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CHAPTER: - 1
Introduction
Star Health & Allied Insurance Company Profile
Founded in 2006, Star Health and Allied Insurance is a standalone health insurer
headquartered in Chennai, India. Star Health and Allied Insurance is a joint venture
between Indian venture capitalist firms- Star Health Investments, ICICI Venture, Sequoia
Capital and foreign investors which include Oman Insurance Company- Middle East
insurance solution provider and ETA Ascon Group- UAE contracting firm.
Star Health and Allied Insurance Product Portfolio:
Health Insurance: Health Insurance provides comprehensive cover and takes care of
medical expenses in case the policyholder is hospitalized due to illness. Star Health has
wide portfolio of health insurance plans which include Star Unique Health, Star Wedding
Gift, Medi Classic, Diabetes Safe, Family Health Optima, Senior Citizen Red Carpet,
Super Surplus, Star Netplus, Star Health Gain and Star Criticare Plus. Star Health Red
Carpet has been specially designed for senior citizens aged between 60-69 years and
provides Sum Assured with maximum limit of Rs 5 lacs.
Travel Insurance: The policy provides cover for hospitalization and other travel related
eventuality that could happen while travelling abroad. Star Health travel insurance is
available for family, students and corporate.
Accident Cover: In case policyholder is injured in accident, compensation is provided to
the concerned person.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 1
History
Star Health and Allied Insurance Co. is a joint venture formed by Oman Insurance
Company, Essa Abdullah Al Ghurair from the prominent Al Ghurair family and Tamil
Muslim entrepreneurs. Established in 2006, Star Health is an insurance company with
business interest in health insurance alone.
Vision
Protecting Health, Promoting Health
Mission
Ultimate Customer Satisfaction.
OUR NET WORK
Head office – Chennai.
10 zonal offices .
19 area offices.
141 branches.
2300 employees.
Karnatka zonal office – Bangalore.
Total branches Bangalore – 8.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 2
Out side Bangalore -10 Bangalore.
BOARD OF DIRECTORS
Shri.v. jagannathan – CMD. (former CMD of United India Ins.Co)
Essa Abudlla A Ghurair – (A prominent Family in the UAE.)
Dr.M.Y.Khan - (Chairman Banking and Advisory Council YES BANK)
Dr.D.R.Karthikeyan (Former Director of CBI)
Mr.V.P.Natarajan ( Exe.Director of ETA Ascon & ETA Star Group of Co)
Mr. Mohammed Hassan – (educationalist & Industrialist)
Mr.Dinesh Chandra gupta – (Eminent IAS Officer)
KEY PERSONNEL
Mr.T.S.Santhanakrishnan . (Executive Director)
Mr.S.Sundaresan – (Senior Vice President)
Mr.V.Jayaprakash - (Senior Vice President)
Mr.S.Ramaswamy (Chief Financial Officer)
MR.C.M.Kannan unni (VP – Company Secretary)
Mr.K.C.Kumar (VP - HR)
Mr.Anand roy (AVP - Marketing)
Mr. Vishwajeet mohnot ( AVP – Marketing)
Mr. A.M. Mallesh (AVP– Marketing – mother Theresa award in Insurance)
Mr. H.Srinivasan – (AVP – Technical)
Mr .S.D.Rama (AVP – Product Development)
Mr.Senthilkumaran – (AVP – Government initiatives
SRISHTI SCHOOL OF BUSINESS (SSB) Page 3
About star health
Licensed by IRDA.
First Stand Alone Health Ins. Co In India.
Specialised in Unique Health Insurance Policy.
Catering to
Retail public
Large groups
BPL families (under Govt.Sponsorships)
State government employees
ABOUT THE COMPANY
Promoters
Omaninsurance Company
Mr.Syed Mohamed salahuddin
AL ghurair family – (one of the world’s richest family – Forbes)
Leading indian industrialists & business houses
SRISHTI SCHOOL OF BUSINESS (SSB) Page 4
OUR PERFORMANCE
2006 – 07 : Rs. 22.51 Crores
2007 – 08 : Rs. 168 Crores
2008 – 09 : Rs. 512 Crores
2009 – 10 : Rs.987 Crores
GOVERNMENT SCHEMES AROGYASRI
Health Insurance Scheme
1ST April 2007.
Govt of Andhra Pradesh
Below Poverty Line People.
6.5. Crores
23 Districts.
3600 Star Employees involved.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 5
TAMIL NADU GOVT. EMPLOYEE'S NEW HEALTH
INSURANCE
Govt of tamil nadu .
State govt departments.
State public sector undertakings.
Local bodies.
State govt universities.
All statutory boards under tn govt.
13 lakh government employees & dependents
RS. 2 lakh for 4 yers.
BIGGEST CORPRATE GMC
The recent achievement is that of TATA TELESERVICES – MAHARASTRA
CIRCLE Where in we have covered the entire employees of the Group with premium
amounting to Rs. 2.40 crores.
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LAURELS
We are proud to inform that the “World Health Organization” has appreciated the
excellent efforts of STAR in successfully implementing and administering such a
mammoth scheme and has also asked the other countries to replicate the Scheme in
their countries.
Welcome to the Star Insurance portal for purchase of policies.
Red Carpet - Senior Citizen Policy
Turning sixty is a major milestone and for most people, a time to start being more
careful about their health. It is a matter of concern that insurance policies are hardly
available to address this critical requirement. STAR Health is proud to introduce a
health insurance policy aimed specifically at senior citizens. It provides cover for
anyone over the age of 60 and permits entry right up to the age of 69 with continuing
cover after that. It is our way of caring for a generation that has done so much to build
the country we have today.
Medi-Classic Individual Policy.
Health insurance is one of those products that people always wish they had the
foresight to take. Just like you prepare for every important financial milestone, it is
SRISHTI SCHOOL OF BUSINESS (SSB) Page 7
essential that you plan for protecting your health – because ill-health can have huge
financial implications as well and you need to protect yourself from all eventualities.
STAR Health and Allied Insurance service offers STAR Medi Classic policy to
provide for reimbursement of hospitalization expenses.
Family Health Optima Policy
When a family member is ill, it is a traumatic time for the rest of the family. Star
Health provides Family Health Optima to protect all members of a family from
financial setbacks in the event of a serious illness. The coverage is applicable equally
to all members of the family.
Overseas Medical Policy – Individual
People who travel very often are exposed to several risks as they have to acclimatize
themselves to variations in weather, food and schedules. STAR Health offers STAR
Travel Protect Insurance to protect against any kind of risk while traveling, whether
they are merely inconvenient - like losing baggage or something serious - like a health
problem.
Super Surplus Policy
Life is full of the unexpected. However, when you are well prepared, you can be in
control even under the most unexpected circumstances. Star Health Insurance brings
you Super Surplus Health Insurance., which offers you much more coverage than the
traditional insurance policies. This means you can rest assured and be confident of
facing any unfortunate health eventuality in the family- like sudden illness.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 8
Health Gain Policy
With the perfect balance between insurance and tax benefit – Star Health Gain
Insurance is the policy just for you. Despite a reassuringly low premium, it offers both
outpatient and inpatient hospitalization expenses cover with maximum tax benefits.
Sure enough, the best of both worlds is now yours.
Star Unique Policy
Star Health brings you this Unique insurance policy with unique benefits for –
coverage for both future ailments / diseases and for pre existing diseases / conditions.
Star Wedding Gift Policy
The comforts and luxuries of today’s life come at a price – the price of uncertainties.
Of the uncertainties, health of oneself and one’s family is of prime concern. Add to
this, the fact that medical expenses are getting dearer. One ailment is all it takes to
wipe out years of savings – that was meant to realize your dreams. Can there be a
better gift for wedding than Star Wedding Gift policy.
VALUES OF STAR HEALTH INSURANCE
Trust and Ethics:
We believe that along with the essentials of honesty and integrity, a strong customer
focus and reliability are key to our success.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 9
Teamwork:
Led by stalwarts of the insurance industry, the team blends vast industry expertise
with high service standards to provide you the best of healthcare options.
Conducive work environment:
To create an environment that will continuously spark innovation and maintain
customer satisfaction, and which will prove irresistibly attractive to the best talent of
the Insurance Sector.
Commitment :
We are committed to become a STAR in health and related insurance by offering our
clients the utmost flexibility to create a plan that's right for them. And by offering
affordable financial protection that effectively addresses their long term health needs.
Our excellence in customer services consistently backs our industry expertise.
Star Advantages
No Third Party Administrator; direct in-house claims settlement.
Faster & hassle-free claim settlement.
Cashless hospitalization.
Network of more than 4900 hospitals across India
24x7 Toll- free Helpline
SRISHTI SCHOOL OF BUSINESS (SSB) Page 10
CHAPTER:-2
Operation:
Operations Management is the function of managing the operating core of an
organisation: the activities associated with creation, production, distribution and
delivery of the organisation's goods and services.
Specifically, the group works on identifying, developing, documenting, interpreting
for practice, and disseminating innovative approaches in Manufacturing and Supply
Chain Management. These approaches are based on model-based research and
synthesis of best practices from around the world.
But the Star “Health & Allied Insurance co. ltd. Is the service sector
company in this company they provide different – 2 services and policies to the
middle level income people and other also. But mainly they targeted to Middle
income people” .
Services
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Health Insurance
Star Health brings you this Unique insurance policy with unique benefits for -
coverage for both future ailments / diseases and for pre existing diseases / conditions
etc.
Accident care
There are many types of accidents that can happen suddenly, or that one may be
particularly exposed to the risk of. The consequences could be serious - ranging from
disabilities to weeks of hospitalization. By way of prudence and caution, you should
be suitably insured according to your standard of living. STAR Health Accident Care
Insurance provides compensation in the event of death, permanent disability and
injuries suffered due to accidents.
Travel overseas
All of us tackle problems well when you are in an alien land, dealing in home currency, and are braving a very different climate, any problem starts to seem like a daunting challenge. During travel, you are adapting to the weather, the time zone change, the pronunciation, and the food among other things. So for a gamut of risks you have to face up to, you need the Star Health Individual Travel Protect Policy, whether it's business or leisure that takes you abroad.
The all work of the company done through technical way. They use more technology
for the insurance, health care etc.
Handling Complains
SRISHTI SCHOOL OF BUSINESS (SSB) Page 12
This is addressed at utmost care as we are in the service industry, we have a separate
vertical starting from Branch to Head Office, and we have Nodal officers and
Grievance department, with many officials including GM Grievance. If any complain
comes then they have different department for handling complain. Mainly the
business of this company is providing services so mainly they faces problem related
to any doubt and any confusion of the customer so they provide time to time solution
them.
Execution Process
In this company whenever they get new customer they convenience very proper and
effective way. Then they issue bonds id cards and also take care of claims and
renewals and aim towards utmost convenience to the customer.
CHAPTER:-3
Finance
Star Health and Allied Insurance Company Limited was the first stand-alone health
insurance company in India. The company is a & nbsp ; joint venture between Oman
Insurance Company, ETA Ascon.
Financial Information:
The total premium earned for the half year ended September 30, 2010 was Rs 3,868
million. The profit before tax for the same period is Rs 320 million. A total of
SRISHTI SCHOOL OF BUSINESS (SSB) Page 13
293,228 claims were made during the period out of which 137,503 claims were settled
and 6,015 claims were rejected.
Capital Structure:
Star Health and Allied Insurance Company Limited (Star Health) has a capital base of
Rs.303 crores, more than sufficient to form a General Insurance Company. However,
Star Health has chosen to be in the field of Health. It is India's first stand-alone Health
Insurance Company in India and deals in Personal Accident, Mediclaim and Overseas
Travel Insurance.
Performance
Total Premium upto the month of March 2010 is Rs. 960 crores
Public Disclosure
2011 - 2012 H1
SRISHTI SCHOOL OF BUSINESS (SSB) Page 14
SRISHTI SCHOOL OF BUSINESS (SSB) Page 15
SRISHTI SCHOOL OF BUSINESS (SSB) Page 16
CHAPTER:-4
HR (Human Resources)
Human resource management (HRM, or simply HR) is the management of an
organization's human resources, or workers. It is responsible for the attraction,
selection, training, assessment, and rewarding of employees, while also overseeing
organizational leadership and culture, and ensuring compliance with employment and
labour laws.
Recruitment & Selection
The recruitment process of this company is depends on the requirement. They recruit the people through two ways:
First one is: Operations – In which they select graduates with computer skill.
Second one is: Marketing – In which they select on purely experience and their
ability to market insurance products.
They select through written test, after interview and group discussion.
Salary structure
The salary structure for the employee they provide good salary to them. They provide
satisfactory salary to the employee. They provide salary according to working sector
which is given below:
Operations: - 12000 – 14000
Marketing: on their experience
SRISHTI SCHOOL OF BUSINESS (SSB) Page 17
Training Calendar
The Star Health & Allied Insurance Co. has the training calendar for the new
employee in which they provide different – 2 training to the employee according to
job. They provide training to Operation Officers, Sales Managers and Agents.
Welfare Programs
The Star Health & Allied Insurance Co. has some welfare programs for retaining to
the employee in which they provide medial campus and medial talks for the corporate
clients.
Grievance Redressal
This is addressed at utmost care as we are in the service industry, we have a separate
vertical starting from Branch to Head Office, and we have Nodal officers and
Grievance department, with many officials including GM Grievance.
Performance appraisal
Performance appraisal is done once a Year, a chance will be given to employees to do
self appraisal and then it will be evaluated by the next reporting authority and send to
V.P HR for final.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 18
Careers
Star Health is India's first exclusive health insurance company. We believe that
professionals with competence and integrity look for an opportunity to work in an
organisation committed to healthy work practices and ethical values. At Star Health,
we seek to attract and retain such people. Careers with us are also an opportunity to
play a role in enhancing the healthcare scenario in the country.
Star Health is on par with industry standards in terms of remuneration and employee
benefits. The Insurance marketing vacancies are typically for experienced company
executives in the Insurance Industry, and Managers who have handled Agency
channels and Insurance selling processes.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 19
CHAPTER:-5
Marketing
The action or business of promoting and selling products or services. “The
management process that identifies , anticipates and supplies customer
requirements efficiently and profitably”.
Marketing is about meeting the needs and wants of customers;
Marketing is a business-wide function – it is not something that operates alone
from other business activities;
Marketing is about understanding customers and finding ways to provide
products or services which customers demand.
Services
1). Health Services
Star Health & Allied Insurance Co. provides health insurance policies in which they
provide these insurance in different conditions:
1) Star Unique Health
SRISHTI SCHOOL OF BUSINESS (SSB) Page 20
2) Star Wedding Gift
3) Medi Classic
4) Diabetes Safe
5) Family Health Optima
6) Senior Citizen Red Carpet
7) Super Surplus
8) Star Netplus
9) Star Health Gain Star
10) Criticare Plus
Pre- Medical screening
There is no pre acceptance medical screening.
Pre-Existing Diseases / Illness
Pre-Existing Disease/ Condition (other than those diseases / conditions for which
specific periods have been mentioned under exclusions) will be covered after 11
months of continuous coverage have elapsed, since inception of this policy with
the Company.
Policy Benefits
Hospitalization Cover :
In-patient hospitalisation for a minimum of 24 hours.
Expenses covered are:
Room rent, Boarding and Nursing Expenses @ 1% of sum insured subject to a
maximum of Rs.3000/- per day.
Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist Fees.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 21
Anaesthesia, Blood, Oxygen, Operation Theatre charges, Surgical Appliances,
Medicines and Drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy,
Radiotherapy, cost of Pacemaker and similar expenses.
Emergency ambulance charges for tranporting the insured person upto a sum of
Rs.750/- per hospitalisation and overall limit of Rs.1500/- per policy period.
Pre-Hospitalization & Post-Hospitalization
Pre-hospitalization medical expenses upto 30 days prior to the date of admission.
Post-hospitalization - a lumpsum calculated at 7% of the hospitalization expenses
(excluding room charges) subject to a maximum of Rs.5,000/-.
HIV positive persons
Covers HIV positive persons except for opportunistic infections and treatment for
HIV / AIDS. The minimum CD 4 count at the time of entry should be 350.
Non Allopathic Treatments
Upto 25% of sum insured subject to a maximum of Rs.25000/- per occurrence, per
year of insurance.
Eligibility
Any person aged between 18 years and 65 years residing in India. Renewals
would be accepted upto 70 years.
Beyond 70 years renewals would be provided under any other health insurance
policy of the company.
Policy Period
SRISHTI SCHOOL OF BUSINESS (SSB) Page 22
This is a two year policy. The sum insured and sub limits are for each year of
insurance and cannot be cumulated or carried forward.
Payment of premium
The premium under the policy can be paid in 2 instalments as indicated.
The first instalment is payable at the commencement of the policy. The second
instalment is payable at the beginning of the second year of the policy. Where a
claim is made before such instalment falls due then the same would be recovered
from the eligible claim amount.
The policy would lapse if the instalment is not paid on or before the due date.
Pre - Medical screening
Compulsory medical check up is done for persons above 50 years of age at the
cost of the company
Pre - Existing Diseases / Illness
Are covered after 48 months of continuous insurance with us
Policy Benefits
Hospitalisation Cover : In-patient hospitalisation expenses for a minimum of
24 hours.Includes room rent and boarding @2% of sum insured,subject to a
maximum of Rs.5000/- per day
SRISHTI SCHOOL OF BUSINESS (SSB) Page 23
Nursing expenses
Surgeon's fees, Consultant's fees, Anaesthetist's and Specialist's fees
Cost of medicines and drugs
Emergency ambulance charges for transporting the insured patient to the
hospital upto a sum of Rs 750/- per hospitalisation and overall limit of Rs
1500/- per policy period
Pre-Hospitalization & Post-Hospitalization
Pre-hospitalisation medical expenses upto 30 days prior to date of admission
Post-hospitalization - a lumpsum calculated at 7% of the hospitalization
(excluding room charges) subject to a maximum of Rs.5000 is payable
No-Claim Discount
Discount ranging from 5%- 25% for every claim-free year (except for the Family
Package Plan)
2). Students
Under the pressure to perform and to compete, and coping with the dynamic pace and
complexity of the modern world, students are more vulnerable to illnesses. Star
Health has a policy that not only reimburses hospitalisation expenses, it can also
enable the student's education to continue despite the demise of an earning parent. It
also grants compensation in the event of death or disability of the student. Star
Student Care Insurance Policy is available separately for School and for College
students. Schools and Colleges respectively can avail of this policy.
3). Accident care
SRISHTI SCHOOL OF BUSINESS (SSB) Page 24
There are many types of accidents that can happen suddenly, or that one may be
particularly exposed to the risk of. The consequences could be serious - ranging from
disabilities to weeks of hospitalization. By way of prudence and caution, you should
be suitably insured according to your standard of living. STAR Health Accident Care
Insurance provides compensation in the event of death, permanent disability and
injuries suffered due to accidents.
4). Overseas Travels
Individuals
Student
Family
Corporate
5). Health + Life
Star shri individual care
Star shri family care
6). Rural
The greater percentage of the Indian population lives in rural areas which have very
limited healthcare facilities. The tragedy is when any illness or disease affects them
there is no source of finance available to them to meet the expenses. This pushes them
further into debt. A right solution therefore is a Health insurance which provides
protection at affordable rates within their capacity to pay. Star's Micro Health
insurance policy precisely fits into this requirement.
Pricing Strategy
SRISHTI SCHOOL OF BUSINESS (SSB) Page 25
The pricing strategy depend on the different- 2 services. Mainly they concentrate on
middle level income people.
USP
Star Health & Allied Insurance Co. has unique strength against their competitor.
Mostly the competitor of this company is all the general insurance companies do
health insurances. To attract the customer they deal with them with pricing service
and people who carry the product.
Specialty
No third party administrators.
In house claim settlement.
In house doctor’s vist for every claim.
No medical check up for age upto 50 yrs.
Free medical checkup for age > 50 yrs.
Coverage for persons upto 70 yrs.
More than 4500 net work hospital offering.
Offering cashless treatment.
Bangalore alone appx.225 hospitals.
CALL CENTER – TOLL FREE
In addition to the above we have 24 X 7 Call Centre, manned by the Medical
Professional and also trained staff to facilitate quality and prompt service.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 26
TOLL FREE
(1800 425 2255)
(1800 102 4477)
Distribution Network:
Presently Star Health and Allied Insurance have 160 branches across the country and
plan to increase the same to 200. Most of Star Health & Allied Insurance health plans
can be purchased online
CHAPTER:-6
Problems in Star Health
1. Claim settlement: there are more than 1000 claim settlement problem in progress
in star health company. More than 100 cases are in consumer court. In claim
settlement, they are taking too much time some cases are there which has taken more
than 2 years. Customer are very much disappoint with this claim settlement. This is
very critical area of any insurance company where they are losing their market share
and goodwill.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 27
For example: Star claims to be the best when you subscribe and turns out to be the
worst when you actually test it. I am writing this with self-experience (claim no.
0049090) and experience from the hospital staff who say, "please do not expect any
help from Star, and we would rather not send the form as it would get rejected as in
90% of the cases".(reference: consumer court forum website)
2. Service center or network hospital: All network hospital (4900) is in urban area
and for this also there are so many term and condition. In India 60% of population are
living in rural area but this company is not able to cover rural area. In addition, most
of the good facility hospital are in the tier I and tier II city that is also the problem for
company.
3. Misrepresentation by sales man: this sector mainly based on commission, so sales
man are doing misrepresentation to the customer they are not giving proper
knowledge to the customer and they are hiding information. Because of this company
facing problem like claim settlement, legal cases etc.
4. Poor service: company is providing poor service to the customer because of
network hospital and strict term and condition sometimes customer does not know all
the condition and they are not getting the service because of that they suffered a lot.
5. Return: This is pure health insurance company it is strength as well as weakness
for the company. Because of pure health insurance, there is no return for customer. So
many companies are providing health insurance with return.
6. Too much product: Star Health insurance has too much product. They are not able
to focus on all products. Star Health insurance has too many products. This
SRISHTI SCHOOL OF BUSINESS (SSB) Page 28
diversification has helped them to bring out the differentiated property of the
company in the competitive industry however they are not able to focus on all
products with equal concentration due to which most of their products are either being
killed by their own products or by some other.
7. Salary is not appropriate to the work.
The salary structure is improper with the job roles and responsibilities that the
employees perform. This in the end is affecting the company to retain the employees
and to satisfy them.
8. Commission is very less:
The agents or the intermediary of the company does not put their best efforts for
effective selling of their product to their customers. This happens because of the
commission paid to them by the company is considerably lesser. It has seen that
because of this aspect the relationship of the company with the intermediary company
getting badly affected.
9. Training and development program is needed to increase.
The salesmanship of the company through training and development of both the
employees as well as the agents are improper. They try to sell the products sometimes
even not understanding the product features and functionalities.
10. Language barrier is also critical problem.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 29
The recruitment of the employees is done from the local demography due to which the
language barrier is created. Even in this matter, the company is neglecting the fact that
because of this factor, the company’s reputation is being harmed and in the end, it
might be even seen that they may fall short of experienced and trained employees.
11. Less promotion activity.
The Company has a healthy financial position. Even holding a good position and
status in the industry the company’s promotional activities and other marketing
strategies and not affective enough to attract customers. They are failing in
understanding the customer needs and definitely in fulfilling it.
CHAPTER:-7
FINDINGS
1. Operations:
All the operations are system driven
SRISHTI SCHOOL OF BUSINESS (SSB) Page 30
This is addressed at utmost care as we are in the service industry, we have a
separate vertical starting from Branch to Head Office, and we have Nodal
officers and Grievance department, with many officials including GM
Grievance.
Once we receive the customer we issue Bonds Id cards and also take care of
claims and renewals and aim towards utmost convenience to the customer.
2. Finance
Given By our Promoters
As per statutory Norms we have done our investments
We have a full-fledged accounts department and accounts as maintained as
guided by the statutory authorities.
Company has to prepare budgets, Statutory, salary rent and other expenses are
few types of budgets
3. Human resource
SRISHTI SCHOOL OF BUSINESS (SSB) Page 31
We have two kinds of Recruitment [1] Operations: we select graduates with
computer skill [2] Marketing : purely on experience and their ability to Market
Insurance Products.
Operations : 12000 – 14000 Marketing : on their experience
Yes we have training calendar we train our Operation Officers Sales
Managers and Agents
We offer Free Medical Camps and Medical Talks for our corporate clients
This is addressed at utmost care as we are in the service industry, we have a
separate vertical starting from Branch to Head Office, and we have Nodal
officers and Grievance department, with many officials including GM
Grievance.
Performance appraisal is done once a Year, a chance will be given to employees
to do self appraisal and then it will be evaluated by the next reporting authority
and send to V.P HR for final.
As of now no as the attrition is very very low.
4. Marketing
SRISHTI SCHOOL OF BUSINESS (SSB) Page 32
Least in the Market, with intention of capturing the Middle Income Group
People.
Middle Income Group, with field force like Sales Managers and Agents.
All the General Insurance Companies do Health Insurance, hence all of them are
our competitors , we deal with them with our pricing service and people who
carry the product.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 33
CHAPTER:-8
Suggestions
The company has to provide the salary on the bases of employee calibre and
capability not only on experience work base also because people are working hard
and smart work both, only experience in not matter now.
The company should hike the salary of employee to create the employee morale. If
they will do like that obviously employee morale will high and they will get extra
motivation for work, and it will helpful for company to increase their profitability.
The company should provide the training on time to increase the talent. Training is
very much required time to time for every thing, it is the simplest way through
company improve their profit and market share and reduce the employee attrition rate
also.
The company can adopt the new plan while recruiting the employee like quiz etc. with
this activity company can get good employee in minimum expense.
1.Claim settlement
Make sure that it should not take more than 3-month time if patient will die without
treatment what is the use of health insurance.
It should provide full money not the deducted amount.
People should not suffer from the company’s legal procedure.
For customer: customer should wait for reasonable time because everything going
through the channel it will definitely take some time.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 34
For Company: Company should take full responsibility and make sure it should not
be panic for customer. In addition, company must understand the problem of
customer.
2. Service centre or network hospital
Company should increase the network hospital.
Company must focus on the small city network hospital also.
Company must focus on the rural area.
3.Poor service: company should improve their all kind of after sales service like
premium collection, reminder, and hospitalization.
Suggestion for company: company should give the hospitalization charge for
few hours also.
4. Misrepresentation by sales man
Company should make the strict rule and regulation for the sales man who is
misrepresenting the policy.
Motivate the sales people through training and reward.
For customer: Customer should also be aware and they should ask each and
everything deeply from the sales man.
5. Return:
Company should give the return with insurance benefit it will increase your
goodwill as well as profit and market share.
SRISHTI SCHOOL OF BUSINESS (SSB) Page 35
6. Too much product:
Company must focus on all products or they should not introduce the
product for increasing their product portfolio. Because of this company
can lose their profit.
7. Salary is not appropriate to the work.
Company should focus on the salary structure, they should provide the
salary according to their work responsibility, that employee gets
motivated; it will help to the reducing employee attrition rate also.
8. Commission is very less:
Company must give the better commission to the agent that they
should get motivated and give their 200% to the company. Because of
this agent are moving towards other company.
9. Training and development program needed to increase.
If T & D will, increases that mean employee will get more knowledge
especially in sales department, because of it misrepresentation will also
reduce.
10. Language barrier is also critical problem.
Language barrier should not be existing in company; organization must
maintain the work force diversity. if it will reduce it will easy to
maintain workforce diversity.
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CHAPTER:-9
conclusion
Star Health and Allied Insurance Company Limited, a health insurance company,
provides various health insurance plans for individuals, senior citizens, and families in
India. It offers health insurance policies for future ailments/diseases and for pre
existing diseases/conditions. The company also provides student insurance care
policies that grant compensation in the event of death, disability, or hospitalization
expenses for school and college students, schools, colleges, and research institutions;
travel protection insurance policies for individuals, families, students, and corporate
customers; and accident care insurance policies that provide compensation in the
event of death, permanent...
SRISHTI SCHOOL OF BUSINESS (SSB) Page 37
ANNEXURES
Operations
1. What are the general operational processes in your company?
2. What is the process of handling complaints?3. Explain the execution process once you receive the customer?
Finance
1. What are the sources of your company finance?
2. How do you manage the working capital, what are the sources for the working capital?
3. Do you have any investment plan or have you made any investment apart from your business?
4. What are the accounting procedures followed by the company?
5. Is the company into the practice of preparing the budget and what are the different types of budgets prepared by the company?
Human resource
1. What are the process involved in recruitment and selection?
2. What is the salary structure for different levels of employees?
SRISHTI SCHOOL OF BUSINESS (SSB) Page 38
3. Do you have any training calendar, what is the training programs offered for the employees?
4. What are the various welfare program offered by the company?
5. How the grievances of the employees are addressed to the management?
6. Do you conduct exit interview?
7. How does the employee performance appraisal take place?
Marketing
1. What all are your pricing strategy
2. Who are all your target customers, how do you reach them?
3. Who all are your present competitors & how do you deal with them(USP)?
SRISHTI SCHOOL OF BUSINESS (SSB) Page 39