History of Insurance

The evolution of insurance traces the development of the modern business of insurance against
risks, especially regarding life, health, automobile accidents, property and cargo.

The insurance industry helps to eliminate risks, spread the risk from an individual to the larger
community and provides an important source of long term finance for both public and private
sectors.

The history can be traced in ancient era, medieval era and modern era.

Ancient Era
Insurance in some form can be traced back to pre historical times. Initially people used to sell
their products in their own villages or gathering places. However overtime people started
exploring new areas and started dealing in other villages. Two type of economies existed in
human societies. One was barter or non – monetary economy and the other, monetary
economy.

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The barter economy had no centralized or standardized set of financial instruments whereas
monetary economy had elements such as currency and financial instruments which were
standardized. Insurance in the former case includes agreements of mutual aid.

For eg : If one family’s house gets destroyed, the neighbours are committed to help to rebuild
it. Public granaries also embodied another early form of insurance to indemnify against
famines.
Insurance was practiced in different cultures differently. Some of them are discussed as follows:

A) China – Chinese merchants who were travelling treacherous river rapids used to
redistribute their wares across many vessels to limit their loss that might have occurred
due to any vessel capsizing.
B) Babylon – Babylonians developed a system that was recorded in the famous “Code of
Hammurabi” (1750 bc) and practiced by early Mediterranean sailing merchants. In this
system – if a merchant received a loan to fund his shipment, he would pay the lender an
additional sum in exchange for the lender’s guarantee that he will cancel the loan in
case the shipment gets stolen or gets lost at the sea.
C) England – England in the mid 18th century, merchants and ship owners very largely
insured their own ventures themselves, but the need for discounting facilities arose
after 1750 with the growing volume of bills drawn against West Indian merchants. Thus
some of the more important Liverpool merchants began to exercise the functions of
banking.
D) Ancient Persia – The Achaemenian monarchs in Ancient Persia were presented with
annual gifts from the various ethnic groups under their control. This would function as
an early form of political insurance and officially bound the Persian monarchs to protect
the group from harm.
E) Rhodes – The early inhabitants of Rhodes created the ‘general average’. This allowed
the groups of merchants to pay to insure their goods being shipped together. The
collected premiums would be used to reimburse any merchant whose goods were
ruined during transport, whether due to storm or sinkage.
F) Ancient Athens – The ancient Athenian maritime loan advanced money for voyages with
repayment being canceled if the ship was lost. In the 4th century BC, rates for the loans
different according to safe or dangerous times of year, implying an intuitive pricing of
risk with an effect similar to insurance.
G) Greece and Rome – The Greeks and Romans created guilds called “benevolent
societies”, which cared for families of deceased members, as well as paying funeral
expenses of members.
Medieval Era
The medieval era saw rise of insurance against loss of goods at sea or by theft. The risk hedging
instruments used to mitigate risk were sea loans, commenda contracts and bills of exchange.
Sea loans or foenus nauticum were common before the traditional marine insurance in the
medieval insurance in the medieval times, in which an investor lent his money to a travelling

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Flow chart showing the development of Insurance in Medieval era.

merchant, and the merchant would be liable to pay it back if the ships returned safely. In this
way sea insurance and credit was provided at the same time. The rate on sea loans was usually
high to compensate for the high level of risk involved. When merchants used to carry goods by
land they used to share profit with the lenders, however now that the goods were travelling by
sea, merchants had to pay high rate of interest to the lender.

Since sea loans involved paying for risk, Pope Gregory IX condemned the practice as usury in his
decretal Naviganti of 1236. Hence Commenda contracts were introduced when the Pope
condemned sea loans. Under these contracts capitalists provided funds to an entrepreneur to
carry out a trade as partners, sharing profits but both sea and commercial risk belong to
capitalists.

In 14th century, Italian merchants introduced Cambium contracts where borrowers had to buy
the Bills of Exchange from the lenders. The demerit of buying bills of exchange was that it didn’t
cover the risk at all. To hedge against the sea risks merchants invented insurance loans which
were very close to today’s marine insurance. The loan was payable on safe arrival of goods and
not safe arrival of ship and the borrower/ insurer stayed on land i.e. the insured goods were
sent unaccompanied.
In the late 13th century and the early 14th century, the European traders travelled to sell their
goods across the globe and to hedge the risk of theft or fraud by the captain of the ship or the
crew. This was known as Risicum Genitum. However, they realized that selling this way involves
not only the risk of loss by damage, theft or life of the trader but also they can’t cover the wider
market. Therefore, the trend of hiring commission based agents functioning across different
markets emerged.

The traders sent their goods to the agents who on their behalf sold them. Sending goods to the
agents by road or sea involves different risks i.e. sea storms, pirate, fire or came under enemy
attack but this was not good practice due to prolonged time and efforts involved. Insurance is
the oldest method of transferring risk, which was developed to mitigate business risk.

Nelli in 1972 highlighted that commenda contracts and sea loans were the closest substitutes of
marine insurance. The Italian traders spread the knowledge of insurance and into Europe and
the Mediterranean. In the 15th century the word “policy” for insurance contracts became
standardized. By 16th century insurance was common in Britain, France and Netherlands. The
concept of insuring outside countries emerged In the 18th century with reduce trade or higher
cost of local insurance. In 2011 Kingston highlighted that Lloyd’s coffee house was a prominent
market place for the marine insurance in London in 18th century. The rules and regulations of
insurance were adopted from Italian merchants also known as law merchants. Initially these
rules governed marine insurance across the globe. In case of dispute the policy writer and the
insured chose an arbitrator each and these arbitrators chose another impartial arbitrator. The
decision made by the majority was to be accepted by both the parties. However the decision
taken by arbitrators was not always implemented. Thus to fulfill the inability of this informal
court to settle insurance related disputes, Special courts were set up in Genoa. in 1436 a
specialized court known as “Consoli dei Mercanti” in Venice. In 1520 this court was replaced by
more specialized court of “Rota”.

Modern Era
Insurance became more sophisticated in Enlightenment era Europe and specialized varieties
developed. Some form of insurance developed in London in early 17th century. The most
famous example is the will of Enlish colonist Robert Hayman. It mentioned two polices on
insurance taken out with the diocesan Chancellor of London, Arthur Duck. These policies were
of the value of £100 each. One policy was related to the safe arrival of Hayman’s ship in Guyana
and the other was a life insurance assured by Arthur Ducke.

Over several years different types of insurance policies have surfaced. Some of them are
explained below:

A) Property Insurance:
Property insurance as we know it today can be traced back to the Great Fire Of London,
which in 1666 devoured more than 13000 houses. The devastating effects of the fire
converted the development of insurance “from a matter of convenience into one of
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urgency, a change of opinion reflected in Sir Christopher Wren’s inclusion of a site for
the ‘insurance office’ in his new plan for London in 1667”. In 1676 Hamburger
Feuerkasse became the first officially established fire insurance company in the world. It
is the oldest company still in existence, available to the public. In 1681, economist
Nicholas Barbon and eleven associates established the “insurance Office for House”, at
the back of the Royal Exchange to insure brick and frame homes. Initially 5000 homes
were established by the insurance office.
In the wake of this first successful venture, many similar companies were founded in the
following decades. Initially, each company employed its fire department to prevent and
minimize loss by fire. They also started giving special fire insured stickers to their
customers which were displayed prominently above the main door of the property and
allowed the company to easily identify the number of properties insured by them.
However this system was identified as flawed as the fire department started favouring
those buildings which were insured by their companies. they used to leave the buildings
burning that were insured by rival firms. To counter this problem it was decided that all
the insurance companies would pay money and supply equipment to the municipal
authority charged with stationing fire prevention assets and firefighters equally around
the city to respond to all the fires. This didn’t solve the problem entirely as fire fighters
favoured houses which were insured to those who weren’t.

B) Business Insurance:
By the end of the 17th century, London’s growing importance as a centre for trade was
increasing demand for marine insurance. In the 1680s, Edward Lloyd opened a coffee
house on Tower Street in London. It soon became a popular haunt for ship owners,
merchants and ships’ captains, and thereby a reliable source of the latest shipping news.
It became the meeting place for the parties in the shipping industry wishing to insure
cargos and ships and those willing to undertake such ventures. These informal
beginnings led to the establishment of the insurance market “Lloyd’s of London” and
several related shipping insurance businesses. Even after his death in 1713, the
 participating members of the insurance arrangement formed a committee and moved to
the Royal Exchange on Cornhill as the “Society of Lloyd”.

C) Life Insurance:
The first life insurance policies were taken out in the early 18 th century. The 1st company
to offer life insurance was the ‘ Amicable Society of a Perpetual Assurance Office ‘,
founded in London in 1706 by William Talbot and Sir Thomas Allen. The 1 st plan of the
life insurance was that each member paid a fixed annual payment per share on from
one to three shares with consideration to age of the members being twelve to fifty five.
At the end of the year a portion of the “amicable contribution” was divided among the
wives and children of the deceased members and it was in proportion to the amount of
shares the heirs owned. The Amicable Society started with 2000 members.
The first life table was written by Edmund Hillary in 1693, but it was only in the 1750s
that the necessary mathematical and statistical tools were in place for the development
of the modern life insurance.
James Dodson, a mathematician and an actuary, tried to establish a new company that
issued premiums aimed at correctly offsetting the risks of long term life assurance
policies, after being refused admission to the Amicable Life Assurance Society because
of his advanced age. He was unsuccessful in his attempts at procuring a charter from the
Government before his death in 1757. However his disciple, Edward Rowe Mores was
finally able to establish the Society for Equitable Assurance on Lives and Survivorship in
1762. It was the world’s first mutual insurer and it pioneered in age based premiums
based on mortality rate laying “the framework for the scientific insurance practice and
development” and “the basis of modern life assurance upon which all life assurance
schemes were subsequently based”.
Edward Rowe also emphasized that the chief official should be called an actuary.

D) Accidental Insurance :
Accidental Insurance became available in the late 19th century. This operated much like
the modern disability insurance. The first company to offer accidental insurance was the
Railway Passengers Assurance Company which came into being in 1848 in England to
insure against the rising number of fatalities on the nascent railway system.
The company was able to reach an agreement with the railway companies, whereby
basic accident insurance would be sold as a package deal along with travel tickets to
customer. The company charged higher premiums for second and third class travel due
to the higher risk of injury.

E) National Insurance:
By the late 19th century Governments started providing national insurance programs
against sickness and old age. Germany built on a tradition of welfare programs in Prussia
and Saxony that began as early as in the 1840s. in the 1880s Chancellor Otto von
Bismarck introduced old age pensions, accident insurance and medical care that formed
the basis of Germany’s welfare state. His paternalistic programs won the support of
German industry because its goals were to win the support of the working classes for
the Empire and reduce the outflow of the immigrants to America, where wages were
higher but welfare did not exist.
Evolution of Insurance in India
Introduction
Insurance in India refers to the market for insurance in India which covers both the public and
private sector organizations. It is listed in the Constitution of India in the seventh schedule as a
Union List subject, meaning it can only be legislated by the Central Government only.

The insurance sector in India has gone through a lot of changes and phases over the year. In
2000 India allowed private companies to solicit insurance and also allowing foreign direct
investment. Initially the FDI was set at 26 percent and was later increase to 49 percent in 2014.
Since the privatization in 2001, the largest insurance company in India, The Life Insurance
Corporation of India has seen its market share slowly slipping to private giants like HDFC Life,
Exide Life Insurance, ICICI Prudential Life Insurance and SBI Life Insurance Company.

History
Insurance in its current form has its history dating back to 1818, when Oriental Life Insurance
Company was started by Anita Bhavsar in Kolkata to cater to the needs of the European
community. The pre-Independence era in India saw discrimination between the lives of the
English and the Indians. Thus higher premiums were charged from Indians. In 1870, “Bombay
Mutual Life Assurance Society became the first Indian insurer.

At the dawn of the 20th century, many insurance companies were founded in the year 1912, the
Life Insurance Companies Act and the Provident Fund Act were passed to regulate the
insurance business. The Life Insurance Companies Act 1912 made it necessary that the
premium rate tables and periodical valuations of the companies should be certified by an
actuary. However, the disparity still existed as discrimination between Indian and Foreign
Companies.

The Government of India issued an ordinance on 19 January 1956 nationalizing the Life
Insurance sector and Life Insurance Corporation came into existence in the same year. The Life
Insurance Corporation absorbed 154 Indian, 16 non – Indian and 75 provident societies, a total
of 245 Indian and foreign insurers in all.
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In 1972 the Government of India passed General Insurance Business Nationalization Act which
consequently nationalized the General insurance sector from 1 January 1973. A total of 107
companies were amalgamated and were grouped into 4 companies four companies namely

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National Insurance Company ltd
New India Assurance Company ltd
Oriental Insurance Company ltd
United India Insurance Company ltd

The General Insurance Corporation Of India was incorporated as a company in 1971 and it
commenced business on 1 January 1973. With effect from 2000 these subsidiaries of GIC
have been delinked from the parent company and were set up as a independent insurance
companies.
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Industry Structure
 The Indian Insurance Sector is basically divided into two categories – Life Insurance and Non-
life Insurance. The Non-life Insurance sector is also termed as General Insurance. Both the Life
Insurance and the Non-life Insurance is governed by the IRDAI (Insurance Regulatory and
Development Authority of India).

The role of IRDA is to thoroughly monitor the entire insurance sector in India and also act like a
custodian of all the insurance consumer rights. This is the reason all the insurers have to abide
by the rules and regulations of the IRDAI.

The Insurance sector in India consists of total 57 insurance companies. Out of which 24
companies are the life insurance providers and the remaining 33 are non-life insurers. Out
which there are seven public sector companies.

Life insurance companies offer coverage to the life of the individuals, whereas the non-life
insurance companies offer coverage with our day-to-day living like travel, health, our car and
bikes, and home insurance. Not only this, but the non-life insurance companies provide
coverage for our industrial equipment’s as well. Crop insurance for our farmers, gadget
insurance for mobiles, pet insurance etc. are some more insurance products being made
available by the general insurance companies in India.
The life insurance companies have gained an investment prospectus in the recent times with an
idea of providing insurance along with a growth of your savings. But, the general insurance
companies remain reluctant to offer pure risk cover to the individuals.

In 2012 Indian Insurance Industry was valuated as a USD 72 Billion industry. However, it was
found that only two million people i.e. 0.2 percent of the total population of 1 billion were
covered under Mediclaim. With more and more companies in this sector, this situation has
changed. ECGC, ESIC and AIC provide insurance services for niche markets.

Now let us take a look at the performance of Life and Non- Life insurance for financial year
2015-16 and 2014-15

Life Insurance Performance:

Life Insurance Business

2015-16 2014-15
Performance:

Public Private Public Private

Sector Sector Sector Sector

Premium Underwritten (Rs in

266444.21 100499.02 239667.65 88433.49
Crores)

New Policies Issued (in Lakhs) 205.47 61.92 201.71 57.37

Number of Offices 4892 6179 4877 6156

Benefits Paid (Rs in Crores) 141201.05 60565.05 144125 67054

Individual Death Claims (Number of

761983 114697 755901 121927
Policies)

Individual Death Claims Amount

9690.17 2946.49 9055.18 2733.49
Paid (Rs in Crores)

Group Death Claims (Number of

247504 297833 273794 192989
lives)
 Life Insurance Business
2015-16 2014-15
Performance:

Group Death Claims Amount Paid

2494.03 2303 2037.27 1483.55
(Rs in Crores)

Individual Death Claims (Figures in

98.33 91.48 98.19 89.4
percent of policies)

Group Death Claims (Figures in

99.69 94.65 99.64 91.2
percent of lives covered)

No. of Grievances reported during

64750 139951 80944 198048
the year

Grievances resolved during the year 64750 145125 80944 193119

Grievance Resolved (in percent) 100 103.69 100 97.51

Non-Life Insurance Performance:

Non-Life Insurance Business

2015-16 2014-15
Performance:

Public Private Public Private

Sector Sector Sector Sector

Premium Underwritten (Rs in

47691 39694 42549.48 35090.09
Crores)

New Policies Issued (in Lakhs) 8414 2389 8207 2200

Number of Offices 4892 6179 4877 6156

 Non-Life Insurance Business
2015-16 2014-15
Performance:

Net Incurred Claims (Rs in Crores) 38104.27 21764.44 31567.75 19430.46

No. of Grievances reported during

17808 41802 15860 44828
the year

Grievances resolved during the

17718 42493 16105 43318
year

Grievance Resolved (in percent) 99.49 101.65 101.54 96.63

Insurance repository
Insurance Regulatory and Development Authority (IRDA) on 16 September 2013 launched
“insurance repository” service in India. It is a unique concept and first to be launched in India.
This system enables policy holders to buy and keep insurance policies in dematerialized or
electronic form. Policyholders can hold all their insurance policies in an electronic form in a
single account called Electronic Insurance Account (eIA). IRDA has issued licenses to five entities
to act as Insurance Repository. They are as follows:

A) CDSL Insurance Repository Ltd (CDSL IR)

B) SHCIL Projects Ltd
C) Karvy Insurance Repository Ltd
D) NSDL Database Management Ltd
E) CAMS repository Services Ltd
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Legal Structure
The insurance sector went through a full circle of phases from being unregulated to completely
regulated and then currently being partially deregulated. It is governed by a number of acts.
The Insurance Act 1938 was the first legislation governing all forms of insurance to provide
strict control over insurance industry in India.

The life insurance sector in India was completely nationalized in 1956 through Life Insurance
Corporation Act. A total of 245 companies were amalgamated to form Life Insurance
Corporation of India.

Similarly in 1972 the general insurance sector in India was completely nationalized and 107
companies were amalgamated and the “General Insurance Corporation of India” was formed. It
had 4 subsidiaries. However in 1999 these subsidiaries were delinked and formed independent
bodies.

FDI was initially fixed at 26 percent in the insurance sector which was increased at 49 percent.

In 2006, Actuaries act was passed by the Parliament to give the profession statutory statues on
par with Chartered Accountants, Notaries, Cost and Work Accountants, Advocates etc. A
minimum capital of USD 80 million is required by legislation to set up an insurance business.
The Present of Insurance Sector In India
So far as the industry goes, LIC, New India, National Insurance, United insurance and Oriental
are the only government ruled entity that stands high both in the market share as well as their
contribution to the Insurance sector in India. There are two specialized insurers – Agriculture
Insurance Company Ltd catering to Crop Insurance and Export Credit Guarantee of India
catering to Credit Insurance. Whereas, others are the private insurers (both life and general)
who have done a joint venture with foreign insurance companies to start their insurance
businesses in India.

Life Insurance Companies:

Private Sector Companies

 Aegon Life Insurance Co. Ltd.

 Aviva Life Insurance Co. India Ltd.
 Bajaj Allianz Life Insurance Co. Ltd.
 Bharti AXA Life Insurance Co. Ltd.
 Birla Sun Life Insurance Co. Ltd.
 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
 DHFL Pramerica Life Insurance Co. Ltd.
 Edelweiss Tokio Life Insurance Co. Ltd
 Exide Life Insurance Co. Ltd.
 Future Generali India Life Insurance Co. Ltd.
 HDFC Standard Life Insurance Co. Ltd.
 ICICI Prudential Life Insurance Co. Ltd.
 IDBI Federal Life Insurance Co. Ltd.
 IndiaFirst Life Insurance Co. Ltd
 Kotak Mahindra Old Mutual Life Insurance Ltd.
 Max Life Insurance Co. Ltd.
 PNB MetLife India Insurance Co. Ltd.
 Reliance Life Insurance Co. Ltd.
 Sahara India Life Insurance Co. Ltd.
 SBI Life Insurance Co. Ltd.
 Shriram Life Insurance Co. Ltd.
 Star Union Dai-Ichi Life Insurance Co. Ltd.
 Tata AIA Life Insurance Co. Ltd.

General Insurance Companies:

Private Sector Companies

 Aditya Birla Health Insurance Co. Ltd.

  Bajaj Allianz General Insurance Co. Ltd.
 Bharti AXA General Insurance Co.Ltd.
 Cholamandalam General Insurance Co. Ltd.
 Future Generali India Insurance Co.Ltd.
 HDFC ERGO General Insurance Co. Ltd.
 ICICI Lombard General Insurance Co. Ltd.
 IFFCO-Tokio General Insurance Co. Ltd.
 Kotak General Insurance Co. Ltd.
 L&T General Insurance Co. Ltd.
 Liberty Videocon General Insurance Co. Ltd.
 Magma HDI General Insurance Co. Ltd.
 Raheja QBE General Insurance Co. Ltd.
 Reliance General Insurance Co. Ltd.
 Royal Sundaram Alliance Insurance Co. Ltd
 SBI General Insurance Co. Ltd.
 Shriram General Insurance Co. Ltd.
 TATA AIG General Insurance Co. Ltd.
 Universal Sompo General Insurance Co.Ltd.

Health Insurance Companies

 Apollo Munich Health Insurance Co.Ltd.

 Star Health Allied Insurance Co. Ltd.
 Max Bupa Health Insurance Co. Ltd.
 Religare Health Insurance Co. Ltd.
 Cigna TTK Health Insurance Co. Ltd.

This collaboration with the foreign markets has made the Insurance Sector in India only grow
tremendously with a high current market share. India allowed private companies in insurance
sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014. IRDAI states
–  Insurance Laws (Amendment) Act, 2015 provides for enhancement of the Foreign Investment
Cap in an Indian Insurance Company from 26% to an Explicitly Composite Limit of 49% with the
safeguard of Indian Ownership and Control.

Private insurers like HDFC, ICICI and SBI have been some tough competitors for providing life as
well as non-life products to the insurance sector in India.

Market Size
Government's policy of insuring the uninsured has gradually pushed insurance penetration in
the country and proliferation of insurance schemes.
Gross premiums written in India reached Rs 5.53 trillion (US$ 94.48 billion) in FY18, with Rs 4.58
trillion (US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$ 23.38 billion) from non-life
insurance. Overall insurance penetration (premiums as % of GDP) in India reached 3.69 per cent
in 2017 from 2.71 per cent in 2001.
In FY19 (up to October 2018), premium from new life insurance business increased 3.66 per
cent year-on-year to Rs 1.09 trillion (US$ 15.46 billion).   In FY19 (up to October 2018), gross
direct premiums of non-life insurers reached Rs 962.05 billion (US$ 13.71 billion), showing a
year-on-year growth rate of 12.40 per cent.

Investments and Recent Developments

The following are some of the major investments and developments in the Indian insurance
sector.

 As of November 2018, HDFC Ergo is in advanced talks to acquire Apollo Munich Health
Insurance at a valuation of around Rs 2,600 crore (US$ 370.05 million).
 In October 2018, Indian e-commerce major Flipkart entered the insurance space in
partnership with Bajaj Allianz to offer mobile insurance.
 In August 2018, a consortium of WestBridge Capital, billionaire investor Mr Rakesh
Jhunjunwala announced that it would acquire India’s largest health insurer Star Health
and Allied Insurance in a deal estimated at around US$ 1 billion.
 In September 2018, HDFC Ergo launched ‘E@Secure’ a cyber insurance policy for
individuals.
 Insurance sector companies in India raised around Rs 434.3 billion (US$ 6.7 billion)
through public issues in 2017.
 In 2017, insurance sector in India saw 10 merger and acquisition (M&A) deals worth US$
903 million.
 India's leading bourse Bombay Stock Exchange (BSE) will set up a joint venture with Ebix
Inc to build a robust insurance distribution network in the country through a new
distribution exchange platform.

Government Initiatives

The Government of India has taken a number of initiatives to boost the insurance industry.
Some of them are as follows:

 In September 2018, National Health Protection Scheme was launched under Ayushman
Bharat to provide coverage of up to Rs 500,000 (US$ 7,723) to more than 100 million
vulnerable families. The scheme is expected to increase penetration of health
insurance in India from 34 per cent to 50 per cent.
 Over 47.9 million famers were benefitted under Pradhan Mantri Fasal Bima Yojana
(PMFBY) in 2017-18.
 The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue
redesigned initial public offering (IPO) guidelines for insurance companies in India,
which are to looking to divest equity through the IPO route.
IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds that are
issued by banks to augment their tier 1 capital, in order to expand the pool of eligible investors
for the banks.

Insurance Education
A number of institutions provide education for the insurance industry. These include:

A) National Insurance Academy

B) Institute of Insurance and Risk Management
C) Amity School of Insurance Banking and Actuarial Science
D) Pondicherry University
E) Birla Institute of Management Technology
F) National Law University

To become an Insurance advisor in India, the Insurance act 1936 mandates that an individual
should be a major ad with a sound mind. After the advent of IRDA as insurance regulator, it has
framed various regulations viz. training hours, examination and fees which are amended from
time to time. Since November 2011 IRDA has introduced a syllabus for training insurance
advisor aspirants.

The Future Of Insurance Sector In India

Though LIC continues to dominate the Insurance sector in India, the introduction of the new
private insurers will see a vibrant expansion and growth of both life and non-life sectors. The
demands for new insurance policies with pocket-friendly premiums are sky high. Since the
domestic economy cannot grow drastically, the insurance sector in India is controlled for a
strong growth.

With the increase in income and exponential growth of purchasing power as well as household
savings, the insurance sector in India would introduce emerging trends like product innovation,
multi-distribution, better claims management and regulatory trends in the Indian market.

The government also strives hard to provide insurance to individuals in a below poverty line by
introducing schemes like the

 Pradhan Mantri Suraksha Bima Yojana (PMSBY),

 Rashtriya Swasthya Bima Yojana (RSBY) and
 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Introduction of these schemes would help the lower and lower-middle income categories to
utilize the new policies with lower premiums in India.
With several regulatory changes in the insurance sector in India, the future looks pretty
awesome and promising for the life insurance industry. This would further lead to a change in
the way insurers take care of the business and engage proactively with its genuine buyers.

Some demographic factors like the growing insurance awareness of the insurance, retirement
planning, growing middle class and young insurable crowd will substantially increase the growth
of the Insurance sector in India.
AXA
Introduction
AXA is a French multinational insurance firm headquartered in the 8 th arrondissement of Paris
that engages in global insurance, investment management and other financial services.

The AXA group operates primarily in Western Europe, North America, the Asia Pacific region
and the Middle East with the presence also in Africa. AXA is a conglomerate of independently
run businesses, operated according to the laws and regulations of many different countries. The
company is a component of the “Euro Stoxx 50 stock market index”. Axa is incorporated in New
York.

History
The company was founded in 1816 as “Mutuelle de L’assurance contre L’incendie” (the Ancient
Mutulle). It acquired Compagnie Parisienne de Garantie in 1978 and became Mutuelles Unies. It
went on to buy the Drouot Group in 1982, becoming Mutuelles Unies/ Drouot. It adopted the
AXA name in 1985. Later it took over the American insurance company “The Equitable” in 1991.
It bought Union des Assurances De Paris (UAP), France’s largest insurer, in 1996 becoming AXA-
UAP for a while before reverting to the name AXA in 1999. Then in February 1999 AXA acquired
Guardian Royal Exchange. In May 2000 AXA acquired all shares it did not own in Sun Life and
Provincial Holdings. On June 14, 2006 AXA acquired the leading Swiss insurance company
Winterthur Group from Credit Suisse for approximately 9 billion Euros. On September 12, 2018,
AXA completed the acquisition of Bermuda based XL Group ltd, a leading global Property and
Casualty commercial lines insurer and reinsurer of 15.3 billion dollars.

According to a 2011 paper by Vitali et al, AXA was the second most powerful transnational
corporation in terms of ownership and thus corporate control over global financial stability and
market competition with Barclays and State Street Corporation taking the 1 st and 3rd position,
respectively.

During May 2016, it announced it was to stop investing in tobacco shares and bonds and allow
its portfolio of tobacco-related bonds to run off.
20198657
Time line showing the development of AXA from inception to 2018
Key Facts
Founded - 1816 (203 years ago)

Founder - Claude Bébéar

Headquarters - 25 Avenue Matignon, Paris, France

Area Served - Worldwide

Products - Life insurance

Health insurance

Property insurance

Casualty insurance

Investment management

Revenue - €102.9 billion (2018)

Operating income - €1.5billion (2018)

Net income - €2.1billion (2018)

Total assets - €930.7billion (2018)

No. of employees - 125,934 as of dec 2018

Key people - Thomas Buberl (CEO)

Denis Duverne (Chairman)

The AXA name

AXA, despite being written in upper case, it is not an acronym. It was chosen because it can be
pronounces easily by people who speak any language. After acquiring the Drouot group in
1982, Chairman and CEO Claude Bébéar hired an outside consultant to conduct a computer
aided search for a new name. Claude Bébéar wanted a short and snappy name to convey
vitality and could be pronounced the same way in every language, consistent with the group’s
desire for an international presence. Initially the name “Elan” was proposed and was a top
choice, but Canadian executives balked because ‘elan’ in French means moose or elk. In 1985,
Claude Bébéar chose the name AXA.
Bharti AXA Life Insurance Company
Introduction
Bharti AXA Life Insurance Company also called Bharti AXA life or BAL in short was formed and
commenced business operations during the second wave of growth in the private Insurance
space in 2006. Bharti AXA brings together strong financial expertise of the Paris-headquartered
AXA Group and Bharti Enterprises - one of India's leading business groups with interests in
Telecom, agricultural business and financial services. Presently, the joint venture has a 51%
stake from Bharti Group and 49% stake from AXA, in line with the regulatory framework on
ownership in the Insurance sector.

Key facts

Parent Company Bharti Enterprise and AXA Asia Pacific Holdings

Category Insurance and finance

Sector Banking & Financial Services

Tagline/ Slogan Jeevan Suraksha ka Naya Nazariya; Be Life Confident

USP Bharti is an established brand in India along with AXA’s global presence

Vision, mission, values

Vision, mission and values are very important for part of building a company. Following are
vision, mission and values of bharti axa life:

Vision – To be the most preferred life insurance company for customers, employees, business
partners and shareholders.

Mission – to be a profitable top 10 insurance company.

Values – customer centricity, innovation, team culture, integrity, courage.

 Competitors
Below are the top 3 Bharti AXA Life Insurance competitors:

1. Bajaj Allianz

2. Sahara Life Insurance

3. Reliance Life Insurance

Strategy
 To achieve a top 5 market position in India through a multi-distribution, multi-product
platform.
 To adapt AXA’s best practice blueprints as a sound platform for profitable growth.
 To leverage Bharti’s local knowledge, infrastructure and customer base.
 To deliver high levels of return to shareholders.
 To build long term value with business partners by enhancing the proposition to the
customers.
 To be the employer of choice to attract and retain the best talent in India.
 To be recognized as being close and qualified by customers.

Careers
Bharti AXA is one of the leading insurance companies in India and offers you a well-defined
career track that helps you focus on your growth and complete career development.
One can join Bharti AXA as an Advisor or as an Employee, each career track gives them
opportunity to
 Earn Unlimited Income
 Gain global exposure through assignments and training programs designed by Bharti
AXA to make you a Global Professional
 Exchange Best practise ideas across geographically diverse markets, with presence in in
over 57 countries
 Work with some of the greatest thinkers across the global to redefine the business of
insurance
 Enjoy rewards and recognition with expanded roles and fast track careers.

At Bharti AXA Life Insurance, the company assures you of a work culture that is built on Trust
and Achievements. A place where the focus is on work life balance, inclusion and diversity and
shared rewards.

SWOT analysis
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Product portfolio
Life insurance policies are a great way of safeguarding the future of the loved ones of the policy
holders. Life insurance helps to curb the risk of dying too early or dying too late. Bharti AXA life
insurance has a portfolio of different policies that suits diverse needs of different people.
These are as follows:
A) Protection plan: These are the simplest form of life insurance plans. They offer a
financial cover for a specific period or term. In case of an unfortunate event within this
term, these policies pay a predetermined amount to your dependents. This helps you
secure their needs in your absence.
B) Savings Plans: Everyone has got goals, what we need is a good savings plan to help us
achieve them in a systematic planned manner. Savings can help protect your loved ones
in their times of need. Bharti AXA Life understands your needs and offer a range of
saving and protection plans to help you meet your short and long-term goals.
C) Investment Plans: Planning is an important step towards making wise investment
decisions that maximise your gains. Bharti AXA Life offer some of the best Investment
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 plans that can help you live out your aspirations. Depending on your requirement, the
company offer long-term and short-term investment plans to meet your needs.
D) Health Plans: As people grow, their HealthCare needs increase. With rates rising for
basic medical care, planning and buying a good health care plan for customers and their
family is extremely important.  This gives them the benefit of ensuring financial security
for themselves and their family in case of any medical emergency. The company has a
range of Healthcare plans suited to individual needs.
E) Group Plans: Group Insurance Plans are life insurance solutions which are especially
crafted for members belonging to a professional, financial or cultural organization. The
company has a range of Group Plans that offer their customers various benefits that suit
their needs.
F) Yoddha Plans: Bharti AXA comes out with a plan which is especially created for the one’s
who protect our country. A plan for the armed forces that covers war and war-like risks.
The company recognizes the need for protecting the protectors of this country and
hence has a wide array of plans for them.
 Protection Plans
Everyone likes to plan their lives, future and we work towards securing it. Life however, can be
unpredictable. Bharti AXA Life helps you in ensuring that your family is financially secure even in
your absence. A monthly income plan is a great way to secure and protect your family.
What is one looking for in a Protection Plan?
 Protecting your loved ones from financial crisis
 Smart Term Plans that offer coverage for a defined period of time chosen by you
 High life cover at affordable Premium rates
 Lump Sum Benefit in case of Demise of the Life Insured
 Tax benefits

Protection Plans Bharti AXA Offers are as follows:

A) Bharti AXA Life Flexi Term : A term plan that’s here to protect you and your family against an
unfortunate event. It offers you the flexibility to choose from 3 different Life Cover pay out
options so that your family's needs are always met.

B) Bharti AXA Life Premier Protect Plan : Be your family’s superhero and protect them against
any uncertainty in your absence.

C) Bharti AXA Life POS Saral Jeevan Bima Yojana : A Non-Linked Non-Participating Term
Insurance Plan which is designed to provide Life Insurance cover in case of death.

D) Bharti AXA Life Income Protection : A plan where your family receives income in the form of
annual instalments for a period of 15 or 20 years in case of an unfortunate event of death.

E) Bharti AXA Life Secure Confident : A simple long-term life insurance product at a very
affordable cost, which aims to ensure that the dreams you aspired for your family in your
lifetime, don’t remain unfulfilled even in your absence.

F) Bharti AXA Life Elite Secure : A comprehensive, affordable and long-term plan that promises a
secure life for your family, with financial protection in case of an unfortunate event.
 Savings Plans
Life can be unpredictable, but that does not stop one from making plans whether short or long
term. Bharti AXA understands that and hence it has a wide range of Savings Plans that helps its
customers to save regularly and systematically so that they and their family can plan ahead,
without hesitation.
What is one looking for in a Savings Plan?
 Assurance of Guaranteed Benefits
 Comfort of Protection and Savings combined under a Single Plan
 Flexibility in Premium Payment Terms and Benefit pay out Structures
 Option to choose the number of years you would like to pay the Premium for
 Tax Benefits

Savings Plans Bharti AXA Offers:

• Bharti AXA Life Shining Stars: A non-linked and non-participating limited pay endowment Life
Insurance plan designed to take care of the financial needs of the children of the customers.

• Bharti AXA Life Elite Advantage: A comprehensive savings plan thats gives its customers the
dual benefits of guaranteed pay outs of 8.5% to 9.5% of sum assured on maturity, paid during
maturity payout period and 100% sum assured at maturity*

• Bharti AXA Life Super Series: A plan that offers a lump sum payout at the end of the premium
payment term followed by increasing guaranteed payouts until Maturity and a lump sum
payout at Maturity.

• Bharti AXA Life Super Endowment Plan: A plan that helps to build its customers wealth, in a
planned manner and meet their financial goals and future expenses.

• Bharti AXA Life Monthly Income Plan+: A savings plan that offers its customers guaranteed
monthly income with the upside of non-guaranteed bonuses, along with protection for their
family in case of an unfortunate event.

• Bharti AXA Life Dhan Varsha: A traditional non-linked participating plan that offers its
customers Non-Guaranteed Cash Bonuses from the 7th year, Guaranteed* Survival Benefits
from the 10th year onwards, as well as a lump sum at the end of the Policy Term. All these
while protecting their family's future.

• Bharti AXA Life Samriddhi: This is a plan that offers protection to the family’s financial future
by providing an opportunity to participate in the profits of the participating fund of the
company by way of Non-Guaranteed bonuses payable to the customer at the time of maturity
or on death.

• Bharti AXA Life Monthly Advantage: A plan that gives its customers the flexibility to choose
your Policy Term and Premium Payment Term from 3 options. It makes sure that the customer
receives a steady stream of monthly income without staying invested in the plan for a very long
time.

• Bharti AXA Life Secure Income Plan: This plan provides its customers a second source of
monthly income that enables them to fulfil those long pending wishes. Even in an adverse
situation, if something unfortunate were to happen to them, they can ensure that their family
maintains their lifestyle.

• Bharti AXA Life Guaranteed Income Plan: A non-linked and non-participating limited pay Life
Insurance plan which provides increasing income every year to beat the rising expenses and Life
Insurance coverage to keep your family covered even in the worst eventuality.

• Bharti AXA Life Assure Benefit Plan: A life Insurance plan that provides life insurance coverage
in case of death and is also designed to take care of multiple needs and future expenses.

• Bharti AXA Life eAajeevan Sampatti+: An online, non-linked savings plan that offers the
customers and their family with dual benefits of guaranteed annual pay outs with cover up to
100 years of age. They can also enjoy additional (non-guaranteed) cash bonuses till Maturity.

• Bharti AXA Life Smart Jeevan: A plan that offers the family protection for 12 years at a
nominal premium, should something unfortunate ever happen to the customer. At the end of
the Policy Term, you would receive 100% of the premium you had invested.

• Bharti AXA Life POS Saral Bachat Yojana: A quick and easy to buy plan that helps the customer
to save for future needs and additionally provides financial backup to secure their family’s
future in case of an unfortunate death.

• Bharti AXA Life Child Advantage: A traditional participating savings plan with an in-built
Premium waiver benefit that offers the customer flexibility to choose between 2 Maturity
benefits – Money back and Endowment – depending on the needs and career goals of their
child.

• Bharti AXA Life Secure Savings Plan: A comprehensive savings plan that not only protects the
family, but also helps the customer meet their financial goals with guaranteed additions of up
to 10% p.a. of cumulative premiums paid year-after-year.

• Bharti AXA Life Aajeevan Sampatti+: A savings plan that offers dual benefits of guaranteed
annual pay outs with life cover up to age 100. The customer can also enjoy additional (non-
guaranteed) cash bonuses till Maturity.

• Bharti AXA Life Flexi Save: A savings plan that helps the customer save towards meeting their
goals, at the same time it gives you the flexibility of withdrawing their savings with all the
benefits accrued, anytime during the Flexi benefit period.

• Bharti AXA Life Invest Once: A savings plan that offers multiple benefits such as guaranteed
additions of up to 9% p.a., 10 times life cover and tax-saving benefits. All a customer has to do
is make a single Premium payment and choose between Policy Terms of 5 or 10 years.
• Bharti AXA Life Serv Suraksha: A non-participating policy that provides Life Insurance coverage
and financial protection for a secure future for the family by making a single premium payment.
 Investment Plans
Investment plans are life insurance plans that offer multiple avenues to save and grow money
and protect the loved ones. Bharti AXA Life offers some of the best Investment plans that can
help plan out the aspirations of its customers in a systematic and disciplined manner.
Depending on their requirement, the company offers long-term and short-term investment
plans.
What is one looking for in an Investment Plan?
 Good returns on investments over the Policy Term.
 Protection along with investment returns.
 Low charges on the money investment plans.
 Tax benefits on the Premiums paid and benefits received.

Investment Plans offered by Bharti AXA are as follows:

• Bharti AXA Life eFuture Invest: A unit-linked, online investment plan that offers both good
returns and an added life cover. To get the most of this tax-saving investment, all one has to do
is choose between a single premium or a premium payment term of 5 years while you reap the
benefits for 10.

• Bharti AXA Life Grow Wealth: A savings-oriented unit linked insurance plan that offers
multiple fund options to suit investment needs with a life insurance cover to protect the family
in case of any unfortunate event. The plan also provides one with additional benefits in the
form of loyalty additions.

• Bharti AXA Life Future Invest Plan: An Investment Plan where one can invest money for a
limited time-frame and reap good returns at the end of the policy term. To get the most of this
tax-saving investment, all one has to do is choose between a single premium or a premium
payment term of 5 years while they reap the benefits for 10.
 Health Plans
A Health insurance plan offers financial security to meet health related contingencies. Due to
changing lifestyles, health issues have not just escalated, they have increasingly become more
complex in nature. It becomes imperative therefore to have a health insurance plan in place.
What is one looking for in a Health Plan?
 Protect myself against rising medical costs
 Comprehensive Health Plan solution
 Lump sum pay-outs with both fixed benefits as well as Hospi Cash benefit
 Tax benefits

Health Plan we offer

• Bharti AXA Life Triple Health Insurance Plan: A health insurance plan where one can make up-
to three Claims for unrelated critical illnesses. After making the first Claim, all the future
premiums are waived off and paid by the company.
Group Plans
Bharti AXA offers various group plans that help employers/trusts with meeting their employee
benefit liability obligations in a simple, efficient and cost-effective manner and helping
employees to secure their family’s financial independence in case of untimely demise or critical
illness.
Types of Group Plans We Offer
Group Gratuity: Gratuity is one of the important aspects of employee benefits which helps the
organization retain the best of talent.
Group Credit Life: Provides insurance cover against loan in the event of borrower's death during
the period of coverage
Group Term Life: Provides financial security to the members within the group. It is a one-year
renewable contract.
Group Plans We Offer

• Bharti AXA Life Group Term Insurance Plan: A comprehensive group term insurance plan,
which ensures the members/customers stay peacefully without any worry about life’s
eventualities. The plan provides the flexibility of two death benefit payout options to ensure
adequate financial support.

• Bharti AXA Life Group Accidental Death Benefit Rider: A Rider that offers better protection for
the family, in case of loss of life of the Life Insured due to any sudden accident.

• Bharti AXA Life Group Loan Protect: A comprehensive group credit protection product that
safeguard customer’s family in unforeseen circumstances, by paying an amount to settle their
outstanding liability. It is an easy and inexpensive way of providing financial stability along with
existing offerings.

• Bharti AXA Life Group Suraksha: A simple, low cost, annually renewable group term product
designed for co-operatives, institutions and NGO’s operating in rural and social sectors.

• Bharti AXA Life Jan Suraksha: This Plan is mainly meant for micro-financial institutions offering
small ticket loans to the self-employed individuals, NGOs or similar institutions working for
development of the economically weaker sections of the society.

• Bharti AXA Life Loan Secure: It is a comprehensive and customisable credit protection plan
that offers joint coverage for multiple loan segments under a single product. To ensure that the
family will not have the burden of paying off the liabilities in case something unfortunate
happens to the customer.

• Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana: This is a non-linked, non-
participating, one-year renewable group term insurance product. The product has been
designed to meet the requirements of Government of India’s “Pradhan Mantri Jeevan Jyoti
Bima Yojana” (PMJJBY) scheme.

• Bharti AXA Life Smart Bima: A comprehensive and flexible group term life insurance plan that
includes a death benefit as well as the option of paying premiums in monthly installments or as
annual premiums.

• Bharti AXA Life Unit Linked Employee Benefits Plan: A Unit Linked Group Insurance Plan,
which enables one to plan for their employee benefits and ensures that their employees get
appropriate benefits in the form of gratuity and leave encashment.
Yoddha - (Financial services initiative for Armed Forces)
Bharti AXA came out with a plan which is specially created for the one who protect us. It is a
plan for the armed forces that covers war and war-like risks. The company believes in
protecting the protector as it recognizes the importance and value of their work.
About Yoddha
Yoddha is an initiative with the sole aim of providing an ethical, transparent and cost-efficient
platform which addresses life insurance and savings needs of the armed forces, paramilitary
forces and police forces.

Yoddha Sales model

Yoddha sales team consists of ex. Armed force personnel who understands the financial needs
of defense and paramilitary persons and provide suitable financial solutions and they will go
through extensive financial training to understand forces and how things work in forces.

What one looks for? (USPs)

We cover all war and warlike risks

Preferred Claim services for defense services

By the defense forces for the defense forces” Key sales team is selected from defense
 Yoddha – A unique platform for Defense Forces
 Covering war and warlike risks
 Convenience of renewal payment through ECS, Direct Debit, Branch Servicing, Net-
banking, MPOS
 Enhanced and personal after-sales service by highly trained sales and ex-servicemen
team
 Facility to service your policy through 260 Branches Pan India in almost all cantonment
areas
 Simplified issuance process to cater to needs of Defence personnel
 Distinguished and specialized delivery of policy packs

Products Bharti AXA offer for Armed Forces

Retirement and Maturity
Bharti AXA Life Super Endowment Plan
It is a plan that helps to build the wealth of the personnel, in a planned manner and also helps
to meet their financial goals and future expenses.
Child's Future
Bharti AXA Life Shining Stars
A non-linked and non-participating limited pay endowment Life Insurance plan designed to take
care of the financial needs of child of the personnel.
Risk and Maturity
Bharti AXA Life Elite Advantage
A comprehensive savings plan thats gives the dual benefits of guaranteed pay outs of 8.5% to
9.5% of sum assured on maturity, paid during maturity payout period and 100% sum assured at
maturity*
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Agency Structure

Customer Services
The company provides various services to make the life of the customers easy. Some of them
are as follows:
A) Premium payment modes: the customer can pay the amount of the premium
online or he/she can simply handover the amount to the agent. There is also an
option of auto-debit in which the company automatically debits the premium
amount from the bank account of the policy holder.
B) Claims: The company has a grief support program. At the event of maturity or
death of the policy holder the concerned party can contact the company online
or by visiting the nearest branch. They can also claim and track the status of the
claim online.
Bharti AXA Life Insurance premium grew 28% in April-December in
2017
The company's total premium stood at Rs 1,064 crore in the corresponding period of 2017-18.
Private sector Bharti AXA Life Insurance registered a 28 percent growth in its total premium to
Rs 1,359 crore during the nine months to December of the current fiscal, and will focus on tier 2
and 3 cities next year to expand business, a top official said.

The company's total premium stood at Rs 1,064 crore in the corresponding period of 2017-18

The new business premium surged by 40 percent to Rs 617 crore during April-December period
of 2018-19, while renewal premium grew by 19 percent to Rs 742 crore.

"We have outgrown the life insurance industry in the first nine months of this fiscal. We are
confident of achieving a robust growth by the end of the current financial year," Bharti AXA Life
Insurance MD and CEO Vikas Seth said.

The company expects to achieve a strong double-digit growth by this fiscal end.

The annualised new business premium grew 48 percent to Rs 422 crore in the first nine months
of 2018-19 as against Rs 286 crore in the same period last fiscal.

Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French insurance
major AXA, saw its asset under management grow to Rs 5,264 crore as on December 31, 2018
from Rs 4,215 crore on December 31, 2017.

The company's new business premium stood at Rs 78.62 crore in February 2019, down by 0.98
percent from year-ago period, as per data from Insurance Regulatory and Development
Authority of India (IRDAI).

However, the renewal premium grew by 29 percent to Rs 111 crore during last month from Rs
86 crore in the same period of 2017-18.

Its total gross written premium posted a growth of 15 percent to Rs 190 crore during the month
as compared to Rs 165 crore. Seth said the company is focusing on tier 2 and tier 3 cities for its
expansion drive in the next financial year with a focus on profitable growth. It added 10,000
insurance advisors and set up 50 new branches across the country in the current financial year
as part of its expansion plan.

"We plan to create a large pool of productive agents, strengthen our existing advisor base and
reach out to every nook and corner of the country. Apart from strengthening our distribution
bandwidth, we will also be strengthening our agency model for selling various insurance
products and servicing customers efficiently," he added.

The company said it would focus on traditional products, agent productivity, cost-efficiency and
channel and distribution diversification for pursuing its growth aspirations in times to come.
Bharti AXA General Insurance
Bharti AXA General Insurance Company ltd is a joint venture between Bharti Enterprises and
AXA business group that operates in India. Bharti enterprises shares51 percent stake in the
venture while AXA owns 49 percent stake. The company offers general insurance products to
retail and commercial clients.

Bharti AXA General Insurance started its operations in India from August 2008. Currently, it has
104 branches around the country. It is headed by Sanjeev Srinivasan, who is the CEO and the
Managing Director.

History
Bharti AXA General is joint venture between Bharti enterprises and AXA group. The company
was incorporated on July 13, 2007 and commenced its national operations in August 2008. It is
headquartered in Mumbai.

In July 2019, Airtel Payments Bank partnered with Bharti AXA General Insurance.

Key facts
Founded - 2008

Headquarters - Mumai, India

Area served - India

Key People - Sanjeev Srinivasan

(MD and CEO)

Products - Car Insurance

Two wheeler insurance

Health insurance

Critical illness insurance

Personal accident insurance

Home insurance

Travel insurance

Parents - Bharti enterprises (51%) and AXA (49%)

 Corporate Social Responsibility (CSR)

Global Volunteering Challenge

This is part of the week long CR programme. Employees enthusiastically participate in the CR
week Global challenge year on year to contribute to a greater cause and vision.
In 2014 and 2015 we stood second globally in the "Global Volunteering Challenge" which was
an effort to promote the culture of volunteerism for worthy causes amongst our employees.
We participated in the AXA Corporate Responsibility Week in June, 2014. The overwhelming
employee participation of over 85% ensured we finished as runners up amongst Global AXA
entities winning us a prize fund of INR 18 lakhs. This was contributed towards supporting
various projects helmed by Bharti Foundation.
In 2015 our employees went social and took CSR to an all new level. The “Global Selfie
Campaign” had employees clicking selfies while volunteering for the cause of preventing
climate change and creating awareness among other employees, stakeholders, etc. All this has
been possible due to the selfless efforts of our employees in various volunteering activities such
as waste recycling, waste composting, waste upcycling, acting towards reducing carbon
footprint, and many more.
Diversity and Inclusion
Bharti AXA GI is committed in promoting Diversity and Inclusion by creating a work
environment where all employees are treated with dignity and respect; and where individual
differences are valued. The D&I board is dedicated to cultivate a diverse and inclusive
environment where all employees feel fully engaged and included in our business and strategy
to become the "Preferred Company".
As part of the AXA Global D&I Day celebration held for the first time on June 10th 2013, we
celebrated the day to widen the scope of diversity beyond gender in a meaningful way.
To rejuvenate our focus and efforts on building an inclusive organization, we at Bharti AXA GI
dedicate one day of the CR Week as "Diversity & Inclusion Day" to celebrate the diversity of the
team. Diverse ethnic dress codes, stalls with food prepared by the employees, created a festive
atmosphere and a spirit of employee engagement in social harmony.
The proceeds collected from the sale of food at the stalls were utilized towards funding various
risk education projects conducted in collaboration with Local NGOs . Many Local NGOs were
invited to put up stalls at office premises to showcase and sell their products like clothes &
handicrafts to help them raise funds.

Risk Education
Keeping in mind the increased need to spread awareness around gender sensitivity and related
issues, we at Bharti AXA GI dedicate one day of the CR Week this year as "Risk Education Day".
On this day we organize camps, in association with Concern India Foundation, where
employees volunteered to conduct sensitization workshops that helped girls from
underprivileged backgrounds to safeguard themselves against perils of society which included
identifying a 'good touch' and a 'bad touch'.
Other risk awareness programmes on road safety, healthy habits and other social/civic issues
are also conducted.
Apart from the above programs which we do on Risk Education Day, on a regular basis we keep
conducting awareness programs for employees as well as for underprivileged women &
children on diverse risk topics.
Awards Accolades & Other key Projects
Bharti AXA General Insurance Company was awarded the Changemaker Company of the Year
Award (2014 – Bronze) for Corporate Responsibility.
The Changemaker Company of the year is part of the Change maker - Corporate Responsibility
Awards instituted by Bharti Foundation. the philanthropy entity of the Bharti Enterprises . The
awards are to recognize efforts of Bharti Group Companies to integrate corporate responsibility
as an integral part of their everyday business. Amongst the five awards categories, Bharti AXA
GI won the most prestigious award of the evening , The jury assessed nominees on eight
different parameters ranging from the Company's Vision and its integration with Corporate
Responsibility, Social & Community Initiatives, Innovative use of Business products & services
and more.
Bharti AXA GI has consistently won this award for the second year for its year round CSR efforts
focused on the 3 pillars- Women and Children, Health & Education and disaster relief.
At Bharti AXA GI, we ensure that women’s empowerment and gender equality stand at the
heart of our work to build a better tomorrow and thus bring in inclusive culture. In the year
2013 Bharti AXA General Insurance Company channelized most of the organization’s CSR
initiatives towards women and children focused projects. This supports as a pillar while we
embark our journey to be the preferred general Insurance company in India.

 Nanhi Kali Project

 Health Check-up for underprivileged women
 The 'Say No to 3Ps' day
 Self Defense & Health Awareness Workshops
 Satya Bharti School Program
 Charity Begins at Home
 Tree plantation and pollution check camp
 Blood donation camps