The development of a country depends up on the consolidate development of all infrastructures like-agricultural sector, industrial sector, financial sector, technological sector etc. But developing all these structures is not easy. A lot of troubles and threats always hinder and make difficulties to success. The most difficult problem is financial risk. So if it is feasible to provide financial protection then most of the structural development will be achievable with minimal efforts. And the most well known practical method for handling financial risk is insurance.
Delta life insurance Company Limited was incorporated in November 10, 1986 and is mainly engaged in Ordinary Life (OL), group insurance (GI), Health Insurance (HI) business and non-traditional micro insurance business under the name of Gono-Grameen Bima (GN-GRB).
The Company is a publicly traded Company and its shares are listed on the Dhaka Stock Exchange and Chittagong Stock Exchange. However, we have prepared this report on Delta Life Insurance Co. Ltd, which is one of the growing and prospective insurance companies in the insurance industry.
The company is providing protection and financial security to the nation, whilst adding shareholders value thought customer service excellence. By the way of examining and evaluation the functions and performance of Delta Life Insurance Co. Ltd, we tried to illustrate a true scenario of insurance industry of Bangladesh.
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The Mutual Insurance Company of Iowa has experienced a significant growth in sales within the last year, and in turn, has experiences a significant increase in insurance claims. After careful consideration and evaluation, the Mutual Insurance Company has elected to incorporate significant operational changes to meet the demands of the increased volumes. Specifically, incorporation of a lean ...
Within this time most of the teachers give the assignment or report after mid term exam and we are required to prepare and submit assignment or report within this short time. As a result we had to divide time for preparing report for our courses. As a partial fulfillment of our course we also required to prepare this report within short time. So it was hard to complete tis assignment covering all important matters . Other limitations: * One of the main barriers of the report was the confidentiality of the data * Not able to collect information from the source. It was difficult to include all the information to prepare a proper report Company Background Name, Address, Established date & some words Delta Life Insurance Co. Ltd. established mainly through the initiative of a group of Bangladeshi professionals then working abroad along with a few enthusiastic local entrepreneurs, started its operation in December, 1986 after the Government of Bangladesh allowed the private sector to operate in the insurance sector in 1984 to carry on the business of insurance in the Private Sector. A brief explanation as to the growth of life insurance business in Bangladesh is in order here.
Bangladesh declared independence from the Pakistani rules on March 26, 1971 following which she had to witness a bloody liberation struggle with the occupation forces lasting for 9 months before they were defeated. Insurance business which was exclusively carried on in private sector before independence was nationalized after liberation in 1972 primarily to address the emerging situation of eroding public confidence in the industry that was left staggeringly short of resources in the face of huge losses caused by the war of liberation.
After a series of experimentation, a state-owned body, namely Jiban Bima Corporation (JBC), established in May, 1973 for transacting the life insurance business, took over the assets and liabilities under life portfolios of all erstwhile private insurance companies and started business in its own name. However, things did not improve; rather, in many respects became more exacerbating and the Government then thought it better to allow private sector participation in insurance business.
The Term Paper on Different Types of Ownership in the Business Sector.
Sole tradership is when the business is fully owned and managed by one person, though others can be employed to help run the business. As the sole traders only financial income is from the business and/or bank loan, they do not have the resources to expand and cover regional or national areas. These types of businesses are located in the small business sector and usually cover local areas. Such ...
Since inception, Delta Life set before itself a high standard of all round performance coextensive with professional soundness and proficiency. It soon made a mark in the life insurance arena by not only being the leader among the private sector indigenous companies, but by undertaking and successfully implementing innovative and welfare oriented life insurance schemes. It introduced an array of conventional life and group insurance products – many of which were the first in Bangladesh. For the first time, health insurance products were also introduced by Delta Life.
But more importantly, in fulfilment of the avowed commitment towards social development, Delta Life for the first time not only in Bangladesh but probably in the World, devised and introduced micro-life insurance-cum-savings products specially suited to the needs and pockets of poor people of the country who constitute more than 80% of the people of Bangladesh Two projects of the company namely Grameen Bima for the rural people and Gono Bima for the poor and marginal savers of the urban areas were initiated to devote themslave exclusively to marketing and management of these innovative products.
We are happy to report that we have achieved a good measure of success although there is a long way to go. These schemes that we have introduced have created great stir and enthusiasm among the general mass who, before these projects started functioning, could not even dream of owning a policy that provides the much needed life insurance coverage along with facility of regular savings on a long-term basis. At a later stage i. e. in the year 2002, the projects were merged into a division of Delta Life, namely, Gono Grameen Bima Division.
The GNGRB Division has been growing at a first rate of more than 25% p. a. for the last couple of the years and is poised to maintain this growth rate at least in the next five years or so. Vision To be a market leader in providing integrated total security clients service, to be an innovative, profitable, customer friendly with a global focus. Mission: Create unmatched value for everyone through dependable, effective, transparent and profitable life insurance and pension plans.
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The paper deals with the study of the promotional strategies of IDBI federal life insurance co ltd vis-à-vis its various competitors like LIC, SBI life, ICICI prudential, etc. The paper aims at the various promotional strategies adopted by the company to make information available, about its products, to its potential customers. The primary objective of the paper is to find out whether the current ...
