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
For full text artical go to: http://www.educorporatebridge.com/insurance/insurance-sector-in-india/Insurance sector in India is considered as a huge market due to its momentous untapped potential. This sector is said to improve the standard of living of the people in an economy as it leads to risk free lives, promotes entrepreneurship, mobilizes savings and leads to protection of trade and industry which contributes in human progress.
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
For full text artical go to: http://www.educorporatebridge.com/insurance/insurance-sector-in-india/Insurance sector in India is considered as a huge market due to its momentous untapped potential. This sector is said to improve the standard of living of the people in an economy as it leads to risk free lives, promotes entrepreneurship, mobilizes savings and leads to protection of trade and industry which contributes in human progress.
note: A slide for any presentation should not contain more than 4-5 sentences but this presentation has more than the requirement.So, i suggest you to edit as per your requirement and to make it more effective, you can add animations as well.
An organization study on Reliance life insurance
(With specific reference to customer satisfaction)
Submitted in partial fulfillment of the requirement of the
Bachelor of Business Management Degree
Offered by Jain University during the year 2012
Insurance, Sector History, FDI in Insurance, Government Role in Insurance, Industry Growth Pattern, Challenges of Insurance Market, Foreign Direct Investment in Insurance
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
MODELING AND ANALYSIS OF SURFACE ROUGHNESS AND WHITE LATER THICKNESS IN WIRE-...IAEME Publication
White layer thickness (WLT) formed and surface roughness in wire electric discharge turning (WEDT) of tungsten carbide composite has been made to model through response surface methodology (RSM). A Taguchi’s standard Design of experiments involving five input variables with three levels has been employed to establish a mathematical model between input parameters and responses. Percentage of cobalt content, spindle speed, Pulse on-time, wire feed and pulse off-time were changed during the experimental tests based on the Taguchi’s orthogonal array L27 (3^13). Analysis of variance (ANOVA) revealed that the mathematical models obtained can adequately describe performance within the parameters of the factors considered. There was a good agreement between the experimental and predicted values in this study.
A STUDY ON THE REASONS FOR TRANSGENDER TO BECOME ENTREPRENEURSIAEME Publication
The study explores the reasons for a transgender to become entrepreneurs. In this study transgender entrepreneur was taken as independent variable and reasons to become as dependent variable. Data were collected through a structured questionnaire containing a five point Likert Scale. The study examined the data of 30 transgender entrepreneurs in Salem Municipal Corporation of Tamil Nadu State, India. Simple Random sampling technique was used. Garrett Ranking Technique (Percentile Position, Mean Scores) was used as the analysis for the present study to identify the top 13 stimulus factors for establishment of trans entrepreneurial venture. Economic advancement of a nation is governed upon the upshot of a resolute entrepreneurial doings. The conception of entrepreneurship has stretched and materialized to the socially deflated uncharted sections of transgender community. Presently transgenders have smashed their stereotypes and are making recent headlines of achievements in various fields of our Indian society. The trans-community is gradually being observed in a new light and has been trying to achieve prospective growth in entrepreneurship. The findings of the research revealed that the optimistic changes are taking place to change affirmative societal outlook of the transgender for entrepreneurial ventureship. It also laid emphasis on other transgenders to renovate their traditional living. The paper also highlights that legislators, supervisory body should endorse an impartial canons and reforms in Tamil Nadu Transgender Welfare Board Association.
BROAD UNEXPOSED SKILLS OF TRANSGENDER ENTREPRENEURSIAEME Publication
Since ages gender difference is always a debatable theme whether caused by nature, evolution or environment. The birth of a transgender is dreadful not only for the child but also for their parents. The pain of living in the wrong physique and treated as second class victimized citizen is outrageous and fully harboured with vicious baseless negative scruples. For so long, social exclusion had perpetuated inequality and deprivation experiencing ingrained malign stigma and besieged victims of crime or violence across their life spans. They are pushed into the murky way of life with a source of eternal disgust, bereft sexual potency and perennial fear. Although they are highly visible but very little is known about them. The common public needs to comprehend the ravaged arrogance on these insensitive souls and assist in integrating them into the mainstream by offering equal opportunity, treat with humanity and respect their dignity. Entrepreneurship in the current age is endorsing the gender fairness movement. Unstable careers and economic inadequacy had inclined one of the gender variant people called Transgender to become entrepreneurs. These tiny budding entrepreneurs resulted in economic transition by means of employment, free from the clutches of stereotype jobs, raised standard of living and handful of financial empowerment. Besides all these inhibitions, they were able to witness a platform for skill set development that ignited them to enter into entrepreneurial domain. This paper epitomizes skill sets involved in trans-entrepreneurs of Thoothukudi Municipal Corporation of Tamil Nadu State and is a groundbreaking determination to sightsee various skills incorporated and the impact on entrepreneurship.
DETERMINANTS AFFECTING THE USER'S INTENTION TO USE MOBILE BANKING APPLICATIONSIAEME Publication
The banking and financial services industries are experiencing increased technology penetration. Among them, the banking industry has made technological advancements to better serve the general populace. The economy focused on transforming the banking sector's system into a cashless, paperless, and faceless one. The researcher wants to evaluate the user's intention for utilising a mobile banking application. The study also examines the variables affecting the user's behaviour intention when selecting specific applications for financial transactions. The researcher employed a well-structured questionnaire and a descriptive study methodology to gather the respondents' primary data utilising the snowball sampling technique. The study includes variables like performance expectations, effort expectations, social impact, enabling circumstances, and perceived risk. Each of the aforementioned variables has a major impact on how users utilise mobile banking applications. The outcome will assist the service provider in comprehending the user's history with mobile banking applications.
ANALYSE THE USER PREDILECTION ON GPAY AND PHONEPE FOR DIGITAL TRANSACTIONSIAEME Publication
Technology upgradation in banking sector took the economy to view that payment mode towards online transactions using mobile applications. This system enabled connectivity between banks, Merchant and user in a convenient mode. there are various applications used for online transactions such as Google pay, Paytm, freecharge, mobikiwi, oxygen, phonepe and so on and it also includes mobile banking applications. The study aimed at evaluating the predilection of the user in adopting digital transaction. The study is descriptive in nature. The researcher used random sample techniques to collect the data. The findings reveal that mobile applications differ with the quality of service rendered by Gpay and Phonepe. The researcher suggest the Phonepe application should focus on implementing the application should be user friendly interface and Gpay on motivating the users to feel the importance of request for money and modes of payments in the application.
VOICE BASED ATM FOR VISUALLY IMPAIRED USING ARDUINOIAEME Publication
The prototype of a voice-based ATM for visually impaired using Arduino is to help people who are blind. This uses RFID cards which contain users fingerprint encrypted on it and interacts with the users through voice commands. ATM operates when sensor detects the presence of one person in the cabin. After scanning the RFID card, it will ask to select the mode like –normal or blind. User can select the respective mode through voice input, if blind mode is selected the balance check or cash withdraw can be done through voice input. Normal mode procedure is same as the existing ATM.
IMPACT OF EMOTIONAL INTELLIGENCE ON HUMAN RESOURCE MANAGEMENT PRACTICES AMONG...IAEME Publication
There is increasing acceptability of emotional intelligence as a major factor in personality assessment and effective human resource management. Emotional intelligence as the ability to build capacity, empathize, co-operate, motivate and develop others cannot be divorced from both effective performance and human resource management systems. The human person is crucial in defining organizational leadership and fortunes in terms of challenges and opportunities and walking across both multinational and bilateral relationships. The growing complexity of the business world requires a great deal of self-confidence, integrity, communication, conflict and diversity management to keep the global enterprise within the paths of productivity and sustainability. Using the exploratory research design and 255 participants the result of this original study indicates strong positive correlation between emotional intelligence and effective human resource management. The paper offers suggestions on further studies between emotional intelligence and human capital development and recommends for conflict management as an integral part of effective human resource management.
VISUALISING AGING PARENTS & THEIR CLOSE CARERS LIFE JOURNEY IN AGING ECONOMYIAEME Publication
Our life journey, in general, is closely defined by the way we understand the meaning of why we coexist and deal with its challenges. As we develop the "inspiration economy", we could say that nearly all of the challenges we have faced are opportunities that help us to discover the rest of our journey. In this note paper, we explore how being faced with the opportunity of being a close carer for an aging parent with dementia brought intangible discoveries that changed our insight of the meaning of the rest of our life journey.
A STUDY ON THE IMPACT OF ORGANIZATIONAL CULTURE ON THE EFFECTIVENESS OF PERFO...IAEME Publication
The main objective of this study is to analyze the impact of aspects of Organizational Culture on the Effectiveness of the Performance Management System (PMS) in the Health Care Organization at Thanjavur. Organizational Culture and PMS play a crucial role in present-day organizations in achieving their objectives. PMS needs employees’ cooperation to achieve its intended objectives. Employees' cooperation depends upon the organization’s culture. The present study uses exploratory research to examine the relationship between the Organization's culture and the Effectiveness of the Performance Management System. The study uses a Structured Questionnaire to collect the primary data. For this study, Thirty-six non-clinical employees were selected from twelve randomly selected Health Care organizations at Thanjavur. Thirty-two fully completed questionnaires were received.
Living in 21st century in itself reminds all of us the necessity of police and its administration. As more and more we are entering into the modern society and culture, the more we require the services of the so called ‘Khaki Worthy’ men i.e., the police personnel. Whether we talk of Indian police or the other nation’s police, they all have the same recognition as they have in India. But as already mentioned, their services and requirements are different after the like 26th November, 2008 incidents, where they without saving their own lives has sacrificed themselves without any hitch and without caring about their respective family members and wards. In other words, they are like our heroes and mentors who can guide us from the darkness of fear, militancy, corruption and other dark sides of life and so on. Now the question arises, if Gandhi would have been alive today, what would have been his reaction/opinion to the police and its functioning? Would he have some thing different in his mind now what he had been in his mind before the partition or would he be going to start some Satyagraha in the form of some improvement in the functioning of the police administration? Really these questions or rather night mares can come to any one’s mind, when there is too much confusion is prevailing in our minds, when there is too much corruption in the society and when the polices working is also in the questioning because of one or the other case throughout the India. It is matter of great concern that we have to thing over our administration and our practical approach because the police personals are also like us, they are part and parcel of our society and among one of us, so why we all are pin pointing towards them.
A STUDY ON TALENT MANAGEMENT AND ITS IMPACT ON EMPLOYEE RETENTION IN SELECTED...IAEME Publication
The goal of this study was to see how talent management affected employee retention in the selected IT organizations in Chennai. The fundamental issue was the difficulty to attract, hire, and retain talented personnel who perform well and the gap between supply and demand of talent acquisition and retaining them within the firms. The study's main goals were to determine the impact of talent management on employee retention in IT companies in Chennai, investigate talent management strategies that IT companies could use to improve talent acquisition, performance management, career planning and formulate retention strategies that the IT firms could use. The respondents were given a structured close-ended questionnaire with the 5 Point Likert Scale as part of the study's quantitative research design. The target population consisted of 289 IT professionals. The questionnaires were distributed and collected by the researcher directly. The Statistical Package for Social Sciences (SPSS) was used to collect and analyse the questionnaire responses. Hypotheses that were formulated for the various areas of the study were tested using a variety of statistical tests. The key findings of the study suggested that talent management had an impact on employee retention. The studies also found that there is a clear link between the implementation of talent management and retention measures. Management should provide enough training and development for employees, clarify job responsibilities, provide adequate remuneration packages, and recognise employees for exceptional performance.
ATTRITION IN THE IT INDUSTRY DURING COVID-19 PANDEMIC: LINKING EMOTIONAL INTE...IAEME Publication
Globally, Millions of dollars were spent by the organizations for employing skilled Information Technology (IT) professionals. It is costly to replace unskilled employees with IT professionals possessing technical skills and competencies that aid in interconnecting the business processes. The organization’s employment tactics were forced to alter by globalization along with technological innovations as they consistently diminish to remain lean, outsource to concentrate on core competencies along with restructuring/reallocate personnel to gather efficiency. As other jobs, organizations or professions have become reasonably more appropriate in a shifting employment landscape, the above alterations trigger both involuntary as well as voluntary turnover. The employee view on jobs is also afflicted by the COVID-19 pandemic along with the employee-driven labour market. So, having effective strategies is necessary to tackle the withdrawal rate of employees. By associating Emotional Intelligence (EI) along with Talent Management (TM) in the IT industry, the rise in attrition rate was analyzed in this study. Only 303 respondents were collected out of 350 participants to whom questionnaires were distributed. From the employees of IT organizations located in Bangalore (India), the data were congregated. A simple random sampling methodology was employed to congregate data as of the respondents. Generating the hypothesis along with testing is eventuated. The effect of EI and TM along with regression analysis between TM and EI was analyzed. The outcomes indicated that employee and Organizational Performance (OP) were elevated by effective EI along with TM.
INFLUENCE OF TALENT MANAGEMENT PRACTICES ON ORGANIZATIONAL PERFORMANCE A STUD...IAEME Publication
By implementing talent management strategy, organizations would have the option to retain their skilled professionals while additionally working on their overall performance. It is the course of appropriately utilizing the ideal individuals, setting them up for future top positions, exploring and dealing with their performance, and holding them back from leaving the organization. It is employee performance that determines the success of every organization. The firm quickly obtains an upper hand over its rivals in the event that its employees having particular skills that cannot be duplicated by the competitors. Thus, firms are centred on creating successful talent management practices and processes to deal with the unique human resources. Firms are additionally endeavouring to keep their top/key staff since on the off chance that they leave; the whole store of information leaves the firm's hands. The study's objective was to determine the impact of talent management on organizational performance among the selected IT organizations in Chennai. The study recommends that talent management limitedly affects performance. On the off chance that this talent is appropriately management and implemented properly, organizations might benefit as much as possible from their maintained assets to support development and productivity, both monetarily and non-monetarily.
A STUDY OF VARIOUS TYPES OF LOANS OF SELECTED PUBLIC AND PRIVATE SECTOR BANKS...IAEME Publication
Banking regulations act of India, 1949 defines banking as “acceptance of deposits for the purpose of lending or investment from the public, repayment on demand or otherwise and withdrawable through cheques, drafts order or otherwise”, the major participants of the Indian financial system are commercial banks, the financial institution encompassing term lending institutions. Investments institutions, specialized financial institution and the state level development banks, non banking financial companies (NBFC) and other market intermediaries such has the stock brokers and money lenders are among the oldest of the certain variants of NBFC and the oldest market participants. The asset quality of banks is one of the most important indicators of their financial health. The Indian banking sector has been facing severe problems of increasing Non- Performing Assets (NPAs). The NPAs growth directly and indirectly affects the quality of assets and profitability of banks. It also shows the efficiency of banks credit risk management and the recovery effectiveness. NPA do not generate any income, whereas, the bank is required to make provisions for such as assets that why is a double edge weapon. This paper outlines the concept of quality of bank loans of different types like Housing, Agriculture and MSME loans in state Haryana of selected public and private sector banks. This study is highlighting problems associated with the role of commercial bank in financing Small and Medium Scale Enterprises (SME). The overall objective of the research was to assess the effect of the financing provisions existing for the setting up and operations of MSMEs in the country and to generate recommendations for more robust financing mechanisms for successful operation of the MSMEs, in turn understanding the impact of MSME loans on financial institutions due to NPA. There are many research conducted on the topic of Non- Performing Assets (NPA) Management, concerning particular bank, comparative study of public and private banks etc. In this paper the researcher is considering the aggregate data of selected public sector and private sector banks and attempts to compare the NPA of Housing, Agriculture and MSME loans in state Haryana of public and private sector banks. The tools used in the study are average and Anova test and variance. The findings reveal that NPA is common problem for both public and private sector banks and is associated with all types of loans either that is housing loans, agriculture loans and loans to SMES. NPAs of both public and private sector banks show the increasing trend. In 2010-11 GNPA of public and private sector were at same level it was 2% but after 2010-11 it increased in many fold and at present there is GNPA in some more than 15%. It shows the dark area of Indian banking sector.
EXPERIMENTAL STUDY OF MECHANICAL AND TRIBOLOGICAL RELATION OF NYLON/BaSO4 POL...IAEME Publication
An experiment conducted in this study found that BaSO4 changed Nylon 6's mechanical properties. By changing the weight ratios, BaSO4 was used to make Nylon 6. This Researcher looked into how hard Nylon-6/BaSO4 composites are and how well they wear. Experiments were done based on Taguchi design L9. Nylon-6/BaSO4 composites can be tested for their hardness number using a Rockwell hardness testing apparatus. On Nylon/BaSO4, the wear behavior was measured by a wear monitor, pinon-disc friction by varying reinforcement, sliding speed, and sliding distance, and the microstructure of the crack surfaces was observed by SEM. This study provides significant contributions to ultimate strength by increasing BaSO4 content up to 16% in the composites, and sliding speed contributes 72.45% to the wear rate
ROLE OF SOCIAL ENTREPRENEURSHIP IN RURAL DEVELOPMENT OF INDIA - PROBLEMS AND ...IAEME Publication
The majority of the population in India lives in villages. The village is the back bone of the country. Village or rural industries play an important role in the national economy, particularly in the rural development. Developing the rural economy is one of the key indicators towards a country’s success. Whether it be the need to look after the welfare of the farmers or invest in rural infrastructure, Governments have to ensure that rural development isn’t compromised. The economic development of our country largely depends on the progress of rural areas and the standard of living of rural masses. Village or rural industries play an important role in the national economy, particularly in the rural development. Rural entrepreneurship is based on stimulating local entrepreneurial talent and the subsequent growth of indigenous enterprises. It recognizes opportunity in the rural areas and accelerates a unique blend of resources either inside or outside of agriculture. Rural entrepreneurship brings an economic value to the rural sector by creating new methods of production, new markets, new products and generate employment opportunities thereby ensuring continuous rural development. Social Entrepreneurship has the direct and primary objective of serving the society along with the earning profits. So, social entrepreneurship is different from the economic entrepreneurship as its basic objective is not to earn profits but for providing innovative solutions to meet the society needs which are not taken care by majority of the entrepreneurs as they are in the business for profit making as a sole objective. So, the Social Entrepreneurs have the huge growth potential particularly in the developing countries like India where we have huge societal disparities in terms of the financial positions of the population. Still 22 percent of the Indian population is below the poverty line and also there is disparity among the rural & urban population in terms of families living under BPL. 25.7 percent of the rural population & 13.7 percent of the urban population is under BPL which clearly shows the disparity of the poor people in the rural and urban areas. The need to develop social entrepreneurship in agriculture is dictated by a large number of social problems. Such problems include low living standards, unemployment, and social tension. The reasons that led to the emergence of the practice of social entrepreneurship are the above factors. The research problem lays upon disclosing the importance of role of social entrepreneurship in rural development of India. The paper the tendencies of social entrepreneurship in India, to present successful examples of such business for providing recommendations how to improve situation in rural areas in terms of social entrepreneurship development. Indian government has made some steps towards development of social enterprises, social entrepreneurship, and social in- novation, but a lot remains to be improved.
OPTIMAL RECONFIGURATION OF POWER DISTRIBUTION RADIAL NETWORK USING HYBRID MET...IAEME Publication
Distribution system is a critical link between the electric power distributor and the consumers. Most of the distribution networks commonly used by the electric utility is the radial distribution network. However in this type of network, it has technical issues such as enormous power losses which affect the quality of the supply. Nowadays, the introduction of Distributed Generation (DG) units in the system help improve and support the voltage profile of the network as well as the performance of the system components through power loss mitigation. In this study network reconfiguration was done using two meta-heuristic algorithms Particle Swarm Optimization and Gravitational Search Algorithm (PSO-GSA) to enhance power quality and voltage profile in the system when simultaneously applied with the DG units. Backward/Forward Sweep Method was used in the load flow analysis and simulated using the MATLAB program. Five cases were considered in the Reconfiguration based on the contribution of DG units. The proposed method was tested using IEEE 33 bus system. Based on the results, there was a voltage profile improvement in the system from 0.9038 p.u. to 0.9594 p.u.. The integration of DG in the network also reduced power losses from 210.98 kW to 69.3963 kW. Simulated results are drawn to show the performance of each case.
APPLICATION OF FRUGAL APPROACH FOR PRODUCTIVITY IMPROVEMENT - A CASE STUDY OF...IAEME Publication
Manufacturing industries have witnessed an outburst in productivity. For productivity improvement manufacturing industries are taking various initiatives by using lean tools and techniques. However, in different manufacturing industries, frugal approach is applied in product design and services as a tool for improvement. Frugal approach contributed to prove less is more and seems indirectly contributing to improve productivity. Hence, there is need to understand status of frugal approach application in manufacturing industries. All manufacturing industries are trying hard and putting continuous efforts for competitive existence. For productivity improvements, manufacturing industries are coming up with different effective and efficient solutions in manufacturing processes and operations. To overcome current challenges, manufacturing industries have started using frugal approach in product design and services. For this study, methodology adopted with both primary and secondary sources of data. For primary source interview and observation technique is used and for secondary source review has done based on available literatures in website, printed magazines, manual etc. An attempt has made for understanding application of frugal approach with the study of manufacturing industry project. Manufacturing industry selected for this project study is Mahindra and Mahindra Ltd. This paper will help researcher to find the connections between the two concepts productivity improvement and frugal approach. This paper will help to understand significance of frugal approach for productivity improvement in manufacturing industry. This will also help to understand current scenario of frugal approach in manufacturing industry. In manufacturing industries various process are involved to deliver the final product. In the process of converting input in to output through manufacturing process productivity plays very critical role. Hence this study will help to evolve status of frugal approach in productivity improvement programme. The notion of frugal can be viewed as an approach towards productivity improvement in manufacturing industries.
A MULTIPLE – CHANNEL QUEUING MODELS ON FUZZY ENVIRONMENTIAEME Publication
In this paper, we investigated a queuing model of fuzzy environment-based a multiple channel queuing model (M/M/C) ( /FCFS) and study its performance under realistic conditions. It applies a nonagonal fuzzy number to analyse the relevant performance of a multiple channel queuing model (M/M/C) ( /FCFS). Based on the sub interval average ranking method for nonagonal fuzzy number, we convert fuzzy number to crisp one. Numerical results reveal that the efficiency of this method. Intuitively, the fuzzy environment adapts well to a multiple channel queuing models (M/M/C) ( /FCFS) are very well.
2. International Journal of Management
as the one of the most competitive and exploring industry in India. The entry of the private
players and the increased use of the new distribution are in the limelight today. The use of
new distribution techniques and the IT tools has increased the scope of the industry in the
longer run.
HISTORY OF INSURANCE SECTOR
The business of life insurance in India in its existing form started in India in the year 1818
with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the
important milestones in the life insurance business in India are given in the table 1.
Table 1: milestone’s in the life insurance business in India
Year Milestones in the life insurance business in India
1912 The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business
1928 The Indian Insurance Companies Act enacted to enable the
government to collect statistical information about both life and
non-life insurance businesses
1938 Earlier legislation consolidated and amended to by the Insurance
Act with the objective of protecting the interests of the insuring
public.
1956 245 Indian and foreign insurers and provident societies taken over
by the central government and nationalised. 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 General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850
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in Calcutta by the British. Some of the important milestones in the general insurance
business in India are given in the table 2.
Table 2: milestone’s in the general insurance business in India
Year Milestones in the general insurance business in India
1907 The Indian Mercantile Insurance Ltd. set up, the first company to
transact all classes of general insurance business
1957 General Insurance Council, a wing of the Insurance Association of
India, frames a code of conduct for ensuring fair conduct and sound
business practices
1968 The Insurance Act amended to regulate investments and set
minimum solvency margins and the Tariff Advisory Committee set
up.
1972 The General Insurance Business (Nationalisation) Act, 1972
nationalised the general insurance business in India with effect
from 1st January 1973.
107 insurers amalgamated and grouped into four companies viz. the
National Insurance Company Ltd., the New India Assurance
Company Ltd., the Oriental Insurance Company Ltd. and the United
India Insurance Company Ltd. GIC incorporated as a company.
Indian Insurance Market – History
Insurance has a long history in India. Life Insurance in its current form was introduced in
1818 when Oriental Life Insurance Company began its operations in India. General
Insurance was however a comparatively late entrant in 1850 when Triton Insurance
company set up its base in Kolkata. History of Insurance in India can be broadly bifurcated
into three eras: a) Pre Nationalisation b) Nationalisation and c) Post Nationalisation. Life
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Insurance was the first to be nationalized in 1956. Life Insurance Corporation of India was
formed by consolidating the operations of various insurance companies. General Insurance
followed suit and was nationalized in 1973. General Insurance Corporation of India was set
up as the controlling body with New India, United India, National and Oriental as its
subsidiaries. The process of opening up the insurance sector was initiated against the
background of Economic Reform process which commenced from 1991. For this purpose
Malhotra Committee was formed during this year who submitted their report in 1994 and
Insurance Regulatory Development Act (IRDA) was passed in 1999. Resultantly Indian
Insurance was opened for private companies and Private Insurance Company effectively
started operations from 2001.
Insurance Market- Present:
The insurance sector was opened up for private participation four years ago. For years now,
the private players are active in the liberalized environment. The insurance market have
witnessed dynamic changes which includes presence of a fairly large number of insurers
both life and non-life segment. Most of the private insurance companies have formed joint
venture partnering well recognized foreign players across the globe.
There are now 29 insurance companies operating in the Indian market – 14 private life
insurers, nine private non-life insurers and six public sector companies. With many more
joint ventures in the offing, the insurance industry in India today stands at a crossroads as
competition intensifies and companies prepare survival strategies in a detariffed scenario.
There is pressure from both within the country and outside on the Government to increase
the foreign direct investment (FDI) limit from the current 26% to 49%, which would help
JV partners to bring in funds for expansion.
There are opportunities in the pensions sector where regulations are being framed. Less
than 10 % of Indians above the age of 60 receive pensions. The IRDA has issued the first
licence for a standalone health company in the country as many more players wait to enter.
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The health insurance sector has tremendous growth potential, and as it matures and new
players enter, product innovation and enhancement will increase. The deepening of the
health database over time will also allow players to develop and price products for larger
segments of society.
State Insurers Continue To Dominate There may be room for many more players in a
large underinsured market like India with a population of over one billion. But the reality is
that the intense competition in the last five years has made it difficult for new entrants to
keep pace with the leaders and thereby failing to make any impact in the market.
Also as the private sector controls over 26.18% of the life insurance market and over
26.53% of the non-life market, the public sector companies still call the shots.
The country’s largest life insurer, Life Insurance Corporation of India (LIC), had a share of
74.82% in new business premium income in November 2005.
Similarly, the four public-sector non-life insurers – New India Assurance, National
Insurance, Oriental Insurance and United India Insurance – had a combined market share
of 73.47% as of October 2005. ICICI Prudential Life Insurance Company continues to lead
the private sector with a 7.26% market share in terms of fresh premium, whereas ICICI
Lombard General Insurance Company is the leader among the private non-life players with
a 8.11% market share. ICICI Lombard has focused on growing the market for general
insurance products and increasing penetration within existing customers through product
innovation and distribution.
Reaching Out To Customers No doubt, the customer profile in the insurance industry is
changing with the introduction of large number of divergent intermediaries such as brokers,
corporate agents, and bancassurance.
The industry now deals with customers who know what they want and when, and are more
demanding in terms of better service and speedier responses. With the industry all set to
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move to a detariffed regime by 2007, there will be considerable improvement in customer
service levels, product innovation and newer standards of underwriting.
Intense Competition In a de-tariffed environment, competition will manifest itself in
prices, products, underwriting criteria, innovative sales methods and creditworthiness.
Insurance companies will vie with each other to capture market share through better pricing
and client segmentation.
The battle has so far been fought in the big urban cities, but in the next few years, increased
competition will drive insurers to rural and semi-urban markets.
Global Standards While the world is eyeing India for growth and expansion, Indian
companies are becoming increasingly world class. Take the case of LIC, which has set its
sight on becoming a major global player following a Rs280-crore investment from the
Indian government. The company now operates in Mauritius, Fiji, the UK, Sri Lanka,
Nepal and will soon start operations in Saudi Arabia. It also plans to venture into the
African and Asia-Pacific regions in 2006.
The year 2005 was a testing phase for the general insurance industry with a series of
catastrophes hitting the Indian sub-continent.
However, with robust reinsurance programmes in place, insurers have successfully
managed to tide over the crisis without any adverse impact on their balance sheets.
With life insurance premiums being just 2.5% of GDP and general insurance premiums
being 0.65% of GDP, the opportunities in the Indian market place is immense. The next
five years will be challenging but those that can build scale and market share will survive
and prosper.
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LIFE INSURANCE CORPORATION OF INDIA (LIC)
Life Insurance Corporation of India (LIC) was formed in September, 1956 by an Act of
Parliament, viz., Life Insurance Corporation Act, 1956, with capital contribution from the
Government of India. The then Finance Minister, Shri C.D. Deshmukh, while piloting the
bill, outlined the objectives of LIC thus: to conduct the business with the utmost economy,
in a spirit of trusteeship; to charge premium no higher than warranted by strict actuarial
considerations; to invest the funds for obtaining maximum yield for the policy holders
consistent with safety of the capital; to render prompt and efficient service to policy
holders, thereby making insurance widely popular.
Since nationalisation, LIC has built up a vast network of 2,048 branches, 100 divisions and
7 zonal offices spread over the country. The Life Insurance Corporation of India also
transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is
associated with joint ventures abroad in the field of insurance, namely, Ken-India
Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited,
Kuala Lumpur and Life Insurance Corporation (International) E.C. Bahrain. The
Corporation has registered a joint venture company in 26th December, 2000 in Kathmandu,
Nepal by the name of Life Insurance Corporation (Nepal) Limited in collaboration with
Vishal Group Limited, a local industrial Group. An off-shore company L.I.C. (Mauritius)
Off-shore Limited has also been set up in 2001 to tap the African insurance market.
Some Areas of Future Growth
Life Insurance
The traditional life insurance business for the LIC has been a little more than a savings
policy. Term life (where the insurance company pays a predetermined amount if the
policyholder dies within a given time but it pays nothing if the policyholder does not die)
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8. International Journal of Management
has accounted for less than 2% of the insurance premium of the LIC (Mitra and Nayak,
2001). For the new life insurance companies, term life policies would be the main line of
business.
Health Insurance
Health insurance expenditure in India is roughly 6% of GDP, much higher than most other
countries with the same level of economic development. Of that, 4.7% is private and the
rest is public. What is even more striking is that 4.5% are out of pocket expenditure
(Berman, 1996). There has been an almost total failure of the public health care system in
India. This creates an opportunity for the new insurance companies.
Thus, private insurance companies will be able to sell health insurance to a vast number of
families who would like to have health care cover but do not have it.
Pension
The pension system in India is in its infancy. There are generally three forms of plans:
provident funds, gratuities and pension funds. Most of the pension schemes are confined to
government employees (and some large companies). The vast majority of workers are in
the informal sector. As a result, most workers do not have any retirement benefits to fall
back on after retirement. Total assets of all the pension plans in India amount to less than
USD 40 billion.
Therefore, there is a huge scope for the development of pension funds in India. The finance
minister of India has repeatedly asserted that a Latin American style reform of the
privatized pension system in India would be welcome (Roy, 1997). Given all the pros and
cons, it is not clear whether such a wholesale privatization would really benefit India or not
(Sinha, 2000).
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9. International Journal of Management
MARKET SHARE OF INDIAN INSURANCE INDUSTRY
The introduction of private players in the industry has added value to the industry. The
initiatives taken by the private players are very competitive and have given immense
competition to the on time monopoly of the market LIC. Since the advent of the private
players in the market the industry has seen new and innovative steps taken by the players in
this sector. The new players have improved the service quality of the insurance. As a result
LIC down the years have seen the declining phase in its career. The market share was
distributed among the private players. Though LIC still holds the 75% of the insurance
sector but the upcoming natures of these private players are enough to give more
competition to LIC in the near future. LIC market share has decreased from 95% (2002-03)
to 81 %( 2004-05).The following companies has the rest of the market share of the
insurance industry. Table 3 shows the mane of the player in the market.
TABLE NO: 3 NAME OF THE INSURANCE COMPANY AND THE SHARE
HOLDING PATTEN
Name of the Insurance Company Shareholding
Agricultural Insurance Co Bank and Public Ins Co
Bajaj Allianz General Insurance Co. Ltd. Privately Held
Cholamandalam MS General Insurance Co. Ltd. Privately Held
Export Credit Guarantee Company Public Sector
HDFC Chubb General Insurance Co. Ltd. Privately Held
ICICI Lombard General Insurance Co. Ltd. Privately Held
IFFCO-Tokio General Insurance Co. Ltd. Privately Held
National Insurance Co. Ltd. Public Sector
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10. International Journal of Management
New India Assurance Co. Ltd. Public Sector
Oriental Insurance Co. Ltd. Public Sector
Reliance General Insurance Co. Ltd. Privately Held
Royal Sundaram Alliance General Insurance Co. Ltd. Privately Held
Tata AIG General Insurance Co. Ltd. Privately Held
United India Insurance Co. Ltd. Public Sector
There are a total of 13 life insurance companies operating in India, of which one is a Public
Sector Undertaking and the balance 12 are Private Sector Enterprises.
List of Companies are indicated below:-
TABLE NO: 4 NAME OF THE LIFE INSURANCE COMPANY AND THE
SHARE HOLDING PATTEN
Name of the company Nature of Holding
Allianz Bajaj Life Insurance Co Private
Aviva Life Insurance Private
Birla Sun Life Insurance Co Private
HDFC Standard Life Insurance Co Private
ICICI Prudential Life Insurance Co Private
ING Vysya Life Insurance Co. Private
Life Insurance Corporation of India Public
Max New York Life Insurance Co. Private
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11. International Journal of Management
MetLife Insurance Co. Private
Om Kotak Mahindra Life Insurance Private
Reliance insurance Private
SBI Life Insurance Co Private
TATA- AIG Life Insurance Company Private
TABLE 5. NAME OF THE PLAYER MARKET SHARE (%)
Name of the Player Market share (%)
LIFE INSURANCE CORPORATION OF INDIA 82.3
ICICI PRUDENTIAL 5.63
BIRLA SUN LIFE 2.56
BAJAJ ALLIANZ 2.03
SBI LIFE INSURANCE 1.80
HDFC STANDARD 1.36
TATA AIG 1.29
MAX NEW YARK 0.90
AVIVA 0.79
OM KOTAK MAHINDRA 0.51
ING VYSYA 0.37
MET LIFE 0.21
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12. International Journal of Management
PRESENT SCENARIO OF INSURANCE INDUSTRY
India with about 200 million middle class household shows a huge untapped
potential for players in the insurance industry. Saturation of markets in many
developed economies has made the Indian market even more attractive for global
insurance majors. The insurance sector in India has come to a position of very high
potential and competitiveness in the market. Indians, have always seen life
insurance as a tax saving device, are now suddenly turning to the private sector that
are providing them new products and variety for their choice.
Consumers remain the most important centre of the insurance sector. After the entry
of the foreign players the industry is seeing a lot of competition and thus
improvement of the customer service in the industry. Computerisation of operations
and updating of technology has become imperative in the current scenario. Foreign
players are bringing in international best practices in service through use of latest
technologies
The insurance agents still remain the main source through which insurance products
are sold. The concept is very well established in the country like India but still the
increasing use of other sources is imperative. At present the distribution channels
that are available in the market are listed below.
• Direct selling
• Corporate agents
• Group selling
• Brokers and cooperative societies
• Bancassurance
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Customers have tremendous choice from a large variety of products from pure term
(risk) insurance to unit-linked investment products. Customers are offered
unbundled products with a variety of benefits as riders from which they can choose.
More customers are buying products and services based on their true needs and not
just traditional moneyback policies, which is not considered very appropriate for
long-term protection and savings. There is lots of saving and investment plans in the
market. However, there are still some key new products yet to be introduced - e.g.
health products.
The rural consumer is now exhibiting an increasing propensity for insurance
products. A research conducted exhibited that the rural consumers are willing to
dole out anything between Rs 3,500 and Rs 2,900 as premium each year. In the
insurance the awareness level for life insurance is the highest in rural India, but the
consumers are also aware about motor, accidents and cattle insurance. In a study
conducted by MART the results showed that nearly one third said that they had
purchased some kind of insurance with the maximum penetration skewed in favor of
life insurance. The study also pointed out the private companies have huge task to
play in creating awareness and credibility among the rural populace. The perceived
benefits of buying a life policy range from security of income bulk return in future,
daughter's marriage, children's education and good return on savings, in that order,
the study adds.
APPLICATION OF INFORMATION TECHNOLOGY IN
INSURANCE SECTOR
There is a evolutionary change in the technology that has revolutionized the entire
insurance sector. Insurance industry is a data-rich industry, and thus, there is a need to use
the data for trend analysis and personalization.
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With increased competition among insurers, service has become a key issue. Moreover,
customers are getting increasingly sophisticated and tech-savvy. People today don’t want
to accept the current value propositions, they want personalized interactions and they look
for more and more features and add ones and better service
The insurance companies today must meet the need of the hour for more and more
personalized approach for handling the customer. Today managing the customer
intelligently is very critical for the insurer especially in the very competitive environment.
Companies need to apply different set of rules and treatment strategies to different
customer segments. However, to personalize interactions, insurers are required to capture
customer information in an integrated system.
With the explosion of Website and greater access to direct product or policy information,
there is a need to developing better techniques to give customers a truly personalized
experience. Personalization helps organizations to reach their customers with more impact
and to generate new revenue through cross selling and up selling activities. To ensure that
the customers are receiving personalized information, many organizations are
incorporating knowledge database-repositories of content that typically include a search
engine and lets the customers locate the all document and information related to their
queries of request for services. Customers can hereby use the knowledge database to
mange their products or the company information and invoices, claim records, and histories
of the service inquiry. These products also may be able to learn from the customer’s
previous knowledge database and to use their information when determining the relevance
to the customers search request.
CONCLUSION
There is a probability of a spurt in employment opportunities. A number of web-sites are
coming up on insurance, a few financial magazines exclusively devoted to insurance and
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also a few training institutes being set up hurriedly. Many of the universities and
management institutes have already started or are contemplating new courses in insurance.
Life insurance has today become a mainstay of any market economy since it offers plenty
of scope for garnering large sums of money for long periods of time. A well-regulated life
insurance industry which moves with the times by offering its customers tailor-made
products to satisfy their financial needs is, therefore, essential if we desire to progress
towards a worry-free future.
References
1. Berman, Peter. "Rethinking Health Care Systems: Private Health Care Provision in
India." Harvard School of Public Health Working Paper, November 1996.
2. Business Today. "The Monitory Group Study on Insurance I and II." March 22 and
April 7, 2000.
3. Dasgupta, Samik. "RSA, Iffco-Tokio yet to appoint actuaries," Economic Times,
January 23, 2001.
4. Kumari, Vaswati, "India Insurers Seek Perfect Partners." National Underwriters,
March 5, 2001, 38-39.
5. Mitra, Sumit and Nayak, Shilpa. "Coming to Life." India Today, May 7, 2001.
6. Patel, Freny. "Centre wants GIC to merge unviable outfits before recast." Business
Standard, April 13, 2001.
7. Roy, Abhijit. "Pension fund business in India." The Hindu, July 16, 1997, p. 25.
8. Roy, Samit. "Insurance Sector: India." Industry Sector Analysis, National Trade and
Development Board, US Department of State, Washington, DC, December 1999.
9. Sigma. "World Insurance in 1999." No. 9/2000. Published by SwissRe. Available at
www.swissre.com.
10. Sinha, Tapen. Pension Reform in Latin America and Its Implications for
International Policymakers. Boston, USA, Huebner Series Volume No. 23, Kluwer
Academic Publishers, 2000.
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11. Sinha, Tapen and Sinha, Dipendra. "A Comparison of Development Prospects in
India
12. and China." Asian Economies, Vol. 27(2), June 1997, 5-31. U.S. Department of
State FY 2001 Country Commercial Guide: India. Commercial Guide for India was
prepared by U.S. Embassy New Delhi and released by the
13. Bureau of Economic and Business in July 2000 for Fiscal Year 2001
Useful Websites:
14. http://www.lic.wwindia.com/
15. http://www.asiainsurancereview.com/edsynopsis.asp
16. www.hc.wharton.upenn.edu/impactconference/presentations
.html
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