A

PROJECT REPORT
ON
“COMPARITIVE ANALYSIS ON INSURANCE COMPANY”

SUBMITTED TO
PUNJAB TECHNICAL UNIVERSITY

IN PARTIAL FULFILLMENT OF THE

REQUIREMENTS FOR THE AWARD OF DEGREE OF
BECHELOR OF BUSINESS ADMINISTRATION
SESSION: 2008-11

SUBMITTED BY:
HITESH HANDA
REG. NO- 80109320014

DEPARTMENT OF MANAGEMENT
SHREE ATAM VALLABH JAIN COLLEGE
LUDHIANA
(2010)
 Acknowledgement

I owe my sincere & heartiest gratitude to Mr.Ajit Singh Bedi (ASM)MetLife Insurance
Company, who gave me the opportunity to work in MetLife Insurance Company as a summer
trainee & helped with whenever I needed him.

I would also like to thank Mrs Neha Bharti lecturer of management, for her invaluable
contribution to the project. Her guidance, studious advice, constructive criticism qualify her as
indisputable become of success to the present volume

The entire project from the very idea of it to reality would not have been possible without the
guidance and support of many people. I would therefore like to take the golden opportunity of
expressing my sincere and profound gratitude to all those people who helped me throughout the
project.

Finally, I would like to extend my sincere thanks to the employees of METLIFE Insurance
Company during the training period for their kind cooperation.
 PREFACE

This project is a result of 8 weeks summer training at MetLife Insurance Company, Ludhiana.
Summer training is an integral part of “Bachelor of Business Administration” course and it aims
at providing a firsthand experience of industry to students. This practical experience helps the
students to view the real business world closely.

I was really fortunate of getting an opportunity to pursue my summer training in a reputed, well
established, fast growing and professionally managed organization like MetLife.

Project Assigned “Working of ICICI Prudential Life Insurance”

 CERTIFICATE

This is to certify that the Research project, “Working of an Insurance Company” submitted in
fulfillment of the requirements for the degree of Bachelor of Business Administration, at Shree
Atam Vallabh Jain College, Ludhiana, affiliated to Punjab Technical University, Jalandhar,
is a bonafide research work carried out by Hitesh Handa(BBA final year), under my
supervision and that no part of this research project has been submitted for any other degree.
The assistance and help received during the course of investigation has been fully acknowledged.

Mrs. Neha Bharti

(Lec. In Management)
Shree Atam Vallabh Jain College
Ludhiana
METLIFE
The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863, when a group
of New York City businessmen raised $100,000 to found the National Union Life and Limb
Insurance Company.
The new company insured Civil War sailors and soldiers against
disabilities due to wartime wounds, accidents, and sickness. In 1868, after several
reorganizations and five difficult years, the company decided to focus on the life insurance
business. A new company was chartered to sell "ordinary" insurance to the middle class. The
founders chose the name because they had been most successful in New York City, or the
"Metropolitan" District.
This new venture also faced difficulties. A severe business
depression that began in the early 1870s rapidly put half of the 70 life insurance companies
operating in New York State out of business. Only very large, long-established ordinary life
insurance companies remained strong. Policy lapses over successive years forced the company to
contract until it reached its lowest point in the late 1870s.
In 1879, MetLife President Joseph F. Knapp turned his attention to
England, where "industrial" or "workingmen's" insurance programs were widely successful.
American companies had not bothered to pursue industrial insurance up to that time because of
the expense involved in building and sustaining an agency force to sell policies door to door and
to make the weekly collection of five- or ten-cent premiums.
By importing English agents to train an American agency force,
MetLife quickly transferred successful British methods for use in the United States. By 1880, the
company was signing up 700 new industrial policies a day. Rapidly increasing volume quickly
drove down distribution costs, and the new program proved immediately successful.
The MetLife agent became an important person in the lives of
these striving families. Manuals instructed agents to call at a home at the same time each week to
ensure familiarity and contact. In the process of collecting premiums, insurance agents listened
to the problems, concerns, and hopes of their clients. So successful was this approach that by
1909, MetLife became the nation's largest life insurer in terms of insurance in force, a leadership
position we continue to hold today in North America.
Leadership Team

DESIGNATION NAME

Managing Director Mr.Rajesh Relan

Appointed Actury Mr.MSVS Panesh

Director agency Mr. Sameer Bansal

Director Banaccurance and partnership Mr. Nitish Asthana

Chief Finacial Officer Mr. Joydeep Mukherji

Director Marketing Mr. Balachander sekhar

Director legal &Risk Company Secretary Mr KR Anil Kumar

Director Compliance And internal control Mr P.S Sankaran

Chief Administration officer Mr K.S Raghvan

Director Coustmer Service & Operation Mr Gaurav Sharma

Depty Director- Human Resource Ms Shilpa Vaid

 CONTENTS
Introduction
1. History Of insurance
2. Liberalization of the Insurance Sector
Industry Overview
1. What is Insurance?
2. Reason for Insurance
3. Importance for Insurance
4. Advantages of Life Insurance
Overview of Indian Insurance Market
Company Profile
1. ICICI Prudential Life Insurance Pvt. Ltd.
2. Sponsors
3. Prudential Plc.
4. Bank Assurance
5. Technology
6. Aim of the company
Problem of Study for Comparative Analysis
Research Methodology & Limitations
Insurance Products
Product Plan
Questionnaire
Chart Findings
Regulations- The Agency Laws
Insurance Regulatory & Development Authority
Research Objective, Methodology & Findings
SWOT
Market Share Chart & Graph
Recommendations
Conclusion
Bibliography