1. Presented By
Pankaj kumar kar
MBA(Insurance and risk management)

2. Flow Of Presentation
 Introduction of the Insurance Industry
 HDFC-SLIC
 Organizational Chart
 SWOT Analysis
 Financial Analysis
 Introduction to the project
 Research Methodology
 Data Interpretation
 Findings
 Suggestions
 Conclusion

3. What Is Insurance?
Insurance is a :-
Contract between two parties
one party called insurer
in exchange for a fixed sum called premium
to pay the other party on happening of a certain event.

4. INSURANCE
Working of History
Insurance

5. Insurance Regulatory and Development
Authority
 IRDA is a national agency of the Government of India, based
in Hyderabad. It was formed by an act of Indian Parliament
known as IRDA Act 1999.
 Mission of IRDA as stated in the act is "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 there to."

6. Housing Development Finance Corporation
Limited (HDFC)
 Established in year 1977.
 Assisted more than 3.4 million families own a home.
 International offices in Dubai, London and Singapore.

7. Standard Life Insurance Company
(SLIC)
 Standard Life is UK’s leading long term saving and
investment company.
 Established in year 1825.
 Headquarter in Edinburgh and operating internationally.
 On 10 july, 2006 Standard Life was listed in London
Stock Exchange.

8. HDFC Standard Life Insurance
(Joint Venture)
 Incorporated on 14 August,2000.
 HDFC holds 74% SLIC holds 26%

9. Vision
The most successful and admired Life Insurance Company,
which means that we are the most trusted company, the easiest
to deal with, offer the best values for money, and set the
standards in the industry,
In short,:-
“The most obvious choice for all”

10. Mission
 To reach out and influence our target customer.
 In the most Competitive manner, providing the customers
with access to world class insurance based solutions.

11. Values
 Integrity
 Innovation
 Customer Centric
 People Care “One for all and all for one”
 Team Work
 Joy & Simplicity

12. Organizational Structure of Company

13. Departments
 Operations Department
 Sales Department
 Human Resource Department
 Administration Department
 Training Department

15. STRENGTHS WEAKNESS
Company concern with the
1.Strong Brand name.
productivity of FL’S
2.Employee oriented.
3.Claim Repudiation ratio is
very less (4%)

16. OPPORTUNITIES THREATS
1. Low Customer confidence on
1. Only 25% of insurable private players.
people have any insurance
2. IRDA reduces upfront charges ,
it affects the profitability of the
company
2. Can introduce innovative
products offering a right mix 3. Other private insurance
of Flexibility/Risk/Return companies
3. Company is going to launch
its IPO

18. Claims
A claim is the payment made by the insurer to the insured or
claimant on the occurrence of the event specified in the
contract, in return for premiums paid for the insured.
Key Terms
Claimant
Claim Expense
Claim Adjuster
Lag time

19. Continued……
Claims Management
Insurance Claim Process
 Claim Reporting
 Claim Reporting Receipt
 Claim Assessment
 Claim Complaint and Dispute
Types of Claims
 Death Claim
 Disability claim
 Maturity Claim
Factors Affecting Claim Settlement

20. Continued……
 Delay in claim settlement
 Role of agent in claims settlement
 Role of Surveyors and assessor in claim settlement
 Frauds in claim settlement

21. TITLE
Claim Settlement Procedure of
HDFC SLIC

22. Objectives

23. Research Methodology
Research Design
Descriptive
Universe
Every customer who had applied for life insurance claim in the
world.
Population
The customers who had purchased the life insurance policies of
HDFC SLIC and availed the services of claim in India.

24. Continued…
Sampling
Every individual who has applied for claim in Ludhiana,
Amritsar, Jalandhar and Chandigarh.
Sample Size
60 respondents
Sampling Technique
Convenience sampling
Data collection
Primary - Structured Schedule
Secondary – Journal and Internet.

25. LIMITATIONS
 Sample size was limited.
 Time has played a biggest constraint that the research could not
be carried out comprehensively as the duration of the study was
only 6 - 8 weeks
 A maturity claim is not considered in research because
company has not yet covered its 10 year.
 Analysis of claim is done only for the HDFC SLIC.
 Study is conducted through telephonic interview. So
respondents may be biased.

26. Data Analysis and
Interpretation

27. To study the problem faced by the customer regarding
claim settlement procedure

28. Fig 4.5 Received relevant information regarding Claim
Settlement N=60
27%
Yes
No
73%

29. Fig 4.6 Difficulties Faced N=60
18%
Yes
No
82%

30. Fig 4.6 (a) Type of Difficulty N=11
27%
Acceptance of document
Agent not cooperative
73%

31. To study the Satisfaction Level of
Customer
Regarding Claim Settlement

32. Fig 4.12 Satisfaction regarding claim
settlement N=60

33. Fig 4.13 Re-purchase the policy
N=60
47% Yes
53% No

34. FINDINGS
 Policyholder choose branch to get the information rather than the
agents this may be due to lack of trust on the agents.
 The main problems regarding the claim settlement are
documentation and non-co-operation of agents.
 Customers are neutral regarding the time period for settlement of
claim. There is a need to improve the satisfaction of the customers
regarding time period.
 Customers are satisfied with the employee behaviour and co-
operation they have received from the company which clearly
projects that company values their customer.
 There is a mix response regarding the purchase of policy again
from HDFCSLIC

35. SUGGESTIONS
The entire process of documentation should be told to
the customers at the time of purchase of policy.
The documentation process should be simple.
Time period for settlement of claim should be
decreased.
Company should give their customers proper updates
about their claim status.
The company should urge their agents to co-operate
with the customers.

36. CONCLUSION
The customers are attracted to an insurance company
by its state of art claim service.
Life insurance service sector is highly growing
finance sector.
Claim settlement services provided by the company
affects the image of the company.