Report on Life Insurance
Content
About the company: Aviva Life Insurance: Aviva India is a joint venture between one of the country’s oldest and largest groups, Dabur, and Aviva plc, the UK's largest insurance group, whose association with India dates back to 1834. Our vision is to be amongst India’s leading life insurers with a quality business model, focused on sustainable growth. We seek to build a robust product portfolio meeting all customer lifecycle needs related to – Savings, Retirement, Investments and Protection. With a strong sales force of over 20,000 Financial Planning Advisers (FPAs), we have initiated and pioneered many innovative sales approaches, including the concept of Bancassurance and Financial Health Check services. We are among the first companies to introduce the contemporary unit-linked products. A seasoned team of fund managers make our fund management one of the key differentiators. With a wide distribution network of 140 branches and strong Bancassurance partnerships, we are spread across nearly 3,000 towns and cities in India. Keeping with our commitment of social responsibility, we have been successful in reaching out to the underprivileged strata through our Microinsurance initiatives.
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1) Form L- 36 Introduction: The form number L-36 contains Premium and number of lives covered renewal premium as per the individuals, individual annuity, group and group annuity of current year compared to previous year Premium and number of lives covered by policy type 1) Renewal Premium: Individual: The above table & graphical representation shows how many policies and number of lives covered by the Aviva life insurance. For the year ended 31st March 2010 Table 1.1 Particulars 0-10000 100001-25000 25001-50000 50001-75000 75001-100000 100001125000 Above- 125000 Premium 11980 43852 33893 7540 18206 6299 34711 No. of Policies 153400 247354 85728 13062 18136 5735 10846 No. lives 154162 248510 86062 13089 18181 5735 10874 Sum Insured 141831 376118 246041 51285 88873 37688 158090
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For the year ended 31 March 2010 Bar chart between premium and number of lives covered.
300000
250000
200000 Prmium No. of lives
150000
100000
50000
0
For the year ended 31 March 2009 Table 1.2 Particulars 0-10000 100001-25000 25001-50000 50001-75000 75001-100000 100001125000 Above- 125000 Premium 9784 36402 27194 7209 13674 6908 24409 No. of Policies 256077 372682 136866 24826 26135 9775 16513 No. lives 257097 374326 137378 24860 26199 9786 16550 Sum Insured 258186 619610 410929 94538 136182 68019 235756
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For the year ended 31st march 2009 Bar chart between premium and number of lives covered.
400000 350000 300000 250000 200000 150000 100000 50000 Premium no. of lives
_
0
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Findings: Few Findings in this form are the number of lives covered in the previous year is more compared to 2010 in all the individuals even the number of policies covered are also high in all the individuals (2009) which is not good for the firm which displays decline in the sales even there is a huge competition in the present industry.
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2) Form Number L- 37 Business acquisition through different channels (Group). Introduction: The form contains the details regarding business acquisition through different channels (Group) individual agents, corporate- banks, corporate agents-others, corporate, brokers, others.
For the year ended 31st March 2010 Table 1.3 Channels Individual Agents Corporate AgentsBanks Corporate AgentsOthers Brokers Micro Agents Direct Business Referral Business No of policies 5 1 1 38 67 9 No. of covered 3971 476 12578 28132 1929403 44479 lives Premium 365 15 5 566 4407 277
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For the year ended 31st March 2009 Table 1.4 Channels Individual Agents Corporate AgentsBanks Corporate AgentsOthers Brokers Micro Agents Direct Business Referral Business No of policies 8 11 61 No. of covered 4219 22033 3125 20860 1029179 2 lives Premium 222 14 4 127 2247 -
Findings: The group performance is good in number of policies compared to the individual (L-37 & L-38) corporate agents through banks and others contributed well compared to the previous year. The direct business result is also well in number of policies which 67 compared to the 2009 year which is 61. There are more number of lives covered in the year 2010.
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3) Form Number L-38 Business acquisition through different channels (individuals). Introduction: This form number L- 38 displays different channels of business acquisition through (individuals) individual agents, corporate- banks, corporate agentsothers, corporate, brokers, others.
For the year 31st March 2010 Table 1.5 Channels Individual AgentsCorporate AgentsBanks Corporate AgentsOthers Brokers Micro Agents Direct Business Referral Business No of policies 101020 21333 5595 23164 653 87778 Premium 30450 7082 422 3192 288 32768
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For the year ended 31 March 2009 Table 1.6 Channels No of policies Individual Agents 231477 Corporate Agents- 19973 Banks Corporate Agents- 3042 Others Brokers 20488 Micro Agents Direct Business 825 Referral Business 98383 Premium 31430 5176 731 3063 282 29160
Findings: As per the table 1.5 & 1.6 we can see that the number of policies is more in the channel of individual agents compared to other channels, we can assume that business acquisition through agents gives good result, there is no contribution in the channel of micro insurance. The corporate agents-Banks also performed well compared to the previous year. Over all performance was good in the previous year.
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4) Form number L- 39: Settlement of claims Introduction: This form contains the details regarding the settlement of the claims which are claimed by the policy holders. The settlement claims process is very important function of the insurance company. Data on settlement of claims:
The figures for the individual and group insurance business need to be shown separately the ageing of claims, in case of the death of the claims will be computed from the date of completion of all the documentation.
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Findings: Compared to individuals and group insurance claims the claims are settled more in the individuals, even in the number of policies are also more in the individuals compare to the group. Coming to the maturity claims in group there are no claims settled as such of and in individuals there are 63,528,000. Other surrender policies are 227602000.
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5) Form number L- 41 Introduction: The form number L- 41hold the details of grievance disposal of the insurance company by this the performance of the company can be as per the after sales service.
Findings: It is good for the company as it has not rejected any of the claims which is to be closed as per the due date of the policy which Leeds to customer relationship. As seen in the above table the sales related there are 10586 accepted. There are no others and claim servicing related, and duration wise pending less than 15 days complaints made by customers are 250.
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1
1) Form L- 36 Introduction: The form number L-36 contains Premium and number of lives covered renewal premium as per the individuals, individual annuity, group and group annuity of current year compared to previous year Premium and number of lives covered by policy type 1) Renewal Premium: Individual: The above table & graphical representation shows how many policies and number of lives covered by the Aviva life insurance. For the year ended 31st March 2010 Table 1.1 Particulars 0-10000 100001-25000 25001-50000 50001-75000 75001-100000 100001125000 Above- 125000 Premium 11980 43852 33893 7540 18206 6299 34711 No. of Policies 153400 247354 85728 13062 18136 5735 10846 No. lives 154162 248510 86062 13089 18181 5735 10874 Sum Insured 141831 376118 246041 51285 88873 37688 158090
2
For the year ended 31 March 2010 Bar chart between premium and number of lives covered.
300000
250000
200000 Prmium No. of lives
150000
100000
50000
0
For the year ended 31 March 2009 Table 1.2 Particulars 0-10000 100001-25000 25001-50000 50001-75000 75001-100000 100001125000 Above- 125000 Premium 9784 36402 27194 7209 13674 6908 24409 No. of Policies 256077 372682 136866 24826 26135 9775 16513 No. lives 257097 374326 137378 24860 26199 9786 16550 Sum Insured 258186 619610 410929 94538 136182 68019 235756
3
For the year ended 31st march 2009 Bar chart between premium and number of lives covered.
400000 350000 300000 250000 200000 150000 100000 50000 Premium no. of lives
_
0
4
Findings: Few Findings in this form are the number of lives covered in the previous year is more compared to 2010 in all the individuals even the number of policies covered are also high in all the individuals (2009) which is not good for the firm which displays decline in the sales even there is a huge competition in the present industry.
5
2) Form Number L- 37 Business acquisition through different channels (Group). Introduction: The form contains the details regarding business acquisition through different channels (Group) individual agents, corporate- banks, corporate agents-others, corporate, brokers, others.
For the year ended 31st March 2010 Table 1.3 Channels Individual Agents Corporate AgentsBanks Corporate AgentsOthers Brokers Micro Agents Direct Business Referral Business No of policies 5 1 1 38 67 9 No. of covered 3971 476 12578 28132 1929403 44479 lives Premium 365 15 5 566 4407 277
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For the year ended 31st March 2009 Table 1.4 Channels Individual Agents Corporate AgentsBanks Corporate AgentsOthers Brokers Micro Agents Direct Business Referral Business No of policies 8 11 61 No. of covered 4219 22033 3125 20860 1029179 2 lives Premium 222 14 4 127 2247 -
Findings: The group performance is good in number of policies compared to the individual (L-37 & L-38) corporate agents through banks and others contributed well compared to the previous year. The direct business result is also well in number of policies which 67 compared to the 2009 year which is 61. There are more number of lives covered in the year 2010.
7
3) Form Number L-38 Business acquisition through different channels (individuals). Introduction: This form number L- 38 displays different channels of business acquisition through (individuals) individual agents, corporate- banks, corporate agentsothers, corporate, brokers, others.
For the year 31st March 2010 Table 1.5 Channels Individual AgentsCorporate AgentsBanks Corporate AgentsOthers Brokers Micro Agents Direct Business Referral Business No of policies 101020 21333 5595 23164 653 87778 Premium 30450 7082 422 3192 288 32768
8
For the year ended 31 March 2009 Table 1.6 Channels No of policies Individual Agents 231477 Corporate Agents- 19973 Banks Corporate Agents- 3042 Others Brokers 20488 Micro Agents Direct Business 825 Referral Business 98383 Premium 31430 5176 731 3063 282 29160
Findings: As per the table 1.5 & 1.6 we can see that the number of policies is more in the channel of individual agents compared to other channels, we can assume that business acquisition through agents gives good result, there is no contribution in the channel of micro insurance. The corporate agents-Banks also performed well compared to the previous year. Over all performance was good in the previous year.
9
4) Form number L- 39: Settlement of claims Introduction: This form contains the details regarding the settlement of the claims which are claimed by the policy holders. The settlement claims process is very important function of the insurance company. Data on settlement of claims:
The figures for the individual and group insurance business need to be shown separately the ageing of claims, in case of the death of the claims will be computed from the date of completion of all the documentation.
10
Findings: Compared to individuals and group insurance claims the claims are settled more in the individuals, even in the number of policies are also more in the individuals compare to the group. Coming to the maturity claims in group there are no claims settled as such of and in individuals there are 63,528,000. Other surrender policies are 227602000.
11
5) Form number L- 41 Introduction: The form number L- 41hold the details of grievance disposal of the insurance company by this the performance of the company can be as per the after sales service.
Findings: It is good for the company as it has not rejected any of the claims which is to be closed as per the due date of the policy which Leeds to customer relationship. As seen in the above table the sales related there are 10586 accepted. There are no others and claim servicing related, and duration wise pending less than 15 days complaints made by customers are 250.
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