ICICI Lombard Project Report
July 16, 2022 | Author: Anonymous | Category: N/A
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PROJECT REPORT ON ON
GENERAL INSURANCE & AGENT ACQUISITION
IN
SOM-LALIT INSTITUTE OF BUSINESS MANAGMENT
SUBMITTED BY
UJJAWAL C SHELAT 1
CONTENT Topic No.
PARTICULAR
CHAPTER No. CHAPTER- 1 CHAPTER- 2 CHAPTER- 3 CHAPTER- 4
CHAPTER- 5
1 2 4 5 6 7 8 9 10
Preface Acknowledgement Executive Summary Introduction Introduction of Insurance sector Introduction of History Life Insurance The Time Line About Industry Multiple Distribution Channel
11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34
Multi ChannelChart Approach Organization Role of Insurance IRDA About Co. ICICI Group Current Scenario The Opportunity About us Product Basket Rewards Training Responsibilities Market Share Awards About the promoters Distribution Product Board of Directors Management Team Target & Task Recruitment Strategies Strategies Adopted Procedure of Recruitment 2
CHAPTER- 6
CHAPTER- 7
CHAPTER- 8 CHAPTER-9 CHAPTER-10
35 36 37 38 39 40
Analysis of Performance Vs. Target Limitations Learning at Executive Training Purpose of agency development Tied agency Agent the process
41 42 43 44 45 46
agency channel Scenario of Ahmedabad City Findings and Solutions Conclusion Executive Summary Bibliography
3
PREFACE I . G , I .
. . O . S MBA , . A , . I , .
. I M ICICI L . I I I I ICICI L ICICI L.
4
Acknowledgement . I .
I . I , . I . (S M) , I . ( S M) , I ICICI LOMBARD, , , R S, M. N, , M. N, P B & S B. I . SIP & P . , I . . I . I , , , , & . I A G, , & . H .
5
EXECUTIVE SUMMARY I I I. . A . I , , . . LIC . I , , , . . . I , , . . . .
6
ICICI L I C 74:26 F ICICI B L. $ 26 C F F H L . ; ICICI B I ; F F H , , . C L, F F H L , L C C . ICICI L I C A 200
7
INTRODUCTION
CONTENTS:
INTRODUCTION OF INSURANCE SECTOR CURRENT SENARIO MAIN INSURERS
New Idea of insurance
IRDA
8
INTRODUTION TO INSURANCE SECTOR . S . I . F (), . I L I G I. G I , .
Private Sector Market Share:
9
Take a look at these statements:
. . . E
M .
I , G . M, / 80D. S 80D.
10
1. What is non-life insurance and why do you need it? , , . N .
2. In what manner is a non-life claim settled? : A
3. Tax implications of taking an insurance cover A , , 88 , A. P, 12.36% .
4. How
much
insurance
should
you
have?
I H L . H . . 11
5. In what manner do you evaluate the policies? D . ? ? C ? I ? H ?
O , .
What is insurance? I ,
G : .
12
F : . . .
C : .
PRINCIPLES OF INSURANCE Principle of utmost good faith D
Principle of Indemnity L
N
Doctrine of Subrogation
H P
Principle of Causa Proxima C
Principle of Insurable Interest
D
13
Why do you need insurance cover? I . C , , , , . , , , . I , , . G . N 14 . G .
14
History of insurance sector .
History of Insurance Business I B I 18 B.C., B H , C H, . F , , .
P 1200 B.C. I , . M ( ) . , , . I , . G R . . S . D M A (5 15 A.D.), . M , E I, .
15
Lloyd’s I 17 E. L' C H L, E L, , . L A 1871 . I . , L' ' . I L' . A, , , , . , , , .
A . , . , . A . E . , . I , . I , . L .
L . . , L' ' .
16
History of India’s Insurance Business B . " " 1000 BC A. I , I C. L. I 1850. B M L I S 1870. I I I . O A C 1880. , . B 1956, 240 100 . G I, , 1956 () 1972 (). LIC . 1972. , 107 N I C, N I A C, O I C I I C. G I C (GIC).
17
Insurance sector reforms I 1993, M C, F S RBI G R.N. M, I . F . S M :
G C 50%. G GIC A P C R.1 N C L G I F . I A . A I R .
18
Investments-
M I LIC L F
75% 50%. GIC 5%
Customer Service
LIC 30 C .
. H, .H R.100 . , .
19
About Industry INSURANCE INDUSTRY AT GLANCE
M I . I O L I C, I 1818 K. A ( 250 100 ) . H, G. I, , 1956() 1972(). , L I C I (LIC). I I , G C ( M 20
C) A 1993 . C . GDP, I A.
R I R D A (IRDA) B 1999. IRDA , . S , 12 9 .
21
ROLE OF INSURANCE I.
' ' .
, :
•
P , , , .
•
F , , , , , , .
I ' .
/ ( ) , . E , . . C () , , . I'
. : •
P
•
P . 22
999,
.
, C , P I D A )) . (I R
. IRDA
Mission , , .
Co positio of A thority under IRDA
ct, 1999
4 IRDA A' 1 99, I R D A ) A (IRDA, . A () C; () ;
23
() , ( G I)
Duties, Powers and Functions of IRDA I , , ,
•
, ;
P
•
, , , , ;
S ,
•
;
S ;
•
P ;
•
P
•
;
R ;
•
R ;
•
A
•
;
S A C;
•
S
•
;
24
S
•
;
E .
•
About company
ICICI L G I C L 74:26 ICICI B L C $26 F F 25
H L. ICICI B I' ; F F H , , . .
L C L, F F H L, C' . ICICI L G I C A 2001. A ICICI L N. 1 . I . A G I C L I C. PS . A 0.68% , . I , , . B . A ICICI L . I
26
S .
, , I.
27
(ICICI GROUP)
28
ICICI L MB RD CO E V LUES IN EGRI
•
H MANI
•
P SIII
•
SENSII
•
P SSION
•
Wh ICICI Lomb rd I' F I ISO 9001: 000 A AAA ICRA S L I C 128 H F
A A
29
' 11 A 'G I C A I I A 2007 ND ND P B L 2 07 A J 2 , 2007 G I J A C R C I E C A 2006 S L A B I 360 ,, N 2006 , I G A G S "E F R" I ) ICAI (I (I C I M 31, 2006 I I A 9 9 A I I A , 2005 S S S
30
bout I ICI Lombar C 2001
•
I L
•
L C
•
1 & 2 F & B
•
, 176 , 5349 P I O 2 7
•
30 J 7 B L A 2007 P B ICICI L D P
•
& A C R A
I K M06
•
Org nizati nal St ucture
ICICI L ,
. : B, B & R B, 31
R A S S.
The W olesal Busi ess Gr up
•
F , . K F, M, E , L G
The B ncassurance nd Retail Bus ness Group D , , , .
, , H H H .
The R ral an Agricultural Business Gro p I
P A , H H P
.
32
Share Services I . F & A , A , , O , R, C , H , , LL M .
rod ct R nge
Busi ess Solutions B I I A A I
C LL ( (F F ) I E E I F I S S P F C I M M B I I I 33
Proj ct Sol tions C R C & M E A R P G
Liability Solutions D & L E I P L P L C P I
Exp rt Sol tions E I E C
34
Rur l Solutions I J P A F P
Pers nal Solutions H I H P A G P A G H
Tra el Insurance D I O S O S C O C O B B B P 35
Mot r Insu ance F
Ho e Insu ance I
,
.
S ICICI L
36
Key Pro ucts
37
Motor Insurance
•
?
H ?
I ?
?
?
?
M ?
•
•
•
•
•
•
•
?
What is motor insurance? M , , ( P L).
38
How is motor insurance different from other forms of general insurance? A ( P L) M A, . .
Why do I need motor insurance? :
•
P L (, ) M A
•
P
A, ,
•
•
What is the kind of emergency that can strike?
L
O
P
•
•
•
39
P
•
•
•
•
•
What are the exclusions under the policy?
:
M
&
C
D
D
I
A
•
•
•
•
•
•
•
What is the maximum cover that can be availed for occupants of vehicle?
, R 1 R 2 .
40
What is compulsory deductible under Motor insurance?
M , .
F 1,500 R 500
F 1,500 R 1,000
F R 50
•
•
•
What is the difference between private motor insurance and commercial motor insurance? H, . , .
41
Home Insurance - Introduction I ntroduction
I . O H I P .
Policy Details , .
42
Polic Cover ge ( ) ( ( ) . ,
.
Th calami ies cov red are: F R ,
E & E L , ,, & S , , , D M S, L
S
A B / ,
43
Burgl ry cover (only or cont nts): , . . I , 25% ,
R. 1 L , .
Op ional c vers: / C C .
of ren for alt rnative accom odatio – Ad itional expenses of I , .
6 . R. 1, 00,000 .
44
Key enefits
C C . 2 % 5 A 15% 3 . O . A C A H I & .
Need for Policy
1 %15% 6 FICCI 2007 J 26, 2005 , , M A 1 87,000 , P
,, , , C , , , ,, ,
45
Sum Insured H , .
Home Structure: ( ). R . O , & , .
S home with
. , .. 1000 . R. 800 . , R. 8, 00,000.
. H, , . . I / , . 46
Hom Conte ts: ,, , , , . , , .. . D .
47
ICICI L M . H I ( M) . I , , .
. E ( ) .
B ICICI B & C C C .
48
Health Plans Critical Care
L C I/M M I P, P A P D (PD)
Health Advantage Plus Insurance
A O D E ( D , ) R. 5099 / 80D.
Family Floater Plan A .
Personal Accident Insurance
A P , (PD) . 49
Travel Plans Individual Overseas Plan
A . 16 , 21 , 14 21 . B . (C: M 4030)
Student Medical Insurance
A , . (C: M 4050)
50
Ac ieve ents
Rat ngs
B C R: A A G R A E C C A 2006 J 19, 2 07, I .
B H I: 360 B H I S L A C I G , N 2006. I , E : A G S "E I AI M M 31, (I C A I) 2006.
I A: A G I C " 10 A I I "G I C A . : I A I 2005 A ' . 'I 'I
51
R ICRA: AA R R R G IAAA R R ICRA I I & C A P P A. ICRA A A I L.) C M ' I ' S.
Qu lity ce tificat on: :20 0 ICICI L IS 9001:20
DE N
(DN) ) (DN . DN ISO I ICI L' .
52
ICICI LOMBARD - Awards & Reputation’s
ICICI Lombard awarded the ‘General Insurance company of the year’
ICICI L 'G I C
' 11 A I I A 2007 S N 5, 2007. ICICI L I .
I ICICI L . ICICI L , B I .
700 15
, . A KPMG, 20 , , .
53
Financial Highlights F
200607
200506 F .
N. N. N. N.
3,136,393
1,461,039
642,777
243,951
4,770
2,283
220
154 R. M
G P
30,035
15,920
N P
14, 508
7,339
N E P
10,667
5,277
P
801
545
P
684
503
S C
3,357
2,450
N
9,427
3,729
I
17,105
9,065
29,540
16,391 R %
C R C R
76%
74%
(13%)
(17%) 54
E R
34%
41%
C R
97%
97%
vervie
of O eratio s
O G I ISO
•
P
•
( , , ) (
o
ILPOS (P S)
o
N
•
•
: 3.2 .. : 11,8 ,430
1000 , S 300
•
100 4
•
55
C
•
24 7 ,
o
L
o
56
About Competitor 12 F 200708 R G, . S R G I C . 14 R 25,470 F F'08, R 24,998 , . D , R 15,280 , R 14,686 . F . R 7,981 R 10,190 . I , 4 , 28 . P ' 40 F'08 ' 60 . R G I R 1,810 R 803 . D , N I A R 4,760 . I , ICICI L 57
12 R 3,143 . B ICICI L N.1 .
I D . N A G F G G . HE RAEAR: A . I , 75%. , .
Existing Players: (Government non life players) O I C L N I A C L N I C L I C L
58
Non life insurers (Private Players) B A G I C L IFFCO G I C L N I C L N I A C L O C L R G I C L R S I C L AIG G I C L I I C L HDFC C G I C L.
59
Customer ICICI LOMBARD G I , , . ICICI . I H I, H I, M , S D . S . ICICI L . I F , M , I , . ICICI L NRI L . I NRI H , P , S , H , M . ICICI 25% . ICICI L H , H I, , S . C M .
Customer support , . C S, /. . N . C . 60
Self-Help C , . C
Track Your Interaction Status E R/C N. P N . C
Email Us C
24x7 Insurance Helpline C 1800 209 8888 .
Letters
All India Branches ICICI L 257 196 . F . 61
G ievance Reddressal I , .
C mpliments , P I .
Co pora e Pr file Gen sis
ICICI L I C 74:26 ICICI B, I ' F F H L ; C 26 , , . C L, F F H L C C ' L , C .
ICICI Lomb rd Cor orate
ighligh s
Str ng Per entage: L ICICI B' , ICICI L i in nfr structur to service 62
, C C . L C , .
ourc rcef efu ul Custo er Ser ice: Re ou L ICI I L 3500 00 12 I. , ICICI L 255 1500 . . C
Hi hest Le els of Security: . S
Cli k to view our s curity ertifica ions: - S P S S C
Str ng Cla ms pay ng abili y: AA , I . A 00506, 14, 51,000 2.4 . 63
Co prehe sive Pr ducts: 32 .
64
S.
.O. . A AL SIS F I ICI
omb rd
GIC L d. Stre gth A AAA ICRA S L I C H 128 F
Wea ness H
•
L (10 %15%)
•
65
Opportunity 95% 2
•
B
•
L
•
•
C
•
G F
•
Threats
•
B
•
•
•
•
G P PS C
•
66
67
MARKET SHARE ICICI is holding 36% market share of insurance industry and other 13 insurance companies are with 66% market shares.
36% 1 2 66%
Increasing market share year-on-year 100%
1%
2%
5%
1%
4%
9%
9% 1 7%
80%
11 % 20 %
60%
98 %
94 %
8 7%
40%
7 5%
69 %
20% 0% 2001- 02
2002-03
LIC
2003-04
Pri riv v a tte e Oth he e rs
2004- 05
H106
IC ICIC ICII Pru
68
About the Promoters (NSE:IBN) I'
R. 2958.32 D 31, 2006. ICICI B . , , , . B 695 , 3051 AM, I .
E L 1848, , K E, S A, 21 , . , P 238 ( 30 J 2006) . I A, P E C, H K, I, I, J, K, M, P, S, , , A E.
69
Distribution ICICI L I. A J 31, 2007 200 16,000 .
ICICI L N1 . I , . . A ICICI L P B , . A ICICI L . , , ICICI L. L.
70
Management Team
“The ICICI Lombard General Insurance Company Limited Management team comprises very young and energetic people in its management team.”
71
Mr. Sandip Bakshi – M.D & CEO Mr. Rakesh Jain – CFO Mr. B. Anant - Head HR Mr. Ritesh Kumar - Head-Retail, Rural and Reinsurance Mr. Neelesh Garg - Head-Retail and Bancassurance Mr. Bharathan K - Head GCG Mr. Alok Agarwal - Head Corporate Business
72
OBJECTIVES OF MY SIP TRAINING IN ICICI LOMBARD A SIP ICICI L , I I C , , I C C, ICICI L I S . M ; 1 MBA . A . O I . , A, . A I . I I . I , I ICICI L . M A A , I , SIP 2. N I I A A. I . I SIP .
73
SCOPE Purpose of Making of agents
E , . A , , . I ; , , .
The targeted segments are:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
LIC A R..O S B /CA F O E F (S .) & G A D O E C L
74
A .
Tied agency channel An Agent , , . , . P . , , .
Role of agents . .
A F N C C
•
•
•
• •
75
I . I . O . .
General insurance agency: the process O / .
Documentation: A . H A A , E , P C , P C .
Training: O IRDA 50 . 50 . 76
IRDA Exams and license:
O IRDA IRDA IRDA . . A . I G .
Facilities provided by the company 100% . F
•
C . , . I S M S M
•
•
. A .
•
77
Returns to an agent A , , . . . I , . F 10 15 % . A . A IRDA . A . B . D .
Recruitment strategies I I . 15 , & . . A . A 20% O D , OD . S , 10% , 30% . A N C B (NCB) 78
P. A RED CARPE G / P . .
It includes following benefits:
•
•
•
•
•
F 2000 . A N F F
P 50%
•
1 R. S 21. H 5 .
•
•
. A , .
A I .
79
79
5
R I .
, . . S .
Procedure of Recruitment: & . M :
a. Generating Database I I , I . I I .
b. Tele calling ICICI . A
80
B . D P & P N A S D .
c. Appointments A . B .
d. Collecting documents and filling the forms . S, .
e. Submitted forms in company A . , MIS A , , , .
81
Limitations G D
•
.
A . S
•
.
G Q C IPR
•
. A IPR .
82
Learning at Executive Training
•
•
•
•
•
•
•
•
• •
I . . L. G . . . R . I . H &
R . I P
•
•
•
•
•
•
•
•
. I . I & I OJ (O ), . K . I , & & .
, ,
•
. . I , , , , , .
83
& I .
•
I &
•
.
84
Looking forward in insurance market in 2010 I . S , I I . A . G , I 2000. O , I . L .
R , , I . I , , , . I , , . A , I . . .
85
Detariffication , 1994, I . A 1 J 2007, (P) . , S , , .
Foreign ownership A , 26%, . I P ( ) : 1. P I: A 26% . 2. P II: I 26% 49%. 3. P III: I 49% 74%. 4. P I: A 100% . I J 2007, I I 26% 49%
86
I J 2007, I FDI 49%. N . , . . . F, P I . A , . I , . S, . I, , 26% , .
Broker distribution 2002; , 26% I . B, . , , , . .
87
Compulsory Sessions I , GIC 20% 15%. 20% 10% 2007 H, 15% GIC . A A , I L I 2000, . I , GIC. PS 15% GIC . 10% 2008, A .
Growth drivers O, I . E I 6% 15 , .79 , I 10% 15% .
88
Personal lines insurance premium growth drivers: P I L , , . I, I .
89
Conclusion I . I ICICI L N. 1 . A I ICICI L . I 2 , . I , , I . I SIP . I A A. I SIP . 2 SIP . I . I . I . P .
90
BIBLOGRAPHY . .
6 , BBC , L G R, N M S R, A. .. .. .. .. S : ..
E
I G
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