A Report on-

Visit to TATA AIG LIFE

INSURANCE COMPANY LTD,
and study the activities of
the Branch

.
 INDEX

SR NO CONTENTS PAGE NO

1 Introduction 4

2 Statement of Purpose 4

3 About the company 4

4 Organizational structure 5

5 Activities 5-6

7 Remarks and Recommendations 7-8

Introduction:

3
The project contains database regarding the various activities carried out at
TATA AIG LIFE INSURANCE COMPANY LTD, PUNE HEAD OFFICE.

Statement of purpose:

To study various operations of an Insurance office branch and enhance

practical knowledge in the field of Insurance.

Name of the Company:

TATA AIG LIFE INSURANCE COMPANY LTD

About Tata AIG Life Insurance Company Ltd

Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture
company, formed by the Tata Group and American International Group, Inc.
(AIG). Tata AIG Life combines the Tata Group’s pre-eminent leadership position
in India and AIG’s global presence as the world’s leading international
insurance and financial services organization. The Tata Group holds 74 per cent
stake in the insurance venture with AIG holding the balance 26 per cent. Tata
AIG Life provides insurance solutions to individuals and corporate. Tata AIG Life
Insurance Company was licensed to operate in India on February 12, 2001 and
started operations on April 1, 2001.

Organizational Structure of the branch:

At its Top level organization, The branch is having the location head, under
whom there are 50 Business Associate who have got more than 500 agents
working under them. Therefore the branch is having Line Type of Organization
Structure. The organizational structure of the branch can be represented as
follows:

Location 4
Head/ Branch
Manager
 Senior Senior
Business Business
Associate Associate

Agent Agent Agent Agent

Activities carried in the branch:

Following are the various activities carried in the branch:

 Recruiting and Hiring:

The recruitment of The Location head is done by the HR (Human Resource)

department. Recruitment of Senior Business associates are taken care by the
Location head and HR department. The HR department is operated centrally.
The senior business associates recruit the agents based on their performance
in the Licensing exam conducted by IRDA.

 Training:

The branch has got its in-house training facilities to train the staffs. TATA AIG
invest aggressively in employee training to produce highly trained in-house
staff to meet the complete training requirements across all business lines. The
agents are given training of 50 hours, for successful completion of the
Licensing examination. The study materials are also provided to them. After
passing the examination, they got their license to sell policies, which is valid for
3 yrs. After 3yrs TATA AIG provides a training of 25 hours to the agents, which
is necessary for the renewal of their license.

5
 In Oct, 2005, Tata AIG Life Insurance Company Ltd. (Tata AIG Life) announced
the launch of “Certified Financial Planner (CFP)” the educational programme
for its advisors.
The CFP programme is Introduced to India by the Financial Planning Standards
Board (FPSB), India. The CFP certification is awarded on successful completion
of six modules and attainment of other requirements as stipulated by FPSB,
India.
The CFP programme is aimed at granting select advisors and distribution
partners of Tata AIG Life a world-class financial planning certification that will
equip the sales teams to become full-fledged financial professionals.

Apart from this, the MDRTs of the branch are trained about LUTCF, which is an
1 yr course including fees of 1.5 lacs, and the course fee is provided by TATA
AIG LIFE.

 Sales and promotional events:

For promotion of the products and services, The branch organizes Society
meeting.
For institutional Sales, The branch gives the kiosks and brochure to various
institutions and offices.
For residential sales, The branch organizes promotional events in residential
areas regarding various themes (i.e. Regarding Taxes, Education policies).

 Claims verification process:

Claims are registered with the Operations Department of the branch. If all the
required papers are submitted and they are satisfactory, then the claim is
settled within a week.

Remarks and recommendations:

TATA AIG LIFE is the best product player in the private sector.

6
In its Pune main branch, It is having total target achieved of Rs. 9.67 Crores in
the year 2009. Still the branch needs to improve in following areas:

a) Premium Charges:

Owing to its high premium charges

(TATA AIG APEX PLAN, premium Rs. 90000) customers perception about
the company has become that it is only for the higher middle class
people. So we would like to suggest slowing down its premium rates by
reducing Administration charges and other charges.

b) Administration:

The administration of the branch can be developed by employing more

integrated people in the field of Corporate management.

c) Customer Service:

The customer service of the branch can be improved by increasing the

number of agents and attendants and also by proper administration.