Mini Project On Insurance New
Mini Project On Insurance New
Mini Project On Insurance New
Services
Assignment 2
Mini Project on
Insurance
Submitted by:
Romil sodhiya
MBA MKT 3
UID:2019-2207-0001-0006
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INDEX:
Sector information............................................................................................3
Market Size..........................................................................................................3
Government Initiatives....................................................................................4
Road Ahead..........................................................................................................4
Recent Developments in BFSI Sector..........................................................4
Company information......................................................................................5
History of Bharti AXA.......................................................................................5
Highlights of Bharti AXA.................................................................................5
SWOT Analysis....................................................................................................6
Products of Bharti AXA....................................................................................7
BCG Matrix............................................................................................................8
Gap Analysis........................................................................................................9
CSR Activities.....................................................................................................11
Market Strategy….............................................................................................13
Market Mapping…............................................................................................14
Budget..................................................................................................................15
Marketing Channels........................................................................................16
SECTOR INFORMATION
2. MARKET SIZE:
Government's policy of insuring the uninsured has gradually pushed insurance penetration in
the country and proliferation of insurance schemes.
In India gross premiums written has reached Rs 5.53 trillion (US$ 94.48 billion) in FY18 out
of which Rs 4.58 trillion (US$ 71.1 billion) is from life insurance and Rs 1.51 trillion (US$
23.38 billion) is from non-life insurance. Overall insurance penetration (premiums as % of
GDP) in India has reached 3.69 % in 2017 from 2.71 % in 2001.
In the FY19 (up to October 2018), premium from new life insurance business increased from
3.66 % year-on-year to Rs 1.09 trillion (US$ 15.46 billion).In FY19 (up to October 2018), a
year-on-year growth rate of 12.40 % has been observed in gross direct premiums of non-life
insurers which reached to Rs 962.05 billion (US$ 13.71 billion).
The insurance industry of India is expected to reach US$280 billion by 2020 due to increasing
awareness, innovative products and more distribution channels.
3. GOVERNMENT INITIATIVES:
A number of initiatives have been taken by the Government of India to boost the insurance
industry. Some of the initiatives are given below:
4. ROAD AHEAD:
The future looks promising for the life insurance industry with several changes in regulatory
framework which will lead to further change in the way the industry conducts its business
and engages with its customers.
The overall insurance industry is expected to reach US$ 280 billion by 2020. Life insurance
industry in the country is expected grow by 12-15% annually for the next three to five years.
Demographic factors such as growing middle class, young insurable population and growing
awareness of the need for protection and retirement planning will support the growth of Indian
life insurance.
Strategic deals: HDFC ERGO General Insurance Co. is planning to acquire Apollo
Munich Health Insurance (Reported valuation: $370 million).
Financial investors: A consortium of private equity firms- West bridge Capital and
Madison Capital and billionaire investor Rakesh Jhunjhunwala, are discussing to
acquire over 90% stake in Star Health and Allied Insurance. (Estimated deal size: $1
billion)
Initiatives by non-sector players: Indian e-commerce giant Flipkart has tied up with
Bajaj Allianz General Insurance to provide customised insurance products for mobile
phones sold on Flipkart.
New product offerings: HDFC ERGO has launched a new product called E@Secure
- a cyber insurance policy to protect the individuals and families from cyber-attacks.
BHARTI AXA GENERAL INSURACE LTD.
1. ABOUT THE COMPANY:
Bharti AXA General Insurance Company Ltd was founded in the year 2008, now
headquartered at Mumbai, Maharashtra, India.
Bharti Enterprises is one of India's leading business groups with interests in telecom,
agri-business, financial services, retail and manufacturing, with many firsts and
innovations to its credit The AXA Group is a worldwide leader in insurance and asset
management serving 105 million clients, individuals and business, in 61 countries and
offers insurance, savings and investment products and services.
Bharti AXA General Insurance Company Limited is a joint venture between Bharti
Enterprises and AXA. The joint venture company has a 51% stake from Bharti
Enterprises and 49% stake of the AXA Group. Bharti AXA General Insurance has
PAN India presence through 104 branches and offer insurance solutions for motor and
two- wheeler, health and critical illness, property and student, individual and family
travel and crop insurance.
Bharti AXA General Insurance Company Ltd is a general insurance company that
offers various products catering to retail, rural, and commercial clients. Broadly, it
offers insurance for motor and two wheeler insurance, health and critical illness,
property, student and individual and family travel, crop insurance and commercial
lines.
Bharti AXA General Insurance Company Limited is a joint venture between Bharti
Enterprises and AXA. The joint venture company has a 51% stake from Bharti
Enterprises and 49% stake of the AXA Group.
Bharti AXA has got the credit of being the first company in the general insurance
industry to receive dual certifications of ISO 9001:2008 and ISO 27001:2005.
Lifelong Renewability
89% Incurred Claim Ratio and 77.78% Claim Settlement Ratio
4,500+ Network Hospitals
21,829 Policies Issued
4,500+ Network Hospitals
4. SWOT ANALYSIS OF THE COMPANY:
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5. PRODUCTS OF THE COMPANY:
1. Motor Insurance
Car Insurance
Two Wheeler Insurance
2. Health Insurance
Smart Super Health Insurance Policy
Smart Health Assure Policy
3. Travel Insurance
Schengen Travel Insurance
Worldwide Overseas Travel Insurance (Including USA/ Canada)
Worldwide Overseas Travel Insurance (Excluding USA/ Canada)
Asia Travel Insurance
4. Other Products
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6. BCG MATRIX OF THE COMPANY:
STARS
QUESTION MARKS
Bharti AXA Motor Insurance – Car Smart Super Health Insurance Policy
Insurance
CASH COWS
DOGS
The plan comes with the coverage benefit of alternative treatment, air ambulance transport,
and organ donor expenses among many others. There is no capping on the room rent, and the
patient can choose any room for treatment at the hospital. The plan comes in three variants
i.e. Value, Classic and Uber. One can choose an optimum sum assured as per the choice of
the variant.
BENEFITS
Hospital Cash Allowance: Under this benefit, daily cash is paid per day up to the
specified limit if the insured is hospitalized for any disease/illness/injury for which a
valid claim is admissible under the policy for each continuous and completed period of
24 hours and if the hospitalisation is more than 24 hours. This is paid for a maximum of
30 days including all the members and all claims for the entire policy year. First
completed and continuous period of 24 hours will be considered as a deductible.
Maternity Benefit: This benefit provides cover for the expenses for the delivery of a
baby and/or expenses related to medically recommended lawful termination of
pregnancy, limited to a maximum of two deliveries or terminations. This benefit is
available under a family floater policy and is available for insured/insured’s spouse
provided both are covered under the same policy. This benefit also covers the newborn
baby’s inpatient treatment expenses within the first 90 days of birth.
Critical Illness Cover: Under this benefit, a lump sum amount is paid if the insured is
diagnosed with any of the listed critical illnesses under the policy, 60 days after the
inception of the policy, and survived for more than 30 days post such diagnosis. The
amount is paid only once in a lifetime of the insured and after being paid the benefit
stands lapsed.
ELIGIBILITY:
Age at entry of life insured (last birthday) : 18 Years (Min)
: 65 Years (Max)
Age at Maturity : 70 years (Max)
Sum Assured for Treatment : Rs.10,00,000 (Min)
: Rs.30,00,000 (Max)
* Above limits are subject to underwriting
Premium Payment Term : Same as Policy Term
Policy term : 5 years (Min)
: 20 years (Max)
Premium Payment Frequency : Yearly
*(Premium of any plan is 10 times of sum assured. If the sum assured is Rs. 10,00,000 then
the premium would be approximately Rs. 1,00,000 or more including taxes on a yearly basis).
TARGET GROUP:
Age: 18-60 years
Occupation: Working Professionals or Homemaker
Generation: Mainly young cool, young macho or Gen X
Social class: Middle class
8. CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES OF THE
COMPANY:
ICICI
High price
LIC INSURANCE
HDFC
KOTAK MAX SBI LIFE LIFE
LIFE INSURANCE
Low quality High quality
SMART
HEALTH ASSURE
Low price
Once the product able to gain the customer market mapping help us to change the market segment as per our need.
11. BUDGET:
DESCRIPTION OF THE POLICY:
Policy Term 15 years
Policy Paying Term 10 years
Waiting Period 5 years
Sum Assured 450000
BONUSES:
13.SOURCE OF DATA:
1. Ibef.org
2. bharti-axagi.co.in
3. insurancedekho.com
4. bankbazaar.com
5. policybazaar.com