Industry Desk Research Report

SUMMER INTERNSHIP PROJECT (2022)
MBA FT (2021-23)
Industry Desk Research Report
Submitted To:
Prof. Balakrishanan Unny
Submitted By:
Tanvi Talesara (211151)
Date of Submission:
2nd May 2022
About Insurance Sector
The insurance sector in India is classified into two types-
• Life Insurance
• Non-Life Insurance
Non-Life Insurance is commonly known as general insurance which consists of motor, travel.
Marine, property, etc. Both Life and Non-Life are regulated by IRDAI (Insurance
Regulatory and Development Authority of India). It is necessary for all insurance
companies to bind to the rules regulated by the governing authority.
IRDAI regulates and keeps a check that all the companies abide by the rules. The
insurance sector of India comprises 57 companies out of which 24 are life insurance
companies and the remaining 33 are non-life insurance companies. Amongst these, 7
are public sector insurance companies.
Some of the major investments for the development of the insurance sector in India are:
1. In February 2022, ICICI Lombard and Airtel Payments Bank will form a
collaboration to provide cyber insurance.
2. In December 2021, Probus Insurance will receive US$ 6.7 million in capital from a
Swiss impact fund.
3. Companies are attempting to leverage strategic partnerships to provide diverse
services.
There are some government initiatives taken by the government for the development, they are
as follows:
1. The Indian government intends to sell a 7% share in LIC to LIC for Rs. 50,000 crore
(US$ 6.62 billion) in 2022. This is India's biggest initial public offering (IPO).
2. The Indian government inked a US$ 40 million agreement with the World Bank in
November 2021 to improve the quality of health services in Meghalaya, particularly the
state's health insurance program.
3. The Union Cabinet approved an Rs. 6,000 crore (US$ 804.71 million) investment in
enterprises in September 2021, with the aim of facilitating increased exports of Rs. 5.6
lakh crore (US$ 75.11 billion) over the next five years.
About the company
Tata AIG General Insurance Company Limited is an Indian general insurance company. It is
a joint venture between the Tata Group and the American International Group (AIG). Tata
Group holds 74% of the stake in the company whereas AIG holds the remaining balance of
26%. The company is Headquartered in Mumbai, Maharashtra with more than 150 active
locations.
Individuals and companies are insured by Tata AIG General Insurance Company, which
commenced operations in India on January 22, 2001. It provides a variety of general
insurance products, such as auto, home, personal accident, travel, energy, marine, property,
and casualty insurance, as well as specialized financial lines. The company's services are
promoted through agents, brokers, banks (through bank assurance tie-ups), and direct
channels such as telemarketing, digital marketing, workplaces, and so forth.
In the year 2019, Indian banks joined hands with the company to provide a wide range of
general insurance services to banks’ customers to protect them from the uncertainties of the
future. The company works with the bank for the smooth functioning of its operations.
In the year 2020, Tata AIG came up with the new service Tara in which the customers were
able to access companies’ services via WhatsApp with the help of artificial intelligence. This
made it very convenient for their customers to connect with the company and get their
queries solved via mobile phone.
Various Products and Services offered by the company:
• Tata AIG Motor Insurance

• Tata AIG Health Insurance
• Tata AIG Travel Insurance
• Tata AIG Home Insurance
• Tata AIG Marine Insurance
• Tata AIG Property Insurance
• Tata AIG Liability Insurance
Competitive Analysis
1. Reliance General Insurance Company Limited

2. Bajaj General Insurance Company Limited
3. HDFC Ergo General Insurance Company Limited
4. ICICI Lombard General Insurance Company Limited
5. Oriental General Insurance Company Limited
6. SBI General Insurance Company Limited
7. New India General Insurance Company Limited
8. National Insurance Company Limited
SWOT Analysis
Strength
1. Tata AIG provides a personalized/ customized solutions for their customers according
to their needs.
2. It is a state of Art I.T Infrastructure.
3. The company focusses on their social responsibility.
4. The company provides expertise knowledge on global level.
Weakness
1. The company do not much focusses on rural areas and in country like India many
populations resides in rural area.
2. They focus on small agents.
3. There are many cases of fraud that has happened in the company.
Opportunities
1. Company can expand in rural areas.

2. They can start from earning urban youth and attract them towards the company.
Threat
1. One of the major threats that can be global and domestic economic crisis happening.
2. New competitors are entering markets without barriers.

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SUMMER INTERNSHIP PROJECT (2022)

Industry Desk Research Report

The insurance sector in India is classified into two types-

Various Products and Services offered by the company:

• Tata AIG Motor Insurance

1. Reliance General Insurance Company Limited

1. Company can expand in rural areas.

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