Analysis of Market Feasibility of Insurance Companies

This project titled, “Analysis of Market Feasibility for Insurance Policies ” has been done after an in-depth analysis of retail industry and insurance industry. In this project, the researcher has studied the major demands and supply of healthcare visit been done through Questionnaires covering the sample of 4,200 individuals. Different individual represents different starts of society. Their views about how they feel and what they expect before buying a healthcare policy have been collected through the questionnaires. In this report it has been studied the series of healthcare problems and their short and long term expenses.

Also the average daily turned around pension and expenditure on healthcare was considered. The project shows various types of insurances of public and private sector and also stressed upon purchasing power of various age group and sections of society. It has been also observed that non-OCHS employees or card-holders are burdened with healthcare expenses and their treatments are compromised. It is concluded that there was not much effect of purchasing power; rather, the slump is due to the lack of awareness and guidance of wise full investment in insurance plans.

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It knows before hand whether there exists a sizeable market for the proposed product/service, what would be the investment requirements and where to get the funding from, whether and here from the necessary technical know-how to convert the idea into a tangible examination of the operations, financial, HER and marketing aspects of a business on agent (Before the venture comes into existence) basis. Initially, feasibility is a multivariate concept; that is, a project has to be viable not only in technical terms but also in economic endometrial terms too.

Moreover, there always is a possibility that a project that is technically possible may not be economically viable. Secure Solutions proposes to launch various media-claim policy of corporate companies for old age people but before launch it was proposed to have market analysis prior to signing an agreement with leading media-claim companies. 1. 2 Objective of the Study After conducting the study company you should be able to * Conduct a feasibility analysis of the proposed business ideas in regard to Marketability * Technical viability * Funding * Legalities * Prepare a business plan * Understand basic startup problems. . 3 Literature Review With the progress of reforms, Insurance market has offended with a number of players. As at end-March 2006, amongst life insurers, there were accompanies in private sector midlife Insurance Corporation of India (LICE) was the solitary public sector company. Among non-life insurers, nine companies were inoperative sector and four companies were in public sector. As regarding the present size of the insurance market in India, it assisted that India accounts not even one per cent of the cholinesterase market.

However, studies have pointed out that Undercarriage’s market is expected to grow rapidly in the next 10 years. Matter (2004) for instance, stated that in spite of significant growth life insurance business through the outstanding efforts of LICE,only 25 to 26% of insurable population in India has been insured. Len terms of ‘insurance penetration rated(defined s ratio of insurance premium to GAP), a key indicator of the spread efflorescence coverage and insurance culture, India compares poorly international standards.

The penetration ratio was less than never cent in sass and it improved to 4. 8% by end-March 2006. As against this, a Survey Report of Swiss Re revealed that deportation ratio as at end-March 2012, in respect of some of thereupon countries, biz. , UK and Switzerland at 16. 5% and 1 1. 0%. Len Asia, Taiwan and South Korea had registered their respective ratio of as high as 14. 5% and 11 . 1%. Insurance Penetration ratio the World was placed at 7. % far greater than that of India. Indicates that a vast majority of population remonstrations the reach of the insurance, especially in old age group as well as rural and semi-urbaneness, in the context of the absence of social security schemes. Atheistically suggests the presence of vast potential for tapping authenticates market particularly by widening the distribution channels and pattern of customers.

We are a Health & Wellness benefit administrator company managing preventive & cure services through our health provider to Insurance , Corporate ,Retail & Mass(Rural) STRATEGY Vision statement: to be the world’s leading consumer health care company,” “create leading brands,” “shape the future of consumer health care” Mission statement: “To improve lives by providing cost-effective health care products and services to create importance of shared values between partners in providing a full spectrum of quality, cost-efficient health care. ” Values 1. Integrity 2. *Teamwork 3. *Compassion 4.

Excellence 5. *Respect 6. *Service Excellence 7. *Financial Integrity 8. *Clinical Quality 9. *Market Growth 10. *Community Collaboration & Communication 11. *Employer of Choice * To promote a profitable and sustainable business activity that meets the customer’s needs. * To increase the company’s market share * To gain the competitive edge * To increase the company’s role in relations to social responsibility * To provide excellent customer service Business strategy Our new Corporate Strategy, A Fairer Healthier India, sets out the role, direction and priorities Secure Solutions for the next five years.

Our commitment is to focus on the biggest health challenge facing India – our enduring and growing health inequalities gap. A Fairer Healthier India identifies Secure Solutions contribution to reducing this gap by using our expertise in improving the evidence to strengthen the case for change. Evidence which increases our understanding of the causes and effects of health inequalities and the policies that will make the greatest difference, and which increases the effectiveness of health improvement measures across all of our public services.

Accounting policies Financial statements are prepared on the historical cost are drawn up in accordance with the Indian Accounting Standards. The accounting policies are detailed each year in the Annual Report. Capital investment AS is not a capital intensive organization and do not require an expensive infrastructure to operate effectively. Human/longitudinal relations The principles of Merit and Equity and the Code of Conduct as identified Client satisfaction AS seeks to be honest and ethical in all our dealings.

Responsibilities to clients include confidentiality, accuracy, timeliness, fairness, politeness and service reliability. While complaints are few, AS is committed to investigating any that are received and to responding in a timely manner. Dispute resolution procedures Any claim arising from a dispute with employees or unfair dismissal is dealt with under our dispute resolution policy and procedures.

AS is committed to conducting its business in a way that safeguards the Health and Safety of all employees whilst at work and others who may be affected by its operations. Competitive neutrality AS is committed to observing the principles of competitive neutrality. Business risk A Risk Management Policy, Procedure and Register are established and formally viewed by the Audit & Risk Committee every six months.

Business concept Business concept: We are a Health & Wellness benefit administrator company managing preventive & cure services through our health provider to Insurance, Corporate, Retail & Mass (Rural) Products & Services * Comprehensive Corporate Health Administration & Management Compare Portal for Medical Tourism * Integrated TAP Suite * Family Health Plans * Policy Benefit administration * Online Medical Appointment Booking Service Quality policy & objectives * Health Secure Solutions is committed to provide a high level of quality for all range of revise , in a manner which conforms to our Principals requirements and expectations.

As a part of this objective, Secure Solutions has established and maintains a quality system, which is planned and developed in conjunction with recognized bodies and our customers. This quality system is reviewed routinely to ensure its continued effectiveness and required improvements are made to meet principal expectations.