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Submitted In Partial Fulfillment of the Requirement of Bachelor of Business Administration (BBA)
SUBMITTED BY Aditya Singh Bhadauria BBA – 4th SEMESTER
UNDER THE GUIDANCE OF MS.Himani Grover
About the Company A. C. D. Blueprint of the process B. Suggestions for improvement of service delivery Chapter-5-People A. Four P’s of the Marketing Chapter-4-Process of service delivery A. B. Training and Development C. Overview of the service sector and its contribution in the economy B.Marketing Strategies of the Company A. Introduction about the marketing strategies B. Recruitment process B. Motivation Chapter-6-Physical Evidence Chapter-7-References . E. Profile of the Company History of the Company Vision and mission statement of the Company Key competitors of the Company Organizational structure Chapter-3. Overview of the industry and its contribution in the service sector Chapter-2.CONTENTS Chapter-1-Introduction A. Problems encountered in the process C.
6 per cent of the overall average growth in gross domestic product (GDP) between the years 2002-03 and 200607. In India. Its growth rate has been higher than that of agriculture and manufacturing sectors. contributed as much as 68. social and personal services. It covers a wide range of activities. as a whole. A strong and welldefined health care sector helps to build a healthy . They are one of the largest and most challenging sectors and hold a key to the country's overall progress. transportation and communication. making higher contributions to the global output and employment. It is a large and most dynamic part of the Indian economy both in terms of employment potential and contribution to national income. such as trading. real estate and business services. financial. The most important services in the Indian economy has been health and education. as well as community.Chapter-1-Introduction Overview of the service sector and its contribution in the economy The service industry forms a backbone of social and economic development of a region. services sector. It has emerged as the largest and fastest-growing sectors in the world economy.
. India is witnessing a transition from agriculture-based economy to a knowledge-based economy. hygiene and demographic profile. While. over the years. implementing National Rural Health Mission (NRHM) in different States. The 'Ministry of Human resource Development' is involved in eradicating illiteracy from the country. conducting surveys and studies. laying down of National Policy on Education. The era of economic liberalization has ushered in a rapid change in the service industry. The 'Ministry of Health and Family Welfare' is responsible for implementation of various programmes in the areas of health and family welfare. etc. total fertility rate and infant mortality rate as well as gained high literacy rate in the country. meeting needs of secondary and higher education for all. achieving full adult literacy. prevention and control of major communicable diseases as well as promotion of traditional and indigenous systems of medicines. It is concerned with universalisation of elementary education.and productive workforce as well as stabilize population. The knowledge economy creates. As a result. education strongly influences improvement in health. crude death rate. Accordingly. India has achieved impressive demographic transition owing to the decline of crude birth rate. it is carrying out measures like National health policy. etc.
Besides. television and live entertainment. It covers film. broadcast. retailing has been one of the fastest growing service sector both in terms of turnover and employment. Many national and global . It plays a significant role in creating people's awareness about national policies and programmes by providing information and education to all. IT continues to be a dominating sector in the overall growth of the Indian industry. Another major and upcoming service industry has been media and entertainment.disseminates. radio. A large number of Indian software companies have acquired international quality certification. Several policies have also been framed on the key issues of IT infrastructure. The 'Ministry of Information and Broadcasting' is responsible for formulation and administration of the rules. and uses knowledge to enhance its growth and development. One of the major functional pillars of this economy is Information Technology and IT-enabled services industry. regulations and laws relating to media industry. music. The 'Department of Information Technology' has been making continuous efforts to make India a front-runner in the age of Information revolution. It is basically an intellectual property-driven sector with small to large players spread throughout the country. electronic governance as well as IT education.
It is a major contributor to the national integration process of the country as well as preserver of natural and cultural environments. construction. as well as gives momentum to growth of service exports. handicrafts. most of them are related to food items. horticulture. Out of the total retail outlets in the country. However.players have been investing in the retail segment and are making all efforts to further expand the sector. it stimulates growth and expansion in other economic sectors like agriculture. The 'Ministry of Tourism' has been undertaking several policy measures and incentives so as to boost the sector such as the announcement of the National Tourism Policy. Being one of the largest industry in terms of gross revenue and foreign exchange earnings. They offer innumerable business opportunities to the investors. transportation. to supplement the achievements and meet the shortfalls in all the sub-sectors of the service industry. poultry. They have the capacity to generate substantial employment opportunities in the economy as well as . travel and tourism sector has to be developed in a sustainable manner. All this shows that services hold immense potential to accelerate the growth of an economy and promote general well-being of the people. etc.
service sector is considered to be an integral part of the economy and includes various sub-sectors spread all across the country. While the Public Sector insurance companies made enormous contribution in the spread of awareness about insurance. opened up for private sector participation . It was also recognized that India has a vast potential that is waiting to be tapped and this could be achieved when sufficient competition is generated and it is exposed to the developments in the rest of the world. Thus. The insurance sector was. These annual conferences before and after the reforms in the sector have provided useful inputs to the policy makers and the regulatory body and the FICCI deserves appreciation for the professional manner in which these conferences are organized and should be legitimately proud of the contribution made by it in the growth and development of insurance sector. It was also felt that the rapid economic growth witnessed in the 90s cannot be sustained without a thriving insurance sector. therefore. it was recognized that their reach was still limited. Overview of the Insurance Services sector and its contribution in the economy The insurance sector was opened up for private participation four years ago and FICCI has doing yeoman service to the development of this sector by facilitating exchange of views between the industry. policymakers. Indian economy would not have acquired a strong and dominating place on the world platform. and the regulator through the annual conference.increase its per capita income. The reasons that prompted the government to bring in reform in the insurance sector are well known. and expanded the market. Without them. This has provided a forum to take stock of the developments and discuss the future course of action. the range of products offered restricted and the service to the consumer inadequate.
with provision for limited foreign equity exposure. We have now four years experience of the public and private sector together operation in the market. .
an international life insurance.Chapter-2. Religare. The fulfillment of this vision is based upon having a complete product suite. . At the same time product development has been founded on the tenet of providing the customer with great value. providing customised advice and enhancing the overall customer experience through superior service. India’s largest media house. Coleman & company. pension and investment company. ARLI has launched a suite of products that are focused on providing the customer with the means to meeting their long-term financial goals. This joint venture will balance a local approach with the power of an expanding global operation. have come together to launch AEGON Religare Life Insurance Company Limited (ARLI). 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. a global financial services group and Bennett. ARLI products such as AEGON Religare iTerm Plan and AEGON Religare Future Protect Plan have been ranked among the best in terms of value and have attracted many external accolades. providing a work environment that fosters excellence and innovation. ARLI launched its pan-India operations in July. This venture is dedicated to build a profitable customer-centric business with scale.About the company COMPANY PROFILE AEGON.
ABOUT RELIGARE ENTERPRISES LIMITED Religare Enterprises Limited (REL) is a global financial services group with a presence across Asia. The Economic Times. With headquarters in The Hague. From the very first edition on November 3. including corporates and institutions. The group has also pioneered the concept of investments in alternative asset classes such as arts and films. By way of the innovative venture of Times Private Treaties . Grazia. Navbharat Times. Africa.000 employees across multiple geographies. broking and lending solutions to investment banking and wealth management.ABOUT AEGON As an international life insurance. With over 10. ABOUT BENNETT. Times OOH. AEGON has businesses in over twenty markets in the Americas. traditional at heart and national in spirit. 1838 the mammoth BCCL Group has come a long way. COLEMAN & COMPANY LIMITED Bennett. Femina. Times Music. Religare’s largest market. It reaches out to 2468 cities and towns all over India. Maharashtra Times. The company’s common shares are listed on three stock exchanges: Amsterdam. AEGON companies employ approximately 28. part of the mammoth Times Group. REL hold 44% equity in ARLI. Religare serves over a million clients. Europe and the Americas. Times Now. In India. The group owns and manages powerful media brands like The Times of India. pension and investment company. the Netherlands. AEGON has more than 160 years of experience with its roots going back to 1844. Radio Mirchi. and retail investors. . high net worth families and individuals. Europe and Asia. Coleman & Company Limited (BCCL). New York and London. Private Treaties and indiatimes. Zoom. asset management. the group offers a wide array of products and services ranging from insurance. the BCCL Group holds 30% equity in ARLI. Top Gear. Middle East.000 people and serve some 40 million customers across the globe.com. is India’s largest media house. All of its brands are multinational in outlook. AEGON holds 26% equity in ARLI. Filmfare.
and Bajaj Auto. one of the biggest 2 and 3 wheeler manufacturers in the world. .MISSION AND VISION KEY COMPETITORS IN THE MARKET BAJAJ ALLIANZ Bajaj Allianz is a joint venture between Allianz AG one of the world’s largest insurance companies. Bajaj Allianz is into both life insurance and general insurance.
Allianz Group is one of the world’s leading insurers and financial services providers. it has diversified into retail banking and is the largest private bank in the country.000 employees. Philippines. Currently. Sun Life Financial’s primary insurance business. Thailand. Prudential plc was established in 1848 and is presently the largest life insurance company in the UK. Today. ICICI PRUDENTIAL LIFE INSURANCE ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank.000 Insurance Consultants. a premier financial powerhouse and Prudential plc. it has presence in more than 550 locations with over 60. Bajaj Allianz is one of India’s leading and fastest growing insurance companies. United States. a leading international financial services group headquartered in the United Kingdom. The Group has presence in several countries such as Canada. Allianz is now present in over 70 countries with almost 174. Founded in 1890 in Berlin. Australia and China. India and Bermuda. Aditya Birla Group is an Indian multinational conglomerate with presence in India. Indonesia. ICICI was established in 1955 to lend money for industrial development. Egypt. is one of the leading insurance companies of the world and ranks amongst the largest international financial services 12rganizations in the world. Malaysia. Japan. Sun Life Assurance. BIRLA SUN LIFE INSURANCE Birla Sun Life Insurance Company Limited is a joint venture between Aditya Birla Group and Sun Life Financial of Canada. Indonesia. . Canada. Philippines. Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India and one of the largest in the world. Today.
The company is listed on the London Stock Exchange with a market capitalization and has its headquarters in London. Old Mutual was established more than 150 years ago and offers a diverse range of financial services in South Africa. with presence across 50 countries.(KMBL).780 crore and wrote nearly 615. the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13. The company currently has over 10. KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED Kotak Mahindra Old Mutual Life Insurance Ltd. mutual funds. and investment banking. the world's 4th largest financial services group.000 policies. Kotak Mahindra is one of India's leading financial institutions and offers a range of financial services such as commercial banking. stock broking. life insurance. is a joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc. ING VYSYA LIFE INSURANCE ING Vysya Life Insurance Company Limited is a joint venture between Vysya Bank and ING Group of Holland.ICICI Prudential is curently the No. the United States and the United Kingdom.000 active advisors working from 75 branches (in 30 cities) across the country and over 2300 employees. . For the financial year ended March 31. With in a short span of time ING Vysya Life Insurance has registered an impressive growth. 2005. and a heritage of over 150 years. 1 private life insurer in the country. ING Vysya Life Insurance Company Private Limited entered the private life insurance industry in India in September 2001.
a global expert in life insurance. In respect of number of lives insured. Max India Limited is a multi-business corporate dealing in Clinical Research. and New York Life International. Max New York offers customized products tailored to suit individual's needs. Max New York Life Insurance started its operations in India in 2000. New York Life is a Fortune 100 company that has over 160 years of experience in the life insurance business. With its various Products and Riders. LIC has a growth of 2%. LIC has shown a growth of over 152%.LIFE INSURANCE CORPORATION OF INDIA (LIC) Life Insurance Corporation of India (LIC) is an autonomous body authorized to run the life insurance business in India with its Head Office at Mumbai. Out of the total premium of Rs 3766 crore generated by the insurance industry through group business in the year 2005-06. LIC alone accounted for Rs 3051 crore. MAX NEW YORK LIFE INSURANCE Max New York Life Insurance Company Limited is a joint venture between Max India Limited. In respect of number of schemes. IT and Telecom Services. It has been established by an act of the Parliament and started functioning from 1/9/1956. respectively. LIC is the biggest insurance player in the country.68%. LIC's market share in number of individuals covered and number of policies stands at 77% and 81%. and Specialty Plastic Products businesses. It is the first life insurance company in India to be awarded the IS0 9001:2000 certification. LIC has grown at 30. a multibusiness corporate. In the financial year 2005-06. there are more than 400 product .
The MetLife companies are the number one life insurer in the U. Met Life Group has presence in America and Asia and has an experience of over 137 years in providing financial services. Max New York Life Insurance has a network of 57 offices spread over 37 cities all over India. Cardiff is a wholly owned subsidiary of BNP Paribas.combinations to choose from. the largest in the world. Geojit Securities. Along with its 7 Associate Banks. . and Mini Muthoothu.000 branches across the country. SBI Life Insurance is registered with an authorised capital of Rs 500 crore and a paid up capital of Rs 350 crores. which is The Euro Zone's leading Bank. The Indian partners include J&K Bank. Way2Wealth. MetLife serves 88 of the top one hundred FORTUNE 500 companies. BNP is one of the oldest foreign banks with a presence in India dating back to 1860. State Bank of India is the largest banking franchise in India.S. Pvt Ltd is a joint venture between MetLife Group and its Indian partners. SBI LIFE INSURANCE SBI Life Insurance is a joint venture between the State Bank of India and Cardiff SA of France. MetLife entered Indian insurance sector in 2001. Karvy Consultants. Dhanalakshmi Bank. Karnataka Bank. SBI Group has a network of over 14. Today. METLIFE INDIA INSURANCE MetLife India Insurance Co. with approximately US $2.8 trillion of life insurance in force.
Inc. TATA AIG LIFE INSURANCE Tata AIG Life Insurance Company Limited is a joint venture between Tata Group and American International Group. (AIG). Tata Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance. Shriram Life has set a target of achieving a premium income of Rs 110 crores during the first year of operations.000 agents and distribution network of more than 550 branches. American International Group. The Late Sir Dorab Tata. Tata Group is one of the oldest and leading business groups of India. Inc is the leading U.S.. AIG has one of the most extensive life insurance networks in the world. a group company incorporated way back in 1919.SHRIRAM LIFE INSURANCE Shriram Life Insurance Company Ltd is a joint venture between the Chennai-based Shriram Group and the South African insurance major Sanlam. The company launched its operations in India in December 2005. . Ltd. Shriram Life is also contemplating banc assurance alliances with couple of banks. While focusing largely on the strong network of over 65. based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. was the founder Chairman of New India Assurance Co.
Chapter-3. For every MLM distributor who makes a decent living or even a decent supplemental income. no matter what the product. In the insurance sector different MLM's try to tap up as the corporate agents. however. a legal scheme. because it sells hope and appears to be outside the mainstream of business as usual. costing them much more than they will ever earn as an MLM agent. This is very advantageous to those who own the company and supply the products. MLM is very attractive. especially since the sales persons in MLMs are also customers.Marketing Strategies of the Company Introduction about the marketing strategies MLM (Multi Level Marketing) Multi-level marketing is system of marketing which puts more emphases upon the recruiting of distributors than on the selling of products. Unfortunately. The structure of the working of the MLM's can be made according to the specific needs and demand the company to be tied up with. The most successful MLM scheme is Amway. in essence. there are at least ten who do little more than buy products and promotional materials. MLM is doomed to produce more failures than successes. . It promises wealth and independence to all. But it is puzzling why a sales person would think it is to his or her advantage to increase the number of competing sales persons. The reason MLM schemes cannot succeed is because MLM marketing is. The basic idea is for a sales person to recruit more sales persons. But there functioning can be either straight way just in case of a corporate agent or as a MLM wherein the entire chain is used up and the commissions are penetrated and passed on deep within the chain.
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