1. The document discusses the evolution and growth of the insurance sector in India from its beginnings in the 19th century to modern reforms and the growing role of private players.
2. It describes some of the major global players in the Indian insurance market like Aviva, AIG, and Prudential and their strategies for growth.
3. The future of the Indian insurance industry is seen as highly promising with projections of over 500% growth by 2010 and the potential to become a $60 billion industry as more of the population gains access to insurance products and services.
This document provides an overview of the insurance sector in India, including its history, current state, and prospects. It discusses key milestones in the development of life and general insurance in India. It outlines the current regulatory framework and major players. It also places the Indian insurance sector in a global context, noting opportunities for growth. While penetration and density are still low compared to other countries, factors like deregulation, technology, and a large population provide potential for expansion. Issues around product diversification and quality of agents need addressing. The sector is poised for continued growth if it offers innovative products tailored to customer needs.
The document provides an overview of the evolution and current state of the Indian life insurance industry. It discusses how life insurance progressed from being privately-owned pre-1956 to becoming nationalized, and then opening to private players post-2000. It analyzes key LIC products like endowment and money back policies that were popular historically due to commissions. New private insurers are introducing more customized products and innovative features to attract customers and gain market share.
The document discusses the present state and prospects of the Indian insurance sector in a global context. It provides a brief history of insurance in India and outlines key milestones. It also discusses the current scenario in India, comparing factors like insurance penetration and density to other countries. The major driving forces for the industry are identified as globalization, deregulation, and the growing market opportunities in India. Issues facing the sector include a need for diversification and improving agent quality. The document concludes by emphasizing the importance of a well-regulated insurance industry for future economic progress in India.
The document discusses the insurance industry in India. It notes that India has 53 insurance companies, with 24 in life insurance and 29 in non-life insurance. The life insurance market is the largest in the world, with 360 million policies, though penetration is still low compared to other countries. The industry is expected to grow at a CAGR of 12-15% over the next five years. Major players include LIC, HDFC Life, ICICI Prudential Life, and SBI Life Insurance. The regulatory body is IRDA. While growth has been strong, there remains significant potential for further expansion of insurance coverage across India.
This document provides an overview of the Indian insurance sector, including its history, current state, position globally, and future prospects. It discusses key milestones such as the nationalization of insurance in India in 1956 and 1999. Currently, India's insurance penetration and density is lower than other countries, but the sector is growing rapidly due to reforms, deregulation, and the entry of private players. While the industry faces issues like lack of agent quality, trends such as the expanding rural market and health insurance provide opportunities for future growth. Strengthening regulations and using technology are some suggestions to further develop the insurance sector in India.
This document presents information about the insurance sector in India. It discusses the privatization of insurance, the growth of major private players in the sector, and the key driving factors such as rising incomes and demand from semi-urban populations. It also outlines some of the challenges and opportunities in the Indian insurance market since privatization, such as the need for effective mass marketing strategies and leveraging new technologies. Overall, the privatization of insurance has led to increased competition, new products, and higher salaries compared to when it was previously dominated by state-owned providers.
The Life Insurance Corporation of India (LIC) was established in 1956 and is wholly owned by the Government of India. It has over 200 million policyholders, making it the largest life insurer in India. LIC has a strong presence across India with over 2,000 offices and 1.2 million agents. It has assets of over 5 trillion rupees and contributes significantly to the Indian government's expenses and economic development projects. LIC offers a variety of insurance and pension plans to Indian customers.
LIC is India's largest life insurance company established in 1956. It is headquartered in Mumbai with over 2,000 branches across India. LIC aims to provide affordable life insurance primarily to rural and economically backward sections of Indian society. It has over 27 crore policies and assets of over ₹31 lakh crore, making it the largest insurer in India. LIC's objectives include spreading life insurance widely, maximizing savings mobilization, and acting as trustees for policyholders.
This document provides an overview of the insurance sector in India, including its history, current state, and prospects. It discusses key milestones in the development of life and general insurance in India. It outlines the current regulatory framework and major players. It also places the Indian insurance sector in a global context, noting opportunities for growth. While penetration and density are still low compared to other countries, factors like deregulation, technology, and a large population provide potential for expansion. Issues around product diversification and quality of agents need addressing. The sector is poised for continued growth if it offers innovative products tailored to customer needs.
The document provides an overview of the evolution and current state of the Indian life insurance industry. It discusses how life insurance progressed from being privately-owned pre-1956 to becoming nationalized, and then opening to private players post-2000. It analyzes key LIC products like endowment and money back policies that were popular historically due to commissions. New private insurers are introducing more customized products and innovative features to attract customers and gain market share.
The document discusses the present state and prospects of the Indian insurance sector in a global context. It provides a brief history of insurance in India and outlines key milestones. It also discusses the current scenario in India, comparing factors like insurance penetration and density to other countries. The major driving forces for the industry are identified as globalization, deregulation, and the growing market opportunities in India. Issues facing the sector include a need for diversification and improving agent quality. The document concludes by emphasizing the importance of a well-regulated insurance industry for future economic progress in India.
The document discusses the insurance industry in India. It notes that India has 53 insurance companies, with 24 in life insurance and 29 in non-life insurance. The life insurance market is the largest in the world, with 360 million policies, though penetration is still low compared to other countries. The industry is expected to grow at a CAGR of 12-15% over the next five years. Major players include LIC, HDFC Life, ICICI Prudential Life, and SBI Life Insurance. The regulatory body is IRDA. While growth has been strong, there remains significant potential for further expansion of insurance coverage across India.
This document provides an overview of the Indian insurance sector, including its history, current state, position globally, and future prospects. It discusses key milestones such as the nationalization of insurance in India in 1956 and 1999. Currently, India's insurance penetration and density is lower than other countries, but the sector is growing rapidly due to reforms, deregulation, and the entry of private players. While the industry faces issues like lack of agent quality, trends such as the expanding rural market and health insurance provide opportunities for future growth. Strengthening regulations and using technology are some suggestions to further develop the insurance sector in India.
This document presents information about the insurance sector in India. It discusses the privatization of insurance, the growth of major private players in the sector, and the key driving factors such as rising incomes and demand from semi-urban populations. It also outlines some of the challenges and opportunities in the Indian insurance market since privatization, such as the need for effective mass marketing strategies and leveraging new technologies. Overall, the privatization of insurance has led to increased competition, new products, and higher salaries compared to when it was previously dominated by state-owned providers.
The Life Insurance Corporation of India (LIC) was established in 1956 and is wholly owned by the Government of India. It has over 200 million policyholders, making it the largest life insurer in India. LIC has a strong presence across India with over 2,000 offices and 1.2 million agents. It has assets of over 5 trillion rupees and contributes significantly to the Indian government's expenses and economic development projects. LIC offers a variety of insurance and pension plans to Indian customers.
LIC is India's largest life insurance company established in 1956. It is headquartered in Mumbai with over 2,000 branches across India. LIC aims to provide affordable life insurance primarily to rural and economically backward sections of Indian society. It has over 27 crore policies and assets of over ₹31 lakh crore, making it the largest insurer in India. LIC's objectives include spreading life insurance widely, maximizing savings mobilization, and acting as trustees for policyholders.
The document provides an industry analysis of the insurance sector in India. It discusses the types of insurance available in India and the key regulatory authority and companies in the sector. Some of the main factors that affect the insurance industry are inflation, deflation, economic policies, and competition. The insurance industry in India has experienced significant growth in online purchases and is projected to continue growing due to demographic and economic factors. The overall size of the life and general insurance markets in India is also growing.
LIC and ICICI Prudential are two major players in the Indian insurance sector. LIC was formed in 1956 through an act of parliament and has over 7 lakh employees and agents serving through its network of divisions and branches. ICICI Prudential is a joint venture between ICICI Bank and Prudential formed in 2000 and is the largest private life insurer. Both companies offer a wide range of insurance products targeting various customer segments and life stages.
This document summarizes the performance of the Life Insurance Corporation of India (LIC) from 1999-2000 to 2008-2009. It discusses that LIC saw fluctuating growth in policies issued, premiums collected, and number of agents. While some years saw high growth rates, others saw declines. Overall, the compound growth rate for policies was 9.25% and premiums was 13.64%, showing good performance. It also discusses how LIC competes in the private insurance market in India and the changes to the insurance sector since privatization.
This document provides an overview of Life Insurance Corporation (LIC) of India. It discusses that LIC was established in 1956 by the Parliament of India by consolidating over 245 private life insurance companies. LIC is wholly owned by the Government of India and is the largest life insurance company in India. The document outlines LIC's history, functions, benefits of life insurance, plans offered, rights of policyholders, subsidiaries and interesting facts such as LIC being the largest insurer in the world with over 29 crore policyholders.
The insurance sector in India has historically been dominated by LIC, but private insurers have gained market share since 2000 when the sector was opened to privatization. The life insurance industry has grown substantially in the last decade, with the number of policies and amount of premiums increasing significantly. Growth has been driven by rising incomes and awareness as well as government initiatives to expand insurance coverage. However, there remains huge potential for further growth given low insurance penetration rates currently. Major players include both public sector insurers like LIC and private insurers such as HDFC, ICICI and Bajaj. The general insurance sector is also growing with motor insurance making up a large portion of the market.
Recent developments in insurance sectorSadan Sinha
The document summarizes recent developments in the Indian insurance sector. It notes that while life insurance penetration has increased from 2.15% in 2001 to 4.6% in 2009, general insurance penetration has remained low between 0.55-0.75%. It discusses issues like the need for insurers to be conservative, challenges in infrastructure funding, and shifting focus of life insurance from risk of dying early to risk of living too long. The summary also highlights regulatory changes by IRDA to standardize proposal forms, introduce new product rules and increase oversight of insurers.
The document discusses the history and development of the insurance sector in India. It notes that insurance was initially nationalized and state-owned companies dominated the market. Liberalization in the 1990s allowed private companies to enter the sector. Now there are many private life, health, and general insurance companies operating alongside state-owned insurers, increasing competition and improving customer choice, services and products. However, some risks remain, such as companies prioritizing profits over customers.
The document provides an overview of the Indian insurance sector, including:
1) It discusses the history and types of insurance, including life and general insurance. General insurance is further broken down into fire, marine, and miscellaneous insurance.
2) It lists some of the major players in the life and general insurance industries in India.
3) It describes the regulatory body, the Insurance Regulatory and Development Authority (IRDA), and its objectives of promoting competition and protecting policyholders.
4) It discusses various political, economic, social, and technological factors that affect the insurance industry according to PEST analysis.
5) It provides some suggestions to help insurance companies in India reduce costs and
The document provides an overview of the insurance industry in India. It discusses the history of insurance in India dating back to 1818. It also outlines the key entities that regulate the insurance industry like IRDA and GIC. The document categorizes different types of insurance like life, health, vehicle etc. It further analyzes growth factors, major players, and functions of the insurance industry in India. It performs a SWOT and PEST analysis to understand challenges and opportunities. Overall, the document gives a comprehensive introduction to the insurance sector in India.
This document is a company training report submitted to Guru Jambheshwar University of Science and Technology by Deependra Parmar. The report analyzes saving schemes completed at LIC of India as part of Parmar's BBA degree program. It provides background on the supervisor, Mr. Surjeet Bishnoi, and declares that the work is Parmar's original work. It also acknowledges and thanks those who provided guidance and support during the training.
Insurance, Sector History, FDI in Insurance, Government Role in Insurance, Industry Growth Pattern, Challenges of Insurance Market, Foreign Direct Investment in Insurance
Insurance advertising has changed drastically over time from focusing on death to goals and achievements. Old advertisements emphasized insurance as a means to cope with death, while new advertisements portray insurance as a way to achieve life goals like tax savings. Top insurers in India use awareness campaigns to stimulate the need for insurance, emphasize family support, safety, and long-term savings. Regulations from IRDA now require all terms and conditions to be clearly mentioned in insurance advertisements.
The document provides an overview of the life insurance and financial planning industry in India. It discusses key topics such as the historical development of the insurance sector, current regulatory framework, major players and their market shares, various insurance products offered, and distribution channels. The industry is set for rapid growth in the coming years driven by increasing incomes, financial awareness and the entry of private players. Customer service and use of new distribution channels like bancassurance are becoming important for companies to succeed in this competitive environment.
The document provides an overview of the insurance industry in India. Some key points:
- The life and non-life insurance markets in India have been growing at a brisk pace, with the total insurance market expanding from US$23 billion in FY05 to US$68.88 billion in FY16.
- Private sector participation has increased over the years, with private players accounting for 29.6% of the life insurance market in FY16, up from 2% in FY03.
- While LIC continues to dominate the life insurance segment with a 71.07% market share in FY17, other players like ICICI Prudential, HDFC, and SBI Life have increased
Insurance is defined both functionally and contractually. Functionally, it spreads risk across many individuals exposed to the same peril. Contractually, it is an agreement where an insurer takes on risk of a large loss in exchange for premium payments. Life insurance first came to India in 1818 and LIC was established in 1956 as a state-run monopoly. Reforms in the 1990s introduced private insurers. LIC remains the largest insurer in India with a wide network and focus on rural and social development through its products and investment activities.
The document discusses the insurance sector in India. It covers the introduction and history of insurance in India, the privatization of insurance in the 1990s, and the major effects of privatization. Some key points include:
- Insurance provides protection against risks by distributing losses across many individuals.
- The Indian government nationalized private insurance companies in 1956.
- The government began privatizing insurance in the 1990s, opening it up to private players.
- Since privatization, the insurance sector has grown significantly, with the number of policies and premium income rising sharply. Top private players have also experienced strong growth.
- Privatization has led to increased competition, new products, better technology and customer service. It has
This document is a summer training report submitted by Bunty Bhagat for his MBA program. It discusses the history and development of the Indian life and general insurance industries. It provides an overview of the major players in the industry, including the public sector companies LIC and GIC, as well as private sector companies like HDFC Standard Life Insurance and Max New York Life Insurance that have entered the market. The report will analyze customer buying behavior and market segmentation in the insurance industry through research methodology and primary data collection.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$94.48 billion) in FY18, with life insurance accounting for Rs. 4.58 trillion and non-life at Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 50.7% market share in non-life insurance and 33.51% in new business in life insurance.
The document discusses the history and development of insurance in India. It provides definitions of insurance and describes different types of insurance like life, health, automobile, fire insurance. It summarizes the key players in the insurance sector including LIC, private insurers, and the regulatory body IRDA. It also outlines the products offered by LIC and investment policies of insurance companies.
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates and valuations.
- The LIC Act was passed in 1956 leading to the nationalization of the insurance industry and creation of LIC as a statutory body.
- Today, LIC dominates the Indian life insurance market as the largest insurer, though private players have gained significant share in recent years.
The document provides an industry analysis of the insurance sector in India. It discusses the types of insurance available in India and the key regulatory authority and companies in the sector. Some of the main factors that affect the insurance industry are inflation, deflation, economic policies, and competition. The insurance industry in India has experienced significant growth in online purchases and is projected to continue growing due to demographic and economic factors. The overall size of the life and general insurance markets in India is also growing.
LIC and ICICI Prudential are two major players in the Indian insurance sector. LIC was formed in 1956 through an act of parliament and has over 7 lakh employees and agents serving through its network of divisions and branches. ICICI Prudential is a joint venture between ICICI Bank and Prudential formed in 2000 and is the largest private life insurer. Both companies offer a wide range of insurance products targeting various customer segments and life stages.
This document summarizes the performance of the Life Insurance Corporation of India (LIC) from 1999-2000 to 2008-2009. It discusses that LIC saw fluctuating growth in policies issued, premiums collected, and number of agents. While some years saw high growth rates, others saw declines. Overall, the compound growth rate for policies was 9.25% and premiums was 13.64%, showing good performance. It also discusses how LIC competes in the private insurance market in India and the changes to the insurance sector since privatization.
This document provides an overview of Life Insurance Corporation (LIC) of India. It discusses that LIC was established in 1956 by the Parliament of India by consolidating over 245 private life insurance companies. LIC is wholly owned by the Government of India and is the largest life insurance company in India. The document outlines LIC's history, functions, benefits of life insurance, plans offered, rights of policyholders, subsidiaries and interesting facts such as LIC being the largest insurer in the world with over 29 crore policyholders.
The insurance sector in India has historically been dominated by LIC, but private insurers have gained market share since 2000 when the sector was opened to privatization. The life insurance industry has grown substantially in the last decade, with the number of policies and amount of premiums increasing significantly. Growth has been driven by rising incomes and awareness as well as government initiatives to expand insurance coverage. However, there remains huge potential for further growth given low insurance penetration rates currently. Major players include both public sector insurers like LIC and private insurers such as HDFC, ICICI and Bajaj. The general insurance sector is also growing with motor insurance making up a large portion of the market.
Recent developments in insurance sectorSadan Sinha
The document summarizes recent developments in the Indian insurance sector. It notes that while life insurance penetration has increased from 2.15% in 2001 to 4.6% in 2009, general insurance penetration has remained low between 0.55-0.75%. It discusses issues like the need for insurers to be conservative, challenges in infrastructure funding, and shifting focus of life insurance from risk of dying early to risk of living too long. The summary also highlights regulatory changes by IRDA to standardize proposal forms, introduce new product rules and increase oversight of insurers.
The document discusses the history and development of the insurance sector in India. It notes that insurance was initially nationalized and state-owned companies dominated the market. Liberalization in the 1990s allowed private companies to enter the sector. Now there are many private life, health, and general insurance companies operating alongside state-owned insurers, increasing competition and improving customer choice, services and products. However, some risks remain, such as companies prioritizing profits over customers.
The document provides an overview of the Indian insurance sector, including:
1) It discusses the history and types of insurance, including life and general insurance. General insurance is further broken down into fire, marine, and miscellaneous insurance.
2) It lists some of the major players in the life and general insurance industries in India.
3) It describes the regulatory body, the Insurance Regulatory and Development Authority (IRDA), and its objectives of promoting competition and protecting policyholders.
4) It discusses various political, economic, social, and technological factors that affect the insurance industry according to PEST analysis.
5) It provides some suggestions to help insurance companies in India reduce costs and
The document provides an overview of the insurance industry in India. It discusses the history of insurance in India dating back to 1818. It also outlines the key entities that regulate the insurance industry like IRDA and GIC. The document categorizes different types of insurance like life, health, vehicle etc. It further analyzes growth factors, major players, and functions of the insurance industry in India. It performs a SWOT and PEST analysis to understand challenges and opportunities. Overall, the document gives a comprehensive introduction to the insurance sector in India.
This document is a company training report submitted to Guru Jambheshwar University of Science and Technology by Deependra Parmar. The report analyzes saving schemes completed at LIC of India as part of Parmar's BBA degree program. It provides background on the supervisor, Mr. Surjeet Bishnoi, and declares that the work is Parmar's original work. It also acknowledges and thanks those who provided guidance and support during the training.
Insurance, Sector History, FDI in Insurance, Government Role in Insurance, Industry Growth Pattern, Challenges of Insurance Market, Foreign Direct Investment in Insurance
Insurance advertising has changed drastically over time from focusing on death to goals and achievements. Old advertisements emphasized insurance as a means to cope with death, while new advertisements portray insurance as a way to achieve life goals like tax savings. Top insurers in India use awareness campaigns to stimulate the need for insurance, emphasize family support, safety, and long-term savings. Regulations from IRDA now require all terms and conditions to be clearly mentioned in insurance advertisements.
The document provides an overview of the life insurance and financial planning industry in India. It discusses key topics such as the historical development of the insurance sector, current regulatory framework, major players and their market shares, various insurance products offered, and distribution channels. The industry is set for rapid growth in the coming years driven by increasing incomes, financial awareness and the entry of private players. Customer service and use of new distribution channels like bancassurance are becoming important for companies to succeed in this competitive environment.
The document provides an overview of the insurance industry in India. Some key points:
- The life and non-life insurance markets in India have been growing at a brisk pace, with the total insurance market expanding from US$23 billion in FY05 to US$68.88 billion in FY16.
- Private sector participation has increased over the years, with private players accounting for 29.6% of the life insurance market in FY16, up from 2% in FY03.
- While LIC continues to dominate the life insurance segment with a 71.07% market share in FY17, other players like ICICI Prudential, HDFC, and SBI Life have increased
Insurance is defined both functionally and contractually. Functionally, it spreads risk across many individuals exposed to the same peril. Contractually, it is an agreement where an insurer takes on risk of a large loss in exchange for premium payments. Life insurance first came to India in 1818 and LIC was established in 1956 as a state-run monopoly. Reforms in the 1990s introduced private insurers. LIC remains the largest insurer in India with a wide network and focus on rural and social development through its products and investment activities.
The document discusses the insurance sector in India. It covers the introduction and history of insurance in India, the privatization of insurance in the 1990s, and the major effects of privatization. Some key points include:
- Insurance provides protection against risks by distributing losses across many individuals.
- The Indian government nationalized private insurance companies in 1956.
- The government began privatizing insurance in the 1990s, opening it up to private players.
- Since privatization, the insurance sector has grown significantly, with the number of policies and premium income rising sharply. Top private players have also experienced strong growth.
- Privatization has led to increased competition, new products, better technology and customer service. It has
This document is a summer training report submitted by Bunty Bhagat for his MBA program. It discusses the history and development of the Indian life and general insurance industries. It provides an overview of the major players in the industry, including the public sector companies LIC and GIC, as well as private sector companies like HDFC Standard Life Insurance and Max New York Life Insurance that have entered the market. The report will analyze customer buying behavior and market segmentation in the insurance industry through research methodology and primary data collection.
The document provides an overview of the Indian insurance industry. Some key points:
- The overall insurance industry in India is expected to reach $280 billion by 2020, with life and non-life insurance growing rapidly.
- Private sector players have increased their market share in both life and non-life insurance segments over the past decade.
- Growth is expected to be driven by segments like crop, health and motor insurance. Enrolment in government schemes is also increasing insurance penetration.
- Total life insurance premiums reached $64.8 billion in FY17, while non-life premiums were $23.38 billion in FY18. Both segments have seen strong growth over the past years
The document provides an overview of the insurance industry in India. Some key points:
- The insurance industry in India is expected to reach $280 billion by 2020, with life insurance growing 12-15% annually for the next 3-5 years.
- Gross premiums written reached Rs. 5.53 trillion (US$94.48 billion) in FY18, with life insurance accounting for Rs. 4.58 trillion and non-life at Rs. 1.51 trillion.
- Private sector participation is increasing, with private players having a 50.7% market share in non-life insurance and 33.51% in new business in life insurance.
The document discusses the history and development of insurance in India. It provides definitions of insurance and describes different types of insurance like life, health, automobile, fire insurance. It summarizes the key players in the insurance sector including LIC, private insurers, and the regulatory body IRDA. It also outlines the products offered by LIC and investment policies of insurance companies.
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates and valuations.
- The LIC Act was passed in 1956 leading to the nationalization of the insurance industry and creation of LIC as a statutory body.
- Today, LIC dominates the Indian life insurance market as the largest insurer, though private players have gained significant share in recent years.
The document provides an overview of the insurance sector in India. It discusses the history and evolution of insurance in India including the establishment of key insurance companies. It describes the different types of insurance such as life insurance (term plans, endowment plans, etc.) and general insurance (health, fire, marine, motor, etc.). It also discusses the major players in the life and general insurance sectors in India as well as the role of the Insurance Regulatory and Development Authority (IRDA).
The document provides information on life insurance corporation of India (LIC) and general insurance corporation of India (GIC). It discusses that LIC was established in 1956 as a wholly owned government corporation to nationalize the private life insurance business. It discusses the mission, objectives and policies of LIC. It also provides details on establishment, subsidiaries, and services of GIC. Finally, it summarizes the role of the Insurance Regulatory and Development Authority (IRDA) in regulating the insurance sector in India.
LIC of India is the largest life insurance company in India. It was established in 1956 after the nationalization of the insurance industry. LIC has over 250 million policyholders and a majority share of the life insurance market. It offers a wide range of insurance products and has expanded its services through technology and partnerships. LIC is a significant investor in infrastructure development in India and aims to provide financial security to all citizens.
The document discusses the history and types of life insurance in India. It notes that life insurance can be traced back to ancient texts and the first insurance companies were established in the late 19th century. It then summarizes different types of life insurance policies including term insurance, endowment plans, whole life plans, and unit linked insurance plans. The document also briefly outlines how life insurance claims are processed.
The SlideShare 101 is a quick start guide if you want to walk through the main features that the platform offers. This will keep getting updated as new features are launched.
The SlideShare 101 replaces the earlier "SlideShare Quick Tour".
Designing training program for max new york lifeTanuj Poddar
Max New York Life provides extensive training programs for its agents over 2 years to ensure they have the skills and knowledge to properly advise customers. The document outlines Max New York Life's new employee orientation program which includes HR training, product training, and system training over 2 weeks or 152 hours. It also discusses the eligibility criteria used to select agents and the types of ongoing training programs provided to agents, including agency training, HR training, system training, and operations training. The goal of Max New York Life's thorough training approach is to develop high quality agents and financial advisors.
This document provides an index and table of contents for a research report. The index lists 8 chapters that will be covered in the report, including introductions to the industry and company, research methodology, objectives, conclusions, and recommendations. It also includes acknowledgments and an executive summary. The executive summary previews that the report will compare life insurance products from HDFC Standard Life to major competitors in the market.
The document summarizes the insurance sector in India. It discusses the evolution of the sector from being a public sector monopoly to allowing private players. It provides an overview of life and general insurance services and major public and private players. It notes that while LIC remains the largest insurer, private players have grown their market share in recent years. The insurance sector contributes significantly to the Indian economy through long-term savings and funding for development.
HDFC Standard Life Insurance is a leading private life insurance company in India. It is a joint venture between HDFC, a major housing finance company, and Standard Life of the UK. The document discusses HDFC Standard Life's products, growth, awards, and expansion efforts. It also provides background on the insurance industry in India, including key regulations and the growth of private insurers. HDFC Standard Life aims to increase its market share through new products, advertising, and improving its sales techniques.
1) There are 24 life insurance companies in India, with LIC being the sole public sector company. There are also 33 non-life insurers, including 6 public sector companies.
2) Some of the major private life insurers include HDFC Life Insurance, Max Life Insurance, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, and Aditya Birla Sun Life Insurance.
3) The insurance industry is regulated by IRDAI, which oversees functions of life and non-life insurance companies and issues guidelines to promote orderly growth of the insurance sector.
Insurance allows people to share financial risks and losses by contributing regular premiums to a common fund. It provides peace of mind by helping restore people's financial status if unexpected events like accidents, illness or death occur. While such events can be financially devastating for individuals, insurance premiums paid by many ensure claims can be paid out.
A Study of DSA Network Expansion and Product Promotion Strategy of General...Anish Singh
A summer project of the insurance sector. that you rarely found.
In this project, u will get promotion strategy, how u sell the insurance and their ways. how to pitch agents and made for your company. thank you
This document provides a summary of a summer placement report submitted by Ravi Agarwal on their internship at HDFC Standard Life Insurance Company. The report includes an overview of the Indian insurance industry, history of insurance in India, key milestones, and reforms. It also discusses the present scenario of the life insurance industry in India and HDFC Standard Life's products, marketing strategies, competition, and recommendations for improving sales and market share.
- Life insurance first came to India from England in 1818, with the Oriental Life Insurance Company starting as the first life insurer.
- The Insurance Act of 1912 was passed to regulate the insurance business, requiring actuarial certification of premium rates.
- The LIC Act was passed in 1956, creating LIC as a state-run monopoly provider of life insurance in India. LIC started with 5 zones, 33 divisions, and over 200 branch offices.
- Today, LIC has over 2000 branch offices, over 100 divisional offices, and 8 zonal offices, with a network of over 1.2 million agents. It remains the largest life insurer in India though its monopoly has ended.
This document discusses the recruitment of advisors and sales of financial products through advisors in the life insurance industry in India. It provides background on the history and development of the life insurance sector in India. It describes how advisors, also known as agents, are critical to the distribution and sales process, as they are the primary channel through which insurance companies can explain policies and benefits to customers. The success of insurance companies depends on having an adequate network of agents to capture market share.
The general insurance sector in India has grown significantly since its beginnings in the 1850s. Key events include the nationalization of the industry in 1972, which consolidated 107 insurers into four public sector companies. Today general insurance includes products like fire, marine, motor, health and travel insurance. The Life Insurance Corporation of India was established in 1956 with the goal of widespread life insurance coverage. It has expanded rapidly over the decades to become a major provider of life insurance across India. Both public and private sector players contribute to the growing Indian insurance industry.
This document provides information about insurance and the insurance sector in India. It discusses that insurance involves compensation for potential future losses in exchange for periodic payments. It also outlines the objectives of insurance companies to provide protection and invest policyholder funds. The document summarizes the history and growth of the insurance sector in India, including the liberalization of the sector in 2000 that allowed private companies. It provides details on major life and non-life insurance companies in India.
This document provides an overview of IDBI Federal Life Insurance, including:
1) IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank, and Ageas insurance. It offers various insurance products to customers in India.
2) Information is provided on the partner organizations IDBI Bank, Federal Bank, and Ageas insurance.
3) An organizational structure of IDBI Federal Life Insurance is shown, including the CEO and heads of different divisions.
- Life insurance first came to India in 1818 from England. The Oriental Life Insurance Company was the first insurer in India.
- Key legislation around insurance was passed in 1912 and 1956, leading to the creation of LIC as a state-owned monopoly insurer.
- Today, LIC remains the largest insurer in India with over 180 million policies, 2048 branches, and revenues of over $173 billion USD, though its market share has declined with privatization and competition from other insurers.
Life insurance is a contract between a policy holder and an insurer where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured. The policy holder pays regular premiums in return. Life insurance objectives include widespread coverage, saving mobilization, conducting business economically, and meeting growing customer needs. LIC of India is the largest insurer in India and provides various policies, but also faces threats from private players and foreign insurers expanding in the market. LIC offers specialized plans and products and has diversified into other financial fields.
This document provides an overview and summary of an internship report for State Life Insurance Corporation of Pakistan. It discusses the objectives and structure of the internship, including working in various departments like Human Resources, Policyholder services, and Finance. It also summarizes the profile and history of State Life since its establishment in 1972, its products and services like various individual and family insurance plans. Finally, it discusses the financial performance and investments of State Life as one of the largest insurers in Pakistan.
LIC is India's largest life insurer with over 290 million policyholders. It has a 76% market share in number of policies issued due to its prompt claim settlement, resolving 100% of complaints in 2016. The document discusses LIC's history and nationalization in 1956, as well as its claim settlement processes for death claims, maturity claims, and money back policies. It shows that LIC's high claim settlement ratio of 97.73% in 2012-2013 positively impacted its market share and policy sales compared to private insurers. Prompt claim resolution is important for customer satisfaction and sales.
LIC was established in 1956 and is fully owned by the Government of India. It has a large market share and offers a wide range of insurance products. However, it is facing challenges in the southern region of India. To address this, LIC should increase the number of agents, offer higher commissions, and provide free health insurance to attract more customers aged 20-35 years old in the south.
The document discusses the history and importance of insurance. It provides background on Lloyd's of London, an insurance market established in 1686. It also discusses the Insurance Regulatory and Development Authority of India (IRDAI), the regulatory body for insurance in India. The document outlines some key reasons for insurance, including financial security, safeguarding future goals, encouraging savings, effective risk management, and peace of mind. It then lists and describes the top 5 insurance companies in India - LIC, Max Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, and Tata AIA Life Insurance. Finally, it discusses some benefits of insurance for poultry, orchards, crops, and other areas,
The document discusses insurance and its types. It defines insurance as a contract between an insurance company and a policyholder, where the insurer agrees to pay a specified amount if a specified event occurs. Insurance is divided into life insurance, which covers human lives, and non-life (general) insurance, which covers other assets. The document then discusses SBI Life Insurance, its joint venture with State Bank of India and Cardif SA, and its various individual and group insurance products.
The document discusses key aspects of project management including defining projects, their characteristics, types of projects, project lifecycles, feasibility studies, and the role of a project manager. It notes that project management involves applying tools and techniques to plan, organize, and control projects to achieve goals within budget and schedule. The overall goal of project management is to ensure project success by managing the project's time, cost, and quality.
This document discusses strategic applications of information technology in the healthcare industry. It begins by outlining the growing role and expenditures of IT in healthcare. It then introduces a framework for conceptualizing strategic IT applications, distinguishing between internal integration of systems within an organization and external integration with outside groups. Key emerging technologies are described that enable these forms of integration, including computerized patient records, document management systems, data warehouses, the internet, intranets, networking/ATM technology, and medical informatics/telematics. Specific healthcare organization examples of implementing these technologies are provided.
This document defines key quality-related terms and concepts such as quality, quality control, statistical quality control, total quality management, and ISO 9000. It discusses the different phases of quality including quality of concept, design, production, conformance, and performance. It also describes quality control techniques like inspection planning, control charts, and statistical process control. The document outlines the principles of total quality management and benefits of the ISO 9000 quality management system standard.
This document provides definitions and explanations of key quality-related terms including quality, quality control, statistical quality control, total quality management, and ISO 9000. It discusses the different phases of quality including quality of concept, design, production, conformance, and performance. It also covers quality control techniques like inspection planning, control charts, and statistical process control. The document outlines principles of total quality management and benefits of the ISO 9000 quality management system standard.
This document discusses strategic applications of information technology in the healthcare industry. It begins by outlining the growing role and expenditures of IT in healthcare. It then introduces a framework for conceptualizing strategic IT applications, distinguishing between internal integration of systems within an organization and external integration with outside groups. Key emerging technologies discussed include computerized patient records, document management systems, data warehouses, intranets, the internet, and telemedicine. The document provides examples of how various healthcare organizations have implemented these technologies.
This document discusses foreign direct investment (FDI) and government policy related to the insurance sector in India. It provides background on the history of insurance regulation in India, including nationalization in the 1970s and the opening of the sector to private companies and 26% foreign ownership in 1999 with the passage of the IRDA Act. The document performs a SWOT analysis of the Indian insurance market, identifying strengths like new product offerings but also weaknesses like low insurance penetration. It examines trends in FDI levels and market share between public and private sector players. The objective is to analyze patterns of FDI and government regulation in the evolving Indian insurance industry.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
2. What is Insurance?
Evolution
Types of Insurance
Insurance Sector Reforms
Global Players – Indian Mergers
LIC
Global Growth
Sub Prime
Indian Scenario
Interview
Careers
Conclusion
3. Insurance is a form of contract or agreement under one party agrees in
return of a consideration to pay an agreed amount of money to another
party to make goods for a loss, damage, injury to something of value
Insurance, in law and economics, is a form of risk management primarily
used to hedge against the risk of a contingent loss.
Insurance is defined as the equitable transfer of the risk of a potential
loss, from one entity to another, in exchange for a premium.
Insurance rate is a factor used to determine the amount, called the
premium, to be charged for a certain amount of insurance coverage
Risk management, the practice of appraising and controlling risk, has
evolved as a discrete field of study and practice
4. 1818 - Oriental Life Insurance Company – 1st Insurance Company.
1870 - Bombay Mutual Life Assurance Society – 1st Life Insurance Company.
1912 - The Indian Life Assurance Companies Act enacted the 1st Law to Regulate the Life
Insurance Business.
1928 - The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life & non-life insurance businesses.
1938: Earlier legislation consolidated & amended the Insurance Act with the objective of
protecting the interests of the insuring public.
1956: 245 Indian & foreign insurers & provident societies are taken over by the central
government & nationalized.
LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore
from the Government of India.
The first General Insurance Company established in the year 1850 in Calcutta by the British.
6. In 1993, Malhotra Committee - headed by former Finance Secretary &
RBI Governor R.N. Malhotra.
Objective - to create more efficient & competitive financial system.
Key recommendations of the reform;
1.Structure: – a. government stake 50% in insurance companies.
2.Competition:
Private Companies with a minimum paid up capital of Rs.1bn should be
allowed to enter the sector.
No Company should deal in both life and general insurance through a
single entity.
Foreign companies may be allowed to enter the industry in collaboration
with the domestic companies.
7. Regulatory Body:
• The insurance act should be changed.
• An insurance regulatory body should be set up.
• Controller of insurance-a part of the Finance Ministry –
should be made independent.
Investments :
• Mandatory Investments of LIC Life Fund in government
securities to be reduced from 75% to 50%.
• GIC and its subsidiaries are not to hold more than 5% in
any company.
Customer Service:
• LIC should pay interest on delay on payment beyond 30
days.
• Insurance companies must be encouraged to set up
unit link pension plans.
8. THE GLOBAL PLAYERS
in Life insurance
AVIVA
American International Group, Inc.
(AIG)
Prudential PLC
9. • Aviva is the fifth-largest insurance group of the world &
the biggest in the UK.
• They are among the leading providers of life &
pensions products in Europe.
• Aviva has a 35 million-customer base worldwide and
more than £332 billion of assets under management.
• The mission of Aviva is: “to provide prosperity and
peace of mind for our customers”.
10. • Aviva was the first foreign insurance company in India to set
up its representative office in 1995.
• In India Aviva has a joint venture with Dabur.
• Aviva has 112 Branches in India.
• Aviva products are available in 392 towns & cities across
India.
• Annual sales turnover is over Rs.12 billion.
11. • Provides value for money
• Flexibility
• Transparency.
• It has been among the 1st to introduce the
more modern Unit Linked Products in the
market. [eg.whole life insurance(life long)]
•Good products to offer.
12. • AIG is the world's leading international insurance & financial
services org, with operations in more than 130 countries &
jurisdictions.
• In the United States, AIG companies are the largest
underwriters of commercial & industrial insurance.
• AIG companies are the largest underwriters.AIG also has one
of the largest U.S. retirement savings.
• AIG American General is a top-ranked life insurer.
• A major focus of AIG's insurance business model is the
concept of an underwriting profit.
13. • Tata AIG General Insurance company is a joint venture
between the Tata Group & American International
Group, Inc
• The Tata AIG General Insurance company’s offers a
complete range of insurance solutions
• The Tata AIG ‘s product innovation
• The rural difference
• The enhancement of distribution channels
14. • Innovative Offers,
• Customer-Centric Products,
• Increasing Awareness Levels of Consumers
• Enhanced Service Standards,
• Reaching out to the customer through a number of
distribution and communications channels
• Providing advice to the customer
15. • Prudential PLC is an international financial services company.
• It has a product range of personal
banking, insurance, pensions and retail investments, to
institutional fund management and property investments .
• In the UK Prudential is a leading life & pensions provider with
around 7 million customers.
• It is Asia’s leading European life insurer with life and fund
management operations in 12 countries serving some seven
million customers.
16. • ICICI Prudential Life Insurance Company is a joint
venture between ICICI Bank & Prudential PLC.
• ICICI Prudential was amongst the first private sector
insurance companies to begin operations in December
2000.
• The company has a network of about 56,000 advisors;
as well as 7 banc assurance and 150 corporate agent
tie-ups.
• For the past four years, ICICI Prudential has retained its
position as the No. 1 private life insurer in the country.
17. Reasons for Growth
Lucrative offers
High standard service
Customer-centric products
Good communication techniques
Use of customer feedback in
improvement of offers
18. FORMATION:
Insurance corporation LIC was formed in September 1956 by an act of
parliament
LIC was formed with the capital contribution of 5 crores from the govt. of
India and has the sole mandate of conducting life insurance business in
India.
Before the formation of LIC there where 245 Indian and foreign insurers
in India.
OBJECTIVES:
To maximize mobilization of peoples savings by making insurance linked
saving adequately attractive.
To spread life insurance much more widely and in particularly in rural
area, providing them with insurance at reasonable price and adequate
finance cover.
19. LIC has come a long way since its nationalization in 1956
over 40 years later in 1997
LIC had grown from Rs. 3.78 billion of new business in
1957 to Rs 555.5 billion
The rural India accounting for around 40% of the business.
In 1997, LIC had spread to the farthest corners of the
country with an extensive network of over 8 lakh
agents, 2048 branches(1370cities), 100 Divisional
office, 7 Zonal offices and 1 Central office.
LIC has branch offices in U.K., Mauritius, & Fiji. In U.K.
20. LIC’s Game Plan:
“LIC IS TO BE IDENTIFIED AS AN EPITOME OF CUSTOMER
CARE AND CONCERN IN THE ENTIRE SERVICE INDUSTRY”
-Chairman G N BAJPAI
The IT initiative
The company, has invested over Rs. 400 crore in technology up
gradation.
LIC now plans to increase the MAN to 33 more Cities by the end of
the year so that they have 4 I cities on the WAN. That will make it
the biggest network in the whole country, including that of the
railways
21. Premium payment facility through internet, smart
card, credit card
Tie up with banks for payment of premium through ATM’S
Market focus initiative
Launching schemes for the rural areas designed to meet
their requirement. Derive 60% of its new business from
rural areas
The corporation will soon go in for restructuring and is
talking with leading management institutes such as the IIM
of Lucknow for brushing up its marketing skills, IIM
Ahmedabad for fine-tuning its investment skills & IIM
Bangalore for polishing its IT skills.
22. Global insurance premiums grew by 9.7% reached $3.3 trillion by 2006.
The profits of property and casualty insurance industry actually rose by
$3.2 billion, or 5.5 %, to $30.6 billion during the first half of 2007.
North America was the most important region with premium income of
$1,217 billion in 2006.
Followed by the EU (at $1,198 billion) & Japan (at $492 billion.)
The United States & Japan alone accounted for a half of world insurance
premiums.
23. The volume of UK insurance business totaled $295
billion or 9.1% of global premiums by 2006.
Emerging markets accounted for over 85% of the
world’s population but generated only 10% of premium.
The ISO results indicate a growth rate in net written
premiums of just 0.1 % during the first half of
2007, down substantially from the 2.7 % increase during
calendar year 2006.
The 0.1 % increase in premium growth, if maintained
through 2007, would represent the lowest growth rates for
the during the past 40 years.
24. The property/casualty and life insurance industry will not be
materially affected by credit market developments.
Because both by law and by the nature of their business, insurers
generally limit themselves to the low-risk end of the investing
universe.
A small number of P/C insurers provide insurance on the credit-
worthiness on mortgage-backed securities.
The loss ratios for the credit insurance products of these companies
are likely to rise due to increased delinquencies and defaults.
25. At least half of these companies are parts of larger financial
services groups, so that the experience of this line of business
is, for them, a small part of their overall operations.
As such, it is much too early to estimate the dimensions of the
claims experience that may emerge from the recent credit market
developments.
Of course some companies will be affected more than others, and
the depth and length of the credit market “challenges” might be
more adverse than many experts currently foresee .
But for now, these developments do not appear poised to adversely
affect the insurance industry’s ability to pay its claims and continue
to have financially successful operations.
26.
27. Insurers
Premium[Rs.Cr.]
ICICI Prudential 271.00
Bajaj Allianz 124.00
SBI Life 90.00
HDFC Standard
70.00
Max New York Life 69.00
Tata AIG 48.00
Aviva
39.00
Reliance Life 33.00
28. Birla Sunlife 28.00
Kotak Mahindra Old
Mutual 26.00
ING Vysya 22.00
Met Life 19.00
Shriram Life 4.50
Sahara Life 1.70
Bharti Axa Life 0.72
29. ICICI Prudential - premium income rising 84.5 % to Rs 271 crore -
9.08% market share.
Bajaj Allianz - 15 % in business - collected Rs 124 crore - 4.16 %
market share.
general insurance industry grew 16 % in April,
New India - With 8 % growth in premium collection at Rs 651
crore, retained its number one slot by cornering 20.72 % of market share.
ICICI Lombard - new premium 36 % to Rs 448 crore - a market share of
14.28 %
ICICI Lombard - the second-largest non-life insurance player.
Oriental Insurance premium collection at Rs 413 crore & a market of
13.16 %.
United India - 3 % growth in business at Rs 407 crore & 12.97 % of the
market.
30. The potential of the Indian insurance industry is huge. HOW???
….. It has an annual growth rate of 15-20% &
…..the largest number of life insurance policies in force.
Total value of the Indian insurance market (2004-05) is at
Rs. 450 billion (US$10 billion).
Insurance & Banking Services’ contribution to the country's
gross domestic product (GDP) is 7%
The funds available with the state-owned Life Insurance
Corporation (LIC) for investments are 8% of GDP.
31. The year 1999 saw a revolution in the Indian
insurance sector------the ending of government
monopoly -----the passage of the Insurance Regulatory
and Development Authority (IRDA) Bill
“A foreign partner can hold 26% equity in an insurance
company, but there was a proposal to increase this limit
to 49%.
Foreign investments of Rs. 8.7 billion have poured into
the Indian market & 21 private companies have been
granted licenses.
33. India's insurance sector to see 500 per cent growth by 2010:
Study
India's insurance sector - 500 % growth over the next three years
- 60 billion-dollar industry by 2010
India's more than one billion people are uninsured, the study by
the Associated Chambers of Commerce and Industry
(Assocham) said.
'A large part of rural India is still untapped due to poor
distribution, large distances & high costs relative to returns,‘ said
Assocham president Anil K Agarwal
He said the study had revealed that rural & semi-urban India
would contribute 35 billion dollars to the Indian insurance
industry by 2010.
The study added that the urban sector insurance was estimated
to reach 25 billion dollars by 2010, life insurance 15 billion and
non- life insurance 10 billion dollars.
34.
35. When was LIC formed?
What are the objectives of LIC?
How does LIC functions?
What mission and vision do you practice?
How do you address to customers grievances?
Any significant achievement you would like to
mention?
36. Jobs in insurance involve helping individuals and business
manage risk to protect themselves from catastrophic losses
and to anticipate potential risk problems.
Insurance brokers and agents
Claims handlers [are responsible for investigating
incidents and paying claims. They decide the extent and
validity of the claim]
Underwriters [assess risks and decide whether to accept
applications for insurance cover - and on what terms]
37. Insurance can be summed up as
“Praying for the best …
…being PREPARED for the
WROST”.