On Private Insurance Companies

Private Insurance Companies
In India
Introduction
o The Indian Insurance Sector is basically divided into two categories – Life Insurance and
Non-life Insurance.
o Non-life Insurance sector is also termed as General Insurance.
o Both the Life Insurance and the Non-life Insurance is governed by the IRDAI (Insurance
Regulatory and Development Authority of India).
o The role of IRDAI is to thoroughly monitor the entire insurance sector in India and also act
like a custodian of all the insurance consumer rights.
 The Past of Insurance Sector In India
o A decade back LIC was the only life insurance provider.

o Other public sector companies like the National Insurance, United India Insurance only
provided general insurance in India.
o With the introduction of new private sector companies, insurance sector in India gained a rapid
momentum in the year 2000.
o At present there are 58 insurance companies in India .
o 7 of them are government owned and the other 51 companies are private insurance companies.
o But, there are yet many more insurers who are awaiting IRDAI approvals to start both life
insurance and non-life insurance companies in India.
 The Present of Insurance Sector In India
o LIC, New India, National Insurance, United insurance and Oriental are the only
government ruled insurance companies.
o There are two specialized insurers – Agriculture Insurance Company Ltd and Export
Credit Guarantee of India
o Whereas, others are the private insurers (both life and general) .
o These private companies have done a joint venture with foreign insurance companies to start
their insurance businesses in India.
o This collaboration with the foreign markets has made the Insurance Sector in India only
grow tremendously with a high current market share.
o India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%,
which was increased to 49% in 2014.
o Private insurers like HDFC and ICICI have been some tough competitors for providing life
as well as non-life products to the insurance sector in India.
 The Future of insurance sector in India
o Though LIC continues to dominate the Insurance sector in India, introduction of the new
private insurers will see a vibrant expansion and growth of both life and non-life sectors in
the coming years.
o Demands for new insurance policies with pocket-friendly premiums are sky high.
o With the increase in income growth of purchasing power as well as household savings, the
insurance sector in India would introduce emerging trends like product innovation, multi-
distribution and better claims management in the Indian market.
o With several regulatory changes in the insurance sector in India, the future looks pretty
awesome and promising for the life insurance industry.
ICICI Prudential Life Insurance
o Started its operations in 2001.
o Was established as a joint venture between ICICI Bank Limited and Prudential Corporation
Holdings Limited
o N S Kannan - Managing Director and CEO
o Consistently been amongst the top companies in the Indian life insurance sector.
o Claim settlement ratio of 97.84%
o Vision: To be the dominant Life and Health insurance built on trust by world-class people and
service.
o This we hope to achieve by:
-Understanding the needs of customers and offering them superior products
-Leveraging technology to service customers quickly, efficiently and conveniently
-Providing an enabling environment to foster growth and learning for our employees
-And above all, building transparency in all our dealings.
o CORE VALUES:
- Customer First: Keep customers at the center of everything we do
- Humility: Be open to learn and change
- Passion: Demonstrate infectious energy to win and excel
- Integrity: Do the right thing
o Has a network of 471 branches over the country.
o In FY 2015 ICICI Prudential Life became the first private life insurer to attain assets under
management of `1 trillion.
o The total assets under management of the Company was Rs 2375.60 billion at 31 December
2021
o ICICI Prudential Life is also the first insurance company in India to be listed on National
Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
o Awards:
-Won 'ET Excellence Award 2021' for 'Excellence in Innovation'
-Won ‘Technology Champion of the Year – Life Insurance’ in 2022
HDFC Life insurance
o HDFC Standard Life Insurance Company Limited was incorporated at Mumbai on 14th August
2000.
o First private life insurer to obtain registration from the IRDAI
o One of the most profitable life insurers based on Value of New Business (VNB) margin.
o Established as a joint venture between HDFC (one of India's leading housing finance
institutions) and Standard Life Ltd (one of the world's largest investment companies)
o Chairman :Deepak Parek
o Managing Director & CEO :Vibha Padalkar
o Currently the Company has 413 branches across India.
o The Assets under Management (AUM) of the Company crossed the milestone of Rs 1 trillion
mark during FY 2018
o By 2017, it was the country's third-largest private sector life insurance company
o Vision: One of the most successful and admired life insurance company, which means that
we are the one of the most trusted company, the easiest to deal with and offer the best value
for money.
o Core Values:
-Excellence: Excel in every action, with an aspiration to be the best in the
industry.
-People Engagement: Respect your colleagues and contribute towards an
engaged work environment.
-Customer Centricity: Keep policy holder interest at the center and deliver
on commitment.
o Awards:
-Winner of ‘Best Marketing Campaign’ awards for India 2017
-Winner of ‘ Innovative Fundraising Campaign’ awards 2018
Aditya Birla Sun Life Insurance
o Incorporated on August 4th, 2000 and commenced operations on January 17th, 2001
o A joint venture between the Aditya Birla Group of India and the Sun Life Financial Inc.
of Canada.
o Kamlesh Rao - MD & CEO at Aditya Birla Sun Life Insurance
o ABSLI offers a range of products across the customer’s life cycle, including children future
plans, wealth protection plans, retirement and pension solutions and health plans
o Nation-wide distribution presence through 340+ branches,
o As of December 31st, 2021, Aditya Birla Capital Limited manages aggregate assets under
management over Rs. 3,724 billion
o First Company to launch the Unit Linked Insurance Plans (ULIPS).
o The company has over 8,000 employees and more than 16 lac active customers.
o Vision: To be a leader and role model in a broad-based and integrated financial services
business.“
o The pillars of our vision that will help us achieve it are:
-To be a leader : we are committed to being a leader in all aspects of
our businesses
-To be a role model :Whatever we do, we will strive to be the best in class
o Awards:
-Winner of ‘Customer Service Provider of the Year Award’ 2020
-Winner of ‘Winner of Best CSR Initiative category’ 2020
-Winner of ‘Quality Enterprise Leadership Award’ 2020
Max Life Insurance
o Founded in 2000 after the liberalization of the insurance sector in India

o Its operations began in 2001
o Formerly known as Max New York Life Insurance Company Limited.
o A part of the Max India Ltd. Group and is one of the largest non-bank private-sector
insurer in India,
o Joint venture between Max Financial Services and Mitsui Sumitomo Insurance
Company.
o Max Life's distribution channels include banks, individual agents, brokers, and corporate
agents, among others.
o Mr. Prashant Tripathi: Managing Director & Chief Executive Officer, Max Life
Insurance Co. Ltd.
o Has a presence across the country with 269 branch offices
o As of 31st March 2021, the Company had INR 90,407 crore of assets under management
(AUM)
o Vision: Max Life envisions to be the most admired life insurance company in India by
securing the financial future of our customers.
o Core values:
-We are an honest life insurance company, committed to doing what is right
-We serve our customers through Long-Term Savings delivered by our high-
quality Agency and Multi-Channel Distribution Partners
-We are a business with strong social relevance and contribute to society by
supporting causes in health and well-being.
o AWARDS:
-Winner of ‘The Best Employer Award’ 2018
-Winner of ‘Quality Excellence Award’ for best insurance company in 2018
-1st Position At CII – 11th National Lean And Six Sigma Competition 2017
TATA AIA Life Insurance
o Started its operations in India on 22 January 2001

o A joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA).
o One of the fastest growing companies in the Life Insurance sector,
o Offers protection, wealth, savings, child, health, and retirement services.
o Naveen Tahilyani - Managing Director and Chief Executive Officer
o The company’s total Assets Under Management (AUM) is Rs 28,430 crore
o Presence with 218 branches across 25 states and 175 cities of the country
o Claim settlement ratio of 99.02% .
o Tata AIA Life is now ranked at no. 5, based on individual weighted new business premium
o Vision: To enable dreams, and inspire healthier, happier lives, and become the pre-eminent
insurance provider in the country.
o Mission: To provide the best and simplest life and health insurance solutions, that are in
sync with the customer’s individual needs and life goals.
o Core Values:
- Consumer obsession
- Passion for excellence
- People Centric approach
o Awards:
-Won the Extraordinaire Award at the 5th edition of Brand Vision
Summit 2019-20.
-Winner of two top industry awards for its PR campaign for creating
awareness about the need for Life Insurance Protection in India
Thank You

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Private Insurance Companies

o A decade back LIC was the only life insurance provider.

o Founded in 2000 after the liberalization of the insurance sector in India

o Started its operations in India on 22 January 2001

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