CHAPTER-1

OBJECTIVE OF THE STUDY The main objective of this project is to understand the financial position of FUTURE GENERALI LIFE INSURENCE and to know the impact of profitability on its market value. With the help of this project I can understand that how I can analyses the financial statement of any company and what are the ratios any key indicators by which anyone can understand the financial status of company. Growth Fund - The fund will comprise of debt securities in the range of 0-50%, equities in the range of 0-85% and money market and cash in the range of 0-20%.These funds provide investment security to the capital of the customers. In future generali Life Insurance India, thus, by combining protection and long term savings the customers can safeguard and provide life products for their family with their changing needs. This is one of Indias leading business houses with multiple businesses spanning across the consumption space .

CHAPTER-2 RESEARCH METHADOLOGY Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. Marketing research (also called consumer research) is a form of business research. It is a form of applied sociology which concentrates on understanding the behaviors, whims and preferences, of consumers in a market-based economy. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research companies can learn more about current and potential customers. The purpose of market research is to help companies make better business decisions about the development and marketing of new products and in the case of financial market research, it shows the company worthiness and position in front of people. Market Research Process: Defining the Research Problem Selecting and Establishing Research Design Select the Research Design Identify Information types and Sources Determining and Design Research Instrument collectingand analyzing Formulate Findings

Method Adopting of Data Collection There are two types of data collection technique. i.e. Primary Data and Secondary Data

In my research project there is no need to collect primary data. I want only secondary data that I have been collected by different sources. Internet- From the internet we have take the histories of companies for the introduction part. We search some data from the website of company and search engines.
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CHAPTER-3

LIMITATION OF THE STUDY During the project following limitations where known:

The area was large and it was not possible to deal with each and every customers. Time was the major constraint as I have only ten days and the area is very vast even though I have put up the best of my efforts to cover all the areas given to me. Compilation of data on competitor analysis was difficult due to non- availability of correct information.

CHAPTER-4

ABOUT THE COMPANY: Introduction Future Generali is a joint venture between the India-based Future Group and the Italy-based Generali Group. Future Generali is present in India in both the Life and Non-Life businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd. FUTURE GROUP Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of Indias leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million square feet of retail space in 71 cities and towns and 65 rural locations across India. Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock exchanges. The company follows a multi-format retail strategy that captures almost the entire consumption basket of Indian customers. In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls. In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines the look, touch and feel of Indian bazaars with the choice and convenience of modern retail. The groups specialty retail formats include sportswear retailer, Planet Sports, electronics retailer, eZone, home improvement chain, Home Town and rural retail chain, Aadhaar, among others. It also operates popular shopping portal, www.futurebazaar.com.

Future Capital Holdings, the groups financial arm, provides investment advisory to assets worth over $1 billion that are being invested in consumer brands and companies, real estate, hotels and logistics. It also operates a consumer finance arm with branches in 150 locations. Other group companies include, Future Generali, the groups insurance venture in partnership with Italys Generali Group, Future Brands, a brand development and IPR company, Future Logistics, providing logistics and distribution solutions to group companies and business partners and Future Media, a retail media initiative. The groups presence in Leisure & Entertainment segment is led through, Mumbai-based listed company Galaxy Entertainment Limited. Galaxy leading leisure chains, Sports Bar and Bowling Co. and family entertainment centres, F123. Through its partner company, Blue Foods the group operates around 100 restaurants and food courts through brands like Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato. Future Groups joint venture partners include, US-based stationery products retailers, Staples and Middle East-based Axiom Communications. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the groups core value of Indianness. The groups corporate credo is, Rewrite rules, Retain values. GENERALI GROUP The Generali Group is a leading player in the global insurance and financial markets. Established in Trieste in 1831, today the Group is one of Europes largest insurance providers and the European biggest Life insurer. It is also one of the worlds top asset managers with assets totalling more than 400 billion. With an employed sales force of more than 100,000 people serving 70 million clients in 68 countries, the Group occupies a leadership position in Western Europe and an increasingly important place in Eastern Europe and Asia. The Group strategy aims to consolidate Generalis pre-eminence on its key markets and achieve a premier position on markets with high growth potential, establishing its leadership in profitability.

IDENTITY CARD Since its establishment, the Generali Group has always held a reputation for its capital and financial strength. Its solidity derives from prudent investment management and a focus on achieving a correct match between risk and medium/long-term profitability.

Generali Group is one of the leading insurance groups in Europe, with a 2009 total premium income of more than 70 billion

It is present in 68 countries It has 70 million clients worldwide It has 85,322 employees (15,956 in Italy) It has over 400 billion of assets under management High rating assigned by the international rating agencies:
o o o o

A.M. BEST: A+ STABLE Standard & Poors: AA- STABLE Fitch Ibca: AA- NEGATIVE Moodys: Aa3 STABLE

OBJECTIVE To provide superior customer service through our knowledge-based business partners and employees supported by innovative products and services. POSITIONING

Knowledge Organization with Leadership Approach One Stop Total Insurance Solutions & Services Provider Customer Centric Model embracing Passion, Convenience and Service Excellence

VISION "Pledged to provide financial security to all people & enterprises through total insurance solutions" VALUES

Respect : for all our stakeholders- employees, customers, for all rules and regulations both internal and external.

Indianess : We understand India in all its diversity and different facets and will use for our local understanding to respond to our specific markets, design our products and craft our processes.

Nimbleness : A combination of speed and quality, and ability to overcome all obstacles which come in the way of the achievement of our vision.

"Can Do" : An attitude which demonstrates our passion, entrepreneurship, and positive thinking.

KEY FEATURES Savings plan with the added advantage of life cover and cash inflow at regular interval. Guaranteed money back payments of a total of 100% of the sum assured during the policy term along with guaranteed additions and vested bonuses (if any) at maturity Compounded guaranteed additions at 3.5% of the sum assured for first four years Compounded reversionary bonuses from the 5th policy year onwards Fixed policy terms of 15 years and 20 years to fulfil your medium to long term financial goals Inbuilt waiver of premium benefit and additional accidental death benefit equal to two times sum assured Discount in premium on opting for a large sum assured Tax benefits as per prevailing tax rules applicable

How does it work?

Decide your sum assured, premium payment mode and policy term. Reap the benefits of guaranteed additions for the first four years and bonuses from the 5th policy year.

Receive 60% of the sum assured in the form of money back at regular intervals during the policy term. On maturity, receive 40% of the sum assured, plus guaranteed additions and bonuses. In case of natural death, the sum assured is paid to the nominee. In case of accidental death, three times the sum assured is paid to the nominee.

PRODUCT PORTFOLIO Retirement Plan: The pension plan offered by Future Generali is Pension Plan. With rising inflation, its absolutely necessary to make provisions for the future which makes retirement plan an important financial decision. This plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides steady income after retirement and takes care of daily needs.

Child Plan: Child plan of Future Generali is called Child Benefit Plan. Parenthood brings responsibilities and no one is better judge of that than you. Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan provides with necessary funds that will take care of childs education, marriage etc. By investing small portion of your savings you secure the financial requirements of your child.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. Future Generali term plans are Smart Life and Care Plus.

Investment Plan: Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIPs offered by Future Generali are Select Insurance Plan, NAV Insure Plan, Dream Guarantee, Guarantee Advantage, Assure, Anand Plan, Saral Anand Plan and INSTA life.

Future Generali Product Table: Retirement Plan Child Plan Term Plan Term Plan Savings & Investment Plan Savings & Investment Plan Savings & Investment Plan Savings & Investment Plan Savings & Investment Plan Savings & Investment Plan Savings & Investment Plan Savings & Investment Plan Future Generali Pension Plan Future Generali Child Benefit Plan Future Generali Smart Life Future Generali Care Plus Future Generali Select Insurance Plan Future Generali NAV Insurance Plan Future Generali Dream Guarantee Future Generali Guarantee Advantage Future Generali Assure Future Generali Anand Plan Future Generali Saral Anand Plan Future Generali INSTAlife

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Management: Deepak Sood is the MD and CEO of Future Generali India Life Insurance. Anup Chandak is the CFO of Future Generali India Life Insurance. Nirakar Pradhan is the CIO of Future Generali India Life Insurance. GN Agarwal is the chief actuary of Future Generali India Life Insurance. Saisrinivas Dhulipala is the Appointed Actuary of Future Generali Life Insurance. Distribution Network Future Generali currently has 97 branches across 80 cities and over 14,700 licenced advisors. Future Generali also has Mallassurance channel- Total Insurance Solutions available at Malls via retail outlets. Mallassurance was launched in May, 2009, and has already expanded to 165 stores in 53 cities. (December, 2010) Future Generali Life Insurance also distributes its products online. (Example- Future Generali Smart Life).

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Financial Information The total premium earned for the half year ended September 30, 2010 was Rs 2,492 million. The profit after tax for the same period is Rs 1,413 million. A total of 159 claims were made during the period out of which 106 claims were settled and 51 claims were rejected.

Marketing Campaigns: Future Generali launched 3 different television commercials at different period of time but revolving around the same theme- let the happiness stay forever. The TVC portrays happy occasion which can last eternally if insurance is bought simultaneously (Insure your happiness).The campaign focuses on the insecurity a person might endure and to remove that insecurity he should opt for insurance. Radio ads are also a part of this campaign.

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CUSTOMER BENEFITS Guaranteed money back benefit The guaranteed money back benefits are payable as a percentage of the sum assured. They are payable as illustrated in the table below. Death benefit In the unfortunate event of the life assureds death at any time during the policy term, the following apply: 1. In case of death other than accidental The nominee / beneficiary will receive the base sum assured immediately All future premiums under the policy will be waived and the policy will continue till maturity The guaranteed additions and bonus will continue to accrue under the policy till maturity We will pay all the balance guaranteed money back benefits whenever due along with the accrued guaranteed additions and bonuses on maturity. i.e. the nominee / beneficiary will receive a total of 200% of the sum assured plus guaranteed additions plus vested bonuses (if any) 2. In case of death due to accident The nominee / beneficiary will receive three times the base sum assured immediately All future premiums under the policy will be waived and the policy will continue till maturity The guaranteed additions and bonus will continue to accrue under the policy till maturity We will pay all the balance guaranteed money back benefits whenever due along with the accrued guaranteed additions and bonuses on maturity. i.e. the nominee / beneficiary will receive a total of 400% of the sum assured plus guaranteed additions plus vested bonuses (if any)

Guaranteed additions During the first four policy years, guaranteed additions equal to 3.5% of the sum assured (per annum compounding) will be added to the policy after the completion of each policy year. The guaranteed additions are payable on maturity.

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Accrued bonuses From the 5th policy year onwards, the policy shall participate in the profits arising out of the companys with profits life insurance business. It gets a share of the profits emerging from this business in the form of bonuses. Compounded reversionary bonuses would be declared as a percentage rate, which apply to the sum assured and all attached guaranteed additions and previous bonuses. Compound reversionary bonus will be declared based on our long term view of investment returns, expenses, mortality and other experiences. Once declared, the reversionary bonuses form part of the guaranteed benefits to the plan. Future bonuses are, however, not guaranteed and will depend on the future profits of the company.

EXCLUSIONS AND OTHER RESTRICTIONS

No benefit will be payable in respect of any condition arising directly or indirectly from, through or in consequence of the following exclusions and restrictions: Suicide exclusion If the life assured commits suicide within one year from the risk commencement date or revival date, if revived, whether sane or insane at that time, the policy shall be void and the company will not pay any claim by virtue of this policy. For benefit under accidental death No benefit will be payable in respect of any condition leading to accidental death arising directly or indirectly from, through or in consequence of the following exclusions: Arising out of self inflicted injury, suicide, or death whilst under the influence of intoxicating alcohol, or narcotic substances. Arising out of riots, civil commotion, rebellion, war (whether war be declared or not), invasion, hunting, mountaineering, steeple chasing or racing of any kind,m bungee jumping, river rafting, scuba diving, paragliding or any such adventurous sports or hobbies. As a result of the life assured committing a breach of law.

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 Arising from the employment of the life assured in the armed forces or military service of any country at war (whether war be declared or not) or from being engaged in duties of any para-military, security, naval or police organization. As a result of an accident while the life assured is engaged in aviation or aeronautics in any capacity other than that of a fare-paying, part-paying or non-paying passenger, in any aircraft which is authorised by the relevant regulations to carry such passengers and flying between established aerodromes.

SWOT ANALYSIS

The SWOT analysis of Insurance sector is as follows:-1. Strength-Very good policies of life coverage.2. Weaknesses:-unable to convince the people about the products. There are no tmuch advisors for the insurance companies3. Opportunities:-Untapped rural sector and small towns4. Threats:-growing competition from larger MNC'

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FUTURE GENERALIS BUSINESS CHALLENGES

Future Generali was looking for an e-learning solution that would take care of assessment management and learning management for its employees as well as advisors across India. The solution is a part of Learning & Development at Future Generali and it contains the following modules- Assessment, Course and Report. Future Generali needed to conduct promotional assessments such as LM1, LM2 & LM3 for its advisors across India throughout the year. Conducting the assessment, keeping track of the assessment result and organizing the next level of assessment for the successful and unsuccessful advisors were time consuming and costly. At the same time it was also delaying the advisors promotion and demotivating them. As an insurance company Future Generali is required to comply with IRDA guidelines and it is mandatory for the company to conduct a refresher course on IRDA guidelines among its employees in every financial year. Through the existing manual process it was not possible to conduct such a course in an efficient and effective manner. Providing the product knowledge to the employees and the advisors is the key for the success of insurance business. Future Generali wanted to equip its employees and advisors with updated product knowledge so that they could immediately approach the customers with the launch of new products. Providing the appropriate product knowledge in the form of e-learning course and learning games in the absence of an elearning portal was a big challenge. The administrators at Mumbai Head Quarter are required to generate and view reports on assessment and courses taken by the employees. The administrators are also required to view the report zone wise, area wise and branch wise. None of these activities could be achieved through Future Generalis manual process of training management. The Biggest Challenge in executing this project was the timeline as Future Generali was already behind schedule to start the e-learning program for the employees and advisors. A quick turnaround time was a critical success factor for this project.

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FUTURE GENERALIS BUSINESS BENEFITS

The deployment of assessment management and learning management has created a very positive impact in Future Generalis learning and development Process. Managing and conducting a training program has been lot easier. The introduction of online training program and assessment has reduced the instructor led training program by almost fifty percent and it has also reduced the training related cost which in turn increases companys operating income. The advisors promotional activities are happening in a very quick and efficient manner. The system has enabled Future Generali to comply with course and training related IRDA regulations. The administrators at Mumbai head quarter are better able to manage the training activities across the country. The system has given the opportunity to look at the employee performance of an assigned course or an assigned assessment in any zone, area or branch. The administrator at the headquarter can easily view the report for a zone and compare it to that of other zone. As a result the management is capable of making better strategic decision.

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CHAPTER-5

INTRODUCTION

Insurance in India started without any regulation in the Nineteenth Century. It was a typical story of a colonial era: a few British insurance companies dominating the market serving mostly large urban centres. After the independence, it took a dramatic turn. Insurance was nationalized. First, the life insurance companies were nationalized in 1956, and then the general insurance business was nationalized in 1972. Only in 1999 private insurance companies have been allowed back into the business of insurance with a maximum of 26% of foreign holding. In what follows, we describe how and why of regulation and deregulation. The entryof the State Bank of India with its proposal of bank assurance brings a new dynamics in the game. We study the collective experience of the other countries in Asia already deregulated their markets and have allowed foreign companies to participate. If the experience of the other countries is any guide, the dominance of the Life Insurance Corporation and the General Insurance Corporation is not going to disappear any time soon. Insurance under the British Raj Life insurance in the modern form was first set up in India through a British company called the Oriental Life Insurance Company in 1818 followed by the Bombay Assurance Company in 1823 and the Madras Equitable Life Insurance Society in 1829. All of these companies operated in India but did not insure the lives of Indians. They were there insuring the lives of Europeans living in India. Some of the companies that started later did provide insurance for Indians. But, they were treated as "substandard" and therefore had to pay an extra premium of 20% or more. The first company that had policies that could be bought by Indian swith "fair value" was the Bombay Mutual Life Assurance Society starting in 1871.

The first general insurance company, Triton Insurance Company Ltd., was established in 1850. It was owned and operated by the British. The first indigenous general insurance company was the Indian Mercantile Insurance Company Limited set up in Bombay in 1907. By 1938, the insurance market in India was buzzing with 176 companies (both life and non-life). However, the industry was plagued by fraud. Hence, a comprehensive set of regulations was put in place to stem this problem (see Table 1). By 1956, there were 154 Indian insurance companies, 16non-Indian
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insurance companies and 75 provident societies that were issuing life insurance policies. Most of these policies were cantered in the cities (especially around big cities like Bombay, Calcutta, Delhi and Madras). In 1956, the then finance minister S. D. Deshmukh announced nationalization of the life insurance business. Monopoly Raj. The nationalization of life insurance was justified mainly on three counts. 1) It was perceived that private companies would not promote insurance in ruralareas. 2) The Government would be in a better position to channel resources for saving and investment by taking over the business of life insurance. 3) Bankruptcies of life insurance companies had become a big problem (at the time of takeover, 25 insurance companies were already bankrupt and another 25were on the verge of bankruptcy). The experience of the next four decades would temper these views.

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FINDINGS All the private and public sector banks are recognizing importance of the relationship management in their growth and customer retention. The officials try to make best relation with the customers. Staff member gives regular updates to their customers and information of the product and their services. The registers and files are systematically maintained on a daily basis and in an organized manner. Officials employed find themselves in much burden as there are very less number of sales executives. Greater retention of customers is being needed as they are offering various products and services. This enables a great understanding of what customers may expect from the insurance sector and what to offer to them. This leads to defining where each customer is in his relationship with the bank so that cross-selling can be done

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CONCLUSION The customer of future generali are good in investment part . Customers can be pulled into profitability band when the customer is satisfied with the product and services which he is using. Customer satisfaction plays an important role as customers are satisfied they will look for some other product. CRM lead to better understanding of all aspects of customer behaviour regarding issues and benefits offered by a company and helps differentiate itself from others. The Relationship Management in future generali life insurance co. is quite satisfactory in dealing query handling & information sharing about new product, however an improvement in promptness area is required.

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SUGGESTION

Continuous interaction with the customers is necessary in order to continue with relationship Building activities for long term prospective. The company should come up with more branches in other locations in Ajmer city. To increase the number of customers future generali life insurance should also offer some products for small business. It is seen that most of the customers are not aware of products and services offered by insurance company. Thus future generali life insurance co. should pay some attention on Advertisement.

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LEARNING The project was full of learning and experiments and provides me with a great knowledge about insurance sector. I have interacted with a lot of people personally during these ten days. A study of Company profile and Product profile was done before starting my project which helps me a lot while interacting with the people. During the course of time, I tried to get all the objective of the project to be fulfilled.

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CHAPTER-6 BIBLIOGRAPHY www.futuregenerali.in www.scribd.comm www.google.comm

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