Report on Life Insurance

8/3/2019 Report on Life Insurance

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About the company:

Aviva Life Insurance:

Aviva India is a joint venture between one of the country’s oldest and largest

groups, Dabur, and Aviva plc, the UK's largest insurance group, whose association with

India dates back to 1834.

Our vision is to be amongst India’s leading life insurers with a quality business

model, focused on sustainable growth. We seek to build a robust product portfolio

meeting all customer lifecycle needs related to – Savings, Retirement, Investments and

Protection.

With a strong sales force of over 20,000 Financial Planning Advisers (FPAs), we

have initiated and pioneered many innovative sales approaches, including the concept of

Bancassurance and Financial Health Check services. We are among the first companies

to introduce the contemporary unit-linked products.

A seasoned team of fund managers make our fund management one of the key

differentiators. With a wide distribution network of 140 branches and strong

Bancassurance partnerships, we are spread across nearly 3,000 towns and cities in India.

Keeping with our commitment of social responsibility, we have been successful in

reaching out to the underprivileged strata through our Microinsurance initiatives.



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1) Form L- 36

Introduction: The form number L-36 contains Premium and number of lives covered

renewal premium as per the individuals, individual annuity, group and group annuity of

current year compared to previous year

Premium and number of lives covered by policy type

1) Renewal Premium:

Individual:

The above table & graphical representation shows how many policies and number of

lives covered by the Aviva life insurance.

For the year ended 31st

March 2010

Table 1.1

Particulars Premium No. of Policies No. lives Sum Insured

0-10000 11980 153400 154162 141831

100001-25000 43852 247354 248510 376118

25001-50000 33893 85728 86062 246041

50001-75000 7540 13062 13089 51285

75001-100000 18206 18136 18181 88873

100001-

125000

6299 5735 5735 37688

Above- 125000 34711 10846 10874 158090



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For the year ended 31 March 2010

Bar chart between premium and number of lives covered.


Table 1.2

Particulars Premium No. of Policies No. lives Sum Insured

0-10000 9784 256077 257097 258186

100001-25000 36402 372682 374326 619610

25001-50000 27194 136866 137378 410929

50001-75000 7209 24826 24860 94538

75001-100000 13674 26135 26199 136182

100001-

125000

6908 9775 9786 68019

Above- 125000 24409 16513 16550 235756

0

50000

100000

150000

200000

250000

300000

Prmium

No. of lives



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march 2009

Bar chart between premium and number of lives covered.

_0

50000

100000

150000

200000

250000

300000

350000

400000

Premium

no. of lives



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Findings: Few Findings in this form are the number of lives covered in the previous

year is more compared to 2010 in all the individuals even the number of policies covered

are also high in all the individuals (2009) which is not good for the firm which displays

decline in the sales even there is a huge competition in the present industry.



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2) Form Number L- 37

Business acquisition through different channels (Group).

Introduction: The form contains the details regarding business acquisition through

different channels (Group) individual agents, corporate- banks, corporate agents-others,

corporate, brokers, others.


March 2010

Table 1.3

Channels No of policies No. of lives

covered

Premium

Individual Agents 5 3971 365

Corporate Agents-

Banks

1 476 15

Corporate Agents-

Others

1 12578 5

Brokers 38 28132 566

Micro Agents - - -

Direct Business 67 1929403 4407

Referral Business 9 44479 277



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March 2009

Table 1.4

Channels No of policies No. of lives

covered

Premium

Individual Agents 8 4219 222

Corporate Agents-

Banks

- 22033 14

Corporate Agents-

Others

- 3125 4

Brokers 11 20860 127

Micro Agents - - -

Direct Business 61 1029179 2247

Referral Business - 2 -

Findings: The group performance is good in number of policies compared to the

individual (L-37 & L-38) corporate agents through banks and others contributed well

compared to the previous year. The direct business result is also well in number of

policies which 67 compared to the 2009 year which is 61. There are more number of

lives covered in the year 2010.



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3) Form Number L-38

Business acquisition through different channels (individuals).

Introduction: This form number L- 38 displays different channels of business

acquisition through (individuals) individual agents, corporate- banks, corporate agents-

others, corporate, brokers, others.

For the year 31st

March 2010

Table 1.5

Channels No of policies Premium

Individual Agents- 101020 30450

Corporate Agents-

Banks

21333 7082

Corporate Agents-

Others

5595 422

Brokers 23164 3192

Micro Agents - -

Direct Business 653 288

Referral Business 87778 32768



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Table 1.6

Channels

No of policies Premium

Individual Agents 231477 31430Corporate Agents-

Banks

19973 5176

Corporate Agents-

Others

3042 731

Brokers 20488 3063

Micro Agents - -

Direct Business 825 282

Referral Business 98383 29160

Findings: As per the table 1.5 & 1.6 we can see that the number of policies is more in

the channel of individual agents compared to other channels, we can assume that

business acquisition through agents gives good result, there is no contribution in the

channel of micro insurance. The corporate agents-Banks also performed well compared

to the previous year. Over all performance was good in the previous year.



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4) Form number L- 39:

Settlement of claims

Introduction: This form contains the details regarding the settlement of the claims

which are claimed by the policy holders. The settlement claims process is very important

function of the insurance company.

Data on settlement of claims:

The figures for the individual and group insurance business need to be shown separately

the ageing of claims, in case of the death of the claims will be computed from the date of

completion of all the documentation.



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Findings: Compared to individuals and group insurance claims the claims are settled

more in the individuals, even in the number of policies are also more in the individuals

compare to the group. Coming to the maturity claims in group there are no claims settled

as such of and in individuals there are 63,528,000. Other surrender policies are

227602000.



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5) Form number L- 41

Introduction: The form number L- 41hold the details of grievance disposal of the

insurance company by this the performance of the company can be as per the after sales

service.

Findings: It is good for the company as it has not rejected any of the claims which is to

be closed as per the due date of the policy which Leeds to customer relationship. As seenin the above table the sales related there are 10586 accepted. There are no others and

claim servicing related, and duration wise pending less than 15 days complaints made by

customers are 250.

Documents

Report on Life Insurance