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Intership Report In Insurance Sector

CONTENTS

1. EXECUTIVE SUMMARY 2
2. INTRODUCTION TO THE TOPIC 3
3. AIM OF THE STUDY 4
4. INTODUCTION TO INSURANCE INDUSTRY 5
5. ORGANIZATIONAL PROFILE 6
5.1 FORMATION OF COMPANY 6
5.2 PRODUCT SCOPE: 10
5.3 PRODUCT PORTFOLIO 13
5.4 MILESTONES IN THE HISTORY 17
5.5COLLABORATIONS & AFFILIATIONS: 18
5.6 HEAD OFFICES AND BRANCHES 20
5.7 ORGANIZATION STRUCTURE: 22
6. FINDINGS 23
7. SUGGESTION 25
8. CONCLUSIONS: 26
9. BIBLIOGRAPHY 27

EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. The growth potential attracts individuals to enter this sector and HDFC Standard Life Insurance Company Ltd has given me the opportunity to work and get experience in highly competitive and enhancing sector.

The success story of good market share of different market organizations depends upon the availability of the product and services near to the customer, which can be distributed through a distribution channel. In insurance sector, distribution channel includes only agents or agency holders of the company. If companies like LIC, RELIANCE LIFE INSURANCE, TATA AIG, MAX etc have adequate agents in the market they can capture big market as compared to the other companies.

Agents are the only way for a company of Insurance sector through which policies and benefits of the company can be explained to the customers. An agent is a primary source for procurement of insurance business and as such his role is the corner stone for building a solid edifice of any life insurance organization. To effect a good quality of life insurance sale, an agent must be equipped with technical aspects of insurance knowledge, he must possess analytical ability to analyze human needs, he must be abreast with up to date knowledge of merits or demerits of other instruments...