International School Of Informatics And Management

M:207CONTEMPRORY MANAGEMENT ISSUE INDIAN INSURANCE SECTOR RECENT TRENDS

SUBMITTED BY : ASHISH SHARMA MBA/08/1505

SUPERVISOR : DR. KANVALDEEP DIXIT (Asst. vice principal)

ISIM,JAIPUR

International School Of Informatics And Management

JAIPUR
A REPORT ON

INDIAN INSURANCE SECTOR RECENT TRENDS

Seminar Presentation In lieu of paper M207

RAJASTHAN TECHNICAL UNIVERSITY

FOR THE DEGREE OF MBA SEM.

SESSION: 2008-10

ACKNOWLEDGEMENTS

It is proud privilege for me to express my deep sense of gratitude and indebtedness to my respected advisor DR. KAVALDEEP DIXIT, (Asst. vice principal), international school of informatics and management, jaipur, without whose keen interest, constant advice and encouragement, the work could have not been possible. My sincere thanks are due to faculty members and non teaching staff of international school informatics and management, jaipur. I also thank to librarian and computer lab staff for timely help and cooperation in the completion of this study. Lastly warm appreciation to all those who directly and indirectly had been a repeated source of inspiration ever since and directed me with enthusiasm, moral support and sheer innovation genius to undertake and complete this study.

(ASHISH SHARMA )

TABLE OF CONTENTS S.NO. 1. TOPIC Introduction a. Defination and characterstics of insurance b. Reinsurance
2.

PAGE 14

Objectives and needs a. Objective of insurance b. Need of insurance c. Insurance as social security tool

58

3.

Overview of insurance industry in india a. nationalisation b. liberalisation Life Insurance and General Insurance a. Life Insurance b. General Insurance c. Life Insurers d. General Insurers Insurance Business a. Types of insurance b. Major Players in insurance industry in india Marketing of Insurance In India a.Marketing mix policies

910

4.

1120

5.

2129

6.

3033

b.Lower premium c. Cashless settlement

S.NO. 7.

TOPIC Insurance Regulatory and Development Authority(IRDA) a. Mission of IRDA b. Duties,Power and Functions Development of insurance sector a.Background b.Nationalised Sector:-A Performance Review c. Privatisation d. Future possibilities Recent Trends a.Third Party Administration(TPA) b.Rural and Social Sector Insurance c.Marketing insurance in an emerging domain d.Entry of private players e.Emergence of new companies
10. 11.

PAGE 33a38

8.

38a45

9.

4662

Conclusion Bibliography

6364 65

INTRODUCTION
Insurance is means spreading risks. It involves pooling of risks. A group of people who are subject to an insurable risk contribute regularly and the fund so created is utilized to compensate those unfortunate few members of the group who actually suffer a loss due to some unexpected calamity . In this way all members on an equitable basis share the loss of few, Insurance is a social device for pooling and dividing risk among a large number of people For instance, let us assume that in a city of 1000 houses people created a fund of 50 lakh for insurance and ten houses suffer a total loss of Rs. 4 lakh for insurance by fire during the period of insurance. Then the owners of these houses will be indemnified out of the fund. Rest of the money will be utilized to meet the expenses and profit of this insurance company. Thus insurance can be defined as:-

INSURANCE DEFINED
A Contract in writing under which one party ( called insurer ) agrees in return for a consideration (called premium) to indemnify the other party (called insured) against the loss or contingency , or to pay a specified sum on the happing of a specified event.

1 According to Justice Tindall: insurance is a contract in which sum of money is paid to the assured in consideration of insurers incurring risk of paying a large sum upon a given contingency. E.W. Fitterson Insurance is a contract by which one party for a compensation called in the premium assumes particular risks of the premium assumes particular risks of the other party and promises to pay to him or his nominee a certain sum of money on a specified contingency. W. A. Dinsale: -Insurance is a device for the transfer of the risks of individuals to an insurer, who agrees for a consideration (called premium) to assume to a specified extent, losses suffered by the insured. Encyclopedia Britannica:- Insurance may be described as social device whereby a large group of individuals through a system of equitable contribution, may reduce certain measurable risk of economic loss common to all members of the group. The above definitions clearly shows that insurance is a cooperative device to spread the loss caused by a particulars risk over a member of persons who are exposed to it and who agree to insure themselves against risk. Insurance does not eliminate risk but only reduces the financial burden, which may be very heavy.

Characteristics of insurance :
Sharing of risks Cooperative device Evaluation of risk Payment on happening of a special event

Reinsurance
Reinsurance is a process by which private insurers transfer some part of their risk to reinsurers. That is, the reinsurer reimburses the private insurer any sum paid to the policyholders against the claims lodged. The need for reinsurance assumes importance given the increasing uncertainty faced by individuals and businesses. Consider for instance, the earthquake in Gujarat that has left millions homeless and damaged property worth crores of rupees. Will the private insurers be in a position to honour claims of such magnitude?The answer is No. The reason? The policy premiums are priced by the insurers based on the probability of claims. But if the man-created stock market is itself so difficult to predict, how can the insurance company predict with any reasonable degree of certainty the quantum of claims that could arise due to natural causes? This means private insurers need to maintain adequate contingency funds to honour such claims. Private insurers cannot resort to high levels of debt and equity to finance their business for the earnings uncertainty will dampen the returns. Will the private insurer be able to transfer their risk to reinsurers? That is indeed, a moot point, for

two reasons. First the basket of insurance products is likely to expand once private insurers enter the market. 3 The rationale is this: at present General Insurance Corporation (GIC) offers products of a general nature, such as theft and accident insurance. The corporation may enjoy a price advantage over the private insurers, as it is not compelled to work on a profit motive, thanks to being a government arm. And second, it is unlikely that there insurance market will match the pace of the insurance market. The reason? If a natural disaster occurs, the losses suffered on account of the claims can cripple the reinsurers. This factor could inhibit the growth of reinsurers in the country.

Overview of Insurance Industry in India

History of insurance
Indias first general insurance company, Triton, was established in 1850 and was owned and operated by the British. In 1938, the

Insurance Act was passed. This was the first legislation specifically dealing with the supervision of insurance companies. Prior to this, general insurance firms had fallen under the broad auspices of the Companies Act (1866).

Nationalisation
Following independence in 1947, the Indian government implemented an economic model based on the Soviet system of national planning. Insurance was not seen as strategically important and so was not initially nationalised. In 1950, the Insurance Act of 1938 was amended to set up a Tariff Committee, which fell under the control of the General Insurance Council of the Insurance Association of India the Tariff Committee was so influential that it soon became known as the Rate Maker. The Tariff Advisory Committee (TAC) replaced the Tariff Committee by statute in 1968. The new body was designed to be independent and scientifically driven in its rating approach. However, post nationalisation in 1972, the independence of the TAC came into question observers described the TAC as the handmaiden of the nationalised companies (senior management of these companies took the most senior positions on the TAC) as rates did not necessarily reflect market price. By 1972, general insurance in India was fully nationalised. 9 Each of the 107 general insurance companies in India was assigned to one of the four subsidiaries of the General Insurance Corporation of India (GIC): National; Oriental; United India; and New India.

Liberalisation
In 1991, economic liberalisation began under Manmaohan Singh. Three years later, the Malhotra Committee Report on the state of the Indian insurance industry was released. It recommended sweeping

changes that would reactivate competition in Indian insurance. These recommendations were put into practice via the Insurance Regulatory and Development Authority Act (IRDA 1999). In particular, the monopoly previously enjoyed by the GIC was removed. The act effectively reinstated the 1938 legislation. The following year, the first licenses were granted to private companies. Detariffication began in 2005 with marine insurance, with rates for property and motor being detariffed in January 2007. Rates for property and motor were scheduled to be detariffed at the beginning of the year. However, insurers are not allowed to change the terms and conditions for existing products until 2008 in an effort to avoid confusion during the initial stages. The GIC reduced its compulsory session from 20% to 15% in April 2007.

10

THE HISTORY INDUSTRY Life Insurance

OF

INDIAN

INSURANCE

In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was

drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of society. Unethical practices adopted by some of the players against the interests of the consumers then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that nationalization has lent the industry fairness, solidity, growth and reach.

11 Some of the important milestones in the life insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: The market contained 154 Indian and 16 foreign life insurance companies.

General Insurance
The General Insurance industry in India dates back to the Industrial Revolution and the subsequent increase in trade across the oceans in the 17th century. As for Life Insurance, the British brought General Insurance to India, and a similar path was followed in the development of this industry. A number of private companies were in existence for years and years until, in 1971, the Indian Government decided that the public interest would be served by nationalizing the industry, merging all the 107 companies into four companies, depending on the sort of business transacted (Marine, Fire, Miscellaneous). These were the National Insurance Company Ltd., the Oriental Insurance Company Ltd., the New India Assurance Company Ltd., and the United India Insurance Company Ltd. located in Calcutta, New Delhi, Bombay and Madras respectively. The General Insurance Corporation (GIC) was set up in 1972 as a holding company, having these four companies as its subsidiaries.
12

Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

INDIAN INSURANCE INDUSTRY: Insurers Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:

13

Life Insurers:
Life Insurance Corporation of India (LIC)

General Insurers:
General Insurance Corporation of India (GIC) (with effect from Dec'2000, a National Reinsurer)

GIC had four subsidary companies, namely ( with effect from Dec'2000, these subsidaries have been de-linked from the parent company and made as independent insurance companies. The Oriental Insurance Company Limited The New India Assurance Company Limited, National Insurance Company Limited United India Insurance Company Limited.

Yr: 2000-2001( From 2nd April '2000 to 31st December'2001)

Insurance Industry in the year 2000-2001 had 16 new entrants, namely: Life Insurers:
S.No. Registration Date Number Reg. 1 2 101 104 of Name of the Company Life Insurance

23.10.2000 HDFC Standard Company Ltd.

15.11.2000 Max New York Life Insurance Co. Ltd. 24.11.2000 ICICI Prudential Company Ltd. Life Insurance

3 4

105 107

10.01.2001 Kotak Mahindra Old Mutual Life Insurance Limited 31.01.2001 Birla Sun Life Insurance Company Ltd. 12.02.2001 Tata AIG Life Insurance Company Ltd.

5 6

109 110

7 8 9 10 11 12

111 114 116 117 133 135

30.03.2001 SBI Life Insurance Company Limited . 02.08.2001 ING Vysya Life Insurance Company Private Limited 03.08.2001 Bajaj Allianz Life Company Limited Insurance

06.08.2001 Metlife India Insurance Company Ltd. 04.09.2007 Future Generali India Life Insurance Company Limited 19.12.2007 IDBI Fortis Life Insurance Company Ltd.

15

General Insurers :
S.No. 1 2 Registration Number 102 103 Date of Name of the Company Registration 23.10.2000 23.10.2000 Royal Sundaram Alliance Insurance Company Limited Reliance Company General Insurance Limited.

106

04.12.2000

IFFCO Tokio General Insurance Co. Ltd

4 5 6 7 8 9

108 113 115 131 132 134

22.01.2001 02.05.2001 03.08.2001 03-08-2007 04-09-2007 16-11-2007

TATA AIG General Insurance Company Ltd. Bajaj Allianz General Insurance Company Limited ICICI Lombard General Insurance Company Limited. Apollo DKV Insurance Company Limited Future Generali India Insurance Company Limited Universal Sompo General Insurance Company Ltd.

16

Yr: 2001-2002 : ( From 1st Jan 2001 to Dec. 2002) Insurance Industry in this year, so far has 5new entrants; namely Life Insurers:
S.No. Registration Date Number Reg. 1 2 121 122 of Name of the Company

03.01.2002 AMP Sanmar Life Insurance Company Limited. 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.

General Insurers :

S.No. Registration Number 1 2. 3. 123 124 125

Date of Name of the Company Registration 15.07.2002 27.08.2002 27.08.2002 Cholamandalam General Insurance Company Ltd. Export Credit Guarantee Corporation Ltd. HDFC-Chubb General Insurance Co. Ltd.

Yr:2003-2004 : ( From 1st Jan 2003 to Dec. 2004) Insurance Industry in this year has 1new entrants;
17

Life Insurers:
S.No. Registration Number 1 127 Date of Reg. Name of the Company 06.02.2004 Sahara India Insurance Company Ltd.

Yr:2004-2005: Insurance Industry in this year, so far has 1new entrants;namely Life Insurers:
S.No. Registration Number Date Reg. of Name of the Company

128

17.11.2005

Shriram Life Insurance Company Ltd.

Yr: 2006-2007 : Insurance Industry in this year, had 1new entrants; namely
S.No. 1 Registration Number 130 Date of Reg. 14.07.2006 Name of the Company Bharti AXA Life Insurance Company Ltd.

18

Yr: 2007-2008 : Insurance Industry in this year, had 2 new entrants; namely

S.No. Registration Number 1 2 133 135

Date of Name of the Company Reg. 04.09.2 Future Generali India Life Insurance Company 007 19.12.2 IDBI Fortis Life Insurance Company Ltd. 007

Yr:2008-2009 : Insurance Industry in this year, so far has 2 new

entrants in Life and 1 new entry in General ; namely Life Insurers:

S.No. Registration Date Number Reg. 1 136 of Name of the Company

08.05.2008 Canara HSBC Oriental Bank of Commerce Life Insurance Company 27.06.2008 Aegon Religare Life Insurance Company Ltd. 27.06.2008 DLF Pramerica Life Insurance Company Ltd.
Star Union Dai-ichi Life Insurance Co. Ltd.,

2 3 4

138 140 142

General Insurers:
S.No. 1 2 Registration Number 139 141 Date of Reg. Name of the Company 27.06.2008 15.12.2008 Bharti Axa General Insurance Company Ltd.
Raheja QBE General Insurance Co. Ltd

20

INSURANCE BUSINESS
Insurance business is divided into four classes: 1) Life Insurance 2) Fire Insurance 3) Marine Insurance and 4) Miscellaneous Insurance. Life Insurers transact life insurance business; General Insurers transact the rest. No composites are permitted as per law. LEGISLATION (as on 1.4.2000): Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is: Insurance Act 1938, and Insurance Regulatory & Development Authority Act,1999.

NON LIFE INSURANCE PRODUCTS Fire insurance Marine insurance Motor insurance Personal accident insurance Health insurance Liability insurance Engineering insurance Miscellaneous insurance

21

Some insurance products not available in India

Associated Market Quest after a study of some of the international markets, points out the following areas for new product development: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Industry all risk policies Large projects risk cover Risk beyond a floor level Extended public and product liability cover Broking and captivities Alternative risk financing Disability insurance Antique insurance Mega show insurance Celebrity visits to the country

Life Insurance:

Popular Products: Endowment Assurance (Participating), and Money Back (Participating). More than 80% of the life insurance business is from these products. Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory. Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products) 2001 New products have been launched by life insurers. These include linked-products. For details, please visit the websites of life insurers. 22

Major Players in The Insurance Industry In India

Life Insurance Corporation of India (LIC) Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise peoples savings for nation-building activities. LIC with its central office in Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active agents spread over the country. The Corporation also transacts business abroad and has offices in Fiji, Mauritius and United Kingdom. LIC is associated with joint ventures abroad in the field of insurance, namely, KenIndia Assurance Company Limited, Nairobi; United Oriental Assurance Company Limited, Kuala Lumpur; and Life Insurance

Corporation (International), E.C. Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U.K. In 1995-96, LIC had a total income from premium and investments of $ 5 Billion while GIC recorded a net premium of $ 1.3 Billion. During the last 15 years, LIC's income grew at a healthy average of 10 per cent as against the industry's 6.7 per cent growth in the rest of Asia (3.4 per cent in Europe, 1.4 per cent in the US). LIC has even provided insurance cover to five million people living below the poverty line, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent. Compounded annual growth rate for Life insurance business has been 19.22 per cent per annum

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalization, were grouped into four operating companies, namely, (i) National Insurance Company Limited; (ii) New India Assurance Company Limited; (iii) Oriental Insurance Company Limited; and (iv) United India Insurance Company Limited. (However, with effect from Dec'2000, these subsidiaries have been delinked from the parent company and made as independent insurance companies).

All the above four subsidiaries of GIC operate all over the country competing with one another and underwriting various classes of general insurance business except for aviation insurance of national airlines and crop insurance which is handled by the GIC. Besides the domestic market, the industry is presently operating in 17 countries directly through branches or agencies and in 14 countries through subsidiary and associate companies.

24 IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO INSURANCE BUSINESS: -

LIFE INSURANCE COMPANIES

The introduction of private players in the industry has added to the colors in the dull industry. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. The new players have improved the service quality of the insurance. As a result LIC down the years have seen the declining phase in its career. The market share was distributed among the private players. Though LIC still holds the 75% of the insurance sector but the upcoming natures of these private players are enough to give more competition to LIC in the near future. LIC market share has decreased from 95% (200203) to 82 %( 2004-05).

1. HDFC Standard Life Insurance Company Ltd. HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.), Indias leading housing finance institution and The Standard Life Assurance Company, a leading provider of financial services from the United Kingdom. Their cumulative premium income, including the first year premiums and renewal premiums is Rs. 672.3 for the financial year, Apr-Nov 2005. 25 They have managed to cover over 11,00,000 individuals out of which over 3,40,000 lives have been covered through our group business tie-ups. 2. Max New York Life Insurance Co. Ltd. Max New York Life Insurance Company Limited is a joint venture that brings together two large forces - Max India Limited, a multibusiness corporate, together with New York Life International, a global expert in life insurance. With their various Products and Riders, there are more than 400 product combinations to choose from. They have a national presence with a network of 57 offices in 37 cities across India. 3. ICICI Prudential Life Insurance Company Ltd. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development

Authority (IRDA). The company has a network of about 56,000 advisors; as well as 7 bancassurance and 150 corporate agent tieups. 4. Om Kotak Mahindra Life Insurance Co. Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd. (KMBL), and Old Mutual plc.

26 5.Birla Sun Life Insurance Company Ltd. Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life financial Services of Canada. Some other life insurance companies are:Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited ING Vysya Life Insurance Company Private Limited Allianz Bajaj Life Insurance Company Ltd. Metlife India Insurance Company Pvt. Ltd. AMP SANMAR Assurance Company Ltd. Dabur CGU Life Insurance Company Pvt. Ltd.

GENERAL INSURANCE COMPANIES:1. Royal Sundaram Alliance Insurance Company Limited

The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance Limited started its operations from March 2001. The company is Head Quartered at Chennai, and has two Regional Offices, one at Mumbai and another one at New Delhi. 2. Bajaj Allianz General Insurance Company Limited Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. 27 Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany. 3. ICICI Lombard General Insurance Company Limited ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management. Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received

regulatory approvals to commence general insurance business in August 2001. 4. Cholamandalam General Insurance Company Ltd. Cholamandalam MS General Insurance Company Limited (CholaMS) is a joint venture of the Murugappa Group & Mitsui Sumitomo.

28 Chola-MS commenced operations in October 2002 and has issued more than 1.4 lakh policies in its first calendar year of operations. The company has a pan-Indian presence with offices in Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune, Indore, Ahmedabad, Delhi, Chandigarh, Kolkata and Vizag. 5. TATA AIG General Insurance Company Ltd. Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the Tata Group and American International Group, Inc. (AIG). Tata AIG combines the strength and integrity of the Tata Group with AIG's international expertise and financial strength. The Tata Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per cent stake. Tata AIG General Insurance Company, which started its operations in India on January 22, 2001, offers the complete range of insurance for automobile, home, personal accident, travel, energy, marine, property and casualty, as well as several specialized financial lines. 6. Reliance General Insurance Company Limited. 7. IFFCO Tokio General Insurance Co. Ltd

8. Export Credit Guarantee Corporation Ltd. 9. HDFC-Chubb General Insurance Co. Ltd.

29

Marketing of Insurance In India

Insurance is in a manner of speaking the last frontier in the financial sector to open. It is also a sector, which leads to benefits across the full spectrum, from the individual who now have wider choices, to the economy, which see increased savings, to the infrastructure sector, which can look forward to long term funding being available. In an under-insured economy, newer channels of distribution have to be utilized to intensify the reach of insurance both in urban and rural markets. This will create huge employment opportunities not only within insurance companies but also as agents and consultants of insurance companies.

Marketing Mix Policies

Different companies can choose to position themselves differently and hence the Marketing Mix is different. However, there are certain common characteristics that one can cull out from the possible strategies that companies adopt.

Product:
The development of flexible products to suit individual requirements is what will differentiate the winners from the also-rans. The key to

success is in providing insurance solutions, not standardized insurance products. The concept of riders/optional benefits has already been a huge innovation brought about by the new players, which has led to customization of products for individual needs. However, companies may differentiate themselves on the basis of product segments that they choose to focus on and excel in. 30

Place:
Different companies may however choose different channels and different geographies to focus on. The channel options are - tied agency force, corporate agents and brokers and this is an area where different companies will make different choices. Many companies like HDFC Standard are focusing on all channels whereas companies like Max New York Life are focusing on the tied agency force only. Customer interface will be a key challenge for insurance companies and includes every that interaction that the customer has with the company, such as sales, new business underwriting, policy servicing, premium payments, claim processing and so on. Technology can play a crucial role in delivering the highest standards of service set by the company and it will be imperative for any serious player to excel in all of these.

Price:
Price is a relevant differentiator only in two segments - pure term insurance and in pure annuities. Here too, service delivery and financial strength will need to be present at a minimum acceptable level for price to be a relevant differentiator. In case of savings

oriented products, long-term returns generated are more relevant than just the price of the product. A focus on generating good investment performance and keeping a tight control on costs help in generating good long-term maturity value for customers. Norms have been laid down on all of these by IRDA and adhering to these while delivering good returns will be a challenge. 31

Promotion and Advertising:

The level of demand is latent and will have to be activated considerably. The market needs to be developed. Greater awareness of insurance and the need to have it as a protection tool rather than as a tax planning measure needs to be appreciated by the Indian people. Various communication tools including advertising, direct marketing and road shows contribute to all this and different companies take different approaches on these. Process:

Cashless settlement:
One of the most defining and customer-friendly changes that weve seen in recent years relates to the way claims settlements are made. The advent of the third-party administrator (TPA) regime has facilitated the transition to the hugely convenient era of cashless settlement of health and auto insurance claims. TPAs are entities who process claims on behalf of insurers: the IRDA licenses them after it is satisfied that they have the financial strength, the trained manpower, the infrastructure and the skills to undertake this activity. Likewise, with auto insurance, the TPA ties up with garages and authorized service centers for cashless settlement of auto insurance claims.

Lower premiums:
The spirit of competition and the broadening of the risk experience of insurance companies have contributed to a fall in premiums over the years. Thats because, other things being equal, an insurer who covers the lives just of 10 people bears a higher risk than an insurer who covers the lives of, say, 100 people. Further, a broader base will provide greater efficiencies on costs such as distribution, management and claims. A broad basing of the mortality experience, therefore, gives insurers the elbowroom to compete by lowering premiums, and that trend is expected to continue.

Premium payment flexibility : Insurers have imparted certain

flexibility to premium payment options in order to address this concern. For instance, one now have the option to pay your premiums upfront, which is then carried forward for the tenure of the policy. The yearly premiums are drawn from the initial corpus. Insurers have also introduced the concept of automatic cover maintenance to protect your policy from lapsing owing to your omission to pay your premium on time. Under this, in the event of your not paying the premium, the insurer dips into your investment account to the extent of the premium. Of course, this comes with an in-built drawback: your investment portion diminishes year on year to the extent of the amount paid to cover your risk.

People:
The most important factor that materializes sales and maintains customer relationships on a long-term basis is this factor. No matter what distribution strategy a company adopts, customer relationship has to be taken care of in order to maintain the customer base on a long-term basis.

33

INSURANCE REGULATORY & DEVELOPMENT AUTHORTY (IRDA)

Composition of Authority under IRDA Act, 1999 Insurance Regulatory and Development Authority (IRDA) is constituted by the Goverment of India, which governs all the companies that are operating in the insurance sector in India. As per the section 4 of IRDA Act' 1999, Insurance Regulatory and Development Authority (IRDA, which was constituted by an act of parliament) specify the composition of Authority The Authority is a ten member team consisting of

(a) a Chairman; (b) five whole-time members; (c) four part-time members, (all appointed by the Government of India)

MISSION OF IRDA To protect the interests of the policyholders , to regulate , promote and ensure orderly growth of the

insurance industry and for matters connected therewith or incidental thereto.

33a

Duties,Powers and Functions of IRDA

Section 14 of IRDA Act, 1999 laysdown the duties,powers and functions of IRDA. (1) Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and reinsurance business. (2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, (a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; (b) protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; (c) specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents;

(d) specifying the code of conduct for surveyors and loss assessors; (e) promoting efficiency in the conduct of insurance business; 34 (f) promoting and regulating professional organisations connected with the insurance and re-insurance business; (g) levying fees and other charges for carrying out the purposes of this Act; (h) calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; (i) control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938); (j) specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; (k) regulating investment of funds by insurance companies; (l) regulating maintenance of margin of solvency; (m) adjudication of disputes between insurers and intermediaries or insurance intermediaries;

(n) supervising the functioning of the Tariff Advisory Committee; (o) specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f); 35 (p) specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and (q) exercising such other powers as may be prescribed

IRDAs Obligation under the Right to Information Act The Insurance Regulatory and Development Authority (IRDA) is a public authority as defined in the Right to Information Act, 2005. As such, the Insurance Regulatory and Development Authority is obliged to provide information to members of public in accordance with the provisions of the said Act. Access to the Information held by IRDA The right to information includes access to the information which is held by or under the control of any public authority and includes the right to inspect the work, document, records, taking notes, extracts or certified copies of documents / records and certified samples of the materials and obtaining information which is also stored in electronic form. IRDA Website The IRDA maintains an active website (URL:

http://www.irdaindia.org ). The site is updated regularly and all the information released by the IRDA is also simultaneously made available on the website. The information published in public domain include the following: 36 1. Acts/Regulations 2. Information relating to Insurers/Reinsurers, Agents Training Institutes, Appointed Actuaries. 3. Information relating to Surveyors, Third Party Adminstrators, Insurance Brokers, Corporate Agents 4. Information relating to Insurance Councils, Insurance Ombudsmen 5. Annual Report / IRDA Journal 6. Press Releases. Complaints against Insurance Companies IRDA has provided for a separate channel for lodging complaints against deficiency of services rendered by Insurance Companies. If you have a complaint/grievance against an insurance company for poor quality of service rendered by any of its offices/branches, please approach the Nodal Officer of the Insurance Company concerned. In case you are not satisfied with the Insurance Companys response you may also file a complaint with the Insurance Ombudsman in your State. The Insurance Ombudsman is an independent office to provide speedy and cost effective resolution of grievances to the customers. Complaints from Policyholders Policyholders who have complaints against insurers are required to first approach the Grievance/Customer Complaints Cell of the concerned insurer. If they do not receive a response from insurer(s)

within a reasonable period of time or are dissatisfied with the response of the company, they may approach the Grievance Cell of the IRDA. For details of contact, please visit IRDA website http://irdaho/irdaweb/grievancescell.htm 37 Making an Application under the Right to Information Act, 2005 Citizens of India will have to make the request for information in writing, clearly specifying the information sought under the Right to Information Act, 2005. The application for request should give the contact details (postal address, telephone number, fax number, email address) so that the applicants can be contacted for clarifications or for further information. As per the Act, information can be furnished only to citizens of India but not to others. How to send application? As per the Right to Information (Regulation of Fee and Cost) Rules, 2005 prescribed by the Government of India: a request for obtaining information under Section 6(1) of RIA needs to be accompanied by an application fee of Rs.10 by way of cash against proper receipt or by DD or bankers cheque. You could send your request by post accompanied by the application fee of Rs.10/- payable by demand draft or bankers cheque favouring Insurance Regulatory and Development Authority. The fee can also be paid in cash along with the application. Applications can also be made over fax or email. IRDA will take up the application for consideration, as required under the Act, only after the application fee has been received.

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Rural and Social Sector Insurance

70% of India live in rural areas but have no access; or have negligible access to insurance. Due to wide geographical disparity and high distribution costs, insurers have been chary of venturing into this territory. Coupled with a tariff regime which assured them of good profits, they had been concentrating only on the urban market. The IRDA notifications regarding obligations of insurers to rural and social sectors have forced the insurers to look at this hitherto unexplored market. With detariffing and recession affecting the premium income and profitability of the insurers, it has become extremely important to look for blue oceans and develop new markets. With increasing rural incomes and improving infrastructure, rural and micro insurance offers immense possibilities. But with opportunities, this sector throws various operational challenges as well, forthe insurers. We will be looking at some of these challenges and some possible solutions.

Product Challenges Currently there is not much differentiation

of products for urban and rural markets. The products have been designed as one size fits all. This needs to be relooked. The product designers have to understand the needs of the target population and design accordingly, and for that they need to understand the psyche of the people.

Risks faced by the social sector and rural sector can be broadly classified into liferelated and livelihood-related. Risks related to life would include Life insurance, Personal Accident insurance and Illness/Health insurance. 50 Risks related to livelihood would include Livestock, Agriculture and Property insurances. It would be advisable initially to offer products covering these risks. One major road block insurers face in these types of insurances would be absence of historical and empirical data or if the data exists, unreliable data. This results in higher premium for the customers which would then result in failure of the product. The pricing should be done keeping in mind the buying power of the community and should leverage on the law of large numbers. It would make more sense insuring a large group than a single individual. Further, the viability should be looked on a long term basis of minimum three years instead of making profit in the first year itself. The insurer should instead concentrate on building the data and gain experience in administering such policies. It is always advisable to start on a pilot project basis and then replicate it on a larger scale based on experience. This will give them an advantage to tap the huge untapped rural and social sector market. The terms and conditions of the policy should be simple to understand and with minimum exclusions. Insuring large numbers would preclude the risk of anti selection and to include more risks like pre existing diseases in case of group health insurances.

Marketing and distribution challenges India is a large

country with wide geographical disparity. Reaching the target clients can be a major challenge. Further, community based insurance schemes work largely on trust. Similarly, the premium being very small, the collection and distribution expenses end up being larger than the premium itself. This problem can be mitigated to a large extent by tying up with intermediaries who have considerable presence and influence in target areas.

Cooperatives/NGOs/Microfinance institutions can make good distributors of insurance policies. 51 The insurers can leverage on their strengths and reach; and can also train them to sell their products. They can also help in capacity building of the rural and social sector target population. Training of intermediaries and their representatives is critically important as there is always scope for mis-selling. For eg: Critical illness policy may be sold as normal health policy. Bundling of insurance products with other products can also be explored and will give critical massand reach.

Underwriting Challenges In the absence of historical/empirical

data, the underwriters find it very difficult to accept or reject proposals. What loading to be charged or what discounts to allow is a perennial problem facing them. The thumb rule would be to go for large groups to avoid anti selection. In the absence of past claims data, similar projects can be taken as reference for pricing. Past experience of insurance companies who have already ventured into this territory may also be considered. Hence a first hand market experience would be advisable for the underwriters. The back office processes need to be redrawn. Because of the wide geographical disparities and distance from the branches,there could be a time lag between the actual premium collection and receipt of premium at the back office. Also, since most of the collection would be in cash, there is a danger of fraud. Further, cover notes need to be avoided as there is a danger of back dating after the claim has occurred. To decrease cost, cover note cum policies can be issued at point of sale. The date of inception of the policy could be 15 to 30 days from the date of issue of cover note cum policy, to preclude any possibility of fraud.

52 In case of community health insurances, closed loop of network of hospitals along with pre determined tariffs should be negotiated. Where the number of insureds is very large, along with technology, various preventive measures like health camps, training on good hygiene, steps to prevent epidemics, availability of doctors for consultation, etc. should be considered.

Claim Challenges Geographical outreach poses a major

problem for the claims team. The size of claims could be very small.There is also a serious problem of availability of Surveyors/Loss assessors. It is always better to tie-up the claim process before issuance of the policy. The fact that most of the insureds will not be able to understand the terms/conditions and exclusions of the policy should be factored in the claims process. It is important that along with training of what is covered and what is not covered, the claims process is also explained in simple terms. The infrastructure of the intermediary cooperative/ MFI/NGO should be leveraged and their people can be trained to report losses and do the initial survey/ assessment. For eg: In a community health programme, the representative of the intermediary can go and check whether the person admitted is actually the insured. Similarly, the tag of the dead cattle can also be checked by the intermediarys representative. The insurers own staff also can be trained to survey the losses up to a stipulated amount of say Rs. 20,000/-. This will reduce the TAT and increase the efficiency of claims management. Many of the beneficiaries of micro policies may not have bank accounts.

53 Therefore cashless claim settlement should be preferred, especially in community health policies, Where large numbers of claims are triggered as in index-based weather insurance, it is advisable to have a community gathering for claim cheque distribution. This will increase the trust amongst the community and also prevent any one/group of persons manipulating the claims.

Marketing Insurance in an Emerging Domain

Marketing an intangible product has its set of complications, especially in a domain where the average mindset is to look for short term gains, and in a tangible form, at that. The financial services industry in India has been making rapid strides of progress over the last several years. Within the financial services, some areas like banking, capital markets and mutual funds have fared a great deal better as compared to insurance which still remains mostly to be sold. For ages, insurance, particularly in the personal lines, has remained out of the choice of individuals for inexplicable reasons. In the liberalized environment, this trend has begun to be reversed, although we are far from a position that can be called comfortable. In the domain of life insurance, the comfort of a joint family system that took care of the financial fall-out of the breadwinners demise still looms large over several families, although there has been a major social transition to nuclear families. In the case of health insurance, the problems are even more pronounced owing to the fact that the realization of the need for insurance strikes late, usually after an episode of health-related catastrophe. While it is not very difficult to understand this phenomenon in the lesseducated circles, it is ironical that even some highly literate individuals fail to

understand the importance of having in place a suitable health insurance policy. 54 The role of insurance as a risk-management tool is one thing that needs to be totally digested so that insurance marketing becomes a greatly less-complicatedexercise. Looking at the other side of it, there is need for appreciating that need identification of the client, followed by a need-based selling are of paramount importance not only in acquiring business but more importantly in sustaining it over a longer term. Further, there should also be emphasis on the client making an informed decision upfront. All this presupposes that the marketing person is himself or herself highly conversant with the nuances of services that are being offered; and ensures that a high level of professionalism is what is targeted rather than a mere sale. Training the marketing personnel on an on-going basis should be at the top of the agenda for all insurers in order to achieve consistent growth. Such aspects as the amount of insurance, type of the product etc. need to be properly explained to the client so that heartburn at a later stage is precluded.

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ENTRY OF PRIVATE PLAYERS

The choice between public and private might amount to choosing between the lesser of two evils. An insurance contract is a "promise to pay" contingent on a specified event. In the case of insurance and banking, smooth functioning of business depends heavily on the continuation of the trust and confidence that people place on the solvency of these financial institutions. Insurance products are of little value to consumers if they cannot trust the company to keep its promise. Furthermore, banking and insurance sectors are vulnerable to the "bank run" syndrome, wherein even one insolvency can trigger panic among consumers leading to a widespread and complete breakdown. This implies the need for a public regulator, and not public provision of insurance. Indeed in India, insurance was in the private sector for a long time prior to independence. The Life Insurance Corporation of India (LIC) was formed in 1956, when the Government of India brought together over two hundred odd private life insurers and provident societies, under one nationalized monopoly corporation, in the wake of several bankruptcies and malpractices'. Another important justification for Nationalisation wasto raise the much-needed funds for rapid industrialization and self-reliance in heavy industries, especially since the country had chosen the path of state planning for development. Insurance provided the means to mobilize household savings on a large scale. LIC's stated mission was of mobilizing savings for the development of the country. The non-life insurance business was nationalized in 1972 with the formation of General Insurance Corporation (GIC). Thus the fact that insurance is a state monopoly in India is an artifact of recent history the rationale for which needs to be examined in the context of liberalization of the financial sector.

56 If traditional infrastructure and "semi-public goods" industries such as banking, airlines, telecom, power, and even postal services (courier) have significant, private sector presence, continuing a state monopoly in provision of insurance is indefensible. This is not to deny that there are some valid grounds for being cautious about private sector entry. Some of these concerns are:(a) That there would be a tendency of private companies to "skim" the markets; thus private players would concentrate on the lucrative mainly urban segment leaving the unprofitable segment to the incumbent LIC.(b) That without adequate regulation, the funds generated may not be deployed in sectors (which yield long-term social benefits), such as infrastructure and public goods; similar without regulation, private firms may renege on their social sector investment obligations. Meeting these concerns requires a strong regulatory body. Another commonly expressed fear is that there would be massive job losses in the industry as a whole due to computerization. This however does not seem to be corroborated by the countries' experience'. Moreover, apart from consideration based on theoretical principles alone, there is sufficient evidence that suggests that introduction of private players in insurance can only lead to greater benefits to consumers. This can be seen from the fact that the spread in insurance in India is low compared to international benchmarks. The two convention measures of the spread of insurance are penetration and density. The former measure (premiums per unit) of GDP, and the latter, premiums per capita. Less than 7% of the population in India has life insurance cover. In Singapore, around 45 per cent of the people are covered and in Japan, this is close to 100 per cent. In the US, over 81 per cent the households have insurance cover. 57

India has the biggest life insurance sector in the world if we go by the number of policies sold, but the number of policies sold per 10 persons is very low. The demand for insurance is likely to increase with rising per-capita incomes, rising literacy rates and increase of the service sector, as has been seen from the example of several other developing countries. In fact, opening up of the insurance sector is an integral part of the liberalization process being pursued by many developing countries. After Korean and Taiwanese insurance sectors were liberalized, the Korean market has grown three times faster than GDP and in Taiwan the rate of growth has been almost 4 times that of its GDP. Philippines opened up its insurance sector in 1992. There are several other factors that call for private sector presence. Firstly, a state monopoly has little incentive to innovate or offer a wider range of products. This can be seen by a lack of certain products from LlC's portfolio, and lack of extensive risk categorization in several GIC products, such as health insurance. In fact, it seems reasonable to conclude that many people buy life insurance just for the tax benefits, since almost 35 per cent of the life insurance business is in March, the month of financial closing. This suggests that insurance needs to be sold more vigorously. More competition in this business will spur firms to offer several new products, and more complex and extensive risk categorization. The system of selling insurance through commission agents needs a better incentive structure, which a state monopoly tends to stifle. For example LIC pays out only 5 per cent of its income as commissions, whereas this share in Singapore is 16 per cent, and in Malaysia it is close to 20 percent. Private sector presence will also mean that the current investment norms, which tie up almost 75 per cent of insurance funds in low yielding government securities, will have to go. 58

This will result in more proactive and market oriented investment of funds. This needs to be tempered byprudential regulation to ensure solvency'. Of course, this also implies that cross-subsidizing across policyholders of different types that is seen both in life and non-life insurance will diminish. Since public sector firms are required to sell subsidized insurance to weaker sections of society, a separate subsidy mechanism will have to be designed. The India Infrastructure Report (GOI, 1996) estimates that the funds required in the next two decades are more than Rupees 4000 billion. Finally, private sector entry into insurance might be simply a fiscal necessity. Since large scale funds form long term contractual savings need to be mobilized, especially for investment in infrastructures the option of not having more (private) players in the insurance sector is too costly.

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Emergence of New Companies

Recent regulatory changes have heightened competition within the insurance industry-an area in which competition has always been fierce. Massive mergers and acquisitions have resulted, creating financial services mega-firms, many of which offer a complete range of financial services and products to their customers, from checking accounts to investment products to life insurance. For example, banks are slowly gaining market share in the sale of insurance products, particularly annuities and life insurance. Investment companies like Merrill Lynch (now part of Bank of America) have been eager to sell insurance to their customers as well. Bank holding companies have been aggressively acquiring insurance agencies. Competition will only become more intense. While there are tens of thousands of small insurance industry companies in the U.S. alone, the industry tends to be concentrated in a few hundred major companies, many of which enjoy brands that are household names. A handful of these leading firms operate on a truly global scale.

We see that in both in the life insurance sector and the general insurance sector, a large number of private companies are operating in the market.

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List of all the companies,LIC & GIC, operating in india is given below:Bajaj Allianz Life Insurance Company Limited Birla Sun Life Insurance Co. Ltd HDFC Standard life Insurance Co. Ltd ICICI Prudential Life Insurance Co. Ltd. ING Vysya Life Insurance Company Ltd. Life Insurance Corporation of India Max New York Life Insurance Co. Ltd Met Life India Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited SBI Life Insurance Co. Ltd Tata AIG Life Insurance Company Limited Reliance Life Insurance Company Limited. Aviva Life Insurance Co. India Pvt. Ltd. Shriram Life Insurance Co, Ltd. Sahara India Life Insurance Bharti AXA Life Insurance Future Generali Life Insurance IDBI Fortis Life Insurance Canara HSBC Oriental Bank of Commerce Life Insurance Religare Life Insurance DLF Pramerica Life Insurance Star Union Dai-ichi Life Insurance Agriculture Insurance Company of India

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Apollo DKV Insurance Cholamandalam MS General Insurance HDFC Ergo General Insurance Company ICICI Lombard General Insurance IFFCO Tokio General Insurance National Insurance Company Ltd New India Assurance Oriental Insurance Company Reliance General Insurance Royal Sundaram Alliance Insurance Shriram General Insurance Company Limited Tata AIG General Insurance United India Insurance Universal Sompo General Insurance Co. Ltd

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Conclusion
Over the past Five years, around 50 companies have expressed interest in entering the sector and many foreign and indian companies have arranged anticipatory alliances. The threat of new players taking over the market has been overplayed. As is witnessed in other countries where liberalization took place in recent years we can safely conclude that nationalized players will continue to hold strong market share positions, but there will be enough business for new entrants to be profitable. Opening up the sector will certainly mean new products, better packageing and improved customer service . both new and existing players will have to explore new distribution and marketing channels. Potentials buyers for most of this insurance lie in the middle class . New insurers must segment the market carefully to arrive at appropriate products and pricing. Recognizing the potential , in past three years, the nationalized insurers have already begun to target niches like pensioners, women or children. During recession the demand for goods comes down along with a fall in the purchasing power of the people.Due to fall in the demand the production of goods and services also getting adversely affected.Keeping all these developments in view I think purchase of new life Insurance policy will decline due to lower buying power of the people.Non life policy will also be adversely affected due to decline in business.

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The insurance industry has to gain from streamlining its operations. The technology is now available. It is up to the insurance industry to organize itself to take advantage of new tools that are available. Other financial industries are using the new technologies effectively and looking to enter the insurance market. If the insurance companies and brokers dont get involved with the new technologies, they will left behind.

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Bibliography
1. KOTHARI C.R. ,RESEARCH METHODOLOGY 2. KOTLER PHILIP, MARKETING MANAGEMENT 3. JOURNAL ,IRDA2009 4. ECONOMIC TIMES

5. www. gicofindia.in 6. www.licindia.com

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