22356914 Consumer Buying Behavior

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CONTENTS

Certificate 4

Acknowledgement

5

Executive Summary

6

Table of Contents

CHAPTER I: INTRODUCTION

1.1 The Theme 7

1.2 Introduction

7

1.3 The Background of the Current Work

7

1.4 Objectives of the Work

7

1.5 Scope of Work

8

1.6 Methodology

8

CHAPTER-II: LITERATURE REVIEW

2.1 Introduction 9

CHAPTER III: Organizational Study

BVB College of Engineering & Technology Hubli

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3.1 Introduction 10

3.8 Conclusions 10-21

CHAPTER IV: Project Task

4.1 Introduction 23

4.2 Objectives

23

4.2.1 Data Requirement Analysis

23

4.2.2 Data Collection

23

CHAPTER-V: Analysis and Interpretation

24-45

CHAPTER-VI: Solutions and Suggestions

46-47

CHAPTER VIII: SUMMARY OF WORK DONE ANDCONCLUSIONS

8.1 Summary of the Work Done

48

8.2 Major Findings

49

8.3 Scope for Future Work

49

REFERENCES 50BVB College of Engineering & Technology Hubli

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Appendix A

Appendix B

Appendix C

Questionnaire51-55


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Certificate


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Acknowledgement

I sincerely extend my thanks to Mr. Prashantsingh Rajput, Senior Sales

Manager, INGvysya Hubli, who mixed delicate mix of freedom, guidance and

monitoring to make this project a great success.


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I thank our head of the department Dr. S.V. Patil and all the professors who

showed keen interest in giving their valuable guidance and constant

encouragement during the project work.

I take this opportunity to express my profound gratitude to our Prof

G.Hiremath, BVBCET Department of Management Studies, who has always been a

constant source of inspiration to me with his innovative ideas and guide me through

out my project work.

I sincerely thank all the Respondents who have spared their valuable time

and have provided all the information required by me.

Last but not the least I am very grateful to my non-teaching staff, parents

and friends for their co-operation and invariable support.


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EXECUTIVE SUMMARY

In todays corporate and competitive world, I find that insurance sector has

the maximum growth and potential as compared to the other sectors. The

main purpose of the study is to find the customer buying behavior for Life

Insurance of INGvysya Life Insurance Company in Hubli region which has

been done and will help the company to make the marketing strategy for the

different segments. The study which has been made during this project will

help the company to make strategies for this region and emphasize on their

weaker areas. The Brand Image of various companies will be known. The

company can find out where their competitor stands in the minds of the

people. Research has been done by primary data collection, and primary

data has been collected by meeting with the people in Hubli region. Data

collection has been done through by giving structured questionnaire. This

study will be based on sampling. This is a descriptive study.


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CHAPTER I: INTRODUCTION

1.1 The ThemeUnderstanding consumers needs and paying attention to customer service a

security for life for things you insuring of consumer buying behaviour for life

Insurance.

Introduction

Before business can develop marketing strategies, they must understand whatfactors influence buyers behavior and how they make purchase decisions to

satisfy their needs and wants. Buyers are moved by a complex set of deep and

subtle emotions. Their behavior result from deeply held values and attitudes

their perception of the world and their place in it.


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There are also several stages through which the consumer exhibit before

deciding to purchase goods or services. These include 5 steps which are:

problem or need recognition, information search, alternative evaluation,

purchase and post-purchase evaluation.

1.2 The Background of the Current Work

Insurance is in a manner of speaking the last frontier in the financialsector to open. It is also a sector, which leads to benefits across the fullspectrum, from the individual who now have wider choices, to theeconomy, which see increased savings, to the infrastructure sector, whichcan look forward to long term funding being available. In an under-insuredeconomy, newer channels of distribution have to be utilized to intensifythe reach of insurance both in urban and rural markets. This will createhuge employment opportunities not only within insurance companies butalso as agents and consultants of insurance companies.

1.3 Objectives of the Work

To identify the main influences on customer buying behavior

To distinguish the factors influencing customer buying behavior.

1.4 Scope of Work

A big boom has been witnessed in Insurance Industry in recent times. A

large number of new players have entered the market and are vying to

gain market share in this rapidly improving market. The study deals with

ING Vysya Life Insurance in focus and the various segments that it caters


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to not only hubli but it help to other places also. The study then goes on

to evaluate and analyze the findings so as to present a clear picture of

trends in the Insurance sector.

1.6 Methodology

The methodology of this project is first conducted the market survey which will

be possible only through questionnaire design. For finding of customer perception I

meet lot of customers personally and by phone as well as by interviewing them. For

doing market survey I selected the Hubli region as my target.


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CHAPTER-II: LITERATURE REVIEW

2.1 Introduction

The meaning of insurance is important to understand for anybody that is

considering buying an insurance policy or simply understanding the basics of

finance. Insurance is a hedging instrument used as a precautionary measure

against future contingent losses. This instrument is used for managing the possiblerisks of the future.

Consumer behavior refers to the mental and emotional process and the observable

behavior of consumers during searching, purchasing and post consumption of a

product or service.

Consumer behavior involves study of how people buy, what they buy, when they

buy and why they buy. It blends the elements from psychology, sociology,

psychology, anthropology and economics. It also tries to assess the influence on the

consumer from groups such as family, friends, reference groups and society ingeneral.

Buyer behavior has two aspects: the final purchase activity visible to any observer

and the detailed or short decision process that may involve the interplay of a

number of complex variables not visible to anyone.

Marketing is a societal process by which individuals and groups obtain what

they need and want through creating offering and freely exchanging products and

services of value with others for a managerial definition marketing has often beendescribed as The art of selling the products but people surprised when they hear

that the most important part of marketing is not selling is only the trick of the

marketing iceberg.


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Management respectively. The presence in all three fields signifies the importance

that the group attaches to the Indian markets and the group's operations here, as

well as its bullish future outlook on the country.

ING and ING Vysya Life Insurance are headquartered at Bangalore, while the

corporate office of ING Investment Management is situated at Mumbai. The

synergies arising out of the three distinct but complimentary businesses are bound

to be an asset to the group in the changing market dynamics of the future. The first

such signs are already visible on the horizon with combined products being

successfully launched by the different entities of the group in conjunction with each

other.

The origin of ING Group:

On the other hand, ING group originated in 1990 from the merger between

Nationale Nederlanden NV the largest Dutch Insurance Company and NMB Post

Bank Groep NV. Combining roots and ambitions, the newly formed company called

Internationale Nederlanden Group. Market circles soon abbreviated the name to I-

N-G. The company followed suit by changing the statutory name to ING Group

N.V..

Profile:

ING has gained recognition for its integrated approach of banking, insurance and

asset management. Furthermore, the company differentiates itself from other

financial service providers by successfully establishing life insurance companies in

countries with emerging economies, such as Korea, Taiwan, Hungary, Poland,

Mexico and Chile. Another specialization is ING Direct, an Internet and direct

marketing concept with which ING is rapidly winning retail market share in mature

markets. Finally, ING distinguishes itself internationally as a provider of employee


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benefits, i.e. arrangements of non wage benefits, such as pension plans for

companies and their employees.

Mission:

ING`s mission is to be a leading, global, client-focused, innovative and low-cost

provider of financial services through the distribution channels of the clients

preference in markets where ING can create value.

The immediate benefit to the bank, ING Vysya Bank, has been the pride of having

become a Member of the global financial giant ING. As at the end of the year

December 2008, ING's total assets exceeded 1332 billion euros, employed over

125000 people, and served over 85 million customers, across 50 countries. This

global identity coupled with the back up of a financial power house and the status of

being the first Indian International Bank, would also help to enhance productivity,profitability, to result in improved performance of the bank, for the benefit of all the

stake holders.

ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile,

Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial

powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya

Bank was pretty humble. It was in the year 1930 that a team of visionaries came

together to found a bank that would extend a helping hand to those who weren't

privileged enough to enjoy banking services.

It's been a long journey since then and the Bank has grown in size and stature to

encompass every area of present-day banking activity and has carved a distinct

identity of being India's Premier Private Sector Bank.


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In 1980, the Bank completed fifty years of service to the nation and post 1985; the

Bank made rapid strides to reach the coveted position of being the number one

private sector bank. In 1990, the bank completed its Diamond Jubilee year. At the

Diamond Jubilee Celebrations, the then Finance Minister Prof. Madhu Dandavate,

had termed the performance of the bank Stupendous. The 75th anniversary, the

Platinum Jubilee of the bank was celebrated during 2005.

In terms of pure numbers, the performance over the decades can better beappreciated from the following table:


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Rs. in millions


17

Yea

r

Networ

thDeposits

Advance

sProfits

Outle

ts

194

00.001 0.400 0.400 0.001 4

195

01.40 5.30 3.80 0.09 16

196

01.60 20.10 13.50 0.13 19

197

03.00 91.50 62.80 0.74 39

198

0

11.50 1414.30 813.70 1.13 228

199

0162.10 8509.40 4584.80 50.35 319

200

0

5900.0

0

74240.0

0

39380.0

0

443.1

0481

200

1

6527.0

0

81411.1

0

43163.1

0

371.9

0484

2002

6863.24

80680.00

44180.00

687.50

483

200

3

7067.9

0

91870.0

0

56120.0

0

863.5

0456

200

4

7473.2

0

104780.

00

69367.3

0

590.0

1523

200

5

7094.0

0

125693.

10

90805.9

0

(381.8

0)536

200

6

10196.

70

133352.

50

102315.

2090.6 562

200

7

11101.

90

154185.

70

119761.

70889.0 626

200

8

14260.

00

204980.

00

146500.

00

1569.

00677

200

9

15940.

00

248900.

00

167510.

00

1888.

00857*


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Source:www.inglife.co.in

* Outlets comprises of 441 branches, 37 ECs, 28 Satellite Offices and 351

ATMs as of March 31st 2009. Additionally bank also has Internet Banking,my-bank and Customer Service Line for Phone Banking Service.

ING Vysya Life Insurance:

ING Vysya Life Insurance Company Limited a part of the ING Group the

worlds largest financial services provider entered the private life insurance

industry in India in September 2001. Headquartered at Bangalore, ING Vysya

Life is currently present in 246 cities and has a network of over 300

branches, staffed by 7,000 employees and over 51,000 advisors, serving

over 5.5 lakh customers.

Product Portfolio:ING Vysya Life follows a customer centric approach while designing its products.

The Companys product portfolio offers products that cater to every financial

requirement, at all life stages.

In fact, the company has developed the LifeMakerTM a simple tool which can be

used to choose a plan most suitable to a specific customer based on his needs,

requirements and current life stage. This tool helps you build a complete financial

plan for life at every life stage, whether the requirement is Protection, Savings,

Investment or Retirement. Suitable products from ING Vysya Life Insurances

product portfolio for each such requirement, makes selection of your plan an easy

exercise.


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http://www.inglife.co.in/lifemaker.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/lifemaker.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htm


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Distribution Channels:

ING Vysya Life has a diversified distribution platform. While Tied Agency remains

the strongest channel, the Alternate Channels business within ING Vysya Life is one

of the fastest growing distribution channels. ING Vysya Life has strengthened its

position as the unparallel leader in the life insurance industry in cooperative banks

tie ups. The company currently has tie ups with 130 cooperative banks across the

country. The Alternate Channels division has Banc assurance, ING, Corporate

Agents and SMINCE

The Brand Positioning:

In 2007, ING Vysya Life developed its unique brand positioning Mera farz. This

Positioning means, ING Vysya Life helps its customers fulfil their responsibilities

towards themselves and their families. This powerful positioning has helped ING

Vysya Life create a distinct identity for itself. The latest brand campaign with a very

catchy jingle dwells on how a little planning and a helping hand from ING Vysya life

can help lighten the burden of responsibilities that often come with happy moments

and let you enjoy your life without any worries.

Management:

Board of Directors (as on June 01, 2009):

Mr. Rajan Raheja: Chairman of the

Board

Mr. Kshitij Jain: Managing Director &

Chief Executive Officer


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Mr. N. N. Joshi: Director

Mr. Satish Raheja: Director

Mr. Rajesh Kapadia: Director

Mr. S. B. Ganguly: DirectorMr. Ron van Oijen: Director

Senior Management Team (as on June 01, 2009):

Mr. Kshitij Jain: Managing Director & Chief Executive Officer

Mr. Rahul Agarwal: Chief Distribution Officer

Mr. B. Ashwin: Chief Operating Officer

Mr. John Boers: Chief Financial Officer

Ms. Hemamalini Ramakrishnan: Appointed Actuary and CIRO

(Chief Insurance Risk Officer)

Mr. Marco Fredriks: Financial Controller

Mr. Amit Gupta: Director - Marketing & Communication

Ms. Priya Gopalakrishnan: Director - Human Resources

Mr. T. K. Uthappa: Director, Sales - Tied Agency

Mr. Manoj Kaushik: Director - Alternate Channels

Mr. Ravishankar Subramanian: Director - Information

Technology

Mr. Joost van Beveren: Vice President - Business


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Transformation

Corporate Objective:

At ING Life, we strongly believe that as life is different at every stage, life insurance

must offer flexibility and choice to go with that stage. We are fully prepared and

committed to guide you on insurance products and services through our well-

trained advisors, backed by competent marketing and customer services, in the

best possible way.It is our aim to become one of the top private life insurance

companies in India and to become a cornerstone of INGs integrated financial

services business in India.


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3.2 ORGANIZATION STRUCTURE:


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Mission To set the standard in helping our customers manage their financial

future.

PARTNERS

ING Group:

ING is a global financial institution of Dutch origin offering banking, insurance and

asset management to over 85 million private, corporate and institutional clients in

over 50 countries. With a diverse workforce of approximately 130,000 people, ING

comprises a broad spectrum of prominent companies that increasingly serve their

clients under the ING brand.

Strategy:

Our strategy is more relevant to consumers than ever before. Their fundamental

needs with regard to saving, investing and preparing for retirement have not

changedin fact, the crisis has reinforced the basic need to save. It has also

highlighted the value of simplicity and transparency, which are two important

aspects of our goal to create an easier experience. More than ever, our

stakeholders want a financial partner they can trust. Given the nature of our

business, its our responsibility to shield our customers from market risks and

reduce the volatility of our earnings for shareholders. As a result, we will put even

more emphasis on the way that we manage our risks, capital and costs.

Responsibility:

ING strives to be a good citizen. Ethical, social and environmental considerations

play an integral part in our business decisions. ING is committed to playing an

active role as a community sponsor. It does this through a wide range of local

sponsorships and through its global Chances for Children initiative, which provides

access to primary education to underprivileged children in developing countries who

would otherwise not have the chance to attend school.


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BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY ING VYSYALIFE INSURANCE

Insurance plans available:

Individual Products

ING Life Insurance aims to make customers look at life insurance afresh, not just as

a tax saving device but as a means to live life to the fullest. It believes in enhancing

the very quality of life, in addition to safeguarding an individual's security.

The Company follows a customer centric approach while designing its life

insurance products. The ING Life product portfolio offers products that cater to

every financial requirement, at all life stages.

Protection Plans

It is the simplest form of insurance, where the Life Assured is provided insurance

cover and on his death during the policy term, the sum assured under the policy is

paid to his beneficiary. What is more, the ING Term Life is one of the most

affordable and inexpensive ways of obtaining life insurance cover

Our saving range includes ING Term Life, ING Term Life Plus.

Savings Plans

Our Saving Plans help you achieve your life goals making them cherished moments

for you and your family. They provide you with the flexibility to save for your future

requirements while you continue to improve your current lifestyle. Our plans help

discipline your savings approach and point your efforts towards defined goals so

that whatever stage of life you are in, you are always in control and self-reliant.

Our saving range includes Unit Linked Insurance Plan, Reversionary Bonus, Child

Protection Plan, Money Back Plan, Endowment Plan, Money Back Plan, Positive Life,

Creating Star,


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Retirement Plans

Our Retirement Plans ensure that you lead your life after retirement on your own

terms, doing things you have always dreamt of. We also believe it is important to be

in control of your retirement planning. Our innovative features help you choose your

retirement age and also control the way your investments are managed keeping inmind your retirement needs.

Our saving range includes Best Years, New Future Perfect and ING Golden Life

Investment Plans

Our Investment Plans are created keeping your needs in mind. We appreciate the

flexibility required to suit your risk appetite and the commitments you may want to

make. Our global expertise in managing wealth for individuals at all stages in their

life ensures that we have products to suit your taste whatever your objective of

investing may be.

Our savings range includes Powering Life, New Freedom Plan, New One Life,

Platinum Life Plan, High Life, High Life Plus, New Fulfilling Life Plan,

Riders

Riders are the optional contracts, which offer additional benefits for policyholders.

They are always attached to a basic policy. They cannot be bought separately or

independently of a basic policy. Each Rider will have its own premium rate and

separate policy conditions.

Our savings range includes Accidental Death Rider, Accidental Death, Disability and

Dismemberment Rider.

Group Products

A variety of plans to provide a cost effective yet comprehensive cover in an efficient

manner to all your employees, helping you attract and retain the best of talent.

ING Smart Shield

Group Gratuity

Employee Deposit Linked Insurance

Group Term Life Insurance Plan


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Single Premium Level Term Plan

Conclusions

Our exhaustive research in the field of Life Insurance threw up some interesting

trends which can be seen in the above analysis. A general impression that we

gathered during Data collection was the immense awareness and knowledge among

people about various companies and their insurance products. People are beginning

to look beyond LIC for their insurance needs and are willing to trust private players

with their hard earned money.


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People in general have been impression by the marketing and advertising

campaigns of insurance companies. A high penetration of print, radio and Television

ad campaigns over the years is beginning to have its impact now.

Another heartening trend was in terms of people viewing insurance as a money

back guaranty and investment instrument as much as a protective one. A very high

number of respondents have opted for insurance for such purposes and it shows

how insurance companies have been successful to attract public money in recent

times.

The general satisfaction levels among public with regards to policy and agents still

requires improvement. But therein lies the opportunity for a relative new comer like

ING Vysya Life Insurance Company Ltd. LIC has never been known for prompt

service or customer oriented methods and ING Vysya Life Insurance can build on

these factors.

3.6 Achievements & Accolade:

Launched the first CPPI product in the country

Launched the first global real estate strategy in the country

Launched the most innovative product across the Asia Pacific region Zoom

Investment Pac. Awarded as the Most Innovative Product by AAM.

ING CUB Fund ranked among the Worlds 100 top performing equity funds in

2007 by LIPPER.


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ING Domestic Opportunities Fund awarded with 5 star rating by Value

Research.

ING Income Fund-STP ranked a 5 star fund in the category of open ended

debt-short term for 3 year period ending 2007.

Rated among Top 200 Brands in India for press coverage in 2007 and

ranked No. 7 in the asset management space ahead of all other MNCs.

Executed Asias first, largest and the most prestigious event that the Indian

Asset Management Industry has ever witnessed ING GLOBAL

INVESTMENT MARATHON. This was an ideal place for ING IM Indias

existing & prospective clients to meet IIM global portfolio specialists from

US, Europe and Asia.


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CHAPTER IV: Project Task

4.1 Introduction

These are the main tasks, including the obvious ones. There are probably other

tasks that need to be defined also. Each task should have some continually

enhanced documentation about it, so that any person can do the tasks.

4.2 Objectives

To identify reason for opting/buying Life Insurance.

To identify the best policy of ING Vysya from customer perspective.

To diffrenciate on service provided by private insurance companies with

public sector insurance companies from customer perspective.

4.2.1 Data Requirement Analysis

The data required is about the investment pattern of the respondents, the

income level under

which they fall, the respondents preferences to various companies and their

preferences to

various types of insurance policies.


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4.2.2 Data Collection

The data is collected through primary and secondary data.

The data is collected through primary data by doing field Survey in Hubli

region. And

secondary data through INGVysya records like text books, websites etc. The

scope of

research is restricted to Hubli region and the research approach descriptive

method.

CHAPTER-V: Analysis and Interpretation

Data gives preference of respondents of Insurance companies.

COMPANYS NAMENO.OFRESPONDENT

SHARE (%)

ING VYSYA 19 19

ICICI PRUDENTIAL 0 0

SBI LIFE INSURANCE 18 18

L.I.C44 44

RELIANCE LIFEINSURANCE

0 0

TATA AIG LIFE 0 0

ANY OTHER 19 19


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TOTAL 100 100

INTERPRETATION

44% of the people contacted to prefer LIC policy to any other and

therefore it is ranked no.1 by that percent of respondents.

19% of the people contacted to prefer ING Vysya companys policies.

18% of the people contacted to prefer SBI Life Insurance companys

policies.

19% of the people contacted to prefer any other policies of the

companies.


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Data gives benefits of Insurance perceived by respondents.

BENEFITS NO.OFRESPONDENTS

SHARE (%)

Cover FutureUncertainty

54 54

Tax Deductions 25 25

Future Investment 21 21

TOTAL 100 100

INTERPRETATION

54% of the respondents believe that covering future uncertainty is the

biggest benefit of an insurance policy.

25% of them believe that the other benefits are Tax deduction.


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Whereas, 21% of them believe that other benefits are future

investment.

Data gives people perception about Insurance.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

A saving tool31 31

A tax saving device42 42

A tool to protect your family27 27

Total 100 100

INTERPRETATION

31% of the respondents have perception of Insurance being a saving tool.

And 42% of the respondents have perception of Insurance being a tax saving

device.

But 27% of the respondents have perception of Insurance is a tool to protect

your family.

Data shows buying process of the people.


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BUYING PROCESS NO. OF

RESPONDENTS

SHARE (%)

After seeing the add

in(T.V/Paper)

28 28

Insurance advisor

approached customer

72 72

Total 100 100

INTERPRETATION:

28% of the respondents approached the after seeing the add in (T.V/Paper)

Whereas, 72% of the respondents were approached by the Insurance advisor

approached customer.


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Data shows features of your policy attracted to buy it.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Low premium 0 0

High risk coverage9 9

Money back guarantee68 68

Reputation of the company12 12

Agents Conviction11 11

Total 100 100

INTERPRETATION:

68% of the Respondents are attracted for Money back guarantee.

9% of the Respondents are attracted for high risk coverage.

12% of the respondents are attracted for reputation of the company.

And 11% of the respondents are attracted for agents beliefs.


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Data shows satisfaction of respondents with to policy

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Satisfied 82 82

Not satisfied 18 18

Not Responded 0 0

Total 100 100

INTERPRETATION:

82% of the respondents are more or less satisfied with their existing policy.

18% of the respondents are not satisfied with their existing policy.

In this case all of those who have taken a policy have responded.


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Data shows satisfaction of respondents with respect to service

agents.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Satisfied65 65

Not satisfied34 34

Not Responded1 1

Total 100 100

INTERPRETATION:

65% of the respondents are satisfied with their existing service agent.

34% of the respondents are not satisfied with their service agent.

And 1% who has not responded.


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Data gives people perception on appropriate age for buying

Insurance.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

After 25 years 55 55

After 35 years 1 1

After 45 years 1 1

Anytime 43 43

Total 100 100

INTERPRETATION:

55% of the respondents are with the view that insurance should be bought

after the age of 25 years.


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Whereas, 43% of the respondents are with the view that buying of insurance

do not have any thing to do with age i.e. there is no age limitations. It can be

purchased any time according to the need.

And 1% of the respondents are with the view that insurance should be bought

after 35 and 45 years of age.

Data shows people opinion about Indian Insurance companies.

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Rigid plans 22 22

Non user friendly 9 9

Unsatisfactory services 1 1

Non Aggressive 18 18

Satisfactory 11 11

Good 38 38

Very good 1 1

Total 100 100


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INTERPRETATION:

22% of the respondents have the opinion that Indian Insurance Companies

have rigid plans.

9% feel that Indian Insurance companies are Non-user friendly.


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18% of the respondents are with the view that Indian Insurance companies

are Non-aggressive.

11% of the respondents feel that products and services of Indian Insurance

companies is Satisfactory.

Whereas, 38% feel that it is good enough.

And according to the data, only single person has felt that it is very good.

And 1% of the respondents felt that it is unsatisfactory service.

Data shows what people would look for in an Insurance company.

RESPONSE NO. OFRESPONDENT

S

SHARE (%)

A trusted name 35 35

Friendly service & 3 3


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responsiveness

Good plans 61 61

Accessibility 1 1

Total 100 100

INTERPRETATION:

35% customers look for a trusted name in a company for insurance.

61% customers look for a good plan in a company for insurance.

3% customer looks for Friendly service responsiveness.

And 1% customer looks for Accessibility.

Data shows people interested in going for Insurance if Insurance

Company away from your city & offers better services & products.


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RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Yes 46 46

No 24 24

Uncertain 30 30

Total 100 100

INTERPRETATION:

The interested customers i.e. 46% are ready to go for insurance even

away from a city if services and products.

24% of the customer is not ready to go for insurance away from a city.

30% of the customer is not known about their decision.

1. Which company u prefers the most?


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RESPONSE after

25

after

35

after

45

any

time

ING VYSYA 20 0 0 0

ICICIPRUDENTI

AL 0 0 0 0

SBI LIFE

INSURANC

E 10 0 0 10

L.I.C 20 0 0 20

RELIANCE

LIFE

INSURANCE 0 0 0 0

TATA AIG

LIFE 0 0 0 0

ANY

OTHER 0 0 0 20

TOTAL 100


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2. Data gives benefits of Insurance perceived by respondents.

RESPONS

E

after

25

after

35

after

45

any

time

Cover

Future

Uncertain

ty 30 0 0 40

Tax

Deduction

s 10 0 0 0

Future

Investme

nt 10 0 0 10

TOTAL 100


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3. Data gives people perception about Insurance.

RESPON

SE

after

25

after

35

after

45

any

time

A savingtool 30 0 0 0

A tax

saving

device 10 0 0 30


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A tool to

protect

your

family 10 0 0 20

TOTAL 100


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4. Data shows buying process of the people.

RESPONSE after25 after35 after45 anytime

After

seeing the

add

in(T.V/Pape

r) 30 0 0 0

Insurance

advisor

approache

d customer

20 0 0 50

TOTAL 100


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5. Data shows features of your policy attracted to buy it.

RESPONS

E

after

25

after

35

after

45

any

time

Low

premium 0 0 0 0

High risk

coverage10 0 0 0

Money

back

guarante

e 30 0 0 40

Reputatio

n of the

company

0 0 0 10

Agents

Convictio

n 10 0 0 0

TOTAL 100


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6. Data shows satisfaction of respondents with to policy

RESPON

SE

after

25

after

35

after

45

any

time

Satisfied 40 0 0 50

Not

satisfied 10 0 0 0

Not

Respond

ed 0 0 0 0

TOTAL 50 0 0 50


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7. Data shows satisfaction of respondents with respect to serviceagents.

RESPONS

E

after

25

after

35

after

45

any

time

Satisfied 50 0 0 50


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Not

satisfied 0 0 0 0

Not

Responde

d 0 0 0 0

TOTAL 100


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8. Data shows people opinion about Indian Insurance companies.

RESPONSE after

25

after

35

after

45

any

time

Rigid plans 10 0 0 10

Non user

friendly10 0 0 0

Unsatisfacto

ry services0 0 0 0

Non

Aggressive20 0 0 0

Satisfactory0 0 0 0

Good 1 0 0 4

Very good0 0 0 0

TOTAL 100


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9. Data shows what people would look for in an Insurance company.

RESPONSE after

25

after

35

after

45

any

time

A trusted

name0 0 0 30

Friendlyservice &

responsivene

ss0 0 0 0

Good plans50 0 0 20

Accessibility0 0 0 0

TOTAL 100


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10. Data shows people interested in going for Insurance if

Insurance Company away from your city & offers better services &products.

RESPON

SE

after

25

after

35

after

45

any

time

Yes 30 0 0 10

No 10 0 0 10

Uncertai

n 10 0 0 30

TOTAL 100


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CHAPTER-VI: Solutions and Suggestions


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Solutions:

44% of the people contacted to prefer LIC policy to any other company

so they need to improve in there benefits they provide and product

features.

54% of the respondents believe that covering future uncertainty is the

biggest benefit of an insurance policy so they should be improve in tax

deduction and price.

42% of the respondents have perception of Insurance being a tax saving

device so they need to come up new family products.

72% of the respondents were approached by the Insurance advisor

approached customer and not to by watching T.V and advertisement it

means the company should come up with different and attractive ads in

television as well as news paper.

68% of the Respondents are attracted for Money back guarantee no other

than that so they should work on building trust as well as good relation with

people.

82% of the respondents are more or less satisfied with their existing policy. It

tells about how the people are more conscious about their health so

insurance has good opening.


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65% of the respondents are satisfied with their existing service agent so they

should give training to each agent it helps to reach the customer need and

can satisfy them.

55% of the respondents are with the view that insurance should be bought

after the age of 25 years it tells about the company should come up with new

products which should help to above 25years age group.

38% feel that it is good enough it means they should provide good

policy to people which should help there future as savings etc.

61% customers look for a good plan in a company for insurance so the

company already has good plans but also when day goes they should

come up with new plans features as well.

The interested customers i.e. 46% are ready to go for insurance even away

from a city if services and products so people are more interest which the

service provide by company so they need to improve in their customer

satisfaction.

Suggestion:

The survey is important tool as clear perception of people about the product can be

estimated and known. The need levels of the people regarding the insurance

product been observed through survey. It was very useful in knowing about the

requirements of the people.


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CHAPTER VIII: SUMMARY OF WORK DONE ANDCONCLUSIONS

8.1 Summary of the Work Done

In todays corporate and competitive world, I find that insurance sector

has the maximum growth and potential as compared to the other sectors.

The main purpose of the study is to find the customer buying behavior forLife Insurance of INGvysya Life Insurance Company in Hubli city which has

been done and will help the company to make the marketing strategy for the

different segments. The study which has been made during this project will

help the company to make strategies for this region and emphasize on their

weaker areas. The Brand Image of various companies will be known. The

company can find out where their competitor stands in the minds of the

people. Research has been done by primary data collection, and primary

data has been collected by meeting with the people in Hubli. Data collection

has been done through by giving structured questionnaire. This study will be

based on sampling.


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8.2 Major Findings


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1. Many are respondened that insurance is a tool to protect their family & a tax

saving device. They know the fact & realizing its importance. The company should

try to expand & build up its infrastructure because there is a large potential for

insurance in India.

2. Company should come up with its new branches in Hubli region. With the

objective and goals to meet the demands & expectations of the public. Because the

entrance of private players will increase the competition and it would be a tough

task to secure a good position in market.

3. Since ING Vysya Life Insurance is leading with several companiesand its policies

should helps for them to penetrate into the market and secure a good position if

they pay greater attention to the service part provided to their customer and

thereby forming a long and trusted relationship.

8.3 Scope for Future Work

It helps to know about customer buying behaviour with life insurance and to

know about customer perception towards life insurance. it also helps to know about

the market potential in the Hubli. It can be apply by many life insurance companies.

To know the opening of new branches in Hubli region. It will help to company to

improve them selves in there targeting market and targeting customer.


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REFERENCES

Appendix A: 1.Business Research Methodology, INDIAN EDITION (7e) by William

G.

Zikmund.

2. Marketing Management, eleventh edition by Philip Kotler.

Appendix B: WWW.inglife.co.in WWW.money.cnn.com WWW. insuranceinstituteofindia .com

WWW. insurance .comWWW. economywatch .com

Appendix C: Company Broachers


62
http://www.inglife.co.in/http://www.money.cnn.com/http://www.insuranceinstituteofindia.com/http://www.insurance.com/http://www.economywatch.com/http://www.inglife.co.in/http://www.money.cnn.com/http://www.insuranceinstituteofindia.com/http://www.insurance.com/http://www.economywatch.com/


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QUESTIONNAIRE

Dear Sir/Madam

I am N H.CHINNAKATTI Student of B.V.B.C.E.T Department of Management Studies

undertaking a project on Study on Consumer Buying Behaviour for Life Insurance

of ING Vysya Life Insurance Company Limited in Hubli as a part of my MBA

curriculum. I therefore request you to give your most candid and thorough response

to the questions below. Rest assured that the information you share is confidential

and academic in nature.

Name:

Location:

Occupation:

1. Do you have any Insurance Policy?


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Yes ( ) No ( )

2. Which Insurance policy do you have?

Life ( ) General ( ) Both ( )

3. Which Companys you prefer the most?

a) ING VYSYA LIFE ( )

b) ICICIPRUDENTIAL ( )

c) SBI LIFE INSURANCE ( )

d) L.I.C ( )

e) RELIANCE LIFE INSURANCE ( )

f) TATA AIG LIFE ( )

g) ANY OTHER ________ (Specify)


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4. For how many years form you would like to Insurance courage?

a)


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d) Reputation of the company ( )

e) Agents conviction ( )

f) Any other _________ (Specify)

7. Your monthly income?

a) >8,000 b) >8,000 to =25,000.

8. Do you really think the necessity Insurance policy cover in todays scenario?

a) Very essential ( )

b) Essential ( )


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c) Partially ( )

d) Not required ( )

e) If not required please give specific reason_______________________________________________________________

9. What is your perception about Insurance?

a) A saving tool ( )

b) A tax saving device ( )

c) A tool to protect future ( )

10. How you buy Insurance?

a) After seeing the add in (T.V/Paper) ( )

b) Insurance advisor approached customer ( )


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11. Are you satisfied with the policy?

a) Satisfied ( )

b) Not satisfied ( )

c) Not responding ( )

12. Are you satisfied with the service provided by Insurance agents?

a) Satisfied ( )

b) Not satisfied ( )

c) Not responding ( )

13. Which is the best form of investments? (Give the rating No.1 as the

most

Preferred And No.6 last preferred among these)

a) Insurance ____


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b) Bank deposits ____

c) Jewellery ____

d) Securities (Bonds, M.Fs) ____

e) Shares ____

f) Fixed assets ____

14. What is the right age to buy Insurance?

a) After25 Yrs ( )

b) After 35 Yrs ( )

c) After 45 Yrs ( )

d) Any time ( )

15. How would you rate private life Insurance companies compare to L.I.C?

a) Rigid plans ( )

b) Non-user friendly ( )


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c) Unsatisfactory services ( )

d) Non-aggressive ( )

e) Satisfactory ( )

f) Good ( )

g) Very good ( )

16. What would you look for in Insurance companies?

a) A trusted name ( )

b) Friendly service & responsiveness ( )

c) Good plans ( )

d) Accessibility ( )


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17. Would you go for Insurance if Insurance company away from your city

&

Offers better services & products?

a) Yes ( )

b) No ( )

c) Uncertain ( )

--- THANK YOU ---

22356914 Consumer Buying Behavior

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