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SUMMER TRAINING PROJECT REPORT
ON
“Mediclaim Insurance(group health insurance)
AT IFFCO TOKIO General Insurance Dehradun”
SUBMITTED IN PARTIAL FULFILLMENT OF THE
REQUIREMENTS FOR THE POST GRADUATION DIPLOMA IN
MANAGEMENT
OF
INSTITUTE OF MANAGEMENT STUDIES, DEHRADUN
SUBMITTED TO:
INTERNAL GUIDE EXTERNAL GUIDEDr. SHRUTI NAGAR Mr.AMRISH SINGHSr.lecturer Area managerIMS IFFCO TOKIODehradun Dehradun
SUBMITTED BY:
INSTITUTE OF MANAGEMENT STUDIES-DEHRADUN
BATCH 2008-2010
ACKNOWLEDGEMENT
This project is an acknowledgement to the intensity, drive and competence of
several individuals who have contributed immensely to the completion of this
project The making of any project calls
or contribution and cooperation of inputs by many. It is the result of meticulous effort
put in by one with contribution of inputs by many that led to the formation of the
final report.
Before I go into a deep insight of my project, I would like to add few
heartfelt words for the people who were a part of the project in many ways,
who gave me support right from the beginning till the end.
I duly acknowledge my sincere gratitude to each of them.
This project report could not have been completed without the guidance of our
Programme Coordinator, my faculty guide Mr. AMRISH KUMAR SINGH. Lastly,
I sincerely thank all others who have supported and helped me directly or
indirectly in making this project successful and meaningful.
CERTIFICATE
I have the pleasure in certifying that Mr./Ms. ...…………..
…………………………..is a bonafide student of IInd Semester of the Post Graduate
Diploma in Management (Batch 2008-2010), of Institute of Management Studies,
Dehradun under Institute Roll No. ………..……. .
He/She has completed his/her project work entitled
……………………………………
…………………………………………………………….. under my guidance.
I certify that this is his/her original effort & has not been copied from any other
source. This project has also not been submitted in any other Institute / University for
the purpose of award of any Diploma.
This project fulfils the requirement of the curriculum prescribed by this Institute for
the said course. I recommend this project work for evaluation & consideration for the
award of Diploma to the student.
Signature : ……………………………………
Name of the Guide : ……………………………………
Designation :…………………………………….
Date : ……………………………………
(To be made on Company Letter Head)
CERTIFICATE
This is to certify that Mr. / Ms. ________________________ (Institute ID No.),
S/o. / D/o. Shri ______________________________, student of Post
Graduate Diploma in Management (Batch 2008 – 2010), at Institute of
Management Studies, Dehradun has successfully completed his / her
compulsory Summer Training with us, as part of his / her Course Curriculum.
The duration of his / her training was from _____________ to _____________
on the project
_______________________________________________________
______________________________________________________________
__
*under the supervision of Mr. / Ms.………………………, Designation
…………….
During the training we found him / her quite sincere, hard working and his /
her conduct & behavior was good.
We wish him / her all success in his / her academic endeavours and in life.
Signature : ____________________
** (HR Manager)
Name : __________________
Designation : __________________
*, ** : To be used only when the certificate is given by HR Department.
TABLE OF CONTENTS
1. TITLE PAGE.
2. ACKNOWLEDGEMENT.
3. INTERNAL GUIDE CERTIFICATE.
4. COMPANY TRAINING CERTIFICATE.( Scanned /photocopy)
5. EXECUTIVE SUMMARY.
6. LIST OF CONTENTS.(mentioning page numbers)
7. LIST OF TABLES AND FIGURES. (mentioning page numbers)
8. OBJECTIVE OF THE STUDY.
9. INTRODUCTION.
10.METHODOLOGY.
11.FINDINGS.
12.ANALYSIS OF FINDINGS.
13.CONCLUSION.
14. RECOMMENDATIONS.
15.BIBLIOGRAPHY OR REFERENCES.
16. ANNEXURES.( Eg.Questionnaire , Addresses of contacted persons, Company literature , Product literature etc. )
OBJECTIVE OF THE STUDY
The project deals with the customer survey on medical insurance, detailed study of
the general insurance industry, evaluating prospects of cross sales & selling health
insurance & issues regarding rollover business. It also studies the individual Health
Insurance.
The study was to determine present scenario regarding
The awareness about the basic IRDA laid guidelines for medical insurance.
For individual as well as groups.
To design a questionnaire to assess customer behavior.
To have a brief idea about the general insurance.
INTRODUCTION
Insurance has a long history in India. Life Insurance in its current form was
introduced in 1818 when Oriental Life Insurance Company began its operations in
India. General Insurance was however a comparatively late entrant in 1850 when
Triton Insurance company set up its base in Kolkata.
History of Insurance in India can be broadly bifurcated into three eras: a) Pre
Nationalization b) Nationalization and c) Post Nationalization. Life Insurance
Corporation of India was formed by consolidating the operations of various insurance
companies.
General Insurance followed suit and was nationalized in 1973. General Insurance
Corporation of India was set up as the controlling body with New India, United India,
National and Oriental as its subsidiaries. The process of opening up the insurance
sector was initiated against the background of Economic Reform process which
commenced from 1991. For this purpose Malhotra Committee was formed during this
year who submitted their report in 1994 and Insurance Regulatory Development Act
(IRDA) was passed in 1999. Resultantly Indian Insurance was opened for private
companies and Private Insurance Company effectively started operations from 2001.
INDUSTRY PRODUCT COMPOSITION
PREMIUM (100 % = USD 4.2 BILLION )
21%
20%
4%
3%
40%
4%
8%MISC
FIRE
ENGG
MARINE HULL
MOTOR
MARINE CARGO
HEALTH
40 % MOTOR
21 % MISC
20 % FIRE
8 % HEALTH
4 % ENGG
4 % MARINE CARGO
3 % MARINE HULL
INSURANCE MARKET – PRESENT
The insurance sector was opened up for private participation few years ago. For years
now, the private players are active in the liberalized environment. The insurance
markets have witnessed dynamic changes which includes presence of a fairly large
number of insurers both life and non-life segment. Most of the private insurance
companies have formed joint venture partnering well recognized foreign players
across the globe.
CAPITAL REQUIREMENTS & FOREIGN PARTICIPATION
Minimum capital requirement for direct life and Non-life Insurance company is
INR1000 million and that for reinsurance company is INR2000 million. A maximum
26% foreign equity stake is allowed in direct insurance and reinsurance companies. In
the 2004-05 budgets, the Government proposed for increasing the foreign equity stake
to 49%, this is yet to be effected.
There are currently twenty one non-life insurance companies, out of which two are
specialized Insurance companies viz. Agricultural Insurance Co, who handles Crop
Insurance business and Export Credit Guarantee Corporation, which only transacts
export Credit Insurance.
SPECIAL PROVISIONS
PAYMENT OF PREMIUM BY INSURED
Section 64 VB of the Insurance Act 1938 prohibits insurance companies from
extending credit so that in effect all insurance in India is on a “cash before cover”
basis.
INSURANCE DISTRIBUTION CHANNELS
AGENTS
Agency has been the traditional way in which insurance was transacted in the Indian
market. Agents act as the representatives of insurance companies. In the nationalized
era, agents were a very important source of business for the Public Sector Insurance
Companies, as broking was not allowed. Agents still hold a very large book of
insurance business mainly in the personal lines.
CORPORATE AGENTS
Corporate Agents are corporate entities who acted as representative of insurance
companies and procured business on their behalf. However this concept of corporate
agency was done away with by the IRDA after broking was introduced in the market
INSURANCE BROKERS
Brokers have been allowed to operate in the market from April 2003. To ensure
presence of serious players in the market, IRDA has stipulated a capital requirement
of INR 5 million for direct insurance brokers, INR 20million for reinsurance brokers
and INR 25 million for composite brokers. The rule for foreign equity participation is
applied similarly as for insurance companies. Broking was relatively a late entrant in
the market in 2002 when IRDA allowed insurance broking in India. In a very short
span of few years, broking has gained good momentum. This is evident from the fact
that the number of brokers has increased to 163 within this short span. Prominent
Insurance brokers have widened the typical role of an insurance broker, offering
various value added services such as Risk Management and Performance manuals.
BANKASSURANCE
Bank assurance as well is gaining momentum in the Indian market. Insurance
companies are increasingly using the banking network to improve their distribution
system.
INSURANCE ANCILLARY SERVICES
A) SURVEYORS & LOSS ADJUSTERS
Several steps were initiated by IRDA to ensure improved services by Surveyors and
Loss Adjusters. IRDA took upon themselves the task of categorizing them on the
basis of a minimum qualification, practical training and past experience to be eligible
to take up Surveyors/Loss Assessors work besides ensuring their adherence to a
course of conduct. The authority categorized the surveyors into three categories- “A”
“B” and ”C” and had indicated the monetary limits up to which each individual
category surveyor would carry out a survey.
B) THIRD PARTY ADMINISTRATORS
This provision of cashless health service to the clients is another introduction in the
Indian market. As on date 25 intermediaries have been registered by the IRDA. The
idea is to propagate the health insurance in the country. The Third Party Administrator
ideally takes over the payment of the medical charges on behalf of the insured who in
turn is then reimbursed by the insurer. The minimum capital requirement for a TPA is
INR 10 million.
TARIFF ADVISOR COMMITEE (TAC)
Tariff Advisory Committee, Statutory Body under Insurance Act 1938, controls and
regulates the rates, advantages, terms and conditions that may be offered by insurers
in respect of General Insurance Business relating to Fire, Marine (Hull), Motor, Engg.
and Workmen Compensation.
LOSS PREVENTION ASSOCIATION OF INDIA (LPA)
LPA is promoted by GIC and other Public Sector companies whose aim is to spread
risk management awareness amongst the masses.
INSURANCE OMBUDSMAN
The institute of Insurance Ombudsman was created in 1988 with the purpose of quick
disposal of the grievances of the insured customers and to mitigate their problems.
The insurance ombudsman is empowered to consider the complaint relate to any
grievances against insurer i.e.(a) repudiation of Claim (b) dispute with regard to
premium to be paid or payable in terms of the policy, (c)dispute on policy wording
(d)delay in settlement of claims (e)non-issuance of insurance document.
Indian insurance industry has Ombudsmen in 12 cities empowered to reduce
customer's grievances in respect of insurance contracts on personal lives where the
insured amount is less than INR 2 million.
INSURANCE ASSOCIATION OF INDIA
Insurance Association of India was established according to the provision of
Insurance Act and all insurers incorporated or domiciled in India are the members of
the Association. After formation of IRDA, it has established two councils of the
Insurance Association of India.
(1) The Life Insurance Council consisting of all members of the IAI, who carry on life
insurance business in India.
(2) The General Insurance Council consisting of all members of the IAI, who carry on
general insurance business in India.
IRDA nominates members and chairmen to Executive Committee of both the
councils. The functions of the Executive Committee of the Council are:
(a) To advise and assist insurers in setting up standards of conduct and sound practice
and in the matter of rendering efficient service to policy holders
(b) To advice the Authority in the matter of controlling the expenses of insurers
(c) To inform the Authority of any insurer acting in a manner prejudicial to the
interests of policy holders
COMPANY PROFILE
IFFCO-Tokio General Insurance (ITGI) was incorporated on 4th December 2000
with a vision of being industry leader by building customer satisfaction through
fairness, transparency, and quick response. It is a joint venture between the Indian
Farmers Fertilizer Co-operative (IFFCO) and its associate and Tokio Marine and
Nichido Fire Group, the largest listed insurance group in Japan.
ITGI has Pan India presence with 51 ‘Strategic Business Units’ and a wide network of
over 110 offices. It offers a wide range of uniquely customized policies covering a
wide range of customers, from farmers to some of India's largest automobile
manufacturers. From a modest Rs 2130 Million of GWP (Gross Written Premium) in
2001-02 it has achieved an impressive Rs 12350 Million in 2007-08, thereby
becoming one of India’s leading private players.
ITGI has got the Technical Support for underwriting and reinsurance from Tokio
Marine and on Risk Management from Tokio Risk Consulting (TRC). It is the first
company in India to underwrite mega policies for a fertilizer and an automobile
company. This comprehensive policy is based on international rates and optimizes the
premium outflow for clients even as it offers a one-stop, all-risk cover. Other than the
conventional products, it has been able to come out niche products like Credit
Insurance, Fine Arts Insurance, P & I Insurance, Errors & Omissions Policy for the IT
Sector etc. At the same time it has steadfastly carried out its rural centric initiatives by
launching products like Sankat Haran Bima Yojana, Mausam Bima Yojana, Mahila
Suraksha Bima Yojana and Janata Bima Yojana for the masses.
It is also the only insurance company in the country to have a 100%-owned
distribution channel to service its retail customers called IFFCO-TOKIO Insurance
Services Ltd (ITIS). Today, ITIS has a highly motivated workforce of over a 1000
employees in over 200 towns.
As a customer focused company, it conducts bi-annual customer satisfaction surveys
through independent agencies to gauge its operational efficiencies. This is backed by
a robust IT infrastructure, which has enabled, among other things, speedy settlement
of claims.
IFFCO TOKIO is one of the leading insurance companies of India. It offers products
and services to the individuals to make their life simplified and easy. IFFCO TOKIO
General Insurance is a joint undertaking between Tokio Marine and Nichido Fire
Group and The Indian Farmers Fertilizer Co-operative (IFFCO).
IFFCO TOKIO was established on December 4, 2000. It has its head office at
Gurgaon, Haryana. It is counted amongst the three leading private insurance
companies. There are almost 100 branch offices that are spread all over the country.
This General Insurance company offers a range of 40 policies that are made keeping
in mind the requirements of all types of customers. IFFCO TOKIO is basically a
people’s company. It offers simplified services to help even a layman with best
quality insurance products.
IFFCO TOKIO General Insurance maintains the financial principles of the Millea
Group. Efficient financial management accounts for the rapid growth of this insurance
company. It is the only insurance company that made profit for five consecutive
years.
Customer satisfaction is the main aim of IFFCO TOKIO. To satisfy the retail
customers, this company has 100%-owned distribution channel. IFFCO-TOKIO has
over 700 employees working at different branches.
This company offers a wide range of products and policies. The products can be
categorized under three broad heads: Specialty, Retail and Commercial.
Some of the policies that are included among the Specialty products are credit
insurance, jeweler’s block, Sagar Bandhu Bima Policy, Multi Modal transport,
aviation insurance policy and many others.
Retail line products include motor private car, office professional establishment,
Home Suvidha, Trade suvidha, industry protector, group personal accident, surgery
protector, travel protector and all risk insurance.
The policies of the Commercial products are consequential loss, marine cargo,
burglary insurance, bankers blanket, fidelity guarantee, industrial all risk, money
insurance and workmen’s compensation.
Operating offices of IFFCO TOKIO are spread all over the country. Some of the
places, where it is located are Ahmadabad, Aurangabad, Agra, Allahabad, Akola,
Belapur, Bhopal, Bhuvaneshwar, Bangalore, Bellary, Coimbatore, Chennai,
Chandigarh, Dehradun, Delhi, Faridabad, Maninagar, Nasik, Faizabad, Vadodara,
Khandwa, , Kochi, Gurgaon, Kolkata, Lucknow, Hyderabad, Indore, Mumbai,
Nagpur, Noida, Pune, Surat, Udaipur, Haldwani, Jalandhar, Hubli, Gwalior, Vapi,
Madurai , Patiala, Varanasi, Jabalpur, Jaipur, Ludhiana, Mangalore, Goa, Rajkot,
Shimla, Sambhalpur, Thiruvananthapuram and Guwahati.
IFFCO Tokio General Insurance is a customer-centric company aiming to be easily
accessible and approachable to all sections of society. It offers products and services
that provide quality at reasonable cost. The organization has the deep knowledge of
IFFCO and thus developed a business plan that has both stability and integrity.
It has set global standards for itself and is the only private general insurance company
in India to make 5 consecutive years of experience. ITGI has been one of the few
companies to show underwriting profits within four years of operations. The company
focuses on delivering creative solutions to its customers.
IFFCO Tokio General Insurance has 700 employees present in 68 cities, dedicated to
give full satisfaction to the customers. It is the first company to underwrite mega
policies for a fertilizer and automobile client.
IFFCO - TOKIO GENERAL INSURANCE
Vision
To be industry leader by Building customer satisfaction through fairness,
transparency, and quick response
Mission
To win TRUST of individuals, trade, industry and commerce and protect citizens,
corporate, and international investors in India.
JV between IFFCO & its associates; and Tokio Marine and Nichido Fire Group,
the largest listed insurance group in Japan.
Incorporated on December 4, 2000 with its Corporate Office in Gurgaon,
Haryana.
Leader in Commercial lines, trusted partner of PSU’s and large corporates
Special thrust on the Fertilizer, Power, Oil & Energy Sector
ITGI’S RURAL CENTRIC INITIATIVES
Sankat Haran Bima Yojana
– Launched in October 2001
– Free PA cover of Rs 4,000/bag (Max. of Rs. 1 Lac), on purchase of
fertilizer
Salient Features -
– Largest single policy issued in the world
– More than 2.5 Cr. farmers covered every year (5th year running)
– Over 4,500 claims settled & Rs. 27 Cr disbursed till date
ITGI’S RURAL CENTRIC INITIATIVES
Barish Bima Yojana
– A weather insurance product, introduced in April 2004
– Index based product, covers anticipated deficiency in crop yield due to
deficient rainfall during monsoon
– Sold as a Group policy through Co-op societies / banks / NGOs etc.
Salient Features -
– Available in 7 states, covering 100 districts; & 16,000 farmers
Launch of Sankat Haran on 30 Sep 2001,
by Mr. Ajit Singh, then Minister of
Agriculture at Khurja
Claim cheque distribution
ceremony organized by IFFCO
ITGI’S RURAL CENTRIC INITIATIVES
Mahila Suraksha Bima Yojana
– Launched on September 2005 on International Women’s Day
– Through IFFCO foundation with a membership of nearly 21,000 people
(mostly women)
– Coverage against all accidental occurrences, incl. death & injury
– Cover of Rs. 50,000 with a premium of only Rs. 20 per annum
Genhu Mausam Bima Yojana
– Covers Frost Injury & Heat Stress to crops
– Cover for low temp. during the flowering stage
– Cover for high temp. during the grain filling stage
INDIAN PROMOTERS
Indian Farmers Fertiliser Cooperative Limited (IFFCO) is the world's largest
fertilizer manufacturer & marketer in cooperative sector. It was incorporated on 3rd
November, 1967 and since then is committed to achieve its prime role of providing
quality fertilisers and agricultural services to India's farming community. Over the
years, the cooperative society has evolved into a gigantic Indian Multinational and set
records for excellent and consistent performance in the filed of production, marketing
and services to farmers. As a society "of the farmers, by the farmers and for the
farmers", IFFCO has firmly established itself as a true Cooperative and perfect role
model for others to emulate on the path of economic development.
IFFCO has steadily grown from strength to strength-from a modest membership of 57
societies in 1967-68 to more than 40,000 societies at present. The initial equity capital
of Rs.6 lakh contributed by cooperatives in 1967-68 has also risen to Rs. 4.23 Million
in 2007-08. Having the Largest Market share of Fertilisers Production in India with
25% in Complex Fertilsers and 20% in Urea it has also become the First Cooperative
in India to set-up first ever Kisan SEZ (Special Economic Zone) at Nellore, Andhra
Pradesh.
IFFCO holds 72.64% shareholding and its Associate M/s
Indian Potash Ltd. holds 1.36% shareholding in ITGI.
FOREIGN PROMOTERS
TOKIO Marine Asia Pte. Ltd holds 26% shareholding in ITGI. TOKIO Marine
Asia is a subsidiary company of Millea Holding Inc Japan; a holding company for
Tokio Marine & Nichido Fire (TMNF) Insurance Company.
TOKIO Marine Asia has non life operations in 9 Asian countries
Tokio Marine & Nichido Fire Insurance Company has over 120 years of
experience in the general insurance business and is the largest and oldest general
insurance company of Japan. It is a member of the highly diversified Mitsubishi
group comprising over 1,500 companies.
The company is rated 'AA' (indicating strong financial security characteristics) by
international rating agency Standard & Poor's.
Tokio Marine has been continuously serving as one of the important reinsurance
companies to the nationalized Indian insurance market. TMNF has also been
chosen as Asia’s General Insurance Company of the year by Asia Insurance
Review in December 2008.
KEY PEOPLE
S. Narayanan | MD and CEO
M K Tandon | Financial Advisor
N K Kedia | Director – Marketing
Y. Fukuda | Director - Operations
H.O.Suri | Executive Director
Mr V.S.Rao | Executive Director
PRODUCTS
Our product development team is constantly working to introduce products which are
competent in meeting the customer needs. At IFFCO Tokio, we emphasize on
understanding the need from the market and offering the best possible products across
the product lines. We approach the market with products that have differentiated
features / benefits / service offerings. IFFCO Tokio offers a wide range of uniquely
customized policies covering a wide range of customers, from farmers to some of
India's largest automobile manufacturers.
Our Endeavour is to spread the benefits of insurance to the masses through our
specially designed insurance products like Sankat Haran Yojana, Barish Bima Yojana,
etc. The company has made a genuine attempt to understand the rural and low-income
segment of the Indian market, to tap the potential of this largely unexplored segment
and make the benefits of insurance available to the masses.
We are also making constant efforts to reach out the entire general insurance spectrum
i.e. Commercial Lines, Retail lines and Specialty Lines. Innovations will keep on
expanding to include customised offerings for various market segments and
geographies.
COMMERCIAL LINES
IFFCO-TOKIO provides a wide variety of policies that are customized to your needs.
For your convenience, we have grouped them. To access information on any of the
policies, simply click on the link you want.
1. Standard Fire & Special Perils
2. Consequential Loss
3. Contractors All Risk
4. Contractors Plnt & Machn
5. Boiler & Pressure Plant
6. Erection All Risks
7. Industrial All Risks
8. Machinery Breakdown
9. Machinery Loss of Profit
10. Product Liability
11. Public Lia Industrial
12. Public Lia Non-Industrial
13. Marine Cargo
14. Electronic Equipment
15. Bankers Blanket
16. Burglary Insurance
17. Fidelity Guarantee
18. Money Insurance
19. Workmen's Compensation
RETAIL LINES
IFFCO-TOKIO provides a wide variety of policies that are customized to your
needs.
For your convenience, we have grouped them. To access information on any of the
policies,
simply click on the link you want.
Motor Private Car
Motor Cycle/Scooter
Home & Family Protector
Trade Protector
Industry Protector
Office Professional Establishment
Home Suvidha
Trade Suvidha
Individual Medishield
Individual Personal Accident
Group Personal Accident
Critical Illness Policy
Travel Protector
All Risk Insurance
SPECIALTY LINES
IFFCO-TOKIO provides a wide variety of policies that are customized to your needs.
For your convenience, we have grouped them. To access information on any of the
policies, simply click on the link you want.
1. Credit Insurance
2. Multi Modal transport (MTO)
3. Marine Hull & Machinery
4. Jeweller's Block
5. Barish Bima Yojna (Weather Insurance)
6. Sagar Bandhu Bima Policy
7. Aviation Insurance Policy
8. Errors and Omissions (Technology) Policy
9. Fine Art Insurance – Private Collectors
10. Fine Art Insurance – Art Dealers & Gallery Owners
TARGETS
Groups such as Employer- Employees and dependants, Members of Clubs,
Holders of Credit Cards and Members, Shareholders of Banks/Public limited
Cos.
SCOPE OF COVER
The policy covers Hospitalisation and /or domiciliary hospitalisation expenses
viz.
Room rent
Nursing expenses
Surgeon,anaesthetist, consultant’s fee
Diagnostic,OT,blood ,oxygen, medicines,radiotherapy,chemotherapy charges
CONDITIONS
1. Hospitals/Nursing Home – Definition.
2. Minimum Hospitalisation – 24 hours.
3. Indemnity – In Indian rupee,payment for treatment in India
4. Pre-Existing disease is not covered.
5. No coverage in the first month and certain other exclusions for first year
EXCLUSIONS
Treatment of preexisting diseases such as -:
• Cataract,Hysterectomy
• Hernia Hydrocele, Cogenital Internal Diseases
• Piles, Sinusitus
• Circumcision
• Vaccination or Inoculation
• Cost of spectacles, Contact Lens,hearing Aids
• HIV/ AIDS
• Maternity Related Expenditure
• Domiciliary Hospitalisation in respect of -:
• Asthama
• Bronchitis
• Chronic Nephritis
• Diarrhoea
• Diabetes Mellitus
• Epilepsy,POU
• Influenza,Cough and Cold
• Dental Treatment or Surgery
• SPECIAL - ADD-ON COVERS
1. Education Cost – School going and college going.
2. Ambulance charges
3. Cost of Travel
a. For any kin – to and fro RS.15000
b. For Insured person himself return Rs.7500
4. Cost of supporting Equipments.
5. Discounts for pre and post hospitalization period.
6. Hospital daily Cash
7. Boarding & lodging Expenses
8. Family floater
9. Deletion of Domiciliary hospitalisation benefit
10. Maternity cover available for the group.
11. Organisational floater
CLAIM MANAGEMENT
1. T.P.A’s Involvement
2. Doctors Empanelment
RELAXATION FOR RURAL AREA
1. Surgical Policy
2. No criteria of hospitals to be applied for Surgery and also if the treatment at
Distt. Health Centre.
EDUCATION COSTCOVERS-:
TUTION FEES
EXAMINATION FEES
MONTHLY LODGING /BOARDING EXPENSES – 0.5 %
& 1%
Maximum Amount -: Rs . 60,000 – College
Rs. 30,000 – Schools
AMBULANCE CHARGES
Actual Charges Subject to a Maximum of Rs.1,000 / person –group –all or none
FAMILY FLOATER
Available depending upon family size, Sum Insured per member , age profile and
suitable loading of the premium.
CLAIM PROCEDURE
GENERALCLAIMSPROCEDURE
All insurance contracts are based on the information provided by the insured in
the proposal form. The proposal form forms the basis of insurance contracts.
Some important points, which would help you in the claims procedure.
The loss or damage should be reported to the insurer immediately.
On receipt of claim intimation, the insurer will forward a claim form.
Submit the completed claim form along with an estimate of the loss to the
insurer. It is preferable to submit an itemized estimate with separate values.
The insurer will arrange for inspection of the damaged items to assess the loss.
In case of major losses, a specialist-licensed surveyor is deputed.
The insured has to provide the required documents to substantiate the extent of
loss.
In case the cause of loss is not established, it is for the insured to prove that the
loss or damage has occurred due to an insured peril.
On agreement of claim amount between the insured and the insurer, the claim
is settled. Excess as stated as per the Policy terms and condition will be
deducted from the claim payable.
In view of varied nature of policies, certain points distinct to individual policies, in
addition to the above, are listed below: (Please note that the documents mentioned are
indicative and based on the circumstances of the claim, insurer may request for
additional documents).
MEDISHIELD (FOR NON-CASHLESS CLAIMS)
Notice of claim should be lodged within 24 hours to the nearest
Branch/concerned Branch.
The insured should submit 'discharge summary' of the hospital/nursing home
along with original hospital/medical bills, reports of the labs and investigation
reports. In other words every item in the claim bill should be supported.
Leave certificate from the employer, wherever needed.
Fitness certificate from the Doctor.
THE IFFCO TOKIO NEWS LETTER
IFFCO Tokio has initiated digital adversiting of its products (Motor, Health,
Travel) on various high traffic websites like Rediff, Yahoo, in.com, IBN live,
cricbuzz etc. The same was done during Elections and IPL. To ensure consistency
in the initiative, the ads are continously on Carewale.com, Yahoo.com and Google
search. A huge hit, the website is attracting over 1,5000 visitors and generating
200 prospective leads everyday. Renewals and new policies are also issued
directly from our website.
IFFCO Tokio launches Micro Insurance month
ITGI has decided to dedicate every month to a new aspect of insurance. The first
three month of the year were celebrated as micro insurance months to motivate the
agents and create awareness amongst the masses about various micro insurance
products. Tamil Nadu, firmly established itself as the Leader in this phase of the
celebration.
BARISH BIMA YOJNA RELAUNCHED
ITGI has relaunched its successful weather inslurance policy for Kharif crops-
Barish Bima Yojna (BBY) to protect farmers against anticipated deficiencty in
crop yield due to both deficit and excess rainfall.
Previously, the product covered the risk from both deficit and excess rainfall in
the six States or Orissa, West Bengal, Tamil Nadu, Gujarat, Maharashtra and
Rajasthan (Kota, Jhalawar and Baran). In Punjab, UP, MP< Chhattisgarh, Andhra
Pradesh and some districts of Rajasthan, BBY will cover farmers from deficit
rainfall alone.
MEDICLAIM INSURANCE IN INDIA
Mediclaim for family
Everybody is well known the profits of having a mediclaim policy. A sudden
sickness or accident can ruin your financial budget and at this stage mediclaim
policy is always helpful.
In the current scenario, medical expenses are very high and its increasing
everyday. The latest family mediclaim insurance is ideal solution to save money
and cover entire family under single sum insured. This means no more multiple
premiums and no more financial strain.
This policy is available in two variants - short term and long term and the coverage
level is similar like other traditional mediclaim policies. It provides covers for
hospitalization expenses for illness and diseases. It includes expenses for doctors fees,
nursing expenses, medicines, blood, surgical appliances and other related expenses.
Mediclaim Premium Calculator
Mediclaim policy is a essential for the peoples because it saves financial loss in case
of hospitalization for any sickness, disease or accident. But it costs is much higher
than other insurance and still it is rising.
Mediclaim premium calculator is very useful tool in such a condition because it helps
to calculate the your mediclaim costs. This online service is absolute free and
specially designed for customer convenience.
There are various mediclaim premium calculators are offered by insurance companies
and private websites. You can easily determine the cost of plan that you go for by
doing just simple work on such a calculator. Private websites also allows you to
compare various insurance companies and their plans.
Must-know-the-types-of-coverage-mediclaim
You may have come across many a time with the short forms in mediclaim
articles/quotes like HMO,PPO,POS,HSA, but could not make it, what the
abbreviation stands for?
There are many types of health/mediclaim policy.
A) HMO (Health Maintenance Organization).
You go to your family doctor for any health services. If there is an urgency in going to
a specialist, your family care doctor will help you in referring one. Mediclaim
companies will not insure you without the referral from your family doctor and
therefore, you will have to pay yourself for such specialist services
B) PPO (Preferred Provider Organization Plan).
Through this plan you can analysis to any primary, specialist, or medical facility
without referral and get totally covered. It is the Mediclaim companies that covers you
when your child breaks a bone accidentally and you approach directly to the
orthopedic doctor, without consulting your primary doctor.
C) POS (Point of Service).
This plan essentially includes both an HMO and a PPO plan. Mediclaim companies
give you the option from the two plans for every medical case. The plan offers extra
covered preventative programs, however, you may have to pay more from your
pocket, if you choose a doctor outside your plan.
D) HSA (Health Savings Account).
This plan is much more superior than the above mentioned mediclaim plans. The plan
covers eyeglasses, dental, cosmetic procedures, over-the-counter medications, etc. It
is a tax-deferred savings account as long as withdrawals are concern for medical
expenses. Funds outstanding at the end of the year are carried forward into an IRA
account.
What does mediclaim policy cover!
Day-care Treatment- The Medical disbursement through serious technologically
advanced day-care surgeries with no 24 hour hospitalisation is required.
Ambulance Charges for shifting the insured patient from home to hospital are been
covered up to the limits mentioned in the policy.
Ayurvedic / Homeopathic system of medicine are covered to the extent of 25% of
Sum Insured provided the treatment is taken in the Government Hospital.
Pre-existing diseases are covered only after 4 continuous and claim free renewals
with our Company.
Exclusions:
1. Diseases contracted within 30 days of insurance.
2. Dental treatment except arising out of accident.
3. Debility and General Run Down Conditions.
4. Sexually transmitted diseases and HIV (AIDS).
5. Circumcision, Cosmetic surgery, Plastic surgery unless required to treat injury or
illness.
6. Vaccination and Inoculation.
7. Pregnancy and child-birth.
8. War, Act of foreign enemy, ionising radiation and nuclear weapon.
9. Treatment outside India.
10. Naturopathy.
11. Domiciliary Treatment.
12. Experimental or unproven treatment.
13. All external equipments such as contact lenses, cochlear implants etc.
Premium:
Mediclaim Premium is based on age of the proposer and geographical area of
treatment.
Features:
1. Discount in premium for family cover.
2. Loyalty Discount.
3. Good Health Discount.
4. Cumulative Bonus.
5. Cost of Health Check up.
6. Income Tax Benefit under Section 80D of IT Act.
Short Term Mediclaim Policy
Mediclaim insurance is a meant to covers all medical expenses in the case of
hospitalization due to certain serious sickness, disease or an accident. For this reason
mediclaim insurance is always advisable for yourself and your family members. But
some times you can not require that the purchase of high cost mediclaim insurance
policy. Short term mediclaim insurance have been formulated for such a conditions to
get the considerable medical coverage.
Short term mediclaim insurance policy is a temporary solution and purchased for only
short period of time that is three months to one year. Generally, it covers all major
health problems like other standard health plans. This gives you freedom to choose
doctor or specialist you wish and the expenses are covered under this policy like
doctors fees, hospital charge, surgery, medicine, diagnostic test and other emergency
service.
This short term plan is affordable plan and it doesn’t cover any pre-existing disease,
because the premium costs are considerably ow and paid on monthly basis. It provides
only cover for the conditions stands which itself within the span of the policy.
Short term medical insurance cover is ideal for those under the jobs, temporary
employee, college students or just graduates.
Mediclaim for senior citizens
Special mediclaim policy for senior citizens is specially designed to cater the needs of
senior citizens. It covers all hospitalization and domiciliary hospitalization expenses
for illness and disease. It includes expenses for doctors fees, hospital charge,
anesthetist, nursing expenses, blood, cost of medicine, drugs, oxygen, surgical
appliances, etc.
This mediclaim policy is generally issued to peoples between the age of 60 to 80
years. It provides the benefits of cumulative bonus, no claim bonus, cashless service
and also tax benefit is consider on insurance premium under section 80D of the
income tax act.
The four public sector general insurance companies are offering these policies-
1. National Insurance Company (Varishta-Mediclaim for senior citizens)
2. New India Insurance Company ( Mediclaim for senior citizens)
3. Oriental Insurance Company ( Senior Citizen Specified Disease Insurance)
4. Star Health & Allied Insurance ( Red Carpet Health Insurance)
And private sector insurance company Bajaj Allianz General Insurance Company also
offer ‘Silver Health’ product for senior citizens.
Mediclaim Premium Rates
When you have decided to go for mediclaim policy, you will pay the premium on
your mediclaim policy to continue the coverage against any untoward situation. The
premium paid is annually, half annually or monthly.
Generally, the premium rates are vary from company to company and also depends on
various factors like age of the person, sum assured and policy coverage. The
insurance companies also determine the factors like advertising, selling, paying for
health care service, investment of premium payment and profit margin from the
insurance policy.
The premium rates are different for smokers, the insurance companies charge
additional premium on their mediclaim policy.
Premium charged on individual plan is much higher compared to group plans due to
adverse selection. Because under group plans, company gets the more customer under
one roof and company determine the customers will generally be in good health
condition.
Basic Mediclaim Policy
Basic mediclaim insurance is a different comared to other traditional mediclaim
policy. It is a specified mediclaim policy which provides coverage against medical
expenses that are outcome of the sickness or accident. In this plan, coverage is limited
and pays for only one or two expenses which are specified by the insured. This is the
reason, policy is known as basic mediclaim policy.
This insurance policy is different compared to other comprehensive mediclaim policy.
Because-
1. Doesn’t covers critical illness and surgeries.
2. Low cost insurance cause less coverage.
3. Specified coverage from the list.
Mediclaim protects from the monetary and financial problems when one is
hospitalized by sickness. But choice is yours to choose between comprehensive health
coverage and specified health coverage.
MEDICLAIM INSURANCE
Mediclaim Insurance is a policy that covers hospitalisation expenses gathered in
course of illness or accidental injuries.
Benefits:
1. Hospitalization Cover: Overall patient hospital-care expenses for 1Day. Which
Includes room rent and boarding @ 2% of sum insured.
2. Nursing disbursal.
3. Doctor’s fees
4. medicines and drugs charges.
5. Emergency ambulance charges.
No-Claim Discount:
1. 5% to 25% of discount for every claim-free year.
Eligibility:
1. A persons ageing 5 months and 80 years, is a resident of India,can opt this
insurance.
Tax Benefits:
1. Credit card or cheque pay premium for this insurance is eligible for relief
under Section 80D of the Income Tax Act.
Claims Procedure:
1. Inform the ID number to the insurer for easy acknowledgment.
2. In case of getting hospitalized,should inform within 24 hours before getting
admitted into the hospital.
3. If the case is emergency, information to be given within 24 hours after
hospitalization.
Tax benefits on your Mediclaim Policy
There is no way anyone can save themselves from paying tax. But yes we can sure
use various tax-saving instruments to lower down our tax payment burden and get
maximum benefit from these.
Mediclaim is one way of saving our huge heap of tax burden, we just need to be smart
enough to grab the right opportunity.
1. Insurance premium paybale on health insurance policy is tax deductible under
Section 80 (D) of the Income Tax Act 1961.
2. Rs. 15000 can be claimed to be deducted on health insurance under Section 80 (D)
3. Deduct premium paid towards a critical illness rider on your life insurance policy
under Section 80 (D). Deductions under Section 80 (D) are over and above the
deductions under Section 80(C) of Rs. 1 lakh.
Health Insurance India - Health Insurance In India - Health Insurance - Medical insurance - Mediclaim India - Overseas travel insurance - Senior Citizen Health Insurance - Senior Citizen Mediclaim- Health insurance broker - India, Delhi, Mumbai, Chennai, Kolkata, Pune
GROUP HEALTH INSURANCE
Group should fall clearly under the following categories:
1. Employer-employee relationship including dependents of the employee.
2. Preidentified segments/groups where the premium is to be paid by the
State/Central Governments.
3. Members of a registered co-operative society
4. Members of registered service clubs
5. Holders of credit card of Bank/Diners/Master/Visa
6. holders of deposit certificates issued by Banks/NBFC's
7. Shareholders of Banks/public limited companies
Minimum Number of Person: 100
Age Limit, Basic premium, benefits and exclusions are same as per Individual
Mediclaim Policy.
Three will be no family discounts, cumulative bonus and cost of health checkup.
The policy should not be no issued through intermediaries
Maternity Benefits:
The maximum cover available up to Rs. 50000/- for maternity or the sum insured
opted by the members of group, whichever is lower.
This is an optional cover which can be obtained on payment 10% of the total Basic
premium for all the insured persons under the policy at inception only. Total basic
premium means the total premium computed before applying group discount
and/or high claim leading low claim discount and special discount.
When the Maternity benefit is extended, Exclusion 11A of the policy stands
deleted.
Option for this cover has to be exercised at the inception of the policy period and
no refund is available in case of insured cancels this option during currency of the
policy.
A waiting period of 9 months is applicable for payment of any claim relating to
normal delivery or ceasarian section or abdominal operation for extra uterine
pregnancy. The waiting period may be relaxed only in the case of delivery,
miscarriage of abortion induced by accident or other medical emergency.
Claim in respect of delivery for only first 2 children and/or operation associated
therewith will be considered.
Voluntary termination of pregnancy during the first 12 weeks from the date of
conception not covered.
Pre and post-natal expenses are not covered unless hospitalised.
GROUP DISCOUNT:
The final Group Discount increase/decrease will be adjusted on the policy period
provided the policy is renewed for the next 12 months.
No. of persons Discount%
101-500 2.5
501-1,000 5
1,001-10,000 7.5
10,001-15,000 10
15,001-20,000 12.5
20,001-25,000 15
25,001-50,000 20
Above-50,000 30
Whereas the existing requirement of upward revision of premium in policies where loss
experience exceeds 80%will continue, the discounts already granted on insurance contracts
currently alive and eligible as eligible as per criterion already circulated and conforming to the
provision of [l] above may be allowed to continue provided the claims experience for the last 3
years remains within 60%. If the claims experience exceeds 6% such existing discount will be
considered as per new schedule of discounts, as above and the upper limit of discount will be
30%.
BONUS/MALUS:
a) LOW CLAIM RATIO DISCOUNT (BONUS)
Low claim Ratio Discount at the following scale will be allowed of the Total premium at
renewal only depending upon the incuured claims ratio for the entire group insured under policy
for the preceding 3 complete years excluding the year immediately preceding the date of
renewals Where the Group Mediclaim Policy has not been in force for 3 completed years, such
shorter period of completed years for which it was in force will be taken into account.
Incurred Claims ratio under the group
policy
Discount%
Not exceeding 60% 5
Not exceeding 50% 15
Not exceeding 40% 25
Not exceeding 30% 35
Not exceeding 25% 45
b) HIGH CLAIM RATION LOADING (MALUS):
The total premium payable at renewal of the Group Policy will be loaded at the following scale
depending upon the incurred claims ratio for the entire group Insured ender the Group
Mediclaim Policy for the preceding 3 completed years excluding the year immediately
preceding the date of renewal. Where the Group Mediclaim Policy has not been in force for the
3 completed years, such shorter periods of completed years, excluding the year immediately
preceding the date of renews will be taken into account.
Incurred Claims ratio under the group policy Loading in %
Between 70% and 100% 25
Between 101% and 125% 55
Between 126% and 150% 90
Between 151% and 175% 120
Between 176% and 200% 150
Note :
1) Incurred claim would means claims paid+claims outstanding in respect of the entire group
insured under the policy during the relevant period.
2) Addition & Deletion of names during the Currency of Policy is allowed on Prorata basis.
However no refund Premium will be allowed for deletion of insured person if the claim is made
recovered in the policy.
3) Additional people joining group or covered persons resigning/retiring or due to death going
out of scheme, to be adjusted on 1st of next month.
4) Policy may be adjusted to include or delete any addition/deletion once a month.
5) Additions/deletions during policy will not alter group discount for policy period.
6) Below 100 persons, policy can be given without group discount.
7) No deletion of domiciliary hospitalization benefit under standard group mediclaim policy.
8) Income tax certificate to be issued to an employee for premium paid on behalf of his
dependents to claim I. T. exemption.
9) No policies to be issued for unnamed group.
10) Now all discount would be restricted to maximum of 30% i.e. other technical discount /
deduction it any granted in edition to group discount like Long-term discount, Special feature
discount, No claim discount and/or discounts/deduction of any other nature except special
discount in lieu of agency commission.
11) All tailor-made policies, whether existing or new, are to be referred to the GM (Tech.) for
consideration and written approval without which such policies / schemes cannot continue or be
issued even provisionally.
12) Group Mediclaim-Floater cover:-Existing floater cover will be renewed on expiring terms
where the claims experience is less than 70%. For fresh cover to be reffered to H.O.
Group Health Insurance is same as Health Insurance for an individual or a family.
The difference is that this product is taken by a group, which is in existence at the time of
submission of the proposal with specified names of members/being available. It can be a :
1. Body corporate - Government or Private.
2. Association.
3. Cooperative Society - may be milk producer society or housing society.
4. Educational Institution - School/College/University
The rates applicable are more or less same as applicable to individuals with discount being
given at the following rates :
No. of persons Discount %
101 – 500 2.5
501 - 1,000 5
1,001 - 2,000 7.5
2,001 - 10,000 10
10,001 - 15,000 12.5
15,001 - 25,000 15
25,001 - 50,000 20
Above - 50,000 30
If the policy is coming up for renewal then depending on the claims history during last year, the
following positive or negative factor is also applied.
Incurred Claims ratio under the
group policyDiscount %
during last year
Not exceeding 60% 5
Not exceeding 50% 15
Not exceeding 40% 25
Not exceeding 30% 35
Not exceeding 25% 45
As Mediclaim is a Non tariff Insurance Product therefore Insurance Companies are free to quote
premium depending on the following :
1. Group size
2. Claims history
3. Other Business Premium being placed by the body corporate to the same insurance
Company.
The Comprehensive note of New India Assurance Company on group Mediclaim in the
following pages is a good reference.
KEY ADVANTAGES OF GROUP HEALTH INSURANCE
Group health insurance is one of the most suitable policy options for the
company employees as well as retired persons. The group health insurance covers
different medical coverage and hospitalization under different schemes. The group
health insurance protect us from the In the group health insurance policy rules the
full-time and part-time employees who can take part in the retirement scheme of the
health insurance company can get the benefits.
There are various types of group health insurance plans are available in the market by
various group health insurance companies. The insurance plans are divided into two
parts like indemnity plan and managed care plans. Under the indemnity plans it gives
wider selection for the hospital and medical treatment. While the managed care plan
can provide out of pocket expenses. In both the plan insured person gets benefits of
out-of-pocket expenses, medical expenses and selection of hospitals.
Group health insurance is necessary to cover the illness, disability and severs
accidents during the service time. The group health insurance gives family coverage
to the employee. You will get the group health insurance coverage.
Under the group health insurance, employee gets the benefit to give advantage to
get medical facilities to their employee.
The group health insurance gives list of hospitals and medical service providers to
get the advantage of the health related services like hospitalization and other medical
coverage.
The premium of the group health insurance is lower than the other health
insurance coverage.
It also gives benefits to the senior citizens after retirement. It is most appropriate for
the retired employee.
TYPES OF GROUP HEALTH INSURANCE COVERAGE
There are many different types of group health care insurance plan are available
by the insurance companies. The companies are also interested in the participation of
the group health insurance.
Under the employer's group insurance plan gives coverage for the employee under
the health insurance plan. The employer give the benefits to the employer to get the
benefits. The group health insurance provides the benefits to the employee to get the
benefits. It gives complete coverage under employer's group health insurance scheme.
The health insurance policy that coverage to personal bases. The group health
insurance provides the larger range of the coverage and also provides the choice for
the individuals. There are many insurance companies provides application to get the
individual coverage.
There are many group health insurance companies also offered by the government
health insurance plan. There are many state or local plan are available in the
government healthcare plan. It gives coverage under the poor health and accident.
You need to get the suitable choice of the plan.
There are many organization provides the group health benefits to take the
benefits. You must have to refer the benefits so you need to get the proper
advantages.
It is essential to get the benefits to take the advantage of group health insurance by the
various types of organization. It is important to look at the benefits under the different
plan. It is important to insured with the proper plant to get the benefits that suits to
your needs.
RESEARCH METHODOLOGY
The research undertaken was that of a descriptive type. Descriptive research
aims at fact finding and more often is based on surveys. Its purpose is to
describe the present state of affairs of the topic of study.
It is often referred to as post-facto study.
DATA COLLECTION
PRIMARY DATA
In case of primary sources the information was retrieved directly from the
customers and sales consultants. We have done the analysis with the help of the
inputs provided by the customers of the products of the insurance companies.
The primary data is collected through conducting a survey with the help of a
questionnaire designed by me. In the Bank, customers were approached and
detailed responses were taken and their future interest in insurance and
suggestions for the company were duly recorded. For the other subsidiary
projects, the promotion and sales were done at the showroom itself while the
interaction that took place for filling the questionnaire. The prospective
customers for health insurance were contacted through Tele-calling and
thereafter converting the call into sales.
DATA COLLECTION TECHNIQUES
SURVEY
By this method of data collection more accurate and reliable information on the
subject can be obtained. In order to get aware of the customer behavior, we
designed a questionnaire which would help us extract maximum information so
as to analyze the factors that play a decisive role in customer’s choice of an
insurance company.
CALLING
After getting the customer details from the questionnaires filled them, the
prospective customers for health insurance were called & sales were done.
SECONDARY DATA
Secondary data was collected from books and the internet.
RESEARCH APPROACH
The product portfolio of IFFCO TOKIO is wide.
Following are some methods, which have been taken in order to complete the
project and make it successful:
Understanding the basics of insurance Business and getting familiar with the
product range of IFFCO TOKIO.
Assessing the present situation of IFFCO TOKIO in motor insurance Business.
MAJOR COMPETITORS OF IFFCO TOKIO:
NEW INDIA
NATIONAL
UNITED INDIA
ORIENTAL
ICICI LOMBARD
BAJAJ ALLIANZ
Customer relationship management (CRM) is a customer-centric business
strategy with the goal of maximizing profitability, revenue, and customer
satisfaction. technologies that support this business purpose include the capture,
storage and analysis of customer, vendon, partner, and internal process
information. functions that support this business purpose include Sales,
Marketing and Customer Service, Training Professional Development,
Performance management, Human Resource Development and Compensation.
Technology to support CRM initiatives must be integrated as part of an overall
customer-centric strategy.
SWOT ANALYSIS OF IFFCO TOKIO G.I.C LTD.
SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is a well-
established means of thinking critically about a business, its resources, and its
environment. Doing an analysis of this type is a good way to assess a business and its
markets.
STRENGTH WEAKNESS OPPORTUNITY & THREAT
STRENGT
H
WEAKNESS OPPORTUNITY THREAT
Brand Name Lacking in
customer retention
to high premium
rate.
To reach the good
services
Competitive Prices
Continuous
Innovation
Lack customer
orientation
Huge untapped
Potential.
leads to higher
competition.
Wide
product
portfolio.
Lack in Follow-ups Customers value
quality the most.
Cut throat
competition with
Bajaj Allianz &
ICICI LOMBARD.
COMPARISON OF RATES OF IFFCO TOKIO WITH OTHER COMPANIES.
CONCLUSION
• Continued strength in the broader economy and gradual reform in the non life
sector are expected to combine to produce strong premium growth in the
Indian market over the next few years.
• Whilst India currently remains a medium sized non -life market, the growth
predicted over the medium to long term is attracting increasing levels of
foreign investment and competition. Many of the world’s largest insurers such
as AIG, IFFCO TOKIO & ALLIANZ are present in the market. The new
private insurers are growing fast and have already developed a combined
market share of 40 %.
• As the market is liberalized and becomes more mature the private firms are
considered well placed to capture an even greater share of a fast growing
market. The main risk to private insurers is the high likelihood of sustained
price competition as tariffs are removed from some classes of business such as
fire, engineering motor etc.
In the end, notions about exactly what constitutes good customer service are
evolving, driven by increasingly knowledgeable customers who have become
empowered by their own willingness to embrace technology and use it to their
benefit. As insurers begin to demonstrate a commensurate willingness to
capitalize on technological advances, advisory, transactional and informational
services will be adapted to deliver service that not only offers higher levels of
customer satisfaction, but delivers opportunities for insurers to grow revenue
and profitability.
Self-service may be expected to become the customer’s avenue of first
transactional choice, as Web-based channels provide 24 X 7 availability,
security is tightened and interactions become faster, easier to initiate and more
tailored to personal needs Successful insurers will define good customer service
strategically, not tactically. Each customer service event will be seen as a way to
increase loyalty, anticipate related client needs for the benefit of cross-selling
and increase revenue. In addition, insurers will have the ability to understand a
customer’s long-term value and provide personalized service to help realize it.
RECOMMENDATIONS
During my course of training, I have observed few leaps at the company’s end
so will like to recommend the following:
COMPETITIVE PRICING :
IFFCO TOKIO should keep its rates in accordance to the market so as to
pull more customers, without compromising the quality & making the
product more saleable.
In order to have a grab in market, IFFCO TOKIO should provide quick &
timely service specifically to its premium customers. It can adopt the
strategy of providing premium service to premium customers.
STRATEGIES FOR IMPROVING SALES PROMOTION OF IFFCO
TOKIO :
IFFCO TOKIO should air it advertisements in the prime business channels
like CNBC TV 18 and NDTV PROFIT.The company instead of having a
full fledged commercial can also use a running marquee on the new
channels like NDTV,TIMES NOW and CNN IBN which will promote the
company.
The company needs to become more buyer friendly and should revamp its
customer grievances redressal system.
Work on gaining the untapped potential which is due to :
• Lack of product knowledge & brand recall –the company should make
the customer aware about its product portfolio by having an effective Tele
calling service system.
• Absence of a customer centric approach- the company should work on
being more buyer friendly.
Marketing support should be provided to distribution channels.
Strengthen Banc assurance – An integrated Banking & Insurance business.
Organize advertising campaigns emphasizing on policy features, benefits
& service levels rather than price.
Improve its Process Efficiency. This can be done by shortening the policy
issuance cycle.
Expanding the business through effective agents ,advertisements
Agents form a crucial link between the insurer and the insured thus, they
should be given additional benefits other than commissions.
Spreading insurance knowledge among the people, focus on rural areas.
There lies a huge potential in rural areas with increase in agri business and
their purchasing power.
Technology can play a crucial role in delivering the highest standards set
by the company an it will be imperative for any serious player to excel in
all this.
Bringing new innovative product offerings in the market with good
benefits and service standards.
LIMITATION OF THE STUDY
As each study do we have some benefit and some scope , there is one more
thing which is mostly found in any research work and that is
limitation .Limitation are the restricting factor encountered during the research
study , it does have some limitation , which was present during the course of
study and are the following:
Due to some of the customer was not ready to respond.
The degree of brand awareness is not the mark.
Allowances of the and the cost as well.
Reserve nature of customer.
Transparency.
Penetration.
BIBLIOGRAPHY:
www.iffco-tokio.com
www.google.com
The Economic Times
www.gicofindia.in
www.irdaindia.org
www.insuranceage.com
www.itgi.in
QUESTIONNAIRE
COMPANY NAME-
NAME -
ADDRESS-
TELEPHONE NO-
AGE OCCUPATION INCOME
15-25 student 0-5000
25-35 Employee 5000-1000
35-45 Businessmen 1000-15000
45-above Professional 15000-above
Q.1 Have you heard the name of IFFCO TOKIO ?
(a) Yes ( ) (b) No ( )
Q.2 Whether Insurance Taken ?
(a) Yes ( ) (b) No ( )
Q.3 If yes who is the insurer ?
(a) ICICI (b) Bajaj Allianz (c) National
(d) IFFCO TOKIO (e) New India (f) Any Other
(g) United Insurance
Q.4 Policies taken ?
(a) Fire ( ) (b) Buglury ( )
(c) Medisheild ( ) (d) Personal Accident ( )
(e) Any Other ( )
Q.5 Have you ever had any claim ?
(a) Yes ( ) (b) No ( )
Reason…………………………..
Q.6 Would you like to change your insurer ?
(a) Yes ( ) (b) No ( )
Q.7 What is your expectation from the non-life
Insurance company?