Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
P. 1
MetLife Srinagar Sayeem

MetLife Srinagar Sayeem

Ratings:

5.0

(1)
|Views: 650|Likes:
Published by sayeemlsm
This resarch covers lapses and loopholes of metlife in srinagar kashmir
This resarch covers lapses and loopholes of metlife in srinagar kashmir

More info:

Published by: sayeemlsm on Sep 20, 2009
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOCX, PDF, TXT or read online from Scribd
See more
See less

04/25/2013

pdf

text

original

 
MetLife India Insurance Company LtdPage|
1
Table of ContentsExecutive Summary.......................................................................................................2HISTORY OF INSURANCE.........................................................................................5INSURANCE IN INDIA.............................................................................................10Insurance......................................................................................................................11LIFE INSURANCE......................................................................................................13METLIFE POLICIES..............................................................................................17INSURANCE AS INVESTMENT..........................................................................23Literature Review.........................................................................................................25Life Insurance Companies Are Consistently Coming up With More New Policies....27OBJECTIVESOF THE STUDY..................................................................................29RESEARCH DESIGNAND METHODOLOGY.........................................................31METLIFE PROFILE....................................................................................................34MetLife`S ACHIEVEMENTS....................................................................................41Chart showing Market Share of ULIPS in Kashmir region.........................................44Growth Ranking 2008..................................................................................................45Financial Status of MetLife..........................................................................................46
............................................................................................46BANCASSURANCE...................................................................................................48Banks as Referral Agent of an insurance company..................................................58Insurance products distribution by banks as Corporate Agents...............................59INCORPORATION OF METLIFE AS A JOINT VENTURE WITH J&K BANK...61Introduction to Reinstatement......................................................................................66Reinstatement of Policies without CI Rider.............................................................67Data Analysis and Interpretation..................................................................................71RESEARCH FINDINGS.............................................................................................86CONCLUSIONS:.....................................................................................................95Suggestions...............................................................................................................97ANNEXURE................................................................................................................99Glossary..................................................................................................................100QUESTIONNAIRE................................................................................................104Bibliography...............................................................................................................107Bibliography
Sayeem Rafiq Regd No. 10807184
 
MetLife India Insurance Company LtdPage|
2
Executive Summary
MetLife India Insurance Co. Pvt. Ltd. Is one of the largest, strongestand most respected financial organizations in USA. It was incorporatedin India on April 11, 2001 as a joint venture between MetLifeInternational Holdings Inc., The Jammu & Kashmir Bank, M. Pallonjiand Co. Pvt. Ltd. And other private industries. The mission of thecompany is to provide 5 million customers in India world classsolutions for financial security and in the process add significant valueto its shareholders, associates and society by 2010.In order to facilitate its mission the need of the company was to analyze thefactors responsible for lapsed Policies, and go for the revival of the same. Keeping inview the need of the company I took it as my Research Problem and developed theQuestionnaire with the HR Department. To facilitate this process firstly I approachedFA’s of various branches of J&K Bank and discussed the matter with them. After seeing their positive response towards the same problem as discussed above thedetails of customers was made and were approached personally with the prior appointment at a convenient place of the client at a suitable time and day.The Research was conducted in Srinagar City. As this is a ExploratoryResearch different branches of J&K Bank were allotted to me to discuss the cases of Lapsation with the Insurance Managers/CSO for the smooth conduct of the Survey.About 50 customers were contacted at various J&K Bank branches and at Head OfficeOf MetLife India Insurance . 
The main objective of the study is to know the actual  problem of lapses and loopholes in the whole system/process,
The following objectives were set for the present study:
1)To rectify the errors in the system which led PSP’s and Monthly’sto appear in the lapsed list.2)To find the discrepancy in the data for the rest of the modes.
Sayeem Rafiq Regd No. 10807184
 
MetLife India Insurance Company LtdPage|
3
3)To know the factors responsible for the lapsed policies.4)To go for the revival of the policies.
 After analyzing the respondent’s views about the company a feedback were availableto the company which proved to be helpful for the company in knowing the variousstrengths and the weaknesses. After knowing the company got a knowledge of thedifferent fields where it should work if it wants to achieve the sky heights in theindustry. Before this research it was seen that the company was good in introducingnew customers to the organization. But a company cannot be successful if it focuseson new business only which was practiced in MetLife. The retention rate at theMetLife was not followed upto that extent as it was needed, this was seen after theresearch was conducted inspite the reinstatement guidelines followed by MetLifewere good.The research was also helpful to the company as various policies were reinstatedand the customers also feel that their investment decision made by them were notwrong because the company is putting its efforts to get the referrals from thecustomers. The company is not keeping the customers interest away after they invest but the continuously remain in touch with them and make the various departmentscustomer friendly which makes the image of the company as a customer focusedcompany. To be a customer friendly is a very good thing for the organization.
 
The study revealed that wrong selling was made by J&K Bank by the influence of Advance Managers. This was the prime causeIt was revealed that the various policies lapsed because they were not given proper knowledge about the product, they purchased those products whose premium was notafforded by them but the commission received by the financial advisors and thechannel sales officers was more from others due to which they advised them to buythose products.
Limitation o f Research :
Sayeem Rafiq Regd No. 10807184

Activity (75)

You've already reviewed this. Edit your review.
1 hundred reads
1 thousand reads
Dheeraj Kumar liked this
Dheeraj Kumar liked this
Abdul Kadir liked this
sherrysherry liked this
Sahil Wani liked this
Deepak Rohilla liked this
anujkumar133 liked this

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->