PIRSPICTIVI MANAGIMINT

BY,
KALPISH CHAVAN { oS )
AJAY HAKI { 1 o )
AMOL KAL { 1 S )
SNIHA KOKARI { q )
SI HARTH NAI K { S )
PANKAJ WAGHMARI { gS )
IIe nsurunce CorporuLIon
oI ndIu
IsLory
O nLroducLIon oI IIe Insurunce Lo ndIu
O OrIenLuI IIe nsurunce Compuny sLurLed by
Europeuns onIy Ior Europeuns In 1818 on ndIun
soII
O No IIe nsurunce Ior ndIuns
O RevoIuLIon by Bubu MuLLyIuI
O Bombuy MuLuuI IIe Assurunce SocIeLy sLurLed In
yeur 18;o Ior ndIuns
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IsLory
O TIe SwudesII movemenL (1qo-1qo;) guve rIse Lo
more Insurunce compunIes.
TIe UnILed ndIu In Mudrus
NuLIonuI ndIun In CuIcuLLu
NuLIonuI nsurunce In CuIcuLLu
TIe Co-operuLIve Assurunce uL uIore
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IsLory
O MusIroomIng oI Insurunce compunIes
O n 1q8 ,1;6 compunIes wILI LoLuI busIness-
In-Iorce us Rs.zq8 crore
O TIe nsurunce AcL 1q8 wus LIe IIrsL
IegIsIuLIon governIng noL onIy IIIe Insurunce
buL uIso non-IIIe Insurunce Lo provIde sLrIcL
sLuLe conLroI over Insurunce busIness.
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IsLory uILer reedom
O AbouL 1q ndIun Insurunce compunIes, 16
non-ndIun compunIes were operuLIng In
ndIu uL LIe LIme oI nuLIonuIIzuLIon.
O 1qLI oI Junuury, 1q6, LIuL IIIe Insurunce In
ndIu wus nuLIonuIIzed.
O TIe PurIIumenL oI ndIu pussed LIe IIe
nsurunce CorporuLIon AcL on LIe 1qLI oI
June 1q6
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C
O C Iounded by TIe PurIIumenL oI ndIu
1sL SepLember, 1q6,
W ILI zonuI oIIIces, dIvIsIonuI oIIIces
und z1z bruncI oIIIces, upurL Irom ILs
corporuLe oIIIce In LIe yeur 1q6.
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O Spreud IIe nsurunce wIdeIy und In purLIcuIur Lo LIe ruruI ureus und Lo LIe
socIuIIy und economIcuIIy buckwurd cIusses wILI u vIew Lo reucIIng uII InsurubIe
persons In LIe counLry und provIdIng LIem udequuLe IInuncIuI cover uguInsL
deuLI uL u reusonubIe cosL.
O MuxImIze mobIIIzuLIon oI peopIe's suvIngs by mukIng Insurunce-IInked suvIngs
udequuLeIy uLLrucLIve.
O Beur In mInd, In LIe InvesLmenL oI Iunds, LIe prImury obIIguLIon Lo ILs
poIIcyIoIders, wIose money IL IoIds In LrusL, wILIouL IosIng sIgIL oI LIe InLeresL
oI LIe communILy us u wIoIe; LIe Iunds Lo be depIoyed Lo LIe besL udvunLuge oI
LIe InvesLors us weII us LIe communILy us u wIoIe, keepIng In vIew nuLIonuI
prIorILIes und obIIguLIons oI uLLrucLIve reLurn.
O ConducL busIness wILI uLmosL economy und wILI LIe IuII reuIIzuLIon LIuL LIe
moneys beIong Lo LIe poIIcyIoIders.
ObjecLIves oI C
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O AcL us LrusLees oI LIe Insured pubIIc In LIeIr IndIvIduuI und coIIecLIve cupucILIes.
O MeeL LIe vurIous IIIe Insurunce needs oI LIe communILy LIuL wouId urIse In LIe
cIungIng socIuI und economIc envIronmenL.
O nvoIve uII peopIe workIng In LIe CorporuLIon Lo LIe besL oI LIeIr cupubIIILy In
IurLIerIng LIe InLeresLs oI LIe Insured pubIIc by provIdIng eIIIcIenL servIce wILI
courLesy.
O PromoLe umongsL uII ugenLs und empIoyees oI LIe CorporuLIon u sense oI
purLIcIpuLIon, prIde und job suLIsIucLIon LIrougI dIscIurge oI LIeIr duLIes wILI
dedIcuLIon Lowurds ucIIevemenL oI CorporuLe ObjecLIve.
ObjecLIves oI C
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Mission
"Explore cnd enhcnce the quclit oj lije oj people
throuh jincncicl securit b protidin products
cnd sertices oj cspired cttributes uith competitite
returns, cnd b renderin resources jor economic
detelopment."
'843
"A trcns-nctioncll competitite jincncicl
conlomercte oj sinijiccnce to societies cnd Pride
oj Indic."
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O SuIes Iorce IocuLes prospecLs und converLs LIem
InLo cusLomers
O A personuI IInk Lo LIe cusLomer
O MunduLory proIessIonuI LruInIng
TruInIng & DeveIopmenL oI SuIes orce
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O ILI u vIew Lo enIuncIng cusLomer responsIveness und servIces, In JuIy 1qq,
C sLurLed u drIve oI On Ine ServIce Lo PoIIcyIoIders und AgenLs LIrougI
CompuLer.
O TIIs on IIne servIce enubIed poIIcyIoIders Lo receIve ImmedIuLe poIIcy sLuLus
reporL, prompL uccepLunce oI LIeIr premIum und geL RevIvuI QuoLuLIon, oun
QuoLuLIon on demund.
O AII zoq8 bruncIes ucross LIe counLry Iuve been covered. TIus uII our 1oo
dIvIsIonuI oIIIces Iuve ucIIeved LIe dIsLIncLIon oI 1oo% bruncI
compuLerIzuLIon.
O New puymenL reIuLed ModuIes perLuInIng Lo boLI ordInury & SSS poIIcIes Iuve
been udded Lo LIe ronL End Puckuge cuLerIng Lo oun, CIuIms und
DeveIopmenL OIIIcer's AppruIsuI. AII LIese moduIes IeIp Lo reduce LIme-Iug und
ensure uccurucy.
O "SuvIdIu InIo Serve KOSKS" uII over ndIu.
TecInoIogIcuI Edge
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O DeIIned LIe currenL process und IdenLIIy LIe gups und opporLunILIes Lo desIgn u
IuLure process LIuL wIII meeL LIe busIness needs und pIunnIng Ior
ImpIemenLuLIon
O C re-engIneered ILs servIce processes Lo cIeur LIeIr ouLsLundIng cIuIms, LukIng
Iess LIme Lo cIeur cusLomers cIuIm.
BusIness Process ReEngIneerIng
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O Tuken IeIp oI udverLIsIng ugencIes Lo promoLe LIe
brund.
O Use oI creuLIve sIoguns
O orked wILI IImILed number oI ugencIes onIy Lo
uvoId InLerIerence In communIcuLIon Lo cusLomer
I.e. messuge reucIed LIe cusLomer wILIouL IosIng
ILs muIn objecLIve.
PromoLIonuI SLruLegy
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OrgunIzuLIonuI SLrucLure
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OrgunIzuLIon oI CenLruI OIIIce
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OrgunIzuLIon oI ZonuI OIIIce
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OrgunIzuLIon oI DIvIsIonuI OIIIce
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OrgunIzuLIon oI BruncI OIIIce
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C ProducLs
O nsurunce PIuns
O PensIon PIuns
O UnIL PIuns
O SpecIuI PIuns
O ILIdruwn PIuns
O Group ScIeme
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C ProducLs - nsurunce PIuns
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C ProducLs - nsurunce PIuns
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C ProducLs - PensIon PIuns
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C ProducLs - UnIL PIuns
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C ProducLs - SpecIuI PIuns
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C ProducLs -ILIdruwn PIuns
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C ProducLs - Group ScIemes
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ConLroIIIng
O C Is busIcuIIy conLroI by RDA.
O RDA seLs sLundurds & LurgeLs.
O L meusure LIe ucLuuI perIormunce.
O L InLroduce suILubIe correcLIve meusures
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eudIng
O C Is Ieud by GovernmenL oI ndIu und RDA
O Ls uIwuys InLroduce cIunge.
O L ucL us empIoyees represenLuLIve.
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CompeLILors
O SB IIe nsurunce Compuny
O CC PrudenLIuI IIe nsurunce Compuny
O BIrIu Sun IIe nsurunce Compuny
O DC SLundurd IIe nsurunce Compuny
O ReIIunce IIe nsurunce compuny
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MurkeL sIure Irom zooo-o1 Lo zoo;-o8
100%
0
99.46%
0.54%
97.99%
2.01%
95.32%
4.68%
90.67%
9.33%
85.75%
14.25%
81.90%
18.01%
74.39%
25.61%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
LIC Private PIayers
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CorporuLe SocIuI ResponsIbIIILy.
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LIC GOLIN JLBILII IOLNATION
O RelieI oI poverty or distress.
O Advuncement oI Idocution.
O Medicul RelieI.
O The udvuncement oI uny other object oI
generul poblic otility.
SOT AnuIysIs
Strengths Weukness Opportonities Threuts
Brund muge eLIurgIc SLuII Mergers &
ucquIsILIons
CompeLILIon Irom
oLIer pIuyers
GovernmenL
buckIng
SIow DecIsIon
MukIng
GIobuI ExpunsIon Red TupIsm
CIuIms SeLLIemenL CorrupLIonJousIn
g scums
EnLry InLo BunkIng
SecLor
urge producL
porLIoIIo
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Awurds & AcIIevemenLs.
AwAR0S RFCFlvF0 lt 2010-11
O CNBC Awuz Consomer Awurd
O IT Brund Iqoity Awurd Ior Top Brund in Insorunce Cutegory
O Ootlook Money Awurd Ior Best LiIe Insorer
O AIMA High PerIormunce Awurd
O Reuders igest Trosted Brund
O Golden Peucock Awurd Ior Corporute Governunce
O Power Brund Awurd
O Globul Yooth Murketing Awurd Ior Most preIerred LiIe Insorunce
Compuny
O Shoppers & Consomers Insight Awurd
O MY IM Sturs oI Indostry Awurd Ior Ixcellence in LiIe Insorunce
O World Brund Congress Awurd Ior Brund Ixcellence
O World HR Congress Awurd Ior Innovutive HR pructices
O ABCI Awurd Ior Hoose Muguzine Yogukshemu
O INY's Gold Awurd Ior Hoose Muguzine Yogukshemu
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IndIngs & ConcIusIons

O TIere Is onIy 1 pubIIc compuny exIsL In ndIun IIIe
Insurunce murkeL wIIcI Is C und LIere ure z1 oLIer
prIvuLe compuny
O SInce, 1q8 C Is pIuyIng roIe us IIIe Insurunce so
LIuL IL Ius creuLed ILs monopoIy In LIe ndIun IIe
nsurunce MurkeL.
O As LIIngs sLund Loduy C Is sLIII on sLrong IooLIng
vIs-u-vIs ILs compeLILors.
O To reLuIn ILs murkeL Ieuder sLuLus LIe C needs Lo
ucquIre compeLILIveness.
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ConL..
O TIe new enLrunLs wILI LIeIr uggressIve peneLruLIon
sLruLegIes ure uL IeusL conLrIbuLIng Lo LIe cuuse oI C
by creuLIng Insurunce conscIousness In LIe mInds oI
u wIde cross secLIon oI consumers.
O PrIvIIeged by ILs monopoIy sLuLus C dId noL boLIer
mucI ubouL creuLIng un Insurunce conscIousness, us
ILs objecLIve wus Lo Insure uny Iow LIuL wus
IuppenIng. TIIs compIucency now Ius Lo go und C
musL opL Ior murkeLIng Insurunce us Insurunce.
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ConL..
O PrIvuLe secLor Increused LIeIr LoLuI premIum Irom z8z.o1
Lo 161.qz LIuL Is 8z.o% Increuse wIIIe C Increused ILs
premIum Income Irom 1z;8zz.8q Lo 1qq;8q.qq, wIIcI Is
Increuse oI 1;.1q%.
O PrIvuLe pIuyers uIso Increused LIeIr murkeL sIure Irom
18.1% Lo z.61%, wIIcI Is Increuse oI q1.o%.
O No meun perIormunce gIven LIe IucL LIuL LIe new pIuyers
ure sLIII In LIe process oI IIndIng LIeIr IeeL. I LIe Lrend
conLInuous LIe C needs Lo Luke guurd und prepure Ior
sLrIke
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TIunk You !!!
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