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AProject Study Report
On
“To Compare the products of Reliance GeneralInsurance and Bajaj Allianz Insurance
Submitted in partial fulfillment for the
Award of degree of
Master of Business Administration
Submitted By: Submitted To:
Vikas Kumar Sharma Mr. Panka !upta
MBA """rd Sem
Session 2011-13
AP!" I#STIT$T! O% &A#AG!&!#T ' SCI!#C!( &A#SARO)AR(*AIP$R
Afliated to Rajasthan Technical University, Kota
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ACKNOWLEDEMENT
project study is successful not only by the single efforts of trainee alone but there areseveral people who are helpful in making training a completed job done for a specific purpose. It is a matter of great privilege and immense pleasure to be associated withan esteemed organization like RELIA!E "eneral insurance.
Also acknowledging the work and help of all those who have guided us for thecompletion of the project on time is indeed a duty of ours knowledge the fact that nowords can measure their guidance to any e#tent.
Like wise in completion of my summer training I would like to thanks manyauthorities and personalities upon whose guidance and sincere cooperation.
I made myself to finish and complete the summer training schedule with grace andconfidence.
$irst of all% I would like to pay my sincere and honest regard to &r. Anil 'harma%'ales &AA"ER under whom I have done my training and who aspired me throughthe training with his skills and knowledge and inculcated in me to face the challengesof the market with confidence.
'econdly% I also dedicated my warm thanks to &rs. (yotsana )handelwal% *.+.,.%&-A% ,epartment% Ape# Inst. +f &anagement 'cience% &ansarovar and all thestaff members and my colleagues during the summer training who didn/t let me down
rather inspired me all the time performing the best.
VIKAS KUMAR SHARMA
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PREFACE
0raining is the essential part of the professional studies without practical training is in
vain. 1ractical training forms an integral component of any professional course like &-A.
0he &-A faces and tackles live problems in the industries and the field the institute where
one person pursues his studies can not provide him that practical knowledge on all aspects of
learning often the studies of a subject is said to be incomplete until the student has been
e#pose to his practical the theoretical studies build manager in him by providing pools of
knowledge whereas the practical applications make him the principles and policies the
practical e#poses tells him how to use these principles.
In the Indian insurance companies% RELAI!E "EERAL I'2RA!E -A(A(
ALLIA3 insurance is the most private insurance company among them. -A(A( ALLIA3
also commences operation in the post liberalization era and we would be honored to say that
it is going to push up the growth of core sector of Indian industry and infrastructure.
+ur area of work was 0+ 'I"I$4 0*E 1ER$+R&A!E +$ "EERAL
I'2RA!E with comparison to -A(A( ALLIA3 0A0A AI" player on the private
insurance sector on the basis of the service offered% level of satisfaction% facility availed bycustomer and at the same time to create awareness among the people.
5ith the feedback that we gathered from customers we tried to provide some fruitful
outcomes and relevant information that would necessarily be beneficial to the utmost
important for the organization.
5e hope that the job undertaken in summer training and the suggestion given by us would
prove to be a useful source of information for the RELAI!E "EERAL insurance inachieving its growth in the future as now and would facilitate its growth.
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Sr.
no.
Contents Page
No.
1 Introduction to industry 4
2 Introduction to Company 5-28
3 Research ethodo!ogy+ 2"-42
43-54
555"-#1
#2
#3-##
1. $%&ecti'es o( the study
2. Scope
3. ethodo!ogy
4. )ata ana!ysis Interpretation *nd +indings
,- S-.-O-T- Analysis
/- Recommendation Su00estion '
Conclusion
1- Bi2lio0raphy ' .i2lio0raphy
8. Questionnaire
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I#TRO3$CTIO#
Reliance general insurance is one of the leading private general
insurance companies of India, in the present times. It was amongst the
rst companies to apply for, and obtain, a license for insurance
business, after the liberalization of insurance sector,in 2. !he
company continued to growth with the passing time, widening the
scope of its insurance policies. !oday, it o"ers over #4 customized
insurance products catering to need of the corporate, $%& and
individual customers. 'eliance general insurance also boasts of being
the rst insurance company in India to be awarded the I$( #1)2
certication across all functions, processes, products and location pan*
India.
+
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Coman! Pro"i#e$
Re#ian%e Commer%ia# Cororation
In 6789% ,hirubhaiAmbani started the Re#ian%e Commer%ia# Cororation with
the capital of Rs 6:;;;. 0he primary business of Reliance !ommercial !orporation
was to import polyester yarn and e#port spices. 0he business was setup in partnership
with !hampaklal,amani% his second cousin. In678: !hampaklal,amani and
,hirubhai ended their partnership and ,hirubhai started on his own. In678.
Re#ian%e In)ustries holds distinction that it is the only ri*ate se%tor %oman!
whose several annual general meetings were held in stadiums. In 67
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an) #o'isti%s. 0he company as a whole by --! as ?a business empire with an
estimated annual turnover of @69 million% and an
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India% ensure sustained value addition to all stake holders and to uphold !orporatealue !orporate "overnance.
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0oa#s
• &ake affordable insurance accessible to all
• )eep customer as focal point for all operations
• 1rotect policy holders interests
• Adopt best international practices in claims% underwriting and policy servicing
• -e the most innovative in product development
• Establish 1an India presence
0ro-t+ an) inno*ation
Reliance general insurance company Ltd has grown over time% to set up as many as
9;;; offices% which have spread across 6>F cities% in 99 states of India. 'uch a wide
distribution channel network% along with 9B#> customer service assistance and a fully
fledged website% has added to its success. As the same time% the company continuous
to launce innovative products% like Indies first +verD0heD!ounter health and home
insurance policies% to woo potential customers and keep the present ones satisfies and
pleased.
Customer Fo%us
0he brand philosophy of reliance general insurance company is ?1rotecting what u
value. 0he company aims at helping individualsG!orporates as well as '&Es protect
their dreams and accomplishmentsG that too though a hassle frees buying process.
5ith the concept of online buying% Reliance has made it possible for the potentialcustomers to book the policies from within the confines of their homeHoffice. At the
same time% the insurance company intends to make the claim settlement as prompt%
transparent and speedy as possible.
Ser*i%es
Reliance general insurance company offers a wide range of innovative products to the
potential customers. Right from health and home insurance to carHmotor and travel
#
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insurance% we can get almost all types of individual policies with reliance% that too as
the premium rate. Apart from that% the company also caters to corporate and '&E
clients% providing end to end insurance solutions. 0he product basket includes fire%
engineering% liability% marine% travel and other types of insurance% for organization risk
management.
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T+e /e! &usiness 1 "inan%ia# +i'+#i'+ts are$
Reliance "eneral Insurance has notched a premium of Rs.67B8 crores during
the $4 9;;>D;D;
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to support our singleDminded objective of maintaining worldDclass =uality standards.
+ur =uality system deployment% defined from the point of the view of our customers%
is to enhance customer e#perience at all the touch points. As part of this initiative%
every business process in the organization is identified% documented% automated and
deployed. 0hese processes are further monitored continuously through their
compliance scores and dashboard measures and reviewed by the 'enior &anagement
team within the organization.
In fact this passion has taken us one step ahead. 5e are pleased to share the
recognition of our Juality &anagement 'ystem by reputed global =uality standards
auditing organization K ,et orske eritas ,M% which has awarded us the I'+
7;;6C9;;; certification. 0he certification conforms our adherence to design%
development sale of "eneral Insurance product offerings to meet customer needs
and in line with NIR,A regulationsN
W+at )oes t+e ISO 2334$ 5333 %erti"i%ation mean to our Customer6
Stream#ine) ro%esses an) ro%e)ures
Reliance "eneral Insurance has established wellDdefined and documented
process and to help understand our !ustomer/s re=uirements and address them
to their satisfaction.
Suerior Ser*i%e Stan)ar)s
our unwavering commitment to e#cellence ensures prompt and correct
documentation while also ensuring transparent speedy claims settlement.
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Oerations
0o achieve business success by improving operational efficiencies% Reliance "eneral
Insurance realizes the need to tighten up and streamline both channel partner
relationships and back office operations. 0he brokers and channel partners are the
interface to end customers. 0hey play a vital role in helping sustain e#isting customers
as well as attract new customers through better and diverse services. 'o it is
imperative that we are well connected with brokers H channels partners as well as meet
their needs. Improvement in back office operations can happen if policy production
and billing are automatedG overall claims e#penses are reduced% and claims settlement
is made faster.
0o be successful at doing this% we need to nurture both parts of the solution
e=uation% that is% creation of solutionDoriented strategy and deployment of solutionD
based scalable technology that enables meeting of strategic goals laid out as part of
our enterprise strategy. In the current scenario many insurers either rely on manual
methods or custom coded solutions that lack strategic approach to address their
business needs. &anual e#ecution of their crucial operations leads to many errors that
occur in documents passed from insurers to brokers or ceding companies to
reinsurers% which results in lengthy settlement cycles. 5hile custom coded interfaces
are developed to meet a certain set of needs only. 0hey are not scalable so cannot
meet changing needs and re=uire recurring I0 investment to keep them in use.
Reliance "eneral Insurance !o. Ltd is in the process of rolling out a N!entrally
controlled% decentralized deliveryN operations structure to ensure speedy processing
and service while maintaining predictable and strict =uality control. A solution is also being developed to offer strategic value through systematic design and deployment of
-1& and integration technologies. 0he solution will address volatile situations% and
shall be a scalable and reusable solution. It would help meet the challenge of
operational costs saving while enabling us to e#ploit business e#pansion opportunities
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Te%+no#o'!
0he I0 strategy aims to integrate the business and I0 visions and has been an
important instrument in facilitating the dialogue between the I0 community and the
business leaders across the !ompany. 0he importance of planning% in this fastDpaced
environment% has never been more critical. 0he technical and business segments have
worked closely to identify the impact of e#ternal drivers% clarify the business needs%
and ultimately determine how I0 can best help in achieving the business goals. +ur
!ustomers form the centre piece of the business architecture and rightly so% be the
focal point from a technology perspective as well. +ur Endeavour shall be to provide
easy% consistent and instant access of relevant information to customers across
multiple channels and touch points. All our technology initiatives shall be geared
towards this objective.
0he !ompany recognizes that the security of information re=uires an ongoing
commitment. 0owards this end a security program would provide a continuous cycle
for assessing risk% developing and implementing effective security procedures% and
monitoring the effectiveness of those procedures. 5e want to guarantee the reliability%
confidentiality and availability of critical information. 0o that end% we will continue
implementation of our strategy for enhancing information security management
controls. 5e are in a challenging environment% dealing with all the changes in
technology% the insurance industry% the IR,A regulations and the workplace. 0he
e#pectations of what information technology I0M can do to benefit the business and
its customers continue to grow. 5eNve been working hard to provide dayDtoDday I0
services% while keeping our eye on where the !ompany is headed strategically% andalso transforming the I0 organization to meet future re=uirements.
Meanin' o" Ris/ 7 Insuran%e
Insurance is a contract whereby% in return for the payment of premium by the insured%
the insurers pay the financial losses suffered by the insured as a result of the
occurrence of unforeseen events. 0he term OriskO is used to describe all the accidental
happenings% which produce a monetary loss.
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Insurance is a method in which a large number of people e#posed to a similar risk
make contributions to a common fund out of which the losses suffered by the
unfortunate few% due to accidental events% are made good. 0he sharing of risk among
large groups of people is the basis of insurance. 0he losses of an individual are
distributed over a group of individuals.
T+e ris/ &e%omes insurae i" t+e "o##o-in' re8uirements are %om#ie) -it+$
0he insured must suffer financial loss if the risk operates.
0he loss must be measurable in money% 0he object of the insurance contract must be legal.
0he insurer should have sufficient knowledge about the risks he accepts
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Re#ian%e Ener'! Lt)9 Re#ian%e Mutua# Fun)
Harmon! Re#ian%e Communi%ations
Re#ian%e Li"e Insuran%eRe#ian%e Ani# D+iru&+ai Am&ani
0rou
Re#ian%e 0enera# Insuran%eRe#ian%e Port"o#io Mana'ement
Ser*i%e
Re#ian%e :i' Entertainment
1-
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DIFFERENT PRODUCTS;OFFERED :< R0ICL
HEALTH
Re#ian%e Hea#t+ Wise
Access to =uality healthcare is a necessity today. 0he Reliance *ealth 5ise 1olicy
ensures you provide the best medical care to your family. 5e offer a health insurance
policy that gives you the optimum value for money without compromising on the
=uality of medical attention.
Re#ian%e In)i*i)ua# Me)i %#aim Insuran%e Po#i%!
4our family deserves the best especially when it comes to medical care. 5ith medical
e#penses shooting sky high% Reliance &ediclaim Insurance 1olicy helps you meet
hospitalization costs. 5e free you from financial worries so that you can give your
full attention to your loved ones.
MOTOR
Re#ian%e T-o W+ee#er Insuran%e Po#i%!
0wo wheelers are convenient and e#uberant. 5ith the many advanced features added
in% todayNs two wheelers are safe too. *owever% the possibility of damage to your pride
and joy e#ist by way of theft% natural calamities and accidents. Ensure your peace of
mind with Reliance 0wo 5heeler Insurance 1olicy. It gives you comprehensive cover
for your vehicle.
Re#ian%e Pri*ate Car Insuran%e Po#i%!
4our car is more than a means of transport. It can be used for a family outing or for
your feel of freedom when your work burdens you down or it could be your primary
aid in emergencies. Reliance 1rivate !ar 1olicy provides you comprehensive
protection for your valued possession.
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HOME
Re#ian%e Home Prote%t Po#i%!
4our home is probably your most valuable asset% both as an investment and as your
sanctuary in a hectic world. 4ou need to protect it from harm. Reliance *ome 1rotect
1olicy offers =uality% basic coverage with many standard features% plus a full array of
coverage options to enhance your protection
Re#ian%e House+o#)ers= Pa%/a'e Po#i%!
4our home is the place where you feel most secure. It protects from outside elements
and keeps the family bound together. 0o secure it% you need comprehensive coverage
offered by Reliance *ouseholdersN 1ackage 1olicy that is tailored to your individual
home and possessions.
Tra*e#
Re#ian%e Tra*e# Care Insuran%e Po#i%! "or In)i*i)ua#s an) Fami#ies
Are you planning a trip to ,isneyland with your family or a romantic tour of the
classics in EuropeP Reliance 0ravel !are gives you comprehensive cover for you and
your family when you globe trot. 0ravel !are goes beyond just health insurance and
provides you with a wide range of travel related covers to make your trip stressDfree.
Re#ian%e Tra*e# Care Insuran%e Po#i%! "or Stu)ents
If you are planning on an international education% you need to have health insurance
cover that meets the norms of the university. Reliance 0ravel !are offers you a plan
especially designed for student life abroad. 5e value your dreams and aspirations and
we will be glad to assist you in realizing them.
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Re#ian%e Tra*e# Care Insuran%e Po#i%! > Asia
Asia with its e#otic flavors and shopping &ecca/s has attracted the Indian travelers in
hoards. Reliance 0ravel !areDAsia 1lan is designed to safeguard and protect you from
medical and other emergencies at a reasonable cost
Re#ian%e Pra*asi :+arti!a :ima
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PACKA0E POLIC<
Re#ian%e O""i%e Pa%/a'e Po#i%!
4our office which is the place of your professional success has been built with much
of your time and money. *owever% it is constantly e#posed to various kinds of risks.
An unfortunate occurrence might disrupt the customary functioning of it% bringing a
huge financial burden to your business and on you. Although you cannot guard your
business from all possible risks% but with the Reliance +ffice 1ackage 1olicy% you can
choose those risks which you want to protect your office against and also determine
the e#tent of cover against each risk.
Re#ian%e Commer%ia# Care Po#i%!
4our enterprise means the whole world to you. 4ou direct all your efforts in securing
the business against any undesirable misfortune. Reliance !ommercial !are 1olicy
furthers this Endeavour and protects your business against various perils and risks
which it might be e#posed to% making sure that you can focus your efforts where it is
needed the most K the running of the business.
Re#ian%e In)ustr! Care Insuran%e Po#i%!
$or a manufacturing or industrial unit% every operational moment is critical. *owever%
despite the best safety efforts% accidents do happen leading to significant losses. 5e
understand and appreciate your business and to ensure that in such events your
business is up and running as soon as possible% we present Reliance Industry !are
1olicy.
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Re#ian%e S+o/eeer=s Pa%/a'e Po#i%!
+ften% establishments such as shops are e#posed to various risks that threaten to result
in significant loss and damage to property as well as business. 0o ensure financial
protection from such losses and to facilitate smooth running of your business% we
present Reliance 'hopkeeperNs 1ackage 1olicy.
Mis%e##aneous Po#i%ies
Re#ian%e Mone! Insuran%e
,aily monetary transactions are an integral part of business routine. $ew of these
innumerable e#changes could include transfer of funds through cash% che=ues% drafts%
and postal orders etc which are typically e#posed to certain risks. 0o cover such risks%
we are pleased to offer the advantage of Reliance &oney Insurance 1olicy% which
protects your money round the clock.
Re#ian%e :ur'#ar! 1 House&rea/in' Insuran%e Po#i%!
0he world around us is becoming more and more unsafe and the increase in crime rate
bears witness to this fact. +ccurrences like burglary% housebreaking or robbery of
contents at your office% warehouse% shop or industry can bring about a huge financial
loss to you. Reliance "eneral Insurance is pleased to offer a plan that keeps your
property protected at all times against burglary and house breaking.
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Re#ian%e Fi)e#it! 0uarantee Insuran%e Po#i%!
4our employees are the driving force of your business. 0he successful functioning of
your enterprise is most often based on responsibility and subse=uent empowerment of
your workforce. *owever% it is also possible that such delegation might lead to misuse
of empowerment and hence% one should guard against this risk. 0he Reliance $idelity
"uarantee 1olicy facilitates you in delegating and empowering your employees while
keeping your business safe
In)ustria# A## Ris/s Po#i%!
Industrial 2nits are e#posed to a host of perils which threaten to bring their day to day
operations to a grinding halt. Any loss or damage to property due to these perils can
cause a lot of financial trouble% both in terms of the repair or replacement costs and
the business loss that such events can bring about. 0he Reliance Industrial All Risks
1olicy can be the perfect solution for the industrial units to ensure complete coverage
when such loss or damage occurs
Re#ian%e Stan)ar) Fire an) Se%ia# Peri#s Po#i%!
!orporates with large spread out business insurance need comprehensive protection
for their operation. Insurance is an essential tool to protect yourself against losses thatcould devastate your business. Reliance has provided Reliance 'tandard $ire and
'pecial 1erils 1olicy with a combination of both standard and optional features so that
you can choose the cover which best suits your business
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Re#ian%e Ma%+iner! Insuran%e Po#i%!
&achinery forms an integral part of any manufacturing or industrial setDup.
-reakdown of critical machines have a significant impact on your business% not only
in terms of the heavy e#penses towards repair and replacements% but also the financial
losses that you might have to bear during downtime. 5e help companies protect their
assets and safeguard their revenue streams with the help of the Reliance &achinery
Insurance 1olicy.
Re#ian%e E#e%troni% E8uiment Insuran%e Po#i%!
0oday electronic e=uipment is a part and parcel of all businesses% whether big or
small. $rom computers to medical devices% industrial e=uipments to electronic cash
registers% companies all over the world are increasingly relying on the latest
technology as a backbone to aid their dayDtoDday operations. It becomes imperative to
cover these e=uipments against the perils that they are e#posed to% so as to ensure thecontinuity of your business and safeguard your investments. 0he Reliance Electronic
E=uipment 1olicy is the ideal solution for such an insurance need% providing coverage
for unforeseen physical loss or damage to your e=uipments
Re#ian%e Marine Car'o Insuran%e Po#i%!
0he increase in global trade has boosted our economic prosperity as a nation and has
developed new avenues of business for many organizations. 0oday% new trade
agreements are e#panding the realms of business operations to many new countries
and more goods are being shipped around the world. 0here are a variety of risks that
are associated with transit of goods and it becomes pertinent to have comprehensive
coverage for loss or damage to the goods. $or this purpose% we present the Reliance
&arine !argo 1olicy.
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OVERVIEW OF INSURANCE INDUSTR<
As we all know that the Indian insurance system has its roots in the nineteenth
century. -efore 67>F prior to nationalization of general insurance companies%
insurance was concentrated mainly among private hands. It was clear that a better
insurance system was needed to promote the economic goals of the new Indian state.
According to e#perts in insurance there has been a substantial growth in the
distribution of insurance branches and size. After nationalization% there was also a
change in recruitment policy. *owever due to the advancement in technology there
was introduction of computer in every field but insurance in India did not% however%
introduce computers on a large scale because of the fear that these would result in
retrenchment and unemployment.
$or a long time Indian insurance companies faced very little competition and
operated in a protected economy. -ut after 6777 market for insurance products and
services has become more competitive than ever before because of the entry of big
private insurance companies.
ow due to the increase in competition the private and public sector insurance
companies had to broaden the horizon of their products and services to meet their
demand and fulfill their need through better facilities.
0o fulfill the need of their customer the insurance companies has to be accelerate
in the country.
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0o be successful in insurance sector% insurance companies will need to revamp their
business model to
aM -uild a large volume% highly scalable operation%
bM 1ackage and deliver products rapidly in a dynamic market%
cM Leverage effectively on multiple delivery channels branch% internet% etc.M with
a view to contain the cost of operations
dM -uild relationships with providers of related insurance products and services
and move towards converting the network of insurance companies/ branches into
Qinsurance supermarkets/.
'o there are different insurance products and services that are offered by the
insurance companies in order to fulfill the need and the demand of the customer.
Although all insurance companies offer same type of insurance products like
home insurance %motor insurance% office insurance etc. but the sections covered and
premium charges varies from one company to another company.
OVERVIEW OF PACKA0E POLICIES
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4;HOUSE HOLDER(S POLIC<
+ur home and family mean everything to us. ot only our love and care% but also
a lot of our time and money have gone behind their being what they are today.
Although we cannot guard them from all possible risks% we can take steps to help us
tide over une#pected events that can totally shatter our life and our dreams.
0he *ouseholders 1olicy is a comprehensive shelter that protects our house and
the various contents in it against a variety of risks. It is a single policy that takes care
of a number of contingencies.It is imperative that we secure our home from natural
and manDmade catastrophes. *ouse holders 1olicy covers risks of different types and
protects the house as well as personal effects and household goods. 0his is a package
policy specially designed to meet the insurance re=uirements of a householder by
combining a number of standard policies usually taken by householders% under a
single policy.
Features$;
$ire and Allied 1erils
-urglary and *ouse -reaking.
All Risks jewellery and valuablesM
,omestic &echanical and Electrical Appliances.
,omestic Electronic Appliances.
0elevision 'ets.$i#ed 1late "lass.
-aggage.
1ersonal Accident.
Legal Liability etc.
5;OFFICE PACKA0E POLIC<
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0here are huge investments made when it comes to business. Investments are
made for office premises% e=uipmentNs% human resources and other infrastructural
facilities. +ur trade or business on which so much of our time and money have been
spent to build up is constantly e#posed to various kinds of risks. 'ome unfortunate
occurrence might bring a huge financial burden to our business and to us. Although
we cannot guard our business from all possible risks% we can take steps to tide over
such une#pected events.
0he +ffice 1ackage 1olicy is a comprehensive insurance policy% specially
designed to provide protection to our +ffice against different kinds of risks and perils.
-y opting for this single policy% the office owner covers those risks which his business
is likely to encounter while concentrating on his business activity. 0his policy is
suitable for large offices owned by big companies as well as small and medium sized
offices like 0ravel Agencies% 1rofessionals like !hartered Accountants% !onsultants%
Architects% Interior ,ecorators% Engineers or any other service provider
Features$;
$ire and Allied 1erils
-urglary and *ouse -reaking.
&echanical and Electrical Appliances.
Electronic Appliances.
&oney Insurance.
$i#ed "lass and 'anitary $ittings.
-aggage.eon 'ignH"low signH*oarding.
1ersonal Accident.
InfidelityH,ishonesty of Employees.
Legal Liability.
Additional Rent for Alternative Accommodation.
0enant/s Legal Liability etc
@;SHOPKEEPER(S POLIC<
2#
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0he 'hopkeeper/s insurance policy is a comprehensive and specially designed
policy that seeks to cover the losses arising out of a wide variety of risks and perils. It
lets the shopkeeper concentrate on the running of his business% his most valued asset
but also his source of income. It covers both the structure and the contents of our shop
and protects us against financial loss in case of an unfortunate incident. +nly one
policy can be taken by one shopkeeper for each shop in a specific location having
separate books of accounts. 0his is a package policy specially designed for small
shopkeepers. It is a single policy combining the various insurance re=uirements of
shopkeepers.
Features$;
$ire and Allied 1erils
-urglary and *ouse -reaking.
&echanical and Electrical Appliances.
Electronic Appliances.
&oney Insurance.
$i#ed "lass and 'anitary $ittings.
-aggage.
eon 'ignH"low signH*oarding.
1ersonal Accident.
InfidelityH,ishonesty of Employees.
Legal Liability
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Resear%+$
Research is defined as human activity based on intellectual application in the
investigation of matter. 0he primary aim for applied research is discovering%
interpreting and the development of methods and systems for the advancement of
human knowledge on a wide variety of scientific matters of our world and the
universe.
Research as a means for gaining knowledge can be carried out either arbitrarily or
in a systematic fashion. Research is a purposive investigation. It is a way of
finding new ways of looking at familiar things in order to e#plore ways of
changing it. As a process it involves defining and redefining problems% hypothesis
formulation% organizing and evaluating data% deriving deduction% inferences and
conclusions% after careful testing.
Resear%+ Desi'n$
0he researcher will be re=uired to prepare a research design i.e. he will have to
state the conceptual structure within which research would be conducted. 0he
function of research design is to provide for the collection of relevant evidence
with minimum e#penditure of effort% time and money.
T!es o" resear%+ )esi'n$
E#ploratory design
,escriptive design
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,iagnostic design
E#perimental design
0he research design% which researcher used for this project is the descriptive one.
Des%riti*e resear%+
?,escriptive research includes surveys and fact finding en=uiries of different
kinds. 0he major purpose of descriptive research is description of the state of affairs
as it e#ists at present. In social science and business research we =uit often use the
term e# post facto research for descriptive research studies. 0he main characteristics
of this method are that the researcher has no control over the variables. *e can only
report what has happened or what is happening. &ost e# facto research projects are
used for descriptive studies in which the researcher seeks to measure such item as for
e#ample fre=uency of shopping% preference of people% or similar data.
Sam#e Desi'n$
A sample design is definite plan for obtaining a sample from a given population. It
refers to the techni=ue or the procedure the researcher would adopt in selectingitems
for the sample. 'ample design is determined before data is collected.
Stes in sam#e )esi'n$
5hile developing a sampling design% the researcher must pay attention to the
$ollowing pointsG
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i B T!e o" uni*erse$
0he universe can be finite or infinite. In finite universe the number of items is
certain like population of city% workers in factory etc. in case of infinite universe
the number of items is infinite like stars in sky% listeners of radio programmed etc.
In this research% universe of sampling is +ffices% *omes 'hop +wners of 1atna
ii B Sam#in' unit$
'ampling unit may be "eographical one such as 'tate% ,istrict% illage etc.% or a
!onstruction unit such as *ouse% $lat etc.% or it may be 'ocial unit such as $amily%
!lub% 'chool etc.
In this research sampling unit is "eographical as well as 'ocial.
iiiB Sie o" sam#e$
0his refers to the number of items to be selected from the universe to constitute a
sample. 0he size of sample should neither be e#cessively large% nor too small. It
should be optimum i.e. sample fulfills the re=uirements.
In this project sam#e sie is of 439
i*B Sam#in' ro%e)ure7te%+ni8ues$
Researcher must decide about the techni=ue to be used in selecting the items for
the sample. In fact% this techni=ue or procedure stands for the sample design itself.
&ainly there are two techni=uesC
Random or probability sampling
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1urposive or nonDprobability sampling
In thisresearch Non;ro&a&i#it! sampling u)'ment sam#in'M is used.
Non;ro&a&i#it! sam#in'
u)'ment sam#in'B
?'amples can be either probability samples or nonDprobability samples. 5ith
probability samples each element has a known probability of being included in the
sample but the nonDprobability samples do not allow the researcher to determine this
probability.
?on probability samples are those based on convenience sampling% judgment
sampling and =uota sampling techni=ues.
?(udgment sampling the researcher/s judgment is used for selecting items which
he considers as representative of the population.
Data sour%es$
0here are two types of dataC
6. 1rimary ,ata
9. 'econdary ,ata
Primar! Data$
0he primary data are those which are collected afresh and for the first time% and
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thus happen to be original in character. 0he collection of primary data is costly
and time consuming. It re=uires greater planning and coDordination.
Se%on)ar! Data$
0he secondary data% on the other hand% are those which have already been
collected by someone else and which have already been passed through the
statistical purpose. It is also called the *istorical data.
Research is totally based on primary data. 'econdary data is used only for the
reference. Research has been done by primary data collection% and primary data
has been collected by interacting with various people and taking the feedback by
Juestionnaires. 'econdary data are used for the theoretical and statistical part of
the project.
T+e se%on)ar! )ata +as &een %o##e%te) t+rou'+ *arious sour%es #i/e$
!ompany manuals Records.
&agazines and publications.
5ebsite on internet.
Interacting with the employers of the company.
Data Co##e%tion Met+o)$ Questionnaire
0his included different =uestions which helped us to gather information re=uired
to come up to a conclusion from the research.
T!e o" Questions C 'tructure
3+
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4aB;HOUSE HOLDER(SPOLIC
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Se%tions 1 su&;se%tions7Coman! name
1remium rates given below Rs. per 6;;;HD
RELIA!E -A(A(ALLIA3
6%$ire and Allied 1erilsincluding 0errorismM
As per tariff .:;
9%-urglary and *ousebreaking 6.: 9.9:
F%All Risk jewellery and
valuablesM
6; 6;
B%,omestic &echanical and 9.: 9.9:
:%,omestic Electronic Appliances 6; 6;
8%$i#ed 1late "lass 6; 6;
>%-aggage >.: >.:
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FEATURES
Se%tions 1 su&;se%tions7Coman! name
RELIA!E -A(A(ALLIA3
6%$ire and Allied 1erilsincluding 0errorismM
4E' 4E'
9%-urglary and *ousebreaking 4E' 4E'
F% &echanical and ElectricalE=uipments
4E' 4E'
B%ElectronicE=uipments
4E' 4E'
:%$i#ed 1late "lass 4E' 4E'
8%-aggage 4E' 4E'
>%&oney Insurance 4E' 4E'
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6:%All Risk on 1rofessionalinstruments
+ +
68% Loss of Rent. + +
6>%AlternativeAccommodation
4E' +
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Se%tions 1 su&;se%tions7Coman! name
1remium rates given below Rs. 1er 6;;;HD
RELIA!E -A(A(ALLIA3
6%$ire and Allied 1erilsincluding 0errorismM
;.F; and ;.:; As per tariff
9%-urglary and*ousebreaking
6.: 6
F% &echanical and Electrical
E=uipments
9.>: 6:
B%ElectronicE=uipments
6; 6;
:%$i#ed 1late "lass 6; 6;
8%-aggage 6; 6;
>%&oney Insurance 9 6.:
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6:.All Risk on 1rofessionalinstruments
SSSS SSSS
68.Loss of Rent. SSSS SSSS
6>%AlternativeAccommodation
;.:; SSSS
6
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Se%tions 1 su&;se%tions7Coman! name
RELIA!E -A(A(ALLIA3
6%$ire and Allied 1erilsincluding 0errorismM
4E' 4E'
9%-urglary and*ousebreaking
4E' 4E'
F% &echanical and ElectricalE=uipments
4E' 4E'
B%ElectronicE=uipments
4E' 4E'
:%$i#ed 1late "lass 4E' 4E'
8%-aggage 4E' +
>%&oney Insurance 4E' 4E'
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Se%tions 1 su&;se%tions7Coman! name
RELIA!E -A(A(ALLIA3
6%$ire and Allied 1erils 9.< 9.9:
9%-urglary and*ousebreaking
6 9.9:
F% &echanical and Electrical
E=uipments
9.: aries from item to
item ma# is 9:MB%ElectronicE=uipments
6; 6;
:%$i#ed 1late "lass 6; 6;
8%-aggage < SSSS
>%&oney Insurance 9 6.:
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IFCO ; TOKIO
NATIONALINSURANCE
THE ORIENTAL
INSURANCE
For House+o#) Insuran%e
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For !our +ouse+o#), )o !ou t+in/ t+at it is imortant to +a*e
insuran%e6
o. +f !ustomers8;M
1ercentage M
Always 6< F;
'ometime 6; 68.88
ever 69 9;
,epends upon 1roduct 9; FF.FF
INTERPITATION
FF.FF of respondents said that the insurance of household depends on
product.
F; of respondents said that insurance is always essential for house.
9; of respondents said that there is no need of Insurance for house.
68.88 of respondents said that insurance is necessary% but some time.
4+
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For +ouse+o#) Insuran%e -+i%+ %oman! )oes !ou #i/e most6
o. +f !ustomer 8;M 1ercentage M
RELIA!E"EERAL I'2RA!E
99 F8.88
-A(A( ALLIA3 6< F;
+0*ER' 9; FF.FF
INTERPITATION
F8.88 of respondents like Reliance "eneral Insurance for household
1olicy.
FF.FF of respondents like other insurance company.
F; of respondents like -ajaj Allianz for household 1olicy.
On -+i%+ &asis !ou se#e%t !our insuran%e %oman!
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o. +f!ustomers 8;M
1ercentage M
1remium 6B 9F.FF
$acilities 96 F:
!ompany/s1rofile
6< F;
+ther > 66.88
INTERPITATION
F: of respondents select their Insurance !ompany on the basis of$acilities.
F; of respondents select their Insurance !ompany on the basis of
!ompany/s 1rofile.
9F.FF of respondents select their Insurance !ompany on the basis of
1remium.
66.88 of respondents select their insurance company on the basis of other
reasons.
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Do !ou t+in/ t+e #e'a# #ia&i#it! is ne%essar! "or +ouse+o#)
insuran%e6 o. +f
!ustomers 8;M1ercentage M
4es B9 >;
o 8 6;
,on/t know 69 9;
INTERPITATION
>; of respondents think that legal liability is necessary.
6; of respondents think that legal liability is not necessary.
9; of respondents don/t know about legal liability.
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For O""i%e a%/a'e Po#i%!
For !our O""i%e, )o !ou t+in/ t+at it is imortant to +a*e
insure)P o. +f !ustomer 8;M
1ercentage M
Always 98 BF.FF
'ometime 69 9;
ever B 8.88
,epends upon1roduct
6< F;
INTERPITATION
BF.FF of respondents said that insurance is always essential for +ffice.
F; of respondents said that the insurance is depends on product.
9; of respondents said that there insurance is necessary% but some time.
8.88 of respondents said that there is no need of Insurance.
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For O""i%e Pa%/a'e o#i%! -+i%+ %oman! )o !ou #i/e most6
o. +f !ustomer 8;M
1ercentage M
RELIA!E"EERALI'2RA!E
6< F;
-A(A(ALLIA3
67 F6.88
+0*ER' 9F F
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o. +f !ustomer 8;M
1ercentage M
1remium 68 98.88
$acilities 99 F8.88
!ompany/s1rofile
6B 9F.FF
+ther < 6F.FF
INTERPITATION
F8.88 of respondents select theirinsurance company on the basis of
facilities.
98.88 of respondents select their insurance company on the basis of1remium..
9F.FF of respondents select their insurance company on the basis of
!ompany/s 1rofile
6F.FF of respondents select their insurance company on the basis of other
reasons.
Do !ou t+in/ t+e #e'a# #ia&i#it! is ne%essar! "or O""i%e
+1
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insuran%e6 o. +f !ustomers
8;M1ercentage M
4es F: :
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For
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most6 o. +f
!ustomer 8;M1ercentage M
RELIA!E "EERALI'2RA!E
68 98.88
-A(A( ALLIA3 69 9;
+0*ER' F9 :F.FF
INTERPITATION
98.88 of respondents like Reliance general insurance.
9; of respondents like -ajaj Allianz.
:F.FF of respondents like +ther Insurance !ompanies.
On -+i%+ &asis !ou se#e%t !our insuran%e %oman!
o. +f !ustomer 8;M 1ercentage M
+4
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1remium 6< F;
$acilities 9F F
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o. +f !ustomers8;M
1ercentage M
4es B; >:
o 6; 9:
,on/t know 6; 6;
INTERPITATION
88.88 of respondents think that legal liability is necessary.
68.88 of respondents think that legal liabilityis not necessary.
68.88 of respondent don/t know about legal liability.
SWOT ANAL
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'wot analysis is the acronym for Kstrength% weakness% opportunities and
threat.'trengths are the inherent capability an organization possesses which give it a
competitive advantage over its competitors. 5eaknesses are the inherent incapability
an organization possesses that make a firm position weaker in the competitive
environment. +pportunity is a condition here there is a favorable atmosphere for the
organization with which an organization can e#pand% develop% row prosper. 0hreat is
an unfavorable condition which at times provides losses to the organization or puts a
organization into risk. 0hese strength and weakness are a part of firm internal
environment whereas opportunities and threats are a part of firm/s e#ternal
environment. Analysis of this factors help in new strategy formulation. 'o a firm
should do '5+0 analysis from time to time. '5+0 is also sometimes referred to as
5+0'D21 analysis..0herefore% it is almost important to do '5+0 analysis for
reliance general insurance.
Stren't+
6. ,iversity% resilience and fle#ibility.
9. 1art of one of the biggest organization RELIA!E with a good financial
backup.
F. Juality service is assured if one has an insurance relationship with R"I!L.
B. ."ood infrastructure good incentives for the result oriented employees
:. 'trong sales team who are recruited through tough interviews.
8. 1remium charges are comparatively less from various companies.
+-
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Wea/ness
6. umber of R"I!L branches is less than its close competitors.
9. +ld age people are still to be tapped.
F. Lack of concentration on rural market.
B. ew customer hesitates to start a relationship with R"I!L.
:. Lack of control on the marketing agent.
Oortunit!
6. E#plore the market with new policies.
9. Lot of scope for product variation.
F. 0ap the middle income group and the salaried class.
B. Lot of scope for growth in the Indian market.
T+reat
6. Infrastructure of its competitors.
9. 1layers have similar strategies.
F. 0here is not much differentiation between the services and products of other
companies.
FINDIN0
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It was found that reliance general insurance capture largest market share in
household/s policyF8.88M and 98.88 in shopkeeper/s policy.
It was found that neon sign and glow shine like some features only provided
by reliance general insurance.
It was found that in shop keeper/s policy reliance general insurance provided
cheapest premium.
It was found that most household/s insurance depends on product.
It was found that more than :; problems faced by the customers are related
with information.
It was found that most of the customers consider company profile and
different policies% before taking insurance.
It was that security is the main purpose behind insurance.
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LIMITATION OF THE PROECT
+nly three package policies were taken into consideration while conducting
the market research of R"I!L and its competitors. 0his was due to limitation
of time allotted for the study. 0he non disclosure of some vital information which could have been of some
help in bringing forth certain other vital issues of importance.
0o visit whole area% two month time was very less. 0he finding emerged from the restricted only to 1atna region.
'ometimes e#ecutives may not provide us with the correct information.
0hat was major problem which creates a barrier in the research is unawareness
of small shop kippers and house wives about insurance policies.
CONCLUSION
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Ser*i%e -it+ a romiseC 0oday/s insurance customer will settle for nothing%
e#cept the better service with a broad promise. And then they will realize that they are
the king. 0hey will not confine themselves with the world class products and services
but they also need a broad platform where they can make different choices. 0heir
choice of one entity over another insurance company is determined by considerations
of service =uality rather than any other factor. 0hey want competitive premium rates%
yes% but them also wants their claim or renewal applications etc to be processed in
doubleD=uick time. 0hey cherish the convenience of impersonal et insurance% yes%
but during their occasional visits to the branch% they also want the comfort of
personalized% human interactions and facilities that make their insurance e#perience
pleasurable. -ut they also needs that their grievances should be settling as soon as
possible. In short% they want a security house that will more than just issue the policy
and settles their claimsC they want an insurance that cares and for more than just their
custom. 0hey want a customerDfriendly insurance company.
1
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SU00ETION
Ser*i%e Qua#it!
0his is the main factor which makes a insurance company customerDfriendlyC its
overall service standards% rated for ease of proposal formG how courteous% accessible
and knowledgeable its staff areG claim settlement time for servicesG how innovative
the insurance company is in introducing products and servicesG how =uickly it handles
the grievancesG how likely it is to retain customersG and how probable it is that its
customers will recommend the insurance company to others.
:ran%+ Fa%i#ities
5alk into any branch of a multinational or leading Indian insurance company% and
you/ll believe you/re in a country club. &any other insurance companies% of course%
have miles to go in this sphere% but there/s a growing realizations among them that
offering a pleasant insurance e#perience Kwith comfortable seating% airDconditioning%
restroom and drinking water facilities.
Mar/et Potentia#
5ith An ongoing national economy% insuranceDsector reforms and a growing middle
class% the Indian market offers huge potential for RELIA!E "EERAL
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I'2RA!E to grow. 0he large and growing middle class population and increase in
disposable incomes have created booming markets in housing% motor% televisions%
computers% mobile phones and other products% most of which re=uire insurance.
RELIA!E "EERAL I'2RA!E has been effective in leveraging this
opportunity with its product and service offerings.
T+e Roa) A+ea)
After so many years of service to India% RELIA!E "R+21 continues to be
committed to the country and optimistic of positively contributing to the Indian
Economy. 0he RELIA!E "R+21 considers India to be one of the greatest
economic opportunities of the 96st century and is proud to be so strongly positioned
here. 0he RELIA!E "R+21 has ambitious plans to transform its business in the
country and to further e#pand operations across the country.
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WI:LO0RAPH< 1 :I:LO0RAPH<
49 Internet Sites
• ---9re#ian%e'enera#9%o9in
• ---9&a?a?a##ian9%om
• ---9e%onomi%times9%om
• +tt$77en9-i/ie)ia9or'7-i/i7Re#ian%e'enera#insuran%e
• ---9aisa-aisa9%om7 insuran%e 7re#ian%e ; 'enera# 7re#ian%e ; 'enera# ;
insuran%e 9as. ;
59 Ma'aines an) Ne-saers9
• E%onomi% Times
• :usiness In)ia(s
• :usiness Stan)ar)
• T+e Times O" In)ia
@9 :oo/s
•Mar/etin' Mana'ement &! P+i#i Kot#er9
• Resear%+ met+o)o#o'! &! Dr9 S+ai#es+ Kasan)e9
• Resear%+ met+o)o#o'! met+o) an) te%+ni8ues 5n) e)ition &! C9 R9
Kot+ari9
• Resear%+ met+o)o#o'! &! 0C :eri, Gt+ e)ition uis+e) &! TMH
Ne- De#+i9
• Mar/etin' Resear%+ &! Vanis+ree Pa&a#/ar9
• Mar/etin' mana'ement &! Arun Kumar9
G9 Pro)u%t Manua#, Re#ian%e 0enera# Insuran%e
4
http://www.reliancegeneral.co.in/http://www.bajajallianz.com/http://www.economictimes.com/http://www.reliancegeneral.co.in/http://www.bajajallianz.com/http://www.economictimes.com/
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Questionnaire
,ear sirH madam%
0his =uestionnaire is aimed at understanding your satisfaction. 4our response will
be deals with strict confidentiality and it will be used only for academic purpose.
0hank you for spending your valuable time to fill this =uestionnaire.
ameC SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
AddressC SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
!ontact oC &obileSSSSSSSSSSSSSSSSSSSSSSSSSResiCSSSSSSSSSSSSSSSSSSSSS
&arital 'tatusC 'ingle &arried
For +ouse +o#)ers
6. $or your house hold% do you think that it is important to have insuranceP
aM Always
bM 'ome time
cM ever
dM ,epend on products.
9. 5hich insurance company does you like mostP
aM Reliance general Insurance
bM -ajaj Allianz
cM +ther
+
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F. +n which basis you select your insurance companyP
aM 1remium
bM $acility
cM !ompany profile
dM +thers
B. ,o you think legal liability is necessary for house hold insuranceP
aM 4es
bM o
cM ,on/t know
For O""i%e
6. ,o you think that it is important to have insuranceP
aM Always
bM 'ome time
cM ever
dM ,epend on product
9. 5hich insurance company does you like mostP
dM Reliance general Insurance
eM -ajaj Allianz
fM +ther
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F. +n which basis you select your insurance companyP
aM 1remium
bM $acility
eM !ompany profile
fM +thers
B. ,o you think legal liability is necessary for insuranceP
aM 4es
bM o
cM ,on/t know
For s+o /eeers
6. ,o you think that it is important to have insuranceP
aM Always
bM 'ome time
cM ever
dM ,epend on product
9. 5hich insurance company does you like mostP
gM Reliance general Insurance
hM -ajaj Allianz
iM +ther
-
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8/21/2019 Reliance General Insurane
68/68
F. +n which basis you select your insurance companyP
aM 1remium
bM $acility
gM !ompany profile
hM +thers
B. ,o you think legal liability is necessary for insuranceP
aM 4es
bM o
cM ,on/t know