SUMMER TRANINGPROJECT REPORTON

Comparative Analysis of IDBI FEDERAL v/s Star Union Dai-Ichi Life Insurance

Submitted in partial fulfillment of the Requirements for the Degree of Post Graduate Diploma in Management

Submitted to:Submitted by:Mr. N.P.Singh SUNNY REKHI HOD(Mgmt.) , PGDM (2014-15) Assistant Professor Roll No.: 6781

Guru Nanak Institute of Management

Acknowledgement

I take this opportunity to express my deep sense of gratitude, thanks and regards towards all of those who have directly or indirectly helped me in the successful completion of this project.I am very much thankful to our Dean of Guru Nanak Institute of Management (GNIM), and all the faculties who has given me the opportunity to be a part of Star Union Da-ichi Life Insurance for 2 months.I present my sincere thanks to Mr.SanjeevArora (Branch Manager, Star Union Da-ichi Life Insurance) who allowed me to take training at Star Union Da-ichi Life Insurance.I would also like to thanks Star Union Da-ichi Life InsuranceStaff for their wonderful support & inspirable guiding.I also thank our mentor Mr. Avneet Singh Pahwa sir, of Star Union Da-ichi Life Insurance who has sincerely supported me with the valuable insights into the completion of this project. Last but not the least I am indebted to my PARENTS who provided me their time, support and inspiration needed to prepare this report.My thanks and appreciation also goes to my colleague in developing the project and people who have willingly helped me out with their abilities.

Date: - --2015

Place: - Delhi

SUNNY REKHI

PREFACE

The project undertaken by me is to learn about the financial instruments in general which has a lot of potential.

My project deals with comparative analysis of Bajaj Allianz Life Insurance with SUD. Star Union Da-ichi Life Insurance provides financial services to the customers, how its services are better than the life insurance of other companies, etc. Kind of instruments are giving competitive advantage to the Star Union Da-ichi Life Insurance

DECLARATION

I undersigned SUNNY REKHI student of PGDM 3rd semester declare that I have done the project on Comparative analysis of Bajaj Allianz Insurance v/s Star Union Dai-Ichi life insurance. has been personally done by me under the guidance of Prof. N.P.Singh Sir, Delhi in partial fulfillment of PGDM Program- during academic year-2014-16. All the data represented in this project is true & correct to the best of my knowledge & belief.

I also declare that this project report is my own preparation and not copied from anywhere else.

Date -2015

Signature

SUNNY REKHI

CERTIFICATE OF COMPLETION

EXECUTIVE SUMMARY Star Union Dai-ichi Life Insurance Company (SUD) is a joint venture between Union Bank of India, Bank of India and Dai-ichi Life Insurance Company of Japan. The Company has a capital stake of 48% by BOI, 26% by Union Bank and 26% by Dai-ichi Life. The Company has authorized capital of Rs. 250.00 Crores. The Company has been issued the license for undertaking life insurance business in India by Insurance Regulatory and Development Authority (IRDA) on 26.12.2008. Bank of India and Union Bank have a strong nationwide network of more than 7000 offices, which shall provide distribution outlets with a wide reach. More than 48 million strong banking customer base of the two banks provides ready scope for cross selling of insurance products. The company has also started a direct agency channel. Dai-ichi Mutual Life is a leading player in the Life Insurance Segment in Japan and is one of the top ten Life Insurers in the world and the second largest Life Insurance Company in Japan. Established in 1902, it has more than a century of experience in Life Insurance business. SUD has a range of individual and group solutions, serving about 2, 00,000 policies. These policies are being sold and serviced using our corporate agents as well as tied agency channel. Currently the distribution is mainly through the bank channel of Bank of India, Union Bank of India and tie-ups with Regional Rural Banks (RRB). The company will in future opt for more distribution channels depending on business strategy and how it sees the evolving insurance market. The company through this RFI plans to invite various application providers in distribution space to offer their solution to manage the distribution operations of SUD.

BUSINESS OBJECTIVEThe purpose of this document is to invite information from interested system integrators and/or independent product vendors for implementation of Distribution Management System at Star Union Life Insurance Company (SUD). An efficient IT framework is needed to manage modern distribution. SUD would like to have the best of breed systems for establishing a strong IT framework keeping in mind the long term needs of the company. Star Union Dai-ichi Life Insurance Company (SUD) is currently managing its distribution operations primarily through excel sheets. It is now considering having a channel and distribution management application which would replace the current excel sheet regime. SUD would be floating a RFP for the same after short listing the vendors through the RFI process. SUD would like to work with reputed vendors who have systems that are scalable and can cater to the long term growth plans of the company. SUD plans to triple its business in each of the next 3 years and therefore the system should be able to take care of the planned growth. Suitable benchmarking of the product/solution offered by the vendor would therefore add to the attractiveness of the solution.

PROJECT SCOPEA summary of functional and technical scope details is provided later in the document. The broad headings for various other details are as specified below:Scope TypeDetails

LocationThe proposed solution is an enterprise wide solution and will be rolled out Pan India. Our current locations are as under Head Office at Vashi, Mumbai 20 Regional and 7 Area Offices The core back-office functionality will be accessed by 20-25 people. We expect that specified persons from our corporate agents will access the front-end functionality over the web. Our corporate agents have nearly 7000 branches across India We currently have just started the tied agency model. We expect at least a few thousand agents in 3 years who would be accessing the system over the web

Product License Enterprise wide unlimited users

Professional Services Requirements Analysis Functional & Technical Product Gap Analysis Integration/Interface requirements Data extraction requirements\ MIS System Configuration / Customization System Integration System Deployment Development, Testing ,Production and Maintenance Training to Business and IT System Documentation / User Manuals Project management Post-implementation support

Environment Maintenance Development, Testing, Production and DRS

Table of Contents

S.No.ParticularsPage No.

1.Executive Summary

2.Introduction

i. Overview of industry as a whole

ii. Profile of the organisation

iii. Problems of the organisation

iv. SWOT analysis

3.Objectives and research methodology

i. Significance

ii. Managerial usefulness of the study

iii. Scope of the study

iv. Research methodology

4.Conceptual discussions

5.Data analysis

6. Findings and recommendations

7. bibliography

CHAPTER-1:INTRODUCTIONPage Image

CHAPTER 2

OBEJECTIVES &RESEARCH METHODOLOGY

Chapter 3.0

LITERATURE REVIEW

(CONCEPTUAL DISCUSSIONS)

CHAPTER - 4.0

DATA ANALYSIS&INTERPRETATION

CHAPTER-5

SUMMARY & CONCLUSION

BIBLOGRAPHY

The links that we used in the project are:

www.IDBI.comwww.sudlife.comwww.moneybhai.moneycontrol.comwww.wikipedia.orgwww.investopedia.comwww.irda.gov.inwww.acountingtools.com