This document provides an executive summary and index for a project report on Reliance Life Insurance Company Limited. The executive summary outlines that Reliance Life Insurance was officially launched in 2006 after acquiring AMP Sanmar Life Insurance. It has over 600 employees and 118 branches focused in South India. The company aims to be customers' preferred life insurer. The index previews that the report will cover topics like the insurance industry, Reliance Life Insurance's products, human resources, marketing, research methodology, and finance.
Comparative analysis of insurance market in india on hdfc-life-1-1Flex
This document is a project report submitted by Vivek Kumar to SavitriBai Phule Pune University for the degree of Master of Business Administration. The report is about life insurance and taxation in India, with a focus on HDFC Standard Life Insurance. It includes approval letters for the internship and project, a certificate confirming the original work, and declarations. It also provides acknowledgements, preface, index, and executive summary sections.
Here are the key steps I took for data collection for my project:
Primary Data Collection:
1. Questionnaire: I designed and administered a questionnaire to collect primary data from respondents in Surat. The questionnaire gathered information on demographics, awareness and perception of life insurance, current insurance ownership, needs and preferences.
2. Interviews: I conducted in-depth interviews with 20 individuals from different age groups, occupations and income levels to get qualitative insights into their views and decision making process related to life insurance.
Secondary Data Collection:
1. Company Reports: I referred to annual reports and presentations of Kotak Life Insurance to understand their business, products, market share etc.
2. Industry Reports:
The document provides an overview of the history and development of the insurance industry in India. It discusses how insurance has ancient roots in India but modern insurance developed under British occupation in the 18th-19th centuries. The life insurance and general insurance sectors developed separately, with the life insurance sector nationalized in 1956 and general insurance in 1972. Reforms in the late 20th century opened the sectors to private companies. Today there are many public and private insurance companies operating in India and insurance contributes significantly to India's GDP.
A project report on hdfc standard life insuranceProjects Kart
This document provides an acknowledgement and index for a project report on HDFC Standard Life Insurance Company. It thanks the company and project guide for their support and guidance. The index outlines the contents of the report, which will cover topics like the history of insurance, HDFC's products and services, barriers to entry in the insurance sector, growth potential, and recommendations.
This document provides information about a project report on Customer Relationship Management at Reliance Life Insurance. It includes an introduction, objectives to study the company's customer retention procedures, current CRM trends, and efforts to motivate advisors. It also provides details about Reliance Capital, the parent company of Reliance Life Insurance, and its expansion into the life insurance business through acquisitions. The report will analyze Reliance Life Insurance's CRM strategies and techniques using data collection and interpretations.
This document is a project report submitted by Ankit Kumar for his Bachelor of Business Administration degree. The report focuses on distribution enhancements for Reliance Life Insurance. It includes an executive summary, introduction to the company, objectives of the project, research methodology used, findings from recruiting new advisors, recommendations, and conclusion. The main points are identifying different customer profiles to recruit as insurance advisors, conducting a market survey on life insurance training programs and top centers, and analyzing competitors of Reliance Life Insurance.
The document discusses new IRDA guidelines for unit-linked insurance policies (ULIPs). Key changes include: 1) Minimum sum assured of 50% of annual premium or 5 times annual premium. 2) Lock-in period for top-up premiums increased to 3 years from investment. 3) Withdrawals only allowed after 3 years except in last 2 years before death. The guidelines aim to increase consumer protection by reducing risk and improving transparency of charges.
Comparative analysis of insurance market in india on hdfc-life-1-1Flex
This document is a project report submitted by Vivek Kumar to SavitriBai Phule Pune University for the degree of Master of Business Administration. The report is about life insurance and taxation in India, with a focus on HDFC Standard Life Insurance. It includes approval letters for the internship and project, a certificate confirming the original work, and declarations. It also provides acknowledgements, preface, index, and executive summary sections.
Here are the key steps I took for data collection for my project:
Primary Data Collection:
1. Questionnaire: I designed and administered a questionnaire to collect primary data from respondents in Surat. The questionnaire gathered information on demographics, awareness and perception of life insurance, current insurance ownership, needs and preferences.
2. Interviews: I conducted in-depth interviews with 20 individuals from different age groups, occupations and income levels to get qualitative insights into their views and decision making process related to life insurance.
Secondary Data Collection:
1. Company Reports: I referred to annual reports and presentations of Kotak Life Insurance to understand their business, products, market share etc.
2. Industry Reports:
The document provides an overview of the history and development of the insurance industry in India. It discusses how insurance has ancient roots in India but modern insurance developed under British occupation in the 18th-19th centuries. The life insurance and general insurance sectors developed separately, with the life insurance sector nationalized in 1956 and general insurance in 1972. Reforms in the late 20th century opened the sectors to private companies. Today there are many public and private insurance companies operating in India and insurance contributes significantly to India's GDP.
A project report on hdfc standard life insuranceProjects Kart
This document provides an acknowledgement and index for a project report on HDFC Standard Life Insurance Company. It thanks the company and project guide for their support and guidance. The index outlines the contents of the report, which will cover topics like the history of insurance, HDFC's products and services, barriers to entry in the insurance sector, growth potential, and recommendations.
This document provides information about a project report on Customer Relationship Management at Reliance Life Insurance. It includes an introduction, objectives to study the company's customer retention procedures, current CRM trends, and efforts to motivate advisors. It also provides details about Reliance Capital, the parent company of Reliance Life Insurance, and its expansion into the life insurance business through acquisitions. The report will analyze Reliance Life Insurance's CRM strategies and techniques using data collection and interpretations.
This document is a project report submitted by Ankit Kumar for his Bachelor of Business Administration degree. The report focuses on distribution enhancements for Reliance Life Insurance. It includes an executive summary, introduction to the company, objectives of the project, research methodology used, findings from recruiting new advisors, recommendations, and conclusion. The main points are identifying different customer profiles to recruit as insurance advisors, conducting a market survey on life insurance training programs and top centers, and analyzing competitors of Reliance Life Insurance.
The document discusses new IRDA guidelines for unit-linked insurance policies (ULIPs). Key changes include: 1) Minimum sum assured of 50% of annual premium or 5 times annual premium. 2) Lock-in period for top-up premiums increased to 3 years from investment. 3) Withdrawals only allowed after 3 years except in last 2 years before death. The guidelines aim to increase consumer protection by reducing risk and improving transparency of charges.
This document provides an overview of the insurance industry in India and the entrance of private players. It discusses the history of insurance regulation in India and the key reforms in 2000 that allowed private companies to enter the life insurance sector. It then lists the 11 major private life insurance companies currently operating in India, including their ownership structures and investors. The private insurers have increased competition in the sector and helped expand insurance coverage compared to when only the state-owned LIC previously dominated.
This document provides an overview of Reliance Life Insurance Company (RLIC) and the Indian life insurance industry. It discusses RLIC's profile, including its ownership structure and financial performance. It also provides background on the development of the Indian life insurance industry, from its origins in the 1800s to nationalization in 1956 and subsequent opening to private companies. The document outlines RLIC's vision, mission, goals and recent achievements. It concludes with a brief literature review on the concepts of insurance and the history and development of the insurance industry in India.
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
The document provides information about a summer training project report submitted for a Masters in Business Administration degree. It includes an acknowledgements section thanking various individuals for their assistance and guidance. The document outlines the objectives of studying consumer behavior and customer satisfaction towards ICICI Prudential Life Insurance products. It discusses the research methodology used, including collecting primary and secondary data through questionnaires, interviews, books, and websites. The document appears to be a report summarizing the results of research conducted on consumer perceptions and satisfaction with ICICI Prudential Life Insurance.
State Bank of India (SBI) is a multinational banking and financial services company headquartered in Mumbai, India with over 200 years of experience. SBI entered into the league of top 50 global banks and has over 24,000 branches and 59,000 ATMs serving over 42 crore customers after merging its subsidiaries. SBI has an overseas presence through 195 foreign offices spread across 36 countries. SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif, with SBI owning 62.1% and BNP Paribas Cardif owning 7.7%. SBI Life has over 2.49 crore policyholders and assets under management of over Rs. 1.41 l
The document provides information about Birla Sun Life Insurance Company (BSLI), including:
- BSLI is a joint venture between Aditya Birla Group and Sun Life Financial Inc. of Canada.
- It has emerged as a leading player in India's life insurance industry, with over 1.5 million policies sold and a network of over 1000 agents across 100 cities.
- Kapil Dev, a famous Indian cricketer, was appointed as the company's brand ambassador to help increase its national brand recognition.
- BSLI's strengths include its multi-channel distribution network, customer-centric products and services, and strong training programs for agents.
Summer internship taining project report kotak life insuranceShubham Aggarwal
its a full project report on kotak mahindra life insurance based on summer internship. it covers the survey of 50 people that what was their perception regarding kotak and other insurance provider by filling up a questionnaire.
This document provides information about IDBI Federal Life Insurance, including its sponsors IDBI Bank and Federal Bank. IDBI Federal is a joint venture between IDBI Bank, Federal Bank, and Ageas, an insurance company based in Europe. The document discusses IDBI Federal's rapid growth since inception in 2008. It also provides background on IDBI Bank and Federal Bank, the leading development bank and private sector bank in India that sponsor IDBI Federal.
ICICI Prudential Life Insurance is the 2nd largest life insurance company in India with a customer base of 4 million and total assets exceeding Rs. 100,000 crore. The insurance sector provides greater opportunities after liberalization with several global players emerging. Life insurance premium in India is projected to grow significantly from 1998-99 to 2009-10, indicating enormous potential for growth in the life insurance sector.
This document provides information about Life Insurance Corporation of India (LIC), the largest life insurer in India. It discusses the history and nationalization of insurance companies in India. LIC was established in 1956 after the nationalization of 245 insurance companies. The document outlines LIC's objectives, vision, mission and various pension plans offered. It provides details about LIC's organizational structure, branches, and use of technology to improve customer service over the years. LIC continues to be the dominant player in the Indian life insurance market.
A study on customer awareness @ bajaj allianz project reportBabasab Patil
The document provides an executive summary of a project report on a study conducted to enhance the market share of Bajaj Allianz Unit Linked Insurance Plans in Hubli city. The objectives of the study were to assess customer awareness levels, identify influential communication mediums, understand factors influencing investment decisions, and find the potential market for ULIPs. Primary data was collected through a questionnaire survey of 100 customers in Hubli using random sampling. The analysis and recommendations aim to help Bajaj Allianz improve their ULIP market share based on the findings of the study.
A project report on customer perception towards insuranceProjects Kart
The document provides an introduction and overview of the insurance industry in India. It discusses the history and evolution of insurance from ancient times to its nationalization in India in the 1950s. It also summarizes the key types of insurance like life and non-life insurance. The insurance industry in India is categorized into public and private sector for both life and non-life insurance. It provides a breakdown of the major players in both life and non-life insurance sectors in India.
Summer Internship_SBI Life Insurance_Abhishek RoyAbhishek Roy
This document provides an introduction to insurance, SBI Life Insurance, and bancassurance. It discusses that insurance is a contract that transfers risk from an individual to an insurance company in exchange for premium payments. It outlines the key channels for SBI Life Insurance, including bancassurance. Bancassurance involves partnerships between banks and insurance companies where insurance products are sold through bank distribution networks. The document provides a brief history of bancassurance, noting it originated in Europe in the 1970s and was adopted in India in 2000. It describes SBI Life's bancassurance channel involves partnerships with State Bank of India and its associate banks, leveraging over 18,000 branches across India.
The document
HDFC Life is a joint venture between HDFC and Standard Life Aberdeen offering individual and group insurance. It has over 400 branches across India and distributes products through agents, banks, brokers, and online platforms. HDFC Life offers a range of protection, pension, savings, investment, health, and children's insurance plans. Its flagship products include HDFC Life Smart Woman Plan and HDFC Life Click 2 Protect 3D Plus, an online term plan.
The document discusses insurance and its types. It defines insurance as a contract between an insurance company and a policyholder, where the insurer agrees to pay a specified amount if a specified event occurs. Insurance is divided into life insurance, which covers human lives, and non-life (general) insurance, which covers other assets. The document then discusses SBI Life Insurance, its joint venture with State Bank of India and Cardif SA, and its various individual and group insurance products.
A Project Report on - FINANCIAL PERFORMANCE OF LIC AND PRIVATE SECTOR LIFE...Karteek Chedadeepu
FINANCIAL PERFORMANCE OF LIC AND PRIVATE SECTOR LIFE INSURANCE COMPANIES IN INDIA
- A COMPARATIVE ANALYSIS USING CARAMEL MODEL..
This is my project report. I did my project on the financial performance of private and public sector of Life insurance companies India by using CARAMEL model.
This document is a project report submitted by Archana Kumar for an internship at SBI Life Insurance Company. It includes an acknowledgements section thanking those who helped with the project. It also includes a student declaration signed by Archana Kumar confirming this is her original work. The report contains an index outlining the various sections to be included such as objectives, company profile, types of policies offered, and conclusions. It appears to be analyzing customer investment preferences and awareness of SBI Life Insurance services.
HDFC Standard Life Insurance is a joint venture between HDFC, a leading Indian housing finance company, and Standard Life, a UK-based financial services firm. The document provides details about HDFC Life's incorporation, ownership structure, vision, mission, product portfolio, and organizational structure. It offers various individual and group insurance plans covering protection, retirement, savings, children's needs, and more. HDFC Life has grown to be one of the largest private life insurers in India with over 500 branches across the country.
Reliance Life Insurance Summer Project Report 2010ANUBHAV BHUSHAN
The document is a project report submitted by Anubhav Bhushan to his company guide at Reliance Life Insurance Company Ltd. analyzing different life insurance products offered by various companies in India. The report includes chapters on the history and development of the Indian insurance industry, major players in the market, different types of insurance products, marketing strategies used, customer profiles, and changing trends in the sector. It also details the research methodology used for analyzing customer awareness, preferences, and perceptions towards insurance offerings. The conclusion provides suggestions to help insurance companies better market and sell their products.
Reliance Life Insurance Summer Project Report 2010 ANUBHAV BHUSHAN
The document is a project report submitted by Mr. Anubhav Bhushan in partial fulfillment of the requirements for a Post Graduate Diploma in Management. The report includes two research studies - a perception study on money back life insurance policies and a comparative analysis of products offered by Reliance Life Insurance and other private insurance companies. It outlines the research methodology, which involved primary data collection through surveys in Varanasi as well as secondary research. The findings of the perception study on money back policies are presented through data analysis and interpretation sections that include various charts and tables presenting respondents' demographic details and perspectives.
This document provides an overview of the insurance industry in India and the entrance of private players. It discusses the history of insurance regulation in India and the key reforms in 2000 that allowed private companies to enter the life insurance sector. It then lists the 11 major private life insurance companies currently operating in India, including their ownership structures and investors. The private insurers have increased competition in the sector and helped expand insurance coverage compared to when only the state-owned LIC previously dominated.
This document provides an overview of Reliance Life Insurance Company (RLIC) and the Indian life insurance industry. It discusses RLIC's profile, including its ownership structure and financial performance. It also provides background on the development of the Indian life insurance industry, from its origins in the 1800s to nationalization in 1956 and subsequent opening to private companies. The document outlines RLIC's vision, mission, goals and recent achievements. It concludes with a brief literature review on the concepts of insurance and the history and development of the insurance industry in India.
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
The document provides information about a summer training project report submitted for a Masters in Business Administration degree. It includes an acknowledgements section thanking various individuals for their assistance and guidance. The document outlines the objectives of studying consumer behavior and customer satisfaction towards ICICI Prudential Life Insurance products. It discusses the research methodology used, including collecting primary and secondary data through questionnaires, interviews, books, and websites. The document appears to be a report summarizing the results of research conducted on consumer perceptions and satisfaction with ICICI Prudential Life Insurance.
State Bank of India (SBI) is a multinational banking and financial services company headquartered in Mumbai, India with over 200 years of experience. SBI entered into the league of top 50 global banks and has over 24,000 branches and 59,000 ATMs serving over 42 crore customers after merging its subsidiaries. SBI has an overseas presence through 195 foreign offices spread across 36 countries. SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif, with SBI owning 62.1% and BNP Paribas Cardif owning 7.7%. SBI Life has over 2.49 crore policyholders and assets under management of over Rs. 1.41 l
The document provides information about Birla Sun Life Insurance Company (BSLI), including:
- BSLI is a joint venture between Aditya Birla Group and Sun Life Financial Inc. of Canada.
- It has emerged as a leading player in India's life insurance industry, with over 1.5 million policies sold and a network of over 1000 agents across 100 cities.
- Kapil Dev, a famous Indian cricketer, was appointed as the company's brand ambassador to help increase its national brand recognition.
- BSLI's strengths include its multi-channel distribution network, customer-centric products and services, and strong training programs for agents.
Summer internship taining project report kotak life insuranceShubham Aggarwal
its a full project report on kotak mahindra life insurance based on summer internship. it covers the survey of 50 people that what was their perception regarding kotak and other insurance provider by filling up a questionnaire.
This document provides information about IDBI Federal Life Insurance, including its sponsors IDBI Bank and Federal Bank. IDBI Federal is a joint venture between IDBI Bank, Federal Bank, and Ageas, an insurance company based in Europe. The document discusses IDBI Federal's rapid growth since inception in 2008. It also provides background on IDBI Bank and Federal Bank, the leading development bank and private sector bank in India that sponsor IDBI Federal.
ICICI Prudential Life Insurance is the 2nd largest life insurance company in India with a customer base of 4 million and total assets exceeding Rs. 100,000 crore. The insurance sector provides greater opportunities after liberalization with several global players emerging. Life insurance premium in India is projected to grow significantly from 1998-99 to 2009-10, indicating enormous potential for growth in the life insurance sector.
This document provides information about Life Insurance Corporation of India (LIC), the largest life insurer in India. It discusses the history and nationalization of insurance companies in India. LIC was established in 1956 after the nationalization of 245 insurance companies. The document outlines LIC's objectives, vision, mission and various pension plans offered. It provides details about LIC's organizational structure, branches, and use of technology to improve customer service over the years. LIC continues to be the dominant player in the Indian life insurance market.
A study on customer awareness @ bajaj allianz project reportBabasab Patil
The document provides an executive summary of a project report on a study conducted to enhance the market share of Bajaj Allianz Unit Linked Insurance Plans in Hubli city. The objectives of the study were to assess customer awareness levels, identify influential communication mediums, understand factors influencing investment decisions, and find the potential market for ULIPs. Primary data was collected through a questionnaire survey of 100 customers in Hubli using random sampling. The analysis and recommendations aim to help Bajaj Allianz improve their ULIP market share based on the findings of the study.
A project report on customer perception towards insuranceProjects Kart
The document provides an introduction and overview of the insurance industry in India. It discusses the history and evolution of insurance from ancient times to its nationalization in India in the 1950s. It also summarizes the key types of insurance like life and non-life insurance. The insurance industry in India is categorized into public and private sector for both life and non-life insurance. It provides a breakdown of the major players in both life and non-life insurance sectors in India.
Summer Internship_SBI Life Insurance_Abhishek RoyAbhishek Roy
This document provides an introduction to insurance, SBI Life Insurance, and bancassurance. It discusses that insurance is a contract that transfers risk from an individual to an insurance company in exchange for premium payments. It outlines the key channels for SBI Life Insurance, including bancassurance. Bancassurance involves partnerships between banks and insurance companies where insurance products are sold through bank distribution networks. The document provides a brief history of bancassurance, noting it originated in Europe in the 1970s and was adopted in India in 2000. It describes SBI Life's bancassurance channel involves partnerships with State Bank of India and its associate banks, leveraging over 18,000 branches across India.
The document
HDFC Life is a joint venture between HDFC and Standard Life Aberdeen offering individual and group insurance. It has over 400 branches across India and distributes products through agents, banks, brokers, and online platforms. HDFC Life offers a range of protection, pension, savings, investment, health, and children's insurance plans. Its flagship products include HDFC Life Smart Woman Plan and HDFC Life Click 2 Protect 3D Plus, an online term plan.
The document discusses insurance and its types. It defines insurance as a contract between an insurance company and a policyholder, where the insurer agrees to pay a specified amount if a specified event occurs. Insurance is divided into life insurance, which covers human lives, and non-life (general) insurance, which covers other assets. The document then discusses SBI Life Insurance, its joint venture with State Bank of India and Cardif SA, and its various individual and group insurance products.
A Project Report on - FINANCIAL PERFORMANCE OF LIC AND PRIVATE SECTOR LIFE...Karteek Chedadeepu
FINANCIAL PERFORMANCE OF LIC AND PRIVATE SECTOR LIFE INSURANCE COMPANIES IN INDIA
- A COMPARATIVE ANALYSIS USING CARAMEL MODEL..
This is my project report. I did my project on the financial performance of private and public sector of Life insurance companies India by using CARAMEL model.
This document is a project report submitted by Archana Kumar for an internship at SBI Life Insurance Company. It includes an acknowledgements section thanking those who helped with the project. It also includes a student declaration signed by Archana Kumar confirming this is her original work. The report contains an index outlining the various sections to be included such as objectives, company profile, types of policies offered, and conclusions. It appears to be analyzing customer investment preferences and awareness of SBI Life Insurance services.
HDFC Standard Life Insurance is a joint venture between HDFC, a leading Indian housing finance company, and Standard Life, a UK-based financial services firm. The document provides details about HDFC Life's incorporation, ownership structure, vision, mission, product portfolio, and organizational structure. It offers various individual and group insurance plans covering protection, retirement, savings, children's needs, and more. HDFC Life has grown to be one of the largest private life insurers in India with over 500 branches across the country.
Reliance Life Insurance Summer Project Report 2010ANUBHAV BHUSHAN
The document is a project report submitted by Anubhav Bhushan to his company guide at Reliance Life Insurance Company Ltd. analyzing different life insurance products offered by various companies in India. The report includes chapters on the history and development of the Indian insurance industry, major players in the market, different types of insurance products, marketing strategies used, customer profiles, and changing trends in the sector. It also details the research methodology used for analyzing customer awareness, preferences, and perceptions towards insurance offerings. The conclusion provides suggestions to help insurance companies better market and sell their products.
Reliance Life Insurance Summer Project Report 2010 ANUBHAV BHUSHAN
The document is a project report submitted by Mr. Anubhav Bhushan in partial fulfillment of the requirements for a Post Graduate Diploma in Management. The report includes two research studies - a perception study on money back life insurance policies and a comparative analysis of products offered by Reliance Life Insurance and other private insurance companies. It outlines the research methodology, which involved primary data collection through surveys in Varanasi as well as secondary research. The findings of the perception study on money back policies are presented through data analysis and interpretation sections that include various charts and tables presenting respondents' demographic details and perspectives.
This document provides an overview of a project report submitted for a Master's degree in business administration with a specialization in marketing. The project report examines customer relationship management at Reliance Life Insurance in Koppal. It includes chapters on the rationale and objectives of the study, the company profile, a theoretical perspective, research methodology, data analysis and findings. The document also acknowledges those who provided guidance and support for the project.
Hey its an power point presentation made on reliance insurance. Life insurance and others are also been included in this. A presentation thats been featuring the SWOT analysis and marketing mix of insurance sector. Hope it counts handy for other people.
The document provides a detailed history of insurance beginning in ancient times. It discusses how early forms of insurance emerged in China, Babylon, and Persia to help communities cope with risks like shipwrecks or famines. Formal insurance contracts first appeared in 14th century Genoa and later spread to London. The Great Fire of London in 1666 spurred the development of fire insurance. The first insurance company in the US was established in Charleston, South Carolina in 1732 to provide fire insurance. Regulation of the insurance industry began in the 19th century at the state level. The document then provides milestones in the evolution of insurance in India and the nationalization of the life and general insurance sectors in India in 1956 and
Life insurance corporation of India provides wide range of life insurance products its your time to decide which one you want as we all know life is precious protect it by taking right insurance product.
Bajaj Allianz Life Insurance is a joint venture between Bajaj Auto and Allianz AG. It has over 74 lakh customers served through 1164 customer care centers. The presentation discusses the establishment and growth of the company, profiles of its parent companies (Bajaj Group and Allianz Group), its products, policies, organizational structure, SWOT analysis and strategies for recruitment. It aims to be the preferred insurer and employer in India.
Reliance Life Insurance is a part of Reliance Capital Ltd, which is one of India's leading private sector financial services companies. Reliance Life Insurance's mission is to help customers manage their financial future. It offers various individual and group insurance plans, including savings, pension, investment, and risk plans. Some of its major competitors in the Indian insurance industry include LIC, HDFC Standard Life Insurance, Max New York Life Insurance, and ICICI Prudential Life Insurance.
This document provides information on Indian and multinational life insurance companies operating in India. It lists the top Indian insurance companies like LIC, Reliance Life, SBI Life etc and provides details of their management and branches. It also lists major multinational insurance companies in India like ICICI Prudential, HDFC Standard Life, Kotak Mahindra etc and gives addresses of their corporate offices and branches in Jaipur, Rajasthan.
A study on customer satisfaction of life insurance policiesAnnamumumu
This document provides an overview of life insurance in India. It discusses the history and development of life insurance in India from its origins in 1818 with the establishment of the first life insurance company in Calcutta. It describes how life insurance gradually expanded and how the Life Insurance Corporation of India was created in 1956 to further spread life insurance across the country, especially to rural areas. The document also discusses the concepts of insurance, types of life insurance policies, and provides statistics on LIC's growth and expansion over the decades since its establishment.
The document appears to be a research report submitted by Emmanuel Savio to his professor Renu Tiwari at St. Andrews College exploring life insurance products offered by the Life Insurance Corporation of India (LIC). It provides background on LIC and describes several of its popular life insurance plans, outlining their key features, benefits, eligibility requirements, and other details. The report was submitted to fulfill research objectives for Emmanuel's Bachelor of Commerce degree in the academic year 2011-2012.
Reliance Life Insurance provides various insurance products including protection plans, savings and investment plans, child plans, unit linked plans, and retirement plans. It aims to fulfill customers' savings and protection needs. Reliance Life Insurance is part of the Reliance Group and is a joint venture between Reliance Capital and Nippon Life Insurance Company. It has over 1230 branches and 1.5 million advisors serving over 9 million customers.
Reliance Life Insurance Company is one of India's largest life insurers, established in 2005. It offers various life and non-life insurance products. As of 2015, Reliance Life had over 1,200 branches, 124,000 agents, and global operations. It calculates sum assured amounts based on human life value and premiums using mortality rates. Competitors include ICICI Prudential, HDFC Standard Life, and LIC.
Customer satisfaction of swift dzire vehicles at indusSubin Babu
1) The document examines customer satisfaction with Swift Dzire vehicles at Indus Motors in Kottarakara.
2) A survey was conducted with 100 Swift Dzire customers to measure satisfaction across various attributes like quality, power, and dealer services.
3) The findings show that over half of respondents were satisfied with attributes like quality, power, and technology, though some felt improvement was needed in area of vehicle space.
This document provides an internship report on a study of consumer perception of life insurance policies at Reliance Life Insurance Company Ltd. The report includes an introduction to Reliance Life Insurance's vision, mission and goals. It also includes an abstract describing the need to understand factors influencing consumer buying behavior towards life insurance in India. The introduction provides background on the life insurance sector in India and the purpose of the report to study consumer buying behavior and perceptions.
This document provides information about Reliance Life Insurance company. It discusses the background and vision of Dhirubhai Ambani, the founder of Reliance Group. It then discusses Reliance Capital Limited, the parent company of Reliance Life Insurance. Reliance Life Insurance was established in 2005 by acquiring AMP Sanmar. It has over 20 insurance products for individuals and employees. The company aims to provide need-based life insurance solutions. It has also received ISO 9001:2000 certification for its quality management systems.
This document provides an assignment on principles and practices of management from several authors. It discusses the organizational background of Reliance Life Insurance including its vision, mission and goals. It then examines the theoretical concepts of organizational structure and describes Reliance Life Insurance's hierarchical agency structure. Next, it covers directing and communication, exploring theoretical concepts and how Reliance Life Insurance approaches these. It also discusses motivation techniques used at Reliance Life Insurance to incentivize advisors. Finally, it reviews controlling, outlining the theoretical process and types of control utilized.
The document appears to be a project report on Reliance Life Insurance Company. It includes an executive summary that provides high-level details about Reliance Life Insurance, such as its acquisition of AMP Sanmar Life Insurance in 2006, plans to have 118 branches with a strong presence in South India, and hiring over 600 new employees. The report also includes an index that outlines 10 chapters covering topics like the insurance industry, the company introduction, product mix, human resource management, marketing, research methodology, and finance.
This document provides an overview of a training manual on microinsurance for disaster risk reduction. The summary is:
1) The training manual was developed by AIDMI to address gaps in training materials on microinsurance and CBDRR.
2) It includes 4 modules that can be used individually or together in a day-long training session.
3) The modules aim to increase awareness of microinsurance and provide examples of successful microinsurance programs in India.
A project report on the study of solvency margin in icici prudential life in...Babasab Patil
The document provides an overview of a study conducted on the solvency margin of ICICI Prudential Life Insurance Company. It discusses the objectives and need for the study, as well as the research methodology used. The findings indicate that ICICI Prudential's solvency margin increased over the period of 2005-2009, demonstrating the company's financial strength. Suggestions for improving solvency margin regulations and limitations of the study are also presented.
The document discusses trends in the Indian life insurance sector. It covers:
- The liberalization of the Indian insurance sector in 2000 which allowed private insurers to enter the market, with ICICI Prudential and HDFC Standard Life being the first private insurers.
- Emerging trends in the sector including growth, new technologies being adopted, and globalization of the market.
- A comparison of private and public insurers in India, looking at differences between companies like LIC and ICICI Prudential.
- The impact of the 2008 global financial crisis on LIC.
So in summary, it outlines key developments and changes in the Indian life insurance industry post liberalization, including
This document provides an overview of the life insurance industry in India. It discusses the history and development of life insurance in India from its origins in 1818 to the present regulatory environment. Key events include the establishment of the Life Insurance Corporation of India in 1956, which had a monopoly for many years, and reforms in the 2000s that opened the industry to private companies and established the Insurance Regulatory and Development Authority (IRDA) to oversee the industry. The document also examines the contributions and growth potential of the life insurance sector for the Indian economy.
The document appears to be a report on the potential of the life insurance industry in Surat market. It includes an introduction, objectives, limitations, methodology and data collection sections. The objectives are to understand the life insurance industry, analyze Kotak Life Insurance's brand awareness and customer preferences, conduct a market survey to understand the potential in Surat, and make recommendations based on findings. Limitations discussed include lack of awareness, perceptions of insurance, competition in the industry, and more. The methodology section outlines a descriptive research approach using primary and secondary data collection methods.
A project report on satisfaction level of the financial consultants at hdfcBabasab Patil
The document discusses a project report on the satisfaction level of financial consultants of HDFC Standard Life Insurance Company Limited. The objectives of the study were to examine the role of financial consultants, key motivational factors, satisfaction with support from superiors, training and guidance provided, and overall satisfaction with the company. The research methodology involved a survey of 100 financial consultants in Belgaum city using a questionnaire. The findings showed that 96% were satisfied with the training and guidance provided by the company. Financial consultants were motivated by promotional activities that helped them sell products. Recommendations included continuing to provide attractive incentives to consultants and giving extra benefits to efficient agents.
Vikram Dhumal's project report discusses mutual fund analysis and portfolio management for Vantage Wealth Management Solutions Pvt. Ltd. The report includes chapters on investment management, introduction to mutual funds, measuring mutual fund performance, fees and expenses, accounting and valuation of mutual funds, and the Securities and Exchange Board of India. The objective is to analyze mutual fund performance and study equity, debt, bonds and securities to help investors achieve good returns and capital appreciation through right portfolio selection and investment timing.
Cutomer perception and attitude towards bajaj allianz project reportBabasab Patil
The document provides an executive summary of a study conducted on Bajaj Allianz Life Insurance Company.
[1] It outlines the objectives of studying customer awareness, perception and attitude towards the company. Primary and secondary research methods were used.
[2] Key findings indicate over 50% awareness of the company through agents. Existing customers are satisfied with benefits and rate services positively.
[3] Recommendations include improving promotional activities and education initiatives to increase brand recognition and address customer concerns around security.
A project report on stress management at icici prudentialBabasab Patil
This document provides an introduction to stress management at ICICI Prudential Life Insurance. It discusses the history and origins of life insurance dating back to the 12th century. It outlines key milestones like the nationalization of insurance in India in 1956 and establishment of the Insurance Regulatory and Development Authority in 1999. ICICI Prudential maintains a leading market share of around 39% in private life insurance. The introduction examines stress management in the workplace and its importance for employee well-being and productivity.
The document provides details about the internship report of Shubhashish Mandal at MetLife India in their Kankurgachi, Kolkata branch. It includes an introduction, acknowledgements, table of contents, and sections on the insurance industry, company profile, research methodology, data analysis, findings, and conclusions from the 2 month internship focusing on sales of insurance policies.
This document provides an overview of the Indian life insurance industry. It discusses the history and liberalization of the industry, as well as the roles of regulatory bodies like IRDA. The life insurance penetration rate in India is only 20%, indicating significant growth potential. Since opening to private players in 1999, the industry has grown at 15-20% annually. While LIC still dominates, private insurers have increased their market share from 13% to 22% in one year through innovative products and marketing. The non-life insurance sector also has growth potential as private players have only a 10% market share currently.
Epgp term v mos group assignment april 2010Rajendra Inani
This document provides an analysis of the Indian health insurance market and ICICI Lombard General Insurance Company. It discusses the growing market size and factors driving future growth. It also outlines ICICI Lombard's range of health insurance products and services, competitors in the market, collaborators, and recommendations to further grow their market share in health insurance.
Mr. C. Jayaram
Directors: Mr. Dipak Gupta
Mr. Bina Chandarana
Mr. Prakash Apte
Mr. C. Jayaram
Mr. Uday Kotak
Mr. Jaideep Hansraj
Mr. KVS Manian
Mr. B. Ramakrishna
Mr. C. Jayaram
Mr. Uday Kotak
Mr. Jaideep Hansraj
Mr. KVS Manian
Mr. B. Ramakrishna
PRODUCTS AND SERVICES OF KOTAK SECURITIES LTD:
- Equity Broking
- Currency
This document is a summer training report submitted to Guru Jambheshwar University by Mohit Agarwal after completing an internship at HDFC Standard Life Insurance. The report includes an introduction to the life insurance industry in India and HDFC Standard Life. It also describes the research methodology, findings, data analysis, and conclusions from a study conducted on the awareness of financial planning in the emerging Indian market. Key recommendations are provided at the end.
This document is a project report submitted by Jacob Manuel for the partial fulfillment of an MBA degree from the University of Bangalore. The report studies consumer perception of life insurance policies in Bangalore. It includes an introduction to the study, background on life insurance, objectives of the study, and a review of literature. The research design section notes that an exploratory research design was used, studying a sample of 50 consumers in Bangalore from various age groups and occupations. Tables and graphs in the report analyze factors like consumer demographics, influences on purchasing decisions, satisfaction levels, and ratings of insurance companies.
The document discusses a study submitted by Santosh Kumar to Delhi Business School on studying the marketing channels available for life insurance. It provides background on the liberalization of the Indian insurance sector and opening up to private players. It also discusses Kotak Mahindra Old Mutual Life Insurance Ltd, a joint venture between Kotak Mahindra Bank and Old Mutual focusing on the company profile, industry profile, conceptual frameworks for distribution channels, work done at the company, and recommendations.
Market research and customer satisfaction at kotak mahindra life insurance co...Akshay Agnihotri
The document is a project report submitted by Sachin Bhutkar for his MBA program. It focuses on conducting market research and analyzing customer satisfaction for Kotak Mahindra Life Insurance Company in Pune. The report includes an introduction to life insurance and its importance. It also provides background on the insurance industry and Kotak Mahindra Life Insurance's products like Flexi Plan, Retirement Income Plan, Endowment Plan, and Capital Multiplier Plan. The project involved primary research through questionnaires to understand customer needs, analyze best selling plans, and gauge satisfaction with the company's service.
When we think about refreshment, the first thing that comes to our mind is coffee or tea. Most people prefer coffee and most prefer tea and these two drinks have become a part of a human being’s life.
Here we (I) have concentrated on coffee which is considered as a traditional drinks especially in south India. People here start their everyday life with a cup of coffee. Not only in south India but in all parts of the world people are so dependent and addicted to coffee that it acts as a daily schedule to every body every where. But this coffee is not grown in all parts of the world but is grown in very few places with right kind or weather, atmosphere and most important of all, the soil of that region.
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The document provides information about Nirani Sugars Limited, an Indian sugar company. It discusses [1] the history and background of the company, including its establishment in 1997 and expansion plans; [2] the key promoters and board of directors; and [3] the various departments within the organization. The company aims to efficiently utilize local resources to produce sugar and by-products, support farmers, and develop the local community.
The sugar industry is one of the important Ago-based industry of the country India is the fourth major sugar production in the world. The first three is Russia, Brazil and Cuba. Sugar industry provides direct employment to nearly 3lakh persons this industry supports about 25 million agriculturists. It pay’s both to the central government and the state government about Rs.350 crores by way of different taxes. The capital employed in the industry is of the order of Rs.780 crores. There are about 414 mills producing sugar, which are spread all over the country.
When we think about refreshment, the first thing that comes to our mind is coffee or tea. Most people prefer coffee and most prefer tea and these two drinks have become a part of a human being’s life.
Here we (I) have concentrated on coffee which is considered as a traditional drinks especially in south India. People here start their everyday life with a cup of coffee. Not only in south India but in all parts of the world people are so dependent and addicted to coffee that it acts as a daily schedule to every body every where. But this coffee is not grown in all parts of the world but is grown in very few places with right kind or weather, atmosphere and most important of all, the soil of that region. It is usually grown in hill stations with adequate amount of rainfall and such places which are high above sea level. Therefore in India, Karnataka is such a place, especially South Karnataka which produces the highest amount of coffee in whole India. Most parts of Karnataka such as Chikmagalur district and many parts in Hassan District, and also Coorg.
A Study on Sugar Industry at Chamundeshwari SugarProjects Kart
The document provides information about sugar production in India. It discusses the history of sugar cultivation in India and how it was introduced from other parts of the world. It then describes the sugar production process, from sugarcane cultivation and transportation to factories for processing. It also discusses the sugar industry in India, including key statistics on production levels, number of factories, role in the rural economy, and government policies regulating the industry.
Study on Inventory Management at Reid & Taylor (India) LtdProjects Kart
Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business. Inventory management is primarily about specifying the size and placement of stocked goods. Inventory management is required at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods. The scope of inventory management also concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting.
Study on Working Capital Management at PNBProjects Kart
The prime objective of any business is to maximize the value of the company and to maximize the wealth of its shareholders. Working capital management has its own role to play in attaining this goal. Working capital is the funds required for day to day working in a business concern. The working capital management involves deciding upon the amount and composition of current assets and how to finance those assets. There should be a proper trade off between risk and profitability in each decision relating to it. This project work has been undertaken to know the procedures involved in the working capital management in PUNJAB NATIONAL BANK. An attempt is made to study the factors contributing towards working capital and the sources on which the company is depending for funds. The research study was also conducted to derive working capital ratios, to know the performance and efficiency of working capital management and to know the kind of policy adopted in this part of the management. For analyzing the factors and conditions influencing working capital tables and graphs were drawn based on the study. pubjab national bank mba project, summer internship 2017, project reprot, punjab national bank pdf, risk, project report pdf, project report, customer satisfaction in punjab national bank
Study on Mutual Fund is the Better Investment PlanProjects Kart
Mutual funds have become a hot favorite of millions of people all over the world. The driving force of mutual fund is the ‘safety of the principal’ guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest or dividend. People prefer Mutual Funds to bank deposits, life insurance and even bond because with a little money, they can get into the investment game. One can own string blue chips like ITC, TISCO, Reliance etc., through mutual funds. Thus, mutual funds act as a gateway to enter into big companies hitherto inaccessible to an ordinary investor with his small investment.
Study on Store Environment and Merchandising Mix at Big BazaarProjects Kart
Retailing consists of those business activities involved in the sale of goods and services to consumers for their personal, family, or household use. Retailing comprises of four elements customer orientation, coordinated effort, value-driven, and goal orientation. The word "Retail" originates from a French-Italian word. Retailer-someone who cuts off or sheds a small piece from something. Retailing is the set of activities that markets products or services to final consumers for their own personal or household use. It does this by organizing their availability on a relatively large scale and supplying them to customers on a relatively small scale. Retailer is a Person or Agent or Agency or Company or Organization who is instrumental in reaching the Goods or Merchandise or Services to the End User or Ultimate Consumer.
Initial Public Offers and Due DiligenceProjects Kart
This document is a project report submitted to the University of Mysore in partial fulfillment of an MBA degree. It discusses initial public offers (IPOs) and the role of investment bankers. The report was conducted as a case study at Hassan Kotak Securities Ltd and guided by Harish Kumar. It includes an introduction, industry and company profiles, literature review on topics like IPOs and due diligence, data collection and findings. The investment banker plays an important fiduciary role in coordinating the IPO process between the company, regulators, and investors.
Influence of ADR on Underlying Stock PricesProjects Kart
Globalization has opened the door for the investors to avail various investment avenues across the globe. American Depository Receipt (ADR) is one such opportunity to the investing community. The ADR is a proxy for the Indian shares to enable them to be traded in the American stock exchanges. Various studies conducted on Depository Receipts (DRs) have shown that the trading on the DR sin the foreign market has its influence in the home country’s stock in terms of price, volatility and volume. This interested me and this project is concerned about studying “Whether the price fluctuations of ADR affect the corresponding Indian share prices?”
After the liberalization of the economy in 1991, the corporatist started sourcing their capital from both domestic and foreign markets. The Indian shares cannot be directly listed in the American stock exchanges. ADRs have been very helpful in this purpose. So a custodian bank receives the shares as deposit and issues receipt to the market. These receipts are issued in appropriate ratio to the shares deposited with the depository. The market players in the stock exchanges trade these receipts.
Impact of ERP on Organizational Functions in Retail SectorProjects Kart
The business environment has changed more in the last five years than it did in the previous five decades. Winning in today’s business climate requires more than just providing high-quality, low-cost products to customers, when and how the customers want them. The ability to respond to new customer needs and seize market opportunities as they arise, without compromising on the profitability of the firm is critical for the success of any organization. Competitive pressures frequently force manufacturers to decrease prices in spite of the fact that their internal costs continue to rise. Enterprises are continuously striving to improve themselves in the areas of quality, time to market, customer satisfaction, performance and profitability. Making informed business decisions in this manner would enable organizations to accomplish their business growth and at the same time enable them to utilize the information to competitive advantage. To make it possible for the companies to execute this vision, there is a need for an infrastructure that will provide information across all functions and locations within the organization and this is the Enterprise Resource Planning (ERP) solution available in the market today.
The Impact of Creativity and Wow Factor in AdvertisingProjects Kart
The approach used in this report is a case study approach. It essentially deals with two aspects; creativity and WOW factor. These two terms have been defined and the impact they have in advertising has been studied. The objectives of doing such a study were to understand creativity, to define it and to find factors that elicit a WOW response from viewers.
Impact of Advertisements on Investors at HDFC Standard Life InsuranceProjects Kart
This project is managing study on “Impact of advertisement on Investors – A case study in HDFC Standard Life Insurance” The scope of study is regarding the advertisements and therefore the presence of HDFC SLIC with relation to in door advertisements and their advertisements & their effectiveness & out door advertisements, however the folks wish to watch them. to understand the notice within the public like better to watch the ads and medium.
Impact of Advertising on Customers in Tata MotorsProjects Kart
The consumer durable market in India has been very competitive in the recent years, with opening up of market for international players due to liberalization; the domestic players are facing a tough competition. So it‟s time for domestic companies to frame new strategies for their production and marketing activities. An evaluation of the effectiveness of the past activities of a company will enable the company in framing these new strategies. Such an effort has been made through this market research to know the http://www.projectskart.com/ on Customers in TATA MOTORS (A case study in AUTO MATRIX, HASSAN).
Recruitment and Selection at Aviva Life InsuranceProjects Kart
The MBA project titled “RECRUITMENT AND SELECTION” Undertaken in AVIVA life insurance.
AVIVA is a UK based insurance group. It has a long history dating back to 1834 and has a joint venture with DABUR groups. Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.
It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world.
The project report is about recruitment and selection process that‟s an important part of any organization. Which is considered as a necessary asset of a company? In fact, recruitment and selection gives a home ground to the organization acumen that is needed for proper functioning of the organization.
Financial Freedom through Reverse MortgageProjects Kart
The world population structure shows that population worldwide is ageing owing to exaggerated longevity of older folks and small birth rates in developed and most developing countries. Visit www.projectskart.com for more information. In Asian nation alone, statistics show that variety of older as a proportion of population can show a 107% growth, from 113 million in 2016 and 179 million by 2026 severally.
Financial Analysis on Recession Period at M&M TractorsProjects Kart
Financial ANalysis (also stated as financial plan analysis or accounting analysis) refers to an assessment of the viability, stability and profitable of a business, sub-business or project. Visit www.projectskart.com for more information. It is performed by professionals World Health Organization prepare reports exploitation ratios that create use of data taken from monetary statements and different reports. These reports area unit typically given to prime management mutually of their bases in creating business selections.
Effective Supply Chain Management as a Strategic AdvantageProjects Kart
This document provides an overview of supply chain management and the arecanut industry in India. Some key points:
1. It introduces the topic of effective supply chain management as a strategic advantage at TSS (The Totagar‘s Co-operative Sale Society Ltd), located in Sirsi, Karnataka.
2. India accounts for 59% of global arecanut production, with Karnataka producing 46% of India's arecanut. Within Karnataka, Uttara Kannada district accounts for 11% of production.
3. TSS procures arecanut and acts as the main nodal agency. Major Indian markets for arecanut include Mumbai, Ahmadabad, Indore, and
Brand Awareness of Spencer's and Comparative Analysis with Big BazaarProjects Kart
By 2004 the retail industry was growing rapidly in India, and Spencer's Retail decided to pursue an aggressive expansion strategy. The company had the customers, the products, and the employees to make it happen. It just needed an IT infrastructure that could support rapid growth. Visit http://www.projectskart.com/p/contact-us.html for more information. Current servers were at capacity, and the company needed to upgrade before adding new stores. Amit Mukerjee, Group CIO of the RPG Group, describes the challenge as part of the learning curve for retail development in India. ―Retailing is a new business in this country. As the business matures, the process matures, and IT systems must evolve accordingly. The company also needed an enterprise resource planning (ERP) solution to handle critical processes such as supply-chain management. It decided to implement mySAP ERP, now called SAP ERP, and realized the solution needed to run on high-performance servers. Spencer's Retail evaluated several possibilities, including servers from HP, IBM, and Sun Microsystems. It decided to build its IT infrastructure on Sun systems for several reasons. Sun SPARC Enterprise Servers had the performance and scalability needed to sustain its business, and they delivered higher performance at less cost. Sun's knowledge of the retail space in India, as well as its long history with RGP Enterprises, were also deciding factors.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
The Evolution and Impact of OTT Platforms: A Deep Dive into the Future of Ent...ABHILASH DUTTA
This presentation provides a thorough examination of Over-the-Top (OTT) platforms, focusing on their development and substantial influence on the entertainment industry, with a particular emphasis on the Indian market.We begin with an introduction to OTT platforms, defining them as streaming services that deliver content directly over the internet, bypassing traditional broadcast channels. These platforms offer a variety of content, including movies, TV shows, and original productions, allowing users to access content on-demand across multiple devices.The historical context covers the early days of streaming, starting with Netflix's inception in 1997 as a DVD rental service and its transition to streaming in 2007. The presentation also highlights India's television journey, from the launch of Doordarshan in 1959 to the introduction of Direct-to-Home (DTH) satellite television in 2000, which expanded viewing choices and set the stage for the rise of OTT platforms like Big Flix, Ditto TV, Sony LIV, Hotstar, and Netflix. The business models of OTT platforms are explored in detail. Subscription Video on Demand (SVOD) models, exemplified by Netflix and Amazon Prime Video, offer unlimited content access for a monthly fee. Transactional Video on Demand (TVOD) models, like iTunes and Sky Box Office, allow users to pay for individual pieces of content. Advertising-Based Video on Demand (AVOD) models, such as YouTube and Facebook Watch, provide free content supported by advertisements. Hybrid models combine elements of SVOD and AVOD, offering flexibility to cater to diverse audience preferences.
Content acquisition strategies are also discussed, highlighting the dual approach of purchasing broadcasting rights for existing films and TV shows and investing in original content production. This section underscores the importance of a robust content library in attracting and retaining subscribers.The presentation addresses the challenges faced by OTT platforms, including the unpredictability of content acquisition and audience preferences. It emphasizes the difficulty of balancing content investment with returns in a competitive market, the high costs associated with marketing, and the need for continuous innovation and adaptation to stay relevant.
The impact of OTT platforms on the Bollywood film industry is significant. The competition for viewers has led to a decrease in cinema ticket sales, affecting the revenue of Bollywood films that traditionally rely on theatrical releases. Additionally, OTT platforms now pay less for film rights due to the uncertain success of films in cinemas.
Looking ahead, the future of OTT in India appears promising. The market is expected to grow by 20% annually, reaching a value of ₹1200 billion by the end of the decade. The increasing availability of affordable smartphones and internet access will drive this growth, making OTT platforms a primary source of entertainment for many viewers.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
buy old yahoo accounts buy yahoo accountsSusan Laney
As a business owner, I understand the importance of having a strong online presence and leveraging various digital platforms to reach and engage with your target audience. One often overlooked yet highly valuable asset in this regard is the humble Yahoo account. While many may perceive Yahoo as a relic of the past, the truth is that these accounts still hold immense potential for businesses of all sizes.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
1. Uploaded for projectsparadise.com
Project Report On
RELIANCE LIFE INSURANCE COMPANY
LIMITED
SUBMMITED FOR
Partial fulfillment of the requirements of two years full time
Master of Business Management (MBA)
Uploaded for projectsparadise.com
3. EXECUTIVE SUMMARY
Anil Dhirubhai Ambani Group (ADAG) announces the acquisition of 100
percent shareholding in AMP Sanmar Life Insurance Company Limited.
Reliance Life Insurance Company Limited is officially launched on
February 1, 2006. This was after obtaining the required regulatiry approvals
from the Registrar of Companies and the Insurance Regulatory and
Development Authority. Reliance Life Insurance is the part of the Reliance
Capital.
Reliance Life Insurance has plenty of plans on the anvil. It has also 118
branches, with strong presence in South and a bouquet of products catering
savings protection and investment need of individuals and corporate. The
head-office of it is at Chennai.
The company has already added 600 employees in addition to the 1000 plus
staff of the erstwhile AMP Sanmar Life Insurance Company Limited.
Reliance Life Insurance aims to be the consumer’s preferred life insurer by
understanding and meeting his needs.
Think Bigger, Think Better!
INDEX
Projects, Thesis, Dissertation – projectsparadise.com 3
4. CHAPTER SUBJECT PAGE
NO. NO.
1 INSURANCE INDUSTRY
1.1 Meaning of Insurance 10
1.2 Importance of Insurance 11
1.3 Difference between Insurance and Assurance 12
1.4 Principles of Insurance 13
1.5 History of Insurance 15
1.6 Time line in Insurance history 17
1.7 Meaning of Life Insurance 19
1.8 History of Life Insurance 20
1.9 Key features of Life Insurance 24
1.10 Benefits of Life Insurance 27
1.11 Role of Life Insurance in the growth of economy 28
2 INTRODUCTION TO THE COMPANY
2.1 About Reliance Life Insurance 30
2.2 History 32
2.3 Journey so far 32
2.4 Role of IT at Reliance Life Insurance 33
2.5 Mission 36
2.6 Core Values 36
2.7 Future Plans 37
2.8 Head – Office 37
2.9 Branches 38
3 PRODUCT MIX
3.1 Traditional Plans 40
3.2 Unit linked Plans 48
4 HUMAN RESOURCE MANAGEMENT
4.1 Recruitment 53
4.2 Selection 53
4.3 Training and Development 56
4.4 Career Development 56
4.5 Communication 57
4.6 Incentives 59
4.7 Services 59
4.8 Performance Appraisal 60
4.9 Organizational form and Structure 61
4.10 Department 61
Projects, Thesis, Dissertation – projectsparadise.com 4
5. 5 MARKETING DEPARTMENT
5.1 Distribution Channel 63
5.2 Promotional Programmes and Target segment 66
5.3 Comparative Study 71
6 RESEARCH METHODOLOGY
6.1 Objective of the study 79
6.2 Questionnaire 79
6.3 Sampling Method and Sampling Size 80
6.4 Limitations 82
6.5 Analysis of Questionnaire 83
6.6 SWOT Analysis 96
7 FINANCE DEPARTMENT 99
8 CONLUSION 106
9 BIBLIOGRAPHY AND REFRENCES 108
10 APPENDIX 110
Projects, Thesis, Dissertation – projectsparadise.com 5
6. CHAPTER-1
INSURANCE INDUSTRY
1.1 MEANING OF INSURANCE
Projects, Thesis, Dissertation – projectsparadise.com 6
7. Insurance may be described as a social device to reduce or eliminate risk of
loss to life and property. Insurance is a collective bearing of risk. Insurance
is a financial device to spread the risks and losses of few people among a
large number of people, as people prefer small fixed liability instead of big
uncertain and changing liability.
Insurance can be defined as a “legal contract between two parties whereby
one party called insurer undertakes to pay a fixed amount of money on the
happening of a particular event, which may be certain or uncertain.” The
other party called insured pays in exchange a fixed sum known as premium.
Insurance is desired to safeguard oneself and one’s family against possible
losses on account of risks and perils. It provides financial compensation for
the losses suffered due to the happening of any unforeseen events.
1.2 IMPORTANCE OF INSURANCE
Projects, Thesis, Dissertation – projectsparadise.com 7
8. Insurance constitutes one of the major segments of the financial market.
Insurance services play predominant role in the process of financial
intermediary. Today insurance industry is one of the most growing sectors in
India. There is lot of potential in the Indian Insurance Industry.
There are many issues, which require study. The scope of the study of
insurance industry of India would be very great as there are ongoing
developments in the industry after the opening of the sector.
The major issue right now is the hike in FDI (Foreign Direct Investment)
limit from 26% to 49% in the insurance sector. Government may in near
future allow 49% FDI in Insurance. This would lead to more capital inflow
by foreign partners.
Another major issue is the effects on LIC after the entry of private players in
the market. Though market share of LIC has been affected, it has improved
in terms of efficiency.
There are number of other hot topics like penetration of Health Insurance,
Rural marketing of insurance, new distribution channels, new product
ranges, insurance brokers’ regulation, incentive scheme of development
officers of LIC etc. So it offers lot of scope for studying the insurance
industry.
Right now the insurance industry has great opportunities in a country like
India or China which huge population. Also the penetration of insurance in
Projects, Thesis, Dissertation – projectsparadise.com 8
9. India is very low in both life and non-life segment so there is lot potential to
be tapped.
Before starting the discussion on insurance industry and related issues, we
have to start with the basics of insurance. So first we understand what is
insurance? How the word ‘insurance’ is different from the word
‘assurance’? etc.
1.3 DIFFERENCE BEETWEN INSURANCE
AND ASSURANCE
Assurance is older in history and it was used to describe all types of
insurances. From 1826, the term assurance came to be used only for the risks
covered by life insurance and the term insurance was exclusively used to
denote the risks covered by marine, fire, etc.
The word assurance indicated certainty. In life insurance, there is an
assurance from the insurance company to make payment under the policy
either on the maturity or at earlier death. On the other hand the word
insurance was used to denote indemnity type of insurances where the
insurance company was liable to pay only in case of the loss damage the
property.
The insured event was bound to happen sooner or later under assurance but
the event insured against may or may not happen under insurance.
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10. The principle of “indemnity” applies to “insurance contracts”(non-life) only.
The scope of the word, insurance is wider.
1.4 PRINCIPLES OF INSURANCE
An insurance contract is based on some basic principles of insurance.
(1) Principle of “Uberrima Fides” or Principle of utmost good
faith
It means “maximum truth”. Both the parties should disclose all
material information regarding the subject matter of insurance.
(2) Principle of indemnity
This means that if the insured suffers a loss against which the policy has
been made, he shall be fully indemnified only to the extent of loss. In
other words, the insured is not entitled to make a profit on his loss.
(3) Principle of subrogation
This means the insurer has the right to stand in the place of the insured
after settlement of claims in so far as the insured’s right of recovery from
an alternative source is involved. The insurer before the settlement of the
claim may exercise the right. In other words, the insurer is entitled to
recover from a negligent third party any loss payments made to the
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11. insured. The purposes of subrogation are to hold the negligent person
responsible for the loss and prevent the insured from collecting twice for
the same loss. The concept of ‘Third Party Claims’ is based on the same
principle.
(4) Principle of causa proxima
The cause of loss must be direct and an insured one in order to claim of
compensation.
(5) Principle of insurable interest
The assured must have insurance interest in the life or property insured.
Insurable interest is that interest which considerably alters the position of
the assured in the event of loss taking place and if the event does not take
placed, he remains in the same old position.
1.5 HISTORY OF INSURANCE
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12. The concept of insurance is believed to have emerged almost 4500 years ago
in the ancient land of Babylonia where traders used to bear risk of the
carvan by giving loans, which were later repaid with interest when the goods
arrived safely.
The concept of insurance as we know today took shape in 1688 at a place
called Lloyd’s Coffee House in London where risk bearers used to meet to
transact business. This coffee house became so popular that Lloyd’s became
the one of the first modern insurance companies by the end of the eighteenth
century.
Marine insurance companies came into existence by the end of the
eighteenth century. These companies were empowered to write fire and life
insurance as well as marine. The Great Fire of London in 1966 caused huge
loss of property and life. With a view to providing fire insurance facilities,
Dr. Nicholas Barbon set up in 1967 the first fire insurance company known
as the Fire office.
The early history of insurance in India can be traced back to the Vedas. The
Sanskrit term ‘Yogakshema’ (meaning well being), the name of Life
Insurance Corporation of India’s corporate headquarters, is found in the Rig
Veda. The Aryans practiced some form of ‘community insurance’ around
1000 BC.
Life insurance in its modern form came to India from England in 1818. The
Oriental Life Insurance Company was the first insurance company to be set
up in India to help the widows of European community. The insurance
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13. companies, which came into existence between 1818 and 1869, treated
Indian lives as subnormal and charged an extra premium of 15 to 20 per
cent. The first Indian insurance company, the Bombay Mutual Life
Assurance Society, came into existence in 1870 to cover Indian lives at
normal rates.
The Insurance Act, 1938, the first comprehensive legislation governing both
life and non-life branches of insurance were enacted to provide strict state
control over insurance business. This amended insurance Act looked into
investments, expenditure and management of these companies.
By the mid- 1950s there were 154 Indian insurers, 16 foreign insurers, and
75 provident societies carrying on life insurance business in India. Insurance
business flourished and so did scams, irregularities and dubious investment
practices by scores of companies. As a result the government decided to
nationalize the life assurance business in India. The Life Insurance
Corporation of India (LIC) was set up in 1956. The nationalization of life
insurance was followed by general insurance in 1972.
1.6 TIME LINE IN INSURANCE HISTORY
(MAJOR LANDMARKS)
1818 British introduced the life insurance to India with the
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14. establishment of the Oriental Life Insurance Company
. in Calcutta.
1850 Non life insurance started with Triton Insurance
Company.
1870 Bombay Mutual Life Assurance Society is the first India
owned life insurer.
1912 The Indian Life Assurance Company Act enacted to
regulate the life insurance business.
1938 The Insurance Act was enacted.
1956 Nationalization took place. Government took over 245
Indian and foreign insurers and provident societies.
1972 Non-life business nationalized, General Insurance
Corporation (GIC) came into being.
1993 Malhotra committee was constituted under the
chairmanship of former RBI chief R. N. Malhotra to
draw a blue print for insurance sector reforms.
1994 Malhotra committee recommended reentry of private
players.
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15. 1997 IRDA (Insurance Regulatory and Development
Authority) was set up as a regulator of the insurance
market in India.
2000 IRDA started giving license to private insurers. ICICI
Prudential, HDFC were first private players to sell
insurance Policies.
2001 Royal Sundaram was the first non-life private player to
sell an insurance policy.
2002 Bank allowed to sell insurance plans as TPAs enter the
scene, insurers start setting non-life claims in the
cashless mode.
1.7 MEANING OF LIFE INSURANCE
There are three parties in a life insurance transaction: the insurer, the
insured, and the owner of the policy (policyholder), although the owner and
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16. the insured are often the same person.
Another important person involved in a life insurance policy is the
beneficiary. The beneficiary is the person or persons who will receive the
policy proceeds upon the death of the insured.
Life insurance may be divided into two basic classes – term and permanent.
• Term life insurance provides for life insurance coverage for a
specified term of years for a specified premium. The policy does not
accumulate cash value.
• Permanent life insurance is life insurance that remains in force until
the policy matures, unless the owner fails to pay the premium when
due.
• Whole life insurance provides for a level premium, and a cash value
table included in the policy guaranteed by the company. The primary
advantages of whole life are guaranteed death benefits, guaranteed
cash values, fixed and known annual premiums, and mortality and
expense charges will not reduce the cash value shown in the policy.
• Universal life insurance (UL) is a relatively new insurance product
intended to provide permanent insurance coverage with greater
flexibility in premium payment and the potential for a higher internal
rate of return. A universal life policy includes a cash account.
Premiums increase the cash account.
If you want insurance protection only, and not a savings and investment
product, buy a term life insurance policy.
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17. If you want to buy a whole life, universal life, or other cash value policy,
plan to hold it for at least 15 years.
Canceling these policies after only a few years can more than double your
life insurance costs. Check the National Association of Insurance
Commissioners website (www.naic.org/cis) or your local library for
information on the financial soundness of insurance companies.
1.8 HISTORY OF LIFE INSURANCE
Risk protection has been a primary goal of humans and institutions
throughout history. Protecting against risk is what insurance is all about.
Over 5000 years ago, in China, insurance was seen as a preventative
measure against piracy on the sea. Piracy, in fact, was so prevalent, that as a
way of spreading the risk, a number of ships would carry a portion of
another ship's cargo so that if one ship was captured, the entire shipment
would not be lost.
In another part of the world, nearly 4,500 years ago, in the ancient land of
Babylonia, traders used to bear risk of the caravan trade by giving loans that
had to be later repaid with interest when the goods arrived safely. In 2100
BC, the Code of Hammurabi granted legal status to the practice. It
formalized concepts of “bottomry” referring to vessel bottoms and
“respondentia” referring to cargo. These provided the underpinning for
marine insurance contracts. Such contracts contained three elements: a loan
on the vessel, cargo, or freight; an interest rate; and a surcharge to cover the
possibility of loss. In effect, ship owners were the insured and lenders were
the underwriters.
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18. Life insurance came about a little later in ancient Rome, where burial clubs
were formed to cover the funeral expenses of its members, as well as help
survivors monetarily. With Rome's fall, around 450 A.D., most of the
concepts of insurance were abandoned, but aspects of it did continue through
the Middle Ages, particularly with merchant and artisan guilds. These
provided forms of member insurance covering risks like fire, flood, theft,
disability, death, and even imprisonment.
During the feudal period, early forms of insurance ebbed with the decline
of travel and long-distance trade. But during the 14th to 16th centuries,
transportation, commerce, and insurance would again reemerge.
Insurance in India can be traced back to the Vedas. For instance,
yogakshema, the name of Life Insurance Corporation of India's corporate
headquarters, is derived from the Rig Veda. The term suggests that a form of
"community insurance" was prevalent around 1000 BC and practiced by the
Aryans.
And similar to ancient Rome, burial societies were formed in the Buddhist
period to help families build houses, and to protect widows and children.
Modern Insurance
Illegal almost everywhere else in Europe, life insurance in England was
vigorously promoted in the three decades following the Glorious Revolution
of 1688. The type of insurance we see today owes it's roots to 17th century
England. Lloyd's of London, or as they were known then, Lloyd's Coffee
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19. House, was the location where merchants, ship owners and underwriters met
to discuss and transact business deals.
While serving as a means of risk-avoidance, life insurance also appealed
strongly to the gambling instincts of England's burgeoning middle class.
Gambling was so rampant, in fact, that when newspapers published names of
prominent people who were seriously ill, bets were placed at Lloyd’s on
their anticipated dates of death. Reacting against such practices, 79 merchant
underwriters broke away in 1769 and two years later formed a “New Lloyd’s
Coffee House” that became known as the “real Lloyd’s.” Making wagers on
people's deaths ceased in 1774 when parliament forbade the practice.
Insurance moves to America
The U.S. insurance industry was built on the British model. The year 1735
saw the birth of the first insurance company in the American colonies in
Charleston, SC. The Presbyterian Synod of Philadelphia in 1759, sponsored
the first life insurance corporation in America for the benefit of ministers
and their dependents. And the first life insurance policy for the general
public in the United States was issued, in Philadelphia, on May 22, 1761.
But it wasn't until 80 years later (after 1840), that life insurance really took
off in a big way. The key to its success was reducing the opposition from
religious groups.
In 1835, the infamous New York fire drew people's attention to the need to
provide for sudden and large losses. Two years later, Massachusetts became
the first state to require companies by law to maintain such reserves. The
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20. great Chicago fire of 1871 further emphasized how fires can cause huge
losses in densely populated modern cities. The practice of reinsurance,
wherein the risks are spread among several companies, was devised
specifically for such situations.
With the creation of the automobile, public liability insurance, which first
made its appearance in the 1880s, gained importance and acceptance?
More advancement was made to insurance during the process of
industrialization. In 1897, the British government passed the Workmen's
Compensation Act, which made it mandatory for a company to insure its
employees against industrial accidents.
During the 19th century, many societies were founded to insure the life and
health of their members, while fraternal orders provided low-cost, members-
only insurance. Even today, such fraternal orders continue to provide
insurance coverage to members, as do most labor organizations. Many
employers sponsor group insurance policies for their employees, providing
not just life insurance, but sickness and accident benefits and old-age
pensions. Employees contribute a certain percentage of the premium for
these policies.
Final Thoughts
Even though the American insurance industry was greatly influenced by
Britain, the US market developed somewhat differently from that of the
United Kingdom. Contributing to that was America's size; land diversity
and the overwhelming desire to be independent. As America moved from a
colonial outpost to an independent force, from a farming country to an
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21. industrial nation, the insurance business developed from a small number of
companies to a large industry.
Insurance became more sophisticated, offering new types of coverage and
diversified services for an increasingly complex country.
1.9 KEY FEATURES OF LIFE INSURANCE
1) Nomination: -
When one makes a nomination, as the policyholder you continue to be the
owner of the policy and the nominee does not have any right under the
policy so long as you are alive. The nominee has only the right to receive the
policy monies in case of your death within the term of the policy.
2) Assignment: -
If your intention is that your policy monies should go only to a particular
person, you need to assign the policy in favor of that person.
3) Death Benefit: -
The primary feature of a life insurance policy is the death benefit it provides.
Permanent policies provide a death benefit that is guaranteed for the life of
the insured, provided the premiums have been paid and the policy has not
been surrendered.
4) Cash Value: -
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22. The cash value of a permanent life insurance policy is accumulated
throughout the life of the policy. It equals the amount a policy owner would
receive, after any applicable surrender charges, if the policy were
surrendered before the insured's death.
5) Dividends: -
Many life insurance companies issue life insurance policies that entitle the
policy owner to share in the company's divisible surplus.
6) Paid-Up Additions: -
Dividends paid to a policy owner of a participating policy can be used in
numerous ways, one of which is toward the purchase of additional coverage,
called paid-up additions.
7) Policy Loans: -
Some life insurance policies allow a policy owner to apply for a loan against
the value of their policy. Either a fixed or variable rate of interest is charged.
This feature allows the policy owner an easily accessible loan in times of
need or opportunity.
8) Conversion from Term to Permanent: -
When in need of temporary protection, individuals often purchase term life
insurance. If one owns a term policy, sometimes a provision is available that
will allow her to convert her policy to a permanent one without providing
additional proof of insurability.
9) Disability Waiver of Premium
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23. Waiver of Premium is an option or benefit that can be attached to a life
insurance policy at an additional cost. It guarantees that coverage will stay in
force and continue to grow
1.10 BENEFITS OF LIFE INSURANCE
1) Risk cover: -
Life Insurance contracts allow an individual to have a risk cover against any
unfortunate event of the future.
2) Tax Deduction: -
Under section 80C of the Income Tax Act of 1961 one can get tax deduction
on premiums up to one lakh rupees. Life Insurance policies thus decrease the
total taxable income of an individual.
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24. 3) Loans: -
An individual can easily access loans from different financial institutions by
pledging his insurance policies.
4) Retirement Planning: -
What had provided protection against the financial consequences of
premature death may now be used to help them enjoy their retirement years.
Moreover the cash value can be used as an additional income in the old age.
5) Educational Needs: -
Similar to retirement planning the cash values that flow from ones life
insurance schemes can be utilized for educational needs of the insurer or his
children.
1.11 ROLE OF LIFE INSURANCE IN THE
GROWTH OF THE ECONOMY
The Life Insurance Industry has an enviable track record among public
sector units. It has a Consistent profit and dividend paying record
accompanied by a steady growth in its financial resources. Through
investments in the Government sector and socially- oriented sectors the
Industry has contributed immensely to the nation's development. The
industry is recognized as one of the largest financial Institutions in the
country. The ventures initiated by the industry in the areas of Mutual Fund,
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25. Housing Finance has done exceedingly well in recent years. To protect the
country's foreign exchange reserves, the reinsurance arrangement are so
organized that maximum retention is made possible within the country while
at the same time protecting interests of the policy holders.
CHAPTER-2
INTRODUCTION TO THE COMPANY
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26. 2.1 ABOUT RELIANCE LIFE INSURANCE
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd.
of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of
India’s leading private sector financial services companies, and ranks among
the top 3 private sector financial services and banking companies, in terms
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27. of net worth. Reliance Capital has interests in asset management and mutual
funds, stock broking, life and general insurance, proprietary investments,
private equity and other activities in financial services.
Reliance Capital Limited (RCL) is a Non-Banking Financial Company
(NBFC) registered with the Reserve Bank of India under section 45-IA of
the Reserve Bank of India Act, 1934.
Reliance Capital sees immense potential in the rapidly growing financial
services sector in India and aims to become a dominant player in this
industry and offer fully integrated financial services.
Reliance Life Insurance is another steps forward for Reliance Capital
Limited to offer need based Life Insurance solutions to individuals and
Corporate.
2.2 HISTORY
Reliance Capital Limited announced the launch of its life insurance business
on February 1, 2006. This was after obtaining the required regulatory
approvals from the Registrar Of Companies and the Insurance Regulatory
and Development Authority.
It was in August 2005 that the ball was set rolling when Reliance Capital
Limited, the financial arm of Reliance – Anil Dhirubhai Ambani Group
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28. (ADAG) – announced the requisition of 100% shareholding in AMP Sanmar
Life Insurance Company Limited; and the formal transfer of shares took
place in October 2005. The company will issue all policy contracts under the
Reliance Life Insurance Company limited name. All the existing policy
contracts also stand transferred to the Reliance Life Insurance entity with all
the original contractual terms and commitments intact.
2.3 JOURNEY SO FAR…
2005
August: Anil Dhirubhai Ambani Group (ADAG) announces the
acquisition of 100 percent shareholding in AMP Sanmar Life Insurance
Co Ltd.
2006
January 17: Mr. Nandgopal participates in a one-day conference on
‘Optimising growth opportunities through Distribution Matrix:
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29. ‘Emerging Bancassurance’ organized by the Asia Insurance Post at the
Taj President, Mumbai.
February 1: Rliance Life Insurance officially launched.
February 16, 17, 18: Strategy meet at the Reliance Management
Institute. Amongst those who participate are the CEO, COO, Functional
Heads, Regional Managers and Regional Sales Managers.
February 26: A Puja held at the Churchgate office situated in Express
Building, 4th Floor, 14 ‘E’ Road, Mumbai.
March 1: Churchgate office inaugurated by Mr. Amitabh
Jhunjhunwala, Mr. Amitabh Chaturvedi and Mr. Nandgopal.
March 6: Shifting to the new premises at Churchgate commences.
March 7: The new office at Chennai, at the Trapezium, First Floor, #
39, Nelson Manickam Road, inaugurated by their CEO Mr. Nandgopal,
Mr. KV Srinivasan and Mr. Sureshbabu also graced the occasion.
2.4 ROLE OF IT AT RELIANCE LIFE
INSURANCE
1) World Class Data Centre: -
They plan to establish a Primary Data Centre at Navi Mumbai
(Dhirubhai Ambani Knowledge City) which will cater to their company
needs across India, with fail-over capability to their Chennai Data Centre
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30. within the same business day in occurance if an incident or Disaster
happens.
2) Inter Office Connectivity: -
All their Branch / Area and Regional offices will be
interconnected to their Data Centre with a 24x7 access to Core
Applications like Lotus Mail, Life-Asia and Internet Applications. This
will enable their associates to work faster and better with high-speed
Internet connectivity and also ensure faster Turn Around Time for their
customers.
3) Customer Care Centre: -
They will host a centralized Customer Care Centre at
Dhirubhai Ambani Knowledge City at Navi Mumbai, which cater
services to internal and external queries and complications. A customer
Relationship Management Tool (CRM) and Lead Management System
(LMS) are in progress.
4) Web Portal: -
This portal will be an interface between both internal employees
and their external users. Some of the functions included in their portal are
Policy Tracking Systems, Corporate News, Quality Checking System,
Under Writing Medical System, and Agent Management System etc.
5) R World: -
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31. Reliance Mobile R-World will provide online information about
their Company, Products, and Policy Services to their existing customers,
Agents/Advisors and Lead Generators.
6) SMS Alerts: -
SMS Alerts will be provided to their Sales Managers about the
latest happenings like Contests and Campaigns, Employee Alerts will
include Company News and Welcome/Birthday/Anniversary message
etc. Customer Alerts will include Welcome/Birthday/Anniversary
message, Policy Dispatch Details, Policy Servicing SMS like Premium
Receipt and Renewal Premium reminders etc.
7) Life and Group Asia: -
Single Life and Group Life details will be captured and managed
by Life and Group Asia. A common middleware between these
applications will enable Group Life Customers to view their individual
Single Life Insurance Plan details taken with Reliance Life Insurance and
vice versa.
8) Advisor Lounge: -
It is a dedicated area for Reliance Life Insurance
Agents/Advisors in all the branches across India. This Lounge will be
equipped with desktops and printers with Internet connectivity, where
their Advisors can bring in the prospects and can have discussions across
the table and they can create and print quotes. The Agents/Advisors can
use this area to service their existing customers.
9) Document Management System: -
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32. DMS will enable both policy issuance and contract servicing
through an automated workflow, which yields a faster Turn around Time
to both internal and external users. This application will enable them to
have a paperless office and thus mitigate the risk of losing vital
records/papers.
10) Wireless Data Access: -
This will enable identified Top Sales Managers and Top Advisors
to access real time data for both LMS and CRM on the fly through Handheld
PDA device.
11) SAP – ERP Modules: -
SAP (Finance and HR Modules), will automate the Expense,
Travel and Leave Management Systems.
2.5 MISSION
The mission of Reliance Life Insurance Company Limited is to be the best in
every sphere- business results, customer care and employee focus. The aim
of the company is to Think Bigger and Think Better.
2.6 CORE VALUES
Reliance Life Insurance Company Limited has some core values which are
listed as follows:
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33. 1) Result Oriented
2) Performance Driven
3) Customer Focused
4) Learning and Development Oriented
5) Employee Centric
6) Informal and Fun
2.7 FUTURE PLANS
Forty-four new branches to be opened across the country in the
coming months; and a pan India presence with 162 branches in the
coming year.
A state-of-the-art customer care centre will provide continuous,
responsive services to the caller and promptly address queries, collate
feedback and suggestions from the caller, who may be both
prospective and existing clientele and from channel partners in
Chennai and Mumbai.
It will be launching additional products aimed at providing
unparalleled service to its valued clientele.
2.8 HEAD – OFFICE
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34. Reliance Life Insurance Company Limited,
The Trapezium,
39, First Floor,
Nelson Manickam Road,
Chennai – 600 029.
2.9 BRANCHES
They have so many branches and substations in the India. They have around
160 branches in the India. And they have planned to open more branches
across the country in the coming months.
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36. 3.1 TRADITIONAL PLAN:-
Life insurance products are designed to suit the requirements
of customers. Fundamentally the product provide for:
Risk cover
Investment
Health cover
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37. In every product, to a certain degree, risk cover is imperative
for it to fall under the category of insurance. Based on the coverage of the
product, the premiums are calculated and the customer pays accordingly. In
order to suggest the right product, it is essential for an agent to understand
the requirements of the customer well.
Reliance Life Insurance Company Limited has offered 9
traditional plans to the customers, which are listed as follows:
1) Reliance Term Plan
2) Reliance Whole Life Plan
3) Reliance Child Plan
4) Reliance Endowment Plan
5) Reliance Special Endowment Plan
6) Reliance Cash Flow Plan
7) Reliance Credit Guardian Plan
8) Reliance Special Credit Guardian Plan
Each of the above traditional plans is discussed as follows:
1) Reliance Term plan: -
This insurance policy is designed for those who only want life cover for the
protection of their family, and do not wish to save for themselves. It can also
be useful to business firms that wish to provide financial security to their
business against the sudden loss of partners or valuable manpower. Since
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38. there is no saving element or bonus provision, the premium is very low.
Hence, this is a high-risk plan with a low premium.
Features: -
a) Purely a term plan
b) Entry age minimum 18 years and maximum 65 year
c) Maximum premium paying term is 30 year
d) Loan facility N.A.
e) Maturity amount = Sum assured
2) Reliance Whole Life Plan: -
This insurance policy is designed for people who do not wish to avail of any
benefits themselves but wish to create an immediate estate to protect their
family by availing of insurance cover on their life at a very low cost.
Features: -
a) It is a whole life insurance policy with profits
b) Low cost life cover
c) Maturity age is 85 year or 99 years last birthday as chosen
d) Maturity amount = Sum assured + Vested bonus
e) Tax benefit is available
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39. 3) Reliance Child Plan: -
This insurance policy is designed for people who wish to save money for a
future time when there will be a recurring need for substantial amounts of
money. This is especially true when it comes to paying large sums of money
for higher education as and when your son or daughter is studying to become
an Engineer, a Doctor or specialize in some other field, or is perhaps
planning to go abroad.
This money is payable in equal installments over the last 4 years of the
policy term.
Features: -
I. Minimum entry age is 20 year and maximum 60 year
a) Minimum sum assured is Rs. 25,000.
b) Minimum premium paying term is 5 year and maximum
20 year
c) Tax benefit is available
d) Maturity amount = Four equal installment of sum insured
in last four year plus vested bonus in the last year
e) Loan facility is available
4) Reliance Endowment Plan: -
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40. Reliance Life Insurance’s Reliance Endowment Plan is the key to all your
financial needs. It is an inexpensive and easy way to protect you, your
family or your business.
In a nutshell this plan will keep you financially prepared for all the special
occasions in your life - your daughter’s wedding, your child’s university
education or even a new office for your business - by eliminating the burden
that a shortage of money creates.
In the event of your untimely death, Reliance Endowment Plan will also
assist your loved ones through this difficult time by the financial support that
it provides.
Reliance Endowment Plan also gives you the additional benefit of
participating in the company’s profits, which you will receive at the end of
the policy period.
Features: -
a) Entry age minimum is 5 year and maximum 65 year
b) Maturity age minimum is 18 year and maximum 75 year
c) Minimum premium paying term is 5 year and maximum 35
year in case of regular and in case of single 15 year
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41. d) Minimum sum assured is Rs. 25,000 or as determined by the
minimum premium
e) Maximum sum assured is Rs. 5,00,000 (entry age below 18
years and no limit for entry age 18 and above)
f) Premium mode annual, half yearly, quarterly and monthly
(by salary deduction only)
g) Loan up to 90% of the surrender value of the policy
h) Maturity amount = Guaranteed sum assured + Reversionary
bonus
5) Reliance Special Endowment Plan: -
This insurance policy is designed for people who wish to combine savings
with extended security. The unique feature of this policy is that life
protection continues for five years after you have stopped the payment of
premium. Payment of sum assured at the end of premium paying term and
extension of life cover thereafter for the full sum assured for a period of 5
years, are characteristics of the policy.
This plan also participates in the profits.
Features: -
a) Entry age minimum 12 year and maximum 65 year
b) Minimum sum assured is Rs. 25,000
c) Minimum premium paying term is 10 year and maximum 40
year
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42. d) Unique feature of this policy is that five year life protection
continues after you have stopped the payment of premium
e) Tax benefit is available
f) Under this policy bonus is compounded yearly
g) Loan facility is available
h) Maturity amount = Full sum assured before maturity date +
Vested bonus at the time of maturity date
6) Reliance Cash Flow Plan: -
This insurance policy is designed for those who have a recurring need for
reinvestment in business or look for short-term investment channels. The
advantage of the policy is that they need not part with a sizable amount of
money at any one time, but create, through regular premium payments, a
periodic return of lump sums which become available for reinvestment at
higher returns, while providing simultaneously, substantial life cover.
Alternatively, it can be used to meet any immediate financial crisis in the
family like your son's college admission, your daughter's engagement, and
renovation of your home or perhaps, a holiday abroad.
The money is payable in installments. The first installment is paid at the end
of the 4th year and thereafter at the end of every 3rd year.
Features:-
a) Plan with profits
b) Minimum entry age is 15 year and maximum is 63 year
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43. c) Maximum premium paying term is 34 year
d) Loan facility is not available
e) In case of death full sum assured + accrued bonuses up to
the date of death is payable immediately
f) In case of survival up to maturity date all premium paid
g) Rider accident death and critical illness
h) Mode of payment is available
7) Reliance Credit Guardian Plan: -
This insurance policy is designed for those who not only safeguards
individuals but also families and businesses from the financial hardship that
could arise from unfortunate and unexpected death.
Features: -
a) Loan protection against home, home improvement, two
wheelers and four wheelers
b) In case of death remaining loan amount paid immediately
c) In case of survival no benefit is available
d) Premium payment option for single and regular is available
e) Premium paying term is 2/3 of loan period and remaining
period paid by the company
8) Reliance Special Credit Guardian Plan: -
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44. This insurance policy is designed for those who not only safeguards
individuals but also families and businesses from the financial hardship that
could arise from unfortunate and unexpected death, disability or critical
illnesses.
Features: -
a) Loan protection against home, home improvement, two
wheelers and four wheelers
b) In case of death remaining loan amount paid immediately
c) In case of survival no benefit is available
d) Premium payment option for regular and single is available
e) Premium payment term is 2/3 of loan period and remaining
period paid by the company
f) Maturity amount = All the premium paid amount
g) Tax benefit is available
3.2 UNIT LINKED PLAN
A unit-linked policy is a life assurance policy in which the benefits
depend on the performance of a portfolio of shares.
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45. Each premium paid by the insured person is split: a part is used to
provide life assurance cover, while the balance (after the deduction of costs,
expenses, etc.) is used to buy units in a unit trust.
In this way, a small investor can benefit from investment in a managed
fund without making a large financial commitment. As they are linked to the
value of shares, unit linked policies can go up or down in value.
Policyholders can surrender the policy at any time and the surrender value is
the selling price of the units purchased by the date of cancellation 9less
expense). A small part of the contribution is used for providing life cover
and the balance is invested in unit. Legal heirs are entitled to the amount of
insurance cover and entitled units in case of death of the insured.
Reliance Life Insurance Company Limited has also offered the two
Unit Linked Plans, which are listed as follows:
1) Reliance Market Return Plan
2) Reliance Golden Years Plan
Amongst the above plans the Reliance Market Return Plan is the
largest selling plan of the Reliance Life Insurance Company Limited. The
above two ULIP plans are discussed as follows:
1) Reliance Market Return Plan: -
Reliance Market Return Fund is the unit-linked product that helps you invest
in the financial markets in a combination of investment instruments of your
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46. choice. You can enjoy the returns from the markets without the trouble of
monitoring and managing your own investment portfolio and keeping track
of the market movements. At the same time your investment premiums
provide you with insurance cover. Reliance Market Return Fund unit-linked
insurance plan provides you with a basket of fund options that balances your
return and risk exposure while providing life cover at the same time.
Features: -
a) Minimum entry age is 30 days and maximum entry age
is 65 year
b) Maximum policy term 40 year and minimum policy
term 5 year
c) Mode of premium as annual, quarterly, half yearly and
monthly Rs. 1000 (for salary deduction only) and Rs.
2500 (standing order/credit card)
d) Top up premium minimum Rs. 2500
e) Option of investment fund
i. Capital secure 100% fixed interest securities
ii. Balanced minimum 80% fixed interest securities
and maximum 20% in equity
iii. Equity 100% equity
iv. Growth minimum 60% fixed interest securities and
maximum 40% in equity
f) Loan facility is not available
g) One switches every year free and subsequent switches
charged 1% of the amount switched
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47. h) Partial withdrawals per year under regular and single
premium options is 2 times
i) Lock in period till today is 3 year
j) Minimum unit account balance after each withdrawals
is Rs. 10,000
2) Reliance Golden Years Plan: -
Reliance Golden Years Plan….. The Reliance Life Insurance ‘no-worry stay
happy’retirementplan. Reliance Golden Years Plan is a flexible package that
provides freedom of choice in choosing the type of investment, life cover,
vesting options such as commuting and annuity options. Contributions
provide Income tax savings as well.
Reliance Golden Years Plan, a flexible pension product is available for all
individuals who are between the ages of 18 and 65.
Features: -
a) Entry age minimum is 18 year and maximum 65 year
b) Minimum premium amount Rs. 10,000 and maximum
is unlimited
c) Mode of premium payment is available
d) Pension plan with risk cover and without risk cover
e) Choice of investment
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48. i. Capital secure fund – 80% in equity and 20% in
government security
ii. Balanced fund – 80% in government and 20%
in equity
f) No loan facility is available
g) Tax benefit is available
h) Annuity options
i. Annuity payable for life
ii. Annuity payable for 5/10/15 years certain and
thereafter with life
iii. Annuity payable for life with return of capital
on death of the annuitant
CHAPTER – 4
HUMAN RESOURCE MANAGEMENT
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49. 4.1 RECRUITMENT
Recruitment is the process of finding and attracting capable applicants for
employment. The process begins when new recruits are sought and ends
when their applications are submitted. The result is a pool of applicants from
which new employees are selected.
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50. In this company the Sales Manager, who recruits the advisors/agents for
selling the products of the company, does the recruitment. The advisors
should have at least passed the S.S.C. examination. They must pass the pre-
recruitment examination, which is conducted by the Insurance Institute of
India, Mumbai, or any other approved examination body. After clearing the
examination the code will be provided to them and the license will also be
given to them, the validity the license would be 3 years. After all these
requirements, the person will become an insurance advisor in the company.
4.2 SELECTION
Selection is the process of picking individuals (out of the pool of job
applications) with requisite qualifications and competence to fill job in the
organization. In simple words, it is the process of differentiating between
applicants in order to identify these with a greater likelihood of success in a
job.
The Branch Manager, which includes-, will conduct the process of selection
of Sales Manager
1) Personal Interview: -
The first step of selection of Sales Manager in the
Reliance Life Insurance Company Limited is to conduct a personal interview
of an applicant by the Branch Manager.
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51. 2) Project 40 Interview: -
After clearing the personal interview, the project 40
interview will be taken by the Branch Manager. In this step, the applicant
should have to make a list of 40 and then start the business with them.
3) Interview with Regional Head: -
After clearing the project 40 interview, the applicant
should be interviewed by the Regional Head, who will check his/her
performance.
4) Negotiation: -
After clearing the interview with Regional Head, the
negotiation will be provided to the applicant.
5) Medical Examination: -
After that, the medical check up should e made to the
applicant.
6) Selection: -
After clearing all the above steps the applicant should be
appointed/selected as a Sales Manager in the company.
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52. Requirements of Sales Manager:-
The Sales Manager should possess the
following things-
1. They should be an M.B.A.
2. The age of them should be between 25 to 35 years.
3. They should have good communication skill.
4. They should have at least sales experience of 3 years.
5. They should have the capability to handle the team.
6. Their job profile includes recruitment, training, guiding, motivating
and in turn getting business out of a team.
4.3 TRAINING AND DEVELOPMENT:-
Training and Development is any attempt to improve current or future
employee performance by increasing an employee’s ability to perform
through learning usually by changing the employee’s attitude or increasing
his/her skills and knowledge. The need for training and development is
determined by the employee’s performance deficiency, computed as follows:
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53. Training & Development = Standard Performance – Actual Performance
They are providing 100 hours training to their advisors, who
are newly recruited. They are also providing the product training to their
advisors and Sales Managers, who are newly recruited. The 100 hours
training is to be conducted at Net Bios Computer Academy whereas the
product training is to be conducted at NIS SPARTA. The NIS SPARTA
Institute has more than 150 batches and is trained over 3000 agents for most
of the private insurance companies. This institute is approved by IDRA to
train agents/advisors.
4.4 CAREER DEVELOPMENT
They are also providing career development plans, which will identify
potential and create avenues for growth.
4.5 COMMUNICATION
Communication is the process through which an individual can exchange
their beliefs, things, information, and experience to others. In simple words,
it is the process of exchanging the information from one person to another.
They are providing an open environment, which enabling free interaction
between all levels. The communication is provided in the following manner:
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55. BRANCH
BRANCH BRANCH
REGIONAL
REGIONAL
REGIONAL
CHANNEL
HEAD
CMO
CEO
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56. Explanations of the diagram:-
The communication is flow between Branch to Branch.
Within a branch, it flows between Branch Manager to Sales Managers and
Sales Managers to Agents/Advisors, and then Branch Head to Regional
Head, then different Regional Head to Regional Head, then Regional Head
to Channel Head, then to Chief Marketing Officer (CMO), then to Chief
Executive Officer (CEO).
4.6 INCENTIVES
Incentives are monetary benefits paid to workmen in recognition of their
outstanding performance. They are providing an aggressive reward and
recognition plans, which are including sales incentives.
4.7 SERVICES
They are offering following certain services to their employees.
1) They are providing knowledge sharing and certification practices.
2) They are planned team building and fun events.
3) They are creating Reliance Life Insurance family, which includes
employees, associates and their families.
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57. 4) Reliance Life Insurance in a team building mode and is looking for
performance driven, achievement oriented and challenge loving
performance.
4.8 PERFORMANCE APPRAISAL
Performance appraisal is the systematic evaluation of the individual with
respect to his/her performance on the job and his/her potential for
development. Performance appraisal is a formal, structured system of
measuring and evaluating an employee’s job related behaviors and outcomes
to discover how and why the employee is presently performing on the job
and how the employee can perform more effectively in the future so that the
employee, organization and society all benefit.
They are providing a balanced scorecard approach for strategy deployment
and performance measurement, which goals and measure financial, customer
focused, process related and employee development related initiatives. In
addition to this, the Branch Manager should measure the performance of the
Sales Managers at every six months and the Sales Manager should measure
the performance of the advisors/agents. If the performance is best then
he/she will be prompted.
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58. 4.9 ORGANIZATION FORM AND
STRUCTURE
CEO
CMO
Channel Head
Regional Head
Branch Head
SalesCEO
Manager
Advisors/Agents
Customers
4.10 DEPARTMENT
They are providing following areas or departments:
1) Retail Sales
2) Under Writing
3) Actuarial
4) Insurance Operations
5) Customer Service
6) Quality and Processes
7) Human Resources
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60. 5.1 DISTRIBUTION CHANNEL
Reliance Life Insurance Company Limited is using five types of
distribution channel, which are as follows:
1) Agency: -
Independent insurance agents represent a number of companies
and can research these companies’ products to find the right combination
for their clients. Independent agents & insurance producer groups are
growing in prevalence. Although producer groups are in their infancy,
their emergence may potentially be realignment in the distribution of
financial services. Independent shops realized that by pooling production
and funding a central support office, they had increased buying power.
The one type of distribution channel, which Reliance Life
Insurance Co. Ltd is using, is an agency. This channel works as follows:
Branch
Managers
Advisors
Customers
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61. 2) Bank Assurance: -
While a lot of bank relationships with insurance companies
have been established, life insurance sales have been slower than one
would expect he primary bank insurance activities have been the
distribution of annuities, credit life, and direct marketing insurance.
Banks are failing to incorporate successful sales tactics used to sell other
financial services like investments.
Another type of distribution channel is bank assurance. This
channel is tie up with banks. In this channel the advisors using or
targeting the bank customers to make a business with them i.e., to sell the
policy of the company.
3) Corporate:-
To gain a better understanding of the demand amongst
independent advisors for trust services and to gain a better feel for how
independent advisors handle trust services, a research was performed
with independent advisors across several broker/dealers and custodians.
The interviews revealed that demand is greatest for living trusts among
independent advisors, followed by demand for corporate trustee services.
Another type of distribution channel is corporate, which are
for employee benefits. This channel is tie up with corporate or small
enterprises. Through these small enterprises, the advisors will sell the
products/policy to customers of the small enterprises.
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62. 4) Rural Benefits:-
Brokerage firms have gained much of the institutional and
personal trust business lost by the banks. These firms have steadily
captured assets, primarily at the expense of the banks. The number of
non-bank trust companies has increased in recent years as independent
trust companies have emerged and more broker/dealers are integrated
services. Insurance companies view full-service brokers as a potentially
new distribution channel as well.
Another type of distribution channel is rural benefits. This
channel works as a dealership. In this channel, the dealers will sell the
policy to the target customers.
5) Web World:-
Direct sales of life insurance are growing rapidly, but many of
the traditional full-serve players seem to be letting it go. Across all
financial services, consumers are expressing a willingness to deal with a
variety of providers on the web. Web sites are starting to pop up offering
consumer insurance products especially designed for distribution over the
web.
Another type of distribution channel is web world. This channel
is tie up with customer database. In this channel, the advisors will sell the
policy to the target customers, which are taken from the customer
database, are listed in the website.
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63. 5.2 PROMOTIONAL PROGRAMMES &
TARGET SEGMENT
Promotional programmes and target segment are related to each other.
The promotional programmes are made to motivate the advisors/agents
and sales managers to do more business i.e., to sell the more policies. The
Reliance Life Insurance Co. Ltd has made three promotional schemes,
which are as follows:
1) Shubh – Arambh:-
This promotional scheme is detailed as follows:
SLAB (WRP) REWARD
ACHIEVERS
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64. 30,000 Reliance Life T-Shirt
50,000 Table Top Clock
75,000 Leather Bag
1,00,000 World Space Radio
1,50,000 L.G. Microwave- 19L
2,00,000 DVD/VCD/MP3 Player
3,00,000 Sony Music System
SUPER ACHIEVERS
5,00,000 LG Refrigerators GL-233
7,50,000 LG Air Conditioner 1T
10,00,000 Sony Digital Camcorder
15,00,000 Trip to Dubai 3D/4N
20,00,000 Hero Honda Splender
STAR ACHIEVERS
50,00,000 Maruti Alto Std.
75,00,000 Maruti Swift Lxi
1,00,00,000 GM Aveo 1.4LS
Login: 1st April to 31st May ‘06
Issuance till 15th June ‘06
2) R.A.R.E.:-
The full form of R.A.R.E. is Reliance Advisor’s Reward
Experience. This programs consists of
1. New Advisor Incentive Program
2. Board of Advisors
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65. 3. Annual Discovery Series
4. Advisor Career Progression
5. RARE Club – Loyalty Program
The above programs are described as follows
1. R.A.R.E. Program New Advisor Incentives:-
Criteria
There will be two levels in the New Advisor Incentive
program
A. Launch Pad
B. Take Off
2. R.A.R.E. Program Board of Advisors:-
Criteria
There will be two levels in the Board of Advisors program
A. Time Period
B. Parameters
3. R.A.R.E. Program Discovery Series:-
Criteria
There will be six levels in the Discovery Series program
A. Qualification period
B. Business criteria
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66. C. The qualification criteria will be the same for both the Global
and the National Discovery Series
D. Qualification for the Global Discovery Series
E. Qualification for the National Discovery Series
F. The top 150 will bb calculated based on WRP (Weighted Recd
Premium)
4. R.A.R.E. Program Advisor Career Progression:-
Advisor Career Progression
A. Business Associate
B. Sales Manager
5. R.A.R.E. Privilege Club:-
Levels
A. The RARE Club will have 6 different levels
B. The criteria for entry into each level will be based on
I. Business (WRP)
II. Persistency
III. Product Mix
C. The qualification period is
I. Logins from 1st Apr ’06 to 31st Mar ‘07
II. Issuances from 1st Apr ’06 to 15th Apr ‘07
Qualification Criteria
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67. Level WRP (Rs) Traditional Persistency
Products
Topaz 1,50,000 60% 80%
Pearl 5,00,000 60% 80%
Sapphire 10,00,000 60% 80%
Emerald 15,00,000 50% 85%
Ruby 25,00,000 50% 85%
Diamond 50,00,000 50% 85%
3) Elite Club Scheme:-
In this scheme the advisor, who have login the regular
premium of Rs. 2, 00,000 will be eligible for the Elite Club
Membership.
5.3 COMPARATIVE STUDY
Presently there are 15 Life insurance companies in the country.
There is only one public sector company LIC and the rest 14 are private
sector. Although LIC has been dominating the Life Insurance business since
past few years the private players have now started to take the momentum.
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68. 1) Major Market Players: -
Birla Sun Life Insurance Company: -
Birla Sun Life Insurance Company is a 74:26 joint venture
between Birla group and Sun Life Financial. It is a private sector company.
The company was registered on 31/1/2001. The market share for FY 2005-
06 was 1.89%.
HDFC – Standard: -
HDFC standard is a 74:26 joint venture between HDFC and
Standard Life. It is a private sector company. The company was registered
on 23/10/2000. The market share for FY 2005-06 was 2.87%.
ICICI Prudential Life Insurance: -
ICICI Prudential Life is a 74:26 joint venture between ICICI
and Prudential. It is a private sector company. The company was registered
on 24/11/2000. The market share for FY 2005-06 was 7.35%.
Life Insurance Corporation of India (LIC): -
Life Insurance Corporation of India is a 100% government held
Public Sector Company. Being the first to be established LIC is the
forerunner in the Life Insurance sector. The market share for FY 2005-06
was 71.44%.
Kotak Mahindra OLD Mutual: -
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69. Kotak Mahindra OLD Mutual is a 74:26 joint venture between
Kotak Mahindra bank and Old Mutual. It is a private sector company. The
company was registered on 10/1/2001. The market share for FY 2005-06
was 1.11%.
Max New York Life: -
Max New York Life is a 74:26 joint venture between J & Bank,
Pallonji & Co and MetLife. It is a private sector company. The company was
registered on 6/8/2001. The market share for FY 2005-06 was 1.23%.
Aviva Life Insurance India: -
Aviva Life insurance is a 74:26 joint venture between Aviva and
Dabur. It is a private sector company. The company was registered on
14/5/2002. The market share for FY 2005-06 was 1.14%.
ING Vysya Life insurance: -
ING Vysya Life Insurance is joint venture between Exide
(50%), Gujarat Cements (14.87%), Enam (9.13%) and ING (26 %). It is a
private sector company. The company was registered on 2/8/2001. The
market share for FY 2005-06 is 0.79%.
Met Life India: -
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70. Met Life India is a 74:26 joint venture between 74:26 JV
between J & Bank, Pallonji & Co and MetLife. It is a private sector
company. The company was registered on 6/8/2001. The market share for
FY 2005-06 was 0.40%.
Bajaj Allianz Life Insurance Co.: -
Bajaj Allianz Life Insurance Company is a 74: 26 Joint
venture between Bajaj Auto limited and Allianz AIG. The company was
registered on 3/8/2001. The market share for FY 2005-06 was 7.56%.
SBI Life Insurance Company Ltd: -
SBI Life Insurance Company is a 74: 26 Joint venture between
SBI and Cardiff S.A. The company was registered on 31/3/2001.It is a
private sector company. The market share for FY 2005-06 was 2.31%.
The TATA AIG Group: -
TATA AIG group is a 74:26 JV between Tata Group and AIG. It
belongs to the private sector. The company was registered on 12/2/2001. The
market share for FY 2005-06 was 1.29%.
Sahara India Life Insurance Company Ltd.: -
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71. First Wholly Indian Owned Private Life Insurance Company.
The Company commenced operations from 30th October 2004. The market
share for FY 2005-06 was 0.06 %.
Shriram life insurance company Ltd: -
Shriram Life is a recent entrant into the life insurance sector
It is a 74:26 joint venture between the Shriram group through its Shriram
Financial Holdings and Sanlam Life Insurance Limited, South Africa. The
company expects to start operations soon.
2) Market Share: -
Sr. No Insurer Market Share (%)
1 LIC 71.44
2 Bajaj Allianz 7.56
3 ICICI Prudential 7.35
4 HDFC Standard 2.87
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72. 5 SBI Life 2.31
6 Birla SunLife 1.89
7 Tata AIG 1.29
8 Max New York 1.23
9 Aviva 1.14
10 Kotak Mahindra OLD Mutual 1.11
11 ING Vysya 0.79
12 Reliance Life 0.54
13 MetLife 0.4
14 Sahara Life 0.06
15 Shriram Life 0.03
Now let’s depict the market share of these players on diagram
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73. 1LIC
Market Share(%) 2 B ajaj A llianz
3 ICICI P rudential
4 HDFC Standard
5 SB I Life
6 B irla SunLife
7 Tata A IG
8 M ax New Yo rk
9 A viva
1 Ko tak M ahindra OLD
0
M utual
1 ING Vysya
1
1 Reliance Life
2
1 M etLife
3
1 Sahara Life
4
1 Shriram Life
5
Here we can see from the diagram that LIC is the market leader and it
commands the major part of the total life insurance market. Its market share
was approximately 98% before 2000 but after the entry of private players it
has significantly decreased.
Among private players Bajaj Allianz stands first. It has the market share of
approximately 7.56% in the total market and it constitutes 40% of the market
share among private players.
HDFC Standard comes third. SBI Life insurance Company Limited comes
fourth. ICICI Prudential is also one of the fastest growing life insurance
companies in India.
Rest of the players has market share below 2%.
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74. 3) Capital Fund: -
Capital Fund of Private Companies
( Rs in Crore )
ICICI Prudential 375
Max New York 250
HDFC Standard 218
Bajaj Allianz 200
Tata AIG 183
Birla Sun Life 180
AVIVA 155
OM Kotak 153
Reliance Life 126
SBI Life 125
Met Life 110
ING Vysya 110
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76. 6.1 OBJECTIVES OF STUDY
1) To get some good market exposure by dealing with the prospects
face to face.
2) To improve our ability to sell a financial product like life
insurance.
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77. 3) To know the perception of the consumer about life insurance.
4) To get a deep knowledge of the financial product like insurance.
5) To get some information about the market share of Reliance Life
Insurance as compared to the giants like LIC and to know the
standing of the company in the market.
6.2 QUESTIONNAIRE
It is most common instrument whether administered in person
by phone or online questionnaires are very flexible. The form of each
question is also important. Closed end question include all the possible
answers and subjects matters choices among them.
I have used open-end questions so that customers can write
answer in their own words.
I have also used closed-end questions, which provide
answers that are easier to interpret and tabulate. I have taken care in the
wording and ordering of questions. I have used simple, direct, unbiased
wording questions, which are arranged in a logical order. I have asked
personal questions at last so that respondent does not become defensive.
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78. Questionnaire of the customer
I have made questionnaire consisting seventeen questions to
get customer’s view about life insurance. I have asked personal questions
at last so that they do not become defensive. I have tried to know their
performance i.e. whether they want to invest, where thy want to invest,
up to what amount and since when.
6.3 SAMPLING METHOD AND SAMPLE SIZE
Introduction:-
Any organization whether big or small, private or public need
different types of information are to know its popularity. I have gathered
secondary data and primary data and collected information from the
combination of these two data.
Secondary data: -
Secondary data consist of information that already exists somewhere,
having been collected for another purpose. I have gathered secondary data
from website of different operators, different magazines, newspapers and
libraries.
Primary data: -
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79. I have taken great care while collecting primary data to answer that it is
relevant, accurate, current and unbiased. I have taken a sample of 50 people.
I have visited them personally to get data.
Sample size: -
I have taken sample size of 50 respondents. Because the population is too
large so it is difficult to survey.
6.4 LIMITATIONS
I am a human hang, so there is some limitation of the human
hangs which is reflected in this research.
The following are the limitation of this research study.
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80. 1) The sample size of 50 might not represent the perception of whole
population, as the sample size is too small for total population of
Ahmedabad city.
2) The opinion expressed by the respondents may be biased.
3) The attitude of the research might be biased.
4) One of the most influencing and most critical limitations is that I
am not trained for the research study and this is my first study. I
tried hard to come at conclusion, but there is lack of expertise.
5) Another limitation is that there is lack of time. If I give more time
then studies will be more effective.
There are some limitations of this study. But in spite of their limitation I
worked with the enthusiasm. And I tried to give the best results to the
research of this report.
6.5 ANALYSIS OF QUESTIONNAIRE
Here I have formed a questionnaire to study why people go for life
insurance. What is people’s major motive behind investing in life insurance?
Do they decide upon their own or they take guidance of an agent? What is
their perception about Reliance Life Insurance Company Limited?
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81. Questions:-
There are 7 questions in the questionnaire. Out of these 7 questions, 6
questions are close ended and one question is an open ended one.
Target Population:-
I had conducted this survey among 50 people, and the target group was a
mix of people from the society. I asked the questions to Doctors,
Professionals, Professors, Advocates, Engineers, and general public.
Analysis:-
I have used pie charts, and some other statistical measures to analyze the
questions.
Q.1 What is your main motive behind investing in life insurance?
(a) Tax Benefit
(b) Savings
(c) Risk Cover
(d) Return/Yield
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82. MOTIVE NO.
TAX 20 There could be any motive of
SAVING 5
RISK COVERAGE 23 people behind investing in a
RETURN/YIELD 2 life insurance policy. The main
TOTAL 50
purpose of life insurance is the
Risk cover of one’s life. But some people consider different advantages of a
life insurance policy. Some people consider Tax benefit as the main
advantage of life insurance. Some believe that life insurance is an
investment so they tend to invest in life insurance. While some people
believe that it is a compulsory saving. Now let’s see what all people say
TAX
SAVING
RISK
COVERAGE
RETURN/YIELD
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83. Here we can see that majority of the people tend to invest in life insurance
for the risk coverage. The next preferred option is Tax Saving. We founded
from the discussion with public and some experts that those people with a
low income tend to invest in life insurance to gain tax benefit.
Saving motive constitutes very small part of the total sample. Return comes
last.
But this is the general conclusion of 50 people. If we take a larger sample,
we can get a different result.
As the private players have launched ULIPs, more and more people are
turning towards these products so the Investment motive has been gaining
command. Also the number of those people who wish to invest for return is
also increasing.
According to a life insurance expert (Vinod Thakkar ), life insurance is for
protection first then for Savings and Tax benefits all those things.
Q.2 Rank the above motives according to your preference
MOTIVE OF INVESTMENT
TAX BENEFIT SAVINGS RISK COVER RETURN/YIELD
Preference
1 21 3 24 1
2 19 11 16 4
3 8 25 7 10
4 2 11 3 35
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84. 40
35
30
25
20 TAX BENEFIT
15
10 SAVINGS
5 RISK COVER
0
RETURN/YIELD
ce
1
2
3
4
en
er
ef
Pr
We can see from the table and the graph that the number one motive of
people about investing in life insurance is risk coverage, which is the main
theme of life insurance followed by Tax benefit. The third position is of
saving and fourth is Return. This shows that still people consider other
financial tools more viable for return and life insurance is for Tax benefit
and risk cover.
Q.3 How do you decide about investing in life insurance?
(a) On my own
(b) family decision
(c) Employer decides
(d) as per the guidance of agent
This is a very crucial question as most of the people are not much familiar
about different life insurance plans offered by different life insurance
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85. companies so people take help of the life insurance agent and as he guides
understanding the needs of the individual, people would invest.
Here one hazardous factor is the moral hazard. People tend to invest in life
insurance plans to maintain relations though they are not in need of life
insurance.
Also sometimes it depends upon the convincing power of the agent.
SOURCE NO.
ON MY OWN 29
FAMILY DECISION 7
EMPLOYER DECIDES 0
AGENT GUIDANCE 14
TOTAL 50
ON MY OWN
FAMILY
DECISION
EMPLOYER
DECIDES
AGENT
GUIDANCE
Here we can see that majority people (58%) decides on their about investing
in life insurance. 28% persons decides as per the guidance of the agent.
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86. There is no contribution of employers in the decision of one’s investment in
life insurance. 14% people invest in life insurance as per the family decision.
Q.4. Which life insurance policy would you prefer to buy?
(a) Term Assurance
(b) Whole Life
(c) Endowment
(d) Combination of Whole Life and Endowment
(e) Unit Linked
This is another crucial question as there are number of products offered by
life insurance companies. The products range from pure Term Assurance
Plans to Unit Linked Insurance Plans, which are relatively new entrant in the
market.
We have already explained all these policies ahead.
Now let’s find out what people have to say:
Type of policy N0.
Term Assurance 9
Whole Life 9
Endowment 7
Combined 19
ULIPs 6
TOTAL 50
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87. Term
Assurance
Whole Life
Endowment
Combined
ULIPs
As it is evident from the chart and the table 38% people prefer combination
of Whole Life and Endowment product. It gives people double advantage.
The person would get some amount at the end of the stipulated period; for
instance 20 years, and after that period the risk cover continues and the rest
of the amount would be paid when the person dies.
Q.5 Would you prefer Reliance Life Insurance or LIC for buying the
life insurance policy?
(a) Reliance Life Insurance
(b) LIC
This is the most important question as it reflects the scope of the study. It is
the main theme of this questionnaire.
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88. Prior to 2000 LIC was the only player in the life insurance market and it had
the total market. So people had to go to LIC for buying life insurance policy.
But after the entry of private players in 2000, some people have also turned
to private life insurers.
Reliance Life Insurance Company Limited is newly launched company. So it
has fewer customers as compared to LIC. But the ULIP plans are sold more
of Reliance life insurance as compared to LIC in today’s environment.
Now let’s see what people say:
Particulars No.
Reliance Life Insurance 15
LIC 35
TOTAL 50
Reliance Life
Insurance
LIC
As evident from the chart that 30% of people would prefer Reliance Life
Insurance while 70% would prefer LIC.
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89. Personal Details: -
1) Age
(a) 18 to 30
(b) 31 to 50
(c) 51 to 65
Age No.
18 to 30 5
31 to 50 30
51 to 65 15
TOTAL 50
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90. 18 to 30
31 to 50
51 to 65
As evident from the chart that I have taken a sample of 50. Out of
which 10% people are aged between 18 to 30, 60% people are aged between
31 to 50, and remaining 30% people are aged between 51 to 65.
2) Occupation
(a) Service
(b) Business
(c) Profession
(d) Housewife
(e) Retired
Occupation No.
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91. Service 5
Business 15
Profession 10
Housewife 5
Retired 15
TOTAL 50
Service
Business
Profession
Housewife
Retired
As the evident from the chart that out of 50 respondents 10% are of service
men, 30% are of business men, 20% are of professions, 10% are of
housewives and remaining 30% are of retired.
3) Income
(a) 50,000 to 1,00,000
(b) 1,00,000 to 5,00,000
(c) More than 5,00,000
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92. Income (Per Annum) No.
50,000 to 1,00,000 10
1,00,000 to 5,00,000 25
More than 5,00,000 15
TOTAL 50,000 to 50
1,00,000
1,00,000 to
5,00,000
More than
5,00,000
As the evident from the chart out of 50 respondents 20% are earning
annually between 50,000 to 1,00,000, 50% are earning between 1,00,000 to
5,00,000 and 30% are earning more than 5,00,000.
4) Family members
(a) 2
(b) 3
(c) 4
(d) More than 4
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93. Family Members No.
2 5
3 15
4 20
More than 4 10
TOTAL 50
2
3
4
More than 4
As the evident from the chart out of 50 respondents 10% have 2 family
members, 30% have 3 family members, 40% have 4 family members and
remaining 20% have more than 4 family members.
6.6 SWOT ANALYSIS
SWOT analysis is the analysis of the internal and external factors, which
have impact on the survival of any organization. Now let’s make SWOT
analysis for reliance Life Insurance Company Limited.
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94. ☻STRENGTHS:
1) Reliance Life Insurance Company Limited is the part of the
Reliance Capital.
2) The brand name is enough to sell the products easily.
3) Private placement of Rs. 10,000 crs worth of securities with RBI
by the government. Led to an improvement in market securities.
4) Strong liquidity from FII was the major reason for the up move.
5) Range of products
6) Reliance has a long and strong history of solvency, financial
stability.
▼WEAKNESSES:
1) Newly established company, so people seems it risky.
2) Lack of staff.
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