The document provides an overview of the Indian insurance sector, including: 1) It discusses the history and types of insurance, including life and general insurance. General insurance is further broken down into fire, marine, and miscellaneous insurance. 2) It lists some of the major players in the life and general insurance industries in India. 3) It describes the regulatory body, the Insurance Regulatory and Development Authority (IRDA), and its objectives of promoting competition and protecting policyholders. 4) It discusses various political, economic, social, and technological factors that affect the insurance industry according to PEST analysis. 5) It provides some suggestions to help insurance companies in India reduce costs and

1. Presentation on
Indian Insurance Sector
Submitted to: Prof. Kaushik Das
Submitted by:
Prashant Maharshi
ISBE/PGP/SS/2011-13

2. What is Insurance?
 Insurance is concerned with protection of economic value of assets.
Tangible assets are human beings, house, furniture, motor cycle etc.
Intangible assets are liabilities
 History of Insurance
 It started from Lloyd’s coffee house London
 First policy issued in England in 1583
 In India first policy issued in 1870
 Classes of Insurance
A. Life insurance
B. General insurance
General insurance is further classified:-
1.Fire insurance
2.Marine insurance
3.Miscellaneous insurance

3.  Players in Life Insurance Companies
1.Bajaj Allianz Life Insurance Company Ltd
2.Birla Sun Life Insurance Company Ltd
3.HDFC Standard Life Insurance Company Ltd
4.ICICI Prudential Life Insurance Company Ltd
5.Max New York Life Insurance Company Ltd
6.SBI Life Insurance Company Ltd
7.Tata AIG Life Insurance Company Ltd
8.Reliance Life Insurance Company Ltd, etc.
 Players in General Insurance Companies
1.Bajaj Allianz General Insurance Company Ltd
2.Icici Lombard General Insurance Company Ltd
3.Reliance General Insurance Company Ltd
4.Bharti AXA General Insurance Company ltd
5.SBI General Insurance Company Ltd
6.L & T General Insurance Company Ltd
7.Tata AIG General Insurance Company Ltd
8.Agriculture Insurance Company Of India Ltd, etc.

4. Regulatory Body
Insurance Regulatory & Development Authority (IRDA) is the controlling and
regulatory apex body in the country for insurance sector and its chairman and
members are appointed by Government of India. IRDA’s HQ is located at
Hyderabad. It was constituted as a body to regulate and develop the insurance
industry in 1999, and was incorporated as a statutory body in April, 2000.
The Key objectives of IRDA is promotion of competition to satisfy customer
choice with lower premiums. The IRDA opened up market in August 2000.
Foreign companies were allowed ownership up to 26%.
Role of IRDA :
 Protecting the interest of policyholders.
 Establishing guidelines for the operations of insurers, and brokers.
 Specifying the code of conduct, qualifications, and training for insurance
intermediaries and agents.
 Promoting efficiency in the conduct of insurance business.
 Regulating the investment of funds by insurance companies.

5. PEST Analysis
 Political factors affecting insurance industry
 Insurance business in rural/ social sector
 Capital requirement
 Renewal of registration
 Requirement as to capital
 Investment of funds outside India
 Power to investigation or inspection
 Tax policy and insurance sector
 Economical factors affecting insurance industry
 Adequacy of capital
 Increased economical activity
 Interest rates
 Inflation rate
 Market related factors
 Customer satisfaction

6.  Socio-Cultural factors affecting insurance industry
 Population
 Life style
 Educational level
 Level of earning
 Societal benefits
 Technological factors affecting insurance industry
 Maintaining the database
 E-business insurance in India

7. Suggestions
The present scenario is such that the products sold with the help of Internet.
The technological advancement is such that force the companies to take such
steps.
Still the full-fledged use of Internet is not done in our country. As suggestion
earlier the Internet based life insurance will help the companies to reduce the
transaction cost and time. At the time it can improve the quality of service to its
customers, which is the mission of the company.
Company should concentrate on the quality of the premium received this will
help the companies to reduce its underwriting losses. Appointing of proper and
efficient agent as well as effective direct marketing could do this.
By way of training the excessive staff, which is a major problem in the company,
the company could reduce management expense to a large extent.

8. Thank You