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Life insurance

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  • 1. LIFE INSURANCE -INDUSTRY Submitted By: Avinash Masih Priyanka DahiyaSubmitted To: Ravikant PandeyMr. Ashish Barthwal Varsha Patidar
  • 2. HISTORY PERSPECTIVE Entry of Life Insurance in India in 1818- ORIENTAL Life Insurance was the first Life Insurance Company to starts its operation in Calcutta. 1823-1900 several foreign companies were established. Six National Companies appeared in 20th Century. Insurance Act, 1938 is the first comprehensive legislation for detailed and effective control over the activities of insurers. On the 19th January 1956 the management of insurers and provident societies totalling 245, was taken over by the Central Government and then nationalised on 1.9.1956 LIC was formed in September 1956 by an Act of Parliament viz. LIC Act, 1956 with capital contribution of Rs. 5 crore from the Government of India. IMS DAVV - MBA (FT) 2011-2013 Page 2
  • 3. BIRTH OF INSURANCE REGULATORY DEVELOPMENTAUTHORITY (IRDA) In 1993 the Government of Republic of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector. While the committee submitted its report in 1994, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. The same year that the newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDA --started issuing licenses to private life insurers. IMS DAVV - MBA (FT) 2011-2013 Page 3
  • 4. LIST OF LIFE INSURERLife Insurer in Public Sector Life Insurer In Private Sector  SBI Life Insurance Co. Ltd. Life Insurance Corporation Of India  Metlife India Life Insurance Co. Ltd. (LIC)  ICICI Prudential Life Insurance Co. Ltd.  Bajaj Allianz Life Insurance Co. Ltd.  Max New York Life Insurance Co. Ltd.  Sahara Life Insurance Co. Ltd.  Tata AIG Life Insurance Co. Ltd.  HDFC Life Insurance Co. Ltd.  Birla Sun life Insurance Co. Ltd.  Kotak Life Insurance Co. Ltd.  Aviva Life Insurance Co. Ltd.  Reliance Life Insurance Co. Ltd.  ING Vysya Life Insurance Co. Ltd.  Shriram Life Insurance Co. Ltd.  Bharti AXA Life Insurance Co. Ltd.  Future Generally Life Insurance Co. Ltd.  IDBI Fortis Life Insurance Co. Ltd.  AEGON Religare Life Insurance Co. Ltd.  DLF Pramerica Life Insurance Co. Ltd.  CANARA HSBC Oriental Bank Of Commerce  India First Life Insurance Co. Ltd.  Star Union Dia-ichi Life Insurance Co. Ltd. IMS DAVV - MBA (FT) 2011-2013 Page 4
  • 5. LIFE INSURANCE MARKET MANAGEMENT IRDA Life Insurance Co. Gen. Insurance Co. ReinsurerIntermediaries Development Off. Direct Agents Corporate Agents Individual Agents Bancassurance Direct Marketing Insurance Brokers Tele Marketing CUSTOMER Net Marketing IMS DAVV - MBA (FT) 2011-2013 Page 5
  • 6. LIFE INSURANCE OFFICEMANAGEMENT Reinsurer Insurance Company H.Q. Regional Offices / Divisional Offices Branch Offices Unit Managers Development Officers Intermediaries Agents Brokers Corporate Agents Individuals IMS DAVV - MBA (FT) 2011-2013 Page 6
  • 7. CORE DEPARTMENTSMARKETING• Finalising plans of development of new busines.• Guide and coordinate the preparation of performance budgets.• Opening new offices, recruitment of marketing officials, training, preparation of training materials.• Research work.• Organising product launch, training field force.• Sales competitions, marketing conventions, conferences.• Norms of performance, compensation package.• Methods of selection, training and motivation of agents and other intermediaries.• Publicity and corporate communication IMS DAVV - MBA (FT) 2011-2013 Page 7
  • 8. MARKETINGCONTD. ACTURIAL - Scientific basis for the operations of insurance - Product Designing, development and pricing - Formulating the policy conditions, updating them as also the premium rates - New plans of insurance – working closely with Marketing Department - Valuing the assets and liabilities – deciding the basis of valuation, obtaining data, working out the net surplus - Arranging reinsurance of very large sum assured cases and for very specially sub standard cases, reinsurance treaty - exchange of data with reinsurer UNDERWRITING - Methods and standards for underwriting of lives – calls for a great deal of research and analysis of international practices - Underwriting of large sum assured proposals; underwriting of sub-standard lives Premium determination and benefit specification, study of mortality, interest and expenses – analysis of the experience – collection of data IMS DAVV - MBA (FT) 2011-2013 Page 8
  • 9. INVESTMENT DEPARTMENT Accumulation of large funds Long term nature of insurance contracts Safety / maximisation of yield Investment policy to be within the framework of statutory requirements Conducting research into different areas relevant to investments, study of market trends, analysis of performance of various companies, industries and management groups and projection of profitability in future Maintaining records relating to investments and keeping ledgers for different investments – required for follow-up of dividends, interest payments, rights and bonus issues and redemption etc. IMS DAVV - MBA (FT) 2011-2013 Page 9
  • 10. FINANCE AND ACCOUNTS Accounting procedures, procedures and forms are standardised Scrutiny, co-ordination and consolidation of periodical accounting returns Annual statutory accounting returns; report giving an account of its activities incorporating annual financial statements like Balance Sheets and Revenue Account duly audited Drawing up of the annual budget – allocation to different offices Budgetary control Taxation matters – tax returns, paying advance taxes etc. Saving as an intermediary between operating offices and investment department – close watch on surplus funds IMS DAVV - MBA (FT) 2011-2013 Page 10
  • 11. VIGILANCE DEPARTMENTComplaints from the publicCases from Audit SOLUTION Departments ReportLiaison with CVC of the Government of India IMS DAVV - MBA (FT) 2011-2013 Page 11
  • 12. THANK YOU E-Mail: avinashmasih.ims@gmail.comPrepared By: AVINASH MASIH PRIYANKA DAHIYA VARSHA PATIDAR RAVIKANT PANDEY IMS DAVV - MBA (FT) 2011-2013 Page 12