EVALUATION OF REPORTING SYSTEMS IN LIFE INSURANCE COMPANIES IN INDIA (A COMPARATIVE STUDY)

SYNOPSIS
SUBMITTED TO THE DEPARTMENT OF A.B.S.T., Faculty of Commerce

UNIVERSITY OF RAJASTHAN
FOR THE DEGREE OF

DOCTOR OF PHILOSOPHY
(IN COMMERCE)

Under Supervision of:Dr. Ashok Agrawal Assistant Professor, Department of Accountancy & Business Statistics, University of Rajasthan, Jaipur.

Submitted by: Mrs. Koushalya Agarwal Department of Accountancy & Business Statistics, University of Rajasthan, Jaipur

October, 2012

CONTENTS OF THE SYNOPSIS

EVALUATION OF REPORTING SYSTEMS IN LIFE INSURANCE COMPANIES IN INDIA

1. 2. 3. 4. 5.

Rationale of The Study Significance of the study Objectives of the study Scope of the study Research Methodology (i) (ii) Primary Data Secondary Data

2 4 5 7 7

6. 7.

Hypothesis Literature Under Review (i) (ii) (iii) Ph.D. Thesis Under Review Books Under Review Articles Under Review

8 9

8. 9. 10.

Limitations of the study Research Design / Chapterization Bibliography

13 14 18

1. RATIONALE OF THE STUDY : Risk is found everywhere. It cannot be eliminated altogether, only it can be minimized. Human life is full of risk. There is a risk when a man walks on the road, travels in a bus, train or a aeroplane and when he is engaged in trade , profession or business. Also, insurance is a method by which we can spread over the risk. It is a way of reducing uncertainly of occurrence of an event. Insurance may be described as a social device to reduce to eliminate risks of loss to life and property.

Indian insurance system over the years has gone through various phases such as General Insurance, life Insurance, Vehicle Insurance, Health Insurance, Goods Insurance etc. to uplift society and improve operational efficiency of insurance companies. Reporting system in insurance companies in India is also changed accordingly , but it could not keep pace with ever increasing demand for more and more information and transparency in reporting.

Proper reporting system is very essential in every organized sector specially when many parties such as shareholders, financiers, customers, employees, government and public at large are interested to know about performance of a concern. Proper reporting system is more needed in insurance companies as policy is involved and if it is not safe it is very disastrous.

The study will be concluded with an eye on the needs of day to day problems and natural aspirations for growth of reporting system in various insurance companies in India. This research will contribute in modesty to better reporting system policy formulation for the benefits and betterment of life insurance companies in India. The history of insurance in our country is somewhat darken. The earliest reference of life insurance was available in the days of East India Company, when the policies were taken only by the British officers. The policy was issued by British officers in sterling currency. Oriental was the first foreign insurance company established in India in 1818. Foreigners, orphans and widows were become subject matter for the oriental company. The company started accepting the Indians in 1934 due to the efforts of Babu Muttylai seal. Bombay Life, a company had issued short term policies for 2-3 years in 1823. Raja Ram Mohan Roy, the man who pleaded for protecting widows through government insurance 'Bombay Mutual Life Assurance Society was established by some prominent citizens of Bombay in 1871. European merchant also started 'Bombay Insurance Society' in 1893 by voluntary efforts. Mr. Curstjee Furdoonju was the first insured person of India. This policy was insured in 1848 by royal Insurance which started in 1845. It was the beginning of the Indian insurance venture.

2. SIGNIFICANCE OF THE STUDY Insurance is a provision which a prudent man makes against

inevitable contingences, loss or misfortune. Under the plan of insurance, a large number of people associate themselves by sharing risks attached to individuals as in private life; in business also there are dangers and risks of different kinds. The aim of all types of insurance is its make provision against such dangers. The risks which can be insured against include fire, the perils of sea (marine insurance), death (life insurance) and accidents & burglary. Any risk contingent upon these may be insured against at a premium a commensurate with the risk involved. Thus, collective bearing of risk is insurance.

Insurance companies plays an important role in the development of trade and industry. Thus contributes a lot towards development and growth of the country. Life Insurance Companies in India are having a close eye on the operation and performance. Obviously, it is possible through various reports from insurance companies time to time. There is a though competition in insurance companies and every insurance company is free to decide its insurance policy plans and schemes. Insurance companies are frequently exercising this tool and charges for different types of services are also revised frequently to attract customers. All such changes are made through different circular but feedback for the same is received through various reports from different branches of insurance companies. So, there is a need for proper reporting system in insurance companies.

Insurance companies are preparing different mandatory reports in standard format at the end of financial year but information in these reports is generated from various reports from its branches so many reports are prepared for internal purposes as well.

It is a human Nature that while preparing report there is a tendency to show batter results and many times figures are manipulated by some year end bogus transactions or by hiding some information to quench this urge. This type of fabricated reports are very dangerous in insurance companies as it may collapse economy of the nation and other nations too. So, insurance companies should provide unbiased report by maintaining transparency in reporting system.

3. OBJECTIVES OF THE STUDY; Insurance companies are preparing their reports on the basis of accounts which are duly audited by internal auditors and statutory auditors. In addition to it, all insurance companies have adopted a system where internal check is daily routine. But, in spite of it, many scams are taking place either in the insurance companies. Obviously, it is a big question mark on working and reporting system of insurance companies. In such a situation it is a matter of research that how and what should be reported by insurance companies so that all people may have a crystal clear picture about operating activities and performance of insurance companies. This is the main objective of proposed study. Other objectives of the proposed study are as follows:

1. Study of different mandatory reports which are prepared and submitted by insurance companies time to time.

2. Study of norms and procedure followed by life insurance companies for proper reporting system. 3. Study of accounting Information System in life insurance companies under study to determine whether it is adequate to deliver correct information in time or not. 4. Comparative study of reporting system in different insurance companies regarding content, clearness and complete information in reports. 5. Study will evaluate the impact of internet and IT enables services on reporting system of life insurance companies. If important reports of insurance companies are available on internet then efforts will be made to see whether it is up to mark and updated or not. 6. An effort will be made to provide a framework for reporting system of insurance companies, which is most suitable for the Life Insurance Companies in India under the present circumstances. 7. Study of present legal framework to provide data and information to see how far Life Insurance Companies have performed their social responsibility. If it is not sufficient what more should be included.

8. To find out within the Life Insurance Companies which one is providing better services to the customers.

4.SCOPE OF THE STUDY :

The study will cover a period of six years from 2008-2009 to 2013-2014 covering following major Life Insurance Companies in India:

1. Life Insurance Corporation of India 2. ICICI Prudential Life Insurance 3. HDFC Standards Life Insurance 4. Birla Sun Life Insurance 5. Max Life Insurance

5.RSEARCH METHODOLOGY :

The following tools and techniques will be used in collection, analysis and interpretations of data and information: (i) Data Collection (a) Primary Data Collection : For primary data questionnaires will be prepared and sent to different insurance companies to collect and review data regarding reporting system followed by them. Wherever , some gap is found in the information provided by insurance companies or data and information provided by insurance companies are confusing, personal visit, telephone talk, e-mail and website will supplement it.
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(b) Secondary Data Collection : For secondary data Annual Reports and accounts of Life Insurance Companies under study will be collected for latest six years. (i) Tabulation : After collection of data, from primary as well as secondary source all data and information will be consolidated in proper manner and its net results will be summarized and arranged a tabular manner. (ii) Interfirm and Intra-firm Comparison: Interfirm and Intra-firm

comparison will be made with the help of various statistical techniques to interpret trend and development in reporting system of insurance companies.

(iii) Statistical Techniques : For this purpose various statistical techniques such as Dispersion, Skewness, Correlation, Regression, Variance and Graphical Presentation will be used wherever it is most suitable and required.

6. HYPOTHESIS :

Main hypothesis of the research work is as follows:

1. The study is based on the hypothesis that Reporting System in Life Insurance Companies in India is not proper.

2. Life Insurance Companies in India have not adopted latest techniques of reporting system otherwise they turn out to be very fruitful in the preparation of reports. 3. As far as mandatory reports are concerned, all Insurance Companies are submitting it in same format but quality of reports differs regarding content, transparency and timeliness. 4. All Insurance Companies preparing different types of reports for their internal management but if compared on the basis of content, frequency or action on reports their quality is quite different. 5. Reporting System in Life Insurance Companies may be improved if legal framework is improved, Insurance company's people are trained and inspired.

7. LITERATURE UNDER REVIEW While going through some literature related to proposed research work, it came to notice that many researchers has completed their research on different aspects of Insurance Companies .But, no researcher made effort to evaluate Reporting Systems in Life Insurance Companies in India. So, proposed study is in new field. (i) Ph.D. Thesis Under Review 1. Appraisal of Financial Performance of Life Insurance Companies in India by Bhuvnesh Gour A Ph.D. thesis submitted in the University of Rajasthan, Jaipur (2009): There are many criteria on which performance of Life Insurance Companies can be evaluated. But, Profitability and
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Financial Strength are main criteria on which one can measure performance of a concern and same is followed by the researcher. Performance of Life Insurance Companies is measured with the help of data and information provided in its report. But it is very essential that Insurance Companies are providing full information correctly. In the proposed research it will be checked how far Life Insurance Companies in India are doing so.

2 Performance Appraisal of Birla Group of Companies in India by Mr. Manohar Lal Gupta A Ph.D. thesis submitted in the University of Rajasthan, Jaipur (1993): This study was based on Birla Group of Companies in India. The several segments through Profitability ratio, efficiency ratio and productivity ratio and with the help by financial parameters. but Reporting Systems is not discussed. In fact this aspect is not touched at all. Proposed research is based on Reporting Systems in Life Insurance Companies in India. So, proposed study is on reporting system which is one important aspect of management closely related to Accountancy.

3. Management of Urban Cooperative Banks in Rajasthan by Bhola Nand Baulia- A Ph.D. thesis submitted in the University of Rajasthan, Jaipur (1998): This thesis is in the field of management but Reporting Systems is not discussed in the thesis. In fact this aspect is not touched at all. This thesis is based on Urban Cooperative Banks in Rajasthan while proposed research is based on Reporting Systems in Life Insurance Companies in India. So, proposed study is on reporting system which is

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one important aspect of management closely related to Accountancy and study will not cover other functions of management in detail.

(ii) Books Under Review 1. Monetary Theories and Reporting System in India by Srivastava O.S., (2007) Kalyani Publisher, New Delhi: This book is not directly related to reporting systems in insurance companies but in chapter six of the book reporting aspect of banks is covered by providing format of some common reports which is helpful to understand the subject. Moreover, a separate chapter is included for problems and prospects of banks which is useful to analyze caused of low quality of reports in Life Insurance Companies. 2. Financial Sector Reforms in India by Banerjee, A and Singh S.K. (2002), Deep and Deep Publications Pvt. Ltd., New Delhi : Insurance sector reforms has started a new era for insurance sector. Book covers all financial sector reforms and reforms in reporting system. Outcome of reforms is also discussed to evaluate insurances performance accordingly. Book also provides credit decisions and methodology which should be followed while taking lending decisions. 3. E-Reporting and Information Technology in Present Scenerio by Malhotra T.D. (2010), Sultan Chand & Sons, 23, Daryaganj, New Delhi : 110 002. Information Technology provides necessary data and information for Reporting System. In this respect the book under reference is very useful for the proposed study. But main concentration of the book is on Electronic Banking which is only one aspect of

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reporting so scope of proposed study is quite broad compared to book under reference.

4.Management Reporting Systems Structure and Design by S K Bhattacharyya Vol. 6 No. 22 : This books has covered prevailing and proposed system of reporting in insurance companies which is the main theme of the proposed thesis. Thought it is useful to understand roll of leading in insurance industry which is an important aspect.

Articles Under Review

1. Transparency in Financial Reporting : The UCO Bank Case by Chawla O.P., 'Accounting Studies', Vol. 1, No. 1, 1992, PP. 21-35 : The paper under under reference covered an important aspect of proposed research but this study is based on a single bank and moreover all aspects of reporting are not covered. This paper helped to understand significance of transparency in reporting by banks but scope of proposed study is quite broad compared to this paper. 2. Information System Audit as Vigilance Tool in Banks by

Bhattacharya K.M., ' Indian Journal of Accounting', Vol. XXXIII, June, 2003, PP. 41-46 : Audit is an important aspect not only in Accountancy but in Reporting also. Facts and figures in reports are sometimes managed with wrong intention which is hard to detect but in most of the cases it arise due to wrong information so it should be audited properly before it is used in the reports. Paper under reference raised this important issue but failed to show how it could be accomplished. In the

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proposed research an effort will be made to find some model for banks which they can follow. 3. Evaluations of Banking Sector With Globalization by Ghoil D.C., 'Journal of Commerce and Information Technology,' Vol. 4, No. 1,Jan.June 2004, pp. 51-60 : The main objective of this study is to examine the profitability of public sector commercial banks in India and compare them with private sector banks and foreign banks. It also intends to examine the profitability position, and ability of public sector commercial bank vis-a-vis private and foreign banks to their return on various indicators. Paper suggested some model reports also which may be useful for the proposed study.

8. LIMITATIONS OF THE STUDY

The present study suffers with a few limitations. Firstly, the study is based on sample study, so the shortcomings of sampling may affect the result of the study. Secondly the study is based on Secondary data for analysis and interpretations, hence, the limitations of reliability of secondary data affect the results. Lastly the general human limitations. study suffers with the

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9. RESEARCH DESIGN AND CHAPTERIZATION The study will be devided in 8 chapters viz.

CHAPTERIZATION
CHAPTER-1 REPORTING SYSTEM: AN INTRODUCTION Reporting System : Meaning & Definition Various types of Reports Characteristics of Good Report Significance of the Reporting Developments in Reporting System Paper V/s. Paperless Reporting Segment Reporting Abridge Reporting Various Accounting Reports Hypothesis of the study Objectives of the study Methodology of the study

CHAPTER-2

LIFE INSURANCE COMPANY Introduction of Insurance Company Significance Insurance Company Classification Insurance Company Organization structure of Life Insurance Company Nationalization of Life Insurance Company
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Functions of Life Insurance Company Major inventions and development in Life Insurance Companies In the context of 'world' In the context of 'India'

Different Products of Life Insurance Companies Growth and Status of Indian insurance

companies. Economic Situations of Life Insurance Companies in India Terms of Policies of Life Insurance Companies.

CHAPTER - 3

STATUARY COMPANIES -

REPORTING

IN

LIFE

INSURANCE

Statuary Reporting Income Statement Balance Sheet

Compliance of AS with reference to reporting Cash Flow Statement Segment Reporting Auditors report qualified /unqualified

According to Life Insurance Companies Act SEBI Requirements in Reporting Information Regarding shareholders Corporate Governance Summarized Reporting

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CHAPTER-4

INTERNAL REPORTING SYSTEM Definition of a Management Information System Concept of MIS Information System related concepts MIS versus Data Processing MIS and Decision Support Systems MIS and Information Resources

Management Shift from Information Processing to Information as a Strategic Resources Organization of Information Resources

Structure of a Management Information System MIS and Life Insurance Companies Use and scope of MIS in reporting in Life Insurance Companies

CHAPTER-5 COST REPORTS Introduction of Cost Report Statuary Provisions regarding cost reports and records Preparation of cost reports for internal purpose Cost records rules Reports for cost reduction Reports related to elements of cost Reports related to Cost of Material Reports related to Cost of Wages

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Reports related to Cost of Overheads

CHAPTER-6

COMPUTERIZED REPORTING IN LIFE INSURANCE COMPANIES Online Reporting Current use of Internet in Reporting System Future aspects of Internet in Reporting Systems in India

CHAPTER-7

SOCIAL REPORTING Un-audited Reporting Value Added Accounting Human Resource Accounting Inflation Accounting Social Accounting EVA Accounting

General Reporting System for Employee Welfare General Reporting System for the Welfare of the Society

CHAPTER-8

CONCLUSION,FINDINGS AND SUGGESTIONS

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