Post on 30-May-2018
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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
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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%
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VISIONEmpowering every one live
their dreams
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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.
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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.
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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.
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GOAL
Create best value for Customers,Shareholders and all Stake holders
Achieve impeccable reputation and
credentials through best businesspractices
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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
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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
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/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
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UNCTIONAL DEPARTMENTSMarketing Department
Sales DepartmentHuman resource Department
Finance Department
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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