UNITED INDIA INSURANCE COMPANY

Insurance is a means of protection from financial loss. It is a form of risk

management, primarily used to hedge against the risk of a contingent or uncertain
loss.

An entity which provides insurance is known as an insurer, insurance company,

insurance carrier or underwriter. A person or entity who buys insurance is known as
an insured or as a policyholder. The insurance transaction involves the insured
assuming a guaranteed and known relatively small loss in the form of payment to the
insurer in exchange for the insurer's promise to compensate the insured in the event
of a covered loss. The loss may or may not be financial, but it must be reducible to
financial terms, and usually involves something in which the insured has an insurable
interest established by ownership, possession, or pre-existing relationship.

The insured receives a contract, called the insurance policy, which details the
conditions and circumstances under which the insurer will compensate the insured.
The amount of money charged by the insurer to the Policyholder for the coverage set
forth in the insurance policy is called the premium. If the insured experiences a loss
which is potentially covered by the insurance policy, the insured submits a claim to the
insurer for processing by a claims adjuster. The insurer may hedge its own risk by
taking out reinsurance, whereby another insurance company agrees to carry some of
the risk, especially if the primary insurer deems the risk too large for it to carry.

The insurance is divided under 2 categories:

1. Life Insurance- Life insurance is a contract between an insurer and an insured.

Under a life insurance plan, in exchange for a premium, the insurer promises to
provide the policy nominee with a pre-decided sum of money upon the death of the
policyholder (as per applicable terms and conditions). Life insurance includes term life
insurance plan, whole life plans, endowment plans, money back plans, ULIPs, child
Plans, investment plans and retirement plans.

2. General Insurance- Also known as non-life insurance, general insurance is

defined as any insurance that that doesn’t fall in the category of life insurance. As per
applicable terms and conditions, it provides pre-decided insurance coverage to the
insured in exchange of a specific premium. General insurance includes car insurance,
health insurance, two-wheeler insurance, travel insurance, home insurance, corporate
insurance, critical illness, and personal accident insurance.
 INTRODUCTION

United India Insurance Company is an Indian leading

General Insurance company, fully owned by Government of
India and is headquartered in Chennai, India. It was
incorporated on 18 February 1938, and was nationalised in
1972.

Previously it was a subsidiary of the General Insurance Corporation of India (GIC).

But when GIC became a re-insurance company as per the IRDA Act 1999, its four
primary insurance subsidiaries New India Assurance, United India Insurance, Oriental
Insurance and National Insurance got autonomy. 12 Indian insurance companies, 4 co-
operative insurance societies, 5 foreign insurers with Indian operations and the
general insurance operations of the southern region of Life Insurance Corporation of
India were merged with United India Insurance Company Limited to form the
company. After nationalization, United India has 17,361 nos. work force spread across
2248 offices providing insurance cover to more than 10 million policy holders. The
Company has a variety of insurance products to provide insurance cover from bullock
carts to satellites.

United India has been in the forefront of designing and implementing complex
covers to large customers, as in the cases of ONGC Ltd, GMR - Hyderabad International
Airport Ltd., Mumbai International Airport Ltd., Tirumala-Tirupati Devasthanam, Kochi
Metro Rail Corporation etc. United India has also been the pioneer in taking Insurance
to the rural masses with large scale implementation of Universal Health Insurance
Programme of Government of India & Vijaya Raji Janani Kalyan Yojana (covering 4.5
million women in the state of Madhya Pradesh), Tsunami Jan Bima Yojana (in 4 states
covering 459,000 of families), National Livestock Insurance and many such schemes.

Shri Girish Radhakrishnan is the current Managing Director. The Gross Domestic
Premium for the Financial Year 2018-19 is Rs.16385 Cr. On 2 February 2018, the
Government of India announced the merger of United India Insurance Company with
Oriental Insurance and National Insurance Company Limited.
Products of United India Insurance:
The United Insurance India Company offers various insurance products as
mentioned below:

1) United India Motor Insurance

Motor insurance is one of the wittiest methods to protect your car financially.
Here is a brief discussion on the car insurance plans offered by United India
Insurance:
 Liability Only Policy
 Package Policy
2) United India Health Insurance
United India Insurance is offering a good range of health care insurance
products. You can choose the one as per your requirements. The health insurance
policy will be of great benefit.
 Family Medicare
 Family Medicare 2014
 Gold
 Individual Mediclaim Plan
 Platinum
 Senior Citizen
 Super Top Up Medicare
 Top up Medicare
 UNI Criticare Health Plan
 Workmen Medicare Plan
3) United India Travel Insurance
United India Insurance Company has travel policies designed to cover the risk
of personal accident or loss of baggage during travel. Travel policies offer good
coverage and fit the requirements of different kinds of travellers and expeditions.
 OMP for Business and Holiday
 OMP for Employment and Studies
 OMP for Corporate Frequent Traveller
 Baggage Policy
 Suhana Safar Policy
 Marg Bandhu Policy
4) United India Personal Accident
United India Insurance Company has designed personal accident insurance
plans to cover the risk of personal accident and save your hard earned money post
an accident. Mentioned below are the plans offered by this General Insurance
Company.
 Personal Accident Policy
 Road Safety Package Policy
 Mediclaim Policy
 Unimedicare Policy
5) United India Householder's Insurance
This type of insurance plan offers coverage due to loss or damage occurred to
liability of third parties, building, jewellery, domestic appliances such as audio
systems, VCR etc. A house holder exposed to the contingencies mentioned herein
is covered under this plan.
 House Holder Policy
6) United India Shopkeeper's Insurance
A shopkeeper who is exposed to contingencies such as pedal cycles, plate
glass, neon or glow signs etc. are covered under this plan. This plan offers personal
accident cover for the shop keeper's spouse as well as children.
 Shop keepers Policy
7) United India Fire Insurance
The Fire Insurance policies protect the various assets of the insured from any
damages or losses caused due to fire being the prime reason. Some of the Fire
Insurance plans by United India Insurance are:
 Fire loss of Profit Policy
 Standard Fire and Special Perils Policy

8) United India Marine Insurance

Some of the Marine Insurance plans offered by United India Insurance are:
 Marine Hull
 Marine Cargo
9) United India Industrial Insurance
Some of the Industrial Insurance policies provided by United India Insurance
are:
 Boiler and Pressure Plant Policy
 Contractors Plant and Machinery Policy
 Electronic Equipment Policy
 Floriculture insurance
  Kissan credit card insurance
 Rural accident policy
 Floriculture insurance
 Kissan credit card insurance
 Rural accident policy
10) United India Liability Insurance
The Liability Insurance policies cover any liabilities of the insured that may
cause huge financial burdens or losses. Some of the Liability Insurance plans by
United India Insurance are:
 Motor Liability Policy
 Professional Indemnity Policy
 Workmen Compensation Policy
11) United India Miscellaneous Insurance
Some of the Miscellaneous Insurance policies provided by United India
Insurance are:
 Cattle and Livestock Policy
 Janatha Personal Accident Policy
 Personal Accident Policy
12) United India Micro Insurance
Some of the Micro Insurance plans by United India Insurance are:
 Animal Driven Cart Insurance Scheme
 Dairy Package Policy
 Hut Insurance
 Farmers Package Policy
13) United India Credit Insurance
The Credit Insurance policy by United India Insurance protects the insured
employer from any monetary or property loss caused due to the dishonesty of an
employee.

Process of United India Insurance:

Traditional Channel

There are many insurance company which works on traditional channel of

marketing. The traditional channel is an old one and still useful in current scenario to
move business towards success due to its acceptability and ability. In traditional
channel a company has a branch manager under which many sales manager and unit
manager do their job and under the sales manager many agents perform their work.
In traditional channel there is fix payout of branch manager and sales manager.

When we talk about insurance sector the traditional channel of marketing depends on
three basics pillars-

• Branch Manager :- An executive who is in charge of the branch office of a bank or

financial institution. A branch manager is responsible for all of the functions of a
branch office, like hiring employees, approving loans and lines of credit, marketing the
branch, building a rapport with the community in order to attract business and
assisting customers with account problems. A branch manager is also responsible for
making sure that the branch's goals and objectives are met in time.

• Sales Manager or Unit Manager :- Responsible for the development and

performance of all sales activities in assigned market. Staffs and directs a sales team
and provides leadership towards the achievement of maximum profitability and
growth in line with company vision and values. Establishes plans and strategies to
expand the customer base in the marketing area and contributes to the development
of training and educational programs for clients and Account Executives.

• Insurance Agent :- Insurance agents, who may be referred to as insurance sales

agents,help clients choose insurance policies that suit their needs. Clients include
individuals and families as well as businesses. Captive agents work for an insurance
company, and only sell that company's products.

Social Media as a Distribution Channel

Social media channels have significant applicability to the insurance industry and
are likely to have a long-term impact on how insurers gain and react to feedback from
the marketplace. However, there is still a need for further understanding regarding
how this channel can be best leveraged to engage with customers and how to address
any potential concerns that may arise such as miscommunication and regulations

B.S.P. CHANNEL
BSP (Business Service Partner):- BSP is a operator of external marketing channel
of TATA AIG life insurance Company which means “business service partner”. BSP is
the supreme authority in the companies external channel of marketing. any person
who has a team of minimum 10 peoples with him on first day can be a BSP of company
but company gives preference to those people who has their own office, a team of
minimum 10 people, a good and sound business background and a accountable
turnover of their business.
 The BSP channel is totally managed by the BSP himself and company never gives
them fixed Salary. Company always gives them commission on the basis of their
business
• The basic aim to use BSP channel for marketing by United India Insurance
Company is to the reduction in the company’s expenses and increasing the
business capacity of the company.

Conclusion
Thus the products and the process in the United India Insurance company
limited. And we came to know about the different distributional channels in which
the insurance is being given.