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A

Live Research Report on

The Topic of

A Study of Customer-buying behavior (with a focus on market

segmentation)

In

Submitted In Partial Fulfillment Of the

Requirement of

Master Degree in Business Administration

2011-2013

Submitted To: Submitted By:

Dr Disha Mathur Ankit Rao

Assistant Professor MBA Semester IV

Advent Institute of Management Studies

Udaipur

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PREFACE

The liberalization of the Indian insurance sector has been the subject of much heated

debate for some years. The policy makers where in the catch 22 situation wherein forone they wanted competition, development and growth of this insurance sector which is

extremely essential for channeling the investments in to the infrastructure sector. At the

other end the policy makers had the fears that the insurance premium, which are

substantial, would seep out of the country; and wanted to have a cautious approach of

opening for foreign participation in the sector.

As one of the rare occurrences the entire debate was put on the back burner and the

IRDA saw the day of the light thanks to the maturing polity emerging consensus amongfactions of different political parties. Though some changes and some restrictive clauses

as regards to the foreign participation were included the IRDA has opened the doors for

the private entry into insurance.

Whether the insurer is old or new, private or public, expanding the market will present

multitude of challenges and opportunities. But the key issues, possible trends,

opportunities and challenges that insurance sector will have still remains under the

realms of the possibilities and speculation. What is the likely impact of opening up

Indias insurance sector?

The large scale of operations, public sector bureaucracies and cumbersome procedures

hampers nationalized insurers. Therefore, potential private entrants expect to score in

the areas of customer service, speed and flexibility. They point out that their entry will

mean better products and choice for the consumer. The critics counter that the benefit

will be slim, because new players will concentrate on affluent, urban customers as

foreign banks did until recently. This seems to be a logical strategy. Start-up costs-such

as those of setting up a conventional distribution network-are large and high-end niches

offer better returns. However, the middle-market segment too has great potential. Since

insurance is a volumes game. Therefore, private insurers would be best served by a

middle-market approach, targeting customer segments that are currently untapped

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ACKNOWLEDGEMENTS

I would like to thank Dr Disha Mathur, Assistant Professor, AIMS

Udaipur for supporting me during this project and providing me an

opportunity to learn outside the class room. It was a truly wonderful

learning experience.

I would like to thank my project supervisor Mr. Sanjay Singh, Executive

Territory Manager at Reliance Life Insurance Company Ltd for guiding me

through my summer internship and research project. His encouragement,

time and effort are greatly appreciated.

I would like to dedicate this project to my parents. Without their help and

constant support this project would not have been possible.

Lastly I would like to thank all the respondents who offered their opinionsand suggestions through the survey that was conducted by me in Udaipur.

Once again my gratitude to the RELIANCE Life insurance for their kind

co-operation.

ANKIT RAO

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DECLARATION

I hereby declare that research report entitled A Study of

Customer-buying behavior (with a focus on market segmentation)

submitted for the partial fulfillment of the requirements for the

award of Master of Business Administration is the outcome of

original study undertaken by me and the has not formed the basis

for the award of any degree, diploma or any other similar title.

Date: (Name & Sign.Of Student)

Place:Udaipur ANKIT RAO

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EXECUTIVE SUMMARY

In todays corporate and competitive world, I find that insurance sector has themaximum growth and potential as compared to the other sectors. Insurance has the

maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of

growth rate. This growth potential attracts me to enter in this sector and RELIANCE

LIFE INSURANCE has given me the opportunity to work and get experience in highly

competitive and enhancing sector.

The success story of good market share of different market organizations

depends upon the availability of the product and services near to the customer,

which can be distributed through a distribution channel. In Insurance sector,

distribution channel includes only agents or agency holders of the company. If a

company like RELIANCE LIFE INSURANCE, TATA AIG, MAX etc have

adequate agents in the market they can capture big market as compared to the

other companies.

Agents are the only way for a company of Insurance sector through which policies and

benefits of the company can be explained to the customer.

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TABLE OF CONTENTS

Serial No. Topics Page No.

1 THE INSURANCE INDUSTRY 1

2 COMPANY PROFILE 8

3 RESEARCH METHODOLOGY 26

3.1 Title of the Study

3.2 Objective Of Study

3.3 Scope Of The Study

3.4 Significance Of The Study

3.5 Research Design

3.6 Sampling Methodology

3.7 Limitations of the research

4 DATA ANALYSIS & INTERPRETATION 31

5 CONCLUSION 46

6 Recommendation and Suggestions 48

ANNEXURE 50

BIBLIOGRAPHY 55