innovation index

7/30/2019 Innovation Index

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INNOVATIVE EYE OF INSURANCE

BACHELOR OF COMMERCEBANKING & INSURANCE

SEMESTER V

(2009-10)

SUBMITTED BY:JAISWAL AMARJEET .H.

Roll on:-12

PROJECT GUIDEPROF. SACHIN BHANDARKAR

V.E.S. COLLEGE OF ARTS, SCIENCE & COMMERCE,SINDHI SOCIETY, CHEMBUR, MUMBAI 400071


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INNOVATIVE EYE OF INSURANCE

BACHELOR OF COMMERCEBANKING & INSURANCE

SEMESTER V

Submitted

In Partial Fulfillment of the requirementsFor the Award of the Degree of

Bachelor of Commerce Banking & Insurance

By

JAISWAL AMARJEET.H.Roll no:-12



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C E R T I F I C A T E

This is to certify that Shri/Miss of

B.Com Banking & Insurance Semester V (2009-10) hassuccessfully completed the project on

under the guidance of

.

Course Coordinator Principal

Project Guide/ Internal Examiner

External Examiner


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DECLARATION

I, , the student of B.Com Banking &

Insurance Semester V (2010-11) hereby declare that I have

completed this project on

.

The information submitted is true & original to the best of my

knowledge.

Students Signature

JAISWAL AMAREET.H.

Roll No.12


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ACKNOWLEDGEMENT

I would sincerely like to give my heartfelt

acknowledgement and thanks to my parents. Any amount of

thanks given to them will never be sufficient.

I would like to thank the University of Mumbai, for

introducing Banking and Insurance course, thereby giving the

student a platform to abreast with changing business scenario,

with the help of theory as a base and practical as a solution.

I would sincerely like to thank our Principal Mrs. J.K.

Phadnis. I would also like to thank my project guide Professor

Sachin Bhandarkar for her valuable support and guidance

whenever needed.

I also feel heartiest sense of obligation my library staff

members & seniors who helped in collection of data and

materials and also in this processing as well as in drafting

manuscript.

Last, but not the least, I would like to thank my friends &

colleagues for always being there .


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RESEARCH DESIGN

PURPOSE OF THE STUDY

The main purpose of taking the study of Innovative eye of

Insurance as project was to know the growth of the insurance sector in

India.

PROJECT OBJECTIVE The main objective of conducting this project was to know from

when its started and the present condition of the insurance sector

in India.

Effects of liberalization, privatization, and globalization in the

insurance sector.

Types of insurance sector reforms established such as malhotracommittee and IRDA act.

Bancassurance is a win-win model for insurance companies and

banks.

Role of technology in insurance sector.


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RESEARCH METHODOLOGY

SECONDARY DATA

INFORMATIONRESEARCH

INTERNET BOOKS


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EXECUTIVE SUMMARY

Insurance protects and safeguards the interest of the individuals

and businessmen. The document which contains the contract is called

the Insurance Policy. The person who is insured is called the

Insured and the firm which insures is called as the insurer. The

business of life insurance in India in its existing form started in India in

the year 1818 with the establishment of the Oriental Life Insurance

Company in Calcutta. Malhotra committee in 1993 and IRDA act 1999

was established for the growth of the insurance sector. The malhotra

committee aimed at "creating a more efficient and competitive financial

system suitable for the requirements of the economy, whereas IRDA was

established on 19th April 2000 to protect the interests of holder of

insurance policy and to regulate, promote and ensure orderly growth of

the insurance industry. With the liberalization, privatization, and

globalization of this sector, several new players have entered the scene.

The concept of privatization became popular in mid 1980s and since

then it has spread all over the world. Its impact has to be seen in the

form of creating various opportunities and challenges. CRM process

undertaken for maintaining good customer relationship. Innovative

insurance service is one of the growing companies in Insurance and

Reinsurance brokers, established in Delhi, India in the year2006 and has

been operating/servicing in the domestic market. Various services


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offered by them are Life insurance, Health insurance, vehicle insurance,

Business insurance, General insurance and Mutual. In todays highly

competitive financial services environment, technology plays an

important role in aiding design and administering of products, as a well

in efforts to build lifelong customer relationships. Indias insurance

sector is zooming to show an unprecedented progressive growth of more

than 200% by the period of 2009-10.


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INDEX

Sr.no CHAPTERS Pg.no

1 INSURANCE 1-2

2 EVOLOUTION OF INSURANCE 3-4

3 INSURANCE SECTOR REFORMS

i. MALHOTRA COMMITTEEii. IRDA ACT

5-9

4 GLOBALIZATION IN INSURANCE 10-12

5 PRIVATIZATION 13-15

6 CUSTOMER RELATIONSHIPMANAGEMENT (CRM)

16-17

7 INNOVATIVE INSURANCE AGENCY 18-23

8 TYPES OF LIFE INSURANCE POLICIESAND PROVIDED FROM COMPANIESOTHER THAN LIC OF INDIA

24-36

9 BANCASSURANCE 37-39

10 TECHNOLOGY 40-41

11 GROWTH OF INSURANCE SECTOR 42-4212 CONCLUSION 43-44

13 RECOMMENDATION 45-45


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