“BRANDING ROYAL SUNDARAM NATIONALY”

Hypothesis

“Importance of Branding an Insurance Company like Royal Sundaram on a National

Introduction:

A brand for a company is like a reputation for a person. You earn reputation by trying to do hard
things well. A brand is the identity of a specific product, Brand awareness refers to customers'
ability to recall and recognize the brand under different conditions.

Scope of Branding in a Insurance company:

The insurance industry's biggest challenge lies in how insurance brand have traditionally
positioned themselves. Insurance brands are typically rooted in stability, trust, and protection
from risk through a standard set of products. This positioning gives them the credibility to sell
"risk-free" products designed to help customers ensure that their families and assets are
protected.
But a branding challenge arises when they extend into products and services that are, by their
very nature, risky. So branding a insurance company becomes mandatory.

Why is it important for Royal Sundaram:

A prestigious company like Royal Sundaram, first private insurer of country must be branded to
extend its stable of offerings. Royal Sundaram has tried to differentiate itself by using the
analogy of cricket -- a game followed with an extraordinary passion by most Indians. The
analogy, however, is poorly and inconsistently implemented. The tagline “Beyond Expectations”
seems an unconvincing show of bravado aimed at reassuring prospects that this brand is
aggressive and will exceed customer expectations (as opposed to earlier players who often fell
woefully short of their customers’ expectations). However insurance is merely one part of a
consumer's larger financial picture. It will play a crucial role in establishing and extending what
insurers both stand for and promise, and, ultimately, it will shape the new image for Royal
Sundaram.

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INTRODUCTION

REASON FOR SELECTION OF THIS TOPIC:

The financial sector is one of the booming and increasing sectors in India. The Branding is one
of the most powerful, efficient and effective way through which the company sales increases. It
is really difficult to convince customers and sell a single product but branding make the entire
task easier to sell a product.

IMPORTANCE TO THE COMPANY:

The ultimate purpose of giving us the topic was to know about the customer’s perceptions about
the brand image of the bank, how Royal Sundaram can attract them and how the company can
generate maximum profit by Branding their image in the market.

LEARNING FROM THE STUDY:

 Different products and services provided by the bank.

INSURANCE SECTOR

Brief history

The insurance sector in India has completed all the facets of competition –from being an open
competitive market to being nationalized and then getting back to the form of a liberalized
market once again. The history of the insurance sector in India reveals that it has witnessed
complete dynamism for the past two centuries approximately. 

With the establishment of the Oriental Life Insurance Company in Kolkata, the business of
Indian life insurance started in the year 1818. 

Important milestones in the Indian life insurance business

 1912: The Indian Life Assurance Companies Act came into force for regulating the
life insurance business.

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 1928: The Indian Insurance Companies Act was enacted for enabling the government
to collect statistical information on both life and non-life insurance businesses.

 1938: The earlier legislation consolidated the Insurance Act with the aim of
safeguarding the interests of the insuring public.

 1956: 245 Indian and foreign insurers and provident societies were taken over by the
central government and they got nationalized. LIC was formed by an Act of Parliament,
viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too from the
Government of India.

The history of general insurance business in India can be traced back to Triton Insurance
Company Ltd. (the first general insurance company) which was formed in the year 1850 in
Kolkata by the British. 

Important milestones in the Indian general insurance business

 1907: The Indian Mercantile Insurance Ltd. was set up which was the first company
of its type to transact all general insurance business.
 1957: General Insurance Council, an arm of the Insurance Association of India,
framed a code of conduct for guaranteeing fair conduct and sound business patterns.
 1968: The Insurance Act improved for regulating investments and set minimal
solvency levels and the Tariff Advisory Committee was set up.
 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India. It was with effect from 1st January 1973.

107 insurers integrated and grouped into four companies viz. the National Insurance Company
Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the
United India Insurance Company Ltd. GIC was incorporated as a company.

Insurance companies in India

IRDA has till now provided registration to 12 private life insurance companies and 9 general
insurance companies. If the existing public sector insurance companies are considered then there
are presently 13 insurance companies in the life side and 13 companies functioning in general
insurance business. General Insurance Corporation has been sanctioned as the "Indian reinsurer"
for underwriting only reinsurance business. 

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ORGANIZATION PROFILE

Royal Sundaram Alliance Insurance Company Limited has been at the forefront of providing
innovative insurance solutions for you, your family and business. Company became the first
private insurer in the country to be licensed post privatization in 2001. Since then company have
been innovating constantly for customers. Like being the first to offer cashless hospitalization,
the first to offer segment specific business solutions, first to offer cobranded credit cards, first to
introduce industry-specific proposition.
Company product range is designed to provide extra cover to a varied range of customers
starting from the common man to corporate conglomerates. Company does business in over 150
cities through a combination of own branches and those of companies partners.
Royal  Sundaram  brings  to  you  the  golden  heritage  and reliability of Sundaram Finance
(AAA), one  of  the  most  respected  non-banking  financial institution in India, and RSA, one of
the oldest and the second largest general insurer in the UK.
The coming together of these two financial giants allows company to offer you the best global
practices in insurance industry, innovation in terms of products and services, and unmatched,
personalized customer service.

Sundaram Finance, a Triple A rated Non-Banking Finance Company, is one of the most
respected financial services companies in India. The Sundaram Finance group’s operations span
Vehicle finance, Home mortgages, Asset management, General Insurance, Business process
outsourcing, IT solutions and distribution of financial products. Sundaram Finance has a network
of over 320 branches across India with over 2,500 employees. With a 300 year heritage, RSA is
one of the world’s leading multinational quoted insurance groups. It has the capability to write
business in over 130 countries and with major operations in the UK, Scandinavia, Canada,
Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe. Focusing on
general insurance, it has around 21,000 employees and, in 2009, its net written premiums were
£6.7bn.

VISION

Do everything to offer our customers peace of mind through innovative insurance solutions,
products and superior service. 
• Conduct our dealings with honesty, without ever compromising on integrity.
• Empower ourselves and others to be committed and take responsibility. 
• Strive to share knowledge. 
• Invest in our people and recognize as well as reward superior performance.
• Provide our people with a challenging and rewarding work environment.  
• Develop and maintain the highest standards of professionalism backed by continuous learning
and improvement. 
• Be a responsible corporate citizen and a caring member of the community. 
• Enjoy what we do. 
At Royal Sundaram, you will join a bunch of enthusiastic individuals who are determined to
define the service standards of the industry.

Company Culture: Both Sundaram Finance and Royal & SunAlliance share of pedigree of trust
that goes back decades before the two entered into partnership to form Royal Sundaram.

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Hence the culture at Royal Sundaram is the best of both these worlds. Honesty, openness and
trust mean everything to us. It is the very foundation of our business and we foster these qualities
in every employee, encouraging him or her to uphold these values in the execution of even the
smallest detail.
We are a ''learning organisation'' where we continuously learn and explore more about our
business and environment.
Six shared values have been at the heart of Royal Sundaram since our formation. These values
influence the way we meet customer’s needs while respecting the regulatory requirements in the
field we operate, and the way we promote ethically sound practices within India and in our
partnerships.
Truth: In everything we do, we will strive to be open and conduct our dealings with honesty.
We will never compromise on integrity.
Trust: Empowering ourselves and others to be involved and take responsibility.
Teamwork: Sharing knowledge and working well together including with business partners.
People Commitment: Invest in our people and recognize as well as reward superior
performance.
Customer commitment: Meet and exceed our customers’ needs.
Professionalism: Develop and maintain the highest standards of professionalism backed by
continuous learning and improvement. We will enjoy what we do.

RESEARCH ,OBJECTIVES AND SCOPE OF PROJECT

This part is to be done buddy ., we need to

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