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Submitted By:-

Kiran Kumar HS
8NBSA030
INC-SHIMOGA
A 3C Report of

Prepared By
Kiran Kumar H.S
8NBSA030
MASTERS OF BUSINESS ADMINISTRATION
SIP Centre – MANGALORE
INC Centre- SHIMOGA

A report submitted in partial fulfillment of the


requirements of
MBA Program (2008-10)
Under the Guidance of

Mrs. Sreelakshmi Mr.Chandrakanth Bhat


Faculty Guide Company Guide
Introduction:-

The Birla Sunlife Insurance Company was established in the


year 2006, with a joint venture of two leading companies’ likely
Aditya Birla group and Sunlife financials(USA). Birla Sun Life
Insurance pioneered the unique Unit Linked Life Insurance Solutions
in India. Within 4 years of its launch, Birla Sunlife Insurance has
cemented its position as a leading player in the Private Life
Insurance Industry.

Birla Sunlife insurance has been focus on Investment Linked


Insurance Products, supported with protection products to maintain
leadership in product innovation. Multi distribution channels- Direct
Sales Force, Alternate Channels and Group offering convenient
channels of purchase to customers. It has established Web-enabled
IT systems for superior customer services to have issued policies
over the Internet. Corporate governance and a high degree of
transparency in all business practices and procedures to have an
operational Business Continuity Plan and all Strong fundamentals
based on the Aditya Birla group's local insight and Sun Life
financials's global expertise.

The head office is situated in below address,

Birla Sunlife Insurance company ltd.


6th floor, Vaman center
Makhwana Road, Off andheri-kurla Road
Andheri(East),Mumbai-400059

The Branch office in Mangalore is located in:-

Birla Sunlife Insurance company ltd.


2nd floor, Premium Enclave
Light House Hill Road
Mangalore-575002
Vision:-
To create long term value along with market leadership

Missions:-

 To help people mitigate risks of life, accident, health and


money at all stages and under all circumstances

 Enhance the financial future of our customers, including


enterprises.

Values:-

 Integrity
 Commitment
 Passion
 Seamlessness
 Speed

BSLI has contributed significantly to the growth and development of the


life insurance industry in India by introducing unique Unit Linked Life
Insurance Solutions, pure term plan and a slew of innovative products. By
adopting multi-distribution channels such as Direct Sales Force, alternate
channels and convenient points of purchase, including selling its policies
through the ban assurance route and through the internet, BSLI has
revolutionized the entire insurance policy-buying experience.

Corporate governance and a high degree of transparency in all its


business practices and procedures, besides world-class processing
capabilities and well-prepared business continuity planning, have brought
about the credibility that BSLI enjoys among its patrons. The process of
getting sales illustrations signed by customers, offering a free look period on
all policies, which are now standard norms followed by the insurance industry,
were introduced by BSLI.

BSLI offers a spectrum of products to meet the growing needs of


individuals and group insurance through a multi channel distribution network.
The company has quadrupled its distribution network to over 600 branches
and more than 100,000 advisors. With a rapidly growing national footprint, the
company is now positioned to capture an increased market share in the fast
growing life insurance market.
Management :-

C.E.O
(ADITYA BIRLA GROUP)

Mr.Kumar Mangalam Birla

Board Audit Share Finance Risk


Investme
of Committ Committ Review
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Directors ee Allotmen ee Committ
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Management Team:-
Products:-
For Individuals:-
For Groups:-
For Non-resident Indians:-

NRIs have played a very significant role in one way or other in helping
our country's economy grow. We at Birla Sun Life Insurance (BSLI) appreciate
the effort put in by you all in trying to make India a major economic power.
BSLI offers insurance solutions keeping in mind the needs of individual. It can
be an ideal gift from you to your loved and dear ones in India, because no
matter where you are we will be there to take care of your concerns back
home.

Following are the plans offered to NRI:

 Birla Sun Life Insurance Prime Life Premier


 Birla Sun Life Insurance Prime Life
 Birla Sun Life Insurance Flexi Life Line Plan
 Birla Sun Life Insurance Flexi Save Plus
 Birla Sun Life Insurance Flexi Cash Flow
 Birla Sun Life Insurance Classic Life Premier
 Birla Sun Life Insurance Single Premium Bond
 Birla Sun Life Insurance Simply Life

Awards & Recognitions:-


SWOT Analysis…

Strengths:-
* Quality products

* Large networks

* Leading company in insurance sector

* Strong brand name Aditya Birla

* Over all market share 7% and above

Weakness:-

* Less awareness about all products of life insurance in market

* Low advertising

* Focus only on urban segments

Opportunities:-

* Scope for opening of new branches in state/country

* More branches will help in expanding business

* Increasing population will increase in insurance business

* Recruiting candidates helps to increase the business

Threats:-

* Market uncertainty (Recession)

* Consumers do not invest easily

* Consumer perception about Birla Sunlife Insurance is “purely private


company”
About IRDA:-

After considering the recommendations of the Malhotra Committee


report, in 1999, the Insurance Regulatory and Development Authority
(IRDA) was constituted as an autonomous body to regulate and develop
the insurance industry. The IRDA was incorporated as a statutory body in
April, 2000. The key objectives of the IRDA include promotion of
competition so as to enhance customer satisfaction through increased
consumer choice and lower premiums, while ensuring the financial
security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for
application for registrations. Foreign companies were allowed ownership of
up to 26%. The Authority has the power to frame regulations under
Section 114A of the Insurance Act, 1938 and has from 2000 onwards
framed various regulations ranging from registration of companies for
carrying on insurance business to protection of policyholders™ interests.

History of Life Insurance:-


In 1818 the advent of life insurance business in India with the
establishment of the Oriental Life Insurance Company in Calcutta. This
Company however failed in 1834. In 1829, the Madras Equitable had
begun transacting life insurance business in the Madras Presidency. 1870
saw the enactment of the British Insurance Act and in the last three
decades of the nineteenth century, the Bombay Mutual (1871), Oriental
(1874) and Empire of India (1897) were started in the Bombay Residency.
This era, however, was dominated by foreign insurance offices which did
good business in India, namely Albert Life Assurance, Royal Insurance,
Liverpool and London Globe Insurance and the Indian offices were up for
hard competition from the foreign companies. In 1914, the Government of
India started publishing returns of Insurance Companies in India

The insurance sector is a colossal one and is growing at a speedy rate of


15-20%. Together with banking services, insurance services add about 7%
to the country GDP. A well-developed and evolved insurance sector is a
boon for economic development as it provides long- term funds for
infrastructure development at the same time strengthening the risk taking
ability of the country.
Customers:-
The customers of the company are below,

Individuals:-

One who earns the monthly salary, Businessman,etc.

Groups:-

HUF’s, Local committees, Co-operative societies..Etc

NRI’s:-

Non-Resident Indians.

Competitors:-
 Life insurance corporation

 ING vysya life insurance

 Max network life insurance

 MetLife insurance

 Aviva life insurance

 Bharathi Axa life insurance

 Bajaj Allianz life insurance

 Tata AIG life insurance

 ICICI Prudential Life Insurance

 Reliance life insurance

 Kotak Mahindra life insurance


COMPETITORS IN DETAIL:-

♣ Aviva life insurance: Aviva Life Insurance Company India Pvt.


Ltd. is a joint venture between Aviva of UK and Dabur, one of
India's leading producers of traditional healthcare products.
Aviva holds a 26 per cent stake in the joint venture and the
Dabur group holds the balance 74 per cent share.

♣ Bajaj Allianz: Bajaj Allianz is a joint venture between Allianz


AG one of the world's largest insurance companies, and Bajaj
Auto, one of the biggest 2 and 3 wheeler manufacturers in the
world. Bajaj Allianz is into both life insurance and general
insurance. Allianz Group is one of the world's leading insurers
and financial services providers. Founded in 1890 in Berlin,
Allianz is now present in over 70 countries

♣ HDFC Standard Life Insurance Co. Ltd: is a joint venture


between HDFC Ltd., India's largest housing finance institution
and Standard Life Assurance Company, Europe's largest
mutual life company. It was the first life insurance company to
be granted a certificate of registration by the IRDA on the
23rd of October 2000.

♣ ING Vysya Life Insurance Company Limited: is a joint venture


between Vysya Bank and ING Group of Holland, the world's
4th largest financial services group, with presence across 50
countries, and a heritage of over 150 years.

♣ Kotak Mahindra Old Mutual Life Insurance Ltd: is a joint


venture between Kotak Mahindra Bank Ltd. (KMBL), and Old
Mutual plc. Kotak Mahindra is one of India's leading financial
institutions and offers a range of financial services such as
commercial banking.
♣ 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. It has been established by an
act of the Parliament and started functioning from 1/9/1956.

♣ ICICI Prudential Life Insurance: ICICI Prudential life insurance


is a part of ICICI Bank.

♣ Max New York Life Insurance Company Limited is a joint


venture between Max India Limited, a multi-business
corporate, and New York Life International, a global expert in
life insurance. New York Life is a Fortune 100 company that
has over 160 years of experience in the life insurance
business.

♣ MetLife India Insurance Co. Pvt Ltd is a joint venture


between MetLife Group and its Indian partners. The Indian
partners include J&K Bank, Dhanalakshmi Bank, Karnataka
Bank, Karvy Consultants, Geojit Securities, Way2Wealth, and
Mini Muthoothu.

♣ Reliance Life Insurance Company Limited is a part of Reliance


Capital Ltd. of the Reliance - Anil Dhirubhai Ambani Group.
The company acquired 100 per cent shareholding in AMP
Sanmar Life Insurance Company in August 2005. Taking over
AMP Sanmar Life provided Reliance Life Insurance a
readymade infrastructure and a portfolio.

♣ SBI Life Insurance is a joint venture between the State Bank


of India and Cardiff SA of France. SBI Life Insurance is
registered with an authorized capital of Rs 500 crore and a
paid up capital of Rs 350 cores.
♣ Tata AIG Life Insurance Company Limited is a joint venture
between Tata Group and American International Group, Inc.
(AIG). Tata Group is one of the oldest and leading business
groups of India. 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. The
Late Sir Dorab Tata was the founder Chairman of New India
Assurance Co. Ltd., a group company incorporated way back
in 1919.

♣ 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
operation in India in December 2005

Market Analysis:-
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