Star Health Final Project

CHAPTER: - 1

Introduction

Star Health & Allied Insurance Company Profile

Founded in 2006, Star Health and Allied Insurance is a standalone health insurer

headquartered in Chennai, India. Star Health and Allied Insurance is a joint venture

between Indian venture capitalist firms- Star Health Investments, ICICI Venture, Sequoia

Capital and foreign investors which include Oman Insurance Company- Middle East

insurance solution provider and ETA Ascon Group- UAE contracting firm.

Star Health and Allied Insurance Product Portfolio:

Health Insurance: Health Insurance provides comprehensive cover and takes care of

medical expenses in case the policyholder is hospitalized due to illness. Star Health has

wide portfolio of health insurance plans which include Star Unique Health, Star Wedding

Gift, Medi Classic, Diabetes Safe, Family Health Optima, Senior Citizen Red Carpet,

Super Surplus, Star Netplus, Star Health Gain and Star Criticare Plus. Star Health Red

Carpet has been specially designed for senior citizens aged between 60-69 years and

provides Sum Assured with maximum limit of Rs 5 lacs.

Travel Insurance: The policy provides cover for hospitalization and other travel related

eventuality that could happen while travelling abroad. Star Health travel insurance is

available for family, students and corporate.

Accident Cover: In case policyholder is injured in accident, compensation is provided to

the concerned person.

SRISHTI SCHOOL OF BUSINESS (SSB)

History

Star Health and Allied Insurance Co. is a joint venture formed by Oman Insurance

Company, Essa Abdullah Al Ghurair from the prominent Al Ghurair family and Tamil

Muslim entrepreneurs. Established in 2006, Star Health is an insurance company with

business interest in health insurance alone.

Vision

Protecting Health, Promoting Health

Mission

Ultimate Customer Satisfaction.

OUR NET WORK

Head office – Chennai.

10 zonal offices .

19 area offices.

141 branches.

2300 employees.

Karnatka zonal office – Bangalore.

Total branches Bangalore – 8.


Out side Bangalore -10 Bangalore.

BOARD OF DIRECTORS

Shri.v. jagannathan – CMD. (former CMD of United India Ins.Co)

Essa Abudlla A Ghurair – (A prominent Family in the UAE.)

Dr.M.Y.Khan - (Chairman Banking and Advisory Council YES BANK)

Dr.D.R.Karthikeyan (Former Director of CBI)

Mr.V.P.Natarajan ( Exe.Director of ETA Ascon & ETA Star Group of Co)

Mr. Mohammed Hassan – (educationalist & Industrialist)

Mr.Dinesh Chandra gupta – (Eminent IAS Officer)

KEY PERSONNEL

Mr.T.S.Santhanakrishnan . (Executive Director)

Mr.S.Sundaresan – (Senior Vice President)

Mr.V.Jayaprakash - (Senior Vice President)

Mr.S.Ramaswamy (Chief Financial Officer)

MR.C.M.Kannan unni (VP – Company Secretary)

Mr.K.C.Kumar (VP - HR)

Mr.Anand roy (AVP - Marketing)

Mr. Vishwajeet mohnot ( AVP – Marketing)

Mr. A.M. Mallesh (AVP– Marketing – mother Theresa award in Insurance)

Mr. H.Srinivasan – (AVP – Technical)

Mr .S.D.Rama (AVP – Product Development)

Mr.Senthilkumaran – (AVP – Government initiatives


About star health

Licensed by IRDA.

First Stand Alone Health Ins. Co In India.

Specialised in Unique Health Insurance Policy.

Catering to

Retail public

Large groups

BPL families (under Govt.Sponsorships)

State government employees

ABOUT THE COMPANY

Promoters

Omaninsurance Company

Mr.Syed Mohamed salahuddin

AL ghurair family – (one of the world’s richest family – Forbes)

Leading indian industrialists & business houses


OUR PERFORMANCE

2006 – 07 : Rs. 22.51 Crores

2007 – 08 : Rs. 168 Crores

2008 – 09 : Rs. 512 Crores

2009 – 10 : Rs.987 Crores

GOVERNMENT SCHEMES AROGYASRI

Health Insurance Scheme

1ST April 2007.

Govt of Andhra Pradesh

Below Poverty Line People.

6.5. Crores

23 Districts.

3600 Star Employees involved.


TAMIL NADU GOVT. EMPLOYEE'S NEW HEALTH

INSURANCE

Govt of tamil nadu .

State govt departments.

State public sector undertakings.

Local bodies.

State govt universities.

All statutory boards under tn govt.

13 lakh government employees & dependents

RS. 2 lakh for 4 yers.

BIGGEST CORPRATE GMC

The recent achievement is that of TATA TELESERVICES – MAHARASTRA

CIRCLE Where in we have covered the entire employees of the Group with premium

amounting to Rs. 2.40 crores.


LAURELS

We are proud to inform that the “World Health Organization” has appreciated the

excellent efforts of STAR in successfully implementing and administering such a

mammoth scheme and has also asked the other countries to replicate the Scheme in

their countries.

Welcome to the Star Insurance portal for purchase of policies.

Red Carpet - Senior Citizen Policy

Turning sixty is a major milestone and for most people, a time to start being more

careful about their health. It is a matter of concern that insurance policies are hardly

available to address this critical requirement. STAR Health is proud to introduce a

health insurance policy aimed specifically at senior citizens. It provides cover for

anyone over the age of 60 and permits entry right up to the age of 69 with continuing

cover after that. It is our way of caring for a generation that has done so much to build

the country we have today.

Medi-Classic Individual Policy.

Health insurance is one of those products that people always wish they had the

foresight to take. Just like you prepare for every important financial milestone, it is


essential that you plan for protecting your health – because ill-health can have huge

financial implications as well and you need to protect yourself from all eventualities.

STAR Health and Allied Insurance service offers STAR Medi Classic policy to

provide for reimbursement of hospitalization expenses.

Family Health Optima Policy

When a family member is ill, it is a traumatic time for the rest of the family. Star

Health provides Family Health Optima to protect all members of a family from

financial setbacks in the event of a serious illness. The coverage is applicable equally

to all members of the family.

Overseas Medical Policy – Individual

People who travel very often are exposed to several risks as they have to acclimatize

themselves to variations in weather, food and schedules. STAR Health offers STAR

Travel Protect Insurance to protect against any kind of risk while traveling, whether

they are merely inconvenient - like losing baggage or something serious - like a health

problem.

Super Surplus Policy

Life is full of the unexpected. However, when you are well prepared, you can be in

control even under the most unexpected circumstances. Star Health Insurance brings

you Super Surplus Health Insurance., which offers you much more coverage than the

traditional insurance policies. This means you can rest assured and be confident of

facing any unfortunate health eventuality in the family- like sudden illness.


Health Gain Policy

With the perfect balance between insurance and tax benefit – Star Health Gain

Insurance is the policy just for you. Despite a reassuringly low premium, it offers both

outpatient and inpatient hospitalization expenses cover with maximum tax benefits.

Sure enough, the best of both worlds is now yours.

Star Unique Policy

Star Health brings you this Unique insurance policy with unique benefits for –

coverage for both future ailments / diseases and for pre existing diseases / conditions.

Star Wedding Gift Policy

The comforts and luxuries of today’s life come at a price – the price of uncertainties.

Of the uncertainties, health of oneself and one’s family is of prime concern. Add to

this, the fact that medical expenses are getting dearer. One ailment is all it takes to

wipe out years of savings – that was meant to realize your dreams. Can there be a

better gift for wedding than Star Wedding Gift policy.

VALUES OF STAR HEALTH INSURANCE

Trust and Ethics:

We believe that along with the essentials of honesty and integrity, a strong customer

focus and reliability are key to our success.


Teamwork:

Led by stalwarts of the insurance industry, the team blends vast industry expertise

with high service standards to provide you the best of healthcare options.

Conducive work environment:

To create an environment that will continuously spark innovation and maintain

customer satisfaction, and which will prove irresistibly attractive to the best talent of

the Insurance Sector.

Commitment :

We are committed to become a STAR in health and related insurance by offering our

clients the utmost flexibility to create a plan that's right for them. And by offering

affordable financial protection that effectively addresses their long term health needs.

Our excellence in customer services consistently backs our industry expertise.

Star Advantages

No Third Party Administrator; direct in-house claims settlement.

Faster & hassle-free claim settlement.

Cashless hospitalization.

Network of more than 4900 hospitals across India

24x7 Toll- free Helpline


CHAPTER:-2

Operation:

Operations Management is the function of managing the operating core of an

organisation: the activities associated with creation, production, distribution and

delivery of the organisation's goods and services.

Specifically, the group works on identifying, developing, documenting, interpreting

for practice, and disseminating innovative approaches in Manufacturing and Supply

Chain Management. These approaches are based on model-based research and

synthesis of best practices from around the world.

But the Star “Health & Allied Insurance co. ltd. Is the service sector

company in this company they provide different – 2 services and policies to the

middle level income people and other also. But mainly they targeted to Middle

income people” .

Services


Health Insurance

Star Health brings you this Unique insurance policy with unique benefits for -

coverage for both future ailments / diseases and for pre existing diseases / conditions

etc.

Accident care

There are many types of accidents that can happen suddenly, or that one may be

particularly exposed to the risk of. The consequences could be serious - ranging from

disabilities to weeks of hospitalization. By way of prudence and caution, you should

be suitably insured according to your standard of living. STAR Health Accident Care

Insurance provides compensation in the event of death, permanent disability and

injuries suffered due to accidents.

Travel overseas

All of us tackle problems well when you are in an alien land, dealing in home currency, and are braving a very different climate, any problem starts to seem like a daunting challenge. During travel, you are adapting to the weather, the time zone change, the pronunciation, and the food among other things. So for a gamut of risks you have to face up to, you need the Star Health Individual Travel Protect Policy, whether it's business or leisure that takes you abroad.

The all work of the company done through technical way. They use more technology

for the insurance, health care etc.

Handling Complains


This is addressed at utmost care as we are in the service industry, we have a separate

vertical starting from Branch to Head Office, and we have Nodal officers and

Grievance department, with many officials including GM Grievance. If any complain

comes then they have different department for handling complain. Mainly the

business of this company is providing services so mainly they faces problem related

to any doubt and any confusion of the customer so they provide time to time solution

them.

Execution Process

In this company whenever they get new customer they convenience very proper and

effective way. Then they issue bonds id cards and also take care of claims and

renewals and aim towards utmost convenience to the customer.

CHAPTER:-3

Finance

Star Health and Allied Insurance Company Limited was the first stand-alone health

insurance company in India. The company is a & nbsp ; joint venture between Oman

Insurance Company, ETA Ascon.

Financial Information:

The total premium earned for the half year ended September 30, 2010 was Rs 3,868

million. The profit before tax for the same period is Rs 320 million. A total of


293,228 claims were made during the period out of which 137,503 claims were settled

and 6,015 claims were rejected.

Capital Structure:

Star Health and Allied Insurance Company Limited (Star Health) has a capital base of

Rs.303 crores, more than sufficient to form a General Insurance Company. However,

Star Health has chosen to be in the field of Health. It is India's first stand-alone Health

Insurance Company in India and deals in Personal Accident, Mediclaim and Overseas

Travel Insurance.

Performance

Total Premium upto the month of March 2010 is Rs. 960 crores

Public Disclosure

2011 - 2012 H1


CHAPTER:-4

HR (Human Resources)

Human resource management (HRM, or simply HR) is the management of an

organization's human resources, or workers. It is responsible for the attraction,

selection, training, assessment, and rewarding of employees, while also overseeing

organizational leadership and culture, and ensuring compliance with employment and

labour laws.

Recruitment & Selection

The recruitment process of this company is depends on the requirement. They recruit the people through two ways:

First one is: Operations – In which they select graduates with computer skill.

Second one is: Marketing – In which they select on purely experience and their

ability to market insurance products.

They select through written test, after interview and group discussion.

Salary structure

The salary structure for the employee they provide good salary to them. They provide

satisfactory salary to the employee. They provide salary according to working sector

which is given below:

Operations: - 12000 – 14000

Marketing: on their experience


Training Calendar

The Star Health & Allied Insurance Co. has the training calendar for the new

employee in which they provide different – 2 training to the employee according to

job. They provide training to Operation Officers, Sales Managers and Agents.

Welfare Programs

The Star Health & Allied Insurance Co. has some welfare programs for retaining to

the employee in which they provide medial campus and medial talks for the corporate

clients.

Grievance Redressal

This is addressed at utmost care as we are in the service industry, we have a separate

vertical starting from Branch to Head Office, and we have Nodal officers and

Grievance department, with many officials including GM Grievance.

Performance appraisal

Performance appraisal is done once a Year, a chance will be given to employees to do

self appraisal and then it will be evaluated by the next reporting authority and send to

V.P HR for final.


Careers

Star Health is India's first exclusive health insurance company. We believe that

professionals with competence and integrity look for an opportunity to work in an

organisation committed to healthy work practices and ethical values. At Star Health,

we seek to attract and retain such people. Careers with us are also an opportunity to

play a role in enhancing the healthcare scenario in the country.

Star Health is on par with industry standards in terms of remuneration and employee

benefits. The Insurance marketing vacancies are typically for experienced company

executives in the Insurance Industry, and Managers who have handled Agency

channels and Insurance selling processes.


CHAPTER:-5

Marketing

The action or business of promoting and selling products or services. “The

management process that identifies , anticipates and supplies customer

requirements efficiently and profitably”.

Marketing is about meeting the needs and wants of customers;

Marketing is a business-wide function – it is not something that operates alone

from other business activities;

Marketing is about understanding customers and finding ways to provide

products or services which customers demand.

Services

1). Health Services

Star Health & Allied Insurance Co. provides health insurance policies in which they

provide these insurance in different conditions:

1) Star Unique Health


2) Star Wedding Gift

3) Medi Classic

4) Diabetes Safe

5) Family Health Optima

6) Senior Citizen Red Carpet

7) Super Surplus

8) Star Netplus

9) Star Health Gain Star

10) Criticare Plus

Pre- Medical screening

There is no pre acceptance medical screening.

Pre-Existing Diseases / Illness

Pre-Existing Disease/ Condition (other than those diseases / conditions for which

specific periods have been mentioned under exclusions) will be covered after 11

months of continuous coverage have elapsed, since inception of this policy with

the Company.

Policy Benefits

Hospitalization Cover :

In-patient hospitalisation for a minimum of 24 hours.

Expenses covered are:

Room rent, Boarding and Nursing Expenses @ 1% of sum insured subject to a

maximum of Rs.3000/- per day.

Surgeon, Anaesthetist, Medical Practitioner, Consultants, Specialist Fees.


Anaesthesia, Blood, Oxygen, Operation Theatre charges, Surgical Appliances,

Medicines and Drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy,

Radiotherapy, cost of Pacemaker and similar expenses.

Emergency ambulance charges for tranporting the insured person upto a sum of

Rs.750/- per hospitalisation and overall limit of Rs.1500/- per policy period.

Pre-Hospitalization & Post-Hospitalization

Pre-hospitalization medical expenses upto 30 days prior to the date of admission.

Post-hospitalization - a lumpsum calculated at 7% of the hospitalization expenses

(excluding room charges) subject to a maximum of Rs.5,000/-.

HIV positive persons

Covers HIV positive persons except for opportunistic infections and treatment for

HIV / AIDS. The minimum CD 4 count at the time of entry should be 350.

Non Allopathic Treatments

Upto 25% of sum insured subject to a maximum of Rs.25000/- per occurrence, per

year of insurance.

Eligibility

Any person aged between 18 years and 65 years residing in India. Renewals

would be accepted upto 70 years.

Beyond 70 years renewals would be provided under any other health insurance

policy of the company.

Policy Period


This is a two year policy. The sum insured and sub limits are for each year of

insurance and cannot be cumulated or carried forward.

Payment of premium

The premium under the policy can be paid in 2 instalments as indicated.

The first instalment is payable at the commencement of the policy. The second

instalment is payable at the beginning of the second year of the policy. Where a

claim is made before such instalment falls due then the same would be recovered

from the eligible claim amount.

The policy would lapse if the instalment is not paid on or before the due date.

Pre - Medical screening

Compulsory medical check up is done for persons above 50 years of age at the

cost of the company

Pre - Existing Diseases / Illness

Are covered after 48 months of continuous insurance with us

Policy Benefits

Hospitalisation Cover : In-patient hospitalisation expenses for a minimum of

24 hours.Includes room rent and boarding @2% of sum insured,subject to a

maximum of Rs.5000/- per day


Nursing expenses

Surgeon's fees, Consultant's fees, Anaesthetist's and Specialist's fees

Cost of medicines and drugs

Emergency ambulance charges for transporting the insured patient to the

hospital upto a sum of Rs 750/- per hospitalisation and overall limit of Rs

1500/- per policy period

Pre-Hospitalization & Post-Hospitalization

Pre-hospitalisation medical expenses upto 30 days prior to date of admission

Post-hospitalization - a lumpsum calculated at 7% of the hospitalization

(excluding room charges) subject to a maximum of Rs.5000 is payable

No-Claim Discount

Discount ranging from 5%- 25% for every claim-free year (except for the Family

Package Plan)

2). Students

Under the pressure to perform and to compete, and coping with the dynamic pace and

complexity of the modern world, students are more vulnerable to illnesses. Star

Health has a policy that not only reimburses hospitalisation expenses, it can also

enable the student's education to continue despite the demise of an earning parent. It

also grants compensation in the event of death or disability of the student. Star

Student Care Insurance Policy is available separately for School and for College

students. Schools and Colleges respectively can avail of this policy.

3). Accident care


There are many types of accidents that can happen suddenly, or that one may be

particularly exposed to the risk of. The consequences could be serious - ranging from

disabilities to weeks of hospitalization. By way of prudence and caution, you should

be suitably insured according to your standard of living. STAR Health Accident Care

Insurance provides compensation in the event of death, permanent disability and

injuries suffered due to accidents.

4). Overseas Travels

Individuals

Student

Family

Corporate

5). Health + Life

Star shri individual care

Star shri family care

6). Rural

The greater percentage of the Indian population lives in rural areas which have very

limited healthcare facilities. The tragedy is when any illness or disease affects them

there is no source of finance available to them to meet the expenses. This pushes them

further into debt. A right solution therefore is a Health insurance which provides

protection at affordable rates within their capacity to pay. Star's Micro Health

insurance policy precisely fits into this requirement.

Pricing Strategy


The pricing strategy depend on the different- 2 services. Mainly they concentrate on

middle level income people.

USP

Star Health & Allied Insurance Co. has unique strength against their competitor.

Mostly the competitor of this company is all the general insurance companies do

health insurances. To attract the customer they deal with them with pricing service

and people who carry the product.

Specialty

No third party administrators.

In house claim settlement.

In house doctor’s vist for every claim.

No medical check up for age upto 50 yrs.

Free medical checkup for age > 50 yrs.

Coverage for persons upto 70 yrs.

More than 4500 net work hospital offering.

Offering cashless treatment.

Bangalore alone appx.225 hospitals.

CALL CENTER – TOLL FREE

In addition to the above we have 24 X 7 Call Centre, manned by the Medical

Professional and also trained staff to facilitate quality and prompt service.


TOLL FREE

(1800 425 2255)

(1800 102 4477)

Distribution Network:

Presently Star Health and Allied Insurance have 160 branches across the country and

plan to increase the same to 200. Most of Star Health & Allied Insurance health plans

can be purchased online

CHAPTER:-6

Problems in Star Health

1. Claim settlement: there are more than 1000 claim settlement problem in progress

in star health company. More than 100 cases are in consumer court. In claim

settlement, they are taking too much time some cases are there which has taken more

than 2 years. Customer are very much disappoint with this claim settlement. This is

very critical area of any insurance company where they are losing their market share

and goodwill.


For example: Star claims to be the best when you subscribe and turns out to be the

worst when you actually test it. I am writing this with self-experience (claim no.

0049090) and experience from the hospital staff who say, "please do not expect any

help from Star, and we would rather not send the form as it would get rejected as in

90% of the cases".(reference: consumer court forum website)

2. Service center or network hospital: All network hospital (4900) is in urban area

and for this also there are so many term and condition. In India 60% of population are

living in rural area but this company is not able to cover rural area. In addition, most

of the good facility hospital are in the tier I and tier II city that is also the problem for

company.

3. Misrepresentation by sales man: this sector mainly based on commission, so sales

man are doing misrepresentation to the customer they are not giving proper

knowledge to the customer and they are hiding information. Because of this company

facing problem like claim settlement, legal cases etc.

4. Poor service: company is providing poor service to the customer because of

network hospital and strict term and condition sometimes customer does not know all

the condition and they are not getting the service because of that they suffered a lot.

5. Return: This is pure health insurance company it is strength as well as weakness

for the company. Because of pure health insurance, there is no return for customer. So

many companies are providing health insurance with return.

6. Too much product: Star Health insurance has too much product. They are not able

to focus on all products. Star Health insurance has too many products. This


diversification has helped them to bring out the differentiated property of the

company in the competitive industry however they are not able to focus on all

products with equal concentration due to which most of their products are either being

killed by their own products or by some other.

7. Salary is not appropriate to the work.

The salary structure is improper with the job roles and responsibilities that the

employees perform. This in the end is affecting the company to retain the employees

and to satisfy them.

8. Commission is very less:

The agents or the intermediary of the company does not put their best efforts for

effective selling of their product to their customers. This happens because of the

commission paid to them by the company is considerably lesser. It has seen that

because of this aspect the relationship of the company with the intermediary company

getting badly affected.

9. Training and development program is needed to increase.

The salesmanship of the company through training and development of both the

employees as well as the agents are improper. They try to sell the products sometimes

even not understanding the product features and functionalities.

10. Language barrier is also critical problem.


The recruitment of the employees is done from the local demography due to which the

language barrier is created. Even in this matter, the company is neglecting the fact that

because of this factor, the company’s reputation is being harmed and in the end, it

might be even seen that they may fall short of experienced and trained employees.

11. Less promotion activity.

The Company has a healthy financial position. Even holding a good position and

status in the industry the company’s promotional activities and other marketing

strategies and not affective enough to attract customers. They are failing in

understanding the customer needs and definitely in fulfilling it.

CHAPTER:-7

FINDINGS

1. Operations:

All the operations are system driven


This is addressed at utmost care as we are in the service industry, we have a

separate vertical starting from Branch to Head Office, and we have Nodal

officers and Grievance department, with many officials including GM

Grievance.

Once we receive the customer we issue Bonds Id cards and also take care of

claims and renewals and aim towards utmost convenience to the customer.

2. Finance

Given By our Promoters

As per statutory Norms we have done our investments

We have a full-fledged accounts department and accounts as maintained as

guided by the statutory authorities.

Company has to prepare budgets, Statutory, salary rent and other expenses are

few types of budgets

3. Human resource


We have two kinds of Recruitment [1] Operations: we select graduates with

computer skill [2] Marketing : purely on experience and their ability to Market

Insurance Products.

Operations : 12000 – 14000 Marketing : on their experience

Yes we have training calendar we train our Operation Officers Sales

Managers and Agents

We offer Free Medical Camps and Medical Talks for our corporate clients

This is addressed at utmost care as we are in the service industry, we have a

separate vertical starting from Branch to Head Office, and we have Nodal

officers and Grievance department, with many officials including GM

Grievance.

Performance appraisal is done once a Year, a chance will be given to employees

to do self appraisal and then it will be evaluated by the next reporting authority

and send to V.P HR for final.

As of now no as the attrition is very very low.

4. Marketing


Least in the Market, with intention of capturing the Middle Income Group

People.

Middle Income Group, with field force like Sales Managers and Agents.

All the General Insurance Companies do Health Insurance, hence all of them are

our competitors , we deal with them with our pricing service and people who

carry the product.


CHAPTER:-8

Suggestions

The company has to provide the salary on the bases of employee calibre and

capability not only on experience work base also because people are working hard

and smart work both, only experience in not matter now.

The company should hike the salary of employee to create the employee morale. If

they will do like that obviously employee morale will high and they will get extra

motivation for work, and it will helpful for company to increase their profitability.

The company should provide the training on time to increase the talent. Training is

very much required time to time for every thing, it is the simplest way through

company improve their profit and market share and reduce the employee attrition rate

also.

The company can adopt the new plan while recruiting the employee like quiz etc. with

this activity company can get good employee in minimum expense.

1.Claim settlement

Make sure that it should not take more than 3-month time if patient will die without

treatment what is the use of health insurance.

It should provide full money not the deducted amount.

People should not suffer from the company’s legal procedure.

For customer: customer should wait for reasonable time because everything going

through the channel it will definitely take some time.


For Company: Company should take full responsibility and make sure it should not

be panic for customer. In addition, company must understand the problem of

customer.

2. Service centre or network hospital

Company should increase the network hospital.

Company must focus on the small city network hospital also.

Company must focus on the rural area.

3.Poor service: company should improve their all kind of after sales service like

premium collection, reminder, and hospitalization.

Suggestion for company: company should give the hospitalization charge for

few hours also.

4. Misrepresentation by sales man

Company should make the strict rule and regulation for the sales man who is

misrepresenting the policy.

Motivate the sales people through training and reward.

For customer: Customer should also be aware and they should ask each and

everything deeply from the sales man.

5. Return:

Company should give the return with insurance benefit it will increase your

goodwill as well as profit and market share.


6. Too much product:

Company must focus on all products or they should not introduce the

product for increasing their product portfolio. Because of this company

can lose their profit.

7. Salary is not appropriate to the work.

Company should focus on the salary structure, they should provide the

salary according to their work responsibility, that employee gets

motivated; it will help to the reducing employee attrition rate also.

8. Commission is very less:

Company must give the better commission to the agent that they

should get motivated and give their 200% to the company. Because of

this agent are moving towards other company.

9. Training and development program needed to increase.

If T & D will, increases that mean employee will get more knowledge

especially in sales department, because of it misrepresentation will also

reduce.

10. Language barrier is also critical problem.

Language barrier should not be existing in company; organization must

maintain the work force diversity. if it will reduce it will easy to

maintain workforce diversity.


CHAPTER:-9

conclusion

Star Health and Allied Insurance Company Limited, a health insurance company,

provides various health insurance plans for individuals, senior citizens, and families in

India. It offers health insurance policies for future ailments/diseases and for pre

existing diseases/conditions. The company also provides student insurance care

policies that grant compensation in the event of death, disability, or hospitalization

expenses for school and college students, schools, colleges, and research institutions;

travel protection insurance policies for individuals, families, students, and corporate

customers; and accident care insurance policies that provide compensation in the

event of death, permanent...


ANNEXURES

Operations

1. What are the general operational processes in your company?

2. What is the process of handling complaints?3. Explain the execution process once you receive the customer?

Finance

1. What are the sources of your company finance?

2. How do you manage the working capital, what are the sources for the working capital?

3. Do you have any investment plan or have you made any investment apart from your business?

4. What are the accounting procedures followed by the company?

5. Is the company into the practice of preparing the budget and what are the different types of budgets prepared by the company?

Human resource

1. What are the process involved in recruitment and selection?

2. What is the salary structure for different levels of employees?


3. Do you have any training calendar, what is the training programs offered for the employees?

4. What are the various welfare program offered by the company?

5. How the grievances of the employees are addressed to the management?

6. Do you conduct exit interview?

7. How does the employee performance appraisal take place?

Marketing

1. What all are your pricing strategy

2. Who are all your target customers, how do you reach them?

3. Who all are your present competitors & how do you deal with them(USP)?


Star Health Final Project

Documents

Transcript of Star Health Final Project