SUMMER TRAINING PROJECT REPORTON
Mediclaim
Insurance(group healthinsurance)
AT IFFCO TOKIO General Insurance
DehradunSUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR
THE POST GRADUATION DIPLOMA IN MANAGEMENTOF
INSTITUTE OF MANAGEMENT STUDIES, DEHRADUNSUBMITTED TO: INTERNAL
GUIDE Dr. SHRUTI NAGAR Sr.lecturer IMS Dehradun EXTERNAL GUIDE
Mr.AMRISH SINGH Area manager IFFCO TOKIO Dehradun SUBMITTED BY:
INSTITUTE OF MANAGEMENT STUDIES-DEHRADUNBATCH 2008-2010
ACKNOWLEDGEMENTThis project is an acknowledgement to the
intensity, drive and competence of several individuals who have
contributed immensely to the completion of this project The making
of any project calls or contribution and cooperation of inputs by
many. It is the result of meticulous effort put in by one with
contribution of inputs by many that led to the formation of the
final report. Before I go into a deep insight of my project, I
would like to add few heartfelt words for the people who were a
part of the project in many ways, who gave me support right from
the beginning till the end. I duly acknowledge my sincere gratitude
to each of them. This project report could not have been completed
without the guidance of our Programme Coordinator, my faculty guide
Mr. AMRISH KUMAR SINGH. Lastly, I sincerely thank all others who
have supported and helped me directly or indirectly in making this
project successful and meaningful.
CERTIFICATE
I have the pleasure in certifying that Mr./Ms. ..... ..is a
bonafide student of IInd Semester of the Post Graduate Diploma in
Management (Batch 2008-2010), of Institute of Management Studies,
Dehradun under Institute Roll No. ... . He/She has completed
his/her project work entitled guidance. I certify that this is
his/her original effort & has not been copied from any other
source. This project has also not been submitted in any other
Institute / University for the purpose of award of any Diploma.
This project fulfils the requirement of the curriculum prescribed
by this Institute for the said course. I recommend this project
work for evaluation & consideration for the award of Diploma to
the student. .. under my
Signature Designation Date
: :. :
Name of the Guide :
(To be made on Company Letter Head)
CERTIFICATEThis is to certify that Mr. / Ms.
________________________ (Institute ID No.), S/o. / D/o. Shri
______________________________, student of Post Graduate Diploma in
Management (Batch 2008 2010), at Institute of Management Studies,
Dehradun has successfully completed his / her compulsory Summer
Training with us, as part of his / her Course Curriculum. The
duration of his / her training was from _____________ to
_____________ on the project
_______________________________________________________
______________________________________________________________ __
*under the supervision of Mr. / Ms., Designation . During the
training we found him / her quite sincere, hard working and his /
her conduct & behavior was good. We wish him / her all success
in his / her academic endeavours and in life.
Signature : ____________________ ** (HR Manager) Name :
__________________ Designation : __________________
*, **
: To be used only when the certificate is given by HR
Department.
TABLE OF CONTENTS1. TITLE PAGE. 2. ACKNOWLEDGEMENT. 3. INTERNAL
GUIDE CERTIFICATE. 4. COMPANY TRAINING CERTIFICATE.( Scanned
/photocopy) 5. EXECUTIVE SUMMARY. 6. LIST OF CONTENTS.(mentioning
page numbers) 7. LIST OF TABLES AND FIGURES. (mentioning page
numbers) 8. OBJECTIVE OF THE STUDY. 9. INTRODUCTION.
10.METHODOLOGY. 11.FINDINGS. 12.ANALYSIS OF FINDINGS.
13.CONCLUSION. 14. RECOMMENDATIONS. 15.BIBLIOGRAPHY OR
REFERENCES.16. ANNEXURES.( Eg.Questionnaire , Addresses of
contacted
persons, Company literature , Product literature etc. )
OBJECTIVE OF THE STUDY
The project deals with the customer survey on medical insurance,
detailed study of the general insurance industry, evaluating
prospects of cross sales & selling health insurance &
issues regarding rollover business. It also studies the individual
Health Insurance.
The study was to determine present scenario regarding The
awareness about the basic IRDA laid guidelines for medical
insurance. For individual as well as groups.
To design a questionnaire to assess customer behavior.
To have a brief idea about the general insurance.
INTRODUCTIONInsurance has a long history in India. Life
Insurance in its current form was introduced in 1818 when Oriental
Life Insurance Company began its operations in India. General
Insurance was however a comparatively late entrant in 1850 when
Triton Insurance company set up its base in Kolkata.
History of Insurance in India can be broadly bifurcated into
three eras: a) Pre Nationalization b) Nationalization and c) Post
Nationalization. Life Insurance Corporation of India was formed by
consolidating the operations of various insurance companies.
General Insurance followed suit and was nationalized in 1973.
General Insurance Corporation of India was set up as the
controlling body with New India, United India, National and
Oriental as its subsidiaries. The process of opening up the
insurance sector was initiated against the background of Economic
Reform process which commenced from 1991. For this purpose Malhotra
Committee was formed during this year who submitted their report in
1994 and Insurance Regulatory Development Act (IRDA) was passed in
1999. Resultantly Indian Insurance was opened for private companies
and Private Insurance Company effectively started operations from
2001.
INDUSTRY PRODUCT COMPOSITIONPREMIUM (100 % = USD 4.2 BILLION )8%
4% 21% MISC FIRE ENGG MARINE HULL MOTOR MARINE CARGO HEALTH
40% 4% 3%
20%
40 % MOTOR
21 % MISC
20 % FIRE
8 % HEALTH
4 % ENGG
4 % MARINE CARGO
3 % MARINE HULL
INSURANCE MARKET PRESENTThe insurance sector was opened up for
private participation few years ago. For years now, the private
players are active in the liberalized environment. The insurance
markets have witnessed dynamic changes which includes presence of a
fairly large number of insurers both life and non-life segment.
Most of the private insurance companies have formed joint venture
partnering well recognized foreign players across the globe.
CAPITAL REQUIREMENTS & FOREIGN PARTICIPATIONMinimum capital
requirement for direct life and Non-life Insurance company is
INR1000 million and that for reinsurance company is INR2000
million. A maximum 26% foreign equity stake is allowed in direct
insurance and reinsurance companies. In the 2004-05 budgets, the
Government proposed for increasing the foreign equity stake to 49%,
this is yet to be effected. There are currently twenty one non-life
insurance companies, out of which two are specialized Insurance
companies viz. Agricultural Insurance Co, who handles Crop
Insurance business and Export Credit Guarantee Corporation,
which only transacts export Credit Insurance.
SPECIAL PROVISIONS
PAYMENT OF PREMIUM BY INSUREDSection 64 VB of the Insurance Act
1938 prohibits insurance companies from extending credit so that in
effect all insurance in India is on a cash before cover basis.
INSURANCE DISTRIBUTION CHANNELS AGENTSAgency has been the
traditional way in which insurance was transacted in the Indian
market. Agents act as the representatives of insurance companies.
In the nationalized era, agents were a very important source of
business for the Public Sector Insurance Companies, as broking was
not allowed. Agents still hold a very large book of insurance
business mainly in the personal lines.
CORPORATE AGENTSCorporate Agents are corporate entities who
acted as representative of insurance companies and procured
business on their behalf. However this concept of corporate agency
was done away with by the IRDA after broking was introduced in the
market
INSURANCE BROKERSBrokers have been allowed to operate in the
market from April 2003. To ensure presence of serious players in
the market, IRDA has stipulated a capital requirement of INR 5
million for direct insurance brokers, INR 20million for reinsurance
brokers and INR 25 million for composite brokers. The rule for
foreign equity participation is applied similarly as for insurance
companies. Broking was relatively a late entrant in the market in
2002 when IRDA allowed insurance broking in India. In a very short
span of few years, broking has gained good momentum. This is
evident from the fact that the number of brokers has increased to
163 within this short span. Prominent Insurance brokers have
widened the typical role of an insurance broker, offering various
value added services such as Risk Management and Performance
manuals.
BANKASSURANCEBank assurance as well is gaining momentum in the
Indian market. Insurance companies are increasingly using the
banking network to improve their distribution system.
INSURANCE ANCILLARY SERVICES A) SURVEYORS & LOSS
ADJUSTERSSeveral steps were initiated by IRDA to ensure improved
services by Surveyors and Loss Adjusters. IRDA took upon themselves
the task of categorizing them on the basis of a minimum
qualification, practical training and past experience to be
eligible to take up Surveyors/Loss Assessors work besides ensuring
their adherence to a course of conduct. The authority categorized
the surveyors into three categories- A
B and C and had indicated the monetary limits up to which each
individual category surveyor would carry out a survey.
B) THIRD PARTY ADMINISTRATORSThis provision of cashless health
service to the clients is another introduction in the Indian
market. As on date 25 intermediaries have been registered by the
IRDA. The idea is to propagate the health insurance in the country.
The Third Party Administrator ideally takes over the payment of the
medical charges on behalf of the insured who in turn is then
reimbursed by the insurer. The minimum capital requirement for a
TPA is INR 10 million.
TARIFF ADVISOR COMMITEE (TAC)Tariff Advisory Committee,
Statutory Body under Insurance Act 1938, controls and regulates the
rates, advantages, terms and conditions that may be offered by
insurers in respect of General Insurance Business relating to Fire,
Marine (Hull), Motor, Engg. and Workmen Compensation.
LOSS PREVENTION ASSOCIATION OF INDIA (LPA)LPA is promoted by GIC
and other Public Sector companies whose aim is to spread risk
management awareness amongst the masses.
INSURANCE OMBUDSMANThe institute of Insurance Ombudsman was
created in 1988 with the purpose of quick disposal of the
grievances of the insured customers and to mitigate their problems.
The insurance ombudsman is empowered to consider the complaint
relate to any
grievances against insurer i.e.(a) repudiation of Claim (b)
dispute with regard to premium to be paid or payable in terms of
the policy, (c)dispute on policy wording (d)delay in settlement of
claims (e)non-issuance of insurance document. Indian insurance
industry has Ombudsmen in 12 cities empowered to reduce customer's
grievances in respect of insurance contracts on personal lives
where the insured amount is less than INR 2 million.
INSURANCE ASSOCIATION OF INDIAInsurance Association of India was
established according to the provision of Insurance Act and all
insurers incorporated or domiciled in India are the members of the
Association. After formation of IRDA, it has established two
councils of the Insurance Association of India. (1) The Life
Insurance Council consisting of all members of the IAI, who carry
on life insurance business in India. (2) The General Insurance
Council consisting of all members of the IAI, who carry on general
insurance business in India. IRDA nominates members and chairmen to
Executive Committee of both the councils. The functions of the
Executive Committee of the Council are: (a) To advise and assist
insurers in setting up standards of conduct and sound practice and
in the matter of rendering efficient service to policy holders (b)
To advice the Authority in the matter of controlling the expenses
of insurers (c) To inform the Authority of any insurer acting in a
manner prejudicial to the interests of policy holders
Company ProfileIFFCO-Tokio General Insurance (ITGI) was
incorporated on 4th December 2000 with a vision of being industry
leader by building customer satisfaction through fairness,
transparency, and quick response. It is a joint venture between the
Indian Farmers Fertilizer Co-operative (IFFCO) and its associate
and Tokio Marine and Nichido Fire Group, the largest listed
insurance group in Japan. ITGI has Pan India presence with 51
Strategic Business Units and a wide network of over 110 offices. It
offers a wide range of uniquely customized policies covering a wide
range of customers, from farmers to some of India's largest
automobile manufacturers. From a modest Rs 2130 Million of GWP
(Gross Written Premium) in 2001-02 it has achieved an impressive Rs
12350 Million in 2007-08, thereby becoming one of Indias leading
private players. ITGI has got the Technical Support for
underwriting and reinsurance from Tokio Marine and on Risk
Management from Tokio Risk Consulting (TRC). It is the first
company in India to underwrite mega policies for a fertilizer and
an automobile
company. This comprehensive policy is based on international
rates and optimizes the premium outflow for clients even as it
offers a one-stop, all-risk cover. Other than the conventional
products, it has been able to come out niche products like Credit
Insurance, Fine Arts Insurance, P & I Insurance, Errors &
Omissions Policy for the IT Sector etc. At the same time it has
steadfastly carried out its rural centric initiatives by launching
products like Sankat Haran Bima Yojana, Mausam Bima Yojana, Mahila
Suraksha Bima Yojana and Janata Bima Yojana for the masses. It is
also the only insurance company in the country to have a 100%-owned
distribution channel to service its retail customers called
IFFCO-TOKIO Insurance Services Ltd (ITIS). Today, ITIS has a highly
motivated workforce of over a 1000 employees in over 200 towns. As
a customer focused company, it conducts bi-annual customer
satisfaction surveys through independent agencies to gauge its
operational efficiencies. This is backed by a robust IT
infrastructure, which has enabled, among other things, speedy
settlement of claims.
IFFCO TOKIO is one of the leading insurance companies of India.
It offers products and services to the individuals to make their
life simplified and easy. IFFCO TOKIO General Insurance is a joint
undertaking between Tokio Marine and Nichido Fire Group and The
Indian Farmers Fertilizer Co-operative (IFFCO). IFFCO TOKIO was
established on December 4, 2000. It has its head office at Gurgaon,
Haryana. It is counted amongst the three leading private insurance
companies. There are almost 100 branch offices that are spread all
over the country.
This General Insurance company offers a range of 40 policies
that are made keeping in mind the requirements of all types of
customers. IFFCO TOKIO is basically a peoples company. It offers
simplified services to help even a layman with best quality
insurance products. IFFCO TOKIO General Insurance maintains the
financial principles of the Millea Group. Efficient financial
management accounts for the rapid growth of this insurance company.
It is the only insurance company that made profit for five
consecutive years. Customer satisfaction is the main aim of IFFCO
TOKIO. To satisfy the retail customers, this company has 100%-owned
distribution channel. IFFCO-TOKIO has over 700 employees working at
different branches. This company offers a wide range of products
and policies. The products can be categorized under three broad
heads: Specialty, Retail and Commercial. Some of the policies that
are included among the Specialty products are credit insurance,
jewelers block, Sagar Bandhu Bima Policy, Multi Modal transport,
aviation insurance policy and many others. Retail line products
include motor private car, office professional establishment, Home
Suvidha, Trade suvidha, industry protector, group personal
accident, surgery protector, travel protector and all risk
insurance. The policies of the Commercial products are
consequential loss, marine cargo, burglary insurance, bankers
blanket, fidelity guarantee, industrial all risk, money insurance
and workmens compensation. Operating offices of IFFCO TOKIO are
spread all over the country. Some of the places, where it is
located are Ahmadabad, Aurangabad, Agra, Allahabad, Akola, Belapur,
Bhopal, Bhuvaneshwar, Bangalore, Bellary, Coimbatore, Chennai,
Chandigarh, Dehradun, Delhi, Faridabad, Maninagar, Nasik, Faizabad,
Vadodara,
Khandwa, , Kochi, Gurgaon, Kolkata, Lucknow, Hyderabad, Indore,
Mumbai, Nagpur, Noida, Pune, Surat, Udaipur, Haldwani, Jalandhar,
Hubli, Gwalior, Vapi, Madurai , Patiala, Varanasi, Jabalpur,
Jaipur, Ludhiana, Mangalore, Goa, Rajkot, Shimla, Sambhalpur,
Thiruvananthapuram and Guwahati. IFFCO Tokio General Insurance is a
customer-centric company aiming to be easily accessible and
approachable to all sections of society. It offers products and
services that provide quality at reasonable cost. The organization
has the deep knowledge of IFFCO and thus developed a business plan
that has both stability and integrity. It has set global standards
for itself and is the only private general insurance company in
India to make 5 consecutive years of experience. ITGI has been one
of the few companies to show underwriting profits within four years
of operations. The company focuses on delivering creative solutions
to its customers. IFFCO Tokio General Insurance has 700 employees
present in 68 cities, dedicated to give full satisfaction to the
customers. It is the first company to underwrite mega policies for
a fertilizer and automobile client.
IFFCO - Tokio General InsuranceVision To be industry leader by
Building customer satisfaction through fairness, transparency, and
quick response
Mission To win TRUST of individuals, trade, industry and
commerce and protect citizens, corporate, and international
investors in India.
26%
74%
JV between IFFCO & its associates; and Tokio Marine and
Nichido Fire Group, the largest listed insurance group in
Japan.
Incorporated on December 4, 2000 with its Corporate Office in
Gurgaon, Haryana. Leader in Commercial lines, trusted partner of
PSUs and large corporates Special thrust on the Fertilizer, Power,
Oil & Energy Sector
ITGIs Rural Centric InitiativesSankat Haran Bima Yojana Launched
in October 2001 Free PA cover of Rs 4,000/bag (Max. of Rs. 1 Lac),
on purchase offertilizer
Salient Features Largest single policy issued in the world More
than 2.5 Cr. farmers covered every year (5 year running) Over 4,500
claims settled & Rs. 27 Cr disbursed till dateth
Launch of Sankat Haran on 30 Sep 2001, by Mr. Ajit Singh, then
Minister of Agriculture at Khurja
Claim cheque distribution ceremony organized by IFFCO
ITGIs Rural Centric Initiatives
ITGI s Rural Initiat
ives - Sankat
Barish Bima Yojana A weather insurance product, introduced in
April 2004 Index based product, covers anticipated deficiency in
crop yield due todeficient rainfall during monsoon
Sold as a Group policy through Co-op societies / banks / NGOs
etc. Salient Features Available in 7 states, covering 100
districts; & 16,000 farmersITGIs Rural Centric InitiativesBBY
No. of Districts No. of Policies No .of Farmers covered No. of
Claims 2004 9 75 3274 22 2005 100 1232 16530 63
Mahila Suraksha Bima Yojana Launched on September 2005 on
International Womens Day Through IFFCO foundation with a membership
of nearly 21,000 people(mostly women)
Coverage against all accidental occurrences, incl. death &
injury Cover of Rs. 50,000 with a premium of only Rs. 20 per annum
Genhu Mausam Bima Yojana Covers Frost Injury & Heat Stress to
crops Cover for low temp. during the flowering stage Cover for high
temp. during the grain filling stage
INDIAN PROMOTERSIndian Farmers Fertiliser Cooperative Limited
(IFFCO) is the world's largest fertilizer manufacturer &
marketer in cooperative sector. It was incorporated on 3rd
November, 1967 and since then is committed to achieve its prime
role of providing quality fertilisers and agricultural services to
India's farming community. Over the years, the cooperative society
has evolved into a gigantic Indian Multinational and set records
for excellent and consistent performance in the filed of
production, marketing and services to farmers. As a society "of the
farmers, by the farmers and for the farmers", IFFCO has firmly
established itself as a true Cooperative and perfect role model for
others to emulate on the path of economic development. IFFCO has
steadily grown from strength to strength-from a modest membership
of 57 societies in 1967-68 to more than 40,000 societies at
present. The initial equity capital of Rs.6 lakh contributed by
cooperatives in 1967-68 has also risen to Rs. 4.23 Million in
2007-08. Having the Largest Market share of Fertilisers Production
in India with 25% in Complex Fertilsers and 20% in Urea it has also
become the First Cooperative
in India to set-up first ever Kisan SEZ (Special Economic Zone)
at Nellore, Andhra Pradesh. IFFCO holds 72.64% shareholding and its
Associate M/s Indian Potash Ltd. holds 1.36% shareholding in
ITGI.
FOREIGN PROMOTERSTOKIO Marine Asia Pte. Ltd holds 26%
shareholding in ITGI. TOKIO Marine Asia is a subsidiary company of
Millea Holding Inc Japan; a holding company for Tokio Marine &
Nichido Fire (TMNF) Insurance Company. TOKIO Marine Asia has non
life operations in 9 Asian countries Tokio Marine & Nichido
Fire Insurance Company has over 120 years of experience in the
general insurance business and is the largest and oldest general
insurance company of Japan. It is a member of the highly
diversified Mitsubishi group comprising over 1,500 companies. The
company is rated 'AA' (indicating strong financial security
characteristics) by international rating agency Standard &
Poor's. Tokio Marine has been continuously serving as one of the
important reinsurance companies to the nationalized Indian
insurance market. TMNF has also been chosen as Asias General
Insurance Company of the year by Asia Insurance Review in December
2008. For more information, please visit their website:
KEY PEOPLE
S. Narayanan | MD and CEO
Mr. S. Narayanan, an alumni of Loyola College, Chennai holds a
Masters degree in Mathematics and has passed the Associateship
examination of the Insurance Institute of India in 1981. He joined
the general insurance industry as a Direct Recruit Officer in 1977
and served in various capacities in United India Insurance Co.
across the country. He joined ITGI in 2001 as an Executive Vice
President (EVP) and has played a crucial role in preparing the
company to face the challenges of a detariffed and liberalised
pricing regime. Mr. Narayanan believes in bringing new concepts and
covers to India. The pioneering introduction by ITGI of Multimodal
Transport Operators liability and P& I Liability for small
vessel owners are largely due to his efforts. His current focus is
on Distribution channels and Micro Insurance. An avid sports
enthusiast, he is happily married with two daughters.
M K Tandon | Financial Advisor
A Fellow member of the Institute of Chartered Accountant of
India, Mr. M.K. Tandon is an industry veteran with over 35 years of
experience to his credit. He has been associated with ITGI from the
inception stage and ever since, playing a key role in formulating
policies on HR, Investments, Internal Audit and Management
Reporting. Prior to his association with ITGI, Mr. Tandon served as
Finance Director, IFFCO and Finance Director, KRIBHCO. A pure
vegetarian by choice, Mr. Tandon enjoys reading literature and
participating in social activities.
N K Kedia | Director Marketing
A mechanic al engineer by education, N K Kedia has over three
decades of experience in the fertilizer industry. He was closely
involved in planning and implementing seven mega fertilizer
projects for IFFCO, the co-operative fertilizer giant. He has been
associated with ITGI since inception, contributing significantly to
its successful business growth.Mr Kedia has played a key role in
launching ITGI's unique and highly successful Sankat Haran Bima
Yojana policy targeted at farmers. Mr Kedia attributes his
commitment to improving the quality of life in rural India to the
fact that he was born and brought up in a village and has had a
long association with India's leading fertilizer cooperative IFFCO.
He was adjudged as the "Marketing Man of the Year, 2004-05" amongst
employees of Millea Asia Group. He was also awarded the Udyog Ratna
award.
Y. Fukuda | Director - Operations
Mr. Yasunobu Fukuda, Director Operations holds a Bachelors
degree in Commerce from Waseda University. He was born in Hokkaido,
and joined Tokio Marine and Fire Insurance Company in 1983. Since
then, he had varied assignments both domestic and overseas within
the Tokio Marine Group. A widely traveled person, he brings in wide
experience in the Retail lines business. A family man, he loves to
cook and play golf in his leisure time.
Mr V.S.Rao | Executive Director
Mr. V.S.Rao, an experienced and corporate counsel joined ITGI in
2001. Mr. Rao has more than 30 years of experience in human
resource, management skills, corporate affairs and business
development. He is a gold medalist in LLM, a fellow member of the
Institute of Company Secretaries of India and a PG Diploma in
Personnel Management & Industrial Relations. He was influential
in the expansion process for setting up office establishment across
the country. During his tenure at ITGI, he has been responsible for
introducing and implementing various policies and procedures to
support Organization requirements. He believes that the bonds we
create over a period of time with the people we work are special to
him. Prior to his association with ITGI, Mr. Rao served as General
Manager (P&A) in M/s Godavari Fertilizers and Chemicals
Ltd.
H.O.Suri | Executive Director
Mr. H.O.Suri is currently working as Executive Director at IFFCO
Tokio General Insurance. A Chartered Accountant by qualification,
Mr. Suri started private practice before he joined Finance &
Accounts department at IFFCO. He was associated with IFFCO for over
18 years wherein he was also assigned the responsibility of being a
part of the core team to incorporate and initiate business
operations of IFFCO-TOKIO General Insurance in the year 2000. He
has been with IFFCO Tokio since inception, playing a key role in
formulating policies on Finance & Accounts functions along with
management reporting. During this time he has also handled various
other key responsibilities like Head of Customer Service
Center(CSC). Presently he is heading the claims department in IFFCO
Tokio and is also a part of the top management. Mr. Suri has also
traveled extensively across the globe and has been part of various
consortiums. He feels the best way to relax is watching movies in
theaters and reading journals and news magazines.
PRODUCTSOur product development team is constantly working to
introduce products which are competent in meeting the customer
needs. At IFFCO Tokio, we emphasize on understanding the need from
the market and offering the best possible products across the
product lines. We approach the market with products that have
differentiated features / benefits / service offerings. IFFCO Tokio
offers a wide range of uniquely customized policies covering a wide
range of customers, from farmers to some of India's largest
automobile manufacturers. Our Endeavour is to spread the benefits
of insurance to the masses through our specially designed insurance
products like Sankat Haran Yojana, Barish Bima Yojana, etc. The
company has made a genuine attempt to understand the rural and
low-income segment of the Indian market, to tap the potential of
this largely unexplored segment and make the benefits of insurance
available to the masses. We are also making constant efforts to
reach out the entire general insurance spectrum i.e. Commercial
Lines, Retail lines and Specialty Lines. Innovations will keep on
expanding to include customised offerings for various market
segments and geographies.
COMMERCIAL LINESIFFCO-TOKIO provides a wide variety of policies
that are customized to your needs. For your convenience, we have
grouped them. To access information on any of the policies, simply
click on the link you want.
1. Standard Fire & Special Perils 2. Consequential Loss 3.
Contractors All Risk 4. Contractors Plnt & Machn 5. Boiler
& Pressure Plant 6. Erection All Risks 7. Industrial All Risks
8. Machinery Breakdown 9. Machinery Loss of Profit 10.Product
Liability 11.Public Lia Industrial 12.Public Lia Non-Industrial
13.Marine Cargo 14.Electronic Equipment 15.Bankers Blanket
16.Burglary Insurance 17.Fidelity Guarantee 18.Money Insurance
19.Workmen's Compensation
Retail Lines
IFFCO-TOKIO provides a wide variety of policies that are
customized to your needs. For your convenience, we have grouped
them. To access information on any of the policies, simply click on
the link you want.
Mo tor Pri va te Ca r Mo tor Cy cl e/ Sc oo te r Ho m e & Fa
mi ly Pr ot ec tor Tr ad e Pr ot ec tor In du str y Pr ot ec tor Of
fic e Pr of es
SPECIALTY LINESIFFCO-TOKIO provides a wide variety of policies
that are customized to your needs. For your convenience, we have
grouped them. To access information on any of the policies, simply
click on the link you want. 1. Credit Insurance 2. Multi Modal
transport (MTO) 3. Marine Hull & Machinery 4. Jeweller's Block
5. Barish Bima Yojna (Weather Insurance) 6. Sagar Bandhu Bima
Policy 7. Aviation Insurance Policy 8. Errors and Omissions
(Technology) Policy 9. Fine Art Insurance Private Collectors 10.
Fine Art Insurance Art Dealers & Gallery Owners
TARGETSGroups such as Employer- Employees and dependants,
Members of Clubs, Holders of Credit Cards and Members, Shareholders
of Banks/Public limited Cos. SCOPE OF COVER The policy covers
Hospitalisation and /or domiciliary hospitalisation expenses viz.
Room rent Nursing expenses Surgeon,anaesthetist, consultants fee
Diagnostic,OT,blood ,oxygen, medicines,radiotherapy,chemotherapy
charges
CONDITIONS1. Hospitals/Nursing Home Definition. 2. Minimum
Hospitalisation 24 hours. 3. Indemnity In Indian rupee,payment for
treatment in India 4. Pre-Existing disease is not covered. 5. No
coverage in the first month and certain other exclusions for first
year
EXCLUSIONSreatment of preexisting diseases such as -:
Cataract,Hysterectomy Hernia Hydrocele, Cogenital Internal Diseases
Piles, Sinusitus
Circumcision Vaccination or Inoculation Cost of spectacles,
Contact Lens,hearing Aids HIV/ AIDS Maternity Related Expenditure
Domiciliary Hospitalisation in respect of -: Asthama Bronchitis
Chronic Nephritis Diarrhoea Diabetes Mellitus Epilepsy,POU
Influenza,Cough and Cold Dental Treatment or Surgery
SPECIAL - ADD-ON COVERS1. Education Cost School going and
college going. 2. Ambulance charges 3. Cost of Travel a. For any
kin to and fro RS.15000 b. For Insured person himself return
Rs.7500 4. Cost of supporting Equipments. 5. Discounts for pre and
post hospitalization period. 6. Hospital daily Cash 7. Boarding
& lodging Expenses
8. Family floater 9. Deletion of Domiciliary hospitalisation
benefit 10. Maternity cover available for the group. 11.
Organisational floater
CLAIM MANAGEMENT1. T.P.As Involvement 2. Doctors Empanelment
RELAXATION FOR RURAL AREA1. Surgical Policy 2. No criteria of
hospitals to be applied for Surgery and also if the treatment at
Distt. Health Centre.
EDUCATION COSTCOVERS-: TUTION FEES EXAMINATION FEES MONTHLY
LODGING /BOARDING EXPENSES 0.5 % & 1% Maximum Amount -: Rs .
60,000 College Rs. 30,000 Schools
AMBULANCE CHARGES
Actual Charges Subject to a Maximum of Rs.1,000 / person group
all or none
FAMILY FLOATERAvailable depending upon family size, Sum Insured
per member , age profile and suitable loading of the premium.
CLAIM PROCEDUREGENERALCLAIMSPROCEDUREAll insurance contracts are
based on the information provided by the insured in the proposal
form. The proposal form forms the basis of insurance contracts.
Some important points, which would help you in the claims
procedure.
The loss or damage should be reported to the insurer
immediately. On receipt of claim intimation, the insurer will
forward a claim form. Submit the completed claim form along with an
estimate of the loss to the insurer. It is preferable to submit an
itemized estimate with separate values.
The insurer will arrange for inspection of the damaged items to
assess the loss. In case of major losses, a specialist-licensed
surveyor is deputed.
The insured has to provide the required documents to
substantiate the extent of loss.
In case the cause of loss is not established, it is for the
insured to prove that the loss or damage has occurred due to an
insured peril.
On agreement of claim amount between the insured and the
insurer, the claim is settled. Excess as stated as per the Policy
terms and condition will be deducted from the claim payable.
In view of varied nature of policies, certain points distinct to
individual policies, in addition to the above, are listed below:
(Please note that the documents mentioned are indicative and based
on the circumstances of the claim, insurer may request for
additional documents).
Medishield (for non-cashless claims)
Notice of claim should be lodged within 24 hours to the nearest
Branch/concerned Branch.
The insured should submit 'discharge summary' of the
hospital/nursing home along with original hospital/medical bills,
reports of the labs and investigation reports. In other words every
item in the claim bill should be supported.
Leave certificate from the employer, wherever needed. Fitness
certificate from the Doctor.
THE IFFCO TOKIO NEWS LETTERIFFCO Tokio has initiated digital
adversiting of its products (Motor, Health, Travel) on various high
traffic websites like Rediff, Yahoo, in.com, IBN live, cricbuzz
etc. The same was done during Elections and IPL. To ensure
consistency in the initiative, the ads are continously on
Carewale.com, Yahoo.com and Google search. A huge hit, the website
is attracting over 1,5000 visitors and generating 200 prospective
leads everyday. directly from our website. Renewals and new
policies are also issued
IFFCO Tokio launches Micro Insurance monthITGI has decided to
dedicate every month to a new aspect of insurance. The first three
month of the year were celebrated as micro insurance months to
motivate the agents and create awareness amongst the masses about
various micro insurance products. Tamil Nadu, firmly established
itself as the Leader in this phase of the celebration.
Barish Bima Yojna relaunchedITGI has relaunched its successful
weather inslurance policy for Kharif cropsBarish Bima Yojna (BBY)
to protect farmers against anticipated deficiencty in crop yield
due to both deficit and excess rainfall. Previously, the product
covered the risk from both deficit and excess rainfall in the six
States or Orissa, West Bengal, Tamil Nadu, Gujarat, Maharashtra and
Rajasthan (Kota, Jhalawar and Baran). In Punjab, UP, MP<
Chhattisgarh, Andhra Pradesh and some districts of Rajasthan, BBY
will cover farmers from deficit rainfall alone.
Mediclaim Insurance in IndiaMediclaim for familyEverybody is
well known the profits of having a mediclaim policy. A sudden
sickness or accident can ruin your financial budget and at this
stage mediclaim policy is always helpful. In the current scenario,
medical expenses are very high and its increasing everyday. The
latest family mediclaim insurance is ideal solution to save money
and cover entire family under single sum insured. This means no
more multiple premiums and no more financial strain. This policy is
available in two variants - short term and long term and the
coverage level is similar like other traditional mediclaim
policies. It provides covers for hospitalization expenses for
illness and diseases. It includes expenses for doctors fees,
nursing expenses, medicines, blood, surgical appliances and other
related expenses.
Mediclaim Premium CalculatorMediclaim policy is a essential for
the peoples because it saves financial loss in case of
hospitalization for any sickness, disease or accident. But it costs
is much higher than other insurance and still it is rising.
Mediclaim premium calculator is very useful tool in such a
condition because it helps to calculate the your mediclaim costs.
This online service is absolute free and specially designed for
customer convenience. There are various mediclaim premium
calculators are offered by insurance companies and private
websites. You can easily determine the cost of plan that you go for
by doing just simple work on such a calculator. Private websites
also allows you to compare various insurance companies and their
plans.
Must-know-the-types-of-coverage-mediclaimYou may have come
across many a time with the short forms in mediclaim
articles/quotes like HMO,PPO,POS,HSA, but could not make it, what
the abbreviation stands for? There are many types of
health/mediclaim policy. A) HMO (Health Maintenance Organization).
You go to your family doctor for any health services. If there is
an urgency in going to a specialist, your family care doctor will
help you in referring one. Mediclaim companies will not insure you
without the referral from your family doctor and therefore, you
will have to pay yourself for such specialist services B) PPO
(Preferred Provider Organization Plan).
Through this plan you can analysis to any primary, specialist,
or medical facility without referral and get totally covered. It is
the Mediclaim companies that covers you when your child breaks a
bone accidentally and you approach directly to the orthopedic
doctor, without consulting your primary doctor. C) POS (Point of
Service). This plan essentially includes both an HMO and a PPO
plan. Mediclaim companies give you the option from the two plans
for every medical case. The plan offers extra covered preventative
programs, however, you may have to pay more from your pocket, if
you choose a doctor outside your plan. D) HSA (Health Savings
Account). This plan is much more superior than the above mentioned
mediclaim plans. The plan covers eyeglasses, dental, cosmetic
procedures, over-the-counter medications, etc. It is a tax-deferred
savings account as long as withdrawals are concern for medical
expenses. Funds outstanding at the end of the year are carried
forward into an IRA account.
What does mediclaim policy cover!Day-care Treatment- The Medical
disbursement through serious technologically advanced day-care
surgeries with no 24 hour hospitalisation is required. Ambulance
Charges for shifting the insured patient from home to hospital are
been covered up to the limits mentioned in the policy. Ayurvedic /
Homeopathic system of medicine are covered to the extent of 25% of
Sum Insured provided the treatment is taken in the Government
Hospital. Pre-existing diseases are covered only after 4 continuous
and claim free renewals with our Company.
Exclusions: 1. Diseases contracted within 30 days of insurance.
2. Dental treatment except arising out of accident. 3. Debility and
General Run Down Conditions. 4. Sexually transmitted diseases and
HIV (AIDS). 5. Circumcision, Cosmetic surgery, Plastic surgery
unless required to treat injury or illness. 6. Vaccination and
Inoculation. 7. Pregnancy and child-birth. 8. War, Act of foreign
enemy, ionising radiation and nuclear weapon. 9. Treatment outside
India. 10. Naturopathy. 11. Domiciliary Treatment. 12. Experimental
or unproven treatment. 13. All external equipments such as contact
lenses, cochlear implants etc. Premium: Mediclaim Premium is based
on age of the proposer and geographical area of treatment.
Features: 1. Discount in premium for family cover. 2. Loyalty
Discount. 3. Good Health Discount. 4. Cumulative Bonus. 5. Cost of
Health Check up. 6. Income Tax Benefit under Section 80D of IT
Act.
Short Term Mediclaim PolicyMediclaim insurance is a meant to
covers all medical expenses in the case of hospitalization due to
certain serious sickness, disease or an accident. For this reason
mediclaim insurance is always advisable for yourself and your
family members. But some times you can not require that the
purchase of high cost mediclaim insurance policy. Short term
mediclaim insurance have been formulated for such a conditions to
get the considerable medical coverage. Short term mediclaim
insurance policy is a temporary solution and purchased for only
short period of time that is three months to one year. Generally,
it covers all major health problems like other standard health
plans. This gives you freedom to choose doctor or specialist you
wish and the expenses are covered under this policy like doctors
fees, hospital charge, surgery, medicine, diagnostic test and other
emergency service. This short term plan is affordable plan and it
doesnt cover any pre-existing disease, because the premium costs
are considerably ow and paid on monthly basis. It provides only
cover for the conditions stands which itself within the span of the
policy. Short term medical insurance cover is ideal for those under
the jobs, temporary employee, college students or just
graduates.
Mediclaim for senior citizensSpecial mediclaim policy for senior
citizens is specially designed to cater the needs of senior
citizens. It covers all hospitalization and domiciliary
hospitalization expenses for illness and disease. It includes
expenses for doctors fees, hospital charge, anesthetist, nursing
expenses, blood, cost of medicine, drugs, oxygen, surgical
appliances, etc.
This mediclaim policy is generally issued to peoples between the
age of 60 to 80 years. It provides the benefits of cumulative
bonus, no claim bonus, cashless service and also tax benefit is
consider on insurance premium under section 80D of the income tax
act. The four public sector general insurance companies are
offering these policies1. National Insurance Company
(Varishta-Mediclaim for senior citizens) 2. New India Insurance
Company ( Mediclaim for senior citizens) 3. Oriental Insurance
Company ( Senior Citizen Specified Disease Insurance) 4. Star
Health & Allied Insurance ( Red Carpet Health Insurance) And
private sector insurance company Bajaj Allianz General Insurance
Company also offer Silver Health product for senior citizens.
Mediclaim Premium RatesWhen you have decided to go for mediclaim
policy, you will pay the premium on your mediclaim policy to
continue the coverage against any untoward situation. The premium
paid is annually, half annually or monthly. Generally, the premium
rates are vary from company to company and also depends on various
factors like age of the person, sum assured and policy coverage.
The insurance companies also determine the factors like
advertising, selling, paying for health care service, investment of
premium payment and profit margin from the insurance policy. The
premium rates are different for smokers, the insurance companies
charge additional premium on their mediclaim policy. Premium
charged on individual plan is much higher compared to group plans
due to adverse selection. Because under group plans, company gets
the more customer under
one roof and company determine the customers will generally be
in good health condition.
Basic Mediclaim PolicyBasic mediclaim insurance is a different
comared to other traditional mediclaim policy. It is a specified
mediclaim policy which provides coverage against medical expenses
that are outcome of the sickness or accident. In this plan,
coverage is limited and pays for only one or two expenses which are
specified by the insured. This is the reason, policy is known as
basic mediclaim policy. This insurance policy is different compared
to other comprehensive mediclaim policy. Because1. Doesnt covers
critical illness and surgeries. 2. Low cost insurance cause less
coverage. 3. Specified coverage from the list. Mediclaim protects
from the monetary and financial problems when one is hospitalized
by sickness. But choice is yours to choose between comprehensive
health coverage and specified health coverage.
Mediclaim InsuranceMediclaim Insurance is a policy that covers
hospitalisation expenses gathered in course of illness or
accidental injuries. Benefits: 1. Hospitalization Cover: Overall
patient hospital-care expenses for 1Day. Which Includes room rent
and boarding @ 2% of sum insured.
2. Nursing disbursal. 3. Doctors fees 4. medicines and drugs
charges. 5. Emergency ambulance charges. No-Claim Discount: 1. 5%
to 25% of discount for every claim-free year. Eligibility: 1. A
persons ageing 5 months and 80 years, is a resident of India,can
opt this insurance. Tax Benefits: 1. Credit card or cheque pay
premium for this insurance is eligible for relief under Section 80D
of the Income Tax Act. Claims Procedure: 1. Inform the ID number to
the insurer for easy acknowledgment. 2. In case of getting
hospitalized,should inform within 24 hours before getting admitted
into the hospital. 3. If the case is emergency, information to be
given within 24 hours after hospitalization.
Tax benefits on your Mediclaim PolicyThere is no way anyone can
save themselves from paying tax. But yes we can sure use various
tax-saving instruments to lower down our tax payment burden and get
maximum benefit from these. Mediclaim is one way of saving our huge
heap of tax burden, we just need to be smart enough to grab the
right opportunity.
1. Insurance premium paybale on health insurance policy is tax
deductible under Section 80 (D) of the Income Tax Act 1961. 2. Rs.
15000 can be claimed to be deducted on health insurance under
Section 80 (D) 3. Deduct premium paid towards a critical illness
rider on your life insurance policy under Section 80 (D).
Deductions under Section 80 (D) are over and above the deductions
under Section 80(C) of Rs. 1 lakh.
ce C o m pa ny on gr ou p M ed icl ai m in th e fo ll o wi ng pa
ge s is a go od re fe re nc e.
Key Advantages Of Group Health Insuran
Group health insurance is one of the most suitable
the company employees as well as retired persons. The
RESEARCH METHODOLOGYThe research undertaken was that of a
descriptive type. Descriptive research aims at fact finding and
more often is based on surveys. Its purpose is to describe the
present state of affairs of the topic of study. It is often
referred to as post-facto study.
DATA COLLECTION PRIMARY DATAIn case of primary sources the
information was retrieved directly from the customers and sales
consultants. We have done the analysis with the help of the inputs
provided by the customers of the products of the insurance
companies. The primary data is collected through conducting a
survey with the help of a questionnaire designed by me. In the
Bank, customers were approached and detailed responses were taken
and their future interest in insurance and suggestions for the
company were duly recorded. For the other subsidiary projects, the
promotion and sales were done at the showroom itself while the
interaction that took place for filling the questionnaire. The
prospective customers for health insurance were contacted through
Tele-calling and thereafter converting the call into sales.
SECONDARY DATASecondary data was collected from books and the
internet.
Data collection techniques SURVEYBy this method of data
collection more accurate and reliable information on the subject
can be obtained. In order to get aware of the customer behavior, we
designed a questionnaire which would help us extract maximum
information so as to analyze the factors that play a decisive role
in customers choice of an insurance company.
CALLINGAfter getting the customer details from the
questionnaires filled them, the prospective customers for health
insurance were called & sales were done.
RESEARCH APPROACHThe product portfolio of IFFCO TOKIO is wide.
Following are some methods, which have been taken in order to
complete the project and make it successful: Understanding the
basics of insurance Business and getting familiar with the product
range of IFFCO TOKIO. Assessing the present situation of IFFCO
TOKIO in motor insurance Business.
MAJOR COMPETITORS OF IFFCO TOKIO: NEW INDIA NATIONAL UNITED
INDIA ORIENTAL ICICI LOMBARD BAJAJ ALLIANZ Customer relationship
management (CRM) is a customer-centric business strategy with the
goal of maximizing profitability, revenue, and customer
satisfaction. technologies that support this business purpose
include the capture, storage and analysis of customer, vendon,
partner, and internal process information. functions that support
this business purpose include Sales, Marketing and Customer
Service, Training Professional Development, Performance management,
Human Resource Development and Compensation. Technology to support
CRM initiatives must be integrated as part of an overall
customer-centric strategy.
SWOT ANALYSIS OF IFFCO TOKIO G.I.C LTD.SWOT analysis (Strengths,
Weaknesses, Opportunities, and Threats) is a wellestablished means
of thinking critically about a business, its resources, and its
environment. Doing an analysis of this type is a good way to assess
a business and its markets.
STRENGTH WEAKNESS OPPORTUNITY THREATSTRENGTH Brand Name WEAKNESS
Lacking in customer retention to high premium rate. Lack customer
orientation Lack in Follow-ups OPPORTUNITY To reach the good
services Huge untapped Potential. Customers value quality the most.
THREAT Competitive Prices
Continuous Innovation Wide product portfolio.
leads to higher competition. Cut throat competition with Bajaj
Allianz & ICICI LOMBARD.
COMPARISON OF RATES OF IFFCO TOKIO WITH OTHER COMPANIES.
CONCLUSION : Continued strength in the broader economy and
gradual reform in the non life sector are expected to combine to
produce strong premium growth in the Indian market over the next
few years. Whilst India currently remains a medium sized non -life
market, the growth predicted over the medium to long term is
attracting increasing levels of foreign investment and competition.
Many of the worlds largest insurers such as AIG, IFFCO TOKIO &
ALLIANZ are present in the market. The new private insurers are
growing fast and have already developed a combined market share of
40 %. As the market is liberalized and becomes more mature the
private firms are considered well placed to capture an even greater
share of a fast growing market. The main risk to private insurers
is the high likelihood of sustained price competition as tariffs
are removed from some classes of business such as fire, engineering
motor etc. In the end, notions about exactly what constitutes good
customer service are evolving, driven by increasingly knowledgeable
customers who have become empowered by their own willingness to
embrace technology and use it to their benefit. As insurers begin
to demonstrate a commensurate willingness to capitalize on
technological advances, advisory, transactional and informational
services will be adapted to deliver service that not only offers
higher levels of customer satisfaction, but delivers opportunities
for insurers to grow revenue and profitability. Self-service may be
expected to become the customers avenue of first transactional
choice, as Web-based channels provide 24 X 7 availability,
security
is tightened and interactions become faster, easier to initiate
and more tailored to personal needs Successful insurers will define
good customer service strategically, not tactically. Each customer
service event will be seen as a way to increase loyalty, anticipate
related client needs for the benefit of cross-selling and increase
revenue. In addition, insurers will have the ability to understand
a customers long-term value and provide personalized service to
help realize it.
RECOMMENDATIONSDuring my course of training, I have observed few
leaps at the companys end so will like to recommend the
following:
COMPETITIVE PRICING : IFFCO TOKIO should keep its rates in
accordance to the market so as to pull more customers, without
compromising the quality & making the product more saleable. In
order to have a grab in market, IFFCO TOKIO should provide quick
& timely service specifically to its premium customers. It can
adopt the strategy of providing premium service to premium
customers.
STRATEGIES FOR IMPROVING SALES PROMOTION OF IFFCO TOKIO : IFFCO
TOKIO should air it advertisements in the prime business channels
like CNBC TV 18 and NDTV PROFIT.The company instead of having a
full fledged commercial can also use a running marquee on the new
channels like NDTV,TIMES NOW and CNN IBN which will promote the
company. The company needs to become more buyer friendly and should
revamp its customer grievances redressal system. Work on gaining
the untapped potential which is due to : Lack of product knowledge
& brand recall the company should make the customer aware about
its product portfolio by having an effective Tele calling service
system.
Absence of a customer centric approach- the company should work
on being more buyer friendly. Marketing support should be provided
to distribution channels. Strengthen Banc assurance An integrated
Banking & Insurance business. Organize advertising campaigns
emphasizing on policy features, benefits & service levels
rather than price. Improve its Process Efficiency. This can be done
by shortening the policy issuance cycle. Expanding the business
through effective agents ,advertisements Agents form a crucial link
between the insurer and the insured thus, they should be given
additional benefits other than commissions. Spreading insurance
knowledge among the people, focus on rural areas. There lies a huge
potential in rural areas with increase in agri business and their
purchasing power. Technology can play a crucial role in delivering
the highest standards set by the company an it will be imperative
for any serious player to excel in all this. Bringing new
innovative product offerings in the market with good benefits and
service standards.
LIMITATION OF THE STUDY
As each study do we have some benefit and some scope , there is
one more thing which is mostly found in any research work and that
is limitation .Limitation are the restricting factor encountered
during the research study , it does have some limitation , which
was present during the course of study and are the following: Due
to some of the customer was not ready to respond. The degree of
brand awareness is not the mark. Allowances of the and the cost as
well. Reserve nature of customer. Transparency. Penetration.
QUESTIONNAIRECOMPANY NAMENAME ADDRESSTELEPHONE NOAGE 15-25 25-35
35-45 45-above (a) Yes (a) Yes (a) (g) ICICI United Insurance ( ) (
) (b) No ( ) Reason (b) Buglury ( ) ( ) (d) Personal Accident ( ) (
) ( ) OCCUPATION student Employee Businessmen Professional (b) No
(b) ( No ) ( ) (c) National (f) Any Other INCOME 0-5000 5000-1000
1000-15000 15000-above
Q.1 Have you heard the name of IFFCO TOKIO ? Q.2 Whether
Insurance Taken ? Q.3 If yes who is the insurer ? (b) Bajaj Allianz
(e) New India (d) IFFCO TOKIO Q.4 Policies taken ? (a) Fire (c)
Medisheild (e) Any Other (a) Yes ( )
Q.5 Have you ever had any claim ? .. Q.6 Would you like to
change your insurer ? (a) Yes ( ) (b) No ( ) Q.7 What is your
expectation from the non-life Insurance company?
BIBLIOGRAPHY: www.iffco-tokio.com www.google.com The Economic
Times www.gicofindia.in www.irdaindia.org www.insuranceage.com
www.itgi.in