Project on Reliance General Insurane

This project revolves around the insurance products and services of RELIANCE

GENERAL INSURANCE and BAJAJ ALLIANZ.

The project will help in exploring the factors behind growth, participants

involved, and the factors that affect the choice of the customer in selecting an

insurance company over the other company. It would also help in knowing the

customer’s perception towards the present scenario of the Insurance Industry.

Since the costumer is only responsible to select the insurance company through

which they are is associated so the data which affects the decision of a customer is the

best way to study the different factors responsible for the selection of insurance

products of a particular insurance company over the other company. Primary data

collection was done through personal visits and secondary data collection through

company websites and various previous research reports and brochures. The whole

study will be based on the research objectives.

The project includes the details of the insurance products and services of the

RELIANCE GENERAL INSURANCE and BAJAJ ALLIANZ.

Depending upon the services offered under the Package Policy by various

insurance companies’ comparison has been done with analysis and discussions.

The project includes the detail description of different factors that affect the

choice of different products and services that is offered by Insurance companies.

Different calculations have been done to analyze the data collected from the

home’s offices and shop’s.

Beside the comparative analysis of the package policies offered by various

companies, SWOT analysis of RELIANCE GENERAL INSURANCE has been done

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to understand what are areas where RELIANCE GENERAL INSURANCE is

excelling upon and what are the areas where the improvement is needed.

At the end of the project the conclusion, suggestion, finding and bibliography is

been provided.

The research work is all about to have a broad look over the PACKAGE

POLICIES and related SERVICES of RELIANCE GENERAL INSURANCE and of

BAJAJ ALLAINZ. I have examined thoroughly areas such as- The Indian insurance

system has its roots in the nineteenth century but the character and structure of the

system has, however, changed substantially. Since the mid-1970s and 2000, there has

been a spectacular growth in the spatial distribution of insurance branches and in the

size of their customers.

As the size of the insurance sector increased, the industry became difficult to

manage. Computer technology offered a possible solution .For a long time Indian

insurance companies faced very little competition and operated in a protected

economy.

The market for insurance products and services has become more competitive

than ever before. With the steady fall in premium rates over the last two years,

customers are looking for alternate avenues for savings and investments such as

pension plans, mutual funds, life insurance products etc.

The multinational insurance companies and some of the new private sector

insurance companies in the country have seized the opportunity very well.

2

The next phase consists of the research which is object oriented and has a realistic

approach towards the three package policies offered by INSURANCE INDUSRY. I

have done detail analysis of the above mentioned three package policies of

RELIANCE GENERAL INSURANCE and their comparison with BAJAJ

ALLIAZ.

The Reason for Selecting the Topic:

The motive behind the topic which I have taken is to know about the three package

policies offered by RELIANCE GENERAL INSURANCE and different other services

offered by BAJAJ ALLIANZ related to the same package policies.

It focuses on

1) The three PACKAGE POLICIES of RELIANCE GENERAL INSURANCE

2) The sections covered by BAJAJ ALLIANZ.

3) Comparative study

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OBJECTIVE

Primary objective

To analyze the various services given by Bajaj Allianz and compare it with Reliance General Insurance.

To know the market potential of Reliance General Insurance among the other competitors.

Sub objective

To figure out the various parameters that are consider while taking an insurance policies.

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SCOPE

From the study, I came to know about the different services offered by various insurance companies in connection with home insurance, shopkeepers insurance, and office insurance.

The study will help to know the trend of insurance industry few years down the line.

The data was enough to fulfill the objective of the study and to carry out the project efficiently.

The study helps to learn the work culture in and around the organization.

The study will help to know the customer expectation and behavior.

The study provides first hand information regarding the required services.

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Company Profile:

Reliance Commercial Corporation

In 1962, DhirubhaiAmbani started the Reliance Commercial Corporation with

the capital of Rs 15000. The primary business of Reliance Commercial Corporation

was to import polyester yarn and export spices. The business was setup in partnership

with ChampaklalDamani, his second cousin. In1965 ChampaklalDamani and

Dhirubhai ended their partnership and Dhirubhai started on his own. In1968, he

moved to an up market apartment at Alta mount Road in South Mumbai.Ambani’s net

worth was estimated at about Rs. 10 lakh by late 1960s.

Initial Public Offering

DhirubhaiAmbani is credited with starting the equity cult in India. More than

58,000 investors from various parts of India subscribed to Reliance’s IPO’s in 1977.

Reliance Industries holds distinction that it is the only private sector company

whose several annual general meetings were held in stadiums. In 1986, Dhirubhai

managed to convince a large no. of first time retail investors to participate in the

unfolding Reliance story and put their hard earned money in the Reliance Textile IPO,

promising them, in exchange for their trust, substantial returns on their investments.

Ambani’s net worth was estimated at about Rs.1 billion by early 1980’s.

Diversification

Over time Dhirubhai diversified his business with the core specialization being in

petrochemicals and additional interest in telecommunications, information

technology, energy, power, retail, textiles, infrastructure services, capital

markets and logistics. The company as a whole by BBC as “a business empire with

an estimated annual turnover of $12 million, and an 85,000 strong workforce”

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Reliance Capital

Reliance Life Insurance

Reliance General Insurance Insurance

Reliance Money

Reliance Consumer

Finance

Reliance Mutual fund

Mutual Fund

Reliance general insurance is one of the leading private general insurance

companies of India, in the present times. It was amongst the first companies to apply

for, and obtain, a license for insurance business, after the liberalization of insurance

sector, in 2000. The company continued to growth with the passing time, widening

the scope of its insurance policies. Today, it offers over 94 customized insurance

products catering to need of the corporate, SME and individual customers. Reliance

general insurance also boasts of being the first insurance company in India to be

awarded the ISO 9001:2000 certification across all functions, processes, products and

location pan-India.

Vision

To be an insurer of World Standards and the most preferred choice for clientele at the domestic and global level.

Mission

Companies’ mission is to keep the customer satisfaction as focal point of all our operations, adopt the best international practices in underwriting, claims and customer service, be the most innovative in product development, establish presence all over India, ensure sustained value addition to all stake holders and to uphold Corporate Value & Corporate Governance.

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Goals

Make affordable insurance accessible to all Keep customer as focal point for all operations Protect policy holders interests Adopt best international practices in claims, underwriting and policy servicing Be the most innovative in product development Establish Pan India presence

Growth and innovation

Reliance general insurance company Ltd has grown over time, to set up as many as

2000 offices, which have spread across 173 cities, in 22 states of India. Such a wide

distribution channel network, along with 24x7 customer service assistance and a fully

fledged website, has added to its success. As the same time, the company continuous

to launce innovative products, like Indies first Over-The-Counter health and home

insurance policies, to woo potential customers and keep the present ones satisfies and

pleased.

Customer Focus

The brand philosophy of reliance general insurance company is “Protecting what u

value”. The company aims at helping individuals; Corporates as well as SMEs protect

their dreams and accomplishments; that too though a hassle frees buying process.

With the concept of online buying, Reliance has made it possible for the potential

customers to book the policies from within the confines of their home/office. At the

same time, the insurance company intends to make the claim settlement as prompt,

transparent and speedy as possible.

Services

Reliance general insurance company offers a wide range of innovative products to the

potential customers. Right from health and home insurance to car/motor and travel

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insurance, we can get almost all types of individual policies with reliance, that too as

the premium rate. Apart from that, the company also caters to corporate and SME

clients, providing end to end insurance solutions. The product basket includes fire,

engineering, liability, marine, travel and other types of insurance, for organization risk

management.

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The key business & financial highlights are:

Reliance General Insurance has notched a premium of Rs.1946 crores during the

FY 2007-08, an exponential growth of 113 per cent as against the industry

growth of 13 per cent.

The Company’s new business premium of Rs.1034 crores for the FY 2007-08,

constitutes 33.01% of the Industry’s new business premium.

Reliance General Insurance ranks among the Top three private sector general

insurance companies in India, during FY 2007 - 08

Enjoys a 17 per cent market share amongst the private sector players.

The distribution network extends across 200 Branch Offices spread across 172

cities in 22 States.

Reliance General Insurance has achieved the ISO 9001:2000 certification for

maintaining quality standards across all functions, processes, products and

locations pan-India. This has made RGI the first general insurance company in

the industry to achieve this milestone.

Has many Industry firsts to its credit including the first Over-The-Counter retail

health insurance policy in India - Reliance Health Wise Policy.

The health kit system, launched by RGI was conferred the PC Quest award for

Best IT implementation.

The Reliance Home Insurance film won an ABBY Award at Ad Fest 2008

Rapidly expanded the width and depth of the customer touch points over the last 2

years. The current customer touch points are offered through distribution channels

like Agents, Banc assurance, Motor, Broking, Travel, Direct Sales and Rural.

Quality

At Reliance General Insurance, we identify Quality and Customer-focus as our

key strategic initiatives. Our Quality roadmap, strictly aligned with our business

priorities, is benchmarked to the best contemporary global practices, and is designed

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to support our single-minded objective of maintaining world-class quality standards.

Our quality system deployment, defined from the point of the view of our customers,

is to enhance customer experience at all the touch points. As part of this initiative,

every business process in the organization is identified, documented, automated and

deployed. These processes are further monitored continuously through their

compliance scores and dashboard measures and reviewed by the Senior Management

team within the organization.

In fact this passion has taken us one step ahead. We are pleased to share the

recognition of our Quality Management System by reputed global quality standards

auditing organization – Det Norske Veritas (DNV), which has awarded us the ISO

9001:2000 certification. The certification conforms our adherence to design,

development & sale of General Insurance product offerings to meet customer needs

and in line with 'IRDA regulations'

What does the ISO 9001: 2000 certification mean to our Customer?

Streamlined processes and procedures

Reliance General Insurance has established well-defined and documented

process and to help understand our Customer’s requirements and address them

to their satisfaction.

Superior Service Standards

our unwavering commitment to excellence ensures prompt and correct

documentation while also ensuring transparent & speedy claims settlement.

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Operations

To achieve business success by improving operational efficiencies, Reliance General

Insurance realizes the need to tighten up and streamline both channel partner

relationships and back office operations. The brokers and channel partners are the

interface to end customers. They play a vital role in helping sustain existing customers

as well as attract new customers through better and diverse services. So it is

imperative that we are well connected with brokers / channels partners as well as meet

their needs. Improvement in back office operations can happen if policy production

and billing are automated; overall claims expenses are reduced, and claims settlement

is made faster.

To be successful at doing this, we need to nurture both parts of the solution

equation, that is, creation of solution-oriented strategy and deployment of solution-

based scalable technology that enables meeting of strategic goals laid out as part of

our enterprise strategy. In the current scenario many insurers either rely on manual

methods or custom coded solutions that lack strategic approach to address their

business needs. Manual execution of their crucial operations leads to many errors that

occur in documents passed from insurers to brokers or ceding companies to

reinsurers, which results in lengthy settlement cycles. While custom coded interfaces

are developed to meet a certain set of needs only. They are not scalable so cannot

meet changing needs and require recurring IT investment to keep them in use.

Reliance General Insurance Co. Ltd is in the process of rolling out a 'Centrally

controlled, decentralized delivery' operations structure to ensure speedy processing

and service while maintaining predictable and strict quality control. A solution is also

being developed to offer strategic value through systematic design and deployment of

BPM and integration technologies. The solution will address volatile situations, and

shall be a scalable and reusable solution. It would help meet the challenge of

operational costs saving while enabling us to exploit business expansion opportunities

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Technology

The IT strategy aims to integrate the business and IT visions and has been an

important instrument in facilitating the dialogue between the IT community and the

business leaders across the Company. The importance of planning, in this fast-paced

environment, has never been more critical. The technical and business segments have

worked closely to identify the impact of external drivers, clarify the business needs,

and ultimately determine how IT can best help in achieving the business goals. Our

Customers form the centre piece of the business architecture and rightly so, be the

focal point from a technology perspective as well. Our Endeavour shall be to provide

easy, consistent and instant access of relevant information to customers across

multiple channels and touch points. All our technology initiatives shall be geared

towards this objective.

The Company recognizes that the security of information requires an ongoing

commitment. Towards this end a security program would provide a continuous cycle

for assessing risk, developing and implementing effective security procedures, and

monitoring the effectiveness of those procedures. We want to guarantee the reliability,

confidentiality and availability of critical information. To that end, we will continue

implementation of our strategy for enhancing information security management

controls. We are in a challenging environment, dealing with all the changes in

technology, the insurance industry, the IRDA regulations and the workplace. The

expectations of what information technology (IT) can do to benefit the business and

its customers continue to grow. We've been working hard to provide day-to-day IT

services, while keeping our eye on where the Company is headed strategically, and

also transforming the IT organization to meet future requirements.

Meaning of Risk / Insurance

Insurance is a contract whereby, in return for the payment of premium by the insured,

the insurers pay the financial losses suffered by the insured as a result of the

occurrence of unforeseen events. The term "risk" is used to describe all the accidental

happenings, which produce a monetary loss.

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Insurance is a method in which a large number of people exposed to a similar risk

make contributions to a common fund out of which the losses suffered by the

unfortunate few, due to accidental events, are made good. The sharing of risk among

large groups of people is the basis of insurance. The losses of an individual are

distributed over a group of individuals.

The risk becomes insurable if the following requirements are complied with:

The insured must suffer financial loss if the risk operates.

The loss must be measurable in money,

The object of the insurance contract must be legal.

The insurer should have sufficient knowledge about the risks he accepts

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Reliance Energy Ltd. Reliance Mutual Fund

Harmony Reliance Communications

Reliance Life InsuranceReliance Anil Dhirubhai Ambani

Group

Reliance General InsuranceReliance Portfolio Management Service

Reliance Big Entertainment

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http://www.rbe.co.in/

https://www.reliancepms.com/webfincrm/login.jsp;jsessionid=F0A3B295058BD4A2CDDE976E5C6F4D4F


http://www.reliancegeneral.co.in/insurance/home.html

http://www.relianceadagroup.com/


http://www.reliancelife.co.in/

http://www.rcom.co.in/

http://www.harmonyindia.org/

http://www.reliancemutual.com/

http://rel.co.in/

http://rel.co.in/

http://www.reliancemutual.com/

http://www.harmonyindia.org/

http://www.rcom.co.in/

http://www.reliancelife.co.in/


http://www.reliancegeneral.co.in/insurance/home.html


http://www.rbe.co.in/

DIFFERENT PRODUCTS - OFFERED BY RGICL

HEALTH

Reliance Health Wise

Access to quality healthcare is a necessity today. The Reliance Health Wise Policy

ensures you provide the best medical care to your family. We offer a health insurance

policy that gives you the optimum value for money without compromising on the

quality of medical attention.

Reliance Individual Medi claim Insurance Policy

Your family deserves the best especially when it comes to medical care. With medical

expenses shooting sky high, Reliance Medi claim Insurance Policy helps you meet

hospitalization costs. We free you from financial worries so that you can give your

full attention to your loved ones.

MOTOR

Reliance Two Wheeler Insurance Policy

Two wheelers are convenient and exuberant. With the many advanced features added

in, today's two wheelers are safe too. However, the possibility of damage to your

pride and joy exist by way of theft, natural calamities and accidents. Ensure your

peace of mind with Reliance Two Wheeler Insurance Policy. It gives you

comprehensive cover for your vehicle.

Reliance Private Car Insurance Policy

Your car is more than a means of transport. It can be used for a family outing or for

your feel of freedom when your work burdens you down or it could be your primary

aid in emergencies. Reliance Private Car Policy provides you comprehensive

protection for your valued possession.

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HOME

Reliance Home Protect Policy

Your home is probably your most valuable asset, both as an investment and as your

sanctuary in a hectic world. You need to protect it from harm. Reliance Home Protect

Policy offers quality, basic coverage with many standard features, plus a full array of

coverage options to enhance your protection

Reliance Householders' Package Policy

Your home is the place where you feel most secure. It protects from outside elements

and keeps the family bound together. To secure it, you need comprehensive coverage

offered by Reliance Householders' Package Policy that is tailored to your individual

home and possessions.

Travel

Reliance Travel Care Insurance Policy for Individuals and Families

Are you planning a trip to Disneyland with your family or a romantic tour of the

classics in Europe? Reliance Travel Care gives you comprehensive cover for you and

your family when you globe trot. Travel Care goes beyond just health insurance and

provides you with a wide range of travel related covers to make your trip stress-free.

Reliance Travel Care Insurance Policy for Students

If you are planning on an international education, you need to have health insurance

cover that meets the norms of the university. Reliance Travel Care offers you a plan

especially designed for student life abroad. We value your dreams and aspirations and

we will be glad to assist you in realizing them.

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Reliance Travel Care Insurance Policy – Asia

Asia with its exotic flavors and shopping Mecca’s has attracted the Indian travelers in

hoards. Reliance Travel Care-Asia Plan is designed to safeguard and protect you from

medical and other emergencies at a reasonable cost

Reliance Pravasi Bhartiya Bima Yojana Insurance Policy

With the advent of globalization and liberalization, every day, thousands of Indians

are crossing new frontiers and taking up new challenges in different parts of the

world. But at the same time they are exposed to several perils like illness, accidents

and various other misfortunes. In order to help cover such contingencies, we present

the Reliance Pravasi Bhartiya Bima Yojana Insurance policy. This policy is specially

designed for emigrant Indians who are abroad on a valid visa for purposes of

employment

ACCIDENT COVER

Reliance Individual Personal Accident Policy

Safety is always a paramount concern. However accidents do occur. An accident at

home could be simply broken glass or a gas cylinder burst. Reliance Individual

Personal Accident Policy is one of the key security measures to undertake for

providing financial security in case of a injurious accident. It ensures that one's family

does not suffer in event of an accident by providing compensation for accidental death

or disablement.

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PACKAGE POLICY

Reliance Office Package Policy

Your office which is the place of your professional success has been built with much

of your time and money. However, it is constantly exposed to various kinds of risks.

An unfortunate occurrence might disrupt the customary functioning of it, bringing a

huge financial burden to your business and on you. Although you cannot guard your

business from all possible risks, but with the Reliance Office Package Policy, you can

choose those risks which you want to protect your office against and also determine

the extent of cover against each risk.

Reliance Commercial Care Policy

Your enterprise means the whole world to you. You direct all your efforts in securing

the business against any undesirable misfortune. Reliance Commercial Care Policy

furthers this Endeavour and protects your business against various perils and risks

which it might be exposed to, making sure that you can focus your efforts where it is

needed the most – the running of the business.

Reliance Industry Care Insurance Policy

For a manufacturing or industrial unit, every operational moment is critical. However,

despite the best safety efforts, accidents do happen leading to significant losses. We

understand and appreciate your business and to ensure that in such events your

business is up and running as soon as possible, we present Reliance Industry Care

Policy.

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Reliance Shopkeeper's Package Policy

Often, establishments such as shops are exposed to various risks that threaten to result

in significant loss and damage to property as well as business. To ensure financial

protection from such losses and to facilitate smooth running of your business, we

present Reliance Shopkeeper's Package Policy.

Miscellaneous Policies

Reliance Money Insurance

Daily monetary transactions are an integral part of business routine. Few of these

innumerable exchanges could include transfer of funds through cash, cheques, drafts,

and postal orders etc which are typically exposed to certain risks. To cover such risks,

we are pleased to offer the advantage of Reliance Money Insurance Policy, which

protects your money round the clock.

Reliance Burglary & Housebreaking Insurance Policy

The world around us is becoming more and more unsafe and the increase in crime rate

bears witness to this fact. Occurrences like burglary, housebreaking or robbery of

contents at your office, warehouse, shop or industry can bring about a huge financial

loss to you. Reliance General Insurance is pleased to offer a plan that keeps your

property protected at all times against burglary and house breaking.

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Reliance Fidelity Guarantee Insurance Policy

Your employees are the driving force of your business. The successful functioning of

your enterprise is most often based on responsibility and subsequent empowerment of

your workforce. However, it is also possible that such delegation might lead to misuse

of empowerment and hence, one should guard against this risk. The Reliance Fidelity

Guarantee Policy facilitates you in delegating and empowering your employees while

keeping your business safe

Industrial All Risks Policy

Industrial Units are exposed to a host of perils which threaten to bring their day to day

operations to a grinding halt. Any loss or damage to property due to these perils can

cause a lot of financial trouble, both in terms of the repair or replacement costs and

the business loss that such events can bring about. The Reliance Industrial All Risks

Policy can be the perfect solution for the industrial units to ensure complete coverage

when such loss or damage occurs

Reliance Standard Fire and Special Perils Policy

Corporates with large spread out business insurance need comprehensive protection

for their operation. Insurance is an essential tool to protect yourself against losses that

could devastate your business. Reliance has provided Reliance Standard Fire and

Special Perils Policy with a combination of both standard and optional features so that

you can choose the cover which best suits your business

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Reliance Machinery Insurance Policy

Machinery forms an integral part of any manufacturing or industrial set-up.

Breakdown of critical machines have a significant impact on your business, not only

in terms of the heavy expenses towards repair and replacements, but also the financial

losses that you might have to bear during downtime. We help companies protect their

assets and safeguard their revenue streams with the help of the Reliance Machinery

Insurance Policy.

Reliance Electronic Equipment Insurance Policy

Today electronic equipment is a part and parcel of all businesses, whether big or

small. From computers to medical devices, industrial equipments to electronic cash

registers, companies all over the world are increasingly relying on the latest

technology as a backbone to aid their day-to-day operations. It becomes imperative to

cover these equipments against the perils that they are exposed to, so as to ensure the

continuity of your business and safeguard your investments. The Reliance Electronic

Equipment Policy is the ideal solution for such an insurance need, providing coverage

for unforeseen physical loss or damage to your equipments

Reliance Marine Cargo Insurance Policy

The increase in global trade has boosted our economic prosperity as a nation and has

developed new avenues of business for many organizations. Today, new trade

agreements are expanding the realms of business operations to many new countries

and more goods are being shipped around the world. There are a variety of risks that

are associated with transit of goods and it becomes pertinent to have comprehensive

coverage for loss or damage to the goods. For this purpose, we present the Reliance

Marine Cargo Policy.

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OVERVIEW OF INSURANCE INDUSTRY

As we all know that the Indian insurance system has its roots in the nineteenth

century. Before 1973 prior to nationalization of general insurance companies,

insurance was concentrated mainly among private hands. It was clear that a better

insurance system was needed to promote the economic goals of the new Indian state.

According to experts in insurance there has been a substantial growth in the

distribution of insurance branches and size. After nationalization, there was also a

change in recruitment policy. However due to the advancement in technology there

was introduction of computer in every field but insurance in India did not, however,

introduce computers on a large scale because of the fear that these would result in

retrenchment and unemployment.

For a long time Indian insurance companies faced very little competition and

operated in a protected economy. But after 1999 market for insurance products and

services has become more competitive than ever before because of the entry of big

private insurance companies. .

Now due to the increase in competition the private and public sector insurance

companies had to broaden the horizon of their products and services to meet their

demand and fulfill their need through better facilities.

To fulfill the need of their customer the insurance companies has to be accelerate

in the country.

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To be successful in insurance sector, insurance companies will need to revamp their

business model to

(a) Build a large volume, highly scalable operation,

(b) Package and deliver products rapidly in a dynamic market,

(c) Leverage effectively on multiple delivery channels (branch, internet, etc.) with

a view to contain the cost of operations

(d) Build relationships with providers of related insurance products and services

and move towards converting the network of insurance companies’ branches into

‘insurance supermarkets’.

So there are different insurance products and services that are offered by the

insurance companies in order to fulfill the need and the demand of the customer.

Although all insurance companies offer same type of insurance products like

home insurance ,motor insurance, office insurance etc. but the sections covered and

premium charges varies from one company to another company.

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OVERVIEW OF PACKAGE POLICIES

1-HOUSE HOLDER’S POLICY

Our home and family mean everything to us. Not only our love and care, but also

a lot of our time and money have gone behind their being what they are today.

Although we cannot guard them from all possible risks, we can take steps to help us

tide over unexpected events that can totally shatter our life and our dreams.

The Householders Policy is a comprehensive shelter that protects our house and

the various contents in it against a variety of risks. It is a single policy that takes care

of a number of contingencies. It is imperative that we secure our home from natural

and man-made catastrophes. House holders Policy covers risks of different types and

protects the house as well as personal effects and household goods. This is a package

policy specially designed to meet the insurance requirements of a householder by

combining a number of standard policies usually taken by householders, under a

single policy.

Features:-

*Fire and Allied Perils

*Burglary and House Breaking.

*All Risks (jewellery and valuables)

*Domestic Mechanical and Electrical Appliances.

*Domestic Electronic Appliances.

*Television Sets.

*Fixed Plate Glass.

*Baggage.

*Personal Accident.

*Legal Liability etc.

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2-OFFICE PACKAGE POLICY

There are huge investments made when it comes to business. Investments are

made for office premises, equipment's, human resources and other infrastructural

facilities. Our trade or business on which so much of our time and money have been

spent to build up is constantly exposed to various kinds of risks. Some unfortunate

occurrence might bring a huge financial burden to our business and to us. Although

we cannot guard our business from all possible risks, we can take steps to tide over

such unexpected events.

The Office Package Policy is a comprehensive insurance policy, specially

designed to provide protection to our Office against different kinds of risks and perils.

By opting for this single policy, the office owner covers those risks which his

business is likely to encounter while concentrating on his business activity. This

policy is suitable for large offices owned by big companies as well as small and

medium sized offices like Travel Agencies, Professionals like Chartered Accountants,

Consultants, Architects, Interior Decorators, Engineers or any other service provider

Features:-



*Mechanical and Electrical Appliances.

*Electronic Appliances.

*Money Insurance.

*Fixed Glass and Sanitary Fittings.

*Baggage.

*Neon Sign/Glow sign/Hoarding.

*Personal Accident.

*Infidelity/Dishonesty of Employees.

*Legal Liability.

*Additional Rent for Alternative Accommodation.

*Tenant’s Legal Liability etc

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3-SHOPKEEPER’S POLICY

The Shopkeeper’s insurance policy is a comprehensive and specially designed

policy that seeks to cover the losses arising out of a wide variety of risks and perils. It

lets the shopkeeper concentrate on the running of his business, his most valued asset

but also his source of income. It covers both the structure and the contents of our shop

and protects us against financial loss in case of an unfortunate incident. Only one

policy can be taken by one shopkeeper for each shop in a specific location having

separate books of accounts. This is a package policy specially designed for small

shopkeepers. It is a single policy combining the various insurance requirements of

shopkeepers.

Features:-



*Mechanical and Electrical Appliances.

*Electronic Appliances.

*Money Insurance.

*Fixed Glass and Sanitary Fittings.

*Baggage.

*Neon Sign/Glow sign/Hoarding.

*Personal Accident.

*Infidelity/Dishonesty of Employees.

*Legal Liability

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Research:

Research is defined as human activity based on intellectual application in the

investigation of matter. The primary aim for applied research is discovering,

interpreting and the development of methods and systems for the advancement of

human knowledge on a wide variety of scientific matters of our world and the

universe.

Research as a means for gaining knowledge can be carried out either arbitrarily or

in a systematic fashion. Research is a purposive investigation. It is a way of

finding new ways of looking at familiar things in order to explore ways of

changing it. As a process it involves defining and redefining problems, hypothesis

formulation, organizing and evaluating data, deriving deduction, inferences and

conclusions, after careful testing.

Research Design:

The researcher will be required to prepare a research design i.e. he will have to

state the conceptual structure within which research would be conducted. The

function of research design is to provide for the collection of relevant evidence

with minimum expenditure of effort, time and money.

Types of research design:

Exploratory design

Descriptive design

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Diagnostic design

Experimental design

The research design, which researcher used for this project is the descriptive one.

Descriptive research

“Descriptive research includes surveys and fact finding enquiries of different

kinds. The major purpose of descriptive research is description of the state of affairs

as it exists at present. In social science and business research we quit often use the

term ex post facto research for descriptive research studies. The main characteristics

of this method are that the researcher has no control over the variables. He can only

report what has happened or what is happening. Most ex facto research projects are

used for descriptive studies in which the researcher seeks to measure such item as for

example frequency of shopping, preference of people, or similar data.”

Sample Design:

A sample design is definite plan for obtaining a sample from a given population. It

refers to the technique or the procedure the researcher would adopt in selecting items

for the sample. Sample design is determined before data is collected.

Steps in sample design:

While developing a sampling design, the researcher must pay attention to the

Following points;

31

( i ) Type of universe:

The universe can be finite or infinite. In finite universe the number of items is

certain like population of city, workers in factory etc. in case of infinite universe

the number of items is infinite like stars in sky, listeners of radio programmed etc.

In this research, universe of sampling is Offices, Homes & Shop Owners of Patna

( ii ) Sampling unit:

Sampling unit may be Geographical one such as State, District, Village etc., or a

Construction unit such as House, Flat etc., or it may be Social unit such as Family,

Club, School etc.

In this research sampling unit is Geographical as well as Social.

(iii) Size of sample:

This refers to the number of items to be selected from the universe to constitute a

sample. The size of sample should neither be excessively large, nor too small. It

should be optimum i.e. sample fulfills the requirements.

In this project sample size is of 180.

(iv) Sampling procedure/techniques:

Researcher must decide about the technique to be used in selecting the items for

the sample. In fact, this technique or procedure stands for the sample design itself.

Mainly there are two techniques:

Random or probability sampling

32

Purposive or non-probability sampling

In this research Non-probability sampling (Judgment sampling) is used.

Non-probability sampling

(Judgment sampling)

“Samples can be either probability samples or non-probability samples. With

probability samples each element has a known probability of being included in the

sample but the non-probability samples do not allow the researcher to determine this

probability.”

“Non probability samples are those based on convenience sampling, judgment

sampling and quota sampling techniques.”

“Judgment sampling the researcher’s judgment is used for selecting items which

he considers as representative of the population.”

Data sources:

There are two types of data:

1. Primary Data

2. Secondary Data

Primary Data:

The primary data are those which are collected afresh and for the first time, and

33

thus happen to be original in character. The collection of primary data is costly

and time consuming. It requires greater planning and co-ordination.

Secondary Data:

The secondary data, on the other hand, are those which have already been

collected by someone else and which have already been passed through the

statistical purpose. It is also called the Historical data.

Research is totally based on primary data. Secondary data is used only for the

reference. Research has been done by primary data collection, and primary data

has been collected by interacting with various people and taking the feedback by

Questionnaires. Secondary data are used for the theoretical and statistical part of

the project.

The secondary data has been collected through various sources like:

Company manuals & Records.

Magazines and publications.

Website on internet.

Interacting with the employers of the company.

Data Collection Method: Questionnaire

This included different questions which helped us to gather information required

to come up to a conclusion from the research.

Type of Questions : Structure

34

1(a)-HOUSE HOLDER’SPOLICY- COMPARISON OF FEATURES

Sections & sub-sections/Company name

RELIANCE BAJAJALLIANZ

1,Fire and Allied Perils(including Terrorism)

YES YES

2,Burglary and Housebreaking YES YES

3,All Risk (jewellery and valuables)

YES YES

4,Domestic Mechanical and Electrical Appliances

YES YES

5,Domestic Electronic Appliances YES YES

6,Fixed Plate Glass YES YES

7,Baggage YES YES

8,Personal Accident YES YES

9,Legal Liability(A)WC(B)Third party

YES YES

10,TelevisionSets

YES YES

11,Loan Payment protection NO NO

12,Increased Living expenses NO NO

35

1(b)-HOUSE HOLDER’S POLICY-COMPARISON OF RATES

Sections & sub-sections/Company name Premium rates given below Rs. per 1000/-



As per tariff .50

2,Burglary and Housebreaking 1.5 2.25

3,All Risk (jewellery and valuables)

10 10

4,Domestic Mechanical and 2.5 2.25

5,Domestic Electronic Appliances 10 10

6,Fixed Plate Glass 10 10

7,Baggage 7.5 7.5

8,Personal Accident As per tariff As per tariff

9,Legal Liability 0.5 0.5

10,Television Sets

10 2.25

11.Loan Payment protection______ _____

12.Increased Living expenses ______ _____

2(a)-OFFICE PACKAGE POLICY- COMPARISON OF

36

FEATURES




YES YES

2,Burglary and Housebreaking YES YES

3, Mechanical and Electrical Equipments

YES YES

4,ElectronicEquipments

YES YES


6,Baggage YES YES

7,Money Insurance YES YES



YES YES

10,Infidelity/Dishonesty of employees

YESS YES

11,Neon Sign and Glow sign YES NO

12,Business Interruption NO NO

13,Tenant Legal Liability NO NO

14,Cost of Re-instatement of data

NO NO

37

15,All Risk on Professional instruments

NO NO

16, Loss of Rent. NO NO

17,AlternativeAccommodation

YES NO

18,Hospital Cash NO YES

2(b)-OFFICE PACKAGE POLICY-COMPARISON OF RATES

38

Sections & sub-sections/Company name Premium rates given below Rs. Per 1000/-



0.30 and 0.50 As per tariff

2,Burglary and Housebreaking

1.5 1


2.75 15


10 10


6,Baggage 10 10

7,Money Insurance 2 1.5

8,Personal Accident 1.5 As per tariff

9,Legal Liability 1 5

10,Fidelity Guarantee 5+10/staff 10

11,Neon Sign and Glow sign 10 ____

12,Business Interruption ____ ____

13,Tenant Legal Liability ____ ____

14.Cost of Re-instatement of data

____ ____

39

15.All Risk on Professional instruments

____ ____

16.Loss of Rent. ____ ____

17,AlternativeAccommodation

0.50 ____

18,Hospital Cash ____ As per tariff

3(a)-SHOPKEEPER’ POLICY- COMPARISON OF FEATURES

40




YES YES


YES YES


YES YES


YES YES


6,Baggage YES NO

7,Money Insurance YES YES



YES YES

10,Infidelity/ Dishonesty ofEmployees

YES YES

11,Neon Sign and Glow sign YES YES

12,Business Interruption NO YES

3(b)-SHOPKEEPER’ POLICY- COMPARISON OF RATES

41



1,Fire and Allied Perils 2.8 2.25


1 2.25


2.5 Varies from item to item (max is 25)


10 10


6,Baggage 8 ____

7,Money Insurance 2 1.5

8,Personal Accident 0.45 As per tariff


0.5 0.5

10,Infidelity/ Dishonesty ofEmployees

10 10

11,Neon Sign and Glow sign 10 10

12,Business Interruption ____ 2.25

OTHER COMPETITORS

42

IFCO - TOKIO

NATIONAL INSURANCE

THE ORIENTAL INSURANCE

For Household Insurance

43

For your household, do you think that it is important to have insurance?

No. Of Customers (60)

Percentage (%)

Always 18 30

Sometime 10 16.66

Never 12 20

Depends upon Product 20 33.33

30

16.66

20

33.33

NO. OF CUSTOMER (IN %)

AlwaysSometimeNeverdepends upon Product

INTERPITATION

33.33 % of respondents said that the insurance of household depends on product.

30% of respondents said that insurance is always essential for house.

20 % of respondents said that there is no need of Insurance for house.

16.66 % of respondents said that insurance is necessary, but some time.

44

36.66

30

33.33

NO. OF CUSTOMERS (IN %)

RELIANCE GENERAL INSURANCEBAJAJ ALLIANZEOTHERS

INTERPITATION

36.66 % of respondents like Reliance General Insurance for household Policy.

33.33% of respondents like other insurance company.

30 % of respondents like Bajaj Allianz for household Policy.

On which basis you select your insurance company

45

For household Insurance which company does you like most?

No. Of Customer (60) Percentage (%)

RELIANCE GENERAL INSURANCE

22 36.66

BAJAJ ALLIANZ 18 30

OTHERS 20 33.33


Percentage (%)

Premium 14 23.33

Facilities 21 35

Company’s Profile

18 30

Other 7 11.66

23.33

35

30

11.66


PremiumFacilitiesCompany's ProfileOther

INTERPITATION

35 % of respondents select their Insurance Company on the basis of Facilities.

30 % of respondents select their Insurance Company on the basis of Company’s Profile.

23.33 % of respondents select their Insurance Company on the basis of Premium.

11.66% of respondents select their insurance company on the basis of other reasons.

Do you think the legal liability is necessary for household insurance?

46


Percentage (%)

Yes 42 70

No 6 10

Don’t know 12 20

70

10

20


YesNodon't know

INTERPITATION

70 % of respondents think that legal liability is necessary.

10% of respondents think that legal liability is not necessary.

20% of respondents don’t know about legal liability.

For Office package Policy

47

For your Office, do you think that it is important to have insured?

No. Of Customer (60)

Percentage (%)

Always 26 43.33

Sometime 12 20

Never 4 6.66

Depends upon Product

18 30

INTERPITATION

43.33% of respondents said that insurance is always essential for Office.

30 % of respondents said that the insurance is depends on product.

20 % of respondents said that there insurance is necessary, but some time.

6.66% of respondents said that there is no need of Insurance.

For Office Package policy which company do you like most?

48

43.33

20

6.66

30

NO OF CUSTOMERS (IN %)

Always

Sometimes

Never

depends upon Product


Percentage (%)


18 30

BAJAJ ALLIANZ

19 31.66

OTHERS 23 38.33

30

31.66

38.33

NO. OF CUSTOMER(IN %)

RELIANCE GENERAL IN-SURANCEBajaj ALLIANZOTHERS

INTERPITATION

30 % of respondents like Reliance General Insurance for their Office Package Policy.

31.66 % of respondents like Bajaj Allianz for their Office Package Policy.

38.33 % of respondents like Other Insurance for their Office Package Policy.


49


Percentage (%)

Premium 16 26.66

Facilities 22 36.66

Company’s Profile

14 23.33

Other 8 13.33

26.66

36.66

23.33

13.33

NO. OF CUSTOMERS ( IN %)

PremiumFacilityiesCompany's ProfileOther

INTERPITATION

36.66 % of respondents select their insurance company on the basis of facilities.

26.66 % of respondents select their insurance company on the basis of Premium..

23.33 % of respondents select their insurance company on the basis of Company’s Profile

13.33% of respondents select their insurance company on the basis of other

reasons.

Do you think the legal liability is necessary for Office

50

insurance?No. Of Customers

(60)Percentage (%)

Yes 35 58.33

No 20 33.33

Don’t know 5 8.33

58.33

33.33

8.33


YesNoDon't know

INTERPITATION

58.33 % of respondents think that legal liability is necessary.

33.33 % of respondents think that legal liability is not necessary.

8.88% of respondents don’t know about legal liability.

For Shopkeeper’s Insurance

51

For Your Shop, do you think that it is important to have insurance?


Percentage (%)

Always 33 55

Sometime 09 15

Never 06 10

Depends upon Product

12 20

55

15

10

20

NO. OF CUSTOMERS (IN%)

AlwaysSometimeNeverDepends upon Product

INTERPITATION

55% of respondents said that insurance is always essential for their shop.

20 % of respondents said that insurance is depends on product.

15 % of respondents said that insurance is important, but some time.

10% of respondents said that insurance is not necessary.For Your Shop which Insurance company does you like

most?No. Of

Customer (60)Percentage (%)

52


16 26.66

BAJAJ ALLIANZ 12 20

OTHERS 32 53.33

26.66

20

53.33


RELIANCE GENERAL IN-SURANCEBAJAJ ALLIANZOTHER

INTERPITATION

26.66 % of respondents like Reliance general insurance.

20 % of respondents like Bajaj Allianz.

53.33 % of respondents like Other Insurance Companies.


No. Of Customer (60) Percentage (%)

53

Premium 18 30

Facilities 23 38.33

Company’s Profile 15 25

Other 04 6.66

30

38.33

25

6.66

No. of customer in (%)

PremiumFacilitiesCompany's profileOthers

INTERPITATION

38.33 % of respondents select their Insurance Company on the basis of facilities.

30 % of respondents select their Insurance Company on the basis Premium.

25 % of respondents select their Insurance Company on the basis of Company’s profile.

6.66% of respondents select their insurance company on the basis of other reasons.

Do you think the legal liability is necessary for Shop insurance?

54


Percentage (%)

Yes 40 75

No 10 25

Don’t know 10 10

66.66

16.66

16.66

NO. OF CUSTOMERS (IN%)

YESNODon't know

INTERPITATION

66.66 % of respondents think that legal liability is necessary.

16.66 % of respondents think that legal liability is not necessary.

16.66% of respondent don’t know about legal liability.

Swot analysis

55

Swot analysis is the acronym for –strength, weakness, opportunities and threat. Strengths are the inherent capability an organization possesses which give it a

competitive advantage over its competitors. Weaknesses are the inherent

incapability an organization possesses that make a firm position weaker in the

competitive environment. Opportunity is a condition here there is a favorable

atmosphere for the organization with which an organization can expand,

develop, row & prosper. Threat is an unfavorable condition which at times

provides losses to the organization or puts a organization into risk. These

strength and weakness are a part of firm internal environment whereas

opportunities and threats are a part of firm’s external environment. Analysis of

this factors help in new strategy formulation. So a firm should do SWOT analysis

from time to time. SWOT is also sometimes referred to as WOTS-UP analysis.

Therefore, it is almost important to do SWOT analysis for reliance general

insurance.

Strength

1. Diversity, resilience and flexibility.

2. Part of one of the biggest organization RELIANCE with a good financial

backup.

3. Quality service is assured if one has an insurance relationship with RGICL.

4. .Good infrastructure & good incentives for the result oriented employees

5. Strong sales team who are recruited through tough interviews.

6. Premium charges are comparatively less from various companies.

56

Weakness

1. Number of RGICL branches is less than its close competitors.

2. Old age people are still to be tapped.

3. Lack of concentration on rural market.

4. New customer hesitates to start a relationship with RGICL.

5. Lack of control on the marketing agent.

Opportunity

1. Explore the market with new policies.

2. Lot of scope for product variation.

3. Tap the middle income group and the salaried class.

4. Lot of scope for growth in the Indian market.

Threat

1. Infrastructure of its competitors.

2. Players have similar strategies.

3. There is not much differentiation between the services and products of other

companies.

FINDING

57

It was found that reliance general insurance capture largest market share in

household’s policy (36.66%) and 26.66% in shopkeeper’s policy.

It was found that neon sign and glow shine like some features only provided

by reliance general insurance.

It was found that in shop keeper’s policy reliance general insurance provided

cheapest premium.

It was found that most household’s insurance depends on product.

It was found that more than 50% problems faced by the customers are related

with information.

It was found that most of the customers consider company profile and

different policies, before taking insurance.

It was that security is the main purpose behind insurance.

58

LIMITATION OF THE PROJECT

Only three package policies were taken into consideration while conducting

the market research of RGICL and its competitors. This was due to limitation

of time allotted for the study.

The non disclosure of some vital information which could have been of some

help in bringing forth certain other vital issues of importance.

To visit whole area, two month time was very less.

The finding emerged from the restricted only to Patna region.

Sometimes executives may not provide us with the correct information.

That was major problem which creates a barrier in the research is unawareness

of small shop kippers and house wives about insurance policies.

59

CONCLUSION

Service with a promise: Today’s insurance customer will settle for nothing,

except the better service with a broad promise. And then they will realize that they are

the king. They will not confine themselves with the world class products and services

but they also need a broad platform where they can make different choices. Their

choice of one entity over another insurance company is determined by considerations

of service quality rather than any other factor. They want competitive premium rates,

yes, but them also wants their claim or renewal applications etc to be processed in

double-quick time. They cherish the convenience of impersonal Net insurance, yes,

but during their occasional visits to the branch, they also want the comfort of

personalized, human interactions and facilities that make their insurance experience

pleasurable. But they also needs that their grievances should be settling as soon as

possible. In short, they want a security house that will more than just issue the policy

and settles their claims: they want an insurance that cares and for more than just their

custom. They want a customer-friendly insurance company.

60

SUGGETION

Service Quality

This is the main factor which makes a insurance company customer-friendly: its

overall service standards, rated for ease of proposal form; how courteous, accessible

and knowledgeable its staff are; claim settlement time for services; how innovative

the insurance company is in introducing products and services; how quickly it handles

the grievances; how likely it is to retain customers; and how probable it is that its

customers will recommend the insurance company to others.

Branch Facilities

Walk into any branch of a multinational or leading Indian insurance company, and

you’ll believe you’re in a country club. Many other insurance companies, of course,

have miles to go in this sphere, but there’s a growing realizations among them that

offering a pleasant insurance experience –with comfortable seating, air-conditioning,

restroom and drinking water facilities.

Market Potential

With An ongoing national economy, insurance-sector reforms and a growing middle

class, the Indian market offers huge potential for RELIANCE GENERAL

INSURANCE to grow. The large and growing middle class population and increase

61

in disposable incomes have created booming markets in housing, motor, televisions,

computers, mobile phones and other products, most of which require insurance.

RELIANCE GENERAL INSURANCE has been effective in leveraging this

opportunity with its product and service offerings.

The Road Ahead

After so many years of service to India, RELIANCE GROUP continues to be

committed to the country and optimistic of positively contributing to the Indian

Economy. The RELIANCE GROUP considers India to be one of the greatest

economic opportunities of the 21st century and is proud to be so strongly positioned

here. The RELIANCE GROUP has ambitious plans to transform its business in the

country and to further expand operations across the country.

62

1. Internet Sites

www.reliancegeneral.co.in

www.bajajallianz.com

www.economictimes.com

h ttp://en.wikipedia.org/wiki/Reliance_general_insurance

www.paisawaisa.com/ insurance / reliance - general / reliance - general -

insurance .aspx -

2. Magazines and Newspapers.

Economic Times

Business India’s

Business Standard

The Times Of India

3. Books

Marketing Management by Philip Kotler.

Research methodology by Dr. Shailesh Kasande.

Research methodology method and techniques 2nd edition by C. R.

Kothari.

Research methodology by GC Beri, 4th edition published by TMH

New Delhi.

Marketing Research by Vanishree Pabalkar.

Marketing management by Arun Kumar.

4. Product Manual, Reliance General Insurance

63

http://www.economictimes.com/

http://www.bajajallianz.com/

http://www.reliancegeneral.co.in/

Questionnaire

Dear sir/ madam,

This questionnaire is aimed at understanding your satisfaction. Your response will

be deals with strict confidentiality and it will be used only for academic purpose.

Thank you for spending your valuable time to fill this questionnaire.

Name: ____________________________________________________________

Address: __________________________________________________________

__________________________________________________________________

Contact No: Mobile_________________________Resi:_____________________

Marital Status: Single Married

For house holders

1. For your house hold, do you think that it is important to have insurance?

a) Always

b) Some time

c) Never

d) Depend on products.

2. Which insurance company does you like most?

a) Reliance general Insurance

b) Bajaj Allianz

c) Other

64

3. On which basis you select your insurance company?

a) Premium

b) Facility

c) Company profile

d) Others

4. Do you think legal liability is necessary for house hold insurance?

a) Yes b) No

c) Don’t know

For Office

1. Do you think that it is important to have insurance?

a) Always

b) Some time

c) Never

d) Depend on product


d) Reliance general Insurance

e) Bajaj Allianz

f) Other

65


a) Premium

b) Facility

e) Company profile

f) Others

4. Do you think legal liability is necessary for insurance?

a) Yes b) No

c) Don’t know

For shop keepers

1. Do you think that it is important to have insurance?

a) Always

b) Some time

c) Never

d) Depend on product


g) Reliance general Insurance

h) Bajaj Allianz

i) Other

66


a) Premium

b) Facility

g) Company profile

h) Others

4. Do you think legal liability is necessary for insurance?

a) Yes b) No

c) Don’t know

67

Project on Reliance General Insurane

Documents

Transcript of Project on Reliance General Insurane