Insurance industry

INTRODUCTION
Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named beneficiary so long as the insured's premiums are current. With a large population and the untapped market area of this population insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the countries GDP. In spite of all this growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without life insurance cover and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India.

History of insurance
It started from Lloyds coffee house London. First policy issued in England in 1583. In India first policy issued in 1870. An insurance contract or policy will set out in detail the exact circumstances under which a benefit payment will be made and the amount of the premiums.

Benefits of life insurance

Life insurance encourages saving and forces thrift. It is superior to a traditional savings vehicle.

It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing. It provides valuable tax relief. Thus insurance is found to be very useful in the lives of the person both in short term and long term.

Fundamental principles of life insurance contract; 1) Principle of almost good faith: A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being proposed whether requested or not. 2) Principle of insurable interest Relationships with the subject matter (a person) which is recognized in law and gives legal right to insure that person.

Top Ten World Insurance Companies by Revenue

Rank Company American Intl Group AXA Group Allianz Worldwide Manulife Financial

1 2 3 4 5

Market Value Country ($ Billions) United $172.24 States $66.12 France $65.55 $50.52 Germany Japan Italy

Generali Group $45.45

6 7 8 9 10

Prudential Financial MetLife Aviva Munich Re Group Aegon

$39.70 $37.94 $33.10 $30.99 $26.40

United States United States United Kingdom Germany Netherlands

American International Group

American International Group, Inc. (AIG) is an American insurance corporation. Its corporate headquarters are located in the American International Building in New York City. According to the 2008 Forbes Global 2000 list, AIG was once the

18th-largest public company in the world. It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008. AIG history dates back to 1919, when Cornelius Vander Starr established an insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to sell insurance to the Chinese, which he continued to do until AIG left China in early 1949as Mao Zedong led the advance of the Communist People's Liberation Army on Shanghai. Starr then moved the company headquarters to its current home in New York City.[7] The company went on to expand, often through subsidiaries, into other markets, including other parts of Asia, Latin America, Europe, and the Middle East.

CEO & MD OF AIG : EDWARD LIDDY

AXA Group

AXA is a French global insurance group headquartered in the 8th arrondissement of Paris. AXA is a conglomerate of independently run business, operated according to the laws and regulations of many different countries. The AXA group

of companies engage in life, health and other forms of insurance, as well as investment management. The group operates primarily in Western Europe, North America and the Asia Pacific region and the Middle East. The AXA Group encompasses five operating business segments: Life & Savings, Property & Casualty, International Insurance (including reinsurance), Asset Management and Other Financial Services. It ranks as the 9th largest company in the world (based on revenue).

History
The company was originally founded in 1816 as Mutuelle de L'assurance contre L'incendie (the Ancienne Mutuelle). It acquired Compagnie Parisienne de Garantie in 1978 and became Mutuelles Unies. It went on to buy the Drouot Group in 1982, at which time it adopted the AXA name. The takeover of The Equitable, a well known American insurer, came in 1991. It bought Union des Assurances De Paris (UAP), Frances largest insurer, in 1996 becoming AXA-UAP for a while before reverting to the name AXA in 1999.Then in February 1999 AXA acquired Guardian Royal Exchange. In May 2000 AXA acquired all shares it did not already own in Sun Life & Provincial Holdings. On 14 June 2006 AXA acquired the leading Swiss insurance company Winterthur Group from Credit Suisse for approximately 9 billion.

Allianz worldwide
s

Allianz is one of the largest financial services provider in the world, and the largest insurer in Europe. It is headquartered in Munich, Germany. Its core business and focus is insurance and asset management. With revenues of US$140,618 million in 2008, Allianz ranked 22nd in the Fortune Global 500 and is the second largest international insurance and financial services organization in the world. Founded by Carl Thieme and Wilhelm Finck in 1889 to serve the insurance needs of the industrial era, Allianz quickly became the largest insurer in Germany. Its international expansion was thwarted by the restrictions placed on Germany after World War I, but like many companies, it rapidly increased its overseas presence by opening branch offices in several major cities during the 1960s and through a series of acquisitions during the 1980s and 1990s. In the 1990s it also established itself in eight countries in Eastern Europe. Today, Allianz serves 60 million customers with over 180,000 employees in 70 countries, following the principle that all business is local.

Manulife

Manulife Financial Corporation (MFC) is a life insurance company and the holding company of The Manufacturers Life Insurance Company (Manufacturers Life). The Company is a global provider of financial protection and wealth management products and services, including individual life insurance, group life and health insurance, long-term care insurance, pension products, annuities and mutual funds. It also provides investment management services with respect to its general fund assets, segregated fund assets, mutual funds, and to institutional customers. It also offers reinsurance services, specializing in life retrocession and property and casualty reinsurance. It operates in four divisions: U.S. Division, Canadian Division, Asia and Japan Division, and Reinsurance Division. In addition, asset management services are provided by its Investment Division, operating as MFC Global Investment Management (MFC Global). In October 2008, it acquired Fuhwa Securities Investment Trust Co. Ltd.

Generali Group

Generali group is the largest Italian insurance company. Founded in 1831 in the key seaport of the Austro-Hungarian Empire where some 20 insurance companies were active, Generali soon began to outperform them. With a strong international presence, Generali offers its services in 40 countries, expanding to Central and Eastern European markets and the Far East. Also dealing with finance and real estate services, it serves 46 million clients and employs 67,000 people. Beside other activities, the group is determined to be one of the leaders in social responsibility.The name "Generali" was chosen to promote the idea of not being aimed just at maritime insurance.

Following is the list of all life insurance company granted permission by IRDA.

1. 2. 3. 4. 5. 6. 7. 8. 9.

Bajaj Allianz Life Insurance Company Limited. Birla Sun Life Insurance Co. Ltd. HDFC Standard Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. ING Vysya Life Insurance Company Ltd. Life Insurance Corporation of India Max New York Life Insurance Co. Ltd Met Life India Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited

10. SBI Life Insurance Co. Ltd 11. Tata AIG Life Insurance Company Limited 12. Reliance Life Insurance Company Limited. 13. Aviva Life Insurance Co. India Pvt. Ltd. 14. Sahara India Life Insurance Co, Ltd. 15. Shriram Life Insurance Co, Ltd. 16. Bharti AXA Life Insurance Company Ltd. 17. Future Generali Life Insurance Company Ltd. 18. IDBI Fortis Life Insurance Company Ltd.

19. 20. 21. 22.

Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd AEGON Religare Life Insurance Company Limited. DLF Pramerica Life Insurance Co. Ltd. Star Union Dai-ichi Life Insurance Comp. Ltd.

LIC is the oldest player in the market . It is the market leader. However, some other companies also offer good innovative products. All insurance companies are regulated by the IRDA and are equally reliable.

1. Bajaj Allianz Life Insurance Co. Ltd

Bajaj Allianz Life Insurance Company Limited is a joint venture between Allianz AG, one of the world's largest Life Insurance companies and Bajaj Auto, one of the biggest 2- &- 3 wheeler manufacturers in the world. Allianz AG is an insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth worldwide with 115 years of financial experience in over 70 countries. Bajaj Allianz is one of the fastest growing private Life Insurance Company in India. This has more than 1,200 branches across country and deals in primarily unitlinked, traditional, health, child and pension policies.

CHALLENGES
Bajaj Allianz sought a fast rollout of the eLearning environment that was integrated with their proprietary HRMS, and which was customized to meet their specific requirements. Since skill assessment and competency mapping was important objective for client, system had to fully support clients job and responsibility matrix mapping to course.

CEO & MD: Kamesh Goyal Turnover : 2500 to 5000 crores.

Birla Sun Life Insurance Co. Ltd

Introduction

Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known and trusted name globally amongst Indian conglomerates and Sun Life Financial Inc, leading international financial services organization from Canada. The local knowledge of the Aditya Birla Group combined with the domain expertise of Sun Life Financial Inc. BSLI has contributed significantly to the growth and development of the life insurance industry in India and currently ranks amongst the top 5 private life insurance companies in the country. It was the first Indian Insurance Company to introduce Free Look Period and the same was made mandatory by IRDA for all other life insurance companies. Additionally, BSLI pioneered the launch of Unit Linked Life Insurance plans amongst the private players in India. To establish credibility and further transparency, BSLI also enjoys the prestige to be the originator of practice to disclose portfolio on monthly basis. These category development initiatives have helped BSLI be closer to its policy holders expectations, which gets further accentuated by the complete bouquet of insurance products (viz. pure term plan, life stage products, health plan and retirement plan) that the company offers.

Branches : 600 Empanelled advisor : 1,75,000 Ceo and M.D : Mr jayant Dua Companys capital : In the mid 0f 2009 is 2000 Crores.

Birla Sun Life Insurance initiated the Unit Linked Life Insurance Solutions in India. In 4 years, BSLI has made its position very strong as a leading player in the private Life Insurance Industry. The company's focus has been on investment linked insurance products, supported with protection products to uphold leadership in product modernization Web-enabled IT systems for superior customer services First to have issued policies over the Internet

Corporate governance and a high degree of transparency in all business practices and procedures

BSLI Solutions
Birla Sun Life Insurance Company provides individual and other solutions to customers based on their varied needs. So whether the customer wants long term protection or short term protection plans, the company has it all for their clients. The insurance solutions offered by the company are:

Protection Solution Retirement Solutions Children's Future Solutions Health & Wellness Solutions Wealth with Protection Solutions

The protection solutions are ideal for someone who wishes to separate their insurance and investment needs. The terms of the insurance are made in a way so that it deals with the most basic need of life insurance, which is the provision of life cover. The children's future solutions aim to take care of all the financial needs of the child in the best way possible. The health and wellness solutions have provisions to take care of any financial emergency that may come up in the family. Birla Sun Life Insurance Products Birla Sun Life Insurance Term Plan is ideal for those who are seeking to get insurance benefits at a lower price. The plan covers all liabilities and provides complete security to the clients. The minimum age of a customer seeking this insurance must be 18 years and the maximum age must be 55 years. Premium payment options range from monthly to annual to quarterly to semi annually depending on the policies. Listed below is some of Birla Sun Life Insurance saving policies: 1. Birla Sun Life Insurance Prime Life 2. Birla Sun Life Insurance Dream Plan 3. Birla Sun Life Insurance Gold-Plus II

4. Birla Sun Life Insurance Simply Life 5. Birla Sun Life Insurance Flexi Life Line 6. Birla Sun Life Insurance Supreme-Life 7. Birla Sun Life Insurance Life Companion 8. Birla Sun Life Insurance Flexi Save Plus 9. Birla Sun Life Insurance Flexi Cash Flow 10.Birla Sun Life Insurance Saral Jeevan Plan 11.Birla Sun Life Insurance Prime Life Premier 12.Birla Sun Life Insurance Classic Life Premier 13.Birla Sun Life Insurance Single Premium Bond.

Vision To be a leader and role model in a broad based and integrated financial services business. Mission To help people mitigate risks of life, accident, health, and money at all stages and under all circumstances Enhance the financial future of our customers including enterprises Values Integrity Commitment Passion Seamlessness Speed

HDFC STANDARD LIFE INSURANCE COMPANY LIMITED

Introduction
Established on 14th August 2000, HDFC Standard Life Insurance Co. Ltd. is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited) - India's leading housing finance institution, and a Group Company of the Standard Life Plc, UK. The Company is one of leading private insurance companies, offering a range of individual and group insurance solutions, in India. Being a joint venture of top financial services groups, HDFC Standard Life has adequate financial expertise to manage long-term investments safely and resourcefully. HDFC Standard Life Insurance offers a range of individual and group solutions, which can be easily personalized to specific needs. Its group solutions have been planned to offer complete flexibility, together with a low charging structure. As of 31 December, 2008, the Company's new business premium income stood at Rs. 1,839.70 Crores, it has covered over 812,811 lives so far.

Headquarters : Mumbai area Company size : 10001+ employees Gross premium income for the year 31 march 2010 : 7005 crores New premium income : 2561 crores

ICICI prudential life insurance company limited

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, one of the foremost financial services companies of India and Prudential plc, one of the leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of September 30, 2010) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2010 to September 30, 2010, the company garnered Rs 7,267 crores of total premiums and has underwritten over 10 million policies since inception. The company has a network of over 1,500 offices and over 1,60,000 advisors, as on September 30, 2010. The company has assets held over Rs. 65,000 crores as on September 30, 2010.

M.D & CEO : Sandeep Bakshi Profit : 250 crore

Ing vysya life insurance company limited

ING Vysya Life Insurance Company Limited established its foothold in the private life insurance industry in India in September 2001. In a branch network of over 140 branches with head office in Bangalore, ING Vysya Life Insurance Co employees around 3000 employees with a sales force of over 21,000 insurance agents and brokers. ING Vysya Life enjoys a customer base of 4.5 lakh and a total income of Rs 400 crores. ING Vysya Life Insurance Co Ltd is the result of a joint venture between the world's second largest life insurance company ING Insurance and one of the largest private sector banks in India - Vysya Bank.Another stakeholder in the JV is GMR Group.

LIFE INSURANCE CORPORATION OF INDIA (L.I.C)

The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 9.31 trillion (US$202.03 billion). It was founded in 1956 with the merger of more than 200 insurance companies and provident societies. Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public.

The other subsidiary companies under LIC are:

Life Insurance Corporation (LIC) of India International - A joint venture offshore company promoted by LIC which commenced its operations in July, 1989 with the objective of offering policies denominated in US $ to NRIs residing in the Gulf. LIC Nepal - Formed in 2001 in joint venture with Vishal Group of Industries, Nepal. LIC Lanka - Formed in 2003 in joint venture with Bartleet Group of Companies, Sri Lanka LIC Housing Finance - Established in 19 th June,1989 in Dubai with the objective of providing long term finance for construction of houses or apartments. LIC Housing Finance Limited Care Homes - A wholly owned subsidiary of LIC Housing Finance which builds "Assisted Community Living Centers" for senior citizens.

With its ever-expanding operations, LIC has set an example for other Public Sector Undertakings of India to follow.

CEO AND MD : PARVEJ RASID SAYYAD PROFIT OF 2010: 1200 CRORES

Max new york life insurance co.ltd

Max New York Life Insurance Company Limited is a joint-venture between Max India Limited, a multi-business corporation focusing on life insurance, healthcare, and information technology, and New York Life, a Fortune 100 company with over 160 years of experience in the life insurance business. In 2000, Max New York Life became the first Indo-American insurance joint venture registered and granted a license to conduct business in India. Since that time, Max New York Life has acquired a national presence, establishing a wide distribution network with over 250 offices located in 157 cities across India, which are staffed by over 8,500 employees and over 35,000 highly competent life insurance agent advisors. In 2003, Max New York Life became the first life insurance company in India to receive the ISO 9001:9002 certification for its commitment to quality. Company Size: 5001-10000 employees Founded: 2000 C.E.O And M.D : Mr Ajit Mehta Turnover of 2010 : 72 Crores.

Met Life India Insurance Company LTD

MetLife India Insurance Company Private Limited was incorporated in April 2001 as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. Metlife india insurance company is a subsidiary of US based metropolitan lifeinsurance company.Metlife reaches out to their customers in india through a network of 9 branches with head office at Bangalore and around 1000 customer reach points through its distribution channels including online premium insurance sales on Metlife insurance.com. Quotes on various insurance products are also conveyed through the insurance agents and brokers.

Kotak mahindra old mutual life insurance limited

About kotak Mahindra old mutual life insurance

kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd.(KMBL), and Old Mutual plc, a South African savings and wealth management company established in 1845. The Kotak Life Insurance product portfolio has a wide variety of insurance products. These include individual, group, and rural plans. It covers all traditional insurance plans such as whole life, endowment, term, and money-back plans. The insurer also has a comprehensive array of unitlinked plans aimed at retirement planning.

About kotak Mahindra

Kotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of financial services that encompass every sphere of life. From commercial banking, to car finance, to stock broking, to asset management, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates. The group has a net worth of Rs 10,060 cr. and has a distribution network through branches and franchisees across the country and offices in New York, San Francisco, London, Dubai, Mauritius and Singapore, servicing close to 8 million customer accounts.

SBI LIFE INSURANCE COMPANY LIMITED

About sbi life insurance

SBI Life Insurance, one of the leading insurers in India, is a joint venture between State Bank of India and BNP Paribas Assurance. While State Bank of India (SBI) is India's largest banking franchise, on the other hand, BNP Paribas Assurance is a unit of the renowned BNP Paribas - one of the leading banks in Eurozone. SBI Life Insurance follows a unique multi-distribution model that encompasses corporate solutions distribution channels, retail agencies, institutional alliances and bank assurance. It also uses the SBI Group as a platform to cross-sell insurance as well as banking product packages like personal loans and housing loans etc. SBI Life Insurance, with an authorized capital of Rs.2,000 crores and paid-up capital of Rs. 1,000 crores, has become a substantial player in Indian insurance sector. The access to more than 100 million accounts of SBI has also acted as the driving force behind the success of the company. SBI Life Insurance also has an extensive network of agency channel where more than 68,000 insurance advisors work towards growth of the organization, offering door-to-door insurance solutions to the customers. In SBI Life Insurance, the State Bank of India holds 74% of the capital share, while BNP Paribas Assurance holds the remaining 26%.