OBJECTIVE OF THE STUDY

To assess the current market scenario of Future Generali.

To assess the market potential for non motor insurance (health insurance).

To make Comparative analysis of products offered by various insurance companies.

To study the people preferences towards various healths cover plans.

To study about the agent, brokers perspective towards the company.

To study the bottlenecks faced by customer while purchasing a policy.

INTRODUCTION
country like !ndia, where the population is appro" #$% crores, and a ma&or part of the population lives in rural areas. !t is no hidden secret that of this rural population the ma&ority is deprived of health facilities, and the basic reason for this is less number of hospitals in rural areas and also low income of the people living in rural areas which does not allows them to get medical treatment in urban areas. ccording to 'ational Council of Land area Burden of disease ( ) !o"u#a$ion Ur%an & Rura# Li$erac' ra$e ( ) Sani$a$ion ( ) Safe drin(in) *a$er su""#' ( ) !o+er$' ( ) pplied (conomic )esearch ('C ()), health insurance $4 of world area $#4 of global disease burden #.4 of world population $516$ .7.85 )ural 9 :.%; <rban 9 /:.8 )ural 9 :5; <rban 9 :%.$ =elow poverty line 9 $. )ural 9 $6.%:; <rban 9 $8..$ )ural 9 8$6.7.; <rban 9 /7/.##

!o+er$' #ine (Rs,) penetration in !ndia stands at a dismal #.$ percent

*o it+s very clear that every household in !ndia needs a health insurance cover. ,ne -uestion which arises is that it has been ./ years since independence yet people of !ndia are not much aware about the importance of health insurance in their life. 0et us look at the following factors which provide an indication about opportunities in !ndia as (Source1 www.searo.who.int2linkfiles2social3health3insurance3an$.pdf )

s we can see that !ndia bears $#4 of the global disease burden, so it is very clear that if properly implemented !ndia can become one of the biggest market for health insurance products. !t also becomes very clear that the >*< although they hold a very strong part of the current available health insurance market have not fared that well as they should have considering the fact that they are in the market for such a long time. nd this fact becomes even more amusing when the same council also disclosed that annual household e"penditure on medical facilities in !ndia is ..64 of their annual income. ?e can notice one thing that !ndia shares only $4 of the world land but accommodates about $# 4 of the world population on this land, this also makes us think that the population of !ndia thus is very vulnerable to various kinds of dangerous diseases. !f we go towards the data for literacy rate, it is .7.854of the overall population, thus about 874 of the population is still illiterate or better say uneducated, thus they won+t be able to understand the importance of health and health insurance. This particular section of the society thus needs to be made aware and it is a big untapped market for insurance companies to crack down to them and make them aware regarding health insurance cover. ?e can also see that only :4of the rural population is getting proper sanitation facilities. ?hat does this mean@@ This means that :#4 of the rural population is living without proper sanitation facilities. !t also indicates that they are very highly vulnerable to diseases like malaria, dengue, plague etc, which are the result of poor sanitation and cleanliness facilities. Thus we can clearly see that a ma&or population is under the danger of getting attacked by various kinds of diseases. !n fact they are getting attacked by various diseases due to this reason only. ,ne of the data also reveals that :54 of the rural population is getting safe drinking water, whereas only :%.$ 4 of the urban population is getting safe drinking water. *ince safe drinking water is the basic re-uirement for a good health, it once again makes us think that about #%4 of the urban population is not getting proper water to drink and thus they are vulnerable to various kinds of diseases. ,ne of the sad facts the above table reveals+ is that about $.4 of the population in !ndia is living below poverty line and cannot afford proper food or living conditions. !t is this section of
3

the society which faces the ma&ority of attack by various diseases and do not get any proper health care facilities due to their inability to afford good hospitals. This section if we talk about in numbers ranges to about 8% crores in population. !f about 8% crore people are living vulnerable to diseases &ust because they do not have sufficient money to afford good hospitals, we can very well assume what are the scope of health insurance companies to provide health insurance companies. ?e can also see that poverty line limit is )s 8$6 in rural and )s/7/ in urban areas, which accounts for near about A6 in rural areas and A: in urban areas. Thus we can see the poverty line limit is really very very low, so even if someone is said to be above poverty line, it does not mean that he is having a very good income and can afford proper healthcare facilities by him. ?hen the survey was being conducted ma&or response did not come from people who had cover from any >*<, the following chart will make clear what the response of people was when they were asked about the company from which they had taken health insurance cover.*o by studying the above table, we can very well understand the fact that health care needs and re-uirement of a good health policy for everyone is a huge necessity in !ndia today and there is ample opportunity for this business to make a mark and also serve the society. The government needs o study the above figures, so that they can accordingly design health care facilities and insurance cover for the ma&or section of the society.

CO-!.NY !ROFILE

Future Generali is a &oint venture between the !ndiaBbased Future Group and the !talyBbased Generali. Future Generali is present in !ndia in both the 0ife and 'onB0ife businesses as Future Generali !ndia 0ife !nsurance Co. 0td. and Future Generali !ndia !nsurance Co. 0td.

FUTURE /ROU!&
Future Group, led by its founder and Group C(,, Cr. Dishore =iyani, is one of !ndia+s leading business houses with multiple businesses spanning across the consumption space. ?hile retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. 0ed by its flagship enterprise, >antaloon )etail, the group operates over #$ million s-uare feet of retail space in 6# cities and towns and .7 rural locations across !ndia. Eead-uartered in Cumbai (=ombay), >antaloon )etail employs around 8%,%%% people and is listed on the !ndian stock e"changes. The company follows a multiBformat retail strategy that captures almost the entire consumption basket of !ndian customers. !n the lifestyle segment, the group operates >antaloons, a fashion retail chain and Central, a chain of seamless malls. !n the value segment, its mar-uee brand, =ig =aFaar is a hypermarket format that combines the look, touch and feel of !ndian baFaars with the choice and convenience of modern retail. ,ther group companies include, Future Generali, the group+s insurance venture in partnership with !taly+s Generali Group, Future =rands, a brand development and !>) company, Future 0ogistics, providing logistics and distribution solutions to group companies and business partners and Future Cedia, a retail media initiative.

Through its partner company, =lue Foods the group operates around #%% restaurants and food courts through brands like =ombay =lues, *paghetti Ditchen, 'oodle =ar, The *poon, Copper Chimney and Gelato.

THE /ENER.LI /ROU!&

The Generali Group is a leading player in the global insurance and financial markets. (stablished in Trieste in #58#, today the Group is one of (urope+s largest insurance providers and also is (urope+s biggest 0ife insurer. !t is also one of the world+s top asset managers with assets totaling more than G /%% billion. ?ith an employed sales force of more than #%%,%%% people serving 6% million clients in .5 countries, the Group occupies a leadership position in ?estern (urope and an increasingly important place in (astern (urope and sia. The Group strategy aims to consolidate Generali+s preBeminence on its key markets and achieve a premier position on markets with high growth potential, establishing its leadership in profitability.

REVIE0 OF LITER.TURE
Hea#$1care in India
The ma&ority of the !ndian population is unable to access high -uality healthcare provided by private players as a result of high costs. Cany are now looking towards insurance companies for providing alternative financing options so that they too may seek better -uality healthcare. The opportunity remains huge for insurance providers entering into the !ndian healthcare market since 674 of e"penditure on healthcare in !ndia is still being met by HoutBofBpocket+ consumers. (ven though less than 54 of the !ndian population today has health insurance coverage, this industry is e"pected to face tremendous growth over the ne"t few years as a result of several private players that have entered into the market. Eealth insurance coverage among urban, middleB and upperBclass !ndians, however, is significantly higher and stands at appro"imately 7%4 The per capita total e"penditure on health in !ndia is <*A $8, of which the per capita Government e"penditure on health is <*A /.Eence, it is seen that the total health e"penditure is around 74 of GI>, with breakdown of public e"penditure (%.:4); private e"penditure (/.%4)

Co22ission on -acroecono2ic and Hea#$1 insurance in India (0HO India)

)easons for poor penetration of health insurance1 0ack of regulations and control on provider behavior <naffordable premiums and high claim ratios )eluctance of the health insurance companies to promote their products and lack of innovation Too many e"clusions and administrative procedures
7

!nade-uate supply of services CoBvariate risks Iuring #::/, /./4 of the insured persons made a claim, of which only 674 of claims were settled. The claims ratio was /74. Eowever, of late, the claims ratio is growing at a fast rate, allegedly because of collusion between the patients, insurance agents and hospitals.

!ROBLE- DEFINITION
Eealth is the most important factor for any person+s life. Eow fit a person is being determined by his2her lifestyle. Today our country is getting under the danger of various types of diseases which are occurring &ust because the lifestyle of people is not proper. The ma&ority of the rural !ndia is not having proper sanitation facilities; which cause dangerous diseases. big population of the urban !ndia is facing various diseases &ust because of a tough daily working routine. *o the role of an insurance company becomes very important in this situation. common person

cannot easily avail the facility of a good hospital if he2she wants to cure for a dangerous or deadly disease, but if the same person has a health insurance cover, the insurance company will pay for his2her medical e"penses. To understand the market properly the insurance companies need to study what e"actly are the e"pectations of public regarding health insurance. They need to study the market by studying the activities and strategies of rival insurance companies and regulations of the government. They also need to check how the role of distribution channels affects in bringing business for any insurance company.

RESE.RCH -ETHODOLO/Y

!RI-.RY RESE.RCH
>rimary research included observations and interviews. The method adopted for the research was ("ploratory )esearch followed by the descriptive research as the main aim was to get an insight of the problems faced by hospitals as well as the below poverty line people. The steps involved in the surveys are as follows1 Desi)nin) $1e 3ues$ionnaire Decidin) $1e Sa2"#e si4e Co##ec$ion of da$a C#assifica$ion and $a%u#a$ion of da$a

SECOND.RY RESE.RCH
*econdary research included the details provided by the company regarding the current health insurance plans and market strength. !t also included policy wordings of various other general insurance companies. Iata regarding current situation and scope of health insurance in !ndia was also collected from various &ournals available on the internet

S.-!LIN/
rea of sampling is Ielhi ,GhaFiabad and *ahibabad ,Greater 'oida, 'oida, Gurgaon and only. The sample siFe is #%% of the customers and #% of intermediaries which include all between age group #:B.$ years with minimum -ualifications re-uired to be an advisor in the company.

D.T. .N.LYSIS

The data provided and collected was processed, classified and fitted into column ,pie charts and tables to make findings more meaningful. ,n the basis of these data, relevant conclusions and inferences were drawn and the results were interpreted ob&ectively.

RESE.RCH INSTRU-ENT
Juestionnaires

RESE.RCH TOOL
>ie charts, bar Graph, Tables

10

.N.LYSIS .ND RESULTS

The #st part of the analysis reflects the results of a survey done on the common public, the survey was done to study the understanding of the common public regarding health insurance industry.

Ou$ of $1e $o$a# sa2"#e sur+e'ed 1o* 2an' res"onden$s *ere insured&5
Iuring the survey, #%% responses were collected, and the result is as follows

Ielhi GhaFiabad and sahibabad Greater 'oida Gurgaon 'oida Grand Total

85 88 %5 %8
18

#%%

11

Result
Y es,they were covered under some sort of health cover ! they were not covered under health "nsurance

38%

62%

85 people said they were covered under some sort of health cover, which made nearly 85 4 of the overall respondents. .$ people said ', they were not covered under health insurance.

Loca$ion of $1e sur+e's *1ic1 *ere conduc$ed5

The following figure will provide the detail of the bifurcation regarding the different locations used during the survey

12

The data was collected in urban areas like 'oida, greater noida, GhaFiabad, Gurgaon, and 'ew Ielhi. Ca&or locations for survey in Ielhi were 0a"mi nagar, *outh e"tension, ,ld delhi, la&pat nagar etc Ielhi contributed for ma"imum of the respondents with nearly 854 of overall response. #54 of the data was collected from areas of noida, which included, sectorB#5 of noida, atta, sector 88, sector .8. Greater noida contributed for about %54 data. GhaFiabad and *ahibabad also provided for about 884 of the overall data collected.

*ince the pro&ect aims at understanding the scope of health insurance business in IelhiB'C), so the effort was primarily put to make sure that data is collected from the ma&or locations of IelhiB 'C). 0ocations were chosen with great care, as the research needed to make sure that the results reflect the true picture of IelhiB'C). The data collected represents a population ma&ority of which is educated, so it becomes a concern that out of a lot of educated public only 854 is under health or personal accident insurance cover.

.)e )rou" of $1e res"onden$s5

13

ge group of the respondents surveyed was between #: years to .$ years. s we can see the ma&ority of the response came from a public of a very young age. Core than $7 responses came from the age group of $$ years. ge group $/ provided about $$ responses. group. ?hen the survey was conducted the basic problems faced were as follows1 #) >eople were not very supportive in providing reply to the -uestionnaire $) >eople often felt that ! was from some insurance company and was trying to sell a health insurance policy to them 8) They were thinking that if they will provide information , then it might happen that their personal earning might get disclosed and it might lead them in trouble, so they were not willing to reply nd thus became $nd most contributing age

No* $1e 6ues$ion arises *1' "eo"#e *ere %e1a+in) in suc1 2anner7

14

!t may be a case that people are not very enthusiastic regarding insurance. ,r it may be because people do not want to discuss money related matters in a survey kind of thing. They might feel insecure discussing their personal matters. Cany people felt that it might be attempt to sell insurance to them and thus avoided being interviewed. =ut it+s not like doing the survey was only a hard &ob, it also gave out some positive viewpoints attached with it Cany people were ready to share data and were also very keen to understand why e"actly this survey was being conducted, on whose behalf it was being conducted. Cany people tried to understand importance of health insurance in case they were a bit unaware about it. Thus we can say that this survey had a positive picture to it as well. 'ow if we take a look at the current market share of health insurance business by various companies we get the following figure (da$a source IRD.8 u"da$ed $i## 2arc1 9:;<)

15

Ro'a# Sundara2 T.T.5.I/ Re#iance IFFCO To(io ICICI Lo2%ard Ba=a= .##ian4 HDFC ER/O C1o#a2anda#a2 Fu$ure /enera#i Uni+ersa# So2"o S1rira2 B1ar$i .>a Ra1e=a 3BE? SBI L@T Ne* India Na$iona# Uni$ed India Orien$a#

#77.:5 ##%.6$ $7/.$5 #6..55 #,8/#.:/ 88:./: 8$5.68 #/5.%6 #%7.8/ $8./: %.%% 7$.8/ 0.00 0.12 0.00 #,::8.:. #,76$.8: #,.5#./6 #,88%.5$

S$ar Hea#$1 @ .##ied Insurance ."o##o -UNICH -a> BU!.

#,$8$.// $6%.5$ $7.6%

-ar(e$ s1arin) in 1ea#$1 insurance (.s "er IRD.)

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*o we can see that as per the data provided by !)I , all the >*<s are covering up a ma&or share of the current health insurance market with '(? !'I! leading with a #54 market share, whereas ' T!,' 0, <'!T(I !'I! , K ,)!('T 0 following the league. !f we talk about private players !C!C! 0ombard is having a share of #$4 market *tand alone health insurance company *tar health is having ##4 market share. =a&a& is having a market share of 84, EIFC ()G, also has 84 market share. !ffco tokio is having a market share of $4. ppolo Cunich and )eliance also are having $ 4 market share in the health insurance sector. Cholamandalam is having a market share of #4 and same is of Future Generali.

!f the current market scenario is to be believed then we can very well see that right now , health insurance is capture of government supported or better say >*< companies. The e"act reason behind all this is very tough to assume. =ut the other factors which are for sure contributing to the success of >*<s may be as follows1 Core faith in the mind of people since they are older in the business
17

*ince these companies are government backed , thus their success rate is higher They gained the ma&ority of market before the market was opened for private players and thus they are still en&oying it

0ack of efforts from many private players e"cept for a few companies.

-ar(e$ s1arin) of +arious co2"anies in 1ea#$1 insurance indus$r' (as "er $1e sur+e' conduc$ed on $1e "u%#ic)

s we can see !C!C! 0ombard is having the ma"imum market share. !t is controlling nearly $7 4 of the market (as per the survey conducted). C*.
18

nd the $ nd company in the list is Cholamandalam

!t is also clear from the given pie chart that Future Generali is not at all in the frame and thus it becomes very clear that the company needs to revamp its market strategies to make an impact and crack some good market share in the health insurance sector. gain, it needs to be mentioned that the survey was conducted in urban areas, and as the table $ was also suggesting that the ma&ority of !ndian population lives in rural areas, so the ma&or opportunities for insurance companies lies in rural areas.

01' donA$ "eo"#e 1a+e a 1ea#$1 insurance co+er7

?hen this -uestion was asked to people various people gave different kind of answers. *ome of them are as follows1 ! already have a life insurance cover ! am a student, ! don+t re-uire it ! am unaware about health insurance ! never felt the need of these products ! don+t have much earning !t is of no use to me Cy earning is too low, so ! cannot afford it ! am not able to chart out time to buy insurance

'ow if we look at the above stated reasons we can surely feel that basically it leads towards lack of awareness in the common public regarding importance of health insurance. They do not feel that it is of any use to them. The provide e"cuses like they already have a life insurance cover, they are very young and do not re-uire any kind of insurance. Cany people also clearly stated that they are unaware about health insurance. *ome of them felt that health insurance is of no use to them.

19

?hen we thoroughly study the reasons stated, we can trace out the basic reason which led to these provided e"cuses by the public is the Llack of awareness regarding the importance of health insuranceM. 'ot only they think that health insurance is of no use to them, they even consider ass a waste of money. This makes us think not only people are unaware about the importance of health insurance but many of them are against it. *ome of the respondents stated that their income was too low and thus they cannot think of buying any health insurance product for them of their family. This point again raises the issue that people are not aware about various kinds of health insurance products available in the market. *ince health insurance products are designed for different kind of families with varying income groups, so it cannot be an e"cuse that since income is low one cannot afford health cover through insurance. =asically it is the lack of awareness which is prohibiting the people from buying health insurance policies. Thus the target of insurance companies and the government should be to make them aware about its importance and make them understand how it is going to help them in Future.

01en "eo"#e *1o *ere no$ 1a+in) 1ea#$1 insurance co+ered8 *ere as(ed $1e 6ues$ion Bif $1e' *i## %u' an insurance "roduc$ in Fu$ureC7
The following result arrived

20

DE

of $1e a%o+e res"onden$s said 5 Bno $1e' *i## no$ %u' 1ea#$1 insurance in Fu$ureC .

nd they did not feel its need. They provided reasons like its waste of money, they have no idea about these stuffs so can+t invest money in it, some also said that they were very fit and were not having any diseases so they were not willing to invest in health insurance in Future as well. DF soon, Cany of the respondents were of the view that earlier they had a health insurance cover but they did not renew it , neither will they go for a new policy in Future and the reason they stated for it was that when they had the policy they could not get benefited by it i.e they were not hospitaliFed and thus the money that they invested as a premium for the health policy was not utiliFed. *o they were of the view that it+s better to invest money in some kind of security or share market, as it will give them a sure shot profit for the amount invested. The public is more concerned by the profit attached with the insurance policy rather than the real re-uirement of it. Thus it becomes very clear that even if someone is buying a health insurance policy then it is not necessary that he2she is buying because he feels he should buy it for his2her individual2 family+s safety but because he wants to earn or save money through it. *o a big -uestion arises on the approach or mindset of the public when the topic of health insurance and its needs is taken up. For a healthy and fit society a proper health insurance facility of $1e res"onden$s said $1a$ Yes $1e' *i## %u' a 1ea#$1 insurance "o#ic' in Fu$ure +er'

21

to each citiFen is a must, and for making this thing develop in a society like !ndia where the approach of the public regarding insurance is very weird, it becomes the duty of the government and the insurance companies to make people aware about the importance of health insurance.

01en "eo"#e *1o *ere 1a+in) a 1ea#$1 insurance co+er *ere as(ed B*1a$ $'"e of co+er $1e' 1a+e $a(enC7
The following result arrivedB

s we can see that the above chart clearly states that the ma&ority of public who were insured were covered under group policies. .%ou$ <: .%ou$ 9: "u%#ic *ere insured under indi+idua# su2 insured %asis "#ans "eo"#e *ere co+ered under f#oa$er "o#icies,

.%ou$ F: of $1e "eo"#e said $1a$ $1e' 1ad insurance co+er for $1eir 1ea#$1care needs *ere co+ered under )rou" "o#icies The reasons behind such big response in favor of group plicies can be that those people are working in some kind of organiFation or company who has provided them health cover. nother
22

reason can be that people who replied were covered under some kind of health insurance policy which was taken by the organiFation or institute whose part they were. The fact that about 7%4of health insurance is of group policy also makes one think that people by themselves are not much aware about health insurance, it+s &ust that their organiFation2company is providing them cover thus they are insured. 'ow if we see the chart again, we will find that about 8%4of the public who said they had insurance cover for their health needs were insured under individual plans. Thus it becomes evident that individual plans are the most sought plans after group insurance schemes. The individual plans were ma&orly taken by public whose age group was between 87B/7. This also indicates that once a person gets older he2she becomes more aware regarding his2her insurance needs. lso the individual plans getting a share of 8%4 indicate that people are more attracted towards individual plans rather than family floater plans. ?ith a share of about $%4 family floater plans also marked its space in the products available in the market. Family floater plans are basically purchased by people who are concerned about insuring whole of the family within a single policy. !t+s also purchased by people who live in &oint family system and wish to cover every member of their family by a health insurance plan so that in Future whenever there is a re-uirement of healthcare needs, they do not face any kind of problems and the insurance company takes care of their needs. lso the premium is a factor, if a person takes an individual plan he pays premium which covers only him, but if a person takes a family plan, it charges a bit higher premium but in reward it covers every member of the family thus saving the pocket of the person on time of crisis or need. This is the reason why a person goes for a health cover which is meant for his2her family. lthough there are other types of plans available in the market, but none of the respondents had any kind of idea regarding them. This again made a point that people are not aware regarding health insurance sector. >eople were willing and also discussed only about the above mentioned 8 plans i.e group policies, individual and family floater plans.

23

,ne can clearly understand the current market scenario which is prevalent at the moment in the health insurance sector. ?hen one sees the above chart and sees that the group policies are the most sold policies in the market, it becomes clear that individuals are not much aware about the health insurance sector and its importance. (ven if one can see 7%4 of the market captured by group policies, it does not mean that every individual who is working in some organiFation is covered with health insurance. The group polices also form a very very small section of the working population. Thus we cannot say that group policies are doing a very big contribution. !t is &ust that other health policies are doing even poorer than the group policies, thus one gets an impression that group plans are doing good.

01ic1 dis$ri%u$ion c1anne# *as a+ai#ed %' 'ou $o "rocure $1e insurance "roduc$
The following result arrivedB

s we can see that as e"pected by common sense as well

gents form the most successful

channel via which people purchase policy in fact health policies to be precise. They constitute about /%4 of the overall channels. !t means that a ma&or section of the society still goes to agents whenever they need to purchase a policy.
24

gents provide services on a very personal basis, which is also a reason why they are the most successful channel for selling insurance. lthough agents have been the face of the frame for a long period of time now, but we can see that many people have got their policies from other type of channels also. bout #84 people have got their insurance cover from the way of the company or organiFation in which they are working. *o we can say now organiFations are also becoming a link between the insurance companies and a person. *ince the person is working in an organiFation thus it is the duty of that organiFation to take care of the health needs of its employees and his2her family. ,ne positive picture is the $.4of people saying they have got insurance cover via their college or institute in which they are working. *ince noida and greater noida is a location where many students live (as the location is full of colleges), when they were interviewed regarding their insurance providing channel, they said they had got cover from their college. lthough they had no idea about the channel via which the college had purchased the policy. *till if we see it overall we can say that colleges providing health insurance to its students is a good sign. ?e can see that a small percentage is also buying health insurance business through brokers. lthough this might be because it was a personal interview survey, so individuals generally do not go for purchasing their policies through brokers. =rokers generally make business by cracking deals in the corporate sector. *o if we go for a detailed survey we might find that brokers are bringing business for institutes and corporate offices that are willing to buy insurance policies for their employees2students. *ince brokers is a big part of insurance world today, we cannot undermine their contribution in bringing business and thus we should consider the ma&ority of the companies2colleges part of insurance business being brought by brokers only. !f we have a look at the chart we can see that about #84 of the respondents had purchased their insurance policy directly from the company. 'ow this is an interesting figure. bout #8 4 people going for a direct purchase. !t shows that this #84of the lot are a bit more understanding about the insurance business that is why they decided to purchase the policy themselves rather than going through some channel or intermediaries. This is also indicative of the changes coming in the society nowadays. >eople are becoming self cautious regarding important matters like insurance and health coverage. >eople are buying
25

insurance policies either going directly into company offices or by purchasing through internet and making an online payment thus avoiding the part of office going completely. lthough the survey provides a look about how people are buying insurance these days, but it is a matter of thinking about how much scope each of the intermediaries2channels have for them. Truly speaking, the insurance sector is so huge that there is more than enough scope for every channel to not only survive but also prosper their business easily. They &ust need to understand and focus on their target customers. !t becomes a bit challenging for every channel if the space and target customer base for competition is very small, but if the target customer base becomes enormous then their would be ample opportunity for every channel to develop and en&oy big business and profits. fter talking about the e"istence and survival strategies for so many channels in the insurance sector, it also becomes interesting to know how many of the people who have purchased insurance policy are happy with the services provided by the channel or intermediary via which they have purchased the policy. 0et us look at the following data which gives us an idea about the response of people when they were asked if they were satisfied with the current services of the channel via which they purchased the policy or they wanted to change the channel via which they had purchased the policy.

01en "eo"#e *ere as(ed $1a$ BIf )i+en an o"$ion *i## $1e' c1an)e $1e c1anne# +ia *1ic1 $1e' are "urc1asin) $1e "o#ic'C7
The following result arrivedB

26

'ow, as we can see in the previous given pie chart, about 6#4 of the respondents said they did not want to change the channel via which they had purchased the policy. !t also meant that they were satisfied with the current services given by the channels. This 6#4 figure is also more important because it is not asking for the initial service, but for a renewal or continuation in service. *o it becomes sure that these channels had been able to generate a faith in the minds of people and thus were able to get their supportive votes again. >eople who had purchased any type of personal accident or health insurance policy provided the following points as important when it came to decision making moment related with the channels. T1e fo##o*in) "oin$s co2e in $1e 2ind of $1e "u%#ic *1en $1e' $r' $o 2a(e a decision *1e$1er $o c1an)e $1e c1anne# or no$, <nderstanding the needs of the customer >roviding ample time to the customer to e"plain his necessities <nderstanding the re-uirements of the customers

27

Caking the customer properly understand the benefits provided by the policy !nform the customer about the different products available in the market *uggest the customer about the best policy in the given lot Try to persuade the customer in some innovative way which makes him feel that the intermediary cares about the customer needs more than the company

?henever there is a claim he should be there with the customer , so that he does not feels lonely while having the tussle with the insurance company

t the time of renewal the intermediary person should intimate the customer about the policy getting close to the renewal date, so that the customer does not feels any kind of problems later on

!f there is a better product available than the older one, then the intermediary person should suggest the customer about it.

So *e can see $1a$ $1e "u%#ic 1as 2an' (ind of e>"ec$a$ions fro2 $1e c1anne# +ia *1ic1 $1e' are "urc1asin) a "o#ic'. ,ne can+t be sure if they are fully satisfied with the services provided by the channel but still there must be some points in the minds of the people which made them go for the services of the same channel again. !n the chart given in the previous page, we also saw that about $:4 of the people were ready to change the channel via which they had purchased the policy; it also meant that they were not satisfied with the services provided by the current channel. 01en $1ese "eo"#e *ere as(ed *1a$ *ere $1e reasons *1ic1 2ade $1e2 $1in( a%ou$ c1an)in) $1e c1anne# +ia *1ic1 $1e' 1ad "urc1ased $1e "o#ic'8 $1' s$a$ed $1e fo##o*in) reasons& >oor service

28

The intermediary person did not understand the re-uirement of the customer properly Constant clash between the intermediaries and the customers 0ack of communication 0ack of understanding !nability to e"plain about new products

=ut one point which also arises here is that many times, people tend to change the company via which they had purchased the policy and in order to do so, they also change the channel via which they had purchased the policy. They blame the company and it is the intermediary which suffers along with it.

01en "eo"#e *ere as(ed Bif $1e' *ou#d #i(e $o rene* $1eir "o#ic' fro2 $1eir curren$ co2"an'C7
The following result arrivedB

29

s we can see that only #/4 of the people wanted to change the company via which they had purchased the health policy. *o it is a bit difficult to connect the dots between the relationship of a bad insurance policy and changing the channel via which the policy was purchased.

$:4 of the public wanted to change their channel of purchasing the policy. !t indicates that people are satisfied with the company+s policy, it+s the channel which is causing them problem, that is the reason why they want to change the channel.

?e can see that about 5.4 people were ready to renew their policy from their current company only. This indicates that ma&ority of the public is satisfied with the product that they were having. ,ne reason behind this figure is also the added benefits which start &oining the health insurance policy in the later years. *ince there are many e"tra features like cumulative bonus etc which add up into a policy in the later years, so every person who has a bit if understanding of the insurance business goes for a continuation in the policy rather than abandoning it completely.

lso many times it is the faith generated by the company which works in the favor of the companies, as they en&oy a continuation in the services. The company provides discounts and other kind of advantages to the customers at the end of a year or we can say at the time of the renewal of the policy.

,ne ma&or factor which causes the customer to continue the service from the same old company is the simple fact that it is a bit cumbersome to purchase a new policy from a different company. ,nce a person plans to purchase a policy from a different company there are many kind of steps and procedures which he needs to cross through. Ee needs to provide several documents re-uired for the inception of the policy. The customer is needed to go through a health checkup which takes a lot of time.

,ne common feature in !ndians is that they have a Llet it be the way it isM kind of attitude to many things in life. They do not care much even if it is related with them in some way or the other. The same happens many times to people and they do not change their

30

insurance company at the time of renewal of a policy &ust because they do not consider it a much important thing or part of their life. *ometimes negligence also forms the reason why people do not change the companies. t the time of renewal of the policy the agent2 intermediary simply asks for a che-ue or cash payment from the customer, and the customer simply pays it to him, not even asking for the reason of payment which basically shows the unawareness spread across. Iue to the above mentioned reasons the above chart shows such a high percentage of people in favor of continuation of services from their current company.

Vie*"oin$s of $1e in$er2ediaries&

The $nd part of the analysis reflects the results of a survey done on the intermediaries2distribution channels; the survey was done to study the viewpoints of different representatives of the distribution channels like agents and brokers survey was done basically to understand the point of view of the intermediaries regarding health insurance business and approach of the public regarding this sector. =asically the survey was done with agents and brokers in IelhiB'C) region.

31

Of $1e $o$a# sur+e' D: +arious a)encies,

res"onden$s *ere %ro(ers and G:

res"onden$s *ere a)en$s of

,nly these two types of intermediaries were used for the survey because these two bring more than :%4of the health insurance business in IelhiB'C) region (as per the survey done on public).

C#ien$ iden$ifica$ion&
The most important thing for any intermediary is to identify its clients. There are various channels or leads which help these intermediaries to identify its clients. The following figure will give a better picture regarding client identification1

T1e a%o+e fi)ure is a co2%ined "ic$ure of $1e %usiness %rin)in) s$ra$e)ies of %o$1 a)en$s and %ro(ers $a(en $o)e$1er.

32

?e can see $74 of the business is brought by a combination of reference from e"isting clients, insurance companies, and tele calling, as well as with the help of direct sales team e"clusively designed for this purpose only.

$nd combination is the combination of reference from e"isting clients and insurance companies only. This also accounted for about $74.

combination of insurance companies and direct sales team was considered by #74 as the most helpful thing in identification of clients.

#%4 thought that a combination of )eference from e"isting clients, !nsurance companies, Tele calling was best for brining clients.

The combination of )eference from e"isting clients, !nsurance companies, Tele calling, direct sales team, and online search for clients was considered by 74 of the overall respondents as helpful in bringing clients.

C#ien$ iden$ifica$ion 2e$1ods (.)en$s)

33

T1e a%o+e c1ar$ is a %i$ differen$ fro2 $1e c1ar$ on $1e "re+ious "a)e. The most sought after combination is the )eference from e"isting clients, !nsurance companies, which accounted as the best combination by 85 4 of agents. nd $8 4 respondents considered the combination of )eference from e"isting clients, !nsurance companies, Iirect sales team and the combination of !nsurance companies, Iirect sales team only as the best way to identify clients. *o we can see the agents basically consider reference from e"isting clients and insurance companies as the best way to procure new business. This also proves that agents believe in more of a grounded kind of work environment. They do not put in many efforts on new age methods like use of internet, tele calling and creation of a direct sales team for identifying new clients. They still believe in old techni-ues for bringing business.

34

This also makes it clear that if agents use other new age or modern techno savvy methods for identification of new clients, they can increase their by leaps and bounds. These methods will also help them in keeping a track of the clients overall.

C#ien$ iden$ifica$ion 2e$1ods (Bro(ers)

s we can see , a ma&or part of the response came in favor of the combination of )eference from e"isting clients, !nsurance companies, Tele calling, Iirect sales team. !t was selected by 6$4 of the brokers as the best combination to procure or identify new business. ?e can clearly see that brokers also feel that reference from insurance companies and e"isting clients is a very good way of generating business. =ut agents also feel that use of telecalling and creation of a direct sales team is e-ually helpful these days. #/4of the brokers who responded felt that a combination of )eference from e"isting clients, !nsurance companies, Tele calling, Iirect sales team, and online methods is helpful in bringing business.

USE OF -ODERN TECHNI3UES BY BROHERS

The above figure actually is very different from the picture given when the agents+ methods were analyFed. lthough both agents and brokers consider reference from e"isting clients and
35

insurance companies as their most important tool for gathering new business. =ut one point of difference which the brokers are now making is the use of more and more new techno savvy methods like internet advertisements, creation of database, teleBcalling, client survey, creation of sales team etc.

-os$ "rofi$a%#e "roduc$s in 1ea#$1 insurance sec$or

!t is a very interesting point to be discussed what are the most profit bringing products in the health insurance business. There are many types of products available in the market but all are not e-ually profitable for the intermediaries and the insurance companies. 0et us look at what are the products which the intermediaries consider to be the most profit generating one .)en$sA "ers"ec$i+e&

*ince the survey was done on an open ended basis for this -uestion, responses of varied wordings were collected.

!ndividual mediclaim business was considered to be the most profitable business by agents.

36

Narious agents considered individual health care as the best product available as far as profits are considered. They named it by different types like individual health, individual, individual plans, individual mediclaim etc.

Family floater plans was also considered by :4 agents to be a profit giving business. *imilarly :4 agents also considered criticare business as profit giving alongwith individual policies.

The picture above shows that individual healthcare policies are the most sought after policies as far as agents+ profits are considered.

Bro(ersA "ers"ec$i+e&

The above figure gives out a very clear picture about what the brokers think regarding the most profitable product as far as health insurance industry is considered.
37

/84 feel that the individual sum insured basis products are the most profitable business. ?hereas $:4 feel that group policies are a profit bringing product. Eere we can see a different approach from agents. gents did not consider this product at all. This also gives an indication that group mediclaim policies are sold by brokers most of the times.

reason for this particular difference may also be because agents do not have much of contacts in big corporate houses to bring business of such large scale and thus they did not consider it as profit giving product.

#/4 respondents also voted for family floater products as the most profit giving product. #/4of the respondents also felt that the whole health insurance market is profitable and thus giving it a thumbs up.

Co2"ara$i+e ana#'sis of "roduc$s offered %' +arious insurance co2"anies5 Indi+dua# Co2"an' na2e
/IC

co+er "o#icies
Eealth Guard

Fa2i#' !o#icies
Family

f#oa$er !ersona# .cciden$ "o#icies

Floater #.>ersonal Guard, $.*ankat Cochan

/rou" "o#icies
#.Group Guard, $.Group accident, 8.Group illness, /.?orkmenOs compensation #.Group medicalim, $. Group personal accident critical personal Eealth

Ba=a= .##iaan4 !ndividual

Eealth Guard

Re#iance )enera# insurance

)eliance !ndividual Cediclaim !nsurance >olicy

#.)eliance Eealth?ise >olicy, B *tandard >lan,$.)eliance Eealth?ise >olicy

)eliance !ndividual >ersonal ccident >olicy

38

T.T. /IC

.I/ !ndividual ccident *ickness Eospital Cash and

'.

#. ccident Guard, $.!ncome Guard,

Tata >ersonal

!G

Group ccident >.

8.*ecured !ncome >lan, !nsurance( /.Caharaksha >ersonal Cover) Family Floater !n&ury >lan !ndividual >ersonal ccident !nsurance '.

ICICI Lo2%ard /IC

Eealth dvantage >lus !nsurance !ndividual Cedishield !nsurance >olicy E( )T =( TB silver Future ,

Eealth !nsurance

IFFCO TOHIO /IC

*wasthya (Family

Davach Eealth

Group >ersonal ccident !nsurance policy(group only) '.

Group ccident

>ersonal !nsurance

!nsurance) >olicy Family first( for &oint families), gold families) Family

policy(>. . cover)

-.I BU!.

!'I!N!I< 0( floater(nuclear (mployee Eealth !nsurance '. Future Eealth Future ccident *uraksha First and platinum) Eealth *uraksha Family FUTURE /ENER.LI *uraksha !ndividual

T1e $a%#e on $1e "re+ious "a)e "ro+ides $1e fo##o*in) da$a5

Future Generali is having only 8 products in the health insurance segment. ,ther companies are offering many products which are especially desgined for health insurance segment. Future Generali is providing one product each for individual cover, family floater and personal accident insurance. For the personal accident section, Future Generali is having a ssingle product, whereas many other companies are providing more than one product, and thus it becomes clear

39

that they have designed different products for the personal accident market also covering different situations. !f we take a look at the table we can see ma&ority of companies are providing more than one product especially designed for at least one of the segments i.e individual, family cover or >. cover. Future Generali has no product in group medicalim policy section, whereas many other companies are providing this cover and are getting advantage. ,ne big opportunity lies in the Group health policies as the market is still very wide open, and in a developing nation like !ndia full of national and multinational companies, an opportunity for gaining advantage in the group health insurance market is always there *ince it has been previously discussed that Group polcies are getting popular now with big corporate houses and institutes providing cover to their employees and students respectively. *o this segment of the health insurance business is still untapped for Future Generali.

40

If *e add a $a%#e s1o*in) e>$ra %enefi$ "o#icies offered %' insurance co2"anies in 1ea#$1 insurance 2ar(e$8 *e )e$ $1e fo##o*in) "ic$ure5

Co2"an' na2e
Ba=a= .##iaan4 /IC

E>$ra %enefi$ "o#icies

#.Eealth (nsure, $. ("tra Care, 8. Ta" Gain >lan, /. *tar >ackage 7.0ife Eealth !nsurance, ..Eospital Cash 6. *ilver Eealth 5.!nsta !nsure )eliance Eealth?ise >olicy 9 Gold >lanK silver

Re#iance

)enera#

T.T. .I/ /IC

#.?ellsurance Family $. ?ellsurance ?oman 8.?ellsurance ("ecutive #.)ishtey 9 >arents+ Eealth !nsurance, $.Eealth Care >lus

ICICI Lo2%ard /IC

FUTURE

'.

-.I BU!.

'.

41

 ?e can see in this particular section of the health insurance market companies design special product for the customers like ta" saving, e"tra care, parents health care etc. Future Generali has no product in the special benefit segment.

42

Companies like =a&a& llianF, )elaince, Tata !G and !C!C! 0ombard are gaining advantage in the market by providing these kinds of products.

!t+s a part of the market which has got no proper definition to it, so every company has got the opportunity to design a product in some unorthodo" manner and place it in the market and gain profits.

For every new company this particular Fone in the health insurance market is a brilliant opportunity to succeed and establish itself, and thus Future Generali must capitaliFe on this aspect.

!ersona# .cciden$ Insurance 2ar(e$ and "u%#ic 2indse$5 01en as(ed 6ues$ions re)ardin) +ie*s a%ou$ "ersona# acciden$ insurance "roduc$s $1e fo##o*in) res"onses *ere no$ed 9
Ca&ority of the public i.e more than :%4 of the public interviewed did not know anything about personal accident insurance Cany of the respondents said that there is no product like this in the market as their agent did not inform them about these ever. There was a section of respondents who said that a personal accident insurance cover is one taken while we are driving a motor vehicle, thus they were confused regarding a >. insurance cover and a motor insurance cover. Cany of those who understood a personal accident insurance cover said they did not need this product as they will obviously be getting reimbursement after any motor accident from the person who hits them. *ome people also were of the viewpoint that they cannot purchase an insurance policy for everything in life. >eople also felt that after purchasing a health insurance policy, a separate personal accident cover is not needed.
43

01a$ does $1is 2ean7

There is heavy unawareness amongst the public regarding personal accident insurance They think if someone is riding a vehicle, and they meet with accident with that vehicle, the motor insurance will compensate them They do not think personal accident insurance is needed in their life They never thought accidents might happen in their how houses and may cause damage to the property as well as their family members

44

FINDIN/S
;, The Future Generali could be able to get considerable business because of its Goodwill and familiarity of the Future Generali 9, The corporate agents and employees of the Future Generali trying to get green >astures elsewhere. *o that the labour turnover is very high among the Corporate agents and employees of the Future Generali. <, Iue to high labour turnover among the agents and employees there is discontent between the company and the policy holders D, s the insurance agency work is secondary to the agents they are not showing much !nterest

about this insurance business. F, The products offering by Future Generali is not within the reach of below middle class. Company also not showing any interest in developing business in this segment. G, Cany people do not know even today that the Future Generali is doing life insurance business.

45

LI-IT.TION
s we all know that for every good work there should be some leakages also. Eere leakage means some drawbacks. ?hat ! had found in my -uest *<CC() T) !'!'G which are e"pected to be as follows1 Time limitation Companies did not disclose their secrets data and strategies. >ossibility of (rror in data collection. >ossibility of (rror in analysis of data due to small sample siFe. )espondents error 0imited resources

46

CONCLUSION

s the product tries to cover the LCurrent market scenario K potential visBPBvis channel mi" for nonBmotor retail products of Future GeneraliM, a detailed study was done on various aspects like1 Carket siFe, Carket type, Narious types of available products offered by competitors, Iifferent type of distribution channels available, >ublic view point regarding the non motor retail insurance market and various other points The current status of health insurance and personal accident insurance market for Future Generali is not very good, but as the company is a very good brand thus it has all the potential to do well in this market. *ince the company is &ust 8 years old in the !ndian insurance market it will take time to capture market share and capturing more than #.$4 of the market share in 8 years is a fair performance. Currently Future Generali is having only 8 products for the health and personal accident insurance market whereas its competitors are having much more number of products for the same. Future Generali is also not having a single product in the nonBmotor retail insurance market which has some miscellaneous2special type of features. part from that while studying the response of public about their understanding of the health and personal accident insurance market it was concluded that ma&ority of pubic is unaware about these types of products, they do not have information if these types of insurance policies do e"ist in the market or not. Cany of them feel that having a health insurance cover is not useful until you are into your old age or you are having some dangerous diseases, many others feel that

47

health insurance cover on an individual basis is a waste of money, some of them felt that it is the duty of the company in which they are working to provide them with a health insurance cover and they by themselves will not buy one.

T1e dis$ri%u$ion c1anne# fac$or

The intermediaries play a very important part in bringing business for any insurance company. *ince it is the intermediaries which ultimately contact the customers and maintain a regular contact with them, thus if the intermediaries are able to satisfy the clients then the business for any insurance company is sure to increase. <nlike the market in the foreign nations, the !ndian market is still very raw in terms of health insurance products. >eople are least aware about launch of new products, in fact the ma&ority of the public do not know more than 7B5 insurance companies. The potential customers of this market are still very much dependent on the intermediaries for any particular policy. For e"ample if someone has to purchase a family floater health insurance plan , he will not be able to choose a product by himself as he is not able to understand the policy details by himself and is always dependent on his agent or broker or bank via which he2she has purchased the product.

48

RECO--END.TIONS Reco22enda$ions5
The public needs to understand the importance of cost of medical e"penses Future Generali needs to launch more products in the health and personal accident market as its competitors are doing. The company is not having a big market share at the moment, and to do so it needs to have some special and attractive marketing strategies to attract the customers. t the moment, the ma&ority if business is brought by agents and brokers, the company needs to train the agents in a better manner so that they can bring more customers. The company should try to improve it+s after sale services so that its current customers do not go away to other companies. The company should try to take a feedback from the customers on a regular basis, to understand their needs and grievances and act accordingly. s the pro&ect shows that the real scope of health and >. market which is full of opportunities. The basic problem lies in the lack of awareness in the minds of people, and thus the company should organiFe some events which will try to educate the common public and make them understand the importance of insurance and especially health insurance. insurance market lies in the

rural areas, so the company needs to make strategies and try to capture this particular

49

The company needs to make the common people aware that if they think in the long period of $%B8% years, any claim in health insurance will be much more than the premium paid

BIBLO/R.!HY
0e%si$es used&
www.irda.gov.in(http://www.irda.gov.in/Defaulthome.aspx?page=H1) ***,Fu$ure/enera#i,in(1$$"&JJ***,Fu$ure/enera#i,inJCor"ora$eJInde>,as">) ***,searo,*1o,in$J(1$$"&JJ***,searo,*1o,in$Jinde>,1$2) ***,searo,*1o,in$J#in(fi#esJsocia#K1ea#$1KinsuranceKan9,"df ***,insurance"andi$,co2( http122www.insurancepandit.com2)

Boo(sJJourna#J2a)a4ineJNe*s"a"er Referred& The (conomic Times. =rochures of Future Generali. =rochures of other general insurance companies in !ndia. Carketing )esearch(an applied orientation)B 'aresh D. Calhotra.

50

 >ersonal ccident *ickness nd Ciscellaneous !nsurance (!CB68) by !nsurance !nstitute of !ndia.

.NNEIURESJ.!!ENDII
3UESTIONN.IRES
To assess the Carket >erception regarding Current market scenario K potential for nonBmotor retail products. Iear )espondent, ! (D >!0 * G ))a student of '!(C , GG*!><, am conducting this survey as a part of my summer internship pro&ect LCurren$ 2ar(e$ scenario and "o$en$ia# +is5L5+is c1anne# 2i> for non52o$or re$ai# "roduc$s of Fu$ure /enera#i M The information gathered through this survey would be essential and precious for my research and would be used for inferential and statistical purpose only

3ues$ionnaire used for sur+e' of co22on "u%#ic5

51

Na2e& KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK .)e& KKKKKKKKK Con$ac$& KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK Loca$ion& KKKKKKKKKKKKKKKKKKKKKKKKKKKK ;, Io you have a personal accident2 health insurance policy @ a) Qes b) 'o ;,; If No then why? 333333333333333333333333333333333333333333333

9, ?hich health insurance policy do you have@ a) !ndividual sum insured basis b) Floater sum insured basis2 family plan c) Group health cover d) ny other 333333333333333333333333333333333

<, From which company have you purchased the policy@ 3333333333333333333333333333333333333333333333

D, Qou have purchased your policy via which channel@ a) gents

b) =rokers c) =anks
52

d) Iirect (33333333333333333333333333) e) ny other (please mention)33333333333333333333333333

F, ?ould you like to renew your policy from your current company@ a) Qes (reason3333333333333333333333333333333) b) 'o (reason3333333333333333333333333333333333)

G, !f given an option will you change the channel via which you are purchasing the policy@ a) Qes ( reason 33333333333333333333333333333333333) b) 'o (reason3333333333333333333333333333333333333)

M. >rioritiFe the following factors on a scale of #B7 about the influence which they create when you think of purchasing a policy.R# being the highest2bestS a) Qour re-uirements ( ) ) )

b) >roduct specifications (

c) !nfluence by the channel ( d) Ta" advantage ( e) ,ther factors ( ) )

E, ?hat are the problems which you often face while purchasing a policy@ a) *low response from the channel

53

b) 0ack of proper e"planation regarding the product features c) 0ack of communication d) ny other (please mention)33333333333333333333333333333333333333333333333

N, Iid you face any kind of problem during the after sale services by the insurance company@ a) Qes ( 333333333333333333333333333333333333) b) 'o

;:, ?hat changes do you want in your current health insurance plan@

3ues$ionnaire used for sur+e' of Dis$ri%u$ion c1anne#s5

N.-E& KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK .DDRESS& KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK CONT.CT NO& 33333333333333333333333333333333333333333333333333333333 ;, TQ>( ,F I!*T)!=<T!,' CE ''(01 G('CQ =),D() )(T !0 =),D() C,)> =),D() C,)>,) T( gents 'Q ,TE() (>0( *( C(T!,') 333333333333333333333333333333333333 9, 0!C('*( ',. 3333333333333333333333333
54

<, ?E T !*2 )( Q,<) )( * ,F ,>() T!,'* T )<) 0 T <)= ' T *(C! )<) 0 T *(C! <)= ' D, >>),U!C T( '<C=() ,F C0!('T* E 'I0(I =Q Q,< >() C,'TE1 'ew133333333333333333333333)enewal 13333333333333333333333333333 F, ?E!0( >),N!I!'G *()N!C( T, C0!('T Q,<) C V,) F,C<* !* ,'1

33333333333333333333333333333333333333333333333333333333333333 G, E,? I, Q,< !I('T!FQ '(? C0!('T*1 T )(F()('C( F),C (U!*T!'G C0!('T* T !'*<) 'C( C,C> '!(* T T(0(B C 00!'G T I!)(CT * 0(* T( C T ,'0!'( T 'Q ,TE() (>0( *( C('T!,') 3333333333333333333333333333333333333 M, ?E T )( TE( (U>(CT T!,'* ,F >()*,' ><)CE **!'G >()*,' 0

CC!I('T2E( 0TE >,0!CQ@ 33333333333333333333333333333333333333333333333333333333333333 E, ?E T )( TE( C V,) >),=0(C* F C(I =Q Q,< ?E!0( >()*< I!'G

Q,<) C0!('T@ 3333333333333333333333333333333333333333333333333333333333333333 N, ?E T !* TE( C,*T >),F!T G!N!'G >),I<CT !' E( 0TE K >. C )D(T@ 3333333333333333333333333333333333333333333333333333333333333333333

55

;:, * >() Q,< ?E T =<*!'(**@

)( TE( *C,>(*

N !0 =0( !' ','BC,T,) )(T !0

3333333333333333333333333333333333333333333333333333333333333333333333 ;;, ?E T !* Q,<) T )G(T C )D(T20,C T!,'@ 333333333333333333333333333333333333333333333333333333333333333333333333

;9, ?E T !* TE( *E )( ,F Q,<) C,C>(T!T,) !' Q,<) T )G(T C )D(T@

56