ranjan ppt

8/14/2019 Ranjan PPT

1/21

Submitted By: RANJAN.K.T

Reg. No: 08KXCM6119 Under the Guidance of

Internal guide External Guide

Smt.Suma.C.V Mr.Nanda Kumar.K.B Surana College, Bangalore

ON

TATA-AIG LIFE INSURANCE COMPANYLIMITED


2/21

OMPANY OVER VIEWNature of the industry : InsuranceNature of business : Life InsuranceRegistered : 12th February 2001Started operation : 1st April 2001Head office : MumbaiBranch office : Kasturba road

Founder/Chairman : Ratan TataNumber of share holding : Tata 74%,AIG 26%


3/21

VISIONEmpowering every one live

their dreams


4/21

MISSIONCreate unmatched value for everyone

through dependable, effective,transparent and profitable life insuranceand pension plans.

To develop life insurance business in thebest interest of the community.

To provide financial security to individualsby offering insurance products andservice of high quality at affordable cost.


5/21

VALUES Integrity:We must conduct our business fairly, with honesty and

transparency. Everything we do must stand the test of publicscrutiny.

Understanding:We must be caring, show respect, compassionand humanity for our colleagues and customers around the

world, and always work for the benefit of the communities weserve.

Excellence:We must constantly strive to achieve the highestpossible standards in our day to day work and in the quality ofthe goods and services we provide.

Unity:We must work cohesively with our colleagues across the

group and with our customers and partners around the world,building strong relationship based on tolerance, understandingand mutual cooperation.

Responsibility:We must continue to be responsible, sensitive tothe countries, communities and environments in which we work,

always ensuring that what comes from people goes back to thepeople many times over.


6/21

OBJECTIVES To serve better the insurance needs of the

entire community, keeping CUSTOMER asthe focus.

To manage Business profitably, Managefunds judiciously and deploy investiblefunds for optimum Yield.

To work towards minimization of losses anddevelop Risk Management Technologies.

To function as a strong and dynamic non-lifeinsurer.


7/21

GOAL

Create best value for Customers,Shareholders and all Stake holders

Achieve impeccable reputation and

credentials through best businesspractices


8/21

PRODUCTSChildren Plans Tata AIG Life Star kid Tata AIG Life United Ujjwal Bhavishya Tata AIG Life Assure Career Builder Tata AIG Life Assure Career Builder

Adults Plans Tata AIG Life Assure Golden Years Plan

Tata AIG Life Easy Retire Tata AIG Life Hospi CashBack Tata AIG Life ShubhLife


9/21

Pension Plans Tata AIG Life Nirvana Tata AIG Life InvestAssure Swarna Jeevan

Tata AIG Life Nirvana Plus

Unit Linked Insurance Polices (ULIPS) Tata AIG Life InvestAssure Health Tata AIG Life InvestAssure II

Tata AIG Life InvestAssure

Apex Tata AIG Life InvestAssure Extra Tata AIG Life Jeevan Lakshya

GROUP INSURANCE


10/21

/CEO MD

. . , , ,V P Marketing Sales HR Finance

NH Marketing

ZH Marketing

Area Manager

Senior Manager

.Asst Manager Manager

Executive Marketing

NH sales

ZH Sales

Area Sales Manager

Senior Manager

.Asst Sales Manager

Executive FSO

Senior FSO

FSO

NH HR

ZH HR

Area Head HR

Senior Manager HR

Manager

HR Officer

HR staff

NH Finance

ZH Finance

/Key A C Manager

Senior Manager

Manager

Finance Executives


11/21

UNCTIONAL DEPARTMENTSMarketing Department

Sales DepartmentHuman resource Department

Finance Department


12/21

arketing Department

The Tata AIG company shall fully support thedevelopment and operation of competitive openmarkets

Formulate, develop & implement appropriate marketingstrategy.

Gives promotional activity Sets the distribution channel The Tata AIG company or employee shall market the

companys products and services on their own meritsand shall not make unfair and misleading statementsabout competitors products and services.

Any collection of competitive information shall be madeonly in the normal course of business and shall be

obtained only through legally permitted sources


13/21

ales department

Setting the target to achieve the companytarget.

Long term planning and sales forecasting.

To update the sales call and report to

superiors. Using own contract and leads from existing

plants generate referrals and quarries and

establish large prospective.


14/21

uman ResourceDepartment Tata AIG recognizes that its people are the

primary source of its competitiveness. It is committed to equal employment

opportunities for attracting the best available

talent and ensuring a cosmopolitan workforce. Identify the needs of the personnel department Proper management of manpower Train the people for challenging job.

It will pursue management practices designedto enrich the quality of life of its employees,develop their potential and maximize theirproductivity.


15/21

inance departmentTata AIG company shall prepare and

maintain its accounts fairly andaccurately and in accordance with theaccounting and financial reportingstandards

All required information shall beaccessible to company auditors andother authorized parties andgovernment agencies.


16/21

WOT ANALYSIS

Strength Tata AIGs brand name:

Tata is a well renowned brand name in India. People trust the name

of Tatas. AIG is a well recognized brand in the internationalinsurance sector. Hence it has a strong brand presence. Product flexibility:

The company changes its insurance product according to thecustomer needs.

Rural Penetration: The Tata AIG is targeting the rural area people. The rural market in

India is very huge and growing. People in rural markets recognizethe brand name Tata. Rate of return:

The ULIP policy of the Tata AIG has given the highest rate of return.It has given 7% rate of return to its investors.


17/21

Weakness Poor promotion activity:

The Tata AIGs promotion of its insuranceproduct is not very efficient people are not aware

of its products and services. Dominance of public sector in life insurance:

Life insurance sector in India is still dominated

by the public sector Life insurance Corporation.Private sector companies are finding it verydifficult to penetrate the life insurance market.


18/21

Opportunity Higher potential:

Only 13% 0f Indian population is insured. Withgrowing standard of living there is a huge

opportunity for private insurers to penetrate themarket.

Tax benefit: Life insurance is taken up for the purpose of tax

savings with growing income levels the marketfor private life insurance should become bigger.


19/21

Threat Lack of awareness among the people:

This is the biggest threat found in this sector. Most of the people are notaware about the importance and the necessity of the insurance in their life.They are not aware how useful life insurance can be for their familymembers if something happens to them.

Perception of the people towards Insurance sector: People still consider insurance just as a Tax saving device. So today alsothere is always a rush to buy an Insurance Policy only at the end of thefinancial year like January, February and March making the other 9 monthsdry for this business.

Increased competition:

Today the competition in the Insurance sector has became very stiff.Currently there are 18 Life Insurance companies working in India includingthe LIC (life insurance Corporation of India). Today each and every companyis trying to increase their Insurance Advisors so that they can increase theirreach in the market. This situation has created a scenario in which to recruitLife insurance Advisors and to sell life Insurance Policy has became very

difficult.


20/21

FINDINGS Tata AIG one of the key private player in Indian

insurance industry. The market share of Tata AIG is considerably increasing

and presently it is 7%.

Premium charged by Tata AIG is competitive in theindustry. There are only few branches in India Advertising in TATA AIG is not effective so its not

reaching to people effectively.

Rural market is not given much importance. Company has got a very good trained marketing team to

sell its product. Company is enjoying the confidence of various sections

of policy holders.


21/21

SUGGESTIONS Company should take necessary steps to

increase product awareness. improve bonus rate. The company should also consider their

competitors in the market. Tata AIG has to increase the number of

branches. Tata AIG can come up with affordable and

feasible policy for younger and retiredpeople

Company can target various sub-urban andrural insurable population by policies for

rural people

ranjan ppt

Documents