SUMMER TRANING

PROJECT REPORT
ON

Comparative Analysis of IDBI FEDERAL v/s Star Union DaiIchi

Life Insurance
Submitted in partial fulfillment of the Requirements for the Degree of
Post Graduate Diploma in Management

Submitted to:

Submitted by:

Mr. N.P.Singh
HOD(Mgmt.) ,
Assistant Professor

SUNNY REKHI
PGDM (2014-15)
Roll No.: 6781

Guru Nanak Institute of Management

ACKNOWLEDGEMENT
I take this opportunity to express my deep sense of gratitude, thanks and regards towards all of
those who have directly or indirectly helped me in the successful completion of this project.
I am very much thankful to our Dean of Guru Nanak Institute of Management (GNIM), and all
the faculties who has given me the opportunity to be a part of Star Union Da-ichi Life Insurance
for 2 months.
I present my sincere thanks to Mr.SanjeevArora (Branch Manager, Star Union Da-ichi Life
Insurance) who allowed me to take training at Star Union Da-ichi Life Insurance.I would also
like to thanks Star Union Da-ichi Life InsuranceStaff for their wonderful support & inspirable
guiding.
I also thank our mentor Mr. Avneet Singh Pahwa sir, of Star Union Da-ichi Life Insurance who
has sincerely supported me with the valuable insights into the completion of this project.
Last but not the least I am indebted to my PARENTS who provided me their time, support and
inspiration needed to prepare this report.
My thanks and appreciation also goes to my colleague in developing the project and people who
have willingly helped me out with their abilities.

Date: - --2015

Place: - Delhi

SUNNY REKHI

PREFACE
The project undertaken by me is to learn about the financial instruments in general which has a
lot of potential.

My project deals with comparative analysis of Bajaj Allianz Life Insurance with SUD. Star
Union Da-ichi Life Insurance provides financial services to the customers, how its services are
better than the life insurance of other companies, etc. Kind of instruments are giving competitive
advantage to the Star Union Da-ichi Life Insurance

DECLARATION

I undersigned SUNNY REKHI student of PGDM 3rd semester declare that I have done the
project on Comparative analysis of Bajaj Allianz Insurance v/s Star Union Dai-Ichi life
insurance. has been personally done by me under the guidance of Prof. N.P.Singh Sir, Delhi in
partial fulfillment of PGDM Program- during academic year-2014-16. All the data represented in
this project is true & correct to the best of my knowledge & belief.

I also declare that this project report is my own preparation and not copied from anywhere else.

Date -2015

Signature

SUNNY REKHI

CERTIFICATE OF COMPLETION

EXECUTIVE SUMMARY
Star Union Dai-ichi Life Insurance Company (SUD) is a joint venture between Union
Bank of India, Bank of India and Dai-ichi Life Insurance Company of Japan. The
Company has a capital stake of 48% by BOI, 26% by Union Bank and 26% by Dai-ichi
Life. The Company has authorized capital of Rs. 250.00 Crores. The Company has been
issued the license for undertaking life insurance business in India by Insurance
Regulatory and Development Authority (IRDA) on 26.12.2008. Bank of India and Union
Bank have a strong nationwide network of more than 7000 offices, which shall provide
distribution outlets with a wide reach. More than 48 million strong banking customer
base of the two banks provides ready scope for cross selling of insurance products. The
company has also started a direct agency channel. Dai-ichi Mutual Life is a leading
player in the Life Insurance Segment in Japan and is one of the top ten Life Insurers in
the world and the second largest Life Insurance Company in Japan. Established in 1902,
it has more than a century of experience in Life Insurance business. SUD has a range of
individual and group solutions, serving about 2, 00,000 policies. These policies are being
sold and serviced using our corporate agents as well as tied agency channel. Currently the
distribution is mainly through the bank channel of Bank of India, Union Bank of India
and tie-ups with Regional Rural Banks (RRB). The company will in future opt for more
distribution channels depending on business strategy and how it sees the evolving
insurance market. The company through this RFI plans to invite various application
providers in distribution space to offer their solution to manage the distribution
operations of SUD.

BUSINESS OBJECTIVE

The purpose of this document is to invite information from interested system integrators
and/or independent product vendors for implementation of Distribution Management
System at Star Union Life Insurance Company (SUD). An efficient IT framework is
needed to manage modern distribution. SUD would like to have the best of breed systems
for establishing a strong IT framework keeping in mind the long term needs of the
company. Star Union Dai-ichi Life Insurance Company (SUD) is currently managing its
distribution operations primarily through excel sheets. It is now considering having a
channel and distribution management application which would replace the current excel
sheet regime. SUD would be floating a RFP for the same after short listing the vendors
through the RFI process. SUD would like to work with reputed vendors who have
systems that are scalable and can cater to the long term growth plans of the company.

SUD plans to triple its business in each of the next 3 years and therefore the system
should be able to take care of the planned growth. Suitable benchmarking of the
product/solution offered by the vendor would therefore add to the attractiveness of the
solution.

PROJECT SCOPE

A summary of functional and technical scope details is provided later in the document.
The broad headings for various other details are as specified below:
Scope Type
Location

Product License
Professional Services

Details
The proposed solution is an enterprise wide
solution and will be rolled out Pan India. Our
current locations are as under
Head Office at Vashi, Mumbai
20 Regional and 7 Area Offices
The core back-office functionality will be
accessed by 20-25 people.
We expect that specified persons from our
corporate agents will access the front-end
functionality over the web.
Our corporate agents have nearly 7000
branches across India
We currently have just started the tied
agency model. We expect at least a few
thousand agents in 3 years who would be
accessing the system over the web
Enterprise wide unlimited users
Requirements
Analysis

Functional & Technical

Product Gap Analysis
Integration/Interface requirements
Data extraction requirements\
MIS
System
Configuration
/
Customization
System Integration
System
Deployment

Environment Maintenance

Development,
Testing
,Production and Maintenance
Training to Business and IT
System Documentation / User
Manuals
Project management
Post-implementation support
Development, Testing, Production and
DRS

Table of Contents

S.No.

Particulars

1.

Executive Summary

2.

Introduction

3.

i.

Overview of industry as a whole

ii.

Profile of the organisation

iii.

Problems of the organisation

iv.

SWOT analysis

Objectives and research methodology

i.

Significance

ii.

Managerial usefulness of the study

iii.

Scope of the study

iv.

Research methodology

4.

Conceptual discussions

5.

Data analysis

6.

Findings and recommendations

Page No.

7.

bibliography

CHAPTER-1:
INTRODUCTION

CHAPTER 2
OBEJECTIVES
&
RESEARCH
METHODOLOGY

Chapter 3.0

LITERATURE REVIEW

(CONCEPTUAL DISCUSSIONS)

CHAPTER - 4.0
DATA ANALYSIS
&
INTERPRETATION

CHAPTER-5
SUMMARY & CONCLUSION

BIBLOGRAPHY
The links that we used in the project are:

www.IDBI.com
www.sudlife.com
www.moneybhai.moneycontrol.com
www.wikipedia.org
www.investopedia.com
www.irda.gov.in
www.acountingtools.com