Done - Preface + Acknowledgement+Executive Summary+Table of Contents

PREFACE This Project Report has been prepared in partial fulfilment of the requirement for the Subject: Practical Studies of the programme B.B.A. in Financial Services (Sem. IV) in the academic year 2009-2010. For preparing the Project Report, we have visited the insurance company during the suggested duration for the period of 10 days, to avail the necessary information. The blend of learning and knowledge acquired during our practical studies at the company is presented in this Project Report. The rationale behind visiting the insurance company and preparing the Project Report is to study the insurance basics, history and development of Indian insurance sector, major players in insurance sector, contribution of insurance sector in the growth of economy and its functional areas like marketing department, services, human resource department and financial department. The Project Report starts with the basic concepts of insurance, history of insurance sector and also covers the general information of the insurance company visited and its functional departments like marketing department, human resource department and financial department. The information presented in this Project Report is obtained from sources like Company Personnel, Company Websites, Other Websites, Company Reports, and Other Literature. Names of group members Mr. Rishi Khamar Mr. Hitesh Asnani Mr. Hepi Patel Mr. Ranchhod Jid

ACKNOWLEDGEMENT I

It was indeed an opportunity for us to visit “Oriental Insurance Company, Mehsana” and prepare a Project Report on the same during the programme B.B.A. in Financial Services (Sem. IV). During our visit to the company for preparing this Project Report, we learnt many interesting things about the company, along with the aspects of insurance industry as a whole. Preparation of such kind of report, which is based on secondary information, requires data gathering from many sources like Company Personnel, Company Websites, Other Websites, Company Reports, and Other Literature. We are thankful to Mr. R. S. Rahul who permitted us to visit the company and allowed us to prepare the Report. We are also thankful to the Departmental Heads of the company, who provided us the required information. Moreover we thank all those who supported us directly or indirectly in preparing this Report, without whose assistance, preparing this Report might have been much difficult for us. We would like to express our gratitude to Dr. K. M. Chudasama, (I/C Principal), Mr. Kiran J. Patel (Project Coordinator), Mr. Vishal A. Acharya (Project Co-coordinator) and other faculty members of the college for their valuable guidance and help in the preparation of this Report. At last but not least, we are thankful to all our friends and other people, who helped us in preparation of this Project Report. Names of group members Mr. Rishi Khamar Mr. Hitesh Asnani Mr. Hepi Patel Mr. Ranchhod Jid

II

EXECUTIVE SUMMERY It is necessary to have practical knowledge before doing any work because of today’s competitive world. Any organization’s success depends upon availability of their products and their services to the customer. So for that the distribution channel is necessary so it is important to study the distribution channel in marketing department. It is necessary to study for the recruitment of the agents and for the awareness about the company’s structure so that the human resource department is necessary to be studied and in it we have added different concepts of agents. We are overwhelmed with pleasure while presenting this report on Oriental General Insurance Co. Ltd. We are presenting here different policies based upon Fire Insurance, Marine Insurance and Miscellaneous Insurance. In it we are also presenting the basic information about the IRDA and different concepts of IRDA. This company has made its progressive curve due to exemplary team work in all departments and it provides the Policies to the customers with many characteristic.

III

TABLE OF CONTENTS

IV

SR.

PARTICULARS

NO. Preface Acknowledgement Executive summary Table of contents

    1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 2 2.1 2.2 2.3 2.4 2.5 2.6

PAGE NO. I II III IV

Introduction To Insurance & Indian Insurance Sector Introduction Classification of Insurance General Insurance Benefits of Insurance Principles of Insurance History of Insurance Some Highlight Points in General Insurance History of IRDA Objectives of IRDA Formation of IRDA Duties & Powers of IRDA

1 2 3 4 9 10 13 16 17 18 19 20

General Information About Oriental Insurance Co. Ltd. Company Profile History of The Company Mission & Vision Managing Bodies Organisation Structure Awards & Achievements

21 22 23 24 25 28 30

3

About The Services of The Company 3.1 Different Policies Offered by the Company 3.2 Claim Settlement Procedure in General Insurance

31 32 38

4

Human Resource Department 4.1 Definition of Agent 4.2 Procedure to be an Insurance Agent

47 48 49

5

Marketing 5.1 Marketing Strategy 5.2 Competitors In Insurance Field 5.3 Distribution channel

52 53 55 57

6

Conclusion

58

7

Bibliography

60

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