reliance general insurane

8/21/2019 Reliance General Insurane

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AProject Study Report

On

“To Compare the products of Reliance GeneralInsurance and Bajaj Allianz Insurance

Submitted in partial fulfillment for the

Award of degree of

Master of Business Administration

Submitted By: Submitted To:

Vikas Kumar Sharma Mr. Panka !upta

MBA """rd Sem

Session 2011-13

AP!" I#STIT$T! O% &A#AG!&!#T ' SCI!#C!( &A#SARO)AR(*AIP$R

Afliated to Rajasthan Technical University, Kota

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ACKNOWLEDEMENT

project study is successful not only by the single efforts of trainee alone but there areseveral people who are helpful in making training a completed job done for a specific purpose. It is a matter of great privilege and immense pleasure to be associated withan esteemed organization like RELIA!E "eneral insurance.

Also acknowledging the work and help of all those who have guided us for thecompletion of the project on time is indeed a duty of ours knowledge the fact that nowords can measure their guidance to any e#tent.

Like wise in completion of my summer training I would like to thanks manyauthorities and personalities upon whose guidance and sincere cooperation.

I made myself to finish and complete the summer training schedule with grace andconfidence.

$irst of all% I would like to pay my sincere and honest regard to &r. Anil 'harma%'ales &AA"ER under whom I have done my training and who aspired me throughthe training with his skills and knowledge and inculcated in me to face the challengesof the market with confidence.

'econdly% I also dedicated my warm thanks to &rs. (yotsana )handelwal% *.+.,.%&-A% ,epartment% Ape# Inst. +f &anagement 'cience% &ansarovar and all thestaff members and my colleagues during the summer training who didn/t let me down

rather inspired me all the time performing the best.

VIKAS KUMAR SHARMA

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PREFACE

0raining is the essential part of the professional studies without practical training is in

vain. 1ractical training forms an integral component of any professional course like &-A.

0he &-A faces and tackles live problems in the industries and the field the institute where

one person pursues his studies can not provide him that practical knowledge on all aspects of

learning often the studies of a subject is said to be incomplete until the student has been

e#pose to his practical the theoretical studies build manager in him by providing pools of

knowledge whereas the practical applications make him the principles and policies the

practical e#poses tells him how to use these principles.

In the Indian insurance companies% RELAI!E "EERAL I'2RA!E -A(A(

ALLIA3 insurance is the most private insurance company among them. -A(A( ALLIA3

also commences operation in the post liberalization era and we would be honored to say that

it is going to push up the growth of core sector of Indian industry and infrastructure.

+ur area of work was 0+ 'I"I$4 0*E 1ER$+R&A!E +$ "EERAL

I'2RA!E with comparison to -A(A( ALLIA3 0A0A AI" player on the private

insurance sector on the basis of the service offered% level of satisfaction% facility availed bycustomer and at the same time to create awareness among the people.

5ith the feedback that we gathered from customers we tried to provide some fruitful

outcomes and relevant information that would necessarily be beneficial to the utmost

important for the organization.

5e hope that the job undertaken in summer training and the suggestion given by us would

prove to be a useful source of information for the RELAI!E "EERAL insurance inachieving its growth in the future as now and would facilitate its growth.

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Sr.

no.

Contents Page

No.

1 Introduction to industry 4

2 Introduction to Company 5-28

3 Research ethodo!ogy+ 2"-42

43-54

555"-#1

#2

#3-##

1. $%&ecti'es o( the study

2. Scope

3. ethodo!ogy

4. )ata ana!ysis Interpretation *nd +indings

,- S-.-O-T- Analysis

/- Recommendation Su00estion '

Conclusion

1- Bi2lio0raphy ' .i2lio0raphy

8. Questionnaire

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I#TRO3$CTIO#

Reliance general insurance is one of the leading private general

insurance companies of India, in the present times. It was amongst the

rst companies to apply for, and obtain, a license for insurance

business, after the liberalization of insurance sector,in 2. !he

company continued to growth with the passing time, widening the

scope of its insurance policies. !oday, it o"ers over #4 customized

insurance products catering to need of the corporate, $%& and

individual customers. 'eliance general insurance also boasts of being

the rst insurance company in India to be awarded the I$( #1)2

certication across all functions, processes, products and location pan*

India.

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Coman! Pro"i#e$

Re#ian%e Commer%ia# Cororation

In 6789% ,hirubhaiAmbani started the Re#ian%e Commer%ia# Cororation with

the capital of Rs 6:;;;. 0he primary business of Reliance !ommercial !orporation

was to import polyester yarn and e#port spices. 0he business was setup in partnership

with !hampaklal,amani% his second cousin. In678: !hampaklal,amani and

,hirubhai ended their partnership and ,hirubhai started on his own. In678.

Re#ian%e In)ustries holds distinction that it is the only ri*ate se%tor %oman!

whose several annual general meetings were held in stadiums. In 67


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an) #o'isti%s. 0he company as a whole by --! as ?a business empire with an

estimated annual turnover of @69 million% and an


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India% ensure sustained value addition to all stake holders and to uphold !orporatealue !orporate "overnance.


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0oa#s

• &ake affordable insurance accessible to all

• )eep customer as focal point for all operations

• 1rotect policy holders interests

• Adopt best international practices in claims% underwriting and policy servicing

• -e the most innovative in product development

• Establish 1an India presence

0ro-t+ an) inno*ation

Reliance general insurance company Ltd has grown over time% to set up as many as

9;;; offices% which have spread across 6>F cities% in 99 states of India. 'uch a wide

distribution channel network% along with 9B#> customer service assistance and a fully

fledged website% has added to its success. As the same time% the company continuous

to launce innovative products% like Indies first +verD0heD!ounter health and home

insurance policies% to woo potential customers and keep the present ones satisfies and

pleased.

Customer Fo%us

0he brand philosophy of reliance general insurance company is ?1rotecting what u

value. 0he company aims at helping individualsG!orporates as well as '&Es protect

their dreams and accomplishmentsG that too though a hassle frees buying process.

5ith the concept of online buying% Reliance has made it possible for the potentialcustomers to book the policies from within the confines of their homeHoffice. At the

same time% the insurance company intends to make the claim settlement as prompt%

transparent and speedy as possible.

Ser*i%es

Reliance general insurance company offers a wide range of innovative products to the

potential customers. Right from health and home insurance to carHmotor and travel

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insurance% we can get almost all types of individual policies with reliance% that too as

the premium rate. Apart from that% the company also caters to corporate and '&E

clients% providing end to end insurance solutions. 0he product basket includes fire%

engineering% liability% marine% travel and other types of insurance% for organization risk

management.

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T+e /e! &usiness 1 "inan%ia# +i'+#i'+ts are$

Reliance "eneral Insurance has notched a premium of Rs.67B8 crores during

the $4 9;;>D;D;


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to support our singleDminded objective of maintaining worldDclass =uality standards.

+ur =uality system deployment% defined from the point of the view of our customers%

is to enhance customer e#perience at all the touch points. As part of this initiative%

every business process in the organization is identified% documented% automated and

deployed. 0hese processes are further monitored continuously through their

compliance scores and dashboard measures and reviewed by the 'enior &anagement

team within the organization.

In fact this passion has taken us one step ahead. 5e are pleased to share the

recognition of our Juality &anagement 'ystem by reputed global =uality standards

auditing organization K ,et orske eritas ,M% which has awarded us the I'+

7;;6C9;;; certification. 0he certification conforms our adherence to design%

development sale of "eneral Insurance product offerings to meet customer needs

and in line with NIR,A regulationsN

W+at )oes t+e ISO 2334$ 5333 %erti"i%ation mean to our Customer6

Stream#ine) ro%esses an) ro%e)ures

Reliance "eneral Insurance has established wellDdefined and documented

process and to help understand our !ustomer/s re=uirements and address them

to their satisfaction.

Suerior Ser*i%e Stan)ar)s

our unwavering commitment to e#cellence ensures prompt and correct

documentation while also ensuring transparent speedy claims settlement.

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Oerations

0o achieve business success by improving operational efficiencies% Reliance "eneral

Insurance realizes the need to tighten up and streamline both channel partner

relationships and back office operations. 0he brokers and channel partners are the

interface to end customers. 0hey play a vital role in helping sustain e#isting customers

as well as attract new customers through better and diverse services. 'o it is

imperative that we are well connected with brokers H channels partners as well as meet

their needs. Improvement in back office operations can happen if policy production

and billing are automatedG overall claims e#penses are reduced% and claims settlement

is made faster.

0o be successful at doing this% we need to nurture both parts of the solution

e=uation% that is% creation of solutionDoriented strategy and deployment of solutionD

based scalable technology that enables meeting of strategic goals laid out as part of

our enterprise strategy. In the current scenario many insurers either rely on manual

methods or custom coded solutions that lack strategic approach to address their

business needs. &anual e#ecution of their crucial operations leads to many errors that

occur in documents passed from insurers to brokers or ceding companies to

reinsurers% which results in lengthy settlement cycles. 5hile custom coded interfaces

are developed to meet a certain set of needs only. 0hey are not scalable so cannot

meet changing needs and re=uire recurring I0 investment to keep them in use.

Reliance "eneral Insurance !o. Ltd is in the process of rolling out a N!entrally

controlled% decentralized deliveryN operations structure to ensure speedy processing

and service while maintaining predictable and strict =uality control. A solution is also being developed to offer strategic value through systematic design and deployment of

-1& and integration technologies. 0he solution will address volatile situations% and

shall be a scalable and reusable solution. It would help meet the challenge of

operational costs saving while enabling us to e#ploit business e#pansion opportunities

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Te%+no#o'!

0he I0 strategy aims to integrate the business and I0 visions and has been an

important instrument in facilitating the dialogue between the I0 community and the

business leaders across the !ompany. 0he importance of planning% in this fastDpaced

environment% has never been more critical. 0he technical and business segments have

worked closely to identify the impact of e#ternal drivers% clarify the business needs%

and ultimately determine how I0 can best help in achieving the business goals. +ur

!ustomers form the centre piece of the business architecture and rightly so% be the

focal point from a technology perspective as well. +ur Endeavour shall be to provide

easy% consistent and instant access of relevant information to customers across

multiple channels and touch points. All our technology initiatives shall be geared

towards this objective.

0he !ompany recognizes that the security of information re=uires an ongoing

commitment. 0owards this end a security program would provide a continuous cycle

for assessing risk% developing and implementing effective security procedures% and

monitoring the effectiveness of those procedures. 5e want to guarantee the reliability%

confidentiality and availability of critical information. 0o that end% we will continue

implementation of our strategy for enhancing information security management

controls. 5e are in a challenging environment% dealing with all the changes in

technology% the insurance industry% the IR,A regulations and the workplace. 0he

e#pectations of what information technology I0M can do to benefit the business and

its customers continue to grow. 5eNve been working hard to provide dayDtoDday I0

services% while keeping our eye on where the !ompany is headed strategically% andalso transforming the I0 organization to meet future re=uirements.

Meanin' o" Ris/ 7 Insuran%e

Insurance is a contract whereby% in return for the payment of premium by the insured%

the insurers pay the financial losses suffered by the insured as a result of the

occurrence of unforeseen events. 0he term OriskO is used to describe all the accidental

happenings% which produce a monetary loss.

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Insurance is a method in which a large number of people e#posed to a similar risk

make contributions to a common fund out of which the losses suffered by the

unfortunate few% due to accidental events% are made good. 0he sharing of risk among

large groups of people is the basis of insurance. 0he losses of an individual are

distributed over a group of individuals.

T+e ris/ &e%omes insurae i" t+e "o##o-in' re8uirements are %om#ie) -it+$

0he insured must suffer financial loss if the risk operates.

0he loss must be measurable in money% 0he object of the insurance contract must be legal.

0he insurer should have sufficient knowledge about the risks he accepts

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Re#ian%e Ener'! Lt)9 Re#ian%e Mutua# Fun)

Harmon! Re#ian%e Communi%ations

Re#ian%e Li"e Insuran%eRe#ian%e Ani# D+iru&+ai Am&ani

0rou

Re#ian%e 0enera# Insuran%eRe#ian%e Port"o#io Mana'ement

Ser*i%e

Re#ian%e :i' Entertainment

1-

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DIFFERENT PRODUCTS;OFFERED :< R0ICL

HEALTH

Re#ian%e Hea#t+ Wise

Access to =uality healthcare is a necessity today. 0he Reliance *ealth 5ise 1olicy

ensures you provide the best medical care to your family. 5e offer a health insurance

policy that gives you the optimum value for money without compromising on the

=uality of medical attention.

Re#ian%e In)i*i)ua# Me)i %#aim Insuran%e Po#i%!

4our family deserves the best especially when it comes to medical care. 5ith medical

e#penses shooting sky high% Reliance &ediclaim Insurance 1olicy helps you meet

hospitalization costs. 5e free you from financial worries so that you can give your

full attention to your loved ones.

MOTOR

Re#ian%e T-o W+ee#er Insuran%e Po#i%!

0wo wheelers are convenient and e#uberant. 5ith the many advanced features added

in% todayNs two wheelers are safe too. *owever% the possibility of damage to your pride

and joy e#ist by way of theft% natural calamities and accidents. Ensure your peace of

mind with Reliance 0wo 5heeler Insurance 1olicy. It gives you comprehensive cover

for your vehicle.

Re#ian%e Pri*ate Car Insuran%e Po#i%!

4our car is more than a means of transport. It can be used for a family outing or for

your feel of freedom when your work burdens you down or it could be your primary

aid in emergencies. Reliance 1rivate !ar 1olicy provides you comprehensive

protection for your valued possession.

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HOME

Re#ian%e Home Prote%t Po#i%!

4our home is probably your most valuable asset% both as an investment and as your

sanctuary in a hectic world. 4ou need to protect it from harm. Reliance *ome 1rotect

1olicy offers =uality% basic coverage with many standard features% plus a full array of

coverage options to enhance your protection

Re#ian%e House+o#)ers= Pa%/a'e Po#i%!

4our home is the place where you feel most secure. It protects from outside elements

and keeps the family bound together. 0o secure it% you need comprehensive coverage

offered by Reliance *ouseholdersN 1ackage 1olicy that is tailored to your individual

home and possessions.

Tra*e#

Re#ian%e Tra*e# Care Insuran%e Po#i%! "or In)i*i)ua#s an) Fami#ies

Are you planning a trip to ,isneyland with your family or a romantic tour of the

classics in EuropeP Reliance 0ravel !are gives you comprehensive cover for you and

your family when you globe trot. 0ravel !are goes beyond just health insurance and

provides you with a wide range of travel related covers to make your trip stressDfree.

Re#ian%e Tra*e# Care Insuran%e Po#i%! "or Stu)ents

If you are planning on an international education% you need to have health insurance

cover that meets the norms of the university. Reliance 0ravel !are offers you a plan

especially designed for student life abroad. 5e value your dreams and aspirations and

we will be glad to assist you in realizing them.

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Re#ian%e Tra*e# Care Insuran%e Po#i%! > Asia

Asia with its e#otic flavors and shopping &ecca/s has attracted the Indian travelers in

hoards. Reliance 0ravel !areDAsia 1lan is designed to safeguard and protect you from

medical and other emergencies at a reasonable cost

Re#ian%e Pra*asi :+arti!a :ima


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PACKA0E POLIC<

Re#ian%e O""i%e Pa%/a'e Po#i%!

4our office which is the place of your professional success has been built with much

of your time and money. *owever% it is constantly e#posed to various kinds of risks.

An unfortunate occurrence might disrupt the customary functioning of it% bringing a

huge financial burden to your business and on you. Although you cannot guard your

business from all possible risks% but with the Reliance +ffice 1ackage 1olicy% you can

choose those risks which you want to protect your office against and also determine

the e#tent of cover against each risk.

Re#ian%e Commer%ia# Care Po#i%!

4our enterprise means the whole world to you. 4ou direct all your efforts in securing

the business against any undesirable misfortune. Reliance !ommercial !are 1olicy

furthers this Endeavour and protects your business against various perils and risks

which it might be e#posed to% making sure that you can focus your efforts where it is

needed the most K the running of the business.

Re#ian%e In)ustr! Care Insuran%e Po#i%!

$or a manufacturing or industrial unit% every operational moment is critical. *owever%

despite the best safety efforts% accidents do happen leading to significant losses. 5e

understand and appreciate your business and to ensure that in such events your

business is up and running as soon as possible% we present Reliance Industry !are

1olicy.

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Re#ian%e S+o/eeer=s Pa%/a'e Po#i%!

+ften% establishments such as shops are e#posed to various risks that threaten to result

in significant loss and damage to property as well as business. 0o ensure financial

protection from such losses and to facilitate smooth running of your business% we

present Reliance 'hopkeeperNs 1ackage 1olicy.

Mis%e##aneous Po#i%ies

Re#ian%e Mone! Insuran%e

,aily monetary transactions are an integral part of business routine. $ew of these

innumerable e#changes could include transfer of funds through cash% che=ues% drafts%

and postal orders etc which are typically e#posed to certain risks. 0o cover such risks%

we are pleased to offer the advantage of Reliance &oney Insurance 1olicy% which

protects your money round the clock.

Re#ian%e :ur'#ar! 1 House&rea/in' Insuran%e Po#i%!

0he world around us is becoming more and more unsafe and the increase in crime rate

bears witness to this fact. +ccurrences like burglary% housebreaking or robbery of

contents at your office% warehouse% shop or industry can bring about a huge financial

loss to you. Reliance "eneral Insurance is pleased to offer a plan that keeps your

property protected at all times against burglary and house breaking.

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Re#ian%e Fi)e#it! 0uarantee Insuran%e Po#i%!

4our employees are the driving force of your business. 0he successful functioning of

your enterprise is most often based on responsibility and subse=uent empowerment of

your workforce. *owever% it is also possible that such delegation might lead to misuse

of empowerment and hence% one should guard against this risk. 0he Reliance $idelity

"uarantee 1olicy facilitates you in delegating and empowering your employees while

keeping your business safe

In)ustria# A## Ris/s Po#i%!

Industrial 2nits are e#posed to a host of perils which threaten to bring their day to day

operations to a grinding halt. Any loss or damage to property due to these perils can

cause a lot of financial trouble% both in terms of the repair or replacement costs and

the business loss that such events can bring about. 0he Reliance Industrial All Risks

1olicy can be the perfect solution for the industrial units to ensure complete coverage

when such loss or damage occurs

Re#ian%e Stan)ar) Fire an) Se%ia# Peri#s Po#i%!

!orporates with large spread out business insurance need comprehensive protection

for their operation. Insurance is an essential tool to protect yourself against losses thatcould devastate your business. Reliance has provided Reliance 'tandard $ire and

'pecial 1erils 1olicy with a combination of both standard and optional features so that

you can choose the cover which best suits your business

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Re#ian%e Ma%+iner! Insuran%e Po#i%!

&achinery forms an integral part of any manufacturing or industrial setDup.

-reakdown of critical machines have a significant impact on your business% not only

in terms of the heavy e#penses towards repair and replacements% but also the financial

losses that you might have to bear during downtime. 5e help companies protect their

assets and safeguard their revenue streams with the help of the Reliance &achinery

Insurance 1olicy.

Re#ian%e E#e%troni% E8uiment Insuran%e Po#i%!

0oday electronic e=uipment is a part and parcel of all businesses% whether big or

small. $rom computers to medical devices% industrial e=uipments to electronic cash

registers% companies all over the world are increasingly relying on the latest

technology as a backbone to aid their dayDtoDday operations. It becomes imperative to

cover these e=uipments against the perils that they are e#posed to% so as to ensure thecontinuity of your business and safeguard your investments. 0he Reliance Electronic

E=uipment 1olicy is the ideal solution for such an insurance need% providing coverage

for unforeseen physical loss or damage to your e=uipments

Re#ian%e Marine Car'o Insuran%e Po#i%!

0he increase in global trade has boosted our economic prosperity as a nation and has

developed new avenues of business for many organizations. 0oday% new trade

agreements are e#panding the realms of business operations to many new countries

and more goods are being shipped around the world. 0here are a variety of risks that

are associated with transit of goods and it becomes pertinent to have comprehensive

coverage for loss or damage to the goods. $or this purpose% we present the Reliance

&arine !argo 1olicy.

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OVERVIEW OF INSURANCE INDUSTR<

As we all know that the Indian insurance system has its roots in the nineteenth

century. -efore 67>F prior to nationalization of general insurance companies%

insurance was concentrated mainly among private hands. It was clear that a better

insurance system was needed to promote the economic goals of the new Indian state.

According to e#perts in insurance there has been a substantial growth in the

distribution of insurance branches and size. After nationalization% there was also a

change in recruitment policy. *owever due to the advancement in technology there

was introduction of computer in every field but insurance in India did not% however%

introduce computers on a large scale because of the fear that these would result in

retrenchment and unemployment.

$or a long time Indian insurance companies faced very little competition and

operated in a protected economy. -ut after 6777 market for insurance products and

services has become more competitive than ever before because of the entry of big

private insurance companies.

ow due to the increase in competition the private and public sector insurance

companies had to broaden the horizon of their products and services to meet their

demand and fulfill their need through better facilities.

0o fulfill the need of their customer the insurance companies has to be accelerate

in the country.

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0o be successful in insurance sector% insurance companies will need to revamp their

business model to

aM -uild a large volume% highly scalable operation%

bM 1ackage and deliver products rapidly in a dynamic market%

cM Leverage effectively on multiple delivery channels branch% internet% etc.M with

a view to contain the cost of operations

dM -uild relationships with providers of related insurance products and services

and move towards converting the network of insurance companies/ branches into

Qinsurance supermarkets/.

'o there are different insurance products and services that are offered by the

insurance companies in order to fulfill the need and the demand of the customer.

Although all insurance companies offer same type of insurance products like

home insurance %motor insurance% office insurance etc. but the sections covered and

premium charges varies from one company to another company.

OVERVIEW OF PACKA0E POLICIES

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4;HOUSE HOLDER(S POLIC<

+ur home and family mean everything to us. ot only our love and care% but also

a lot of our time and money have gone behind their being what they are today.

Although we cannot guard them from all possible risks% we can take steps to help us

tide over une#pected events that can totally shatter our life and our dreams.

0he *ouseholders 1olicy is a comprehensive shelter that protects our house and

the various contents in it against a variety of risks. It is a single policy that takes care

of a number of contingencies.It is imperative that we secure our home from natural

and manDmade catastrophes. *ouse holders 1olicy covers risks of different types and

protects the house as well as personal effects and household goods. 0his is a package

policy specially designed to meet the insurance re=uirements of a householder by

combining a number of standard policies usually taken by householders% under a

single policy.

Features$;

$ire and Allied 1erils

-urglary and *ouse -reaking.

All Risks jewellery and valuablesM

,omestic &echanical and Electrical Appliances.

,omestic Electronic Appliances.

0elevision 'ets.$i#ed 1late "lass.

-aggage.

1ersonal Accident.

Legal Liability etc.

5;OFFICE PACKA0E POLIC<

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0here are huge investments made when it comes to business. Investments are

made for office premises% e=uipmentNs% human resources and other infrastructural

facilities. +ur trade or business on which so much of our time and money have been

spent to build up is constantly e#posed to various kinds of risks. 'ome unfortunate

occurrence might bring a huge financial burden to our business and to us. Although

we cannot guard our business from all possible risks% we can take steps to tide over

such une#pected events.

0he +ffice 1ackage 1olicy is a comprehensive insurance policy% specially

designed to provide protection to our +ffice against different kinds of risks and perils.

-y opting for this single policy% the office owner covers those risks which his business

is likely to encounter while concentrating on his business activity. 0his policy is

suitable for large offices owned by big companies as well as small and medium sized

offices like 0ravel Agencies% 1rofessionals like !hartered Accountants% !onsultants%

Architects% Interior ,ecorators% Engineers or any other service provider

Features$;



&echanical and Electrical Appliances.

Electronic Appliances.

&oney Insurance.

$i#ed "lass and 'anitary $ittings.

-aggage.eon 'ignH"low signH*oarding.

1ersonal Accident.

InfidelityH,ishonesty of Employees.

Legal Liability.

Additional Rent for Alternative Accommodation.

0enant/s Legal Liability etc

@;SHOPKEEPER(S POLIC<

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0he 'hopkeeper/s insurance policy is a comprehensive and specially designed

policy that seeks to cover the losses arising out of a wide variety of risks and perils. It

lets the shopkeeper concentrate on the running of his business% his most valued asset

but also his source of income. It covers both the structure and the contents of our shop

and protects us against financial loss in case of an unfortunate incident. +nly one

policy can be taken by one shopkeeper for each shop in a specific location having

separate books of accounts. 0his is a package policy specially designed for small

shopkeepers. It is a single policy combining the various insurance re=uirements of

shopkeepers.

Features$;



&echanical and Electrical Appliances.

Electronic Appliances.

&oney Insurance.

$i#ed "lass and 'anitary $ittings.

-aggage.

eon 'ignH"low signH*oarding.

1ersonal Accident.

InfidelityH,ishonesty of Employees.

Legal Liability

3


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Resear%+$

Research is defined as human activity based on intellectual application in the

investigation of matter. 0he primary aim for applied research is discovering%

interpreting and the development of methods and systems for the advancement of

human knowledge on a wide variety of scientific matters of our world and the

universe.

Research as a means for gaining knowledge can be carried out either arbitrarily or

in a systematic fashion. Research is a purposive investigation. It is a way of

finding new ways of looking at familiar things in order to e#plore ways of

changing it. As a process it involves defining and redefining problems% hypothesis

formulation% organizing and evaluating data% deriving deduction% inferences and

conclusions% after careful testing.

Resear%+ Desi'n$

0he researcher will be re=uired to prepare a research design i.e. he will have to

state the conceptual structure within which research would be conducted. 0he

function of research design is to provide for the collection of relevant evidence

with minimum e#penditure of effort% time and money.

T!es o" resear%+ )esi'n$

E#ploratory design

,escriptive design

31


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,iagnostic design

E#perimental design

0he research design% which researcher used for this project is the descriptive one.

Des%riti*e resear%+

?,escriptive research includes surveys and fact finding en=uiries of different

kinds. 0he major purpose of descriptive research is description of the state of affairs

as it e#ists at present. In social science and business research we =uit often use the

term e# post facto research for descriptive research studies. 0he main characteristics

of this method are that the researcher has no control over the variables. *e can only

report what has happened or what is happening. &ost e# facto research projects are

used for descriptive studies in which the researcher seeks to measure such item as for

e#ample fre=uency of shopping% preference of people% or similar data.

Sam#e Desi'n$

A sample design is definite plan for obtaining a sample from a given population. It

refers to the techni=ue or the procedure the researcher would adopt in selectingitems

for the sample. 'ample design is determined before data is collected.

Stes in sam#e )esi'n$

5hile developing a sampling design% the researcher must pay attention to the

$ollowing pointsG

32


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i B T!e o" uni*erse$

0he universe can be finite or infinite. In finite universe the number of items is

certain like population of city% workers in factory etc. in case of infinite universe

the number of items is infinite like stars in sky% listeners of radio programmed etc.

In this research% universe of sampling is +ffices% *omes 'hop +wners of 1atna

ii B Sam#in' unit$

'ampling unit may be "eographical one such as 'tate% ,istrict% illage etc.% or a

!onstruction unit such as *ouse% $lat etc.% or it may be 'ocial unit such as $amily%

!lub% 'chool etc.

In this research sampling unit is "eographical as well as 'ocial.

iiiB Sie o" sam#e$

0his refers to the number of items to be selected from the universe to constitute a

sample. 0he size of sample should neither be e#cessively large% nor too small. It

should be optimum i.e. sample fulfills the re=uirements.

In this project sam#e sie is of 439

i*B Sam#in' ro%e)ure7te%+ni8ues$

Researcher must decide about the techni=ue to be used in selecting the items for

the sample. In fact% this techni=ue or procedure stands for the sample design itself.

&ainly there are two techni=uesC

Random or probability sampling

33


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1urposive or nonDprobability sampling

In thisresearch Non;ro&a&i#it! sampling u)'ment sam#in'M is used.

Non;ro&a&i#it! sam#in'

u)'ment sam#in'B

?'amples can be either probability samples or nonDprobability samples. 5ith

probability samples each element has a known probability of being included in the

sample but the nonDprobability samples do not allow the researcher to determine this

probability.

?on probability samples are those based on convenience sampling% judgment

sampling and =uota sampling techni=ues.

?(udgment sampling the researcher/s judgment is used for selecting items which

he considers as representative of the population.

Data sour%es$

0here are two types of dataC

6. 1rimary ,ata

9. 'econdary ,ata

Primar! Data$

0he primary data are those which are collected afresh and for the first time% and

34


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thus happen to be original in character. 0he collection of primary data is costly

and time consuming. It re=uires greater planning and coDordination.

Se%on)ar! Data$

0he secondary data% on the other hand% are those which have already been

collected by someone else and which have already been passed through the

statistical purpose. It is also called the *istorical data.

Research is totally based on primary data. 'econdary data is used only for the

reference. Research has been done by primary data collection% and primary data

has been collected by interacting with various people and taking the feedback by

Juestionnaires. 'econdary data are used for the theoretical and statistical part of

the project.

T+e se%on)ar! )ata +as &een %o##e%te) t+rou'+ *arious sour%es #i/e$

!ompany manuals Records.

&agazines and publications.

5ebsite on internet.

Interacting with the employers of the company.

Data Co##e%tion Met+o)$ Questionnaire

0his included different =uestions which helped us to gather information re=uired

to come up to a conclusion from the research.

T!e o" Questions C 'tructure

3+


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4aB;HOUSE HOLDER(SPOLIC


37/68

Se%tions 1 su&;se%tions7Coman! name

1remium rates given below Rs. per 6;;;HD

RELIA!E -A(A(ALLIA3

6%$ire and Allied 1erilsincluding 0errorismM

As per tariff .:;

9%-urglary and *ousebreaking 6.: 9.9:

F%All Risk jewellery and

valuablesM

6; 6;

B%,omestic &echanical and 9.: 9.9:

:%,omestic Electronic Appliances 6; 6;

8%$i#ed 1late "lass 6; 6;

>%-aggage >.: >.:


38/68

FEATURES


RELIA!E -A(A(ALLIA3


4E' 4E'

9%-urglary and *ousebreaking 4E' 4E'

F% &echanical and ElectricalE=uipments

4E' 4E'

B%ElectronicE=uipments

4E' 4E'

:%$i#ed 1late "lass 4E' 4E'

8%-aggage 4E' 4E'

>%&oney Insurance 4E' 4E'


39/68

6:%All Risk on 1rofessionalinstruments

+ +

68% Loss of Rent. + +

6>%AlternativeAccommodation

4E' +

6


40/68


1remium rates given below Rs. 1er 6;;;HD

RELIA!E -A(A(ALLIA3


;.F; and ;.:; As per tariff

9%-urglary and*ousebreaking

6.: 6

F% &echanical and Electrical

E=uipments

9.>: 6:


6; 6;

:%$i#ed 1late "lass 6; 6;

8%-aggage 6; 6;

>%&oney Insurance 9 6.:


41/68

6:.All Risk on 1rofessionalinstruments

SSSS SSSS

68.Loss of Rent. SSSS SSSS

6>%AlternativeAccommodation

;.:; SSSS

6


42/68


RELIA!E -A(A(ALLIA3


4E' 4E'


4E' 4E'

F% &echanical and ElectricalE=uipments

4E' 4E'


4E' 4E'

:%$i#ed 1late "lass 4E' 4E'

8%-aggage 4E' +

>%&oney Insurance 4E' 4E'


43/68


RELIA!E -A(A(ALLIA3

6%$ire and Allied 1erils 9.< 9.9:


6 9.9:

F% &echanical and Electrical

E=uipments

9.: aries from item to

item ma# is 9:MB%ElectronicE=uipments

6; 6;

:%$i#ed 1late "lass 6; 6;

8%-aggage < SSSS

>%&oney Insurance 9 6.:


44/68

IFCO ; TOKIO

NATIONALINSURANCE

THE ORIENTAL

INSURANCE

For House+o#) Insuran%e

44


45/68

For !our +ouse+o#), )o !ou t+in/ t+at it is imortant to +a*e

insuran%e6

o. +f !ustomers8;M

1ercentage M

Always 6< F;

'ometime 6; 68.88

ever 69 9;

,epends upon 1roduct 9; FF.FF

INTERPITATION

FF.FF of respondents said that the insurance of household depends on

product.

F; of respondents said that insurance is always essential for house.

9; of respondents said that there is no need of Insurance for house.

68.88 of respondents said that insurance is necessary% but some time.

4+


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For +ouse+o#) Insuran%e -+i%+ %oman! )oes !ou #i/e most6

o. +f !ustomer 8;M 1ercentage M

RELIA!E"EERAL I'2RA!E

99 F8.88

-A(A( ALLIA3 6< F;

+0*ER' 9; FF.FF

INTERPITATION

F8.88 of respondents like Reliance "eneral Insurance for household

1olicy.

FF.FF of respondents like other insurance company.

F; of respondents like -ajaj Allianz for household 1olicy.

On -+i%+ &asis !ou se#e%t !our insuran%e %oman!

4


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o. +f!ustomers 8;M

1ercentage M

1remium 6B 9F.FF

$acilities 96 F:

!ompany/s1rofile

6< F;

+ther > 66.88

INTERPITATION

F: of respondents select their Insurance !ompany on the basis of$acilities.

F; of respondents select their Insurance !ompany on the basis of

!ompany/s 1rofile.

9F.FF of respondents select their Insurance !ompany on the basis of

1remium.

66.88 of respondents select their insurance company on the basis of other

reasons.

4-


48/68

Do !ou t+in/ t+e #e'a# #ia&i#it! is ne%essar! "or +ouse+o#)

insuran%e6 o. +f

!ustomers 8;M1ercentage M

4es B9 >;

o 8 6;

,on/t know 69 9;

INTERPITATION

>; of respondents think that legal liability is necessary.

6; of respondents think that legal liability is not necessary.

9; of respondents don/t know about legal liability.

4


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For O""i%e a%/a'e Po#i%!

For !our O""i%e, )o !ou t+in/ t+at it is imortant to +a*e

insure)P o. +f !ustomer 8;M

1ercentage M

Always 98 BF.FF

'ometime 69 9;

ever B 8.88

,epends upon1roduct

6< F;

INTERPITATION

BF.FF of respondents said that insurance is always essential for +ffice.

F; of respondents said that the insurance is depends on product.

9; of respondents said that there insurance is necessary% but some time.

8.88 of respondents said that there is no need of Insurance.

4#


50/68

For O""i%e Pa%/a'e o#i%! -+i%+ %oman! )o !ou #i/e most6

o. +f !ustomer 8;M

1ercentage M

RELIA!E"EERALI'2RA!E

6< F;

-A(A(ALLIA3

67 F6.88

+0*ER' 9F F


51/68

o. +f !ustomer 8;M

1ercentage M

1remium 68 98.88

$acilities 99 F8.88

!ompany/s1rofile

6B 9F.FF

+ther < 6F.FF

INTERPITATION

F8.88 of respondents select theirinsurance company on the basis of

facilities.

98.88 of respondents select their insurance company on the basis of1remium..

9F.FF of respondents select their insurance company on the basis of

!ompany/s 1rofile

6F.FF of respondents select their insurance company on the basis of other

reasons.

Do !ou t+in/ t+e #e'a# #ia&i#it! is ne%essar! "or O""i%e

+1


52/68

insuran%e6 o. +f !ustomers

8;M1ercentage M

4es F: :


53/68

For


54/68

most6 o. +f

!ustomer 8;M1ercentage M

RELIA!E "EERALI'2RA!E

68 98.88

-A(A( ALLIA3 69 9;

+0*ER' F9 :F.FF

INTERPITATION

98.88 of respondents like Reliance general insurance.

9; of respondents like -ajaj Allianz.

:F.FF of respondents like +ther Insurance !ompanies.

On -+i%+ &asis !ou se#e%t !our insuran%e %oman!

o. +f !ustomer 8;M 1ercentage M

+4


55/68

1remium 6< F;

$acilities 9F F


56/68

o. +f !ustomers8;M

1ercentage M

4es B; >:

o 6; 9:

,on/t know 6; 6;

INTERPITATION

88.88 of respondents think that legal liability is necessary.

68.88 of respondents think that legal liabilityis not necessary.

68.88 of respondent don/t know about legal liability.

SWOT ANAL


57/68

'wot analysis is the acronym for Kstrength% weakness% opportunities and

threat.'trengths are the inherent capability an organization possesses which give it a

competitive advantage over its competitors. 5eaknesses are the inherent incapability

an organization possesses that make a firm position weaker in the competitive

environment. +pportunity is a condition here there is a favorable atmosphere for the

organization with which an organization can e#pand% develop% row prosper. 0hreat is

an unfavorable condition which at times provides losses to the organization or puts a

organization into risk. 0hese strength and weakness are a part of firm internal

environment whereas opportunities and threats are a part of firm/s e#ternal

environment. Analysis of this factors help in new strategy formulation. 'o a firm

should do '5+0 analysis from time to time. '5+0 is also sometimes referred to as

5+0'D21 analysis..0herefore% it is almost important to do '5+0 analysis for

reliance general insurance.

Stren't+

6. ,iversity% resilience and fle#ibility.

9. 1art of one of the biggest organization RELIA!E with a good financial

backup.

F. Juality service is assured if one has an insurance relationship with R"I!L.

B. ."ood infrastructure good incentives for the result oriented employees

:. 'trong sales team who are recruited through tough interviews.

8. 1remium charges are comparatively less from various companies.

+-


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Wea/ness

6. umber of R"I!L branches is less than its close competitors.

9. +ld age people are still to be tapped.

F. Lack of concentration on rural market.

B. ew customer hesitates to start a relationship with R"I!L.

:. Lack of control on the marketing agent.

Oortunit!

6. E#plore the market with new policies.

9. Lot of scope for product variation.

F. 0ap the middle income group and the salaried class.

B. Lot of scope for growth in the Indian market.

T+reat

6. Infrastructure of its competitors.

9. 1layers have similar strategies.

F. 0here is not much differentiation between the services and products of other

companies.

FINDIN0

+


59/68

It was found that reliance general insurance capture largest market share in

household/s policyF8.88M and 98.88 in shopkeeper/s policy.

It was found that neon sign and glow shine like some features only provided

by reliance general insurance.

It was found that in shop keeper/s policy reliance general insurance provided

cheapest premium.

It was found that most household/s insurance depends on product.

It was found that more than :; problems faced by the customers are related

with information.

It was found that most of the customers consider company profile and

different policies% before taking insurance.

It was that security is the main purpose behind insurance.

+#


60/68

LIMITATION OF THE PROECT

+nly three package policies were taken into consideration while conducting

the market research of R"I!L and its competitors. 0his was due to limitation

of time allotted for the study. 0he non disclosure of some vital information which could have been of some

help in bringing forth certain other vital issues of importance.

0o visit whole area% two month time was very less. 0he finding emerged from the restricted only to 1atna region.

'ometimes e#ecutives may not provide us with the correct information.

0hat was major problem which creates a barrier in the research is unawareness

of small shop kippers and house wives about insurance policies.

CONCLUSION


61/68

Ser*i%e -it+ a romiseC 0oday/s insurance customer will settle for nothing%

e#cept the better service with a broad promise. And then they will realize that they are

the king. 0hey will not confine themselves with the world class products and services

but they also need a broad platform where they can make different choices. 0heir

choice of one entity over another insurance company is determined by considerations

of service =uality rather than any other factor. 0hey want competitive premium rates%

yes% but them also wants their claim or renewal applications etc to be processed in

doubleD=uick time. 0hey cherish the convenience of impersonal et insurance% yes%

but during their occasional visits to the branch% they also want the comfort of

personalized% human interactions and facilities that make their insurance e#perience

pleasurable. -ut they also needs that their grievances should be settling as soon as

possible. In short% they want a security house that will more than just issue the policy

and settles their claimsC they want an insurance that cares and for more than just their

custom. 0hey want a customerDfriendly insurance company.

1


62/68

SU00ETION

Ser*i%e Qua#it!

0his is the main factor which makes a insurance company customerDfriendlyC its

overall service standards% rated for ease of proposal formG how courteous% accessible

and knowledgeable its staff areG claim settlement time for servicesG how innovative

the insurance company is in introducing products and servicesG how =uickly it handles

the grievancesG how likely it is to retain customersG and how probable it is that its

customers will recommend the insurance company to others.

:ran%+ Fa%i#ities

5alk into any branch of a multinational or leading Indian insurance company% and

you/ll believe you/re in a country club. &any other insurance companies% of course%

have miles to go in this sphere% but there/s a growing realizations among them that

offering a pleasant insurance e#perience Kwith comfortable seating% airDconditioning%

restroom and drinking water facilities.

Mar/et Potentia#

5ith An ongoing national economy% insuranceDsector reforms and a growing middle

class% the Indian market offers huge potential for RELIA!E "EERAL

2


63/68

I'2RA!E to grow. 0he large and growing middle class population and increase in

disposable incomes have created booming markets in housing% motor% televisions%

computers% mobile phones and other products% most of which re=uire insurance.

RELIA!E "EERAL I'2RA!E has been effective in leveraging this

opportunity with its product and service offerings.

T+e Roa) A+ea)

After so many years of service to India% RELIA!E "R+21 continues to be

committed to the country and optimistic of positively contributing to the Indian

Economy. 0he RELIA!E "R+21 considers India to be one of the greatest

economic opportunities of the 96st century and is proud to be so strongly positioned

here. 0he RELIA!E "R+21 has ambitious plans to transform its business in the

country and to further e#pand operations across the country.

3


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WI:LO0RAPH< 1 :I:LO0RAPH<

49 Internet Sites

• ---9re#ian%e'enera#9%o9in

• ---9&a?a?a##ian9%om

• ---9e%onomi%times9%om

• +tt$77en9-i/ie)ia9or'7-i/i7Re#ian%e'enera#insuran%e

• ---9aisa-aisa9%om7 insuran%e 7re#ian%e ; 'enera# 7re#ian%e ; 'enera# ;

insuran%e 9as. ;

59 Ma'aines an) Ne-saers9

• E%onomi% Times

• :usiness In)ia(s

• :usiness Stan)ar)

• T+e Times O" In)ia

@9 :oo/s

•Mar/etin' Mana'ement &! P+i#i Kot#er9

• Resear%+ met+o)o#o'! &! Dr9 S+ai#es+ Kasan)e9

• Resear%+ met+o)o#o'! met+o) an) te%+ni8ues 5n) e)ition &! C9 R9

Kot+ari9

• Resear%+ met+o)o#o'! &! 0C :eri, Gt+ e)ition uis+e) &! TMH

Ne- De#+i9

• Mar/etin' Resear%+ &! Vanis+ree Pa&a#/ar9

• Mar/etin' mana'ement &! Arun Kumar9

G9 Pro)u%t Manua#, Re#ian%e 0enera# Insuran%e

4

http://www.reliancegeneral.co.in/http://www.bajajallianz.com/http://www.economictimes.com/http://www.reliancegeneral.co.in/http://www.bajajallianz.com/http://www.economictimes.com/


65/68

Questionnaire

,ear sirH madam%

0his =uestionnaire is aimed at understanding your satisfaction. 4our response will

be deals with strict confidentiality and it will be used only for academic purpose.

0hank you for spending your valuable time to fill this =uestionnaire.

ameC SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS

AddressC SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS

SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS

!ontact oC &obileSSSSSSSSSSSSSSSSSSSSSSSSSResiCSSSSSSSSSSSSSSSSSSSSS

&arital 'tatusC 'ingle &arried

For +ouse +o#)ers

6. $or your house hold% do you think that it is important to have insuranceP

aM Always

bM 'ome time

cM ever

dM ,epend on products.

9. 5hich insurance company does you like mostP

aM Reliance general Insurance

bM -ajaj Allianz

cM +ther

+


66/68

F. +n which basis you select your insurance companyP

aM 1remium

bM $acility

cM !ompany profile

dM +thers

B. ,o you think legal liability is necessary for house hold insuranceP

aM 4es

bM o

cM ,on/t know

For O""i%e

6. ,o you think that it is important to have insuranceP

aM Always

bM 'ome time

cM ever

dM ,epend on product


dM Reliance general Insurance

eM -ajaj Allianz

fM +ther


67/68


aM 1remium

bM $acility

eM !ompany profile

fM +thers

B. ,o you think legal liability is necessary for insuranceP

aM 4es

bM o

cM ,on/t know

For s+o /eeers

6. ,o you think that it is important to have insuranceP

aM Always

bM 'ome time

cM ever

dM ,epend on product


gM Reliance general Insurance

hM -ajaj Allianz

iM +ther

-


68/68


aM 1remium

bM $acility

gM !ompany profile

hM +thers

B. ,o you think legal liability is necessary for insuranceP

aM 4es

bM o

cM ,on/t know

reliance general insurane

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