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PNB Metlife Bba
PNB Metlife Bba
ON
CUSTOMER SATISFACTION IN THE INSURANCE INDUSTRY
BY
PNB METLIFE INDIA INSURANCE COMPANY LTD
(A Report Submitted In Partial Fulfilment of the Requirement for the Degree of Bachelor of Business
Administration in SGT University)
(SESSION 2017-2020)
Submitted By:
Versha
170604067
BBA(G)
SGT University
BONAFIDE CERTIFICATE
This is to certify that the Project Work titled “CUSTOMER SATISFACTION IN THE
INSURANCE INDUSTRY.” is a bonafide work of Ms. Versha Registration/No:
170604067 carried out in partial fulfilment for the award of degree of (BACHELOR
OF BUSINESS ADMINISTRATION) of SGT University under my guidance. This
project work is original and not submitted earlier for the award of any degree /
diploma or associate ship of any other University / Institution.
Guide's seal*
Place:
Date:
STUDENT DECLARATION
I, Versha hereby declare that the Project Work titled “CUSTOMER SATISFACTION IN
THE INSURANCE INDUSTRY.” is the original work done by me and submitted to the
SGT University in partial fulfilment of requirements for the award of BACHELOR
OF BUSINESS ADMINISTRATION (BBA) in PNB METLIFE INDIA CO. LTD.
is a record of original work done by me under the supervision of MR. SUMIT
KUMAR of SGT UNIVERSITY.
Registration No.170604067
Date
Student Signature
ACKNOWLEDGEMENT
I am also thankful to Mr. Sumit Kumar (faculty guide) for providing me guidance in
preparing my project report.
Last but not the least I am also thankful to all the staff members of PNB MetLife
India Co. Ltd. to make my project successful.
Student name
VERSHA
TABLE OF CONTENT
1. INTRODUCTION:
Introduction of Insurance
History
Insurance regulatory and development authority
2. COMPANY PROFILE:
Pnbmetlife history
Vision & Mission
Goals & Objectives
3. BUSINESS MODEL
Products
Strategy
Competitors
4. ORGANIZATIONAL STRUCTURE
Organizational performance
5. CUSTOMER SATISFACTION IN THE INSURANCE INDUSTRY
6. SWOT ANALYSIS
7. LEARNING
SUMMARY
8. POINT VIEW REGARDING COMPANY’S
9. REFERENCES
10. CONTACT DETAILS
OBJECTIVE OF THE STUDY
INTRODUCTION
INTRODUCTION
Insurance is nothing but a system of spreading the risk of one onto the shoulders of
many. While it becomes somewhat impossible for a man to bear by himself 100% loss
to his own property or interest arising out of an unforeseen contingency, insurance is a
method or process which distributes the burden of the loss on a number of persons
within the group formed for this particular purpose. Basic Human traits to be averse to
the idea of risk taking. Insurance, whether life or non-life, provides people with a
reasonable degree of security and assurance that they will be protected in the event of
a calamity or failure of any sort .Insurance may be described as a social device to
reduce or eliminate risk of loss to life and property. Under the plan of insurance, a
large number of people associate themselves by sharing risks attached to individuals.
The risks, which can be insured against, include fire, the perils of sea, death and
accidents and burglary. Any risk contingent upon these, may be insured against at a
premium commensurate with the risk involved. Thus collective bearing of risk is
insurance.
Every Asset has a value and generates Income to its Owner. There is a normally
expected Life-time for the Asset during which time it is expected to perform. If the
Asset gets lost earlier, being destroyed or made Non-functional through an Accident or
other unfortunate event the Owner is Prejudiced. Insurance helps to reduce
CONSEQUENCES of such Adverse Circumstances which are called Risks.
INSURANCE IS THE SCIENCE OF SPREADING OF THE
RISK
Of a few from a common fund formed out of Contribution of the many who are
equally exposed to the same loss. What is uncertainty for an Individual becomes a
certainty for a Group. This is the basis of All Insurance Operations. Thus insurance
convert uncertainties to certainty
THE HISTORY OF INDIAN INSURANCE INDUSTRY
Life Insurance In 1818 the British established the first insurance company in India in
Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the
industry were made with the introduction of the Indian Life Assurance Companies Act
in 1912. A number of amendments to this Act were made until the Insurance Act was
drawn up in 1938. Noteworthy features in the Act were the power given to the
Government to collect statistical information about the insured and the high level of
protection the Act gave to the public through regulation and control. When the Act
was changed in 1950, this meant far reaching changes in the industry. The extra
requirements included a statutory requirement of a certain level of equity capital, a
ceiling on shareholdings in such companies to prevent dominant control (to protect the
public from any adversarial policies from one single party), stricter control on
investments and, generally, much tighter control. In 1956, the market contained 154
Indian and 16 foreign life insurance companies. Business was heavily concentrated in
urban areas and targeted the higher echelons of society. “Unethical practices adopted
by some of the players against the interests of the consumers then led the Indian
government to nationalize the industry. In September 1956, nationalization was
completed, merging all these companies into the so-called Life Insurance Corporation
(LIC). It was felt hat “nationalization has lent the industry fairness, solidity, growth
and reach.”
Some of the important milestones in the life insurance business in India are:1912:
The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance companies.
The General Insurance industry in India dates back to the Industrial Revolution and
the subsequent increase in trade across the oceans in the 17th century. As for Life
Insurance, the British brought General Insurance to India, and a similar path was
followed in the development of this industry. A number of private companies were in
existence for years and years until, in 1971, the Indian Government decided that the
public interest would be served by nationalizing the industry, merging all the 107
companies into four companies, depending on the sort of business transacted (Marine,
Fire, Miscellaneous). These were the National Insurance Company Ltd., the Oriental
Insurance Company Ltd., the New India Assurance Company Ltd., and the United
India Insurance Company Ltd. located in Calcutta, New Delhi, Bombay and Madras
respectively. The General Insurance Corporation (GIC) was set up in 1972 as a
‘holding’ company, having these four companies as its subsidiaries.
•Insurance agents are the main intermediaries in the Indian insurance market, but with
liberalization brokers will be an additional channel for selling insurance products
Brokers are likely to play a major role in ensuring clients get insurance covers tailor
made to suit their requirements at good terms.
•Fast growing middle class of 300 million who can afford insurance.
•Narrowing gap between rural and urban populace in terms of access to information
and services
•More and more entrepreneurs in traditional and modern business areas.
•The potential of the Indian insurance market is huge with current life insurance
penetration being only1.9 of the GDP
• Insurance market is set to touch 25 billion by 2010 in India. (It was only 7.2 billion
in 98-99 survey. At that time India’s rank in annual premium was 23rd for Life
insurance and contribution in GDP was merely 1.4%). Presently it is still lower then
develops economy but increased to 2.61% of GDP in 2002.So immense opportunity
can’t be ignoring.
INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY (IRDA)
The Insurance Regulatory and Development Authority of India (IRDAI) is
an autonomous, statutory body tasked with regulating and promoting the
insurance and re-insurance industries in India. It was constituted by the
Insurance Regulatory and Development Authority Act, 1999, an Act of
Parliament passed by the Government of India. The agency's headquarters
are in Hyderabad, Telangana, where it moved from Delhi in 2001.
IRDAI is a 10-member body including the chairman, five full-time and four part-
time members appointed by the government of India.
Structure
Section 4 of the IRDAI Act 1999 specifies the authority's composition. It is a ten-
member body consisting of a chairman, five full-time and four part-time members
appointed by the government of India.At present ( 1 Sept, 2018 ), the authority is
chaired by Subhash C. Khuntiaand its full-time membersare P. J. Joseph, Nilesh Sathe,
Pournima Gupte, Praveen Kutumbe and Sujay Banarji
Functions
The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999, [1] and
include:
COMPANY PROFILE
PNB MetLife INSURANCE INDIA COMPANY
PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance
companies in India present since 2001. PNB MetLife has as its shareholders MetLife International
Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited
(JKB), M. Pallonji and Company Private Limited and other private investors, MIHL and PNB being
the majority shareholders. The company serves customers in over 7000 locations providing a range
of health, life and retirement insurance products.
Website – www.pnbmetlife.com
HISTORY
PNB MetLife was initially launched as MetLife India Insurance Company Limited in 2001. In 2011,
PNB picked up a 30% stake in MetLife India Insurance. Both PNB and MetLife India approached
the Competition Commission of India (CCI) on 7 December 2012. In January 2013, PNB received
full approval for acquiring 30% stake in MetLife India Insurance. This new private sector life insurer
was re-branded as PNB MetLife India Ltd.
PNB MetLife is now present in over 150 locations across the country and serves customers in more
than 7,000 locations through its bank partnerships with PNB, Jammu and Kashmir Bank
Limited (JKB) and Karnataka Bank Limited.
Key people
The key people of PNB MetLife India Insurance Company Limited as defined by Insurance
Regulatory and Development Authority of India (IRDA) are as follows:
Chief Investment
Sanjay Kumar
Officer
Chief Compliance
Sarang Cheema
Officer
AWARDS
2016: PNB MetLife won the ‘Website of the Year’ award at the E-Commerce Summit &
Awards in Mumbai.
2016: PNB MetLife won ‘Celent Model Insurer Asia’ award for the most responsive
eCommerce platform on a mobile.
2016: PNB MetLife won honors at the prestigious Asia Training & Development Excellence
Awards 2016 held in Singapore in two categories – Best Education Training Campaigns and
Programs and Best Sales Development Program.
OTHER ACHIEVEMENTS
The company launched its corporate social responsibility programme in August 2014 in support of
the education of children in Karnataka. This project, which is part of the existing Rajiv Gandhi
Crèche Scheme, works in tandem with the Government agenda towards strengthening and supporting
the 30 crèche centres.
On the occasion of World Health Day, PNB MetLife announced the fifth edition of Guinness
Record-holding PNB MetLife Satara Hill Half Marathon 2016.
In June 2016, PNB MetLife rolled out a new digital campaign, which includes a 75-second film
conceptualised by McCann Erickson.
PNBMETLIFE VALUES
VISION AND MISSION
VISION
To evolve and postion the bank as a world class, progressive ,
cost effective and customer friendly institution providing
comprehensive financial and related services.
Integrating frointers of technology and serving various segments
of society especially weaker section.
Committed to excellence in serving the public and also excelling
in corporate values.
MISSION
To provide excellent professional services and improve its
positions as a leader in financial and related services.
Build and maintain a team of motivated workforce with high
work allow.
Use latest technology aimed at customers satisfaction and act as an
effective catalyst for socio economic development.
GOALS &OBJECTIVES
BUSINESS MODEL
Products of met life
4. MetLife BachatYojana
Reasonable Premiums
Long Term Savings
Financial Securities
5. MetLife Guaranteed Savings Plan
Guaranteed Additions on Cumulative Premiums
Guaranteed Sum Assured on Maturity
Life Cover for the entire Policy Term
8. MetLife PradhanMantriJeevanJyotiBinaYojana
Protection at Nominal Cost
Straight through processing, no Medicals required
Ease of Enrollment, simplified Proposal Form
FINANCIAL PARAMETERS:
2016 2017
1. Communication:
In an insurance role, you will be required to communicate with internal and external links stake
holders.
2. Customer service:
As an insurance professional you will be insuring that you understand customer need
.
3 .Team work:
Working collaboratively to identify new business opportunities an generate a solution to a problem.
4. Professionalism
Insurance is all about peace of mind and it is important that those working in the sector are
seen as the professional they are.
SUMMARY:
In pnb metlife, I get to know about the insurance sector.
Their different plans and policies for an individual or for their
families as well. Pnb metlife have many beneficial plans for the
Customers related to life insurance as well as general
insurance.
1. Times of India
2. India Express
3. Dainikjagran
INTERNET:
www.metlife.com
www.metlife.co.in
www.insuranceindia.com
CONTACT DETAILS
Email Id : rsharma29@pnbmetlife.com