Professional Documents
Culture Documents
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This project revolves around the insurance products and services of RELIANCE
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
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
The project includes the details of the insurance products and services of the
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
Different calculations have been done to analyze the data collected from the
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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
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
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
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
The multinational insurance companies and some of the new private sector
insurance companies in the country have seized the opportunity very well.
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The next phase consists of the research which is object oriented and has a realistic
have done detail analysis of the above mentioned three package policies of
ALLIAZ.
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The motive behind the topic which I have taken is to know about the three package
It focuses on
3) Comparative study
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Îc To figure out the various parameters that are consider while taking an
insurance policies.
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Îc 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.c
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Îc The study will help to know the trend of insurance industry few years
down the line.
Îc The data was enough to fulfill the objective of the study and to carry out
the project efficiently.
Îc The study helps to learn the work culture in and around the organization.
Îc 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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In 1962, DhirubhaiAmbani started the c c
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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.
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DhirubhaiAmbani is credited with starting the equity cult in India. More than
58,000 investors from various parts of India subscribed to Reliance¶s ^c in 1977.
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holds distinction that it is the only
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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.
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Over time Dhirubhai diversified his business with the core specialization being in
and additional interest in
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. The company as a whole by BBC as ³a business empire with
an estimated annual turnover of $12 million, and an 85,000 strong workforce´
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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.
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To be an insurer of World Standards and the most preferred choice for clientele at the
domestic and global level.
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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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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.
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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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c 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.
c 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.
c Reliance General Insurance ranks among the Top three private sector general
insurance companies in India, during FY 2007 - 08
c Enjoys a 17 per cent market share amongst the private sector players.
c The distribution network extends across 200 Branch Offices spread across 172
cities in 22 States.
c 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.
c Has many Industry firsts to its credit including the first Over-The-Counter retail
health insurance policy in India - Reliance Health Wise Policy.
c The health kit system, launched by RGI was conferred the PC Quest award for
Best IT implementation.
c 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.
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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'
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Reliance General Insurance has established well-defined and documented
process and to help understand our Customer¶s requirements and address them
to their satisfaction.
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our unwavering commitment to excellence ensures prompt and correct
documentation while also ensuring transparent & speedy claims settlement.
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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.
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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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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.
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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.
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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
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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.
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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.
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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.
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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.
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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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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
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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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As we all know that the Indian insurance system has its roots in the nineteenth
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.
distribution of insurance branches and size. After nationalization, there was also a
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
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
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
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
(c) Leverage effectively on multiple delivery channels (branch, internet, etc.) with
(d) Build relationships with providers of related insurance products and services
and move towards converting the network of insurance companies¶ branches into
µinsurance 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
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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.
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*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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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.
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*Fire and Allied Perils
*Burglary and House Breaking.
*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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Research is defined as human activity based on intellectual application in the
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
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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
Îc Exploratory design
Îc Descriptive design
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Îc Experimental design
The research design, which researcher used for this project is the descriptive one.
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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
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refers to the technique or the procedure the researcher would adopt in selecting
items
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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
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probability samples each element has a known probability of being included in the
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³Judgment sampling the researcher¶s judgment is used for selecting items which
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1. Primary Data
2. Secondary Data
The primary data are those which are collected afresh and for the first time, and
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thus happen to be original in character. The collection of primary data is costly
collected by someone else and which have already been passed through the
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.
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RELIANCE BAJAJ
ALLIANZ
1,Fire and Allied Perils YES YES
(including Terrorism)
2,Burglary and Housebreaking YES YES
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Premium rates given below Rs. per 1000/-
RELIANCE BAJAJ
ALLIANZ
1,Fire and Allied Perils As per tariff .50
(including Terrorism)
2,Burglary and Housebreaking 1.5 2.25
10,Television 10 2.25
Sets
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RELIANCE BAJAJ
ALLIANZ
1,Fire and Allied Perils YES YES
(including Terrorism)
2,Burglary and Housebreaking YES YES
12,Business Interruption NO NO
14,Cost of Re-instatement of NO NO
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17,Alternative YES NO
Accommodation
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RELIANCE BAJAJ
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1,Fire and Allied Perils 0.30 and 0.50 As per tariff
(including Terrorism)
2,Burglary and 1.5 1
Housebreaking
4,Electronic 10 10
Equipments
6,Baggage 10 10
9,Legal Liability 1 5
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1,Fire and Allied Perils YES YES
(including Terrorism)
2,Burglary and YES YES
Housebreaking
6,Baggage YES NO
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1,Fire and Allied Perils 2.8 2.25
6,Baggage 8 ____
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No. Of Customers Percentage (%)
(60)
Always 18 30
Sometime 10 16.66
Never 12 20
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RELIANCE 22 36.66
GENERAL INSURANCE
BAJAJ ALLIANZ 18 30
OTHERS 20 33.33
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Customers (60)
Premium 14 23.33
Facilities 21 35
Company¶s 18 30
Profile
Other 7 11.66
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Customers (60)
Yes 42 70
No 6 10
Don¶t know 12 20
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Customer (60)
Always 26 43.33
Sometime 12 20
Never 4 6.66
Depends upon 18 30
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Îc 30 % of respondents like Reliance General Insurance for their Office Package
Policy.
Îc 31.66 % of respondents like Bajaj Allianz for their Office Package Policy.
Îc 38.33 % of respondents like Other Insurance for their Office Package Policy.
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Facilities 22 36.66
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No 20 33.33
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Always 33 55
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Depends upon 12 20
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Customer (60)
RELIANCE GENERAL 16 26.66
INSURANCE
BAJAJ ALLIANZ 12 20
OTHERS 32 53.33
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2.c Part of one of the biggest organization RELIANCE with a good financial
backup.
3.c Quality service is assured if one has an insurance relationship with RGICL.
4.c .Good infrastructure & good incentives for the result oriented employees
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5.c Strong sales team who are recruited through tough interviews.
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3.c Tap the middle income group and the salaried class.
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3.c There is not much differentiation between the services and products of other
companies.
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Îc It was found that reliance general insurance capture largest market share in c
household¶s policy(36.66%) and 26.66% in shopkeeper¶s policy. c
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Îc It was found that neon sign and glow shine like some features only provided c
by reliance general insurance.c
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Îc It was found that in shop keeper¶s policy reliance general insurance provided c
cheapest premium. c
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Îc It was found that most household¶s insurance depends on product.c
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Îc It was found that more than 50% problems faced by the customers are related c
with information.c
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Îc It was found that most of the customers consider company profile and c
different policies, before taking insurance.c
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Îc It was that security is the main purpose behind insurance.c
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Îc Only three package policies were taken into consideration while conducting
the market research of RGICL and its competitors. This was due to limitation
Îc The non disclosure of some vital information which could have been of some
Îc That was major problem which creates a barrier in the research is unawareness
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c c : 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
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
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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
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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
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class, the Indian market offers huge potential for RELIANCE GENERAL
INSURANCE to grow. The large and growing middle class population and increase
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in disposable incomes have created booming markets in housing, motor, televisions,
computers, mobile phones and other products, most of which require insurance.
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here. The RELIANCE GROUP has ambitious plans to transform its business in the
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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: __________________________________________________________
__________________________________________________________________
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.
c)c Other
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a) Premium
b) Facility
d)c Others
a) Yes
b) No
c) Don¶t know
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a) Always
b) Some time
c) Never
d) Depend on
product
f)c Other
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a) Premium
b) Facility
f)c Others
a) Yes
b) No
c) Don¶t know
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a) Always
b) Some time
c) Never
d) Depend on
product
i)c Other
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a) Premium
b) Facility
h)c Others
a) Yes
b) No
c) Don¶t know
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