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Religare
Insurance Broking
Ltd.
Internship Project
Broking Ltd., Delhi for giving me the opportunity to carry out the
sincerely thankful to all those people who help me lot, in preparing and
opportunity.
without his help and guidance the completion of this project would
DEFINITION OF INSURANCE
Since the 1970s, the insurance business has grown dramatically and
undergone tremendous changes. As a result of the deregulation of
financial services businesses— including insurance, banking, and
securities trading—the roles, products, and services of these formerly
distinct businesses have become blurred. For instance, citizens in the
U.S. state of California voted in 1988 to allow banks to sell insurance
in that state. In Canada, banks may also soon be allowed to sell
insurance. Advances in communications technology have also allowed
traditionally distinct financial businesses to keep instantaneous track of
developments in other businesses and compete for some of the same
customers. Some insurance companies now offer deposit accounts and
mortgages. In the United States, life insurance companies now sell
more pension plans and other asset management services than they
do conventional life insurance. Developments in computer technology
that have given insurance providers the ability to quickly access and
process information have allowed them to custom-design policies to fit
the needs of individual customers. But the increasing complexity of
policies has also made some aspects of buying and selling insurance
more difficult. In addition, improvements in geological and
meteorological technology have the potential to change the way
property insurers calculate risks of damage. For example, as scientists
improve their abilities to predict severe weather patterns, such as
hurricanes, and geological disturbances, such as earthquakes, insurers
may change how they provide protection against losses from such
events
EVOLUTION OF INSURANCE IN INDIA
Life insurance in the current form came in India from united kingdom
with the establishment of a British firm, oriental life assurance
company in 1818 followed by Bombay life assurance company in 1823,
the madras equitable life insurance society in 1829 and oriental life
assurance company in 1874.prior to 1871, Indian lives were treated as
sub standard and charged an extra premium of 15% to 20%. Bombay
mutual life assurance society, an Indian insurer that came in to
existence in 1871, was the first to cover Indian lives at normal rates.
The Indian insurance company Act 1923 was enacted inter alia, to
enable the government to collect statistical information about life and
nonlife insurance business transacted in India by Indian and foreign
insurer, including the provident insurance societies. The first half of
the 20th century marked by two world war, the adverse affects of the
World War I and World War II on the economy of India, and in
between them the period of world wide economic crises triggered by
the Great depression. The first half of the 20th century was also
marked by struggles for India’s independence. The aggregate effect of
these events led to a high rate of bankruptcies and liquidation of life
insurance companies in India. This had adversely affected the faith of
the general public in the utility of obtaining life cover In this
background, the Parliament of India passed the Life Insurance of India
Act on 19th June 1956, and the Life Insurance Corporation of India
was created on 1st September, 1956, by consolidating the life
insurance business of 245 private life insurers and other entities
offering life insurance services.
Since 1972, the insurance sector has been totally under the control of
government of India through LIC and GIC and its subsidiaries. As a
result, revenue of both of them increased in the last years .the amount
of savings pooled by LIC increased from Rs.2704 crores in 1974 to Rs .
57670 in 1994 with an annual growth rate of 16.53% .similarly
premium underwritten by GIC rose from 280 crores in 193 to 7647
crores in 1998 showing an annual growth rate of 25.18%. Despite
increase in premium collected by both LIC and GIC their were
inefficiency and red tapeisum creeped in to the insurance sector. Apart
from that a major policy shift by the Narasimha Rau government
during 1990’s.the Indian economy opened for foreign competition .In
this background The government of India in 1993 had set-up a high
powered committee by R.N Malhothra ,former governor reserve bank
of India, to examine the structure of Indian insurance sector and
recommended changes to make it more efficient and competitive
keeping in view structural changes in other part of the financial system
of the country. Insurance sector has been opened up for competition
from Indian private insurance companies with the enactment of
Insurance Regulatory and Development Authority Act, 1999 (IRDA
Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory
and Development Authority (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. IRDA
Act 1999 paved the way for the entry of private players into the
insurance market, which was hitherto the exclusive privilege of public
sector insurance companies/ corporations.
EVOLUTION OF INSURANCE ORGANIZATION
a) Self-insurance
The arrangement in which an individual or concern sets up a private
fund to meet the future risk. If some losses happened in the future the
firm meets the loss out of the fund. While it may be called ‘self
insurance’ it is not a single matter of fact, insurance at all because
there is no hedge, no shifting, or distributing the burden of risk among
larger Persons. It is merely a provision to meeting the unforeseen
event. Here the insured become the insurer for the particular risk. But
it can be effectively worked only when there is wide distribution of
risks subjected the same hazard.
b) Partnership
A partnership firm may also carry on the insurance business for the
sake of profit. Since it is not an entity distinct from the persons
comprising it, the personal liability of partners in respect to the
partnership debts is unlimited. In case of huge loss the partners may
have to pay from their own personal funds and it will not be profitable
to them to starts insurance business .in the early period before the
advent of joint stock companies many insurance undertakings were
partnership firms or unincorporated companies
f) Lloyd’s Association
The government of a nation, some times, owns the insurance and runs
the business for the benefit of the public. The sate insurance is defined
as that insurance which is under public sector. In Brazil, Japan and
Mexico, the insurance are largely nationalized. Previously, the state
undertook only those insurances, which were regarded as vital for the
national interest.
The web makes that easy; you can get quotes online directly.
In some cases, you are required to have insurance by law. Your car
insurance is an example of this. In other cases, you are required to
have insurance as a condition of a loan, like your mortgage.
In all cases where you have insurance, you are protecting an asset,
although in some cases that is more obvious than others. With life
insurance, you are protecting your family or inheritors from the loss of
you and your income. With health insurance, you are protecting your
income from the cost of healthcare. With disability insurance, you are
protecting your ability to generate income.
This is even true with health, life and disability insurance. With life
insurance, you are protecting your income and your family or
dependants.
Market analysis
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About Religare Insurance Broking Ltd
For us, each leaf of the clover has a special meaning. It is a symbol of
Hope. Trust. Care. Good Fortune.
Vision
"To be India's most trusted insurance partner"
Mission
"To create and institutionalize an ethical, process driven, advisory led
approach, backed by the right expertise & sharp insights,
benchmarked against global best practices"
Religare as an Insurance Broker
Corporate Spectrum
Developing customized insurance solutions for local &
multinational corporate clients.
• Risk Management
• onsite/offsite Assessments
• Claims Management
• Centralized servicing
• Underwriter Due Diligence
• Industry specific experts
• Specialty Risk Coverage
• Reinsurance
• National and International
Retail Network
Offering complete range of personal insurance products
through the Nationwide Network
• Life Insurance
• Pure Insurance Solutions
• Investment Linked Plans
• Guaranteed Saving Plans
• General Insurance
• Motor Insurance
• Health Insurance Program
• Travel Protection Schemes
• Package Policies for SMEs
• Financial Wellness
• Child Plans
• Protection Plans
• Retirement Plans
Risk Placement Process
Our Value Proposition
Worksites
Dedicated Insurance helpdesks to cater client related problems both
before and after sales.
Diversification
RIBL represents a diversed bouquet of services spread across
corporate, retail and institutional spectrum.
Strategic Partnership
We have alliances with global and national players to get you the best
deals at any given point of time.
Life Insurance
General Insurance
Throughout the span of creating this report, I have taken the help of
various sources. Some of these sources were used for literary ways,
others simply for support and knowledge enrichment. Either ways, I am
sincerely grateful.