HRM in Insurance
HRM in Insurance
HRM in Insurance
The scope of present study is confined only to Public and Private insurance companies in
India.
The study mainly involves analyzing the HR Practices and policies of public and all
private insurance companies in India.
Similar studies on this line may be conducted to compare performance of public and
private insurance companies .
The study has put forward the customer acceptability for the services. The scope of study
is to find out the customer satisfaction
In this study, I have used primary source of data as well as secondary source of data have
been used.
Research methodology
The data the material for the project has been collected keeping in view the objective of a
project and accordingly data has been found out from the following two sources :
Primary Data :
In this research which sample size of 100 customers data will be available in the form of
questionnaire in terms of different questions influencing the use for HRM practices in
Insurance Sector. Only the customers of insurance are taken into consideration.
Secondary Data :
The secondary data has been collected referring the various books, websites, magazines,
and other sources related to the bank. The data collected is pertaining to the theoretical
aspects of insurances. Collecting of information for the project is done from the different
kinds of books and through internet.
Literature of review
1.1 Introduction
1.2 History Of Insurance Sector In India
1 INTRODUCTION
The insurance sector has gone through a number of phases by allowing private
companies to solicit insurance and also allowing foreign direct investment. India
allowed private companies in insurance sector in 2000, setting a limit on FDI to
26%, which was increased to 49% in 2014. Since the privatization in 2001, the
largest life-insurance company in India, Life Insurance Corporation of India has
seen its market share slowly slipping to private giants like HDFC Life
Insurance, Exide Life Insurance, ICICI Prudential Life Insurance and SBI Life
Insurance Company.
Though LIC continues to dominate the Insurance sector in India, the introduction
of the new private insurers will see a vibrant expansion and growth of both life
and non-life sectors in 2017. The demands for new insurance policies with
pocket-friendly premiums are sky high. Since the domestic economy cannot grow
drastically, the insurance sector in India is controlled for a strong growth.
With the increase in income and exponential growth of purchasing power as well
as household savings, the insurance sector in India would introduce emerging
trends like product innovation, multi-distribution, better claims management and
regulatory trends in the Indian market.
The government also strives hard to provide insurance to individuals in a below
poverty line by introducing schemes like the
Introduction of these schemes would help the lower and lower-middle income
categories to utilize the new policies with lower premiums in India.
With several regulatory changes in the insurance sector in India, the future looks
pretty awesome and promising for the life insurance industry. This would further
lead to a change in the way insurers take care of the business and engage
proactively with its genuine buyers.
Some demographic factors like the growing insurance awareness of the insurance,
retirement planning, growing middle class and young insurable crowd will
substantially increase the growth of the Insurance sector in India.
The financial service industry has made significant changes after liberalization
and globalization. Among all, insurance sector is also one of the important sectors
in India. The Private and Public Players in insurance industry in India as
insurance companies are mushrooming after liberalization. Further, increase in the
foreign direct investment from 26% to 49% shows that insurance business will
grow in India but facing tough competition from rest of the world and specifically
the Asian countries. Hence, there is a chance that there may be some difference
observed in between the private and public insurance firms. With the entry of
private players, the competition is becoming intense. In order to satisfy the
customers, There is competition between the public and private companies to
implement new creations and innovative product characteristics to attract
customers. Hence it is intended, through this study, to make an comparative
analysis between private and public companies to understand the differences that
lies in terms of demand conditions, competition, product innovations, delivery
and distribution systems, use of technology, wide range of products, innovative
bundling of insurance with other financial services, aggressive marketing, and
better customer care and regulation. Apart from it, in-depth analysis of the
performance of insurance business in India is done with reference to various
performance parameters
1.2 History Of Insurance Sector In India
The History of Insurance in India started with life insurance in 1818 when it was
conceived as a means to provide for English Windows. Interestingly in those
higher premium was charged for Indian lives than the non-Indian lives as Indian
lives were considered more risky for the coverage. The Bombay Mutual Life
Insurance Society started its business in 1870. It was the first company to change
same premium for both Indian and non-Indian lives. The Oriental Assurance
Company was established in 1880. The general insurance business in India, on the
other hand, can trace its roots to the Triton ( Titan ) Insurance Company Limited,
the first insurance company established in year 1850 in calcutta by the British.
Till the end of nineteen century insurance business was almost entirely in the
hands of overseas companies.
Insurance regulation formality began in India with the passing of the Life
Insurance Companies Act of 1912 and the provident fund Act 1912. Several
frauds during 1920’s sullied insurance business in India.
By 1938 there were 176 insurance companies. The first comprehensive legislation
was introduce with the Insurance Act of 1938 that provided strict state control
over insurance business. The insurance business grew at a faster pace after
independence. Indian companies strengthened their hold on this business but
despite the growth that was witnessed, insurance remained an urban phenomenon.
Malhotra Committee
Birth of IRDA
The IRDA opened up the Indian insurance market in August 2000 by inviting
application for registration proposals. Foreign companies were allowed entry into
Indian insurance sector with an upper ceiling on ownership of up to 26%
participation. The IRDA has been granted the powers to frame regulations under
Section 114A of the Insurance Act, 1938.
From 2000 onwards, IRDA has framed various regulations for carrying on
insurance business to protection of Indian policyholders’ interests including the
registration of Life & Non-Life (General) Insurance companies.
At present there are 28 general insurance companies including the ECGC and
Agriculture Insurance Corporation of India and 24 life insurance companies
operating in the country.The insurance sector is a massive one and is thriving at a
speedy rate of 15-20%. Together with banking services, insurance services add
about 7% to the country’s 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.
CHAPTER 2:
RESPONSIBILIYIES
To be the principle sponsor and guardian of HR policies in the insurance.
To purpose and obtained agreement and change to these policies which have been agreed are
being implemented throughout the insurance.
To contribute fully to the task of meeting the business challenges which the insurance has been
faced with the supporting insurance unit/branch manager is continuously developing the
potential of employee and crating condition in which all the employee are motivated to meet the
objective of the insurance.
To continuously monitor the insurance strategy to ensure that HR policies are appropriate and that
employees number and skills are fully supportive of such strategy.
To deliver the full range of personal services including manpower planning, recruitment/transfer,
remuneration training and employee welfare.
To support line management in day-to-day management of workforce by providing advice and
consultancy on personnel and performance management issue.
CHAPTER 3:
Recruitment
Promotion
Compensation
Training and development
Develop a skills catalog for your employees so that you have a clear
understanding of what your staff currently holds. This employee catalog
should include everything from volunteer activities to certifications, of all
degrees not just topics pertaining to their particular position. These catalogs
can be assessed to deem whether or not an employee is ready to add more
responsibility, or to forecast the employee's future development plans...
This step includes projecting what the HR needs for the future will be
based on the strategic goals of the organization. Keep in mind you will need
to also accommodate for external challenges that can affect your organization.
Some questions to ask during this stage include:
Which jobs will need to be filled in the upcoming period?
What skill sets will people need?
How many staff will be required to meet the strategic goals of our
organization?
Is the economy affecting our work and ability to appeal to new
employees?
How is our community evolving or expected to change in the
upcopming period?
During this step you will observe where your organization is currently,
and where you want to be in the future. You will identify things such as, the
employee count, and the skills evaluation and compare it to what will be
needed to achieve your future goal. During this phase you should also review
your current HR practices and identify what you are doing that is useful and
what you can add, that will help you achieve your goal.
Questions to answer in this stage include:
What new jobs will we need?
What new skills will we need?
Do our present employees have the necessary skills?
Are employees currently aligned to their strengths?
Are current HR practices adequate to meet our future goal?
There are 5 HR strategies that you can follow to meet your organizational
goals.
Restructuring strategies
This includes reducing staff, regrouping tasks to create
well-designed jobs, and reorganizing work groups to perform more
efficiently.
Training and development strategies
This includes providing the current staff with training and
development opportunities to encompass new roles in the
organization
Recruitment strategies
This includes recruiting new hires that already have the
skills the organization will need in the future.
Outsourcing strategies
This includes outreaching to external individuals or
organizations to complete certain tasks.
Collaboration strategies
This includes collaborating with other organizations to
learn from how others do things, allow employees to gain skills and
knowledge not previously available in their own organization.
Compensation
Compensation and benefits often are viewed together, presenting a comprehensive
view of how employers reward their employees. However, a look at compensation
by itself offers a clearer picture of HR management practices because employee
wages comprise up to 70 percent of an employer's cost to operate her business,
according to a 2011 white paper produced by DBS quared for World at Work, an
Arkansas-based compensation consulting and software development firm.
Employee compensation is "an internally equitable and externally competitive
philosophy and practice," it notes.
CHAPTER 4:
The first step in the human resources planning process is to assess your current
staff. Before making any moves to hire new employees for your organization, it’s
important to understand the talent you already have at your disposal. Develop a
skills inventory for each of your current employees. You can do this in a number
of ways, such as asking employees to self-evaluate with a questionnaire, looking
over past performance reviews, or using an approach that combines the two.
2. Forecast HR requirements
Once you have a full inventory of the resources you already have at your disposal,
it’s time to begin forecasting future needs. Will your company need to grow its
human resources in number? Will you need to stick to your current staff but
improve their productivity through efficiency or new skills training? Are there
potential employees available in the marketplace?
It is important to assess both your company’s demand for qualified employees and
the sup Demand forecasting
Supply forecasting
Matching the demand and supply is where the hiring process gets tricky—and
where the rest of the human resources management planning process comes into
place. You’ll develop a plan to link your organization’s demand for quality staff
with the supply available in the market. You can achieve this by training current
employees, hiring new employees, or combining the two approaches.
Recruitment
In the recruitment phase of the talent development process, you begin the search
for applicants that match the skills your company needs. This phase can involve
posting on job websites, searching social networks like LinkedIn for qualified
potential employees, and encouraging current employees to recommend people
they know who might be a good fit.
If you’d like more information, read our blog post about the recruitment process.
Selection
Once you have connected with a pool of qualified applicants, conduct interviews
and skills evaluations to determine the best fit for your organization. If you have
properly forecasted supply and demand, you should have no trouble finding the
right people for the right roles.
Hiring
Decide the final candidates for the open positions and extend offers.
After hiring your new employees, bring them on board. Organize training to get
them up to speed on your company’s procedures. Encourage them to continue to
develop their skills to fit your company’s needs as they change. For more ideas on
how to develop your own on boarding process, read our blog post or
customize this on boarding timeline template.
Keep your current employees and new hires happy by offering competitive salary
and benefit packages and by properly rewarding employees who go above and
beyond. Retaining good employees will save your company a lot of time and
money in the long run.
Performance management
Institute regular performance reviews for all employees. Identify successes and
areas of improvement. Keep employees performing well with incentives for good
performance.
Employee relations
A strong company culture is integral in attracting top talent. Beyond that, make
sure your company is maintaining a safe work environment for all, focusing on
employee health, safety, and quality of work life.
Once your human resource management process plan has been in place for a set
amount of time, you can evaluate whether the plan has helped the company to
achieve its goals in factors like production, profit, employee retention, and
employee satisfaction. If everything is running smoothly, continue with the plan,
but if there are roadblocks along the way, you can always change up different
aspects to better suit your company’s needs.
CHAPTER 5:
Gone are the days, when only the Public Sector was prevalent in the economy. At
present, many countries have adopted the policy of Privatization, through which
Private Sector is also gaining importance. For the progress and development of
any country, both the sectors must go hand in hand as only one sector cannot lead
the country in the path of success. The private sector comprises of business which
is owned, managed and controlled by individuals.
The sector, which is engaged in the activities of providing government goods and
services to the general public is Public Sector. The enterprises, agencies, and
bodies are fully owned, controlled and run by the Government whether it is
central government, statement government or a local government. There are two
types of public sector organizations, i.e. either the Government fully finances
them through the revenues they raise by collecting taxes, duties, fees, etc. or the
government holds more than 51% of the total share capital of the company which
comes under various ministries. The enterprises are established with service
motive. It is the largest sector, which works for the upliftment of the people by
providing the following services to the people:
Business entities of the private sector are generally established with the sole
objective of making profit and building brand reputation. They provide quality
services to the community to win the trust and goodwill from people to survive in
the long run and compete with the enemies. These enterprises also have to follow
the government law and order. It is the largest sector in terms of employees.
Although in private sector performance is the basic criterion for job stability, i.e.
if you perform well you will get promoted and if you won’t, you will be
terminated. The major services provided by the Private sector are as under:
Quality education
Telecommunication services
IT services
Courier Services
Infrastructure development
Insurance is crucial if you want to keep your family and yourself financially-
secure in case of any emergency or an untoward incident. Despite the private
sector providing insurance solutions, government has also entered into this
industry with various insurance schemes to provide benefits to the insurers
Hence, the top six areas mentioned below will tell you about the difference
between a government and private insurance.
1. Coverage:
2. Medical Facilities:
Depending on the amount of the policy, private insurance provides more options
while choosing the best medical care in private or semi-private institutions.
Government insurance on the other hand involves references and in many cases,
an alternative treatment is not available.
3. Billing:
Private Insurance companies provide customized billing for each item involved in
your healthcare. However, government insurance on the other hand does not
include such a thing as the money is directly deducted from your policy.
4. Additional Cost:
5. Time:
While filing a claim from a private insurance company one can get their work
done within less time frame. However, with millions of customer standing at
government insurance offices, it may take a long time for your turn to come.
6. Enrollment:
Private Insurance has a fixed age to register for the policy and the associated
benefits. It is usually done in circumstances of child birth or marriage.
Government insurance on the other hand can be taken at any time of the year and
there are no fixed parameters to be fulfilled.
Both private and government insurance have strengths and weaknesses in their
respective realms. On one hand, Obama care promises health benefits to low-
earning families and on the other hand, private insurance promises instant care to
the policy holder. The final decision comes down to the person who wants to get
insured and what health benefits he or she would like to avail.
HRM practice in Reliance insurance
CORPORATE HR:
Activities taken up by Corporate HR are
Policy making
Implementing suggestions - HEWITT CONSULTANT
Strategic planning
ENTITY HR:
Activities taken up by Entity HR are
Execution of policies and practices
Targets for recruitment of Circle HR
CIRCLE HR:
Activities taken up by Circle HR are
Recruitment
Appointment
Training
Payroll
Employees issues
Exit full & final
HR FUNCTIONS
TALENT ACQUASITION
Sourcing activity
TALENT DEVELOPMENT
Performance management system
Training
Carrier planning
Suggestion planning
TALENT MANAGEMENT
Operation HR
RECRUITMENT PROCESS
STEP 1: MANPOWER PLANNING
.
AOP (Annual Operating Plan), this process is taken up every year. It is taken up
at Personal Level and Entity Level. Several points like Revenue generation,
Acquisition number, etc.
STEP 3: APPROVAL.
the HR executives will negotiate the CTC with the candidate
the approval is sent to the CRC (corporate recruitment cell)
Then after it is sent to ECRC
Then the same is sent to CRL
The same is then sent to Management for SAP Applicant Code
The applicant code is given to HR CIRCLE
OFFER is made to the candidate, which leads to the
Joining Procedure AVERAGE TIME PERIOD:
The process of recruitment takes about 10 – 15 days
ELIGIILITY CRITERIA:
Education Qualification – MBA with any specialization
Not frequent job changes
Tenure of last job should at least be 1.5 – 2 yrs
OTHER REQUIREMENTS:
Reference check is usually done for High level job
INTERNAL SOURCING
In the event of an open position in Reliance Communication, suitable candidates
are first searched internally within the organization. This is based upon in-house
talent which could be redeployed.
EMPLOYEE REFERENCE:
In Reliance Communication, Employees can r e f e r a c a n d i d a t e w i t h
w h o m h e / s h e h a v e w o r k e d i n h i s / h e r previous employment.
Employees can check available vacancies on Intranet and can submit the
resumes of prospective candidates who fit the Job profile.
RE-EMPLOYMENT OF FORMER EMPLOYEE:
Re hiring of an employee done in reliance communication with a view to take
trained manpower back in the company. Re Hiring is done as per the policy
issued by Central Recruitment Cell at Corporate Office.
EXTERNAL SOURCING
PLACEMENT CONSULTANCY:
The placement agencies call for resumes of prospective candidates, which act as a
good source of recruitment for the companies. Consultant’s interview
candidates and
Short list those according to the criteria laid down by the companies.
This helps employer to interview a limited number of potential
candidates, the minimizing the time taken in receiving and sorting
application.etc
Reliance Communication chooses Consultants having national presence.
This sourcing option is only cons idered by the company w hen
there is scarcity for candidates with requisite experience and skills.
JOB PORTAL:
The spread of internet has enabled employers to search for candidates globally
and has made recruitment easier. If vacancy arises, reliance communication
browses the profit of
Candidates from the job portal like naukari.com, monsterIndia.com and than
candidate are accessed through email and telephone
One thing that organizations (your clients) must remember is that the recruitment
procedure involves actual recruiting. That’s because these organizations should be
going after top-shelf, A-level candidates. These type of candidates need to be
recruited. Why? Because they’re not actually looking for a job! They’re probably
already being paid well and treated well by their current employer.
However, recruiting passive candidates is NOT easy
That’s why a company’s recruitment procedure should not just consist of
submitting a position to online job posting boards, sitting back, and waiting for
the applications to roll in. That’s not going to result in the sourcing and hiring of
the best candidates possible. It might result in the sourcing and hiring of the best
candidates actively looking for a new job. It’s not the same thing.
When company officials examine their organization’s hiring process steps, they
must have a proactive mindset. In other words, their focus should be on
identifying, recruiting, interviewing, hiring, and retaining the best candidates
available in the marketplace. (Regardless of whether they’re actively seeking new
employment). That—in a nutshell—is what the recruitment process is all about.
Recruitment process steps
But . . . there’s a little more to it than that, as you might imagine. Okay, so
company officials must be self-aware and know what works for their organization
and what doesn’t. They must also act proactively and have the proper frame of
mind at the outset. Creating a basic recruitment flowchart can sometimes be
helpful to keep you on track.
With all of this in mind, below are the 10 basic steps in the recruitment process.
(Remember, the process in individual to each organization, meaning they might
omit steps, add steps, move them around, or all three.)
#2—Planning
Once you’ve identified exactly what you need (both in terms of hard skills and
soft skills), then it’s time to put a plan together to find what you need. You know
what they say: “When you fail to plan, you plan to fail.” Yadda-yadda-yadda . . .
except it’s absolutely correct. Make sure that you get the “buy in” of everybody
involved with the hiring process on the steps that will be taken and the
communication channels that will be used. All it takes is one misstep to blow
everything up.
#3—Searching
This is a case where you need to be a “hunter” and not a “gatherer.” Too many
companies are “gatherers,” thinking that superstar candidates are going to rain
down from the sky like so much manna. No, they are not. Once again, this is why
companies hire “headhunters.” They hunt, they do not gather. Not only that, but
they’re good at what they do. Hiring authorities and even companies with internal
recruiters often cannot match the expertise and connections of a recruiter who
“works in the trenches” of the industry day after day.
#6—(Telephone) screening
Sure, you have a batch of viable candidates, most likely passive candidates, who
are interested in the position. But not every single one of them are going to make
it through the process. That brings us to the first screening stage of the process,
the telephone interview. Ideally, you would have a list of 10 to 15 very strong
candidates, all of whom are interested in the position. The phone screening serves
to whittle that list down, so that you can move to the next stage of the process,
which is . . .
#7—(Face-to-face) interviewing
There are two important aspects of this part of the recruitment process:
1. It can’t stretch out too long, or candidates involved will lose interest.
Sure, there are other important aspects of the interview stage, but these are the
two that companies neglect the most, with predictably dire consequences.
#8—Offering of employment
The offer stage is one of the most delicate stages of the recruiting process. A
hiring manager should never take for granted that a candidate is going to accept
an offer. However, if they’ve done all of the proper work beforehand and they’ve
double and triple-checked everything, then the candidate should accept the
majority of the time. Here’s an important note: if an organization is working with
a search consultant, the hiring manager of that organization should let the search
consultant extend the offer. That’s what the candidate expects, and that’s what
should happen
Why are the offer step and the hire step not combined into one step? Because not
every offer of employment is accepted. If every offer was accepted, then yes, we
could do that. If a #1 candidate rejects the offer, then the company might extend
the offer to their #2 candidate . . . or their #3 candidate, if #2 falls through. Once a
candidate does accept the offer of employment, though, that’s when the official
hire can be made.
#10—Onboarding of the candidate
What’s the point of hiring the best candidates in the marketplace if you can’t
retain those candidates after you’ve hired them? A comprehensive onboarding
process is perhaps the most crucial steps in the recruiting process. When we refer
to onboarding, we’re talking about more than just new employee paperwork and
knowing where the bathrooms are located. We’re talking about continuing to
make the candidate/new employee feel wanted before they officially join the
organization. Many a company has failed to do that, only to see their new
employee never show up for their first day of work.
One of the best ways to make more placements is to speed up the recruitment
process. Sure, there’s not much you can do about how fast your clients move. But
your recruiting software? You’d better be using a recruiting applicant tracking
system that’s simple, powerful, and designed to save time and energy during the
process.
Because the faster you get the best candidates in front of your clients, the better.
CHAPTER 6:
6.1 THE CHANGING INSURANCE ENVIRONMENT and
THE ROLE OF HRM
6.2 Challenges Faced By Insurance Company
Key challenges of Life insurance business are Products strategy and design,
Cost, Taxation, Distribution, Prospects and challenges of various channels,
Compensation, Customer service, Governance and regulatory issues etc.
Insurance is crucial if you want to keep your family and yourself financially-
secure in case of any emergency or an untoward incident. Despite the private
sector providing insurance solutions, government has also entered into this
industry with various insurance schemes to provide benefits to the insurers. The
government in United States has initiated the Obama care health insurance
scheme in California and throughout the country. It promises benefits such as no
limits on annual or lifetime healthcare, making insurance companies liable to
provide you with coverage despite mistake on application form among others.
However, still a large number of people prefer choosing the private companies to
have their insurance needs met.
Hence, the top six areas mentioned below will tell you about the difference
between a government and private insurance.
1. Coverage:
2. Medical Facilities:
Depending on the amount of the policy, private insurance provides more options
while choosing the best medical care in private or semi-private institutions.
Government insurance on the other hand involves references and in many cases,
an alternative treatment is not available.
3. Billing:
Private Insurance companies provide customized billing for each item involved in
your healthcare. However, government insurance on the other hand does not
include such a thing as the money is directly deducted from your policy.
4. Additional Cost:
5. Time:
While filing a claim from a private insurance company one can get their work
done within less time frame. However, with millions of customer standing at
government insurance offices, it may take a long time for your turn to come.
6. Enrollment:
Private Insurance has a fixed age to register for the policy and the associated
benefits. It is usually done in circumstances of child birth or marriage.
Government insurance on the other hand can be taken at any time of the year and
there are no fixed parameters to be fulfilled.
Both private and government insurance have strengths and weaknesses in their
respective realms. On one hand, Obama care promises health benefits to low-
earning families and on the other hand, private insurance promises instant care to
the policy holder. The final decision comes down to the person who wants to get
insured and what health benefits he or she would like to avail.
SWOT analysis
SWOT Analysis
Competition
Category NBFC
STP
SWOT Analysis
Strengths 1. Leverages SBI’s largest customer base for cross selling its
product
2. Multi layer Distribution channel
3. SBI life has over 7,000 on-roll employees and 75,000 agents
Competition
1. LIC
The table above concludes the SBI life Insurance SWOT analysis along with its
marketing and brand parameters.
DATA ANALYSIS
In this research, both primary and secondary data were derived from the interview
responses with individual customers of bank.
Interview were conducted with 100 customers of the Insurance. The interview is
considered more efficient than other method because the research can also explain
directly contents of the questionnaire. Sample questionnaire were asked on how
do they feel about HRM practices and policies in public insurance vs private
insurance
Data interpretation
According to my survey 35% customers are said neutral, 30% are disagree and
35% are agree to private insurance companies are not giving information about
consumer protection act while giving insurance services.
3. Agents or officers do not tell or disclose the negative points of the
schemes to the consumer while selling the same ?
As per the survey 57.1% customers are agree and 42.9% are not agree to Agents or
officers do not tell or disclose the negative points of the schemes to the consumer while
selling the same
4. Entry of private companies have affected business of public sector ?
33.33% people are said they neutral, 14.33% are said disagree, 52.4% are said
agree to entry of private companies have affected business of public sector
5. Do you think entry of private companies has widened the scope of
Insurance sector in India ?
As per the survey 23.8% are neutral, 14.3% are said disagree, and 61.9% are said agree
about entry of private companies has widened the scope of Insurance sector in India
6. Marketing strategies of private companies have improved the strategies of
public sector companies also ?
23.33% are said neutral and 76.2% are said agree about Marketing strategies of
private companies have improved the strategies of public sector companies also
7. Quality of product of public sector Insurance companies has improved a lot
with entry of Private companies ?
47.6% are said neutral and 47.6% are said agree and 6% are said disagree about
Quality of product of public sector Insurance companies has improved a lot with
entry of Private companies
8. Do you think that the new generation private insurance companies
perform better than the public sector ?
As per the survey 90% are said yes and 10% are said no about the new generation
private insurance companies perform better than the public sector
9. Do you think that policies introduce by the private sector are better than
similar type in public sector ?
As per the survey 81% are said yes and 19 % are said no to that policies introduce
by the private sector are better than similar type in public sector
10. If you want another policy which insurance company do you prefer ?
As per the survey 42.9% are said public sector companies 19% are said
bancassurance and 38.1% said private sector companies to prefer to purchase
insurance policy
Conclusion
Public sector enterprises give so many facilities to their employees, which makes
them satisfied that their job is secured, due to which, all the people are running
after it like it is a marathon. However in the Private Sector, your job is never
secured, even if you give years to it, you can be fired anytime just because of a
single mistake.
Again in the private sector, where performance is king, the workload is much, but
it keeps you active, this is missing in the public sector due to which the work
sometimes becomes monotonous which creates boredom. One thing is really good
in Private Sector i.e. it is corruption free. In Public Sector, you have to pay lots of
money to the government officers even for a simple work, for no reason. It is an
unending debate, both are good at their places, if the drawbacks are removed, they
will surely prove good for the economy.
Bibliography
www.easylifeindia.com.
www.transportersindia.com.
www.trade-india.com.
www.indiastat.com.
www.insuranceinfoline.comography
ANNEXTURE
1. To what extent the following factors influence you to purchase the product
of an insurance company ?
o Visit of insurance agent
o Direct mall advertising
o Magazines
o General advertising
2. Private insurance companies do not give information about consumer
protection act while giving insurance service ?
o Agree
o Disagree
o Neutral
3. Agents or officers do not tell or disclose the negative point of the scheme
to the consumer while selling the same ?
o Agree
o Disagree
o Neutral
4. Entry of private companies have affected business of public sector ?
o Agree
o Disagree
o Neutral
5. Do you think entry of private companies has widened the scope of
insurance sector in India ?
o Agree
o Disagree
o Neutral
6. Marketing strategies of private companies have improved the strategies of
public sector companies also?
o Agree
o Disagree
o Neutral
7. Quality of product of public sector insurance companies has improved a
lot with entry of private company ?
o Agree
o Disagree
o Neutral
8. Do you think that policies introduced by the private sector are better than
similar type of public sector ?
o Yes
o No
9. Do you think that the new generation private insurance companies perform
better than the public sector ?
o Yes
o No
10. If you want another policy which insurance company do you prefer ?
o Private sector
o Public sector
o Bancassurance