion 16. Bibliography 17. Annexure  Questionnaire
  • 4. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 4 DECLARATION I, ANKIT MOHAN LAL, Student of College of Management Studies, Mc – Robertganj, Kanpur of 3rd Semester, hereby declare that the research project report having the title “The study of Life Insurance Products being offered by the Global Market in Insurance” is the outcome of my own work and effort and the same has not been submitted by any university/College/Institution for Professional degree. Date: 17/Jan./14 ANKIT MOHAN LAL Place: Kanpur 3rd Sem. CMS KANPUR Roll No. 1205070008
  • 5. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 5 Acknowledgement Doing a project work of this nature is an arduous task in itself was fortunate enough to get support from a large no. of person to whom I shall always remain grateful. My humble thanks are due to all my professor notable Dr. M. A. Naqvi (Director) for teaching me practical, paramagnetic and possible approach. I would also like to thank the ex. Customer of IDBI Federal Life Insurance Co. Ltd. Based in Kanpur are who provided me all the relevant information on the basis of which report has been prepared. Lastly I would like to pay my special regards to all member of IDBI Federal Life Insurance Co. Ltd. Forming for their encouragement and full support for completing this project work. Ankit Mohan Lal (M.B.A.–3rd Sem.) College of Management Studies (Mc-Robertganj Kanpur)
  • 6. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 6 PREFACE Life insurance business is booming in India. The business of life insurance is related to the protection of the economic value of human life and this project is just offered to draw the attention of individuals, who are interested in life insurance business running by insurance regulatory Development Authority (IRDA). Insurance industry has Ombudsmen in 12 cities. Each Ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lakh, in accordance with the Ombudsman Scheme. Addresses can be obtained from the offices of LIC and other insurers. This project likes just an extract of my rigorous work in Life Insurance Companies, and I hope the beneficiaries’ decision regarding recruitment of advice; or, all information and data. This responsibility really in hence my effective communication and convincing power and such quality will help me in near future for having decision making.
  • 7. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 7 PART - A
  • 8. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 8 Introduction of Insurance Insurance is a contract between the insurance company (insurer) and the policyholder (insured). In return for a consideration (the premium), the insurance company promises to pay a specified amount to the insured on the happening of a specified event. As the first step in helping you to gain the knowledge you need to become a professional and successful life insurance agent, we are going to first take an overview of life insurance – what it is and why it is needed. In seeing how life insurance works we will need to make reference to the insurance market as a whole – insurance is available for many other things, not just for human life – but our focus will remain firmly on the life insurance part of it. How does insurance work We can move on to understanding how insurance works exactly. Case study:- Ajay is 35 years old and works for a multinational corporation (MNC). He has a 10 year old son, Vijay, whom he dreams will one day become a doctor. Ajay’s spouse is a housewife, and his parents are retired and depend on him. Ajay has a home loan and is making monthly investments for Vijay’s higher studies and marriage and his own retirement. Ajay wants to ensure that Vijay gets the best of everything and that he himself is not depend on Vijay during his retirement in the way that Ajay’s parents are on him. So far everything is going well with Ajay’s plans. But imagine what will happen in the following scenario. One day while returning home from the office Ajay has an accident and dies. What will happen? Who will take care of the family, Vijay’s education and marriage, the home loan etc? What are options available to Ajay so that his family can be taken care of in his absence? Life insurance provides protection to a family on the untimely death of income provider. If Ajay has adequate life insurance cover, then should he die, the money received from the life insurance company can help to support his family. The
  • 9. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 9 insurance money will help to take care of the family’s living expenses, Vijay’s education and marriage, and the cost of the home loan etc. Let us continue with our case study of Ajay. The risk of premature death described above is only one of the risks that Ajay faces. He faces any other risks – that he will need medical care at some point, that his home may burn down, for instance. Ajay can handle these risks in different ways.  Risk retention: One, not very wise way, of handling these risks is to retain them, i.e. for Ajay to bear the risk that he will have to provide these situations himself, and so do nothing about them. While times are good and none of these events happen, Ajay need not be worried. But the moment any one of them does happen, Ajay will be in trouble. So it is definitely not wise for Ajay retain, or handle, these risks himself.  Risk transfer: the other way of handling these risks is to transfer them to someone who can handle them properly. In simple words, the process of transferring risks from one person who does not have the capacity to bear them to someone who does have the capacity for them, is known as insurance. At this point, it may be useful to return to our definition of insurance: Insurance is a contract between the insurance company (insurer) and the policyholder (insured). In return for a consideration (the premium), the insurance company promises to pay a specified amount to the insured on the happening of a specified event. So, from the above explanation we can see that insurance is:  The process of transferring the risk from the owner (insured person);  To another party (insurer) who can bear that risk;  In for a consideration (premium).  Role of financial services and insurance: we can see from all of this that a well – developed and evolved insurance sector benefits economic development and at the same time strengthens the risk – taking ability of the country. Insurance has a role o play at the individual level too. Some of the benefits for the policyholder are shown below:
  • 10. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 10 Investment option Insurance products are an excellent investment option where the policyholder not only gets the advantage of insurance cover, but also a return on their investments based on their risk appetite. Protection of financial security Insurance companies provide compensation in case something happens to the assets or the individual insured, as per the terms and conditions of the policy. Life insurance protects the family against the loss of the income provider, helping to provide for the family’s needs and the children’s education and marriage. Hence the effect of loss is considerably reduced for and individual. Tax benefits Insurance offers considerable tax benefits under the income tax act 1961. Premium paid up to Rs. 1,00,000 qualifies for education from taxable income under section 80C of the Act, subject to certain terms and conditions. The death benefit or the maturity benefit received by the nominee or the policyholder is tax – free under section 10 (10D) of the Act, as per prevailing laws, before premium paid up to Rs. 1,00,000. Planning for life stage needs Today the insurance products that are being offered by insurance companies are designed to suit the needs of individuals in different age groups. This allows individuals to invest in insurance policies to meet their various and changing priorities. Develops the habit of saving An individual learns to save a certain amount of money from their income in order to pay their insurance premium. This encourages the habit of saving among individuals. Loan against insurance policy Individuals can also take out a loan against their insurance policies, subject to the conditions and privileges of the policy, without affecting any policy benefits. Releases capital and management When the management of a company knows that many of the risks faced by the company are covered by insurance, they no longer need to set funds aside to cover the impact of those risks taking place. They are also free to concentrate on developing and growing their business. This makes the company more effective, which in turn helps to improve the overall economy of the country.
  • 11. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 11 Introduction of Life insurance Business Life insurance companies risks that relate to human lives. They offer different benefits under different types of products and cover the risk of early death, as well as the risk of living into old age. Under traditional plans, like term insurance plans, insurance companies provide death cover. If the insured person dies within the term of policy then the nomineebeneficiary amount (also known as sum assured). The key objectives of the IRDA include the promotion of competition with a view to increasing customer satisfaction through more consumer choice and lower premiums, while insuring the financial security of the insurance market. The IRDA has the power to make regulations under section 114A of the insurance Act 1938. Since 2000 it has introduced various regulations ranging from the registration of companies for carrying on insurance business to the protection of policyholder’s interests. The insurance Act 1938 and GIBNA were amended which removed the exclusive privilege of GIC and its four subsidiaries to write general insurance in Indi. As a result, general insurance business was opened up to the private sector. Types of Insurance Organizations Insurance organizations are divided into three main categories, as the following figure shows. We will look briefly at the various products the different types of insurance organizations offers in below sections: Insurance Life Insurance Non-Life Insurance Reinsurance
  • 12. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 12 Life insurance companies Life insurance companies cover risks that relate to human lives. A professional market insures that the customer gets what they are looking for rather than what the company wishes to sell them. This is called ‘needed – based selling’. A customer who is confident that they will only be sold a product that meets their needs is more likely to buy again, and recommended insurance to others. The insurance industry’s regulator (the IRDA) has been proactively trying to address concerns about miss-selling, which is where a customer has been sold a policy that does not meet their needs in some way. When this happens the public becomes wary and cynical about the value of insurance. Non – life insurance companies Non – life insurance companies generally cover risks other than those relating to human lives. The exceptions to this are personal accident and health insurance, which are provided by non – life insurance companies. Any assets their gives a monetary return (such as house given on rent), or offers convenience can be insured. All assets are exposed to various risks: they can be damaged or destroyed by fire, earthquake, riot, flooding, theft, cyclones etc. non – life insurance companies offer product that cover these risks and compensate the owner should the assets be damaged by one of them. It is a product from this type of company that an individual would buy to protect their assets. Reinsurance companies We saw in section A2 earlier that insurance is a risks transfer mechanism. Risk is transferred from those who are unable to bear it to those who can. However, insurance companies can only take on so much risk. Once that limit is reached, the insurer itself is exposed to the risk of loss. When this happens insurer look to transfer some of their risks to someone else to shield themselves from overexposure. This is where reinsurance companies come into use. A reinsurance company is an insurer for the insurance company. Reinsurance companies take on a certain percentage of the risks on the insurance company’s book, in return for the payment of a consideration.
  • 13. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 13 Roles in the insurance industry History of insurance Constituents of the insurance market Agents Corporate Agents Intermediaries Underwriters Acturies TPAs Surveyrs/loss adjusters The regulator Training Institutes NGOs - Protecting the customers' right
  • 14. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 14 The history of insurance in India is deep – rooted. Since the earliest times insurance has been carried out in some from or other. Insurance in India has developed over time and has taken ideas from countries – England particular. The history of insurance in India can be divided into three phases as follows: Phase I – Pre – liberalisation 1818-1829 First insurance company: in 1818 the oriental life insurance in kolkata (then calcutta) was the first company to start a life insurance business in India. However, the company failed in 1834. In 1829 he Madras Equitable had begun transacting life insurance business in Madras Presidency. 1870 Following the enactment of the British insurance Act 1870, the last three decades of the 19th century saw the creation of the Bombay mutual (1871), oriental (1874) and empire of India (1897) in the Bombay residency. 1912 The Indian life assurance Companies act 1912 was the first statuary measure to regulate life business. 1928 The Indian insurance companies Act 1928 give the government the power to collect statistical information about both life and non – life business transacted in India by Indian and foreign insurers, including provident insurance societies 1938 To protect the interest of the insuring public, the earlier legislation Phase I - Pre - liberalisation Phase II - Liberalisation Phase III - Post - liberalisation
  • 15. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 15 was consolidated and amended by the insurance Act 1938 which gave the government effective control over the activities of insurers. 1950 In the 1950s, competition in the insurance business was very high and there were allegation of unfair trade practices. The government of India therefore decided to nationalize insurance business. 1957 Formation of the general insurance council (GIC): GIC presents the collective interests of the non – life insurance companies in India. The council speaks out on issues of common interest participate in discussion related to policy formation, and Acts as an Advocate for high standards of customer service in the insurance industry. 1972 The general insurance business (nationalization) Act 1972 (GIBNA) was passed. The general insurance corporation of Indian (GIC) was formed in pursuance of section 9(1) of GIBNA. It was in corporate on 22 nov. 1972 under companies Act. 1956as a private company limited by shares. Phase II – Liberalisation The international payment crisis of the 1990s forced the government to we think its industrial policies and regulations. The government only had enough foreign currency reserves to finance a few days of imports. 1993 Malhotra committee: In 1993 the government set up a committee under the chairmanship of R.N.Malhotra, the former governer of RBI, to make recommendations for the reform of the insurance sector. In its report in 1994, the committee recommended, among other things, that the private sector and foreign companies ( but only through a joint venture with an Indian partner) be permitted to enter the insurance industry 1999 Formation of IRDA: following the recommendations of the Malhotra committee report, the insurance regulatory and development authority (IRDA) was constituted as an Autonomous body in 1999 to regulate and develop the insurance industry. The IRDA was incorporated as a statuary body in April 2000 Phase III – Post – liberalisation
  • 16. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 16 As we have seen, following the recommendations of the Malhotra committees, the insurance sector was opened to private companies. Foreign companies were also allowed to participate in the Indian insurance market through joint ventures (JVs) with Indian companies. Under current regulations the foreign partner can’t hold more than 26% stake in the joint venture. Recent development in the Insurance Industry By 2010 India was the fifth largest insurance market in the world and it is still growing rapidly: Growing importance of IT All insurance companies now use information technology to benefit their business and to improve convenience for their customers. Today, customers can pay their premiums and check the status and other details of their policies company’s website. Updates relating to the receipt of premiums or changes to their policy or sent to the customer through mobile SMS. Bancassurance Many banks have joined with insurance companies to cross – sell insurance products to their customers. Insurance companies benefit from the wide network and loyal customers base of banks, and the contribution that Bancassurance makes to insurance sells has steadily grown over the last few years. The banks benefit through being able to provide value added products to their customers and from the fee income they received in return from the insurance companies. Many banks have started their own life insurance subsidiaries. Online sells Most of the insurance companies have now started selling insurance products online. This eliminates the needs for an intermediary and reduces costs. The saving can be passed to customers in the firm of reduced premium. Micro – insurance Micro insurance guidelines were issued by the IRDA in 2005. Micro – insurance products provide insurance protection to people in lower income groups, such as self – help group (SHG)s members, formers, rickshaw pullers and others against the risks
  • 17. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 17 that they and their assets are exposed to. The premiums for these products me be as low as Rs. 15 and are collected on a weekly basis. The minimum life insurance cover specified by the regulator for this category is rupees 5.000 and the maximum cover that can be provided is rupees 50.000 people work in agriculture and allied activities are exposed to the Hazards of nature so they need protection against risks like monsoon failure, floods etc. this is where micro – insurance can come to their rescue. Grievance redressal Whenever any industry is experiencing fast growth there are bound t be concerns, and the insurance industry is no different. There has been an increase in complaints from customers about the settlement their claims and customer service in general. As we saw earlier, the IRDA has taken steps to protect the interest of the policyholders. It has asked insurance companies to set – up internal customer grievance redressal sells/departments, and an insurance ombudsman has been established. The latest initiative from the IRDA is the setting – up of a call centre which an insured can contact to seek the resolution of a grievance they have against their insurer. The unhappy customer can either call a toll free number (155255) or e – mail: complaints@irda.gov.in to register their complaints. Huge scope for insurance market
  • 18. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 18 Tags: fifth Insurance Summit of the Indian Chamber of Commerce Insurance Regularity Development Authority “Indian insurers should think of having ATMs like banks for cash payment against surrendered or matured policies.” Sudhin Roy Chowdhury, Member (Life) of Insurance Regularity Development Authority (IRDA) said this today while addressing the 5th Insurance Summit in Kolkata, organised by the Indian Chamber of Commerce. “ATM card can be issued to each policy-holder while signing for the policy, which they would be able to use after surrender or maturing the policy. Otherwise, poor policy-holders of interiors have to open bank accounts and are forced to deposit a major portion in fixed deposits and end up with a paltry sum in their hands.” He was addressing a gathering of the insurers and other stake-holders at the fifth Insurance Summit of the Indian Chamber of Commerce in Kolkata. The IRDA member does not consider that the Indian insurance sector is lagging behind and tremendous scope of growth is there. He advised the players to look at Health and Pension sector for future growth. “The LIC is currently enjoying 95 per cent of the present Pension market, which is a negligible portion of the total market potential,” he said. Advising them to think beyond ‘captive customers’, he said, presently 24 life insurance companies and 26 non-life insurance companies are in Indian market. “Lots of mergers are expected in near future as huge foreign players are expected to enter the market.” Indian companies can survive with innovative products and world-class customer services. He advised the players to think about One-Time Premium products as “there is strong appetite for such products.”
  • 19. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 19 Industry sources hinted that IRDA is likely to consider hiking the cap on FDI from present 26 per cent to 49 per cent soon. “The regulator is also considering the introduction of policy portability, where by a policy-holder can migrate to another health insurer without incurring any loss of benefits,” said Mr. Rajiv Mundhra, the senior vice-president of Indian Chamber of Commerce. Before him, Indian head of the Financial Services, Accenture Management Consulting Samir Bali urged to make the industry free from frauds from their claims delivery system. “Make the claims settlement process easy, hassle-free and free from frauds which paint the whole industry in bad light.” Releasing the gist of the ‘Knowledge Partners; Report’, done by Accenture, Mr. Bali said, “Current percentage of fraudulent activities in Indian Insurance sector is about 10 to 15 percent, which is slightly less than US.” The report dealt with distribution system, competition, maintaining high growth level, maintenance of data privacy and management, digital experiences, new segments and geographical locations and host of other areas. He feels the buzz word in insurance sector has changed from ‘Opportunity’ to Challenges. However, Swaraj Krishnan, the Managing Director of Magma HDI general Insurance Company Limited do not subscribe this view and feels, “There is enough opportunity, but the way has to be discovered. It’s not that it is impossible. Only Insurance companies have to bring their brains together and find out the way. But, the message has to be sent to customers that these companies are not to cheat them, but deliver.”
  • 20. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 20 The decision process Appeals If your health insurer refuses to pay a claim or ends your coverage, you have the right to appeal the decision and have it reviewed by a third party. You can ask that your insurance company reconsider its decision. Insurers have to tell you why they’ve denied your claim or ended your coverage. And they have to let you know how you can dispute their decisions. You’re right to appeal There are two ways to appeal a health plan decision:  Internal appeal: If your claim is denied or your health insurance coverage cancelled, you have the right to an internal appeal. You may ask your insurance company to conduct a full and fair review of its decision. If the case is urgent, your insurance company must speed up this process.  External review: You have the right to take your appeal to an independent third party for review. This is called external review. External review means that the insurance company no longer gets the final say over whether to pay a claim. Internal Appeals There are 3 steps in the internal appeals process: 1. You file a claim: A claim is a request for coverage. You or a health care provider will usually file a claim to be reimbursed for the costs of treatment or services.
  • 21. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 21 2. Your health plan denies the claim: Your insurer must notify you in writing and explain why:  Within 15 days if you’re seeking prior authorization for a treatment  Within 30 days for medical services already received  Within 72 hours for urgent care cases 3. You file an internal appeal: To file an internal appeal, you need to:  Complete all forms required by your health insurer. Or you can write to your insurer with your name, claim number, and health insurance ID number.  Submit any additional information that you want the insurer to consider, such as a letter from the doctor.  The Consumer Assistance Program in your state can file an appeal for you. You must file your internal appeal within 180 days (6 months) of receiving notice that your claim was denied. If you have an urgent health situation, you can ask for an external review at the same time as your internal appeal. If your insurance company still denies your claim, you can file for an external review. What papers do I need? Keep copies of all information related to your claim and the denial. This includes information your insurance company provides to you and information you provide to your insurance company like:
  • 22. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 22  The Explanation of Benefits forms or letters showing what payment or services were denied  A copy of the request for an internal appeal that you sent to your insurance company  Any documents with additional information you sent to the insurance company (like a letter or other information from your doctor)  A copy of any letter or form you’re required to sign, if you choose to have your doctor or anyone else file an appeal for you.  Notes and dates from any phone conversations you have with your insurance company or your doctor that relate to your appeal. Include the day, time, name, and title of the person you talked to and details about the conversation.  Keep your original documents and submit copies to your insurance company. You’ll need to send your insurance company the original request for an internal appeal and your request to have a third party (like your doctor), file your internal appeal for you. Make sure to you keep your own copies of these documents. What kinds of denials can be appealed? You can file an internal appeal if your health plan won’t provide or pay some or all of the cost for health care services you believe should be covered. The plan might issue a denial because:  The benefit isn’t offered under your health plan  Your medical problem began before you joined the plan  You received health services from a health provider or facility that isn’t in your plan’s approved network
  • 23. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 23  The requested service or treatment is “not medically necessary”  The requested service or treatment is an “experimental” or “investigative” treatment  You’re no longer enrolled or eligible to be enrolled in the health plan  It is revoking or canceling your coverage going back to the date you enrolled because the insurance company claims that you gave false or incomplete information when you applied for coverage How long does an internal appeal take?  Your internal appeal must be completed within 30 days if your appeal is for a service you haven’t received yet.  Your internal appeals must be completed within 60 days if your appeal is for a service you’ve already received.  At the end of the internal appeals process, your insurance company must provide you with a written decision. If your insurance company still denies you the service or payment for a service, you can ask for an external review. The insurance company’s final determination must tell you how to ask for an external review. What if my care is urgent and I need a faster decision? In urgent situations, you can request an external review even if you haven’t completed all of the health plan’s internal appeals processes. You can file an expedited appeal if the timeline for the standard appeal process would seriously jeopardize your life or your ability to regain maximum function. You may file an internal appeal and an external review request at the same time. A final decision about your appeal must come as quickly as your medical condition requires, and at least within 4 business days after your request is received. This
  • 24. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 24 final decision can be delivered verbally, but must be followed by a written notice within 48 hours. External Review There are 2 steps in the external review process: 1. You file an external review: You must file a written request for an external review within 60 days of the date your insurer sent you a final decision. Some plans may allow you more than 60 days to file your request. The notice sent to you by your health insurance issuer or health plan should tell you the timeframe in which you must make your request. 2. External reviewer issues a final decision: An external review either upholds your insurer’s decision or decides in your favor. Your insurer is required by law to accept the external reviewer’s decision. Types of denials that can go to external review  Any denial that involves medical judgment where you or your provider may disagree with the health insurance plan  Any denial that involves a determination that a treatment is experimental or investigational
  • 25. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 25  Cancellation of coverage based on your insurer’s claim that you gave false or incomplete information when you applied for coverage What are my rights in an external review? Insurance companies in all states must participate in an external review process that meets the consumer protection standards of the health care law. State: Your state may have an external review process that meets or goes beyond these standards. If so, insurance companies in your state will follow your state’s external review processes. You’ll get all the protections outlined in that process. Federal: If your state doesn’t have an external review process that meets the minimum consumer protection standards, the federal government’s Department of Health and Human Services (HHS) will oversee an external review process for health insurance companies in your state. Depending on your plan and where you live, the following may apply to you:  Insurance companies may choose to participate in an HHS-administered process or contract with independent review organizations in states where the federal government oversees the process.  If you’re in an employer-sponsored health plan, you may not be eligible to participate in a state-run external review process.
  • 26. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 26  If your plan doesn’t participate in a state or HHS- administered external review process, your health plan must contract with an independent review organization. How do I learn more about my state’s external review?  Look at the information on your Explanation of Benefits (EOB) or on the final denial of the internal appeal by your health plan. It’ll give you the contact information for the organization that will handle your external review.  See this state list maintained by the HHS’s Center for Consumer Information & Insurance Oversight. How long does external review take? Standard external reviews are decided as soon as possible - no later than 60 days after the request was received.If my health insurance company participates in the HHS-administered external review process, how do I request an external appeal?  Submit a request via email: disputedclaim@opm.gov  Visit www.externalappeal.com. In the future, you’ll be able to file a request using a secure website. Health Insurance
  • 27. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 27 What is health insurance? Presenting the IDBI Federal Healthsurance Hospitalisati on and Surgical Plan. If you’re aged 18 years to 55 years and currently in good health, this new insurance plan is designed to help you manage the extra financial burden that comes with hospitalisation, by providing a wide range of attractive benefits. Here are the few reasons why you should include Healthsurance in your financial plan. Don’t say it will not happen to me Every year, millions of adults in India are admitted to hospitals due to illness or injury. Even if you think it will not happen to you, there is unfortunately a very real chance that it will.
  • 28. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 28 The costs involved in even the shortest hospital stay can be difficult to meet for many individuals and families. On top of the costs of the treatment itself, household bills still need to be paid and there could be extra costs to cover, such as travel expenses for family visits and additional childcare costs. That’s why IDBI Federal Life Insurance Co. Ltd. Developed the IDBI Federal Healthsurance Hospitalisation and Surgical Plan. If you are aged 18 years to 55 years and currently in good health, this new insurance plan is designed to help you manage the extra financial burden that comes with hospitalisation, by providing a wide range of attractive benefits. A health plan without the headache Every year, millions of adults in India are admitted to hospitals due to illness or injury. With the sharp rise in lifestyle diseases in the country, hospitalization has now become a real chance for most of us. Yet, when you bring up hospitalization, “It won’t happen to me!” is the typical response from people at large. It is this insight that helped us create IDBI Federal Healthsurance® Hospitalisation and Surgical Plan. This new insurance plan offers a host of features and benefits that are designed to help you manage the extra financial burden that comes with hospitalisation. Why Healthsurance?
  • 29. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 29 The costs involved in even the shortest hospital stay can be difficult to meet for many individuals and families. Apart from the costs of the treatment itself, household bills still need to be paid and there could be extra costs to cover, such as travel expenses for family visits or additional childcare costs. You need a plan to help you to manage this extra financial burden. Advantage of Healthsurance IDBI Federal Healthsurance Hospitalisation and Surgical Plan is a power packed plan with loads of benefits that aim to keep you tension free.  Daily hospital cash benefit paid for each day (24 hours) spent in an eligible hospital (from day 2 onwards): Rs. 500, Rs. 1,000, Rs. 1,500 or Rs. 2,000 depending on your choice of benefit level  Higher daily hospital cash benefits of Rs 3,000 and Rs. 4,000 available, subject to suitable proof of income  Additional daily benefit equal to the daily hospital cash benefit, from day 2 onwards for hospitalisation in an Intensive Care Unit, (up to an overall maximum daily benefit of Rs. 5,000)  Additional lump sum surgery benefit paid if you undergo any of the wide range of surgical procedures specified in this brochure: either 50 or 100 times your chosen daily benefit, depending on the severity of the surgery
  • 30. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 30  Three times your daily hospital cash benefit paid as a lump sum convalescence benefit (maximum once per year) if your hospital stay is at least 168 continuous hours (at least 7 consecutive days)  Generous total benefit limits. Up to 500 times your daily hospital cash benefit each year; up to 2,000 times your daily hospital cash benefit over the lifetime of your policy  Cover lasts until you are aged 65 years, provided you continue to pay your premiums in the agreed manner and as long as your lifetime benefits limit (2,000 times your daily hospital cash benefit) has not been reached  Your choice of nominee, to whom any outstanding benefits will be paid, in the event of the death of the insured person  Low-cost monthly premiums that depend on your age at the outset (please see table). Your premium will never increase because of any changes in your age, health, or the number of claims you make. However, IDBI Federal Life Insurance Co. Ltd. does reserve the right (subject to IRDA approval) to increase premiums in the future across all its specified plans. Note: In this plan, "hospitalisation" means any admission in hospital upon the written advice of a medical practitioner for the purpose of necessary medical treatment of an illness or injury and resulting in an overnight stay. It’s easy to apply, and enjoy peace of mind. To apply for the protection of the IDBI Federal Healthsurance® Hospitalisation and Surgical Plan, simply choose the level of cover you require from the table below and complete the application form. Surgical procedure
  • 31. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 31
  • 32. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 32 Excluded occupations Dangerous or hazardous occupations Applications for cover will not be accepted from anyone working in any occupation described below at the time of applying. In the event of a claim whilst the insured person is active in any of these occupations, the claim will only be considered with the provision of proof that the insured person was not working in any of these occupations at the commencement date.  Working in confined spaces in vessels, tunnels, underground civil works, mines, rigs (including offshore rigs) or ships  Industrial work using heavy machinery or working as a welder  Working in the agricultural sector or as a forestry worker or as timber camp personnel  Working with toxic chemicals or explosives or in weapons manufacture or trading, or in the demolition trade  Working in transport business (unless only doing clerical work)  Working at heights (at least 20 metres above the ground or floor level)  Working as a fireman, security guard or patrolman, or as a member of the police force or serving in the armed forces
  • 33. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 33 Changing demographics are increasing the number of age discrimination claims
  • 34. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 34 Demographics are creating potential problems for employers in terms of age discrimination claims. Between the 2000 and the 2010 U.S. census, for instance, U.S. residents age 60 and older increased to 18.5% of the population from 16.3% as baby boomers increasingly moved into the senior age brackets. As the population ages, there is “going to be an increased focus” on age discrimination claims, said Diana Hoover, a partner with law firm Hoover Kernell L.L.P. in Houston. Jeffrey D. Polsky, a partner with law firm Fox Rothschild L.L.P. in San Francisco, said “The workforce is obviously aging, and when an older employee leaves the workforce, more often than not they're going to be replaced by somebody younger.” Employers “need to ... be sure that they can link to a legitimate, nondiscriminatory reason why a particular employee wasn't meeting their expectations,” he said. Global life insurance premiums  Non-life premium growth picked up to 2.6% in 2012, while life premiums resumed growth, rising by 2.3%. Overall premium volume expanded, but developments in Western Europe, China and India weighed on the result.  Premium growth will likely improve further in the near term. The gradual hardening of prices in non-life insurance is likely to broaden and deepen. In life insurance, China and India are expected to rebound in 2013. However, the weak economy in the Eurozone will remain a drag on insurance demand in the region.  Asian insurance markets will continue to rise in importance over the next 10 years. In the very long-run, projected population patterns suggest that Africa could become the next star of the industry. Non-life premium growth picked up in 2012
  • 35. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 35  Premium volume for non-life business increased by 2.6% in 2012 to USD 1 992 billion (2011: 1.9%). However, this is still less than the average pre-crisis growth rate. In emerging markets, non-life premiums expanded by 8.6% in 2012 (2011: 8.1%). The recovery in the advanced markets gained momentum with growth picking up to 1.5% (2011: 0.9%), the fourth consecutive year of rising premiums following the decline in 2008.  Daniel Staib, one of the authors of the study, says: "Premium growth held up well given the challenging economic environment. The non-life market was supported by steady increases in risk exposures in emerging markets and by selective premium rate increases in some advanced markets, particularly in Asia."
  • 36. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 36 Penetration The Insurance Regulatory and Development Authority (IRDA) has informed that the total insurance penetration, which is the ratio of insurance premium as a percentage of GDP has increased from 2.32 in 2000-01 to 5.10 in 2010- 11. The life insurance penetration has decreased from 4.60 in 2009-10 to 4.40 in 2010-11, whereas the non-life insurance penetration has increased from 0.60 in 2009-10 to 0.71 in 2010-11. The insurance penetration is impacted by several macro-economic factors such as growth, inflation, interest rates, small savings return and returns of
  • 37. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 37 competing financial products offered by banks and mutual funds. The IRDA undertakes a sustained insurance education campaign under the brand name Bima Bemisaal. The campaign seeks to educate the uninsured and the insured about the need for insurance, rights, obligations of policyholders etc through various media channels viz. print, radio and television. IRDA also supports consumer bodies in conducting seminars and workshops on insurance in various parts of the country in order to create awareness about insurance. The Bima Bemisaal campaign is carried out in various Indian languages including Hindi, apart from English. IRDA has also brought out educational material for the public and policyholders. Further, to create awareness, IRDA over the last two years has started conducting yearly seminars exclusively on policyholder protection and welfare that brings together all stakeholders including consumer representatives. This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Rajya Sabha today. Indian pension funds total assets Pension funds, those stalwarts of conservative investment, are continuing to move into alternative assets faster than any other kind of investor, according to data gathered in 2012. “We have always asked managers to report total assets under management and, as compared with last year, it has remained relatively stable, with pension funds accounting for about a third of total assets under management,” says Luba Nikulina, global head of private markets research. In addition, this year the survey investigated wealth managers, banks and funds of funds for the first time. This yielded a large part that had been missing from the jigsaw. Wealth managers, it transpires, are the second-
  • 38. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 38 largest investor type after pension funds, accounting for 19 per cent of assets held by the top 100 managers. The survey, which reveals an ever more complete picture of investor preferences, yields some data that stand out. For example, most investors have either very little or no exposure to direct commodities funds, but wealth managers allocated 22 per cent of their assets to this class. “This is a big surprise,” says Mr Rajan. “But I suspect the figure is focused on gold held by Asian wealth managers, especially in India.” He adds that many investors ask funds of funds to run separate accounts for them, which would still show as a funds of funds choice in this survey. Increasingly, investors are making choices about direct funds themselves, and not just because it is cheaper to do so. Achieving goals, exceeding expectations A modernized life insurance platform can help achieve a number of critical objectives, including:  Reduced operational costs. Legacy platforms are expensive to maintain and upgrade. A modern platform can typically reduce IT operating costs by 20 to 30 percent, application and infrastructure costs by 25 percent, and service costs per policy by 30 percent.  Improved speed to market. Platform modernization allows life insurers to swiftly modify existing products and launch new ones, reducing the time to market by two to six months.  Efficiently provide new, innovative services. Consumers want a variety of channels when interacting with their insurer. An optimized platform replaces product silos with a customer-centric operating model, improving transparency and convenience.  Be technologically nimble and cost effective. Modern systems bring advantages like service-oriented architecture (SOA) compliance, the ability to reuse common services, and quicker transaction time. They also deliver an integrated multi-channel distribution capability.  Improve underwriting and pricing accuracy. Modern systems help insurers gain a better understanding of the risks they cover by providing
  • 39. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 39 more sophisticated analytics and a more flexible and robust underwriting rules capability.  Reduce business and IT risk. Modern platforms are better able to report on risk and comply with regulatory requirements. The below charts illustrate the typical benefits of platform modernization: Most insurers recognize that they need an optimized operating platform to meet these objectives—yet so many are still reliant on old systems.
  • 40. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 40 Market segmentation Market Segmentation This document prepared and presented by Business Resource Software, Inc. Market segmentation the purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are most likely to purchase your offering. If done properly this will help to insure the highest return for your marketing/sales expenditures. Depending on whether you are selling your offering to individual consumers or business, there are definite differences in what you will consider when defining market segments. Category of Need The first thing you can establish is a category of need that your offering satisfies. The following classifications may help. For businesses strategic: your offering is in some way important to the enterprise mission, objectives and operational oversight. For example, a service that helped evaluate capital investment opportunities would fall into this domain of influence. The purchase decision for this category of offering will be made by the prospect's top level executive management. Operations - your offering affects the general operating policies and procedures. To reach different markets or to promote your products to different locations or people one has to use a method called market segmentation. "Market segmentation describes the division of a market into homogenous groups which will respond differently to promotions, communications, advertising and other marketing mix variable" (Cumming). Market segmentation is extremely important for companies around the world. If a company doesn't research the area in which they are going to market or they put a product that is either to expensive or to elaborate in an area that can't afford that then they will fail as a company. In my paper I will discussion why market segmentation is used in around the world, the types of segmentation, some techniques used to make segmentation work the
  • 41. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 41 best. Market segmentation is to divide the market into smaller segments. The reason for dividing the market is to make it easier to address the needs of smaller groups of customers, particularly if they have many characteristics in common (Breen). It is easier if you find things in common that are the same such age, gender, benefits, lifestyles, etc. We also use market segmentation to find niches or to identify under-served or un-served markets. "Using niche marketing, segmentation can allow a new company or new product to target less contested buyers and help a mature product seek new buyers" (Cumming). Niche marketing can also take a normally large, identifiable group within a market break it into sub groups so marketing can become easier. Niching offers smaller companies an opportunity to compete by forcing their limited resources on serving niches that may be unimportant to or overlooked by larger competitors (Mariotti). In many markets today, niches are normal, as agency executive observed, "There will be no market for products that everybody likes a little, and only for products that somebody likes a lot (Mariotti). Market segmentation is also used to be efficient. Insurance distribution: Marketing of insurance products is done through two channels: Resistance to insurance:
  • 42. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 42 Lower Health Insurance Premiums to Come at Cost of Fewer Choices: WASHINGTON — Federal officials often say that health insurance will cost consumers less than expected under President Obama’s. But they rarely mention one big reason: many insurers are significantly limiting the choices of doctors and hospitals available to consumers. When insurance marketplaces open on Oct. 1, most of those shopping for coverage will be low- and moderate- income people for whom price is paramount. To hold down costs, insurers say, they have created smaller networks of doctors and hospitals than are typically found in commercial insurance. And those health care providers will, in many cases, be paid less than what they have been receiving from commercial insurers. Some consumer advocates and health care providers are increasingly concerned. Decades of experience with, the program for low-income people, show that having an insurance card does not guarantee access to specialists or other providers. Consumers should be prepared for “much tighter, narrower networks” of doctors and hospitals, said Adam M. Linker, a health policy analyst at the North Carolina Justice Center, a statewide advocacy group. “That can be positive for consumers if it holds down premiums and drives people to higher-quality providers,” Mr. Linker said. “But there is also a risk because, under some health plans, consumers can end up with astronomical costs if they go to providers outside the network.” Insurers say that with a smaller array of doctors and hospitals, they can offer lower-cost policies and have more control over the quality of health care providers. They also say that having insurance with a limited network of providers is better than having no coverage at all.
  • 43. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 43 “The networks will be narrower than the networks typically offered to large groups of employees in the commercial market,” said Joseph Mondy, a spokesman for Cigna. The current concerns echo some of the criticism that sank the Clinton administration’s plan for universal coverage in 1993-94. Republicans said the Clinton proposals threatened to limit patients’ options, their access to care and their choice of doctors. At the same time, House Republicans are continuing to attack the new health law and are threatening to hold up a spending bill unless money is taken away from the health care program. In a new study, the Health Research Institute of PricewaterhouseCoopers, the consulting company, says that “insurers passed over major medical centers” when selecting providers in California, Illinois, Indiana, Kentucky and Tennessee, among other states. “Doing so enables health plans to offer lower premiums,” the study said. “But the use of narrow networks may also lead to higher out-of-pocket expenses, especially if a patient has a complex medical problem that’s being treated at a hospital that has been excluded from their health plan.” In California, the statewide Blue Shield plan has developed a network specifically for consumers shopping in the insurance exchange. Juan Carlos Davila, an executive vice president of Blue Shield of California, said the network for its exchange plans had 30,000 doctors, or 53 percent of the 57,000 doctors in its broadest commercial network, and 235 hospitals, or 78 percent of the 302 hospitals in its broadest network. Mr. Davila said the new network did not include the five medical centers of the University of California or the Cedars-Sinai Medical Center near Beverly Hills. “We expect to have the broadest and deepest network of any plan in California,” Mr. Davila said. “But not many folks who are uninsured or near the poverty line live in wealthy communities like Beverly Hills.”
  • 44. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 44 Daniel R. Hawkins Jr., a senior vice president of the National Association of Community Health Centers, which represents 9,000 clinics around the country, said: “We serve the very population that will gain coverage — low- income, working class uninsured people. But insurers have shown little interest in including us in their provider networks.” Dr. Bruce Siegel, the president of America’s Essential Hospitals, formerly known as the National Association of Public Hospitals and Health Systems, said insurers were telling his members: “We don’t want you in our network. We are worried about having your patients, who are sick and have complicated conditions.” In some cases, Dr. Siegel said, “health plans will cover only selected services at our hospitals, like trauma care, or they offer rock-bottom payment rates.” In New Hampshire, Anthem Blue Cross and Blue Shield, a unit of WellPoint, one of the nation’s largest insurers, has touched off a furor by excluding 10 of the state’s 26 hospitals from the health plans that it will sell through the insurance exchange. Christopher R. Dugan, a spokesman for Anthem, said that premiums for this “select provider network” were about 25 percent lower than they would have been for a product using a broad network of doctors and hospitals. Anthem is the only commercial carrier offering health plans in the New Hampshire exchange. Peter L. Gosline, the chief executive of Monadnock Community Hospital in Peterborough, N.H., said his hospital had been excluded from the network without any discussions or negotiations. “Many consumers will have to drive 30 minutes to an hour to reach other doctors and hospitals,” Mr. Gosline said. “It’s very inconvenient for patients, and at times it’s a hardship.” State Senator Andy Sanborn, a Republican who is Chairman of the Senate Commerce Committee, said, “The people of New Hampshire are really upset about this.”
  • 45. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 45 Many physician groups in New Hampshire are owned by hospitals, so when an insurer excludes a hospital from its network, it often excludes the doctors as well. David Sandor, a vice president of the Health Care Service Corporation, which offers Blue Cross and Blue Shield plans in Illinois, Montana, New Mexico, Oklahoma and Texas, said: “In the exchange, most individuals will be making choices based on costs. Our exchange products will have smaller provider networks that cost less than bigger plans with a larger selection of doctors and hospitals.” Premiums will vary across the country, but federal officials said that consumers in many states would be able to buy insurance on the exchange for less than $300 a month — and less than $100 a month per person after taking account of federal subsidies. “Competition and consumer choice are actually making insurance affordable,” Mr. Obama said recently. Many insurers are cutting costs by slicing doctors’ fees. Dr. Barbara L. McAneny, a specialist in Albuquerque, said that insurers in the New Mexico exchange were generally paying doctors at levels, which she said were “often below our cost of doing business, and definitely below commercial rates.” Outsiders might expect insurance companies to expand their networks to treat additional patients next year. But many insurers see advantages in narrow networks, saying they can steer patients to less expensive doctors and hospitals that provide high-quality care. Even though insurers will be forbidden to discriminate against people with pre-existing conditions, they could subtly discourage the enrollment of sicker patients by limiting the size of their provider networks. Managing information: Managing information is a main fact that conduct the insurance policy holder’s trust. Managing information is always supervise the agents services
  • 46. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 46 it is supervise the branch – manager’s faith it also include the policyholder’s life insurance risks and Katter their grand faith in – behalf of the life insurance company. The best example of managing in India: 5000 dabbawalas like him manage to deliver to lunch to cover 200,000 mumbaikares on time. Two main fact that conduct the managing information in life insurance business in the world:  Hardware,  Software. Hardware: Computer hardware is the collection of physical elements that constitute a computer system. Computer hardware refers to the physical parts or components of a computer such as monitor, keyboard, Computer data storage, hard drive disk, mouse, system unit (graphic cards, sound cards, memory, motherboard and chips), etc. all of which are physical objects that you can actually touch. In contrast, software is untouchable. Software exists as ideas, application, concepts, and symbols, but it has no substance. A combination of hardware and software forms a usable computing system. Software:
  • 47. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 47 Computer software, or just software, is any set of machine-readable instructions that directs a computer's processor to perform specific operations. The term is used to contrast with computer hardware, the physical objects (processor and related devices) that carry out the instructions. Computer hardware and software require each other and neither can be realistically used without the other. Software is a general term. It can refer to all computer instructions in general, or to any specific set of computer instructions. It is inclusive of both machine instructions (the binary code that the processor "understands") and source code (more human-understandable instructions that must be rendered into machine code by compilers or interpreters before being executed). What is IRDA:
  • 48. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 48 MISSION STATEMENT OF THE AUTHORITY: To protect the interest of and secure fair treatment to policyholders; To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy; To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates; To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery; To promote fairness, transparency and orderly conduct in financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players; To take action where such standards are inadequate or ineffectively enforced; To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the requirements of prudential regulation. IRDA’s members: 1. A Chairman, 2. Five whole – time members, 3. Four part – time members. Duties, powers and functions of irda
  • 49. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 49 Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA. Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. 1. Without prejudice to the generality of the provisions contained in sub- section (1), the powers and functions of the Authority shall include, - o issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; o protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; o specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents o Specifying the code of conduct for surveyors and loss assessors; o Promoting efficiency in the conduct of insurance business; o promoting and regulating professional organisations connected with the insurance and re-insurance business; o Levying fees and other charges for carrying out the purposes of this Act; o calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; o Control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938); o Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; o Regulating investment of funds by insurance companies; o Regulating maintenance of margin of solvency; o adjudication of disputes between insurers and intermediaries or insurance intermediaries; o supervising the functioning of the Tariff Advisory Committee;
  • 50. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 50 o specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f); o specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and o exercising such other powers as may be prescribed PROFILES OF TOP MANAGEMENT Profile of Mr.T S Vijayan Ref: Mr.T.S.Vijayan Date: 27-02-2013 Chairman, IRDA T S Vijayan, Chairman Mr. T S Vijayan took charge as Chairman of Insurance Regulatory & Development Authority of India on 21st February 2013. Before assuming charge as Chairman, IRDA, Mr. Vijayan worked in various capacities in the Life Insurance Corporation of India and took over as its Chairman in 2006. He took charge as Chairman of LIC when competition was at its peak upon opening of insurance sector in 2001. He steered LIC deftly through the changing scenario and with him at the helm of affairs, LIC has grown from strength to strength. His career in Life Insurance Corporation of India (LIC) started as a Direct Recruit Officer in the year 1977 and some of the important assignments held by him were Managing Director of LIC, Executive Director (IT & BPR), Director & Chief Executive of LICHFL Carehomes. His specialization includes Information Technology, HR & Marketing. As the first Director &
  • 51. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 51 Chief Executive of LICHFL Carehomes, a subsidiary of LIC, he was instrumental in designing systems for a new venture of community living centres for senior citizens. He was the architect of the concept of Satellite Offices in LIC which brought about a revolution in customer service. He attended several national and international seminars in the areas of Information Technology, Strategic Management, Corporate Governance, Financial Management, Value creation in Service industry etc. He has received extensive training in Business Schools like Indian School of Business and apex training institutes like NIA, MDC etc. He is on the board of many Financial Institutions in the country. Mr. T S Vijayan pursued his education in Kerala and holds a special graduate degree from Kerala University. He also holds a Diploma in Management. He has a passion for enhancing insurance awareness and making insurance affordable to all sections of the population. Mr. Thai Salas Vijayan was born on 25th February 1953 at Kalliyoor, Kerala to Mr. Salas and Mrs. Loise Thai. His spouse’s name is Mrs. Gladis Vijayan and they have a daughter and a son. Profiles of Top Management Date Ref. No Title Short Description 20-05-2013 Member (Distribution) Profile Mr. D D Singh Member (Distribution) 01-05-2012 Member (Life) Profile Mr. Sudhin Roy Chowdhury Member (Life) 11-10-2010 Member (Non-Life) Profile of Mr. M Rama Prasad, Member (Non-Life) 26-03-2010 Member ( F & I ) Profile Mr. Radhakrishnan Nair, Member ( F & I ) Profile Ref: Member (Distribution) Date: 20-05-2013
  • 52. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 52 Mr. D D Singh Member (Distribution) Mr. D D Singh joined Insurance Regulatory and Development Authority (IRDA) as a whole-time Member (Distribution), on 20th May, 2013. Prior to joining IRDA, Shri D.D Singh was Zonal Manager LIC of India South Zone Chennai; and was in charge of Insurance Activities of the Life Insurance behemoth LIC of India in the states of Tamilnadu Kerala & Pondicherry. Shri D D Singh was also Zonal Manager of South Central Zone earlier and was in charge of Insurance Activities of LIC of India in Andhra Pradesh & Karnataka states. Mr. D.D Singh joined Life Insurance Corporation as a Direct Recruit Officer in 1977. He has experience in Marketing for more than 16 years and in Information Technology for more than a decade. He had set up the Health Insurance Department in LIC of India and was the first Executive Director of Health Insurance Department in LIC of India. Shri D.D Singh holds Masters Degree in Public Administration and Masters in Business Administration with specialization in Marketing. He has attended various training sessions organized in India & abroad including Training at Indian Institute of Management Lucknow; Indian School of Business in Hyderabad; Foundation for Advancement of Life & Insurance around the World (FALIA) Japan; Mr. D.D Singh is an avid reader of books and has interest in music. Profile
  • 53. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 53 Ref: Member (Life) Date: 01-05-2012 Mr. Sudhin Roy Chowdhury Member (Life) Mr. Sudhin Roy Chowdhury joined Insurance Regulatory and Development Authority (IRDA) as a whole-time Member (Life), on 28th March, 2012. Prior to joining IRDA, he was Executive Director (Mktg), LIC of India; and was in charge of all activities associated with marketing in the life insurance behemoth. Mr. Roy Chowdhury joined Life Insurance Corporation as a direct recruit officer in 1977 and has working experience in marketing as well as servicing in both India and abroad. He served in different capacities in LIC and was instrumental in opening up of the insurance sector to people of all nationalities in the Kingdom of Bahrain as well as other GCC Countries. He was a visiting faculty at several training institutes; and was instrumental in several training activities of personnel in LIC; and had a big role in computerization of several branches. He has also served as Executive Director (Personnel/HRD/OD/OIC), Central Office, Mumbai before taking over as CEO & MD of LIC (International) B.S.C. © Bahrain, and also in charge of life insurance operations in all the GCC Countries. He did his Bachelor’s in Physics (Hon’s) and also completed Masters in Business Administration. Shri Roy Chowdhury has attended various national as well as international training sessions organized by Indian Institute of Management Kolkata; Asian Institute of Management, Manila (Philippines); Insurance Training Institute Falia, Japan; and the Indian School of Business in Hyderabad. He has to his credit extensive participation/presentations at several domestic and international seminars. He was a spokesperson at the World Economic Forum at Bahrain on the topic of life insurance. He is committed for excellence in work and delivering results. He was awarded the Rajiv Gandhi Sadbhavana Award for being the best ‘Life Insurance Executive’ for the year 2010. Mr. Roy Chowdhury has been a great reader of books at every stage of his life. He loves to play Table Tennis, Football and Cricket; and takes a keen
  • 54. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 54 interest in music across all genres, although he has a special liking to Rabindra Sangeet. Profile of Mr. M Rama Prasad, Member(Non-Life) Ref: Member (Non-Life) Date: 11-10-2010 Member (Non-Life) Mr. M Rama Prasad joined as Member (Non-Life), Insurance Regulatory and Development Authority (IRDA) on October 11, 2010. Earlier, he was General Manager in General Insurance Corporation of India (GIC Re), in-charge of reinsurance arrangements both for domestic and foreign inward businesses emanating from markets other than the countries where GIC Re has its branches. Mr. Rama Prasad joined general insurance industry as Direct Recruit Officer in 1978 and after completion of one year training in the College of Insurance, Mumbai, was attached to National Insurance Company. He served National Insurance Co., in operational areas serving in various capacities till 1997. He served in the head office of National Insurance Co., as the in-charge of underwriting and claims particularly in the property and casualty insurance. He also looked after reinsurance requirements of the company during this period. Mr. Rama Prasad is a Post Graduate in Statistics from the University of Madras and also an Associate of Insurance Institute of India. He has served as a technical member in Fire and Engineering sub-committees of TAC. He has been a visiting faculty in National Insurance Academy, Pune; and Insurance Institute of India, Mumbai. He is an avid reader of books and a great music lover. His interest in music is across all forms; he is, however, particularly interested in South Indian classical music. Profile
  • 55. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 55 Ref: Member ( F & I ) Date: 26-03-2010 Mr. Radhakrishnan Nair, Member ( F & I ) Sri Radhakrishnan Nair joined as Member (F&I), Insurance Regulatory and Development Authority (IRDA) on March 18, 2010. Earlier, he was Executive Director, Securities and Exchange Board of India (SEBI), In-charge of Investment Management Department, Corporate Debt Department, Research Department, Office of the Investor Assistance & Education, SEBI Board Matters and General Services Department. His previous responsibilities include Integrated Surveillance Department, Chief Vigilance Officer, Chief Public Information Officer, Information Technology Department and Human Resources Development Department. A career banker, Mr. Nair joined Corporation Bank as Officer Trainee in 1976 and rose up to being General Manager of Recovery Management Division, Credit Risk Management Division, Priority Sector Lending Department, Legal Affairs Department etc, in 2003. His other important assignments were Managing Director, Corp Bank Securities Limited; Dy. General Manager, Investments and International Banking Division; Regional Manager, Mumbai, Kerala and Chief Manager, Bandra (W); Ahmedabad Main Branch, Gandhi Nagar. He has wide experience in core banking operations, development banking, treasure operations (money, debt, equity, foreign exchange and commodities markets). Mr. Nair is a keen trainer and Faculty on the topic of ‘Development of Money and Debt Markets in India’; ‘Role of Primary Dealers in Market Development’ and ‘Managing Public Debt’. He delivered several lectures at National Institute of Bank Management (NIBM), Pune; National Insurance Academy (NIA), Pune; Bankers’ Training College (BTC), Reserve Bank of India, Mumbai; Bombay Stock
  • 56. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 56 Exchange (BSE) Training Centre, Mumbai; UTI Institute of Capital Markets, Mumbai; JNIDB, Hyderabad; National Academy of Audit and Accounts, himla etc. Mr. Nair served in various international and national committees including the IOSCO Committee on Investment Management, Private Equity, Investor Compensation & Protection, Public Debt Office, Development of South Asian Bond Market and Infrastructure Financing Municipal Bond Markets. The new regulations for Disclosure & Issue of Debt Securities, Securitized Debt, implementation of report of the High Level Expert Committee on Corporate Bonds; and Securitization and Operationalizing the Investor Education & Protection Fund were among his significant contribution to the development of Capital Market. Mr. Nair is a Post Graduate in Science, Law and Management; and has a diploma in securities laws from the Government Law College, Mumbai. Mr. Nair is a keen wild life activist and is associated with Bombay Natural History Society, Mumbai. He is an avid reader and has an interest in Chinese Astrology and Cricket. Addresses of Offices of IRDA Addresses of Offices of IRDA Head Office : Insurance Regulatory and Development Authority 3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004 Andhra Pradesh (INDIA ) Ph: (040) 23381100 Fax: (040) 6682 3334 Delhi Office: Insurance Regulatory and Development Authority Delhi Office – Gate No. 3 Jeevan Tara Building, First Floor
  • 57. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 57 Sansad Marg, New Delhi-110001 Ph: (011) – 2374 7648 Fax: (011) 2374 3397 Contact information: To enable effective monitoring of Policyholder protection Regulations and Grievance Guidelines and turn around times thereby mandated, as well as to create a central repository of industry-wide insurance grievances’ data, IRDA has implemented the Integrated Grievance Management System (IGMS). IGMS provides a gateway for policyholders to register complaints with insurance companies first and if need be escalate them to the IRDA Grievance Cells. IGMS is a comprehensive solution which not only has the ability to provide a centralized and online access to the policyholder but complete access and control to IRDA for monitoring market conduct issues of which policyholder grievances are the main indicators. It uses Web interface to ensure that it is accessible at all places and is on real time. It has also a mechanism to capture complaints received in physical as well as email form or voice calls received by IRDA Grievance Call centre (IGCC). IRDA Grievance Call Centre (IGCC) can be accessed through o a toll free number 155255 for voice calls o complaints@irda.gov.in The IGCC also provides details of the redressal systems of insurance companies whenever policyholders require them. Further, the IGCC also educates policyholders about the Insurance Ombudsman who provides a channel for fair disposal of complaints falling within the jurisdiction laid down. How IGMS works: Policy holder needs to login in to www.igms.irda.gov.in and create a profile for registering a complaint. Policy holders can register one or more complaints. Once the policy holder registers in to IGMS then details of complaint are passed on to respective insurance companies. Policy holder can see the details of the branch offices of the insurance company while registering the complaint. Policy holder receives the confirmation email after registering the complaint along with IRDA token no which will be used by IRDA and Insurance Company for tracking of the complaint through IGMS. A complaint registered through IGMS flows to the insurer’s system as well as the IRDA repository. If the complainant is not satisfied with the resolution provided by Insurer, he/she can escalate the complaint for a review by IRDA for a potential violation of
  • 58. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 58 Regulations. All the transactions between the Insurer, Insured and Remarks by IRDA are visible to the complainant. Address for communication for complaints by paper/fax: Consumer affairs Department, Insurance Regulatory and Development Authority,9th Floor, United Towers, Basheer bagh, Hyderabad -500 029 Fax 91 – 40 – 66789768 History of insurance in India In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya ( Arthasastra ). The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular. 1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies. In 1914, the Government of India started publishing returns of Insurance Companies in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers.
  • 59. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 59 The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business. An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a legacy of British occupation. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business. 1957 saw the formation of the General Insurance Council, a wing of the Insurance Association of India. The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices. In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also set up then. In 1972 with the passing of the General Insurance Business (Nationalization) Act, general insurance business was nationalized with effect from 1st January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1sst 1973. This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially. In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector. The objective was to
  • 60. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 60 complement the reforms initiated in the financial sector. The committee submitted its report in 1994 where in, among other things, it recommended that the private sector be permitted to enter the insurance industry. They stated that foreign companies be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002. Today there are 24 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 23 life insurance companies operating in the country. The insurance sector is a colossal one and is growing at a speedy rate of 15- 20%. Together with banking services, insurance services add about 7% to the country’s GDP. A well-developed and evolved insurance sector is a boon for economic development as it provides long- term funds for infrastructure development at the same time strengthening the risk taking ability of the country. Over view of IDBI Federal Life insurance Co. Ltd.:
  • 61. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 61 Company profile: IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Purpose. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. . Having started in March 2008, in just five months of inception, IDBI Federal became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. Through a continuous process of innovation in product and service delivery IDBI Federal aims to deliver world- class wealth management, protection and retirement solutions that provide value and convenience to the Indian customer. The company offers its services through a vast nationwide network of 2137 partner bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 28th February 2013, the company has issued over 8.65 lakh policies with a sum assured of over Rs. 26,591Cr. IDBI Federal today is recognized as a customer-centric brand, with an array of awards to their credit. They have been awarded the PMAA Awards (2009) for best Dealer/Sales force Activity, EFFIE Award (2011) for effective advertising, and conferred with the status of ‘Master Brand 2012-13’ by the CMO Council USA and CMO Asia.
  • 62. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 62 IDBI Bank IDBI Bank Ltd. is a Universal Bank with its operations driven by a cutting edge core Banking IT platform. The Bank offers personalized banking and financial solutions to its clients in the retail and corporate banking arena through its large network of Branches and ATMs, spread across length and breadth of India. We have also set up an overseas branch at Dubai and have plans to open representative offices in various other parts of the Globe, for encasing emerging global opportunities. As on March 31, 2011, the Bank had a network of 816 Branches and 1372 ATMs. The Bank's total business, during Fey 2010-11, reached Rs. 3,37,584 Crore, Balance sheet reached Rs. 2,53,377 Crore while it earned a net profit of Rs. 1650 Crore (up by 60%). IDBI Bank Ltd. is today one of India's largest commercial Banks. For over 40 years, IDBI Bank has essayed a key nation-building role, first as the apex Development Financial Institution (DFI) (July 1, 1964 to September 30, 2004) in the realm of industry and thereafter as a full-service commercial Bank (October 1, 2004 onwards). As a DFI, the erstwhile IDBI stretched its canvas beyond mere project financing to cover an array of services that contributed towards balanced geographical spread of industries, development of identified backward areas, emergence of a new spirit of enterprise and evolution of a deep and vibrant capital market. On October 1, 2004, the erstwhile IDBI Bank converted into a Banking company (as Industrial Development Bank of India Limited) to undertake the entire gamut of Banking activities while continuing to play its secular DFI role. Post the mergers of the erstwhile IDBI Bank with its parent company (IDBI Ltd.) on April 2, 2005 (appointed date: October 1, 2004) and the subsequent merger of the erstwhile United Western Bank Ltd. with IDBI Bank on October 3, 2006, the tech-savvy, new generation Bank with majority Government shareholding today touches the lives of millions of Indians through an array of corporate, retail, SME and Agri products and services. Headquartered in Mumbai, IDBI Bank today rides on the back of a robust business strategy, a highly competent and dedicated workforce and a state-of-the-art information technology platform, to structure and deliver personalized and innovative Banking services and customized financial solutions to its clients across various delivery channels. As on March 31, 2013 IDBI Bank has a balance sheet of Rs. 3,22,769 Crore and business size (deposits plus advances) of Rs 4,23,423 Crore. As a Universal Bank, IDBI Bank, besides its core banking and project finance domain, has an established
  • 63. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 63 presence in associated financial sector businesses like Capital Market, Investment Banking and Mutual Fund Business. Going forward, IDBI Bank is strongly committed to work towards emerging as the 'Bank of choice' and 'the most valued financial conglomerate', besides generating wealth and value to all its stakeholders. Industrial Development Bank of India Industrial Development bank of India (IDBI) was constituted under Industrial Development bank of India Act, 1964 as a Development Financial Institution and came into being as on July 01, 1964 vide Go I notification dated June 22, 1964. It was regarded as a Public Financial Institution in terms of the provisions of Section 4A of the Companies Act, 1956. It continued to serve as a DFI for 40 years till the year 2004 when it was transformed into a Bank. Industrial Development Bank of India Limited In response to the felt need and on commercial prudence, it was decided to transform IDBI into a Bank. For the purpose, Industrial Development bank (transfer of undertaking and Repeal) Act, 2003 [Repeal Act] was passed repealing the Industrial Development Bank of India Act, 1964. In terms of the provisions of the Repeal Act, a new company under the name of Industrial Development Bank of India Limited (IDBI Ltd.) was incorporated as a Govt. Company under the Companies Act, 1956 on September 27, 2004. Thereafter, the undertaking of IDBI was transferred to and vested in IDBI Ltd. with effect from the effective date of October 01, 2004. In terms of the provisions of the Repeal Act, IDBI Ltd. has been functioning as a Bank in addition to its earlier role of a Financial Institution.
  • 64. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 64 Federal Bank Federal Bank Ltd is engaged in the banking business. The Bank operates in four segments: treasury operations, wholesale banking, retail banking and other banking operations. Treasury operations include investment and trading in securities, shares and debentures. The Bank's products and services include working capital, term finance, trade finance, specialized corporate finance products, structured finance, foreign exchange, syndication services and electronic banking requirements. Federal Bank Ltd was incorporated on April 28, 1931 with the name Travancore Federal Bank Ltd. The company was established with an authorized capital of rupees five thousand at Nedumpuram, a place near Tiruvalla in Central Travancore under the Travancore Company's Act. The Bank was founded by K.P.Hormis. They started business of auction -chitty and other banking transactions connected with agriculture and industry. In May 18, 1945, the registered office of the Bank was shifted to Aluva. They opened their first branch at Aluva and commenced operations. In the year 1946, they opened their second branch at Angamally. In March 24, 1947, the name of the Bank was changed to Federal Bank Ltd. In April 1947, they opened their third branch of the Bank was at Perumbavoor. In July 11, 1959, the Bank was licensed under Sec.22 of the Banking Companies Act, 1949. The Bank floated several kuries one after another. They also introduced several new deposit schemes during the same period. In the year 1964, the Bank took over the assets and liabilities of the Chalakudy Public Bank Ltd, The Cochin Union Bank Ltd and The Alleppey Bank Ltd. In the year 1965, the St.George Union Bank Ltd was amalgamated merged with the Bank. In the year 1968, The Marthandom Commercial Bank Ltd was amalgamated with the Bank. In the year 1970, the Bank became a Scheduled Commercial Bank. In the year 1973, the Bank became an Authorized Dealer in Foreign Exchange and the International Banking Department of the bank was started functioning from Mumbai. In the year 1975, the Bank opened 53 branches. In the year 1976, they opened 42 branches. In the year 1982, the Bank shifted the International Banking Department to Cochin as part of consolidation and centralization of activities. As part of the organization redesigning recommended by National Institute of Bank Management (NIBM), the Agricultural Finance Department was set up in
  • 65. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 65 head office in November 1984. In July 1985, the Bank set up Personnel and Industrial Relations Department. Also, they installed the first Advanced Ledger Posting Machine (ALPM-a Wipro banker) at Br.Aluva-Bank Junction branch. In the year 1987, they inaugurated the administrative building complex. In the year 1989, the Bank entered into the Merchant Banking Operations. In March 1994, the Bank came out with the public issue. In February 17, 1997, the bank inaugurated their first ATM at Ernakulum North. In the year 2000, the Bank started their Any Where Banking (ABB) at Bangalore connecting all branches located in the Bangalore metro. They launched Depository Services in association with NSDL. Also, they commenced Internet Banking under the name of 'Fed Net' with software support from Infosys Technologies Ltd. They entered into marketing pacts with some commercial agencies for their E-commerce business. In the year 2001, the bank made a tie up with Escortel Communications to launch mobile banking services using SMS technology. Also, they launched a new deposit scheme christened as 'Suraksha' for senior citizens. The bank became a member of INFINET, the financial network supported by RBI. In February 2002, they set up full-fledged systems for the RBI's Negotiated Dealing Systems (NDS) at the Funds & Investment Branch in Mumbai, enabling online trading in securities. In the year 2003, the Bank unveiled the Anywhere Banking that provided the convenience of doing transactions from 300-plus interconnected branches. In the year 2004, the Bank obtained the level of 100% interconnectivity among all their branches. Also, they launched an Equity Subscription Scheme, a new retail product for financing the IPOs and public issue applications of their own customers. The Bank joined hands with ICICI Prudential Life Insurance Company Ltd for premium collection through their branches and introduced new Fed e-Pay services. In the year 2005, JRG Securities Ltd forged an alliance with the Bank for providing loans for subscribing to initial public offers (IPOs). The bank emerged as the first bank in India to offer Real Time Gross Settlement (RTGS) across all of their branches. In September 2, 2006, Ganesh Bank was amalgamated with the Bank and the 32 branches of erstwhile Ganesh Bank of Kurundwad Ltd were successfully integrated to bank's network. During the period of 2006-07, the Bank entered into a joint venture agreement with IDBI Ltd & Fortis Insurance International N V for incorporating a Life Insurance Company
  • 66. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 66 under the name of IDBI Fortis Life Insurance Company Ltd. During the year 2007-08, the Bank opened their Representative office at Abu Dhabi, Capital of UAE for the gateway of the bank to the whole of Middle East and also as an interface between their existing customers of GCC countries and its Branches /Offices in India. In March 2008, the Bank's joint venture life insurance company, IDBI Fortis Life Insurance Company Ltd commenced their operation. During the year 2009-10, the Bank opened 60 new branches and 115 new ATM centres. During the year 2010-11, they opened 71 new branches and 73 new ATMs. As on March 31, 2011, the total number of branches and ATMs of the Bank increased to 743 and 805 respectively, as against 672 and 732 in the last financial year. As of March 31, 2011, the Bank had two A category branches and 78 branches designated as B category for handling the foreign exchange business. Ageas Ageas is an international insurance group with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen
  • 67. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 67 to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player through AG Insurance. In the UK, Ageas has a strong presence as the fourth largest player in private car insurance and the over 50’s market. Ageas employs more than 13,000 people in the consolidated entities and over 20,000 in the non-consolidated partnerships and has annual inflows of more than EUR 21 billion. Ageas is an international insurance group with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player through AG Insurance. In the UK, Ageas has a strong presence as the fourth largest player in private car insurance and the over 50’s market. Ageas employs more than 13,000 people in the consolidated entities
  • 68. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 68 and over 20,000 in the non-consolidated partnerships and has annual inflows of more than EUR 21 billion. Milestones Vision To be the leading provider of wealth management, protection and retirement solutions that meets the needs of our customers and adds value to their lives. March 2008 IDBI Federal starts operations with two products – Homesurance & Wealthsurance. August 2008 IDBI Federal becomes one of the fastest growing new life insurers to collect premiums worth Rs 100 crores. October 2008 IDBI Federal launches Bondsurance January 2009 IDBI Wealthsurance Cup 2009 – India v/s Sri Lanka held in Sri Lanka. March 2009 collected premium of over 328 corers and 87,000 policies and a Sum assured of Rs 2825 crores since inception Launches Retirements & Termsurance Grameen Suraksha November 2009 IDBI Federal launches Incomesurance March 2010 Launches Incomesurance Endowment & Money Back Plan, Termsurance Protection Plan & Termsurance Grameen Bachat Yojana September 2010 Launches Loansurance Group Life Plan & Healthsurance Hospitalization and Surgical Plan March 2011 Launches Retirements Guaranteed Pension plan Launches TV Campaigns for Wealthsurance – jinse bhi suna, khaeed liya, Incomesurance – guaranteed income ki bhavishyavani and Retiresurance – Monthly pension, zindgi bhar
  • 69. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 69 Mission To continually strive to enhance customer experience through innovative product offerings, dedicated relationship management and superior service delivery while striving to interact with our customers in the most convenient and cost effective manner. To be transparent in the way we deal with our customers and to act with integrity. To invest in and build quality human capital in order to achieve our mission. Values  Transparency: Crystal Clear communication to our partners and stakeholders  Value to Customers: A product and service offering in which customers perceive value  Rock Solid and Delivery on Promise: This translates into being financially strong, operationally robust and having clarity in claims  Customer-friendly: Advice and support in working with customers and partners  Profit to Stakeholders: Balance the interests of customers, partners, employees, shareholders and the community at large
  • 70. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 70 Competitors of IDBI Federal Life Insurance Co. Ltd.: 1. AEGON Religare Life Insurance 2. Aviva India 3. Shriram Life Insurance 4. Bajaj Allianz Life Insurance 5. Bharti AXA Life Insurance Co Ltd 6. Birla Sun Life Insurance 7. Canara HSBC Oriental Bank of Commerce Life Insurance 8. Star Union Dai-ichi Life Insurance 9. DLF Pramerica Life Insurance 10. Edelweiss Tokio Life Insurance Co. Ltd 11. Future Generali Life Insurance Co Ltd 12. HDFC Standard Life Insurance Company Limited 13. ICICI Prudential
  • 71. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 71 14. IDBI Federal Life Insurance 15. IndiaFirst Life Insurance Company 16. ING Vysya Life Insurance 17. Kotak Life Insurance 18. Max Life Insurance 19. PNB MetLife India Life Insurance 20. Reliance Life Insurance Company Limited 21. Sahara Life Insurance 22. SBI Life Insurance Company Limited 23. TATA AIA Life Insurance 24. Oriental insurance company 25. L&T general insurance company 26. Universal sampo general insurance company 27. National insurance company limited 28. Apollo Munich health insurance company 29. United India insurance company limited 30. Export credit and guarantee corporation of India Limited. MARKETING MIX IN IDBI Federal Life Insurance Co Ltd The term insurance marketing refers to the marketing of Insurance services with the aim to create customer and generate profit through customer satisfaction. The Insurance Marketing focuses on the formulation of an ideal mix for Insurance business so that the Insurance organization survives and thrives in the right perspective. The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. The Insurance business deals in selling services and therefore due weight age in the formation of marketing mix for the Insurance business is needed. The marketing mix includes sub-mixes of the 7 P’s of marketing i.e. the product, its price, place, promotion, people, process & physical attraction.
  • 72. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 72 The above mentioned 7 P’s can be used for marketing of Insurance products, in the following manner: 1) PRODUCT: A product means what we produce. If we produce goods, it means tangible product and when we produce or generate services, it means intangible service product. A product is both what a seller has to sell and a buyer has to buy. Thus, an Insurance company sells services and therefore services are their product. When a person or an organization buys an Insurance policy from the insurance company, he not only buys a policy, but along with it the assistance and advice of the agent, the prestige of the insurance company and the facilities of claims and compensation. It is natural that the users expect a reasonable return for their investment and the insurance companies want to maximize their profitability. Hence, while deciding the product portfolio or the product-mix, the services or the schemes should be motivational. IDBI Federal provides many products which cater to the needs of the Indian customers.
  • 73. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 73 2) PRICING: In the insurance business the pricing decisions are concerned with: i) The premium charged against the policies ii) Interest charged for defaulting the payment of premium and credit facility, and iii) Commission charged for underwriting and consultancy activities. With a view of influencing the target market or prospects the formulation of pricing strategy becomes significant. In a developing country like India where the disposable income in the hands of prospects is low, the pricing decision also governs the transformation of potential policyholders into actual policyholders. The strategies may be high or low pricing keeping in view the level or standard of customers or the policyholders. The pricing in insurance is in the form of premium rates. The three main factors used for determining the premium rates under a life insurance plan are mortality, expense and interest. The premium rates are revised if there are any significant changes in any of these factors. the average rate of mortality is one of the main considerations. In a country like South Africa the threat to life is very important as it is played by host of diseases. Expenses: The cost of processing, commission to agents, reinsurance companies as well as registration are all incorporated into the cost of instalments and premium sum and forms the integral part of the pricing strategy. one of the major factors which determine people’s willingness to invest in insurance. People would not be willing to put their funds to invest in insurance business if the interest rates provided by the banks or other financial instruments are much greater than the perceived returns from the insurance premiums.
  • 74. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 74 3) PLACE: This component of the marketing mix is related to two important facets i) Managing the insurance personnel, and ii) Locating a branch. The management of agents and insurance personnel is found significant with the viewpoint of maintaining the norms for offering the services. This is also to process the services to the end user in such a way that a gap between the services- promised and services offered is bridged over. In a majority of the service generating organizations, such a gap is found existent which has been instrumental in making worse the image problem. The transformation of potential policyholders to the actual policyholders is a difficult task that depends upon the professional excellence of the personnel. The agents and the rural career agents acting as a link, lack professionalism. The front-line staff and the branch managers also are found not assigning due weight age to the degeneration process. The insurance personnel if not managed properly would make all efforts insensitive. Even if the policy makers make provision for the quality up gradation, the promised services hardly reach to the end users. It is also essential that they have rural orientation and are well aware of the lifestyles of the prospects or users. They are required to be given adequate incentives to show their excellence. While recruiting agents, the branch managers need to prefer local persons and provide them training and conduct seminars. In addition to the agents, the front-line staff also needs an intensive training programmed to focus mainly on behavioral management. Another important dimension to the Place Mix is related to the location of the insurance branches. While locating branches, the branch manager needs to consider a number of factors, such as smooth accessibility, availability of infrastructural facilities and
  • 75. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 75 the management of branch offices and premises. In addition it is also significant to provide safety measures and also factors like office furnishing, civic amenities and facilities, parking facilities and interior office decoration should be given proper attention. Thus the place management of insurance branch offices needs a new vision, distinct approach and an innovative style. This is essential to make the work place conducive, attractive and proactive for the generation of efficiency among employees. The branch managers need professional excellence to make place decisions productive. IDBI Federal has around thousands and thousands of insurance agents all over India to manage their regional customers effectively. Also, IDBI Federal has over 796 branches all over India which help in increasing their customer base. 4) PEOPLE: Understanding the customer better allows in designing appropriate products. Being a service industry which involves a high level of people interaction, it is very important to use this resource efficiently in order to satisfy customers. Training, development and strong relationships with intermediaries are the key areas to be kept under consideration. Training the employees, use of IT for efficiency, both at the staff and agent level, is one of the important areas to look into. IDBI Federal has created various financial products which have been tailored according to the needs of the customers. They have over thousands of sales personnel who are trained efficiently to bridge in the gap between the customers and the company. 5) PROCESS: The process should be customer friendly in insurance industry. The speed and accuracy of payment is of great importance. The processing method should be easy and convenient to the customers. Instalment schemes should be streamlined to cater to the ever grow. 6) Promotion
  • 76. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 76 The insurance services depend on effective promotional measures. In a country like India, the rate of illiteracy is very high and the rural economy has dominance in the national economy. It is essential to have both personal and impersonal promotion strategies. In promoting insurance business, the agents and the rural career agents play an important role. Due attention should be given in selecting the promotional tools for agents and rural career agents and even for the branch managers and front line staff. They also have to be given proper training in order to create impulse buying. Advertising and Publicity, organization of conferences and seminars, incentive to policyholders are impersonal communication. Arranging Kirtans, exhibitions, participation in fairs and festivals, rural wall paintings and publicity drive through the mobile publicity van units would be effective in creating the impulse buying and the rural prospects would be easily transformed into actual policyholders. IDBI Federal has also adopted various promotional strategies like: Commercial Ads Print Ads Events Personnel selling Word of mouth . They have brought out many interesting and humorous ads of their products such as Wealthsurance, Incomesurance, Retiresurance etc which has got very good response from customers. They have also conducted events with an aim to create interest around financial planning with Life Insurance at branches which was critical to getting prospects interested in IDBI Federal products. Products of IDBI Federal Life Insurance Co. Ltd.: IDBI Federal provides many products which cater to the needs of the Indian customers. IDBI Federal products:-
  • 77. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 77 WEALTHSURANCE INCOMESURANCE BONDSURANCE TERMSURANCE HEALTHSURANCE RETIRESURANCE GROUP MICROSURANCE HOMESURANCE LOANSURANCE CHILDSURANCE Wealthsurance: The Wealthsurance Milestone Plan is a unique Insured Wealth Plan designed to help cross different milestones in one’s life. It enables customers to save and build wealth under the protection of Insurance to meet their financial goals. The Wealthsurance Milestone Plan offers a wide range of Investment options, Insurance options and unmatched flexibility that allows customers to customize a plan suited to their needs. Customers can plan for their milestones like completion of school education for their child, a marriage, acquisition of a new house and so on. This Plan comes with a wide range of 13 investment options and 7 insurance benefits - all packaged with a low charge structure and unmatched flexibility.
  • 78. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 78 Incomesurance: IDBI Federal Incomesurance Endowment and Money Back Plan is loaded with lots of benefits which ensure that you get Guaranteed Annual Payout along with insurance protection which will help you to reach you goals with full confidence. Incomesurance Plan is very flexible and allows you to customise your Plan as per your individual and family’s future requirements. Moreover it also allows you to choose Premium Payment Period, Payout Period, Payout Options and more. Bondsurance: The IDBI Federal Bondsurance Advantage Plan is a single premium plan where you need to make just a one-time investment. You can choose a Maturity Period of 5, 7, 10, 15 or 20 years. At the end of the chosen period, you will receive a guaranteed maturity amount. In case of death of the insured person before the Maturity Date, a guaranteed Death Benefit will be paid. Termsurance:
  • 79. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 79 IDBI Federal Termsurance Protection Plan (Termsurance) comes with three cover options which you can select on the basis your requirement. Termsurance is designed with a host of benefits & options aimed at satisfying your every need. It not only allows you to customise your plan as per your individual and family’s needs, it also comes with a host of benefits like convenient insurance cover options, flexible premium payment terms, choice of policy term and lots more flexible options. Healthsurance: Presenting the IDBI Federal Healthsurance Hospitalisation and Surgical Plan. If you’re aged 18 years to 55 years and currently in good health, this new insurance plan is designed to help you manage the extra financial burden that comes with hospitalisation, by providing a wide range of attractive benefits. Retiresurance: A retirement plan designed to accumulate money to aid a comfortable retirement. The plan provides a guaranteed return on your investment and grows steadily over the years to ensure that you have a corpus on your retirement date, guaranteed. Microsurance:
  • 80. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 80 IDBI Federal Group Microsurance Plan provides affordable life insurance cover to groups. This plan is extremely useful to Micro Finance Institutions, Self Help Groups and NGOs to insure the lives of their group members and thus provide security to the group members’ families. The plan can also be used for providing loan protection to the group members’ families. Homesurance: IDBI Federal Homesurance Plan is a mortgage reducing term assurance plan – MRTA, which offers protection to your home from your home loan. The Plan provides a cover equal to the outstanding balance of your home loan against any unfortunate events that may occur to you. This plan gives you the option of a Single Premium. Loansurance: Loansurance is a cost-effective way to ensure that the outstanding debt is settled in the unfortunate event of death of the insured member. This term assurance plan provides cover to a person directly liable for loan repayment (and the partners, in case of a partnership), as per the benefit schedule. Childsurance:
  • 81. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 81 Whether your child wants to be a doctor, an engineer, an MBA, a sportsman, a performing artist, or dreams of being an entrepreneur, the IDBI Federal Childsurance Dream builder Insurance Plan will keep you future-ready against both, changing dreams and life’s twists. It allows you to create build and manage wealth by providing several choices and great flexibility so that your plan meets your specific needs. However, what makes Childsurance a must-have for any parent who is looking to make their child’s future shock-proof is its powerful insurance benefits. Childsurance allows you to protect your child plan with triple insurance benefits so that your wealth-building efforts remain unaffected by unforeseen events and your child’s future goals can be achieved without any hindrance. Despite all these tailored products there is still scope for improvement in this field. The Group Insurance scheme is required to be promoted, the Crop Insurance is required to be expanded and the new schemes and policies for the villagers or the rural population are to be included. . The introduction of Rural Career Agents Scheme has been found instrumental in inducing the rural prospects but the process is at infant stage and requires more professional excellence. So there is lot of potential in insurance sector which is waiting to be uncorked hence revealing to the economy the benefits of insurance industry. The policymakers are required to activate the efforts. It would be prudent that the LIC is allowed to pursue a policy of direct investment for rural development. Investment in Government securities should be stopped and the investment should be channelized in private sector for maximizing profits. In short, the formulation of product-mix should be in the face of innovative product strategy, while initiating the innovative processes it is necessary to take into consideration the strategies adopted by private and foreign insurance companies.
  • 82. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 82 PART – B
  • 83. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 83 Objective of research plan: The research plan is the main part of a grant application describing a principal investigator's proposed research, stating its importance and how it will be conducted. This page describes the essentials of a research plan. The research plan is the main part of a grant application describing a principal investigator's proposed research, stating its importance and how it will be conducted. A typical research plan has four main sections: A. Specific Aims B. Background and Significance C. Preliminary Studies and Progress Report D. Research Design and Methods The research plan should be written to address the following questions:  What do you intend to do?  Why is the work important?  What has already been done?  How are you going to do the work? Specific Aims: The specific aim is a formal statement of the objectives and milestones of a research project in a grant application. The purpose of this section is to clearly and concisely describe what the proposed research is intended to accomplish.  Should include specific research objectives.  Should be hypothesis-based.  Objectives should be obtainable within the proposed timeframe.  Study aims should fit together in an overall framework.  Study should be well-focused rather than broad and diffuse.
  • 84. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 84 Background and Significance The background and significance section states the research problem including the proposed rationale, current state of knowledge and potential contributions and significance of the research to the field.  Critically evaluate existing knowledge, including background literature and relevant data.  References should reflect an updated knowledge of the field.  Specify existing gaps that the project is intended to fill.  Discussion should convey the importance and relevance of the research aims.  Highlight potential policy or practice impacts.  Highlight why research findings are important beyond the confines of the specific research project (e.g., significance; how research results can be applied). Preliminary Studies and Progress Reports: The preliminary results section describes prior work by the investigators relevant to the proposed project. In a new application, the preliminary results are important to establish the experience and competence of the applicant to pursue the proposed research project and to provide support for the study hypotheses and research design. In a competing renewal application, this section becomes a progress report, describing studies performed during the last grant period. The progress report should include a summary of the previous application's specific aims and importance of the findings.  Discuss how previous work leads to the current proposal.  Emphasize how the previous work demonstrates feasibility of proposed methods.  If you do not have the required expertise for a specific methodology, enlist a collaborator or consultant (include a letter of support or agreement—Section J of the Research Plan).  Accuracy and overall presentation are important in figures, tables and graphs.
  • 85. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 85 Research Design and Methods: The purpose of the research design and methods section is to describe how the research will be carried out. This section is critical for demonstrating that the applicant has developed a clear, organized and thoughtful study design.  Should provide an overview of the proposed design and conceptual framework.  Study goals should relate to proposed study hypotheses.  Include details related to specific methodology; explain why the proposed methods are the best to accomplish study goals.  Describe any novel concepts, approaches, tools or techniques.  Include details of how data will be collected and results analyzed.  Consider required statistical techniques.  Include proposed work plan and timeline.  Consider and discuss potential limitations and alternative approaches to achieve study aims.
  • 86. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 86 Methodology used in study: Sample size:- The sample size of a survey most typically refers to the number of units that were chosen from which data were gathered. However, sample size can be defined in various ways. There is the designated sample size, which is the number of sample units selected for contact or data collection. There is also the final sample size, which is the number of completed interviews or units for which data are actually collected. The final sample size may be much smaller than the designated sample size if there is considerable non-response, ineligibility, or both. Not all the units in the designated sample may need to be processed if productivity in completing interviews is much higher than anticipated to achieve the final sample size. However, this assumes that units have been activated from the designated sample in a random fashion. Survey researchers may also be interested in the sample size. - Gary M. Shapiro Effective sample size:- Complex sample surveys rarely result in a set of independent and identically distributed observations, because of sample design features such as stratification, clustering, and unequal weighting that are necessary for efficient data collection. Such features affect the resulting variance of survey estimates. It is immediately obvious that there is not a single effective sample size for any one study, since the variance for n. Defining sample and collecting data:-
  • 87. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 87 The Scientific Method is an Essential Tool in Research This image lists the various stages of the scientific method. The scientific method is a body of techniques for - investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge. Key points:-  Like any research paper, a sociological research report typically consists of a literature review, an overview of the methods used in data collection, and analysis, findings, and conclusions.  A literature review is a creative way of organizing what has been written about a topic by scholars and researchers.  The methods section is necessary to demonstrate how the study was conducted, including the population, sample frame, sample method, sample size, data collection method, and data processing and analysis.  In the findings and conclusion sections, the researcher reviews all significant findings, notes and discusses all shortcomings, and suggests future research.
  • 88. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 88 Life insurance products: Insurance plans: As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement. Bima Account Plan BimaAccount1 BimaAccount2 Endowment Plus Children plans JeevanAnurag KomalJeevan CDAEndowmentVestingAt21 MarriageEndowmentOr EducationalAnnuityPlanCDAEndowmentVestingAt18 JeevanKishore JeevanChhaya ChildCareerPlan ChildFuturePlan JeevanAnkur Plans for handicapped dependent JeevanAadhar JeevanVishwas
  • 89. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 89 Endowment Assurance Plans TheEndowmentAssurancePolicy TheEndowmentAssurancePolicy-LimitedPayment JeevanMitra(DoubleCoverEndowmentPlan) JeevanMitra(TripleCoverEndowmentPlan) JeevanAnand NewJanarakshaPlan JeevanAmrit Plans for high individuals JeevanShree-I JeevanPramukh Money Back Plans TheMoneyBackPolicy-20Years TheMoneyBackPolicy-25Years JeevanSurabhi-15Years JeevanSurabhi-20Years JeevanSurabhi-25Years BimaBachat Special Money back Plan for Women JeevanBharati-I
  • 90. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 90 Whole Life Plans TheWholeLifePolicy TheWholeLifePolicy-LimitedPayment TheWholeLifePolicy-SinglePremium JeevanAnand JeevanTarang Term Assurance Plans TwoYearTemporaryAssurancePolicy TheConvertibleTermAssurancePolicy AnmolJeevan-I AmulyaJeevan-I Joint Life Plans JeevanSaathi
  • 91. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 91 QUESTIONNAIRE 1- Are you aware about insurance? (a) Yes (b) No Finding- Everyone knows About Insurance 0 10 20 30 40 50 60 70 80 90 100 Yes No Yes No
  • 92. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 92 2- If yes, then life insurance or general insurance? (a) Life Insurance (b) General Insurance Finding- 90% Prefer Life Insurance and only 10% Prefer General Insurance. 0 10 20 30 40 50 60 70 80 90 Life Insurance Life Insurance General Insurance
  • 93. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 93 3- Where you want your Investment in Bank or in Insurance Company? (a) Bank (b) Insurance Company Finding- 85% People Want their Investment in Bank and 15% People want their Investment in Insurance Company. 0 10 20 30 40 50 60 70 80 90 Bank Bank Insurance Company
  • 94. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 94 4- Do you have any Insurance Policy? (a) Yes (b) No Finding- 90% People Have Insurance Policy & 10% People do not have Insurance Policy. 0 10 20 30 40 50 60 70 80 90 Yes No Yes No
  • 95. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 95 5- Do you know about the following Life Insurance Company? (a) LIC (b) HIFC (c) IDBI FORTIS (d) ICICI (e) Bharti AXA (f) Others Finding- 100% People know about LIC, 60% Know about HDFC 75% know about IDBI Fortis 6% know about Bharti AXA & 80% know about ICICI. 0 10 20 30 40 50 60 70 80 90 100 LIC IDBI FORTIS Bharti AXA LIC HDFC IDBI FORTIS ICICI Bharti AXA Others
  • 96. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 96 6- To which Company do you prefer for Insurance? (a) LIC (b) HDFC (c) ICICI (d) Bharti AXA (e) Other Finding- 0 10 20 30 40 50 60 70 LIC HDFC IDBI FORTIS ICICI Bharti AXA Others LIC HDFC IDBI FORTIS ICICI Bharti AXA Others
  • 97. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 97 65% People Prefer LIC, 1% Prefer HDFC 20% Prefer IDBI Fortis 1% Prefer Bharti AXA & 10% Prefer ICICI & 3% Other Insurance Company. 7- If LIC then, are you satisfied with whatever services provided by LIC Life Insurance Company? (a) Yes (b) No Finding- 90% People satisfied with services Provided by IDBI Fortis & 10% are not satisfied. 0 10 20 30 40 50 60 70 80 90 Yes No Yes No
  • 98. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 98 0 10 20 30 40 50 60 70 80 90 100 Low Cost Brand Guaranteed Returns Others Low Cost Brand Guaranteed Returns Others 8- If yes, then why you prefer HDFC products cause of, (a) Low Cost (b) Brand (c) Guaranteed Returns (d) Others Finding- 100% People Prefer IDBI Product because of Low Cost, Brand, Guaranteed Returns & 50% by others Services.
  • 99. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 99 9- Which type of scheme is provided by your Insurance Company? (a) Children Plan (b) Investment Plan (c) Pension Plan (d) Others Finding- 0 10 20 30 40 50 60 70 80 90 Children Plan Investment Plan Pansion Plan Others Children Plan Investment Plan Pansion Plan Others
  • 100. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 100 10% Scheme for Children Plan 85% Scheme for Investment Plan 5% for Pension Plan 10- According to you, which company’s charge is minimum? (a) LIC (b) HDFC (c) IDBI FORTIS (d) ICICI (e) Bharti AXA (f) Others Finding- 65% People think that Charge of LIC is Minimum while 1% People for HDFC 20% People for IDBI 10% for ICICI 1% People for Bharti AXA & 3% People think that charge of others Insurance company are minimum. 0 10 20 30 40 50 60 70 LIC HDFC IDBI FORTIS ICICI Bharti AXA Others LIC HDFC IDBI FORTIS ICICI Bharti AXA Others
  • 101. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 101 11- In your opinion which company’s distribution channel is best? (a) LIC (b) Bharti AXA (c) HDFC (d) ICICI (e) IDBI Fortis (h) Others Findings- 60% People think that LIC’s Distribution channel is best while 5% People think for Bharti AXA, 5% People think for HDFC, 10% People think for ICICI and 20% people think that the distribution channel is best. 0 10 20 30 40 50 60 LIC bharti AXA HDFC ICICI IDBI Fortis Others LIC bharti AXA HDFC ICICI IDBI Fortis Others
  • 102. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 102 12- Which product of IDBI Fortis Life Insurance Company is most profitable? (a) Income insurance (b) Wealth insurance Findings- Both the Product incomesurance & Wealthsurance life Insurance company is most profitable. 0 10 20 30 40 50 Income Insurance Wealth Insurance Income Insurance Wealth Insurance
  • 103. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 103 SUGGESTIONS To Give Suggestions are very easy; but Implementation is very difficult. 1. The company’s advertisement should be more in Local TV channel and News Paper. 2. The company should be open more branches in, zonal areas. 3. The policies amount should be taken by the company, is small installment, so that more and more investor’s can take the policies of the company. 4. The company should be developed more attractive product plan or policies. 5. Attractive gift packages should be given by, company to customer, on the basis of lottery system in every year. 6. Attractive package of salary should be given by, company to the employee so, that they can motivate hard work. 7. Attractive training facility should be developed for financial adviser.
  • 104. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 104 8. Transparency should be their if an insurance company want to create good image in the eyes of policy holder. 9. Insurance company should be adopt modern method in place of traditional method, which create maximum satisfaction to policy holder. LIMITATION 1. I have permission to survey only in VARANASI city. 2. I was select the only 100 number of sample size, by which my survey report analysis is not more fluctuate. 3. Lack time respondents. 4. Some respondent due to unawareness about new tern they can’t be respondent well manner. 5. Change of business of research. 6. Lack of resources. 7. Lack of time. 8. Change of sampling error.
  • 105. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 105 Questionnaire Personal information:- 1. Name: 2. Address: 3. E – mail I.D.: 4. Phone No.: 5. Gender: M/F 6. Marital status: Married/Singal 7. Educational qualification: Matriculate/Intermediate/Graduate/Post – graduate/Any – Other 8. Occupation: Govt. – service/Private – service/Self – employed 9. Income per month: <7500/- 7501/- – 12500/-
  • 106. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 106 12501/- – 17500/- >17500/- 10. Family size (if Married): a) Spouse: Working/House – wife If working, where? b) No. of children and their ages:  Any – other dependence
  • 107. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 107 Questionnaire: 1- Are you aware about insurance? (a) Yes (b) No 2- If yes, then life insurance or general insurance? (a) Life Insurance (b) General Insurance 3- Where you want your Investment in Bank or in Insurance Company? (a) Bank (b) Insurance Company 4- Do you have any Insurance Policy? (a) Yes (b) No 5- Do you know about the following Life Insurance Company? (a) LIC (b) HDFC (c) IDBI FORTIS (d) ICICI (e) Bharti AXA (f) Others 6- To which Company do you prefer for Insurance?
  • 108. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 108 (a) LIC (b) HDFC (c) ICICI (d) Bharti AXA (e) Others 7- If LIC then, are you satisfied with whatever services provided by LIC Life Insurance Company? (a) Yes (b) No 8- If yes, then why you prefer HDFC products cause of, (a) Low Cost (b) Brand (c) Guaranteed Returns (d) Others 9- Which type of scheme is provided by your Insurance Company? (a) Children Plan (b) Investment Plan (c) Pension Plan (d) Others 10- According to you, which company’s charge is minimum? (a) LIC (b) HDFC (c) IDBI FORTIS (d) ICICI (e) Bharti AXA (f) Others 11- In your opinion which company’s distribution channel is best? (a) LIC (b) Bharti AXA (c) HDFC
  • 109. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 109 (d) ICICI (e) IDBI Fortis (h) Others 12- Which product of IDBI Fortis Life Insurance Company is most profitable? (a) Income insurance (b) Wealth insurance Bibliography:
  • 110. IDBI federal Life Insurance Co. Ltd. 2013 Ankit Mohan Lal Page 110 Weblography: www.google.com www.wikipedia.org www.yahoo.com/question-answer/ www.idbifederal.com www.ageas.com www.federal.com www.irda.org http://www.swissre.com/media/news_releases/Swiss_Re_sigma_study_on_world_insurance_in_2012_sh ows_premium_growth__resumed.html http://www.idbifederal.com/Products/Healthsurance/Pages/What-is-Healthsurance.aspx# http://www.studymode.com/essays/Market-Segmentation-40523.html http://en.wikipedia.org/wiki/Q_methodology

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