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A Presentation on
organizational study ofReliance Life insurance
M.G.Road, Bangalore
Ayan kapuria
Registration NO
111GCMA016
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About The Industry
1818, British introduced the life insurance to India with the
establishment of the Oriental Life Insurance Company in Calcutta
There are three parties in a life insurance transaction: the insurer, the
insured, and the owner of the policy (policyholder), although the
owner and the insured are often the same person.
Life Insurance contracts allow an individual to have a risk cover
against any unfortunate event of the future.
Life Insurance policies thus decrease the total taxable income of an
individual.
Insurance constitutes one of the major segments of the financial
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About The Company
Reliance life insurance company limited is officially launched on 1st
February, 2006
It has offered need based life insurance solutions to individuals &
corporate
Reliance has 0.54% market share in the insurance sector
A wide network of 1230 branches & 1,50,000 advisors in India
It has net worth of over Rs 3,300 crore & over 165,000 share holder
Its rank 3rd among the others insurance company
There is only one public sector company LIC & rest 14 are private
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Product Profile
Reliance has various product like as
Reliance Term Plan
Reliance Child Plan
Reliance Endowment Plan
Reliance Cash Flow Plan
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OPERATION & TURN OVER
Achieves 6 millions policies landmark in less than five years
This company has world class data center, inter office connectivity
facility, customer care center, advisor lounge, document managementsystem
A Company has crossed 1.7 Million policies last 2 years of operation,
post take over of AMP Sanmar business.
Last year Reliance Life insurance make profit almost 226 crore
All the plans are very much beneficial for the customers.
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AWARD ACHIVEMENT QUTOS
Reliance Life Insurance gets ISO 9001- 2000 certification
Winner of Best non-urban Coverage award at Indian Insurance
awards 2011, Most trusted service brands 2011 & also won silver
at the Indian Digital media award
Reliance life insurance has crossed the 6 million policy mile stone &
aims to achieve on overall premium of US $ 4.28 billion within the
next 3 years
Think Bigger , Think Better
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VISION
Empowering everyone live their dreams
MISSION
The mission of Reliance Life Insurance Company Limited is to be the
best in every sphere- business results, customer care and employee
focus
OBJECTIVE
To get some good market exposure by dealing with the prospectsface to face
To improve our ability to sell a financial product like life insurance.
To know the perception of the consumer about life insurance
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CEO
AgencyHead of
TPDHead of
FinanceHead of
CDAHead of
ProductHead of
EBNHead of CRO CHRO
Zonal
Busines
s Head
Regional
Manager
Branch
Manager
Sales
Manager
Advisor
Zonal
Manager
Territory
Manager
Finance
Team
General
Manager
Territory
Manager
Zonal
Manager
Area
Manager
Chief
Risk
Officer
Team of
Employe
e Risk
Zonal HR
Manager
HR
Manager
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Human Resource department
Recruitment Process
Selection Process
Training & Development
Career development plans
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Marketing Department
Distribution channel
promotional programmes
Elite Club Membership
Incentives
Employee benefits
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Finance Department
Capital secure fund
Balance fund
Equity fund
Growth fund
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Swot Analysis
SWOT analysis is the analysis of the internal and external factors
STRENGTH
The brand name is enough to sell the products easily
Reliance has a long and strong history of solvency, financial stability.
Range of products
WEEKNESS
Newly established company, so people seems it risky
Lack of staff Lack of advertisement, so most of the customers are not aware of the
Reliance Life Insurance.
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OPPURTUNITY
Opportunities in the newer semi-urban & rural market Earning Urban youth looking for investments
Increasing demands for insurance & pensions plan
Growth prospects in emerging markets
THREATS
Economic crisis & global financial problem
Entry of new NBFCs in the sector
Competitive environment mounting insurance frauds US recession &weakening of the financial marker
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Findings As the people think that insurance is a tool to protect their family & a tax saving
device. They are aware of the fact & realizing its, importance. The company should
try to expand & build up its infrastructure because there is a large potential forinsurance in India.
As seen from the survey that at present 70% of the customer are having insurancepolicy out of which 87.5% of the customer are planning for new investments. So itcan be a good potential for the company and they should make an attempt to trapthese customers.
Monthly meeting have been done by the Branch Manager where they will discussabout the sales figure at present and also for the upcoming days
Branch manager motivates the Advisor & sales executive
The 100 hours training is very useful to all the employees
The human resource Department frequently arrange team building programs & funevent to improve moral of its employees
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Suggestion The Company should have more concern about the Rural sector & also
comes with the more new branches with new plans
The company can provide the exciting gift which can be attractive to thenew customer & also for the existing customer
Advisor should be more knowledgeable about the product, various planswhich are available in the Reliance life insurance & try to build the betterrelationship with the clients
Since Reliance Life Insurance is leading with several companies policies it
should be easy for them to penetrate into the market and secure a goodposition if they pay greater attention to the service part provided to theircustomer and thereby forming a long and trusted relationship.
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Conclusion
Reliance Life Insurance has a good brand name which is very helpful to
grab the market
Company has 0.53% market share, as well as we have the various kind ofplan, product which is very much beneficial to satisfy the customer needs.
All plans are very attractive & premium also bit less than others marketplayers, but company should more concentrate about the productpromotion, awareness in the rural sector
Company will work harder , honest towards work & maintain the healthyrelationship with every customers.
A good team effort is always makes a profitable sales figure.
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