Insurance Industry

Introduction
Insurance in its current form has its history dating back until 1818, when Oriental Life Insurance
Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community.
The pre-independence era in India saw discrimination between the lives of foreigners (English)
and Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life
Assurance Society became the first Indian insurer.
At the dawn of the twentieth century, many insurance companies were founded. In the year 1912,
the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the
insurance business. The Life Insurance Companies Act, 1912 made it necessary that the
premium-rate tables and periodical valuations of companies should be certified by an actuary.
However, the disparity still existed as discrimination between Indian and foreign companies. The
oldest existing insurance company in India is the National Insurance Company , which was
founded in 1906, and is still in business.
The Government of India issued an Ordinance on 19 January 1956 nationalising the Life
Insurance sector and Life Insurance Corporation came into existence in the same year. The Life
Insurance Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75 provident
societies245 Indian and foreign insurers in all. In 1972 with the General Insurance Business
(Nationalisation) Act was passed by the Indian Parliament, and consequently, General Insurance
business was nationalized with effect from 1 January 1973. 107 insurers were amalgamated and
grouped into four companies, namely National Insurance Company Ltd., the New India
Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance
Company Ltd. The General Insurance Corporation of India was incorporated as a company in
1971 and it commence business on 1 January 1973.
The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private
sector. Before that, the industry consisted of only two state insurers: Life Insurers (Life Insurance

Corporation of India, LIC) and General Insurers (General Insurance Corporation of India, GIC).
GIC had four subsidiary companies. With effect from December 2000, these subsidiaries have
been de-linked from the parent company and were set up as independent insurance companies:
Oriental Insurance Company Limited, New India Assurance Company Limited, National
Insurance Company Limited and United India Insurance Company Limited.
The Indian insurance sector has 52 insurance companies, of which 28 are in non-life insurance
business and 24 in life insurance. India's life insurance sector is the biggest in the world with
about 36 crore policies and is expected to increase at a compound annual growth rate (CAGR) of
12-15 per cent over the next five years. The insurance industry plans to hike penetration levels to
five per cent by 2020, and could top the US$ 1 trillion mark in the next seven years.
This bright outlook for the sector is primarily due to the Government of India's efforts to
strengthen the industry. For instance, the Union Cabinet in July 2014 approved a proposal to
relax foreign direct investment (FDI) limit in the domestic insurance sector to 49 per cent from
the previous 26 per cent, signaling the Centre's intent to bring capital and investment into the
sector.

Company Profile
Max Bupa
Max Bupa Health Insurance Company Ltd. (Max Bupa) is a joint venture between Max India
Limited and the UK based healthcare services expert, Bupa. Bupa Group offers health insurance
to customers around the world and specialises in health insurance and aged care. Bupa Group has
more than 10 million customers in over 190 countries. Bupa Group provides health insurance
cover for individuals, families and companies. It is the largest private medical insurer in the UK.
Currently the company's headquarters is in Delhi and is operating with 11 branch offices across
India. The branch offices are located in:

Delhi
Mumbai

Pune
Hyderabad
Chennai
Kochi
Bangalore
Surat
Jaipur
Ludhiana

Vision
Our vision is real. To become India's most admired Health Insurance Company. And to make this
vision a reality, we have brought together our vast and varied experience as the experts in
healthcare.

Mission
At Max Bupa, our mission is to help our customers live healthier and more successful lives by
providing expertise as healthcare partners. And this, we realize is only possible by constantly
raising the bar in the standard of health insurances and by keeping our promises to you, our
customer and caring for you, for life.

Milestones
While Bupa has six decades of experience in the healthcare industry and a 11.3 million customerbase in over 190 countries; the Max India Group brings expertise in both health and insurance
related services including hospitals, clinical research and life insurance.

List Of Board Of Directors

RAJESH SUD (Chairman)

Rahul Khosla (Co-Vice Chairman)

Amit Sharma (Director)

Anthony Maxwell Coleman (Director)

Mohit Talwar (Director)

K. NARASIMHA MURTHY (Director)

Ms.Evelyn Bourke (Director)

Mr. David Fletcher (Director)

Pradeep Pant (Director)

Products
Heartbeat Individual
Its a simple to understand and easy to buy plan which shall provide you a blanket cover for your
medical expenses Additionally you can also get in addition to International cashless coverage,
direct claim settlement and many more benefits which will make your life hassle-free.

Heartbeat Family First

This is a one-of-its-kind Health Insurance plan, which caters to the needs of the Indian joint
family. You can get coverage for up to 14 relationships with individual sum insured for each
member and a floater sum insured that can be used by any of the family members.

Heartbeat Family Floater

Your family always comes first. And keeping this in mind, weve designed a one-of-its-kind
health insurance plan which caters to the needs of the Indian Joint Family allowing coverage for
every family member.

Theoretical Framework
Introduction of Stress
Hans Selye was one of the founding fathers of stress research. His view in 1956 was
that stress is not necessarily something bad it all depends on how you take it.
The stress of exhilarating, creative successful work is beneficial, while that of
failure, humiliation or infection is detrimental. Selyebelieved that the biochemical
effects of stress would be experienced irrespective of whether the situation was
positive or negative. Since then, a great deal of further research has been
conducted, and ideas have moved on. Stress is now viewed as a "bad thing", with a
range of harmful biochemical and long-term effects. These effects have rarely been
observed in positive situations. The most commonly accepted definition of stress
(mainly attributed to Richard S Lazarus) is that stress is a condition or feeling
experienced when a person perceives that demands exceed the personal
and social resources the individual is able to mobilize. In short, it's what we
feel when we think we've lost control of events.
There is both positive and negative stress, depending on each individuals
unique perception of the tension between the two forces. Not all stress is bad. For
example, positive stress, also known as eustress, can help an individual to function
at optimal effectiveness and efficiency for example, can push us to make the

most of our time and produce greater efficiency. It is important to keep this
in mind, as stress management refers to using stress to our advantage, and
not on eradicating the presence of stress in our lives.
On the other hand, negative stress can result in mental and physical
strain. An
Individual will experience symptoms such as tensions, headaches, irritability
and in extreme cases, heart palpitations. Hence, whilst some stress may be
seen as a motivating force, it is important to manage stress levels so that it
does not have an adverse impact on your health and relationships.

Good stress v/s Bad stress:

Stress has often been misunderstood to be negative, with few people
acknowledging the importance and usefulness of positive stress. In our
everyday
lives, stress is everywhere and definitely unavoidable; hence our emphasis
should be on differentiating between what is good stress, and what is bad.
This
will help us to learn to cope with negative stress, and harness the power of
positive stress to help us achieve more.
There are four main categories of stress, namely eustress, distress, hyper
stress
and hypo stress. Negative stress can cause many physical and psychological
problems, whilst positive stress can be very helpful for us. Heres how we
differentiate between them.
Eustress:
this is a positive form of stress, which prepares your mind and body for the
imminent challenges that it has perceived. Eustress is a natural physical
reaction
by your body which increases blood flow to your muscles, resulting in a
higher
heart rate. Athletes before a competition or perhaps a manager before a
major
presentation would do well with eustress, allowing them to derive the
inspiration
and strength that is needed.
Distress
We are familiar with this word, and know that it is a negative form of stress.
This

occurs when the mind and body is unable to cope with changes, and usually
occurs when there are deviations from the norm. They can be categorized
into
acute stress and chronic stress. Acute stress is intense, but does not last for
long. On the other hand, chronic stress persists over a long period of time.
Trigger events for distress can be a change in job scope or routine that the
person is unable to handle or cope with.
Hyper stress
This is another form of negative stress that occurs when the individual is
unable
to cope with the workload. Examples include highly stressful jobs, which
require
longer working hours than the individual can handle. If you suspect that you
are
suffering from hyper stress, you are likely to have sudden emotional
breakdowns
over insignificant issues, the proverbial straws that broke the camels back. It
is
important for you to recognize that your body needs a break, or you may end
up
with severe and chronic physical and psychological reactions.
Hypo stress
Lastly, hypo stress occurs when a person has nothing to do with his time and
feels constantly bored and unmotivated. This is due to an insufficient amount
of
stress; hence some stress is inevitable and helpful to us. Companies should
avoid having workers who experience hypo stress as this will cause
productivity
and mindfulness to fall. If the job scope is boring and repetitive, it would be a

good idea to implement some form of job rotation so that there is always
something new to learn.
What Are The Signs Of Stress?
Stress can cause both mental and physical symptoms. The effects of stress are
different for different people.
The mental symptoms of stress include:
Tension
Irritability
Inability to concentrate
Feeling excessively tired
Trouble sleeping
The physical symptoms of stress include:
Dry mouth
A pounding heart
Difficulty breathing
Stomach upset
Frequent urination
Sweating palms
Tight muscles that may cause pain and trembling

Facts about stress

According to the American Academy of Family Physicians, two-thirds of office
visits to family doctors are for stress-related symptoms.
Almost everyone experiences events that they find difficult to cope with. In a
recent poll, 89 percent of people said they had experienced serious stress in their
lives.
According to one study, middle-aged men under severe stress who lacked
emotional support were five times more likely to die within seven years than
those who had the same amount of stress but had close personal ties.
A recent study indicated that stress-management programs may reduce the risk of

heart problems, including heart attack, by up to 75 percent in people with heart

disease.
How Stress Can Hurt
It has been estimated that two-thirds of all visits to physicians are for stress-related
problems. Recent evidence indicates that the physical changes associated with
stress may
contribute to the leading causes of death - heart disease and cancer.
The effects of stress include the following:
1) Stress can cause chronic fatigue, digestive upsets, headaches, and back pain.
2)Stress can affect the blood cells that help you fight off infection, so you are more
likely to get colds and other diseases.
3)Constant stress can increase blood pressure and can increase the risk for stroke.
4)Stress can increase the danger of heart attacks, particularly if you are often angry
and mistrustful.
5)Stress can make an asthma attack worse.
6)Stress triggers behaviors that contribute to death and disability, such as smoking,
alcoholism, drug abuse, and overeating.
7)Stress can lead to diminished sexual desire and an inability to achieve orgasm.
8)Stress makes it harder to take other steps to improve health, such as giving up
smoking or making changes in diet

Stress among employees at workplace

Workplace stress is the harmful physical and emotional response that occurs
when there is a poor match between job demands and the capabilities, resources, or
needs of the worker. Stress-related disorders encompass a broad array of
conditions, including psychological disorders (e.g., depression, anxiety, posttraumatic stress disorder) and other types of emotional strain (e.g.,dissatisfaction,
fatigue, tension, etc.), maladaptive behaviors (e.g., aggression,substance abuse),
and cognitive impairment (e.g., concentration and memory problems). In turn, these
conditions may lead to poor work performance or even injury. Job stress is also
associated with various biological reactions that may lead ultimately to
compromised health, such as cardiovascular disease. Stress is a prevalent and
costly problem in today's workplace. About one-third of workers report high levels of
stress. One-quarter of employees view their jobs as the number one stressor in their
lives. Three-quarters of employees believe the worker has more on-the-job stress
than a generation ago. Evidence also suggests that stress is the major cause of
turnover in organizations.

Research findings from WHO (World Health Organization) with

special reference to employees

40% of workers reported their job was very or extremely stressful.

25% view their jobs as the number one stressor in their lives.
Job stress is more strongly associated with health complaints than financial or
family problems.
25% have felt like screaming or shouting because of job stress, 10% are
concerned about an individual at work they fear could become violent.
9% are aware of an assault or violent act in their workplace and 18% had
experienced some sort of threat or verbal intimidation
19% had quit a previous position because of job stress
26% have been driven to tears because of workplace stress.
62% routinely find that they end the day with work-related neck pain.
44% reported stressed-out eyes.
38% complained of hurting hands
34% reported difficulty in sleeping because they were too stressed-out.
12% had called in sick because of job stress.

Workplace stress has a negative impact on the business as well as on the

individual employee. The increase in job stress creates emotional, financial,

and
safety concerns for employers and managers
The World Health Organization labeled stress a worldwide epidemic. Today,
workplace stress is estimated to cost companies more than $300 billion a

year in
poor performance, absenteeism and health costs.

Stress Management
A predetermined strategy for coping with psychological or emotional turmoil at
workplace. Stress can be contolled by individuals or as part of a health benefits
package, a company may offer stress management therapy to improve job
performance.
Why Organizations need stress management?
Economic benefits

Lower risks of litigation because they comply with legal duties

Improved return on investment in training and development

Improved customer care and relationships with clients and suppliers

Reduced costs of sick pay, sickness cover, overtime and recruitment

Benefits for individuals

People feel more motivated and committed to their work

Morale is high

People work harder and perform better increasing their earning power

People feel that they are part of a team and the decision-making process, so
accept change better

Relationships with managers and within teams are better

People are happy in their work and dont want to leave

Line managers can outwardly show their duty of care

Line Managers can demonstrate good management skills that could help their
promotability and career development.

Management benefits

Reduced staff turnover and intention to leave, so improving retention

Better absence management

Fewer days lost to sickness and absenteeism

Fewer accidents

Improved work quality

Improved organisational image and reputation

Better staff understanding and tolerance of others experiencing problems

A self approach towards stress management

1) Determine what causes stress in your life.

2) Think of ways that you can reduce the stress.
3) Formulate your stress management technique for relieving stress

Steps for Stress Management

One thing you need to keep in mind is that you cannot expect to totally get
rid of stress. It is a process wherein your initial goal would be to reduce the
amount of stress in your life until you eventually get rid of it.
The following ideas will help you establish a stress management method that
could work
for you:

1) Improve your time management skills. Most of your stress in life is a result
of your
inability to squeeze in your plans within the time available to you. So,
creating your
schedule will enable you to achieve more in less time. When creating your
schedule, put
the most important items on top of your list.
2) Study the way you react to stress. This requires your honesty to determine
whether
your own coping mechanisms are effective or not. If not, then look for other
means.
3) Take care of your body. This is often the most neglected aspect of stress
management. Get enough rest and eat well. Your health is the most vital
factor in stress management.
4). Change your mind set. Oftentimes, stress is produced only by your mind.
So, if that is the case with you, then adopting a new perspective might
reduce your stress levels.

Other Ways to Manage Stress

1) Humor
2) Hobbies
3) Meditation
4)Biofeedback
5) Massage therapy

HR role in Stress Management

HR can help by implementing effective employee wellness programs that help employees manage and
eliminate stress in their work and personal lives. Such initiatives include employee assistance programs
(EAPs), stress management workshops, fitness subsidies or on-site gyms and workplace massage days.
Also of significance are programs designed to save employees time such as corporate cafeterias, on-site
amenities such as dry cleaners, post offices, pharmacies and even employee concierge services.

Strategies to overcome stress management

Work Life Balance Strategy
Establishing work schedules that are compatible with demands and responsibilities
outside the job and offering supportive services can help reduce stress. Here are
some key strategies:
1)Flex time: Allowing workers to start or end the workday earlier or later can reduce
work/life stress, especially for working parents. Flex time can also reduce the stress
of commuting in rush hour traffic.
Job sharing: This allows at least two people trained to perform each job, enabling
each employee to have time off without losing productivity.
2)Work from home: Working from home results in higher morale and job satisfaction
and lower employee stress and turnover, according to an analysis of two-decades of
studies involving nearly
13 thousand employees, conducted by researchers at Pennsylvania State University.
The prime reason is that working at home provides employees more control over
how they do their work, according to lead author Ravi S. Gajendran. Working at
home also helps workers better manage work/family demands.
3)Longer lunch hours: Extending the lunch hour may help discourage snacking and
fast food. One survey found that nearly three quarters of employees say that they
eat unhealthy snackschips, candy,

etc.at work once a week; 27 percent said they did so three or more times a
week.50 Adequate time may also encourage time for calming or other stressreduction activities such as walking.
4)Eldercare support: Many companies have begun to contract with geriatric care
specialists to help with issues such as finding doctors to address age-related
diagnosis, and arranging transportation to medical appointments.
Arrange Various Wellness Programs for employees
HR department of an organization can provide range of programs to help their
employees overcome stress.The most suitable method is to classify the level of
stress among different employees at different levels and convince employees to
attend programs respective to their stress. The programs which can help eradicate
stress are as follows.
Employee Assistance Programme
EAPs are typically offered by the HR department as part of the employers health
insurance plan to assess and address personal issues that affect employee
performance and productivity. Issues can range from substance abuse to family
problems, and EAPs often include counseling benefits. Studies show that EA Ps for
substance abuse can reduce workers compensation claims, employer healthcare
costs, and absenteeism. In a study involving 50 companies, EAPs reduced
absenteeism by 21 percent, decreased workplace injuries by 17 percent and
increased productivity by 14 percent.
Stress management workshops. Scheduled workshops that educate employees
about the sources of stress, effects on their health and how they can reduce stress
can be effective if backed by practical stress management techniques that
employees can use on and off the job.

Research Methodology
Objectives of Study
Primary objective
1) To study the stress level of the employees at work
Secondary objective
1) To study the various reasons that leads to stress in employees
2) To determine the overall consequences of stress on their work.

Scope Of Study
Stress is emerging as a major problem for many successful people. Stress has
become a
major concern of the modern times as it can cause harm to employees health and
performance. Stress can deteriorate social and family relationships and eventually
burn
you out; ultimately it can take toll on your health. Organizations need to recognize
stress
as a problem and decide whether or not to act upon it.

Research Design
Descriptive research design was used.

Data Collection Technique

Primary data was collected through structured questionnaire.
Secondary data was collected from other sources such as Internet, Books and
Articles.

Sampling technique
Probability sampling was used. All 25 employees of Max Bupa Life Insurance were
included in study.
Sampling unit
Sampling Method
Sampling Size

: Individuals.
:Probability
: 25 Employees.

Sampling Character : Employees

Data Analysis
Microsoft excel was used for data analysis. Data transcription from questionnaire to
Microsoft excels was done for analysis. Percentage analysis was applied.