08-16-2017, 09:20 PM
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1.1 INTRODUCTION
The study named An organizational study of Birla Sun Life Insurance Co. LTD. is conducted at the Punalur branch in Kollam district. The organizational study is intended to access and to acquire the knowledge regarding the functional as well as the management aspects of the organization.
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organisation. The local knowledge of the Aditya Birla Group combined with the expertise of Sun Life Financial Inc., offers a formidable value proposition to customers.
An organization study involves the study of the structure and functioning of its departments. Organizing is one of the important functions of Management.
How life insurance works?
There are three parties in a life insurance transaction; the insurer, the insured, and the owner of the policy (policyholder), although the owner and the insured are often the same person. For example, if John Smith buys a policy on his own life, he is both the owner and the insured. But if Mary Smith, his wife, buys a policy on John's life, she is the owner and he is the insured. The owner of the policy is called the grantee (he or she will be the person who will pay for the policy). Another important person involved is the beneficiary. The beneficiary is the person or persons who will receive the policy proceeds upon the death of the insured. The beneficiary is not a party to the policy, but is designated by the owner, who may change the beneficiary unless the policy has an irrevocable beneficiary designation.
With an irrevocable beneficiary, that beneficiary must agree to changes in beneficiary, policy assignment, or borrowing of cash value.
1.2 OBJECTIVES OF THE STUDY
To get an overview of the general insurance industry
To study the overall working of Birla Sunlife Insurance Co. Ltd.
To understand the organizational structure of BSLI Ltd.
To study the functions of different departments
To understand SWOT analysis of the organization.
1.3 METHODOLOGY
In the broader sense, we can say that there are two types of data. They are
1. PRIMARY DATA
Primary Data are those collected by the investigator himself for the first time. For collecting primary data, I had discussions with the manager of the Punalur Branch, employees, staffs, clients etc.
2. SECONDARY DATA
Secondary Data are those which have been collected by some other person for their purpose and published. This was made from the Company s websites, brochures and other documents like yearly diaries, calendars etc.
1.4 SCOPE OF THE STUDY
The study was conducted for a period of 30 days and the scope of study is affected by the limitation of time. The findings and suggestions of the study have to be perceived in the framework of these limitations .The main aim behind the study of researcher is to learn the managerial aspects of how to plan, organize, implement & direct the activities related to the project provided by Birla Sunlife Insurance Ltd. . It helps to understand about doing things in a professional atmosphere. The researcher gets a professional attitude as an intern inside the organization. The company can identify their recent impact among customers about their service quality and improve whether it needs.
1.5 LIMITATIONS OF THE STUDY
The time allotted for conducting the organizational study was only 30 days. It is not enough for understanding about the organization in detail.
Unavailability of some documents which were confidential.
Employees were busy in their work so they could not give more information.
There may be errors due to the bias of the respondents.
The study is limited to my experience and knowledge.