This document summarizes an article from the International Journal of Management about the Indian insurance industry and the performance of SBI Life Insurance. It discusses that the life insurance premium in India declined slightly in 2011-12 while non-life premium grew. It also evaluates the growth and new business performance of both public and private insurers through various channels like agents and banks. SBI Life Insurance is highlighted as a joint venture between State Bank of India and BNP Paribas Cardif, with the objective of assessing its role and performance within the Indian insurance industry.
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
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
Study of Various Mutual Fund Schemes and Risk Adjusted Rate of Return with Sp...Kalpesh Kasar
“Study of Various Mutual Fund Schemes and Risk Adjusted Rate of Return with Special Reference to LIC Mutual Fund” which cover the things related to various LICMF schemes, Concepts of Mutual Funds and Performance Measures/Evaluation.
THE PRESENT SCENARIO IN THE LIFE INSURANCE SECTOR IN INDIA PERIOD OF STUDY- F...Amit Dumka
The present study is mainly aimed to study the various performance factors viz.
Penetration, density, trends of insurance market, comparative premium study of LIC
of India and private players and new policy impact for a period of five years i.e.
from 2011-12 to 2014-15
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
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
Study of Various Mutual Fund Schemes and Risk Adjusted Rate of Return with Sp...Kalpesh Kasar
“Study of Various Mutual Fund Schemes and Risk Adjusted Rate of Return with Special Reference to LIC Mutual Fund” which cover the things related to various LICMF schemes, Concepts of Mutual Funds and Performance Measures/Evaluation.
THE PRESENT SCENARIO IN THE LIFE INSURANCE SECTOR IN INDIA PERIOD OF STUDY- F...Amit Dumka
The present study is mainly aimed to study the various performance factors viz.
Penetration, density, trends of insurance market, comparative premium study of LIC
of India and private players and new policy impact for a period of five years i.e.
from 2011-12 to 2014-15
A comparative study of public & private life insurance companies in indiaRAVICHANDIRANG
Indian financial system is highly influence with the banking and insurance sector which attracts flow of savings and
investments to the country. Insurance sector in India is one of the growing sectors of the economy. The insurance sector,
along with other elements of marketing, as well as financial infrastructure, have been touched and influenced by the process
of liberalization and globalization in India. The customer is the king in the market. Life insurance companies deal in
intangible products. With the entry of private players, the competition is becoming intense. In order to satisfy the customers,
every company is trying to implement new creations and innovative product characteristics to attract customers. This
research paper attempts to study the Public & Private Life Insurance Companies in India and compare the perception of
customers in terms of service quality and analyze the performance of public and private life insurance companies in India.
RBSA-RR-Demystifying Life Insurance Industry in India (1).pdfRBSA Advisors
RBSA Advisors is delighted to share its recent research on the Life Insurance sector in India. Pandemic across the nation had impacted the country's overall financial system. The unprecedented nature of this crisis created difficult circumstances, including economic shutdowns. The year 2020 was a watershed year in the Insurance sector. Insurer were forced to rethink their business operations leading to enormous changes in the industry. Currently, life insurance industry is at crossroad.
Through this report we are demystifying the life insurance industry in India and sharing our views on the industry outlook.
An overview of micro insurance industries in indiaRAVICHANDIRANG
Micro insurance is one of the unique and important segments of
insurance which provides financial assistance to the poor people in the
country. Reaching the micro insurance to all is also a part of financial
inclusion. The IRDA on 30th November 2005 regulation act micro
insurance products was implemented in India. The salient feature of
the life insurance, Health insurance, Crop insurance, Lives stock
insurance or cattle insurance and Asset insurance is product offer to
low income people. According to IRDA the term micro insurance
comprises two words “Micro” which means “Affordable to the poor”
and Insurance means “Risk Pooling to compensate to individual and
group”. Micro insurance is a key element in the financial services
package for mass people, particularly for economically weaker section of
people. The poor people face more risks than the well off, but more
importantly they are more vulnerable to the same risk. With this view
the present paper tries to discuss the distribution of micro insurance in
India.
The presentation discusses the comparative study of IDBI Federal Life Insurance Co. Ltd. and LIC of India. The comparison is done on the basis of products & plans, market share, new policies issued, grievances resolved percentage, premium collection, claim settlement ratio. The presentation also gives the analysis of customer awareness and satisfaction level for both the companies.
Indian Insurance Industry: Reaching out to Exponential Growth Resurgent India
From Insurance being seen as a basic protection instrument against expected losses, the Indian Insurance industry has surely come a long way to become an absolute critical driver of economic prosperity and growth. The sector has helped account for risks; provide funds for capital intensive national building efforts besides lending social security to the citizens. Over a period of decade and a half, the industry has witnessed phases of spurt growth and moderation, intensifying competition and expansion of customer and geographic coverage.
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 (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
6510(Online), Volume 4, Issue 1, January- February (2013)
1. INTRODUCTION
Insurance offers protection from financial crisis. In addition to the protective cover
it offers, life insurance serves the purpose of savings and wealth creation thereby giving
freedom to live life to the fullest.
During the financial year 2011-12, life insurance industry went through a
transition phase that has changed the dynamics and approach of the insurance players.
2. INDIAN INSURANCE IN THE GLOBAL SCENARIO
In the life insurance business, India ranked 10th among the 156 countries. During
2011-12, the life insurance premium in India declined by 8.5 per cent. During the same
period, the global life insurance premium declined by 2.7 per cent. The share of Indian
life insurance sector in global life insurance market stood at 2.30 per cent during 2011, as
against 2.54 per cent in 2010.
The non-life insurance sector witnessed a significant growth of 13.5 per cent
during 2011-12. Its performance is far better when compared to global non-life premium,
which expanded by a meager 1.8 per cent during the same period. The share of Indian
non-life insurance premium in global non-life insurance premium increased slightly from
0.57 per cent in 2010-11 to 0.62 per cent in the year 2011-12. India stood at 19th rank in
global non-life premium income.
3. APPRAISAL OF INDIAN INSURANCE MARKET
At March 2012, there are fifty-two insurance companies operating in India; of
which twenty four was life insurers and twenty eight was non-life insurers.
4. GROWTH OF INSURANCE PREMIUM
Table 1 explains that, in six years of assessment from 2006-07 to 2011-12 the life
insurance industry recorded a premium collection of Rs. 2,87,072 crores during 2011-12
as against Rs. 2,91,639 crores in the previous financial year, registering a negative growth
of 1.57 per cent.
In the total life insurance industry, the public sector life insurers collected
premium was Rs. 2,02,889 crores and private life insurers collected premium was Rs.
84,183 crores during 2011-12, when compared to the previous year 2010-11 the public
and private sector life insurers collected premium was declined.
In the non-life segment, the insurers underwrote gross direct total premium of Rs.
54,578 crores in India for the year 2011-12 as against Rs. 44,842 crores in 2010-11,
registering a growth of 24.19 per cent as against an increase of 22.98 per cent recorded in
the previous year. The public sector insurers exhibited growth in 2011-12 at 21.50 per
cent as against the previous year’s growth rate of 21.84 per cent. The private sector
general insurers registered a growth of 28.06 per cent, which is higher than 24.67 percent
achieved during the previous year.
150
3. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
6510(Online), Volume 4, Issue 1, January- February (2013)
Table: 1 Total Insurance Premium Collected (Rs. in crores)
Year 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12
Total Insurance Premium of Life Insurers
Public Sector 1,278,23 1,49,790 1,57,288 1,86,077 2,03,473 2,02,889
LIC
Private Sector 28,253 51,561 64,497 79,370 88,165 84,183
Total Industry1,56,076 2,01,351 2,21,785 2,65,447 2,91,639 2,87,072
Gross Direct Premium of Non Life Insurers
Public Sector 17,283 17,814 19,107 21,839 26,417 32,263
Private Sector 8,647 10,992 12,321 13,977 17,425 22,315
Total Industry 25,930 28,806 31,428 35,816 43,842 54,578
Source: IRDA annual reports
5. CHANNEL WISE NEW BUSINESS PERFORMANCE OF INSURERS
Table 2 demonstrates that, the life insurance industry total new business premium
reached to Rs. 1,13,868 crores, among that Rs. 81,791 crores are from public sector and Rs.
32,076 crores from private sector with help of different channels like individual agents ,
corporate banks and others, brokers and direct selling during 2011-12.
The public sector life insurers collected new business premiums mainly from
individual agents and direct selling. The private sector life insurers are depending mainly up
on corporate banks, individual agents and direct selling.
Based on different channel the non-life insurers total gross direct premium in 2011-12
was Rs. 57,964 crores. The gross premium from individual agents was Rs. 20,917 and from
direct selling Rs. 18,556 crores were collected by non life insurers.
Table: 2 Channel Wise New Business Performance of Insurers for 2011-12 (Rs. in crores)
Types of Individual Corporate Agents Brokers Direct Total New
Channel Agents Banks Others Selling Business
New Business Premium of Life Insurers
Public Sector 42,979 1,237 101 43 37,431 81,792
LIC
Private Sector 10,134 11,573 2,221 1,417 6,731 32,076
Total Premium 53,113 12,810 2,322 1,460 44,162 1,13,868
Gross Direct Premium of Non Life Insurers
Total Premium 20,917 3,273 5,104 10,113 18,556 57,964
Source: IRDA annual report 2011-12
6. BENEFITS PAID TO POLICY HOLDERS
In the year 2011-12, the life insurance companies settled 8.22 lakh claims on
individual policies, with a total payout of Rs. 8,409 crores.
During 2011-12, life insurers issued 442 lakh new policies, out of which LIC issued
358 lakh policies (80.90 per cent of total policies issued) and the private life insurers issued
84 lakh policies (19.10 per cent). Overall, the industry witnessed 8.22 per cent decline (9.53
per cent decrease in 2010-11) in the number of new policies issued.
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7. OBJECTIVES
Many scholars and organizations done many works on Indian insurance industry but
not on SBI life insurance. To fill the gap this area was selected. The objective of the research
paper is to explore the growth in India’s insurance industry and assess the performance of
SBI Life.
For the evaluation purpose this research paper divided into two parts. In the first part,
the insurance industry in India has been discussed. In the second part, the performance of SBI
life insurance co. ltd was estimated and finally concluded with findings and conclusion.
Based on secondary data with the help of different parameters this work was analyzed.
8. ROLE OF SBI LIFE INSURANCE IN INSURANCE INDUSTRY
SBI life insurance is a joint venture between State Bank of India and BNP Paribas
Cardif. With over 200 years of existence, State Bank group has a presence in 34 countries and
extensive network of more than 18,000 branches & 26,000 plus ATMs in India at March
2012. BNP Paribas Cardif is the life and property and casualty insurance arm of BNP Paribas,
one of the strongest banks in the world. BNP Paribas Cardif is one of the world leaders in
creditor insurance and has presence in more than 80 countries.
SBI’s access to ever 100 million accounts across the country provides a vibrant base
for insurance penetration across every region and economic strata in the county, thus ensuring
true financial inclusion. Agency channel, comprising of the most productive force of over
85,000 insurance advisors, SBI life offers door to door insurance solutions to customers.
SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26% capital
in SBI life insurance. SBI life insurance extensively leverages the state bank group
relationship as a platform for cross-selling insurance products along with its numerous
banking product packages.
9. PERFORMANCE OF SBI LIFE INSURANCE
SBI life insurance has large network in the world with the combination of SBI and
BNP Paribas Cardif. Within the short period the SBI life insurance co.ltd recorded best
operational performance and growth including earning of profits.
9.1 Profit after Tax & Reserves & Surplus
The operational efficiency has been the key driver of SBI life insurance’s
profitability. Table 2 denotes profit after tax & reserves & surplus, assets under management
and total market share of SBI life insurance.
SBI life insurance recorded a PAT of Rs. 4 crores only in 2006-07, it increases Rs. 34
crores in 2007-08, it was Rs. 276 crores in 2009-10 and in 2010-11 it was Rs. 366 crores.
Reflecting on its sustained superior efficiency in business operations, SBI life insurance
posted a record profit of Rs. 556 crores, as on March, 2012, an increase of 52% over the last
financial year 2010-11. For the first time, since its inception in 2001, the company proposes
to declare a dividend of 5%.
The reserves and surplus was Rs. 1,119 crores in 2011-12. It increased Rs. 498 crores
more when compared to the previous year.
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9.2 Assets under Management
The SBI life insurance assets held Rs.4589 crores in 2006-07 and they increased to
Rs.28,703 crores in 2009-10. The asset under management of SBI life insurance recorded a
growth of 15.97% going from Rs. 40,163 crores to Rs.46,576 crores as on March, 2012.
9.3 Total Market Share
The SBI life insurance has increased its market share from 13.18% in the year 2006-
07 to 19.22% in the year 2010-2011, amongst private life insurers. SBI life insurance has a
market share of 19.95% in respect of new business premium (NBP) amongst private life
insurers in 2011-12. The overall market share of SBI life insurance in terms of NBP stood at
3.40% in 2006-07 and increases to 5.71% as on March 2012.
Table: 3 SBI Life Profits, AUM and Market Share Performance (Rs in crores)
Year PAT and Reserves & Assets Under Total
Surplus Management Market share
Profit Reserves & Equity Debt Total in in
After Tax Surplus Private Total
2006-2007 4 -30 1,716 2,874 4,589 13.18% 3.40%
2007-2008 34 5 4,621 5,538 10,160 14.18% 5.15%
2008-2009 -26 -22 5,239 9,349 14,588 15.77% 6.18%
2009-2010 276 255 11,550 14,153 28,703 18.34% 6.44%
2010-2011 366 621 17,659 22,504 40,163 19.22% 6.02%
2011-2012 556 1,119 20,577 25,999 46,576 19.95% 5.71%
Source: SBI life insurance annual reports
9.4 Premium Growth
The total premium collected by SBI life insurance recorded at Rs. 2928 crores in
2006-07 and increases to Rs. 13,134 crores in 2011-2012. The new business premium for the
SBI life insurance stood at Rs. 6,531 crores, down by 13%, as compared to private industry
de-growth of 17% during the year 2011-12.
Table: 4 Life Insurance Premium by SBI Life Insurance (Rs. In crores)
Year 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12
First year 2564 4793 5387 7041 7590 6531
(Single) premium
Total premium 2928 5622 7212 10104 12945 13135
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9.5. Channel wise New Business Premium
Table 5 explains that, the SBI life insurance individual total new business premium
reached Rs. 3343.30 in that the individual agent’s premium was Rs. 1729.97 crores and
corporate banks premium was Rs. 1484.62 crores during 2011-12.
The group new business total premium was Rs. 3,188.02 crores, in that, premium
collections through channels like corporate banks was Rs.1861.55 crores and from direct
selling Rs. 1165.95 crores during 2011-12.
Table: 5 New Business Performance of SBI Life-Channel Wise for 2011-12
(Premium Rs. in crores)
Channel Individual Corporate Agents Brokers Direct Total New
Agents Banks Others Selling Business
Individual 1729.97 1484.62 45.77 81.35 1.58 3343.30
Group 141.70 1861.55 13.52 5.30 1165.95 3188.02
9.6 Channel Mix GWP
SBI life insurance has a unique multi-distribution model encompassing vibrant
bancassurance, retail agency, institutional alliances and corporate solutions distribution of
insurance products.
All key distribution channels of SBI life insurance demonstrated profitable business
growth during the period. The agency channel and institutional alliances provided a
significant thrust to the overall business, contributing 47% in 2006-07 and in 2011-12
contributing 41% of total premium as a result of superior productivity levels of insurance
advisors.
Bancassurance contributed 36% in 2006-07 and in 2011-12 contributed 35% of the
total premium and group corporate contributed to 24% of total premium in 2011-12.
9.7 Product Mix
In SBI life insurance, among the product mix the linked share was 41.12% and non
linked share was 58.88% in 2006-07 and in 2011-12 linked product share was 41.47% and
non linked product share was 58.53%.
Table: 6 SBI Life Insurance Performance Channel Mix and Product Mix Wise
Channel Mix GWP Product Mix
Year Agency Bancas Corporate Institutional Non Linked
surance Solutions Alliance Linked
2006-2007 44% 36% 17% 3% 41.12% 58.88%
2007-2008 46% 39% 13% 2% 26.99% 73.01%
2008-2009 45% 29% 24% 2% 37.35% 62.65%
2009-2010 43% 33% 22% 2% 32.69% 67.31%
2010-2011 43% 37% 18% 2% 29.91% 70.09%
2011-2012 39% 35% 24% 2% 41.47% 58.53%
Source: SBI life annual reports
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9.8 Benefits paid to Policy Holders
In the year 2006-07 the paid benefits to policy holders by SBI life insurance were Rs.
140 crores only. In the year 2011-12, the SBI Life Insurance settled with a total amount of
Rs. 4,776 crore, when compared to the previous year 2010-11 it was higher nearly Rs. 1850
crores.
Table: 7 Benefits Paid to Policy Holders of SBI Life Insurance (Rs. in crores)
Particulars 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12
Death claims 111 160 195 258.8 336 370
Maturity claims 15 68 113 158.6 455 925
Annuities / pension .05 2.7 3.5 6.8 13 34
payments
Surrenders 14 111 61 409 2106 3386
Survival benefits 0.1 9.7 19.5 22.7 31 42
Other claims 0.3 .3 8.4 1.3 4 53
Amount ceded (0.2) (2.3) (5.4) (6) (19) (34)
in reinsurance
Total claims 140.25 349.4 395 851.2 2,926 4,776
10 FINDINGS AND CONCLUSIONS
It is found that, the life insurance companies were showing negative growth and the
non life insurance companies showing positive growth during 2011-12 when compare to the
previous years. It is suggested that the govt. of India should concentrate and take necessary
steps to increase the growth of Indian insurance industry in both life and non life insurance
sectors.
The study suggests that, the public sector life insurers must concentrate to increase
premiums through the channels of corporate agents and brokers. The private sector life
insurers should concentrate to improve their premiums through direct selling and brokers’
channels. The Non-life insurers are suggested to utilize the corporate agents’ channel to
improve their premiums.
It is found that, SBI Life Insurance has large network. Through different channels it is
operating successfully.
In the assessment period from 2006-07 to 2011-12 the SBI life insurance co. ltd
recorded best operational performance and growth, including earning of profits except in the
year 2008-09. The asset under management was good. Between 2008-09 and 2009-10 years
the growth was Rs. 14,115 crores and in between 2009-10 and 2010-11 years assets growth
was 14,160 crores, finally in between 2010-11 and 2011-12 year growth was Rs. 6413 crores.
The market share of SBI life insurance in private insurance sector is increasing and in
the total insurance market the share is decreasing. It is suggested that the SBI life insurance
should take necessary steps to improve the market share.
SBI life insurance total collected premium is increasing in all the assessment years.
The growth between the years 2006-07 and 2007-08 was Rs. 2,694 crores. The growth
between 2008-09 and 2009-10 was Rs. 2,892 crores, but whereas between 2010-11 and 2011-
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12 the profits were Rs.188 crores only. SBI life insurance should take necessary steps to
increase profits.
It is suggested that in the channel wise business premium of SBI life insurance in
individual insurance segment must improve in broker and direct selling channels.
In group insurance segment the SBI life insurance should take care to improve
individual agents and broker channel.
It is found that the percentage of distributed channel like agency and bancassurance
were showing negative trend. It is suggested that measures should be taken to improve those
channels.
It is found that, the persistency level, as per the standard 13 month industry measure,
has increased from 68.81% to 71.77% in the year 2011-12.
It is found that, the benefits paid to policy holders were good. Out of total policies
sold by SBI life insurance 22% came from the rural segment. The covered lives during 2011-
12 year was 12,05,683 with a range of 378 schemes. But the health insurance plans are very
few in the above said schemes. It is suggested that the SBI life insurance must concentrate to
increase health insurance plans for poor and needy people who are unable to bare the
corporate hospital expenses.
To concluded that, the SBI life insurance 74% of the shares were owned by SBI. So,
the SBI and the Indian government should extend support for the development of SBI life
insurance so as to cover the needs of life insurance holders in India and abroad.
REFERENCE
1. SBI Life Insurance annual reports 2006-2012.
2. SBI annual reports 2012.
3. IRDA annual reports 2006-2012.
4. Handbook on Indian Insurance Statistics 2010-11, IRDA.
5. Bandhan Vol. 34, July 2012 A bio-monthly magazine of SBI life insurance.
6. Tapen Sinha: An Analysis of the Evolution of Insurance in India-CRIS Discussion Paper
Series – 2005.III
7. Indian insurance industry- The task ahead: Report of CII and Ernst & Young,
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