Chapter 6 Findings, Suggestions and Recommendations

6.1. Findings and Conclusions

6.2 Suggestions and Recommendations Suggestions to the IRDA Suggestions to the Government Suggestions to be exercised by the People Suggestions to the Life Insurance Companies

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6.1Findings and Conclusions:

(A) Network of branches of private life insurance companies: On the basis of responses generated on the network of branches from 50 clients from each of the 12 private life insurance companies, these companies have been ranked as 1) SBI Life Insurance Co. (S), 2) ICICI Prudential Life Insurance Co. (I1), 3) Bajaj Allianz Life Insurance Co. (B1), 4) Reliance Life Insurance Co. (R), 5) Kotak Mahindra Life Insurance Co. (K), 6) HDFC Standard Life Insurance Co. (H), 7) Max New York Life Insurance Co. (M1), 8) Birla Sun Life Insurance Co. (B2), 9) Tata AIG Life Insurance Co. (T), 10) Aviva Life Insurance Co. (A), 11) MetLife India Insurance Co. (M2) and 12) ING Vysya Life Insurance Co. (I2). (B) Infrastructure at the branches of private life insurance companies: Infrastructure at the branches in terms of adequate space, adequate number of counters, proper place to sit, proper reception and guidance for clients are of utmost importance. However due to the use of advanced technology in recent years by life insurance companies, most of the customers do not find a need to visit branches and therefore were ignorant about infrastructure at their branches. On the basis of responses generated on the Infrastructure at Branches, private life insurance companies have been ranked as 1) ICICI Prudential Life Insurance Co. (I1), 2) Kotak Mahindra Life Insurance Co. (K), 3) HDFC Standard Life Insurance Co. (H), 4) Tata AIG Life Insurance Co. (T), 5) SBI Life Insurance Co. (S), 6) Birla Sun Life Insurance Co. (B2), 7) Reliance Life Insurance Co. (R), 8) Bajaj Allianz Life Insurance Co. (B1), 9) MetLife India Insurance Co. (M2), 10) Aviva Life Insurance Co. (A), 11) Max New York Life Insurance Co. (M1) and 12) ING Vysya Life Insurance Co. (I2). (C) Time taken for processing a new policy by private life insurance companies: Generally, all private companies as well as LIC take three working days to process a request for new life insurance policies. The responses generated on the basis of Time taken for the Issue of New Policy from 50 clients of each of the 12 private life insurance companies selected for analysis, these companies have been ranked as 1) ICICI Prudential Life Insurance Co. (I1), 2) Birla Sun Life Insurance Co. (B2), 3) Reliance Life Insurance Co. (R), 4) HDFC Standard Life Insurance Co. (H), 5) Kotak Mahindra Life Insurance Co. (K), 6) SBI Life Insurance Co. (S), 7) Bajaj Allianz Life Insurance Co. (B1), 8) Tata AIG Life Insurance Co. (T), 9) Max New York Life

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Insurance Co. (M1), 10) Aviva Life Insurance Co. (A), 11) MetLife India Insurance Co. (M2) and 12) ING Vysya Life Insurance Co. (I2). (D) Time taken for settlement of claim by private life insurance companies: Since most of the clients have taken policies of private life insurance companies in the last 5 years, many of them did not find a need to make any claim either on maturity or on death. This is because most of the private life insurance products have a minimum lock in period. However, some client did make death claim or had made claim for others in their family or friends. Therefore, the total number responses generated on the issue are limited and accordingly private life insurance companies have been ranked as 1) SBI Life Insurance Co. (S), 2) HDFC Standard Life Insurance Co. (H), 3) ICICI Prudential Life Insurance Co. (I1), 4) Kotak Mahindra Life Insurance Co. (K), 5) Tata AIG Life Insurance Co. (T), 6) Birla Sun Life Insurance Co. (B2), 7) Max New York Life Insurance Co. (M1), 8) Aviva Life Insurance Co. (A), 9) Bajaj Allianz Life Insurance Co. (B1), 10) ING Vysya Life Insurance Co. (I2), 11) MetLife India Insurance Co. (M2) and 12) Reliance Life Insurance Co. (R). (E) Updates on policy status and other information by private life insurance companies: All private life insurance companies have toll-free calling service where customers can get updates on various products and their policy status. However, most of the customers complained of long waiting time on such calls. Similarly, these companies also have their up-to-date web-sites which can provide instant access to policy information to its customers. Customers can also make a number of requests online through internet; such as duplicate copy of premium notice, management of Unit Linked Insurance Plans (ULIPs), changing policy details such as address, telephone numbers, etc. Thus, private life insurance companies have been using technologyenabled services for maintaining rapport with their customers and therefore, all these companies have been rated high on this parameter as 1) ICICI Prudential Life Insurance Co. (I1), 2) Kotak Mahindra Life Insurance Co. (K), 3) Birla Sun Life Insurance Co. (B2), 4) Bajaj Allianz Life Insurance Co. (B1), 5) HDFC Standard Life Insurance Co. (H), 6) Reliance Life Insurance Co. (R), 7) Max New York Life Insurance Co. (M1), 8) SBI Life Insurance Co. (S), 9) MetLife India Insurance Co. (M2), 10) Aviva Life Insurance Co. (A), 11) Tata AIG Life Insurance Co. (T) and 12) ING Vysya Life Insurance Co. (I2).

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(F) Approach of the staff of private life insurance companies: Most of the respondents found the approach of staff in terms of politeness and courtesy to be more than satisfactory. Respondents have ranked private insurance companies on this parameter as 1) ICICI Prudential Life Insurance Co. (I1), 2) HDFC Standard Life Insurance Co. (H), 3) SBI Life Insurance Co. (S), 4) Reliance Life Insurance Co. (R), 5) Max New York Life Insurance Co. (M1), 6) Birla Sun Life Insurance Co. (B2), 7) Tata AIG Life Insurance Co. (T), 8) Bajaj Allianz Life Insurance Co. (B1), 9) Kotak Mahindra Life Insurance Co. (K), 10) MetLife India Insurance Co. (M2), 11) ING Vysya Life Insurance Co. (I2) and 12) Aviva Life Insurance Co. (A). (G) Awareness among staff of private life insurance companies about products and procedures: With the changed economic environment in the economy, most of the insurance companies have realised the significance of regularly training their employees and keeping them up-to-date not only about the company but also about the latest developments in the industry and economy. As a result, most of the respondents have rated the employees of the private life insurance companies in terms of knowledge and information on the higher side. Their ranks are 1) Kotak Mahindra Life Insurance Co. (K), 2) Birla Sun Life Insurance Co. (B2), 3) ICICI Prudential Life Insurance Co. (I1), 4) HDFC Standard Life Insurance Co. (H), 5) Aviva Life Insurance Co. (A), 6) Reliance Life Insurance Co. (R), 7) Tata AIG Life Insurance Co. (T), 8) Bajaj Allianz Life Insurance Co. (B1), 9) Max New York Life Insurance Co. (M1), 10) SBI Life Insurance Co. (S), 11) ING Vysya Life Insurance Co. (I2) and 12) MetLife India Insurance Co. (M2). (H) Adequacy in terms of number of agents of private life insurance companies: In the customeroriented market, it is the company (agents of the company) that looks for customers and not otherwise. Therefore, customers have no clear idea about the number of agents of these companies. Customer responded to this question on the basis of number of agents of private life insurance companies who contacted them and frequency of their contacts and ranked these companies as 1) ICICI Prudential Life Insurance Co. (I1), 2) SBI Life Insurance Co. (S), 3) Birla Sun Life Insurance Co. (B2), 4) Kotak Mahindra Life Insurance Co. (K), 5) Reliance Life Insurance Co. (R), 6) HDFC Standard Life Insurance Co. (H), 7) Bajaj Allianz Life Insurance Co. (B1), 8) MetLife India Insurance Co. (M2), 9) Tata AIG Life Insurance Co. (T), 10) Max New York Life Insurance Co. (M1), 11) Aviva Life Insurance Co. (A) and 12) ING Vysya Life Insurance Co. (I2).

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(I) Knowledge and information among agents of private life insurance companies: All the private life insurance companies have mandatory training programmes for their agents. An agent gets registration with the IRDA only on the successful completion of these training programmes. In addition to that, companies have periodical training for updating knowledge of their agents. Respondents have ranked private life insurance companies on this parameter as 1) ICICI Prudential Life Insurance Co. (I1), 2) Reliance Life Insurance Co. (R), 3) HDFC Standard Life Insurance Co. (H), 4) SBI Life Insurance Co. (S), 5) Max New York Life Insurance Co. (M1), 6) Birla Sun Life Insurance Co. (B2), 7) MetLife India Insurance Co. (M2), 8) Aviva Life Insurance Co. (A), 9) Bajaj Allianz Life Insurance Co. (B1), 10) ING Vysya Life Insurance Co. (I2), 11) Tata AIG Life Insurance Co. (T) and 12) Kotak Mahindra Life Insurance Co. (K). (J) Services of agents of private life insurance companies: Most of the respondents have rated services of agents of private life insurance companies to be better and have ranked these companies on this parameter as 1) Bajaj Allianz Life Insurance Co. (B1), 2) Birla Sun Life Insurance Co. (B2), 3) SBI Life Insurance Co. (S), 4) ICICI Prudential Life Insurance Co. (I1), 5) Reliance Life Insurance Co. (R), 6) Aviva Life Insurance Co. (A), 7) HDFC Standard Life Insurance Co. (H), 8) Tata AIG Life Insurance Co. (T), 9) Kotak Mahindra Life Insurance Co. (K), 10) ING Vysya Life Insurance Co. (I2), 11) Max New York Life Insurance Co. (M1) and 12) MetLife India Insurance Co. (M2). (K) Web-sites of private life insurance companies: Technology is playing an important role in the service sector. Technology has reduced direct interface between the insurance companies and their clients. Most of the services such as; information about products, location of branches, calculation of premium, comparison of benefits under various policies, research reports, industry news, etc. are available on web-sites of insurance companies. Similarly premium can be paid online through net banking. Private life insurance companies have been ranked on this parameter as 1) HDFC Standard Life Insurance Co. (H), 2) Reliance Life Insurance Co. (R), 3) SBI Life Insurance Co. (S), 4) Aviva Life Insurance Co. (A), 5) Bajaj Allianz Life Insurance Co. (B1), 6) ICICI Prudential Life Insurance Co. (I1), 7) Kotak Mahindra Life Insurance Co. (K), 8) Tata AIG Life Insurance Co. (T), 9) Birla Sun Life Insurance Co. (B2), 10) ING Vysya Life Insurance Co. (I2), 11) MetLife India Insurance Co. (M2) and 12) Max New York Life Insurance Co. (M1).

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(L) Customer relations by private life insurance companies: In the competitive age, customer relations and customer delight are the buzz words of the corporate sector and are more important in the case of service-oriented industries where services rendered are perfect substitute of one another. Considering the importance of customer relations, all private life insurance companies have been reported to maintain healthy relations with their customers. Some of the ways of maintaining healthy relations with customers are to provide gifts, wish them on special occasions like birthday, attending to their complaints on priority basis, communicating in their local language, etc. However, some customers have argued that this sometimes confuses them more rather than helping them. At the same time undue calls from call centres executives demanding various information or giving information which is not required by a client, disturbs clients more than to contribute to his satisfaction. Accordingly following rankings have been assigned by them to the private life insurance companies 1) ICICI Prudential Life Insurance Co. (I1), 2) Reliance Life Insurance Co. (R), 3) Bajaj Allianz Life Insurance Co. (B1), 4) SBI Life Insurance Co. (S), 5) HDFC Standard Life Insurance Co. (H), 6) Kotak Mahindra Life Insurance Co. (K), 7) Aviva Life Insurance Co. (A), 8) Max New York Life Insurance Co. (M1), 9) Tata AIG Life Insurance Co. (T), 10) MetLife India Insurance Co. (M2), 11) Birla Sun Life Insurance Co. (B2) and 12) ING Vysya Life Insurance Co. (I2). (M)Call centre services of private life insurance companies: Most of the respondents reported that they have never used call centre services of their insurer. Some who used call centre service complained that generally there is long waiting on the call. Some opined that call centre numbers are toll-free numbers which cannot be accessed from their mobiles. Most of the respondents approach their agents whenever they have any problem or need any information. Some clients did not comment on the issue. The responses generated on the on the basis of Call Centre Services of Private Life Insurance Companies from 50 clients of each of the 12 private life insurance companies selected for analysis, these companies have been ranked as 1) HDFC Standard Life Insurance Co. (H), 2) Reliance Life Insurance Co. (R), 3) Aviva Life Insurance Co. (A), 4) SBI Life Insurance Co. (S), 5) Tata AIG Life Insurance Co. (T), 6) Kotak Mahindra Life Insurance Co. (K), 7) Bajaj Allianz Life Insurance Co. (B1), 8) ICICI Prudential Life Insurance Co. (I1), 9) Max New York Life Insurance Co. (M1), 10) Birla Sun Life Insurance Co. (B2), 11) MetLife India Insurance Co. (M2) and 12) ING Vysya Life Insurance Co. (I2).

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(N) Ability of private life insurance companies in handling customer grievance: Since most of the customers have bought policies of private life insurance companies during last five years, they never had any serious complaint about the insurer. Thus, many of them did not comment on the issue. Some who had complaints about the company have given their responses. Accordingly, private life insurance companies have been ranked as 1) Bajaj Allianz Life Insurance Co. (B1), 2) Tata AIG Life Insurance Co. (T), 3) Aviva Life Insurance Co. (A), 4) ICICI Prudential Life Insurance Co (I2), 5) MetLife India Insurance Co. (M2), 6) SBI Life Insurance Co. (S) and 7) Birla Sun Life Insurance Co. (B2). (O) Returns on investment by private life insurance companies: Returns provided by life insurance companies are fluctuating and depend on the performance of market. Almost all the respondents have invested their money in ULIPs. Those investors who had invested in ULIPs prior to 2006 and have managed their portfolio in a proper manner have gained from their investments. If we look at the responses above, almost half the respondents are happy with the returns they enjoyed. On this parameter, private life insurance companies have been rated as 1) Kotak Mahindra Life Insurance Co (K), 2) ICICI Prudential Life Insurance Co. (I1), 3) Reliance Life Insurance Co. (R), 4) Bajaj Allianz Life Insurance Co. (B1), 5) HDFC Standard Life Insurance Co. (H), 6) Birla Sun Life Insurance Co. (B2), 7) SBI Life Insurance Co. (S), 8) Max New York Life Insurance Co. (M1), 9) Tata AIG Life Insurance Co. (T), 10) MetLife India Insurance Co. (M2), 11) Aviva Life Insurance Co. (A) and 12) ING Vysya Life Insurance Co. (I2). (P) Safety and security provided by private life insurance companies: Most of the respondents have invested money in policies of private life insurance companies with a view to avail twin benefits of insurance and investment. Surprisingly, many respondents have given more weightage to investment aspect rather than safety aspects while investing their money in private life insurance companies. On the basis their responses companies have been ranked as 1) SBI Life Insurance Co. (S), 2) Reliance Life Insurance Co. (R), 3) ICICI Prudential Life Insurance Co. (I1), 4) MetLife India Insurance Co. (M2), 5) Max New York Life Insurance Co. (M1), 6) Tata AIG Life Insurance Co. (T), 7) Bajaj Allianz Life Insurance Co. (B1), 8) HDFC Standard Life Insurance Co. (H), 9) ING Vysya Life Insurance Co. (I2), 10) Aviva Life Insurance Co. (A), 11) Birla Sun Life Insurance Co. (B2) and 12) Kotak Mahindra Life Insurance Co (K).

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(Q) Variety of products offered by private life insurance companies: No doubt, that the number of products and their innovative nature has attracted the clients towards private life insurance company, still people have more faith in public sector company, LIC. Some respondents did not comment on the issue. Some opined that number of similar products offered by various companies with varied returns confuse them more rather than helping them choosing a right product. On the basis of responses of respondents, private life insurance companies have been rated as 1) Bajaj Allianz Life Insurance Co. (B1), 2) Reliance Life Insurance Co. (R), 3) HDFC Standard Life Insurance Co. (H), 4) SBI Life Insurance Co. (S), 5) ICICI Prudential Life Insurance Co. (I1), 6) Kotak Mahindra Life Insurance Co (K), 7) Max New York Life Insurance Co. (M1), 8) Tata AIG Life Insurance Co. (T), 9) Birla Sun Life Insurance Co. (B2), 10) ING Vysya Life Insurance Co. (I2), 11) Aviva Life Insurance Co. (A) and 12) MetLife India Insurance Co. (M2).

6.2. Suggestions and Recommendations:

(I) Suggestions to the IRDA:
On the consumer protection front, IRDA has taken various measures which are customer friendly. It has codified the procedure and regulations. Ii has also prescribed a free look period for the first time in India, i.e., the insured gets 15 days period from the date of receipts of policy documents to return the policy if he or she disagrees with terms and conditions of the policy. A customer has also been entitled to copies of the proposal form filled by him/her, a copy of the policy document and also the intimation regarding the grievance procedure adopted by the insurer. Rural insurance has been prescribed as one of the corner stones to act as the success of the insurance business in India. A statutory obligation has been made for all insurers to produce a prescribed part of their total business from rural areas. The IRDA has also prescribed the definition of rural areas and how the obligations on such insurance should be compiled with by the insurance companies.

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Some suggestions that can be incorporated by the IRDA are: 1. IRDA brings out its data in its journals as well as in its annual reports. But the yearly annual reports come out rather late. There is a need to bring the annual reports earlier. This can be achieved by fixing a deadline for insurance companies to file their details with the IRDA and any delay, thereafter should be penalised with marginal fee. Again, the format of financial statements and units used in these statements should be rationalised so as to facilitate quick comparison and publication of reports. 2. The Financial Statements, Actuarial Disclosures, Receipts and Payments etc. of the private life insurance companies are available on their websites but there is a need to have complete annual reports. Annual reports of private companies like HDFC-Standard Life Insurance Company and Bajaj-Allianz Life Insurance Company are available on their websites. Though the data from life insurance companies is also available in the IRDA journals and its annual reports, but for a greater transparency, prospective insured should know the policies and functioning of the companies. 3. IRDA should always enforce laws strictly so that a policyholder should not feel that violations of law are tolerated. IRDA must effectively use itself with a team of investigators with financial and accounting knowledge to stop financial manipulation if any, and if such things happen it should quickly be able to seek judicial sanctions. But all these require a political will to carry through investigations, no matter who the company is. 4. IRDA should also try to generate more consumer confidence in private life insurance companies. The market share of private life insurance companies is rising but at a slow pace, so IRDA has to emphasize that people should have complete faith in private life insurance companies as they have been issued licenses only after diligent scrutiny. The IRDAs requirement of having a minimum paid up equity capital of Rs. 100 crores for a life insurance company itself signifies that only serious players with a will to remain in the market for a long period have entered the life insurance market in India. So, the existing guidelines of IRDA will prevent any financial loss to the policy holders even if a life insurance company sustains losses year after year. 5. IRDA should also encourage more of bancassurance by allowing a bank to deal with at least two to three life insurers. IRDA allows banks presently to operate as a corporate agent to one life and one non-life insurance company. If a bank is allowed to partner with at least two to three life

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insurers, its capacity for dispensing risk management services1 to an increasingly wider circle of people would increase. This facility will allow the customers more choice as he/she can choose the policy of the life insurer which suits him/her better. 6. IRDA should emphasize to the life insurance companies that they should focus gradually on reducing cost, improving efficiency and effectiveness and building sustainability in the existing scenario. Life Insurance companies have to focus on existing customers through improved customer service, ease of premium payments and earliest complaint redress mechanisms, which will help companies to boost collections of existing business premiums and reducing lapsations. 7. One of the innovative ways of selling insurance products in India adopted by life insurance companies is through telemarketing. Promoting insurance products through phone and web-based selling is expected to pick up in India, as with time, life insurance industry will be spending more resources on such technology. This will help in reducing costs and have a much wider reach. IRDAs attempt to frame proper guidelines in this regard, so that consumers are not taken for granted is a welcome move. IRDA has made it mandatory to record the conversation between the customers and the agents/ employees of life insurance companies. 8. Reforms related to ULIPs by IRDA are welcome and are in interest of the policy holders and will go a long way in bringing in more transparency in the issuance of ULIP plans. Here to some extent the credit has to go to SEBI also, because had it not been for SEBI, probably such reforms could have taken some more time to come. 9. Though IRDA has come out with various positive changes in the ULIPs, it should stop the insurance agents from mis-selling such products. For this IRDA has to emphasize for better investor education. If people want to buy insurance, the best possible way to take risk cover is to go for pure insurance products. People have to be told about the difference between pure insurance products and other insurance-cum-investment products like ULIPs. 10. IRDA should emphasize to all the life insurers to open their offices in North Eastern States of India as many life insurance companies have given these states a miss. This can bring more participation from people of such states.

The process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-

making. Essentially, risk management occurs any time an investor or fund manager analyzes and attempts to quantify the potential for losses in an investment and then takes the appropriate action (or inaction) given their investment objectives and risk tolerance.

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11. IRDA should set up a Policy Protection Fund to safeguard the interest of policy holders against various issues related to any liquidation of a life insurance company or sudden financial loss or any unforeseen contingencies happening in the company. Such a move will generate more confidence in the policy holders especially who have bought policies especially from private life insurance companies.

(II) Suggestions to the Government:

1. The present foreign investment limit in private life insurance companies in India should be enhanced to 49%, because most of the private life insurance companies are incurring heavy losses. There should be some limit to the extent to which Indian partners will keep on infusing capital in their companies. In the interest of policy holders, the FDI limit in the life insurance sector should be enhanced to 49%. The government has allowed FDI up to 49% and more in many sectors subject to certain conditions, like the private banking sector, in the telecom services, so insurance sector should not be an exception. This will encourage more companies to enter the insurance sector with foreign partners which will bring in more competition and more innovative products which will ultimately benefit the customers. 2. If more life insurance companies enter the market, not only competition will increase, but companies will also compete with each other through innovative products and better customer services. This will make the life insurance sector a customer centric industry. 3. The Government should create an environment whereby people should not have any inhibitions in buying polices from private life insurance companies. 4. Life insurance in India is still voluntary in nature. There is a need to create awareness about the importance of life insurance in the minds of the people. By introducing the concepts and importance of life insurance in school/college curriculum, awareness can be created among the youngsters at an early age.

(III) Suggestions for Caution to be exercised by People:

1. People should look at life insurance policies as risk cover. The popularity of ULIPs during the boom period in stock market shows that people look at life insurance as an investment also. But when the stock market plummets, people may loose their money.

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2. People should buy adequate life insurance cover first through traditional life insurance products and then if they have surplus money then they should opt for ULIPs. ULIPs are best suited only for a person who has decided to stay invested in the scheme till the maturity of the policy. The returns on ULIPs are linked to market conditions and therefore people should not get swayed away by promise of very high returns. 3. People should understand that there are several schemes or investment products that fall under the Section 80 C of the Income Tax Act. Some such schemes where tax benefits under Section 80 C of Income Tax are available and which can provide a decent return to the investor are: Table No. 6.1 Tax Saver Schemes under Section 80 C of Income Tax Act2 Sr. No. Name of Savings Scheme Maximum Investment 1. 2. 3. 4. 5. 6. 7. 8. Life Insurance Premium Public Provident Fund (15 years) Family Pension Scheme Unit Linked Insurance Plan National Savings Certificate VIII National Housing Bank Equity-Linked Tax Savings Schemes Instruments of Infrastructure No Limit Rs. 70,000 p.a. Within Prescribed Limits No Limit No Limit No Limit No Limit No Limit Limit of

Source: ET Investors Guide, Mumbai Edition Dated 22-02-2010.

Under Section 80 C of Income Tax Act, the money invested in various approved schemes is up to a limit of Rs. 1

lakh is deductible from ones salary (as per assessment year 2008-09).

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(IV) Suggestions to the Life Insurance Companies:

1. The Life Insurance Companies need to focus on consumer-friendly products. The companies should develop products which are really helpful to the consumers due to which they will be motivated to remain invested with the insurance policy till its maturity. This can be done by understanding the needs of the consumer. 2. The Life Insurance Companies also need to pay attention to the rural markets. This is an area which remains untapped due to less awareness about the life insurance products and vulnerability of incomes. There is a need to appoint specialized agents who can feel the pulse of rural areas. 3. The Life Insurance Companies can use the medium of print and electronic media to create awareness about the life insurance products, and where stress should be given to look at life insurance products as a risk coverage, rather than only as an investment or tax saving avenues. 4. Policy holders should always remain the focus of attention for a life insurance company. If grievances are solved at the earliest, the policy holder will feel confident about the insurance company and may also buy more policies from the same company. 5. People in India have more faith in a public sector company like LIC, as they feel their hard earned money is safe in a government owned company, so here private life insurance companies should market themselves in such a manner that they are able to command the same confidence. This can be done by positioning themselves as a company for whom customer relations, values, ethics are of prime importance and as well updating the policy holders about the financial strength of the company in a transparent manner.

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