SCHOOL OF BUSINESS

GWALIOR (MP)

FOR PARTIAL FULFILLMENT OF

SUMMER INIRENSHIP

PROJECT REPORT

(25 JUNE TO 9 AUGUST)

UNDER GUIDENCE OF SUBMITTED BY

Miss Twesha Chharia punitgupta

Assistant Professor

ITM UNIVERSITY

Branch address - 101 narayan Krishna building

1st floor 44city center Gwalior-474011

Ph- 0751-3058034

STUDENTrsquoS DECLARATION

I am PUNIT GUPTA student of MBA in ldquoITM UNIVERSITY GWALIOR rdquo

here by declare that project entitled ldquoDescriptive Study of reliance life insurancerdquo

submitted in the partial fulfillment of the degree for Master of Business

Administration

I further declare that all the facts and figures furnished in this project report are the

outcome of my own intensive research and findings

Submitted By

PUNIT GUPTA

DECLARATION FORM

This is to verify that MrMshelliphellippunit gupta of ITM UNIVERSITY GWALIOR has undergone training from (Name of Organization reliance life insurance for a period of 45days (From 25062012Date to 09082012 Date) in the field ofhelliphelliphelliphelliphelliphelliphelliphellip (Marketing Finance Production Human Resource Operations)

During the training the student has abided by the rules and regulation of our organization and hisher code of conduct was satisfactory

Signature of Authorized Person

ACKNOWLEDGEMENT

ldquoExpression of feelings by words makes them less significant when it comes to

make statement of gratituderdquo

I would thank to my project guide Abhishek ajmera for his guidance in preparing

this report

I would also like to thank my co employees who gave Guidance and support

during the completion of the project

PUNIT GUPTA

CONTENTS

1) Name of the Organization

2) Name of Reporting Manager (ADD THE DECLATION FORM HERE)

3) No of Days Sip Done (Kindly Mention the Period of Commencement of SIP-Date wise)

4) IndustrySector Wise

5) History of Organization

6) Promoters

7) Vision

8) Mission

9) Quality Policy

10) Organization Chart

11) Departmentation

12) Department Details Which Are Studied

13) Major Activities Performed

14) Flow of Inputs

15) Type of Project Commenced

16) Internal Departmental Coordination

17) Major Findings

18) Conclusion

19) Recommendation

20) Bibliography

1) NAME OF ORGANIZTION- RELIANCE LIFE INSURANCE

2) NAME OF REPORTING MANAGER- MRABHISHEK AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012

4) INDUSTRYSECTOR WISE

IndustrySector Wise

Investment Banking

Reliance Capital

financial services

Wealth Management

Investment Advisory Services

Portfolio Management Services

Commodities Broking Mutual Funds

Insurance

Online Trading

5) HISTORY OF ORGANIZATION-

Risk protection has been a primary goal of humans and institutionsThroughout history Protecting against risk is what insurance is all about

Branch address - 101 narayan Krishna building

1st floor 44city center Gwalior-474011

Ph- 0751-3058034

STUDENTrsquoS DECLARATION

I am PUNIT GUPTA student of MBA in ldquoITM UNIVERSITY GWALIOR rdquo

here by declare that project entitled ldquoDescriptive Study of reliance life insurancerdquo

submitted in the partial fulfillment of the degree for Master of Business

Administration

I further declare that all the facts and figures furnished in this project report are the

outcome of my own intensive research and findings

Submitted By

PUNIT GUPTA

DECLARATION FORM

This is to verify that MrMshelliphellippunit gupta of ITM UNIVERSITY GWALIOR has undergone training from (Name of Organization reliance life insurance for a period of 45days (From 25062012Date to 09082012 Date) in the field ofhelliphelliphelliphelliphelliphelliphelliphellip (Marketing Finance Production Human Resource Operations)

During the training the student has abided by the rules and regulation of our organization and hisher code of conduct was satisfactory

Signature of Authorized Person

ACKNOWLEDGEMENT

ldquoExpression of feelings by words makes them less significant when it comes to

make statement of gratituderdquo

I would thank to my project guide Abhishek ajmera for his guidance in preparing

this report

I would also like to thank my co employees who gave Guidance and support

during the completion of the project

PUNIT GUPTA

CONTENTS

1) Name of the Organization

2) Name of Reporting Manager (ADD THE DECLATION FORM HERE)

3) No of Days Sip Done (Kindly Mention the Period of Commencement of SIP-Date wise)

4) IndustrySector Wise

5) History of Organization

6) Promoters

7) Vision

8) Mission

9) Quality Policy

10) Organization Chart

11) Departmentation

12) Department Details Which Are Studied

13) Major Activities Performed

14) Flow of Inputs

15) Type of Project Commenced

16) Internal Departmental Coordination

17) Major Findings

18) Conclusion

19) Recommendation

20) Bibliography

1) NAME OF ORGANIZTION- RELIANCE LIFE INSURANCE

2) NAME OF REPORTING MANAGER- MRABHISHEK AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012

4) INDUSTRYSECTOR WISE

IndustrySector Wise

Investment Banking

Reliance Capital

financial services

Wealth Management

Investment Advisory Services

Portfolio Management Services

Commodities Broking Mutual Funds

Insurance

Online Trading

5) HISTORY OF ORGANIZATION-

Risk protection has been a primary goal of humans and institutionsThroughout history Protecting against risk is what insurance is all about

STUDENTrsquoS DECLARATION

I am PUNIT GUPTA student of MBA in ldquoITM UNIVERSITY GWALIOR rdquo

here by declare that project entitled ldquoDescriptive Study of reliance life insurancerdquo

submitted in the partial fulfillment of the degree for Master of Business

Administration

I further declare that all the facts and figures furnished in this project report are the

outcome of my own intensive research and findings

Submitted By

PUNIT GUPTA

DECLARATION FORM

This is to verify that MrMshelliphellippunit gupta of ITM UNIVERSITY GWALIOR has undergone training from (Name of Organization reliance life insurance for a period of 45days (From 25062012Date to 09082012 Date) in the field ofhelliphelliphelliphelliphelliphelliphelliphellip (Marketing Finance Production Human Resource Operations)

During the training the student has abided by the rules and regulation of our organization and hisher code of conduct was satisfactory

Signature of Authorized Person

ACKNOWLEDGEMENT

ldquoExpression of feelings by words makes them less significant when it comes to

make statement of gratituderdquo

I would thank to my project guide Abhishek ajmera for his guidance in preparing

this report

I would also like to thank my co employees who gave Guidance and support

during the completion of the project

PUNIT GUPTA

CONTENTS

1) Name of the Organization

2) Name of Reporting Manager (ADD THE DECLATION FORM HERE)

3) No of Days Sip Done (Kindly Mention the Period of Commencement of SIP-Date wise)

4) IndustrySector Wise

5) History of Organization

6) Promoters

7) Vision

8) Mission

9) Quality Policy

10) Organization Chart

11) Departmentation

12) Department Details Which Are Studied

13) Major Activities Performed

14) Flow of Inputs

15) Type of Project Commenced

16) Internal Departmental Coordination

17) Major Findings

18) Conclusion

19) Recommendation

20) Bibliography

1) NAME OF ORGANIZTION- RELIANCE LIFE INSURANCE

2) NAME OF REPORTING MANAGER- MRABHISHEK AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012

4) INDUSTRYSECTOR WISE

IndustrySector Wise

Investment Banking

Reliance Capital

financial services

Wealth Management

Investment Advisory Services

Portfolio Management Services

Commodities Broking Mutual Funds

Insurance

Online Trading

5) HISTORY OF ORGANIZATION-

Risk protection has been a primary goal of humans and institutionsThroughout history Protecting against risk is what insurance is all about

DECLARATION FORM

This is to verify that MrMshelliphellippunit gupta of ITM UNIVERSITY GWALIOR has undergone training from (Name of Organization reliance life insurance for a period of 45days (From 25062012Date to 09082012 Date) in the field ofhelliphelliphelliphelliphelliphelliphelliphellip (Marketing Finance Production Human Resource Operations)

During the training the student has abided by the rules and regulation of our organization and hisher code of conduct was satisfactory

Signature of Authorized Person

ACKNOWLEDGEMENT

ldquoExpression of feelings by words makes them less significant when it comes to

make statement of gratituderdquo

I would thank to my project guide Abhishek ajmera for his guidance in preparing

this report

I would also like to thank my co employees who gave Guidance and support

during the completion of the project

PUNIT GUPTA

CONTENTS

1) Name of the Organization

2) Name of Reporting Manager (ADD THE DECLATION FORM HERE)

3) No of Days Sip Done (Kindly Mention the Period of Commencement of SIP-Date wise)

4) IndustrySector Wise

5) History of Organization

6) Promoters

7) Vision

8) Mission

9) Quality Policy

10) Organization Chart

11) Departmentation

12) Department Details Which Are Studied

13) Major Activities Performed

14) Flow of Inputs

15) Type of Project Commenced

16) Internal Departmental Coordination

17) Major Findings

18) Conclusion

19) Recommendation

20) Bibliography

1) NAME OF ORGANIZTION- RELIANCE LIFE INSURANCE

2) NAME OF REPORTING MANAGER- MRABHISHEK AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012

4) INDUSTRYSECTOR WISE

IndustrySector Wise

Investment Banking

Reliance Capital

financial services

Wealth Management

Investment Advisory Services

Portfolio Management Services

Commodities Broking Mutual Funds

Insurance

Online Trading

5) HISTORY OF ORGANIZATION-

Risk protection has been a primary goal of humans and institutionsThroughout history Protecting against risk is what insurance is all about

ACKNOWLEDGEMENT

ldquoExpression of feelings by words makes them less significant when it comes to

make statement of gratituderdquo

I would thank to my project guide Abhishek ajmera for his guidance in preparing

this report

I would also like to thank my co employees who gave Guidance and support

during the completion of the project

PUNIT GUPTA

CONTENTS

1) Name of the Organization

2) Name of Reporting Manager (ADD THE DECLATION FORM HERE)

3) No of Days Sip Done (Kindly Mention the Period of Commencement of SIP-Date wise)

4) IndustrySector Wise

5) History of Organization

6) Promoters

7) Vision

8) Mission

9) Quality Policy

10) Organization Chart

11) Departmentation

12) Department Details Which Are Studied

13) Major Activities Performed

14) Flow of Inputs

15) Type of Project Commenced

16) Internal Departmental Coordination

17) Major Findings

18) Conclusion

19) Recommendation

20) Bibliography

1) NAME OF ORGANIZTION- RELIANCE LIFE INSURANCE

2) NAME OF REPORTING MANAGER- MRABHISHEK AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012

4) INDUSTRYSECTOR WISE

IndustrySector Wise

Investment Banking

Reliance Capital

financial services

Wealth Management

Investment Advisory Services

Portfolio Management Services

Commodities Broking Mutual Funds

Insurance

Online Trading

5) HISTORY OF ORGANIZATION-

Risk protection has been a primary goal of humans and institutionsThroughout history Protecting against risk is what insurance is all about

1) Name of the Organization

2) Name of Reporting Manager (ADD THE DECLATION FORM HERE)

3) No of Days Sip Done (Kindly Mention the Period of Commencement of SIP-Date wise)

4) IndustrySector Wise

5) History of Organization

6) Promoters

7) Vision

8) Mission

9) Quality Policy

10) Organization Chart

11) Departmentation

12) Department Details Which Are Studied

13) Major Activities Performed

14) Flow of Inputs

15) Type of Project Commenced

16) Internal Departmental Coordination

17) Major Findings

18) Conclusion

19) Recommendation

20) Bibliography

1) NAME OF ORGANIZTION- RELIANCE LIFE INSURANCE

2) NAME OF REPORTING MANAGER- MRABHISHEK AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012

4) INDUSTRYSECTOR WISE

IndustrySector Wise

Investment Banking

Reliance Capital

financial services

Wealth Management

Investment Advisory Services

Portfolio Management Services

Commodities Broking Mutual Funds

Insurance

Online Trading

5) HISTORY OF ORGANIZATION-

Risk protection has been a primary goal of humans and institutionsThroughout history Protecting against risk is what insurance is all about

18) Conclusion

19) Recommendation

20) Bibliography

1) NAME OF ORGANIZTION- RELIANCE LIFE INSURANCE

2) NAME OF REPORTING MANAGER- MRABHISHEK AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012

4) INDUSTRYSECTOR WISE

IndustrySector Wise

Investment Banking

Reliance Capital

financial services

Wealth Management

Investment Advisory Services

Portfolio Management Services

Commodities Broking Mutual Funds

Insurance

Online Trading

5) HISTORY OF ORGANIZATION-

Risk protection has been a primary goal of humans and institutionsThroughout history Protecting against risk is what insurance is all about

2) NAME OF REPORTING MANAGER- MRABHISHEK AJMERA

3) SIP PERIOD- 25th June to 9st Aug 2012

4) INDUSTRYSECTOR WISE

IndustrySector Wise

Investment Banking

Reliance Capital

financial services

Wealth Management

Investment Advisory Services

Portfolio Management Services

Commodities Broking Mutual Funds

Insurance

Online Trading

5) HISTORY OF ORGANIZATION-

Risk protection has been a primary goal of humans and institutionsThroughout history Protecting against risk is what insurance is all about

Over 5000 years ago in China insurance was seen as a preventativeMeasure against piracy on the sea Piracy in fact was so prevalent that as away of spreading the risk a number of ships would carry a portion ofAnother ships cargo so that if one ship was captured the entire shipmentWould not be lostIn another part of the world nearly 4500 years ago in the ancient land of Babylonia traders used to bear risk of the caravan trade by giving loans thatched to be later repaid with interest when the goods arrived safely In 2100

BC the Code of Hammurabi granted legal status to the practice Itformalized concepts of ldquobottomryrdquo referring to vessel bottoms andldquoRespondentiardquo referring to cargo These provided the underpinning formarine insurance contracts Such contracts contained three elements a loan on the vessel cargo or freight an interest rate and a surcharge to cover the possibility of loss In effect ship owners were the insured and lenders were the underwriters

Life insurance came about a little later in ancient Rome where burial clubswere formed to cover the funeral expenses of its members as well as helpsurvivors monetarily With Romes fall around 450 AD most of theconcepts of insurance were abandoned but aspects of it did continue throughthe middle Ages particularly with merchant and artisan guilds These provided forms of member insurance covering risks like fire flood theft disability death and even imprisonment

During the feudal period early forms of insurance ebbed with thedeclineof travel and long-distance trade But during the 14th to 16th centuriestransportation commerce and insurance would again reemergeInsurance in India can be traced back to the Vedas For instanceYogakshema the name of Life Insurance Corporation of Indias corporate headquarters is derived from the Rig Veda The term suggests that a form ofrdquo community insurance was prevalent around 1000 BC and practiced by the

Modern Insurance

Illegal almost everywhere else in Europe life insurance in England was

Vigorously promoted in the three decades following the Glorious Revolution of 1688 The type of insurance we see today owes its roots to 17th century England Lloyds of London or as they were known then Lloyds Coffeehouse was the location where merchants ship owners and underwriters metro discuss and transact business deals

While serving as a means of risk-avoidance life insurance also appealedStrongly to the gambling instincts of Englands burgeoning middle classGambling was so rampant in fact that when newspapers published names of prominent people who were seriously ill bets were placed at Lloydrsquos on their anticipated dates of death Reacting against such practices 79 merchant underwriters broke away in 1769 and two years later formed a ldquoNew Lloydrsquos Coffee Houserdquo that became known as the ldquoreal Lloydrsquosrdquo Making wagers on peoplersquos deaths ceased in 1774 when parliament forbade the practice

1048766 Insurance moves to America

The US insurance industry was built on the British model The year 1735saw the birth of the first insurance company in the American colonies in Charleston SC The Presbyterian Synod of Philadelphia in 1759 sponsored the first life insurance corporation in America for the benefit of ministersand their dependents And the first life insurance policy for the general public in the United States was issued in Philadelphia on May 22 1761

But it wasnt until 80 years later (after 1840) that life insurance really took off in a big way The key to its success was reducing the opposition from religious groups

In 1835 the infamous New York fire drew peoples attention to the need to provide for sudden and large losses Two years later Massachusetts became the first state to require companies by law to maintain such reserves The

Great Chicago fire of 1871 further emphasized how fires can cause hugeLosses in densely populated modern cities The practice of reinsuranceWhere in the risks are spread among several companies was devisedSpecifically for such situations With the creation of the automobile public liability insurance which first made its appearance in the 1880s gained importance and acceptance More advancement was made to insurance during the process ofindustrialization In 1897 the British government passed the Workmenrsquos Compensation Act which made it mandatory for a company to insure itsemployees against industrial accidents

During the 19th century many societies were founded to insure the life and health of their members while fraternal orders provided low-cost membersonlyinsurance Even today such fraternal orders continue to provide insurance coverage to members as do most labor organizations Manyemployers sponsor group insurance policies for their employees providing not just life insurance but sickness and accident benefits and old 1048766 Final Thoughts

Even though the American insurance industry was greatly influenced by

Britain the US market developed somewhat differently from that of theUnited Kingdom Contributing to that was Americas size land diversityAnd the overwhelming desire to be independent As America moved from acolonial outpost to an independent force from a farming country to an industrial nation the insurance business developed from a small number of companies to a large industry Insurance became more sophisticated offering new types of coverage and diversified services for an increasingly complex country

6) PROMOTERS-

Malay Ghosh ndash Executive Director amp President

Malay is the Executive Director and President of Reliance Life Insurance Company

Malay leads all activities at Reliance Life Insurance Company Limited and his key focus is on rapid expansion of all channels and accelerating the Companyrsquos growth trajectory Malay has over 24 years of work experience in the insurance industry He has worked for 17 years with LIC across various functions and for 7 years with Bajaj Allianz Life Insurance where he was last designated Head of Sales

S V Sunder Krishnan Chief Risk Officer

Sunder is the Chief Risk officer for Reliance Life Insurance and is responsible for overseeing Risk Management Internal Audit and Compliance functions at Reliance Life Insurance

Sunder came with 23 years of experience and knowledge in Internal Audits Compliance Assurance Consulting and Risk Management He has worked for various leading organizations such as DSP Merrill Lynch ING Vysya Credit Lyonnais Standard Chartered Bank International Indonesia Ernst amp Young and Delloitte at senior and middle management positions with exposure to businesses and operations in more than 12 countries

Sunder is a qualified FCA CISA and CCSA He is currently the advisor to the Board of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter He was president of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter for the year 2007-08

Sunil Agrawal Chief Financial Officer

Sunil Agrawal is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited and he is responsible for Financial strategy formulation and implementation

Sunil has over 10+ years of post qualification experience of which he has more than 9+ years experience in the insurance industry in financial function Prior to joining Reliance Life Insurance he has worked with ICICI Prudential Life Insurance in various roles right from the inception of the company including compliance special projects Financial Control and finance operations

He is a BE Computer Science a Chartered Accountant and DISA (ICAI)

Saroj K Panigrahi Head ndash Legal Compliance amp Company Secretary

Saroj K Panigrahi heads the Legal Compliance and Company Secretarial function of Reliance Life Insurance He is armed with twelve years of valuable experience in the Corporate Legal Commercial Regulatory Compliance and Corporate Governance domains

Prior to joining Reliance he headed the Legal amp IP department at Accenturersquos India Outsourcing Business During his fulfilling tenure he skillfully managed the Legal Intellectual Property Regulatory Risk amp Compliance aspects of several Fortune 500 companies Prior to his assignment with Accenture Saroj was Associate Legal Counsel amp Company Secretary at ING Vysya Life

Insurance and was also associated with ICRA an associate of Moodyrsquos Investors Inc

Saroj holds a degree in Law He is also a Fellow Company Secretary a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA)

Pournima Gupta Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting risk appetite pricing valuation reinsurance etc

Prior to joining Reliance Pournima served at Life Insurance Corporation of India for 20 long and rewarding years Her stint with LIC included a four-year deputation at the London branch as Manager She then moved on to be the Chief Manager ndash Actuarial at Kodak Mahindra Life Insurance Company and Associate Vice President ndash Actuarial at Bajaj Allianz Life Insurance Company

Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI)

R Rangarajan Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited He along with his team strives to give the best possible returns on investments to shareholders and policyholders keeping in mind their appetite for risk

Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metmdashwithout any compromise on the benefits of the investors Prior to being a part of Reliance Life Insurance Rangarajan worked with AMP Sanmar Life Insurance as Head ndash Investments for three years His earlier assignment was with a large Mutual Fund organization

Rangarajan is a qualified Chartered Accountant

Manoranjan Shoo Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited

Manoranjan started his career in Parma before Joining LIC as an Administrative officer Manoranjan has 20 years of experience in insurance industry He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India His core competence is setting up of new businessPrior to joining the

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Vigorously promoted in the three decades following the Glorious Revolution of 1688 The type of insurance we see today owes its roots to 17th century England Lloyds of London or as they were known then Lloyds Coffeehouse was the location where merchants ship owners and underwriters metro discuss and transact business deals

While serving as a means of risk-avoidance life insurance also appealedStrongly to the gambling instincts of Englands burgeoning middle classGambling was so rampant in fact that when newspapers published names of prominent people who were seriously ill bets were placed at Lloydrsquos on their anticipated dates of death Reacting against such practices 79 merchant underwriters broke away in 1769 and two years later formed a ldquoNew Lloydrsquos Coffee Houserdquo that became known as the ldquoreal Lloydrsquosrdquo Making wagers on peoplersquos deaths ceased in 1774 when parliament forbade the practice

1048766 Insurance moves to America

The US insurance industry was built on the British model The year 1735saw the birth of the first insurance company in the American colonies in Charleston SC The Presbyterian Synod of Philadelphia in 1759 sponsored the first life insurance corporation in America for the benefit of ministersand their dependents And the first life insurance policy for the general public in the United States was issued in Philadelphia on May 22 1761

But it wasnt until 80 years later (after 1840) that life insurance really took off in a big way The key to its success was reducing the opposition from religious groups

In 1835 the infamous New York fire drew peoples attention to the need to provide for sudden and large losses Two years later Massachusetts became the first state to require companies by law to maintain such reserves The

Great Chicago fire of 1871 further emphasized how fires can cause hugeLosses in densely populated modern cities The practice of reinsuranceWhere in the risks are spread among several companies was devisedSpecifically for such situations With the creation of the automobile public liability insurance which first made its appearance in the 1880s gained importance and acceptance More advancement was made to insurance during the process ofindustrialization In 1897 the British government passed the Workmenrsquos Compensation Act which made it mandatory for a company to insure itsemployees against industrial accidents

During the 19th century many societies were founded to insure the life and health of their members while fraternal orders provided low-cost membersonlyinsurance Even today such fraternal orders continue to provide insurance coverage to members as do most labor organizations Manyemployers sponsor group insurance policies for their employees providing not just life insurance but sickness and accident benefits and old 1048766 Final Thoughts

Even though the American insurance industry was greatly influenced by

Britain the US market developed somewhat differently from that of theUnited Kingdom Contributing to that was Americas size land diversityAnd the overwhelming desire to be independent As America moved from acolonial outpost to an independent force from a farming country to an industrial nation the insurance business developed from a small number of companies to a large industry Insurance became more sophisticated offering new types of coverage and diversified services for an increasingly complex country

6) PROMOTERS-

Malay Ghosh ndash Executive Director amp President

Malay is the Executive Director and President of Reliance Life Insurance Company

Malay leads all activities at Reliance Life Insurance Company Limited and his key focus is on rapid expansion of all channels and accelerating the Companyrsquos growth trajectory Malay has over 24 years of work experience in the insurance industry He has worked for 17 years with LIC across various functions and for 7 years with Bajaj Allianz Life Insurance where he was last designated Head of Sales

S V Sunder Krishnan Chief Risk Officer

Sunder is the Chief Risk officer for Reliance Life Insurance and is responsible for overseeing Risk Management Internal Audit and Compliance functions at Reliance Life Insurance

Sunder came with 23 years of experience and knowledge in Internal Audits Compliance Assurance Consulting and Risk Management He has worked for various leading organizations such as DSP Merrill Lynch ING Vysya Credit Lyonnais Standard Chartered Bank International Indonesia Ernst amp Young and Delloitte at senior and middle management positions with exposure to businesses and operations in more than 12 countries

Sunder is a qualified FCA CISA and CCSA He is currently the advisor to the Board of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter He was president of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter for the year 2007-08

Sunil Agrawal Chief Financial Officer

Sunil Agrawal is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited and he is responsible for Financial strategy formulation and implementation

Sunil has over 10+ years of post qualification experience of which he has more than 9+ years experience in the insurance industry in financial function Prior to joining Reliance Life Insurance he has worked with ICICI Prudential Life Insurance in various roles right from the inception of the company including compliance special projects Financial Control and finance operations

He is a BE Computer Science a Chartered Accountant and DISA (ICAI)

Saroj K Panigrahi Head ndash Legal Compliance amp Company Secretary

Saroj K Panigrahi heads the Legal Compliance and Company Secretarial function of Reliance Life Insurance He is armed with twelve years of valuable experience in the Corporate Legal Commercial Regulatory Compliance and Corporate Governance domains

Prior to joining Reliance he headed the Legal amp IP department at Accenturersquos India Outsourcing Business During his fulfilling tenure he skillfully managed the Legal Intellectual Property Regulatory Risk amp Compliance aspects of several Fortune 500 companies Prior to his assignment with Accenture Saroj was Associate Legal Counsel amp Company Secretary at ING Vysya Life

Insurance and was also associated with ICRA an associate of Moodyrsquos Investors Inc

Saroj holds a degree in Law He is also a Fellow Company Secretary a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA)

Pournima Gupta Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting risk appetite pricing valuation reinsurance etc

Prior to joining Reliance Pournima served at Life Insurance Corporation of India for 20 long and rewarding years Her stint with LIC included a four-year deputation at the London branch as Manager She then moved on to be the Chief Manager ndash Actuarial at Kodak Mahindra Life Insurance Company and Associate Vice President ndash Actuarial at Bajaj Allianz Life Insurance Company

Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI)

R Rangarajan Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited He along with his team strives to give the best possible returns on investments to shareholders and policyholders keeping in mind their appetite for risk

Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metmdashwithout any compromise on the benefits of the investors Prior to being a part of Reliance Life Insurance Rangarajan worked with AMP Sanmar Life Insurance as Head ndash Investments for three years His earlier assignment was with a large Mutual Fund organization

Rangarajan is a qualified Chartered Accountant

Manoranjan Shoo Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited

Manoranjan started his career in Parma before Joining LIC as an Administrative officer Manoranjan has 20 years of experience in insurance industry He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India His core competence is setting up of new businessPrior to joining the

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

The US insurance industry was built on the British model The year 1735saw the birth of the first insurance company in the American colonies in Charleston SC The Presbyterian Synod of Philadelphia in 1759 sponsored the first life insurance corporation in America for the benefit of ministersand their dependents And the first life insurance policy for the general public in the United States was issued in Philadelphia on May 22 1761

But it wasnt until 80 years later (after 1840) that life insurance really took off in a big way The key to its success was reducing the opposition from religious groups

In 1835 the infamous New York fire drew peoples attention to the need to provide for sudden and large losses Two years later Massachusetts became the first state to require companies by law to maintain such reserves The

Great Chicago fire of 1871 further emphasized how fires can cause hugeLosses in densely populated modern cities The practice of reinsuranceWhere in the risks are spread among several companies was devisedSpecifically for such situations With the creation of the automobile public liability insurance which first made its appearance in the 1880s gained importance and acceptance More advancement was made to insurance during the process ofindustrialization In 1897 the British government passed the Workmenrsquos Compensation Act which made it mandatory for a company to insure itsemployees against industrial accidents

During the 19th century many societies were founded to insure the life and health of their members while fraternal orders provided low-cost membersonlyinsurance Even today such fraternal orders continue to provide insurance coverage to members as do most labor organizations Manyemployers sponsor group insurance policies for their employees providing not just life insurance but sickness and accident benefits and old 1048766 Final Thoughts

Even though the American insurance industry was greatly influenced by

Britain the US market developed somewhat differently from that of theUnited Kingdom Contributing to that was Americas size land diversityAnd the overwhelming desire to be independent As America moved from acolonial outpost to an independent force from a farming country to an industrial nation the insurance business developed from a small number of companies to a large industry Insurance became more sophisticated offering new types of coverage and diversified services for an increasingly complex country

6) PROMOTERS-

Malay Ghosh ndash Executive Director amp President

Malay is the Executive Director and President of Reliance Life Insurance Company

Malay leads all activities at Reliance Life Insurance Company Limited and his key focus is on rapid expansion of all channels and accelerating the Companyrsquos growth trajectory Malay has over 24 years of work experience in the insurance industry He has worked for 17 years with LIC across various functions and for 7 years with Bajaj Allianz Life Insurance where he was last designated Head of Sales

S V Sunder Krishnan Chief Risk Officer

Sunder is the Chief Risk officer for Reliance Life Insurance and is responsible for overseeing Risk Management Internal Audit and Compliance functions at Reliance Life Insurance

Sunder came with 23 years of experience and knowledge in Internal Audits Compliance Assurance Consulting and Risk Management He has worked for various leading organizations such as DSP Merrill Lynch ING Vysya Credit Lyonnais Standard Chartered Bank International Indonesia Ernst amp Young and Delloitte at senior and middle management positions with exposure to businesses and operations in more than 12 countries

Sunder is a qualified FCA CISA and CCSA He is currently the advisor to the Board of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter He was president of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter for the year 2007-08

Sunil Agrawal Chief Financial Officer

Sunil Agrawal is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited and he is responsible for Financial strategy formulation and implementation

Sunil has over 10+ years of post qualification experience of which he has more than 9+ years experience in the insurance industry in financial function Prior to joining Reliance Life Insurance he has worked with ICICI Prudential Life Insurance in various roles right from the inception of the company including compliance special projects Financial Control and finance operations

He is a BE Computer Science a Chartered Accountant and DISA (ICAI)

Saroj K Panigrahi Head ndash Legal Compliance amp Company Secretary

Saroj K Panigrahi heads the Legal Compliance and Company Secretarial function of Reliance Life Insurance He is armed with twelve years of valuable experience in the Corporate Legal Commercial Regulatory Compliance and Corporate Governance domains

Prior to joining Reliance he headed the Legal amp IP department at Accenturersquos India Outsourcing Business During his fulfilling tenure he skillfully managed the Legal Intellectual Property Regulatory Risk amp Compliance aspects of several Fortune 500 companies Prior to his assignment with Accenture Saroj was Associate Legal Counsel amp Company Secretary at ING Vysya Life

Insurance and was also associated with ICRA an associate of Moodyrsquos Investors Inc

Saroj holds a degree in Law He is also a Fellow Company Secretary a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA)

Pournima Gupta Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting risk appetite pricing valuation reinsurance etc

Prior to joining Reliance Pournima served at Life Insurance Corporation of India for 20 long and rewarding years Her stint with LIC included a four-year deputation at the London branch as Manager She then moved on to be the Chief Manager ndash Actuarial at Kodak Mahindra Life Insurance Company and Associate Vice President ndash Actuarial at Bajaj Allianz Life Insurance Company

Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI)

R Rangarajan Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited He along with his team strives to give the best possible returns on investments to shareholders and policyholders keeping in mind their appetite for risk

Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metmdashwithout any compromise on the benefits of the investors Prior to being a part of Reliance Life Insurance Rangarajan worked with AMP Sanmar Life Insurance as Head ndash Investments for three years His earlier assignment was with a large Mutual Fund organization

Rangarajan is a qualified Chartered Accountant

Manoranjan Shoo Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited

Manoranjan started his career in Parma before Joining LIC as an Administrative officer Manoranjan has 20 years of experience in insurance industry He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India His core competence is setting up of new businessPrior to joining the

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Britain the US market developed somewhat differently from that of theUnited Kingdom Contributing to that was Americas size land diversityAnd the overwhelming desire to be independent As America moved from acolonial outpost to an independent force from a farming country to an industrial nation the insurance business developed from a small number of companies to a large industry Insurance became more sophisticated offering new types of coverage and diversified services for an increasingly complex country

6) PROMOTERS-

Malay Ghosh ndash Executive Director amp President

Malay is the Executive Director and President of Reliance Life Insurance Company

Malay leads all activities at Reliance Life Insurance Company Limited and his key focus is on rapid expansion of all channels and accelerating the Companyrsquos growth trajectory Malay has over 24 years of work experience in the insurance industry He has worked for 17 years with LIC across various functions and for 7 years with Bajaj Allianz Life Insurance where he was last designated Head of Sales

S V Sunder Krishnan Chief Risk Officer

Sunder is the Chief Risk officer for Reliance Life Insurance and is responsible for overseeing Risk Management Internal Audit and Compliance functions at Reliance Life Insurance

Sunder came with 23 years of experience and knowledge in Internal Audits Compliance Assurance Consulting and Risk Management He has worked for various leading organizations such as DSP Merrill Lynch ING Vysya Credit Lyonnais Standard Chartered Bank International Indonesia Ernst amp Young and Delloitte at senior and middle management positions with exposure to businesses and operations in more than 12 countries

Sunder is a qualified FCA CISA and CCSA He is currently the advisor to the Board of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter He was president of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter for the year 2007-08

Sunil Agrawal Chief Financial Officer

Sunil Agrawal is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited and he is responsible for Financial strategy formulation and implementation

Sunil has over 10+ years of post qualification experience of which he has more than 9+ years experience in the insurance industry in financial function Prior to joining Reliance Life Insurance he has worked with ICICI Prudential Life Insurance in various roles right from the inception of the company including compliance special projects Financial Control and finance operations

He is a BE Computer Science a Chartered Accountant and DISA (ICAI)

Saroj K Panigrahi Head ndash Legal Compliance amp Company Secretary

Saroj K Panigrahi heads the Legal Compliance and Company Secretarial function of Reliance Life Insurance He is armed with twelve years of valuable experience in the Corporate Legal Commercial Regulatory Compliance and Corporate Governance domains

Prior to joining Reliance he headed the Legal amp IP department at Accenturersquos India Outsourcing Business During his fulfilling tenure he skillfully managed the Legal Intellectual Property Regulatory Risk amp Compliance aspects of several Fortune 500 companies Prior to his assignment with Accenture Saroj was Associate Legal Counsel amp Company Secretary at ING Vysya Life

Insurance and was also associated with ICRA an associate of Moodyrsquos Investors Inc

Saroj holds a degree in Law He is also a Fellow Company Secretary a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA)

Pournima Gupta Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting risk appetite pricing valuation reinsurance etc

Prior to joining Reliance Pournima served at Life Insurance Corporation of India for 20 long and rewarding years Her stint with LIC included a four-year deputation at the London branch as Manager She then moved on to be the Chief Manager ndash Actuarial at Kodak Mahindra Life Insurance Company and Associate Vice President ndash Actuarial at Bajaj Allianz Life Insurance Company

Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI)

R Rangarajan Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited He along with his team strives to give the best possible returns on investments to shareholders and policyholders keeping in mind their appetite for risk

Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metmdashwithout any compromise on the benefits of the investors Prior to being a part of Reliance Life Insurance Rangarajan worked with AMP Sanmar Life Insurance as Head ndash Investments for three years His earlier assignment was with a large Mutual Fund organization

Rangarajan is a qualified Chartered Accountant

Manoranjan Shoo Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited

Manoranjan started his career in Parma before Joining LIC as an Administrative officer Manoranjan has 20 years of experience in insurance industry He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India His core competence is setting up of new businessPrior to joining the

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Sunder is the Chief Risk officer for Reliance Life Insurance and is responsible for overseeing Risk Management Internal Audit and Compliance functions at Reliance Life Insurance

Sunder came with 23 years of experience and knowledge in Internal Audits Compliance Assurance Consulting and Risk Management He has worked for various leading organizations such as DSP Merrill Lynch ING Vysya Credit Lyonnais Standard Chartered Bank International Indonesia Ernst amp Young and Delloitte at senior and middle management positions with exposure to businesses and operations in more than 12 countries

Sunder is a qualified FCA CISA and CCSA He is currently the advisor to the Board of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter He was president of Information Systems Audit Control Association (ISACA-USA) Mumbai Chapter for the year 2007-08

Sunil Agrawal Chief Financial Officer

Sunil Agrawal is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited and he is responsible for Financial strategy formulation and implementation

Sunil has over 10+ years of post qualification experience of which he has more than 9+ years experience in the insurance industry in financial function Prior to joining Reliance Life Insurance he has worked with ICICI Prudential Life Insurance in various roles right from the inception of the company including compliance special projects Financial Control and finance operations

He is a BE Computer Science a Chartered Accountant and DISA (ICAI)

Saroj K Panigrahi Head ndash Legal Compliance amp Company Secretary

Saroj K Panigrahi heads the Legal Compliance and Company Secretarial function of Reliance Life Insurance He is armed with twelve years of valuable experience in the Corporate Legal Commercial Regulatory Compliance and Corporate Governance domains

Prior to joining Reliance he headed the Legal amp IP department at Accenturersquos India Outsourcing Business During his fulfilling tenure he skillfully managed the Legal Intellectual Property Regulatory Risk amp Compliance aspects of several Fortune 500 companies Prior to his assignment with Accenture Saroj was Associate Legal Counsel amp Company Secretary at ING Vysya Life

Insurance and was also associated with ICRA an associate of Moodyrsquos Investors Inc

Saroj holds a degree in Law He is also a Fellow Company Secretary a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA)

Pournima Gupta Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting risk appetite pricing valuation reinsurance etc

Prior to joining Reliance Pournima served at Life Insurance Corporation of India for 20 long and rewarding years Her stint with LIC included a four-year deputation at the London branch as Manager She then moved on to be the Chief Manager ndash Actuarial at Kodak Mahindra Life Insurance Company and Associate Vice President ndash Actuarial at Bajaj Allianz Life Insurance Company

Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI)

R Rangarajan Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited He along with his team strives to give the best possible returns on investments to shareholders and policyholders keeping in mind their appetite for risk

Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metmdashwithout any compromise on the benefits of the investors Prior to being a part of Reliance Life Insurance Rangarajan worked with AMP Sanmar Life Insurance as Head ndash Investments for three years His earlier assignment was with a large Mutual Fund organization

Rangarajan is a qualified Chartered Accountant

Manoranjan Shoo Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited

Manoranjan started his career in Parma before Joining LIC as an Administrative officer Manoranjan has 20 years of experience in insurance industry He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India His core competence is setting up of new businessPrior to joining the

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Sunil Agrawal is the Chief Financial Officer (CFO) of Reliance Life Insurance Company Limited and he is responsible for Financial strategy formulation and implementation

Sunil has over 10+ years of post qualification experience of which he has more than 9+ years experience in the insurance industry in financial function Prior to joining Reliance Life Insurance he has worked with ICICI Prudential Life Insurance in various roles right from the inception of the company including compliance special projects Financial Control and finance operations

He is a BE Computer Science a Chartered Accountant and DISA (ICAI)

Saroj K Panigrahi Head ndash Legal Compliance amp Company Secretary

Saroj K Panigrahi heads the Legal Compliance and Company Secretarial function of Reliance Life Insurance He is armed with twelve years of valuable experience in the Corporate Legal Commercial Regulatory Compliance and Corporate Governance domains

Prior to joining Reliance he headed the Legal amp IP department at Accenturersquos India Outsourcing Business During his fulfilling tenure he skillfully managed the Legal Intellectual Property Regulatory Risk amp Compliance aspects of several Fortune 500 companies Prior to his assignment with Accenture Saroj was Associate Legal Counsel amp Company Secretary at ING Vysya Life

Insurance and was also associated with ICRA an associate of Moodyrsquos Investors Inc

Saroj holds a degree in Law He is also a Fellow Company Secretary a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA)

Pournima Gupta Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting risk appetite pricing valuation reinsurance etc

Prior to joining Reliance Pournima served at Life Insurance Corporation of India for 20 long and rewarding years Her stint with LIC included a four-year deputation at the London branch as Manager She then moved on to be the Chief Manager ndash Actuarial at Kodak Mahindra Life Insurance Company and Associate Vice President ndash Actuarial at Bajaj Allianz Life Insurance Company

Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI)

R Rangarajan Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited He along with his team strives to give the best possible returns on investments to shareholders and policyholders keeping in mind their appetite for risk

Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metmdashwithout any compromise on the benefits of the investors Prior to being a part of Reliance Life Insurance Rangarajan worked with AMP Sanmar Life Insurance as Head ndash Investments for three years His earlier assignment was with a large Mutual Fund organization

Rangarajan is a qualified Chartered Accountant

Manoranjan Shoo Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited

Manoranjan started his career in Parma before Joining LIC as an Administrative officer Manoranjan has 20 years of experience in insurance industry He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India His core competence is setting up of new businessPrior to joining the

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Insurance and was also associated with ICRA an associate of Moodyrsquos Investors Inc

Saroj holds a degree in Law He is also a Fellow Company Secretary a Chartered Secretary (UK) and a Chartered Financial Analyst (CFA)

Pournima Gupta Appointed Actuary

Pournima is the Appointed Actuary at Reliance Life Insurance Company Limited where she has the overall responsibility for statutory reporting risk appetite pricing valuation reinsurance etc

Prior to joining Reliance Pournima served at Life Insurance Corporation of India for 20 long and rewarding years Her stint with LIC included a four-year deputation at the London branch as Manager She then moved on to be the Chief Manager ndash Actuarial at Kodak Mahindra Life Insurance Company and Associate Vice President ndash Actuarial at Bajaj Allianz Life Insurance Company

Pournima is a graduate in Statistics and a Fellow of the Actuarial Society of India (FASI)

R Rangarajan Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited He along with his team strives to give the best possible returns on investments to shareholders and policyholders keeping in mind their appetite for risk

Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metmdashwithout any compromise on the benefits of the investors Prior to being a part of Reliance Life Insurance Rangarajan worked with AMP Sanmar Life Insurance as Head ndash Investments for three years His earlier assignment was with a large Mutual Fund organization

Rangarajan is a qualified Chartered Accountant

Manoranjan Shoo Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited

Manoranjan started his career in Parma before Joining LIC as an Administrative officer Manoranjan has 20 years of experience in insurance industry He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India His core competence is setting up of new businessPrior to joining the

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

R Rangarajan Chief Investment Officer

Rangarajan is the Chief Investment Officer at Reliance Life Insurance Company Limited He along with his team strives to give the best possible returns on investments to shareholders and policyholders keeping in mind their appetite for risk

Rangarajan draws on his in-depth knowledge of investment and experience of 25 years to ensure that the goals of the organization are metmdashwithout any compromise on the benefits of the investors Prior to being a part of Reliance Life Insurance Rangarajan worked with AMP Sanmar Life Insurance as Head ndash Investments for three years His earlier assignment was with a large Mutual Fund organization

Rangarajan is a qualified Chartered Accountant

Manoranjan Shoo Head- Agency

Manoranjan is the Head- Agency at Reliance Life Insurance Company Limited

Manoranjan started his career in Parma before Joining LIC as an Administrative officer Manoranjan has 20 years of experience in insurance industry He has indepth knowledge of Life Insurance Business by virtue of working in different functions at Life Insurance Corporation of India His core competence is setting up of new businessPrior to joining the

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Company he was with Bajaj Allianz Life Insurance Company Limited as Zonal Head ndash Sales (North amp Central)

Manoranjan holds a Masters Degree in Science from Utkal University Manoranjan has undergone many Leadership development courses at ISB IIM(K) amp Michigan University

C Mohan Chief Technology Officer

C Mohan is the Chief Technology Officer (CTO) of Reliance Life Insurance Company Limited and he is responsible for Information Technology Strategy Formulation and Deployment

Mohan has over 12+ years of IT Experience of which he spend more than 7+ years Executive Management Experience in overseas He worked with Cathay Pacific Airways and Computer Sciences Corporation in Asia Pacific Role at Singapore before he joined Reliance Life

In Year 2008 he has been awarded as Pioneer CIO by CIOL-DataQuest and Bold 100 CIO by IDG-CIO Forum He also received the Early SOA Adopter Award from IBMHe recently won Global BPM and Workflow Excellence Award 2009 by BPM Forum USAHe Just won Global CIO 100 2009 Award from CIO Forum USA and Ingenious CIO 100 2009 by IDG-India CIO Forum

Mohan is an Engineering Graduate and holds many International

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

IT Certifications

7)VISION - Empowering everyone live their dreams

8) MISSION- Create unmatched value for everyone through dependable effective transparent and profitable life insurance and pension plans

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

9) QUALITY POLICY-

QUALITY amp RELIANCE LIFE INSURANCE

3rd largest private player in a span of just 4 years moved from 11th position to 3rd

Amongst the fastest growing Companies for 4 years in a row

Continuous increase in market share over 4 years from 19 in 2005-06 to 1026 in 2009 -10

RLIC has achieved a growth rate of 21 while the private industry has grown at 13

Fastest to reach the 5 million policy mark

Largest private insurer in terms of policy count in 2009-10

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

1145 branches 195000 Advisors and over 16000 employees

RLIC continues to be amongst the foremost Life Insurance companies in India to be certified ISO 90012000 for all the processes

Awarded the Jamnalal Bajaj Uchit Vyavahar Puraskar 2007- Certificate of Merit in the Financial Services category by Council for Fair Business Practices (CFBP)

The Company has also won the DL Shah Quality Council of India Commendation Award in the services category in feb 2008 for its work on promoting self help channels for service

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

QUALITY

Reliance Quality Policy

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

10)Organization chart-

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

RELIANCE LIFE INSURANCE LTD

CHIEF EXUTIVE OFFICER

Chief financial

Chief operating

officer

Chief marketing

officer

Production

head Risk officer Officer

Online Dept

RetailClient

acquisitions AccountsRMS

HNI Dept Dept amp marketing

11) DEPARTMENTATION-

1) Retail Sales

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

2) Under Writing

3) Actuarial

4) Insurance Operations

5) Customer Service

6) Quality and Processes

7) Human Resources

8) Finance

12) Department Details Which Are Studied

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

I have studied in operations department There are two office in operations department First one is front office and second one back office in it some times I worked in front office and in some times in back office What happens in front office is that to listen the customer and solve the customerrsquos queries and other one work is to check the form of advisor Basically it is a process from front office to back office personally I checked the form of advisor and after that full check and I gave him received it is basically a token that taken go under web received system in it what happens that what the token number is to be entered then it goes in life Asia in life Asia what happens is that the data is to be punched it means invocation of data entry all the data is to be the checked what is the policy no contact no forms clients details then it goes insure connect in which we knows about the case status the case is to be issued or to be failed if the case is issued then it goes for the quality check and if it fails then it goes for under light it means for rechecks and then goes for quality check the last one stage what I did the documents scanning or we can say the captive in it I did scanned for quality check that is the all about man work

13) Major Activities Performed -

Investment banking amp corporate finance

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Brokerage amp distribution

Wealth management

Products

Equities I bonds I mutual funds I derivatives

Managed investment services PMS

Commodities

Fx trading

Life insurance

General insurance

Alternative asset Private equity funds

Structured products Real estatersquos opportunities

Special situation opportunities Offshore structures amp global investments

Services

Creation of a customized financial strategy

Diversification of assets based on a formal process of asset allocation

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Active tracking monitoring and review of portfolios

Creation of private trusts

Tax planning

Estate planning

Structuring of family wealth

15) Type of Project Commenced -

Sales the policy in market

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

16) Internal Departmental Coordination-

Reliance life insurance environment is so friendly and the is so friendly and the employees work in coordinative manner The structure of organization helps the employee to work in systematic manner all have well informed about their respective work and how they contribute in each otherrsquos work They all tried to do their best so that the firmrsquos work in the best manner and ultimately provide their product amp services to their customer satisfactorily

17) Major Finding -

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

On the basis of study it is found out that RELIANCES LIFE INSURENS is the better service provider then other customer of their timely research and personalizes advice on what policy coming in the market

It provides information about insurance and future financial planning in our lifeampStudy also concludes that people are not much aware of commodity market and while itrsquos going to be biggest market in India

Many People are not aware about insurencs sectore

18) Conclusion-

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Empowering Everyone Live their Dreamsrdquo is the corporate vision of Reliance Life Insurance Insurance knowledge is complex It is responsibility of insurance companies to develop expertise and to provide customer with insurance knowledge Operating office should be in a position to advise the prospect as to what is the best choice for him in the given circumstance Mis-selling is very common in insurance industry This occurs when perhaps to earn a much highercommission rate Agents do not assess the needs of the customer properly while recommending products Sometimes agents or advisors misrepresent facts by promising unrealistic returns to customers or even provide incorrect information on product features As a result the customer is unhappy and saddled with a product that does not meet either his immediate or future needs Rebating has been an unfortunate practice in every variety of financial products in India

From the above findings clearly states that Professional category respondents have high perceptional level with regards to the financial credential of the company Most of the respondents have high perceptional level in servicing aspect of timely reminder of dues Most of the respondents have high sati factional level of claim admissibility and claim settlement and Salaried class respondents mostly satisfied for taking insurance as a tax exemption tool This research study furtherly provide better scope for doing research study in the areas of perceived service quality in life insurance industry innovative products based on the perception of the clients

19) Recommendation-

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

First aid kit for new entrants into security market-ldquothe more you care for your customer more the faith will get develop from customer siderdquo

There should be a provision for class room training for new investors

Toll free numbers should be given for free customer service it shows that company care for them

There should be a customer care section for handling general queries as solving each and every query for manager is not possible all the time

Technology system should be developed to the fullest There should be proper backup system in order to compensate sudden breakdowns

I felt lack of professionalism but it is very necessary in an organization So that work discipline can be maintained for achieving predefined targets on time

A customer judge the company in his first visit by companyrsquos infrastructure and their hospitality There is lack of both the aspects so company should work on these aspects

NOTE All the recommendations are strictly based on my experience and knowledge I acquired in one month of training

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

20) Bibliography-

wwwreliancelifecom

wwwindiainfolinecom

wwwbimaonlinecom

wwwgooglecom

Life Time Magazine of Reliance Life Insurance

Net Bios Computer Academyrsquos Life Insurance Book

Broachers of Reliance Life Insurance

21 ANNEXURE

Questionnaire

Survey by student of punit gupta On Life Insurance

NAME ___________________________________________Q1 What is your main motive behind investing in life insurance(a) Tax Benefit(b) Savings(c) Risk Cover(d) ReturnYield

Q2 Rank the above motives according to your preference MOTIVE OF INVESTMENT TAX BENEFIT SAVINGS RISK COVER RETURNYIELDPreference

Q3 How do you decide about investing in life insurance

(a) On my own(b) family decision(c) Employer decides(d) as per the guidance of agent

Q4 Which life insurance policy would you prefer to buy

(a) Term Assurance(b) Whole Life(c) Endowment(d) Combination of Whole Life and Endowment(e) Unit Linked

Q5 Would you prefer Reliance Life Insurance or LIC for buying thelife insurance policy

(a) Reliance Life Insurance(b) LIC

PERSONAL DETAILS

1) Age(a) 18 to 30(b) 31 to 50(c) 51 to 65

2) Occupation(a) Service(b) Business(c) Profession(d) Housewife(e) Retired

3) Income(a) 50000 to 100000(b) 100000 to 500000(c) More than 500000

4) Family members(a) 2(b) 3(c) 4(d) More than 4

Q4 Which life insurance policy would you prefer to buy

(a) Term Assurance(b) Whole Life(c) Endowment(d) Combination of Whole Life and Endowment(e) Unit Linked

Q5 Would you prefer Reliance Life Insurance or LIC for buying thelife insurance policy

(a) Reliance Life Insurance(b) LIC

PERSONAL DETAILS

1) Age(a) 18 to 30(b) 31 to 50(c) 51 to 65

2) Occupation(a) Service(b) Business(c) Profession(d) Housewife(e) Retired

3) Income(a) 50000 to 100000(b) 100000 to 500000(c) More than 500000

4) Family members(a) 2(b) 3(c) 4(d) More than 4

3) Income(a) 50000 to 100000(b) 100000 to 500000(c) More than 500000

4) Family members(a) 2(b) 3(c) 4(d) More than 4