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CHAPTER 1
INTRODUCTION
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1.0IntroductionDefinition:
A promise of compensation for potential and future losses in replace of a periodic payment.
Insurance is designed to protect thefinancialwell-being of anindividual,companyor
otherentityin the case of unexpectedloss. Someformsof insurance arerequiredbylaw, while
others are optional. Agreeing to thetermsof aninsurance policycreates acontractbetween
theinsuredand theinsurer. In exchange for payments from the insured (called premiums), the
insurer agrees topaythepolicyholdera sum ofmoneyupon the occurrence of a specificevent. In
most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays
the rest. Examples include car insurance,health insurance,disability insurance,life insurance,
andbusinessinsurance.
Compensation is made from a fund to which a lot of individuals exposed to the similar risk have
contributed sure specified amounts, called premiums. Sum for an individual loss will be divided
among many, does not fall a great deal upon the real loser. The core of the agreement of
insurance is called a policy. The main operations of an insurance company are underwriting the
purpose of which risks the insurer can take on and pace making the decisions regarding essential
prices for such risks. Underwriter is accountable for guarding aligned with unfavorable selection,
wherein there is extreme coverage of high risk candidates in percentage to the exposure of low
risk candidates. To prevent an adverse choice the underwriter is obliged to consider
psychological, physical and moral hazards in relative to applicants. Physical hazards comprise
those dangers which enclose the individual or a property, put at risk the well being of the
insured. The sum of the premium is determined by the process of the law of averages as
calculated by actuaries. Investing premium payments in a broad range of income producing
projects, insurance companies have turn out to be major suppliers of funds, and they grade
amongst the nation's major institutional investors.
In easy terms, insurance allows somebody who suffers a loss or mishap to be compensated for
the result of their calamity. It protects everyone aligned with everyday risks to health, home and
financial circumstances.
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1.1 History of Insurance:
Life is full of risks and uncertainties. Since we are social human beings we have too many
responsibilities. Indian consumers have big influence of emotions and rationality on their buying
decisions. They believe in the future rather than the present and desire to have a better and
secured future, in this direction life insurance services have its own value in terms of minimizing
risks and uncertainties. Indian economy is developing and having huge middle class, Societal
Class and salaried persons. Their money value for current needs and future desires helps in
generating the reason behind holding a policy.
The growth of the services sector in the Asian economies led to substantial changes in the
financial sector. The Asian Financial Crisis, affecting the ASEAN economies in particular
resorted to more regulatory measures to enhance delivery of products with minimal risks and
failures. The countries surrounding the ASEAN economies also went through a phase of
economic-restructuring, the most notable event being the impact of Chinas accession to WTO.
The insurance industry in most of the Asian economies were publicly owned and operated.
Government monopoly kept this segment of the financial market isolated from domestic private
or foreign participation. Barring few exceptions, the insurance market on an average remained
underdeveloped in terms of insurance density and penetration. Regulatory changes since mid
eighties and opening of these markets to private and foreign entry have been luring globalheavyweight insurers to enter these economies. As more suppliers enter these markets, the issue
is to re-examine the factors that can probably elevate demand for insurance products. The
insurance sector in India has reached a full circle from being an open competitive market to
Nationalization and back to a liberalized market again. Tracing the developments in the Indian
insurance sector reveals the 360-degree turn witnessed over a period of almost 19 years. The
business of life insurance in India in its existing form started in India in the year 1818 with the
establishment of the Oriental Life Insurance Company in Calcutta.
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Some of the important milestones in the life insurance business in India are:
1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulatethe life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government to collectstatistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act with the 1945- 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,
with a capital contribution of Rs. 5 crore from the Government of India. The General
insurance business in India, on the other hand, can trace its roots to the Triton InsuranceCompany Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.
Some of the important milestones in the general insurance business in India are:
1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact allclasses of general insurance business.
1957 - General Insurance Council, a wing of the Insurance Association of India, frames acode of conduct for ensuring fair conduct and sound business practices.
1968 - The Insurance Act amended to regulate investments and set minimum solvencymargins and the Tariff Advisory Committee set up.
1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized thegeneral insurance business in India with effect from 1st January 1973.
Source:http://www.licindia.in/history.htm
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1.2 Insurance industry:
Insurance has got its origin from the concept of Indemnity. It is against the loss, which has
occurred due to some unavoidable circumstances. To some, the concept of insurance has got its
origin related to the uncertainty in the life. Uncertainty has been the integral part of everyone's
life, be the uncertainty in terms of money, uncertainty in terms of life etc. Through out the tenure
every other individual's effort is directed towards avoiding this uncertainty. The concept of
insurance has got its origin from this very effort of avoiding the uncertainty. Though it is not
possible to avoid the uncertainty, it is highly possible to compensate the loss, which has occurred
due to happening of this uncertainty. This compensation of unavoidable circumstances which has
occurred, is known as Insurance. It is the pooling of funds by many to compensate the loss of
few, whereby many individuals pool themselves together to create a fund in order to compensatethe loss that has occurred to the few.
Insurance, in law and economics, is a form of risk management primarily used to hedge against
the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss,
from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and
known small loss to prevent a large, possibly devastating loss. An insurer is a company selling
the insurance; an insured or policyholder is the person or entity buying the insurance. The
insurance rate is a factor used to determine the amount to be charged for a certain amount ofinsurance coverage, called the premium. Insurance is something that almost all of us will need
sometime, and it is worth understanding it before buying it.
1.3 Types of insurance
There are basically three types of Insurance:
1) LIFE INSURANCE: It is a type of insurance which relates to the life of Human beings. The
main objective of Life Insurance is:
Human life safeguard Survivor benefit Family safeguard after the death of the insured person
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There are two types of policies under life Insurance namely conventional policy and ULIP
Policy. In conventional policy the insured is not given the information about the investment fund
about where is money is invested. On the other hand the ULIP is just opposite of conventional
policy which ensures a detail about the insurers investment and offers him many benefits as
compared to Conventional plan.
2) HEALTH INSURANCE: Most developed nations have government-funded health care
which means that most or all citizens have access to medical facilities and treatment, as well as
health insurance.
For example, the National Health Service (NHS) in the United Kingdom pays for citizens
medical needs. However, in the US, there is no government-funded health policy - whether for
insurance or treatment. As a result, US citizens and residents must be insured or risk facing
astronomical medical bills, garnishing of wages, and bankruptcy. Often, medical insurance (both
health and dental) is included in employee benefit packages in the US and other countries.
Nevertheless, the issue of affordable health insurance and treatment in the US is one of the most
controversial and heated topics, as many cannot afford either. If you live in a country without
comprehensive national health care, then low cost health insurance is a vital requirement.
3) GENERAL INSURANCE: General Insurance represents other forms of insurance beyondLife and Health Insurance. There are various types of General Insurance such as:
Motor Insurance
This includes automobile, truck, motorcycle, aircraft, boat, or any other form of motorized
transportation. It is perhaps the most common type of insurance, and is required by law in many
countries. Motor insurance covers the insured party against financial loss that he may incur to
repair his vehicle or a third partys in the event of an accident. In return for annual or semi-
annual premiums, the insurance company is bound to pay any losses as described in the policy.
Such a policy may include property, liability or third party, and medical coverage.
Property coverage insures damage to or theft of a vehicle; liability covers bodily injury or
property damage that may occur as a result of the insureds actions, and medical coverage pays
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any fees necessary for bodily injuries, rehabilitation and in some cases foregone wages and
funeral costs. In many countries, all of these types of automobile insurance are required of
vehicle owners. In some countries, or states, only third party is required. However, in the case of
new vehicles, any banks which may be financing the vehicle may require full insurance as a
condition of financing.
Disability Insurance
This form of insurance protects workers from injuries and illnesses which prevent them from
doing their jobs. It can pay for existing commitments the policyholders may have such as
outstanding bills, mortgages, utilities, and more.
Workers compensation is common in the US, and pays a worker his wages and medicalexpenses in the event of an injury on the job.
Permanent disability which prevents a worker from ever working again is covered by total
permanent disability insurance. This provides the disabled employee with benefits for the rest of
his or her life, or according to the terms specified in the policy. Companies can purchase a
similar type of insurance, called, disability overhead insurance. This pays for ongoing overhead
costs of a business while the owners are not able to work.
Property Insurance
This type of insurance typically covers things like homes, machinery, crops, valuable goods,
shipped cargo, rented property (homes or apartments), and more. It can cover damages as a result
of various activities including acts of God (earthquakes, floods, storms, hurricanes, etc),
vandalism, terrorism, fraud, and more.
Liability Insurance
This covers negligent acts of an insured party with reference to a vehicle or a home. It protects
the insured against legal claims and indemnification. There are various types of liability
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insurance such as professional indemnity insurance Environmental liability insurance and Prize
indemnity insurance
Professional indemnity insurance protects employees from malpractice suits (as in the medical
profession), errors and omissions (by appraisers, home inspectors, realtors, insurance agents,
notaries, and others), and other acts of unintentional workplace negligence.
Credit Insurance
This is taken by lenders who need coverage against the people that have credit with them
(borrow money). In the event of their inability to pay it back (usually due to unemployment,
disability, or death), this insurance protects the lender.
There are many other kinds of insurance, and even each of the major categories mentioned above
has dozens of variations and types. They differ depending on the markets, the understanding of
risk and availability of historical data, government regulation and law, cultural perceptions and
expectations, and more.
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CHAPTER 2
RESEARCH METHODOLOGY
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2.1 Problem definition
Insurance is a booming sector; in the year 2000 it was a milestone where the insurance industry
got liberalized after more than fifty years. This sector was a monopoly in the past with LIC as the
only company which is a public sector enterprise. When the market got opened up and now there
are more private players contending in the market. There are almost fifteen private life insurance
companies has come into this industry at this juncture.
In recent years private players have launched much of novelty in the industry in terms of
products, penetrating channels and advertising the products, several agencies with training and
customer services etc. Despite the efforts whichever have been taken by these companies still
there is a strong positioning for public service enterprises. People have the mental blockage of
not moving towards these private players because of the lack of trust they have with them.
I have taken this as a problematic issue in marketing for this particular product; especially there
would be a definite positive outcome for private companies when I finish this thesis project.
2.2 Objectives of the study
Main Objective:
To study the factors underlying consumer perception towards investments ininsurance policies.
To analyze the degree of changes in the consumer psyche towards Insurance productswith respect to market conditions.
To open further vistas for new researches to attain market leadership.Secondary Objectives:
To find the market potential and penetration of Insurance policies in Chennai. To expand the access of insurance policies. To increase the product awareness of insurance investment. To give an idea about the regulations of insurance. To give an idea of the types of schemes available.
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2.3 Scope
There is a large potential in this industry for private players to increase their market share
according to their marketing strategies or initiatives. Despite a strong positioning for public
sector, there is a huge market open for private players to capture the market and it is not
saturated. Positively my thesis work will answer for this with suggestions and strategies on how
to capture the same.
2.4 Method of Data Collection
Type of Study:
The study commenced is Exploratory in nature as we have the given problem and we are trying
to find a solution to the problem
Primary data will be collected and analyzed through the form of questionnaire being prepared
based on the sample size taken.
Secondary data will be collected through magazines, journals, internet so as to further help in
analyzing the study.
2.5 Sampling Segment
A well framed questionnaire was prepared after incorporating the information collected
through pilot survey. The primary data was collected through questionnaires and informal
interviews with the Sales Managers, Sales officers, Experts within the organization and as well
as the customers. The secondary data were collected through internet, company details obtained
from the organization and though various marketing books. The data collection was done for a
period of one month.
2.6 Limitations of the Study
The survey is confined to Chennai City only. The findings and suggestions are applicable only for Chennai City. Cost incurred a lot while collecting samples. The information obtained from the respondent may be biased.
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2.7 Sample Size
To analyze the customer psyche towards Insurance products we have taken a sample size of 100
consumers. This study will follow Simple random sampling.
Primary Data: Exploratory Survey
Consumers - 50
Insurance Managers - 10
Sales executives - 25
Agency managers - 10
Experts - 05
100
2.8 Justification
As mentioned above my thesis research work will bring up several insights and pitfalls in
acquiring new customers by private players in this industry. The final outcome will be a
reference material for the existing players to capture the market share on the higher side.
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CHAPTER 3
LITERATURE REVIEW
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It's better to be the first than it is to be better.
Being first in anycategoryis going to give you the edge being the leader comes
frombeing first. It's much easier toget into the mind of consumersfirst than try to convince
people you have a better product or service than the one that did get there first. Improvements arealways made to product/service inventions andinnovationsbut the first in has a head start. Once
you are the leader, a position mostly gained by being first, it is pretty hard for competitors to
dislodge you, as long as you keep your products up to date and of comparable quality. Further,
the first in to the market has the opportunity to have itsbrand nameadopted as the generic
category name. Once you are first and get the consumers to buy your brand, often they won't
bother to switch. People tend tostick with what they've got.
The market leader is dominant in its industry and has substantial market share. If you want to
lead the market, you must be the industry leader in establishing an innovation-friendly
organization, developingnew business modelsandnew productsor services. You must be on
thecutting edge of new technologiesandinnovative business processes. Yourcustomer value
propositionmust offer a superior solution to a customers' problem, and your product must be
welldifferentiated.
"Evolve a game plan, a business strategy "number one, number two," advises Jack Welch.Build
on what the company does best. Have aUnique Selling Propositionbased ongiving customersvaluethat competitors cannot equal or surpass. Become more concrete, more focused. In
business, the strong survive, the weak do not. The big,fastones get to play, the small, slow ones
are left behind. There is a competitive advantage of being the bestor the second bestthat can,
and should, be exploited. Winners andmarket leaderswill be those who insist upon being the
number one or number twofastest,leanest, lower-cost, world-wide producers ofqualitygoods or
services and those who have aclear technological edgeor a clearcompetitive advantagein their
chosen niche. Traditional corporations, using oldbusiness models, are over structured, over
controlled, and over managed, but under led.Top managersshould rather concentrate on that
handful of real managerial tasks that will bring success in the future.
Thus, anew business modelis emerging, a model where "most of key missions of the
organization are distributed to the myriad individual pieces and unity comes from the vigor of
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ttp://www.1000ventures.com/business_guide/lean_production_main.htmlhttp://www.1000ventures.com/business_guide/market_leader.html#Live%20Qualityhttp://www.1000ventures.com/business_guide/market_leader.html#Live%20Qualityhttp://www.1000ventures.com/business_guide/market_leader.html#Live%20Qualityhttp://www.1000ventures.com/business_guide/innovation_radical.htmlhttp://www.1000ventures.com/business_guide/innovation_radical.htmlhttp://www.1000ventures.com/business_guide/innovation_radical.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/sca_main.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/sca_main.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/sca_main.htmlhttp://www.1000ventures.com/info/business_model_brief.htmlhttp://www.1000ventures.com/info/business_model_brief.htmlhttp://www.1000ventures.com/info/business_model_brief.htmlhttp://www.1000ventures.com/info/executive_smart_brief.htmlhttp://www.1000ventures.com/info/executive_smart_brief.htmlhttp://www.1000ventures.com/info/executive_smart_brief.htmlhttp://www.1000ventures.com/business_guide/business_model_new.htmlhttp://www.1000ventures.com/business_guide/business_model_new.htmlhttp://www.1000ventures.com/business_guide/business_model_new.htmlhttp://www.1000ventures.com/business_guide/business_model_new.htmlhttp://www.1000ventures.com/info/executive_smart_brief.htmlhttp://www.1000ventures.com/info/business_model_brief.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/sca_main.htmlhttp://www.1000ventures.com/business_guide/innovation_radical.htmlhttp://www.1000ventures.com/business_guide/market_leader.html#Live%20Qualityhttp://www.1000ventures.com/business_guide/lean_production_main.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/change_speedmoving.htmlhttp://www.1000ventures.com/business_guide/marketing_22laws.html#Leadershiphttp://www.1000ventures.com/business_guide/market_leader.html#Live%20Speedhttp://www.1000ventures.com/business_guide/crosscuttings/customer_vp.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/customer_vp.htmlhttp://www.1000ventures.com/business_guide/marketing_advertising_usp.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/80-20principle_firm.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/80-20principle_firm.htmlhttp://www.1000ventures.com/info/strategy_differentiation_brief.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/customer_vp.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/customer_vp.htmlhttp://www.1000ventures.com/business_guide/innovation_process.htmlhttp://www.1000ventures.com/business_guide/innovation_radical.htmlhttp://www.1000ventures.com/business_guide/new_product_development.htmlhttp://www.1000ventures.com/business_guide/business_model_new.htmlhttp://www.1000ventures.com/info/innovation_org_brief.htmlhttp://www.1000ventures.com/info/innovation_org_brief.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/change_resistance.htmlhttp://www.1000ventures.com/business_guide/marketing_brands.htmlhttp://www.1000ventures.com/business_guide/mgmt_quality.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/competing_war_games.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/competing_war_games.htmlhttp://www.1000ventures.com/info/innovation_value_tao_brief.htmlhttp://www.1000ventures.com/business_guide/crosscuttings/positioning_main.htmlhttp://1000ventures.com/business_guide/crosscuttings/change_speedmoving.htmlhttp://www.1000ventures.com/business_guide/marketing_22laws.html#Category 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people and the free flow of knowledge, not a burdensome central headquarters. Sustainable
competitive advantageis the prolonged benefit of implementing some unique value-creating
strategy based on unique combination of internal organizationalresourcesand capabilities that
cannot be replicated by competitors. Sustainable competitive advantage allows the maintenance
and improvement of your enterprise's competitive position in the market. It is an advantage that
enables your business to survive against its competition over a long period of time.
Source:http://www.1000ventures.com/business_guide/market_leader.html
The Economic Times: Steering resurgence at United India
It was a PSU shaken and stirred by a double whammy that hit the then sedate insurance industry.
The public sector insurance companies got the first jerk after the de-regulation a decade ago, that
paved way for the entry of a whole host of private players. Then came the de-tariffing regime,
which led to severe under-cutting.
The repercussions were felt strongly by Chennai-based United India Insurance. Insiders admit
the morale was down in 2003 and the company started losing business. By 2007-08, it was
pushed to fourth place with a mere 6.9% rise in gross premium at Rs 3,739 crore.
But in the past two years, the state-owned insurer staged a comeback of sorts. In 2009-10, it
clocked an impressive 48.7% increase in net profit at Rs 707.1 crore in the year ended March 31,
2010, against Rs 476.1 crore in the previous year.For two years in a row, the company did well
in all parameters - increase in premium, net worth, investment income, PAT and market value of
investments. United India has also emerged as the second-largest general insurance company in
the country (after New India). Like in the previous year, it improved its market share to 14.6% in2009-10 from 13.7%.
And the face behind the turnaround saga is the CMD G Srinivasan, who took charge in October
2007. He came from market leader New India Assurance, wherein he rose to the rank of general
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manager after joining in 1979. In New India, he also had an international stint as head of
operations at Trinidad & Tobago in West Indies.
"I came with a lot of passion to lead the team from the front. Today, there is a lot of energy and
enthusiasm in the organisation. We are more focused now and become stronger to take on the
future challenges," says Mr Srinivasan, who hails from Chennai. He did his fellow of insurance
and ICWA after his commerce degree from Vivekananda College. Like a typical Chennaite, he
loves Carnatic music, plays chess and cricket besides golf.
Apart from Mr Srinivasan, United India got three general managers from outside. The top
officials had a brainstorming session to tone up operational efficiency, delivery system, improve
the standards of underwriting and claims management.
Mr Srinivasan led the task of unleashing the company's potential, as it had over 1,400 offices all
over India, issuing more than one crore policies in a year and having 17,000-plus people and an
army of 2,000 officers.
He set them three major objectives: Focus on improving customer service, improve its profits to
make its financial fundamentals strong and increase market by aggressively growing business.
Alongside, an organisation restructuring titled Unisurge packed with 12 initiatives focused on
marketing, investment and customer service was taken up to boost business. He also focused on
renewing the tie-ups with large corporates, expanding the concept of micro offices and agency
force to increase retail business. These efforts have started paying substantial dividends. He is set
to keep up the momentum this year with plans to achieve a gross premium income of Rs 6,000
crore. It will retain focus on tapping retail business and ramp up the agency channel to one lakh
agents by 2011-12 from the current 30,000. They will be monitored and mentored by unit
managers. It will also expand bancassurance tie-ups.
Source:http://insurancenewsnet.com/article.aspx?id=200819&type=newswires
http://insurancenewsnet.com/article.aspx?id=200819&type=newswireshttp://insurancenewsnet.com/article.aspx?id=200819&type=newswireshttp://insurancenewsnet.com/article.aspx?id=200819&type=newswireshttp://insurancenewsnet.com/article.aspx?id=200819&type=newswires -
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Private insurers humming latest chart buster
What does one do to grow in a category like life insurance, where it is just not possible to topple
the market leader? Well, Max New York Life, Aegon Religare, Tata AIG, Aviva Life Insurance,
ICICI Prudential and HDFC Standard Life are focusing on child plans. Not because they feel likebabies before LIC India, which holds more than 70% market share in the countrys life insurance
market, but because most policies sold in the country are for children. And, now, these insurers
have also handed over the marketing job to children, be it Max New York Lifes
Czechoslovakia kid who tugged at your heart (and purse) string or Aegon Religares 3D junior
playing the guitar who made you write the cheque.
They are also trying to engage with children directly through contests and coaching camps in an
effort to reach out to parents worried about their childrens education and marriage. VishalGupta, director-marketing at Aviva Life Insurance, gives a perspective, The Indian
demographics has the largest young population in the world. Over 70% of our population is
under 30 years of and 50% is under 20 years of age. This offers unlimited potential for the
insurance business in our country easily for the next 50 60 years, he says. Young parents with
disposable incomes are looking at investing for their kids. And the biggest driver for them is to
give their kids a good education, which will in turn be their bridge for a better tomorrow.
Surveys done by Tata AIG and Aviva have both put childs education above any other reason for
investing in an insurance product. And to woo these people, insurers are going beyond mass
media. ICICI Prudentials initial effort in engaging kids was in the form of a cricket coaching
camp it conducted in association with Chris Keynes. In 2006-07, it organised the National
Geographic Smart Kid competition spread across 380 schools in 10 cities. Recently, ICICI
Prudential has ventured into rural India to sell products with an initiative called Pragati Ki
Anokhi Paatshala, where the brand will be engaging over 200 schools in a two-day programme.
The capsule includes activities like memory enhancements, communications skills, vedic maths,
etc being conducted at schools. The programme also includes a session on financial planning
with the participants and if they are interested, then an ICICI Prudential representative would go
to his home to give them the details about the various insurance options available.
Source:http://www.avivaindia.com/en/MediaCenter/News/NA_1_29-01-2010.aspx
http://www.avivaindia.com/en/MediaCenter/News/NA_1_29-01-2010.aspxhttp://www.avivaindia.com/en/MediaCenter/News/NA_1_29-01-2010.aspxhttp://www.avivaindia.com/en/MediaCenter/News/NA_1_29-01-2010.aspxhttp://www.avivaindia.com/en/MediaCenter/News/NA_1_29-01-2010.aspx -
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LIC bets on customer service to stay ahead
With almost two dozen players fighting for new customers, life insurance market in India has
become extremely competitive. Yet, Life Insurance Corporation , the market leader, has been
able to increase its market share from 61 per cent to 65 per cent last fiscal. According to Mr D.K.
Mehrotra, Managing Director, LIC, providing the best of products and services to customers is
the key to maintaining market share.
In an interview to Business Line, Mr Mehrotra, who decides on the sales and marketing
strategies at the country's largest insurer, talks about the company's growth plans and the
increased focus on customer services? With Indian economy looking up, do you expect a better
growth in new business this fiscal? We had a 33-per cent growth last year. In a competitive
environment, we cannot say that we will grow at the same rate this year. Any growth has to be
supported by proper infrastructure. This year, we have targeted to collect Rs 54,000 crore in the
first premium income and sell 4.66 crore polices - that will be a 25-per cent growth in new
business premium and 20-per cent growth in policies. Will the new regulation asking agents to
disclose commission on ULIPs impact its sales?
I don't except a big impact . Initially, there will be a setback because of the mind set. But in the
long term, the customer will understand that agents are working for that commission. In India,insurance is still a push product. We have not reached that level of financial literacy where
customers will buy policies on their own. Policies still have to be sold. And the intermediary
needs some remuneration for selling the product. Agents still contribute a large chunk of your
new business. What about developing new channels? Of the new business, more than 90 per cent
comes from agents. Alternate channels are picking up the bancassurance contributes hardly three
per cent. We have tie-ups with banks and corporate agents. Contribution of alternate channels
should grow to 5-7 per cent. We started the direct channel' last August. This online service was
aimed at tech-savvy people who have little time to visit branches.
Source:http://www.thehindubusinessline.com/2010/06/03/stories/2010060353050800.htm
http://www.thehindubusinessline.com/2010/06/03/stories/2010060353050800.htmhttp://www.thehindubusinessline.com/2010/06/03/stories/2010060353050800.htmhttp://www.thehindubusinessline.com/2010/06/03/stories/2010060353050800.htmhttp://www.thehindubusinessline.com/2010/06/03/stories/2010060353050800.htm -
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3.1 Functions of Insurance
The functions of Insurance can be bifurcated into two parts:
1.
Primary Functions2. Secondary Functions3. Other Functions
The Primary functions of insurance include the following:
Provide Protection - The primary function of insurance is to provide protection against future
risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can
certainly provide for the losses of risk. Insurance is actually a protection against economic loss,by sharing the risk with others.
Collective bearing of risk - Insurance is a device to share the financial loss of few among many
others. Insurance is a mean by which few losses are shared among larger number of people. All
the insured contribute the premiums towards a fund and out of which the persons exposed to a
particular risk is paid.
Assessment of risk - Insurance determines the probable volume of risk by evaluating variousfactors that give rise to risk. Risk is the basis for determining the premium rate also
Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty.
Insurance is device whereby the uncertain risks may be made more certain.
The Secondary functions of insurance include the following:
Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device
to prevent unfortunate consequences of risk by observing safety instructions; installation of
automatic sparkler or alarm systems, etc.
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Prevention of losses causes lesser payment to the assured by the insurer and this will encourage
for more savings by way of premium. Reduced rate of premiums stimulate for more business and
better protection to the insured.
Small capital to cover larger risks - Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and uncertainty.
Contributes towards the development of larger industries - Insurance provides development
opportunity to those larger industries having more risks in their setting up. Even the financial
institutions may be prepared to give credit to sick industrial units which have insured their assets
including plant and machinery.
The Other functions of insurance include the following:
Means of savings and investment - Insurance serves as savings and investment, insurance is a
compulsory way of savings and it restricts the unnecessary expenses by the insured's For the
purpose of availing income-tax exemptions also, people invest in insurance.
Source of earning foreign exchange - Insurance is an international business. The country can
earn foreign exchange by way of issue of marine insurance policies and various other ways.
Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade risk free
with the help of different types of policies under marine insurance cover.
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3.2Market Share of Insurance companies
8.93%
3.88%
6.98%2.11%
2.96%
2.40%
8.74%
PRIVATE PLAYER MARKET SHARE
ICICI PRUDENTIAL
HDFC SLIC
BAJAJ ALLIANZ
SBI LIFE
RELIANCE LIFE
MAX NEW YORK
OTHERS
3.3 SWOT Analysis:
64.00%
36%
Market share
public sector( LIC)
private sector
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Strengths
Premium rates are increasing and so are commissions.The variety of products is increasing.Prospects expect more services from their brokers.Plenty of disposable income available
Weaknesses
Insurance companies are often slow to respond to changing needs. There is an increasing trend of financial weakness among the companies. There are more competitors for agencies to compete with banks and Internet players.
Opportunities
The ability to cross sell financial services is barely being tapped.
Technology is improving to the point that paperless transactions are available.
The client's increasing need for an insurance consultant can open new ways to service the
client and generate income.
Threats
The increasing cost and need for insurance might hit a point where a backlash will occur. Government regulations on issues like health care, mold and terrorism can quickly
change the direction of insurance. Increasing expenses and lower profit margins will hit
hard on the smaller agencies and insurance companies.
Increasing expenses and lower profit margins will hit hard on the smaller agencies andinsurance companies.
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3.4 PEST Analysis for Insurance industry:
Political Economical
Political stability Economic growth
Trade regulations Inflation rates
Tax policies Interest rates
IRDA regulations Government expenditure
Insurance laws and rights Consumer spending
Social Technological
Demographics Technological development
Consumer behavior Newly invented products
Income distribution Automation
Health consciousness Information technology
Living standards Cutting edge standards
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Life Insurance Corporation of India (LIC)
The Life Insurance Corporation (LIC) was established about 44 years ago with a view to providean insurance cover against various risks in life. A monolith then, the corporation, enjoyed a
monopoly status and became synonymous with life insurance.
Its main asset is its staff strength of 1.24 lakh employees and 2,048 branches and over six lakh
agency force.
LIC has hundred divisional offices and has established extensive training facilities at all levels.
At the apex, is the Management Development Institute, seven Zonal Training Centres and 35Sales Training Centres.
At the industry level, along with the Government and the GIC, it has helped establish the
National Insurance Academy. It presently transacts individual life insurance businesses, group
insurance businesses, social security schemes and pensions, grants housing loans through its
subsidiary; and markets savings and investment products through its mutual fund. It pays off
about Rs 6,000 crore annually to 5.6 million policyholders.
Source:http://www.insuremagic.com/Content/PlanInfo/LIC_companyprofile.asp
http://www.insuremagic.com/Content/PlanInfo/LIC_companyprofile.asphttp://www.insuremagic.com/Content/PlanInfo/LIC_companyprofile.asphttp://www.insuremagic.com/Content/PlanInfo/LIC_companyprofile.asphttp://www.insuremagic.com/Content/PlanInfo/LIC_companyprofile.asp -
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ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The
authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500 Million.
The Company is a joint venture of ICICI (74%) and prudential plc UK (26%).
The Company was granted Certificate of Registration for carrying out Life Insurance business,
by the Insurance Regulatory and Development Authority on November 24, 2000. It commenced
commercial operations on December 19, 2000, becoming one of the first few private sector
players to enter the liberalized arena. Till March 31,2002 the Company has issued 100,000
polices translating into a Premium Income of around Rs. 1,200 Million and a sum assured of
over Rs.15,000 Million.
The Company recognizes that the driving force for gaining sustainable competitive
advantage in this business is superior customer experience and investment behind the brand. The
Company aims to achieve this by striving to provide world class service levels through constant
innovation in products, distribution channels and technology based delivery. The Company has
already taken significant steps to achieve this goal. ICICI Prudential Life Insurance Company is
a joint venture between ICICI Bank, a premier financial powerhouse, and prudential plc, a
leading international financial services group headquartered in the United Kingdom. ICICI
Prudential was amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA).ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential
plc holding 74% and 26% stake respectively. For the period April- December, 2005, the
company garnered Rs 1,430 crore of new business premiums for a total sum assured of Rs 15,170
crore and wrote 497,765 policies. For the past four years, ICICI Prudential has retained its
position as the No. 1 private life insurer in the country, with a wide range of flexible products
that meet the needs of the Indian customer at every step in life.
Source:http://www.iloveindia.com/finance/insurance/companies/icici-prudential.html
http://www.iloveindia.com/finance/insurance/companies/icici-prudential.htmlhttp://www.iloveindia.com/finance/insurance/companies/icici-prudential.htmlhttp://www.iloveindia.com/finance/insurance/companies/icici-prudential.htmlhttp://www.iloveindia.com/finance/insurance/companies/icici-prudential.html -
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TATA AIG Insurance Company
Tata Enterprises with 82 companies, spread over seven sectors and with an annual turnover exceeding
US $ 8.8 billion, employs more than 262,000 people. Tata Group has shown over years that it is a
value driven company and has pioneering contributions in various fields including insurance, aviation,
iron and steel. In terms of capital market performance as many as 40 listed Tata companies account for
nearly 5% of the total market capitalization of all listed companies. The Group has had a long
association with India's insurance sector having been the largest insurance company in India prior to
the nationalization of insurance.
TATA GROUP IN INSURANCE:
Tata AIG General Insurance Company Ltd, and Tata AIG Life Insurance Company Ltd., (collectively"Tata AIG") are joint venture companies between the Tata group India's most trusted industrial house
and American International Group, Inc. (AIG), the leading U. S. based international insurance and
financial services organization. The Late Sir Dorab Tata, was the founder Chairman of New India
Assurance Co. Ltd., a group company incorporated way back in 1919. Government of India took over
the management of this company as a part of nationalization of general insurance companies in 1972.
Not deterred by the move, Tata group have ventured into risk management services having tied up
with AIG group, back in 1977, with the incorporation of Tata AIG Risk Management Services Pvt.
Ltd. The Tata Group is one of India's largest and most respected business conglomerates, with
revenues in 2006-07 of $28.8 billion (Rs129,994 crore), the equivalent of about 3.2 per cent of the
country's GDP, and a market capitalization of $72.2 billion as on December 6, 2007. Tata companies
together employ some 289,500 people.
American International Group, Inc. (AIG), is a major American insurance corporation based at the
American International Building in New York City. The British headquarters are located on Fenchurch
Street in London, continental Europe operations are based in La Defense, Paris, and its Asian HQ is in
Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was the 18th-largest company in the
world.
Source:http://www.medindia.net/patients/insurance/tata-aig-general-insurance.htm
http://www.medindia.net/patients/insurance/tata-aig-general-insurance.htmhttp://www.medindia.net/patients/insurance/tata-aig-general-insurance.htmhttp://www.medindia.net/patients/insurance/tata-aig-general-insurance.htmhttp://www.medindia.net/patients/insurance/tata-aig-general-insurance.htm -
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BAJAJ ALLIANZ LIFE INSURANCE
Bajaj Allianz Life Insurance Company Limited. Bajaj Allianz Life Insurance Co. Ltd. is a joint
venture between two leading conglomerates, Bajaj Auto, one of the biggest 2 and 3 wheeler
manufacturers in the world and Allianz AG, one of the world's largest insurance companies.
Bajaj Allianz Life Insurance
Is the fastest growing private life insurance company in India. Currently has over 3,00,000 satisfied customers We have customer care centers in 155 cities with 28000 Insurance Consultant providing
the finest customer service.
One of India's leading private life insurance companies
Bajaj Allianz General Insurance Company Limited. Bajaj Allianz General Insurance Company
Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a
reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the
Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) onMay 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in
India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds
74% and the remaining 26% is held by Allianz, AG, Germany.
Bajaj Allianz today has a network of 42 offices spread across the length and breadth of the
country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are
interconnected with the Head Office at Pune.
Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000
employees. At the top of the international group is the holding company, Allianz AG, with its
head office in Munich.
Source:http://www.bajajallianzlife.co.in/
http://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/ -
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Religare Insurance Advisory Ltd.
Religare team is led by a very eminent Board of Directors who provide policy guidance and
work under the active leadership of its CEO & Managing Director and support of its Central
Guidance Team.
Religare has been taking care of financial services for long but there was a missing link.
Financial planning is incomplete without protective measure i.e. structured products to take care
of event of things that may go wrong.
Consequently, Religare is soon coming up with Religare Insurance Advisory Services
Limited. As composite insurance broker, we would deal in both insurance and reinsurance,
providing our clients risk transfer solutions on life and non-life sides.
This service will take benefit of Religares vast business empire spread throughout the
country -- providing our valued clients insurance services across India. We aim to have a wide
reach with our servicesliterally! Thats why we are catering the insurance requirements of both
retail and corporate segments with products of all the insurance companies on life and non-life
side.
Still, there is more in store. We also cater individuals with a complete suite of insurance
solutions, both life and general to mitigate risks to life and assets through our existing network of
over 150 branchesexpected to reach 250 by the end of this year!
For corporate clients, we will be offering value based customised solutions to cover all
risks which their business is exposed to. Our clients will be supported by an operations team
equipped with the best of technology support.
Religare Insurance Advisory aims to provide neutral, transparent and professional risk
transfer advice to become the first choice of India.
Source:http://www.aegonreligare.com/
http://www.aegonreligare.com/http://www.aegonreligare.com/http://www.aegonreligare.com/http://www.aegonreligare.com/ -
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CHAPTER 4DATA ANALYSIS AND
INTERPRETATION
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4.0 Data analysis and interpretation
Q1. What percentage of your income do you save normally?
Table 1:
Chart 1:
Inference:
Above survey data shows maximum number of person around 45% save 5-40% of their income,
followed by 27% persons who save around 10-25% .other category save more than 45% of their
income followed by 7% member who saves 5-10% of their income.
Saving percentage of incomeNo of
respondents
Percentage
of
respondents
5% - 10% 7 7%
10 % - 25% 27 27%
5% - 40% 45 45%
>45% 21 21%
Total 100 100%
0
10
20
30
40
50
5% - 10% 10 % - 25% 5% - 40% >45%
No of respondents
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Q2. Rank the following investments according to your preference (1-5)?
Table 2:
Options No of respondents Percentage of respondents
Bank Deposit 8 8%
Stocks/Shares 11 11%
Mutual Funds 21 21%
Gold/ Commodities 28 28%
Insurance 32 32%
Total 100 100%
Chart 2:
Inference:
Above survey shows maximum number of person around 32% prefer insurance as the mode of
investment, followed by 28% persons who prefer gold as the mode of investment. The remaining
21% prefer mutual funds, 11% prefer stock purchase and only 8% go for bank deposits.
Bank Deposit
Stocks/Shares
Mutual Funds
Gold/ Commodities
Insurance
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Q3 Do you think insurance policies are necessary in present world?
Table 3:
Options
No of
respondents
Percentage of
respondents
No 19 19%
Yes 37 37%
To some extent 32 32%
Cant say 12 12%
Total 100 100%
Chart 3:
Inference:
A majority of 37 persons say that insurance policy is very important in the present world,
followed by 32 persons who say that to some extent it is important , 19% say that insurance
policy is not at all important.
0
10
20
30
40
No Y es To s ome
extent
C ant s ay
No of respondents
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Q4. Are you aware of latest updates in insurance policies and schemes?
Table 4:
Options No ofrespondents
Percentage
of
respondents
Yes 44 44%
No 56 56%
Total 100 100%
Chart 4:
Inference:
A majority of the 56 % of the respondents are not aware of the updates in the insurance policy
and schemes. 44% of the respondents are aware of the updates in policy and schemes.
Y es
44%
No
56%
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Q5. Do you have any Insurance Policy?
Table 5:
OptionsNo of
respondents
Percentage
Yes 78 78%
No 22 22%
Total 100 100%
Chart 5
Inference:
From the above chart it is clear that 78% of the respondents are having an insurance policy for
themselves, only a minority of 22% is not having an insurance policy.
0 10 20 30 40
Yes
No
No of respondents
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Q6. If yes which type of policy do you have?
Table 6:
OptionsNo of
respondents
Percentage of
respondents
Life Insurance 28 28%
Health Insurance 22 22%
General Insurance 24 24%
Others 26 26%
Total 100 100%
Chart 6:
Inference:
A majority of 28% respondents have life insurance followed by 26% of the respondents having
general insurance and 22% having health insurance.
0
5
10
15
20
25
30
Life
Insurance
Health
Insurance
General
Insurance
others
No of respondents
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Q 7. What type of Insurance do you prefer?
Table 7:
Options
No of
respondents
Percentage
ofrespondents
ULIP 43 43%
Conventional 57 57%
Total 100 100%
Chart 7:
Inference:
The above survey data shows that majority of the respondents prefer conventional insurance
followed by 43% say that they prefer ULIP insurance.
0 10 20 30 40 50 60
ULIP
Conventional
No of res pondents
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Q 8 Do you have any ULIP policy?
Table 8:
OptionsNo of
respondents
Percentage
of
respondents
Yes 44 44%
No 56 56%
Total 100 100%
Chart 8:
Inference:
The above survey data shows that 44% have a ULIP policy and 56% do not have one.
0
10
20
30
40
50
60
Yes No
No of respondents
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Q 9. If yes, which are the factors that you prefer the most?
Table 9:
Options No of respondents Percentage of respondents
Returns 20 20%
Risk raiders 24 24%
switch
options26 26%
others 30 30%
Total 100 100%
Chart 9:
Inference:
A majority of 26% the respondents say that switch options are the most preferable factors,
followed by risk raiders with 24%, and returns with 20%.
0 10 20 30
Returns
Risk raiders
switch options
others
No of respondents
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Q10. Your mode of awareness about Insurance companies?
Table 10:
OptionsNo of
respondents
Percentage
of respondents
Media Advertising 34 34%
friends& relatives 12 12%
Company reference 37 37%
Agents 17 17%
Total 100 100%
Chart 10:
Inference:
From the above chart it is clear that media advertising the best way to create awareness about
insurance, company reference has 37% of the votes in creating the awareness, 17% say that
agents contribute most to the awareness and 12% feel friends and relatives.
0
5
10
15
20
25
30
35
40
Media
Advertising
friends&
relatives
Company
reference
Agents
No of respondents
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Q11. Among life insurance companies which one do you prefer the most (rank them)?
Table 11:
OptionsNo of
respondentsPercentage of respondents
LIC 88 88%
Bajaj Allianz 7 7%
ICICI prudentiel 3 3%
Tata AIG 2 2%
Kotak Mahindra 1 1%
Total 100 100%
Chart 11:
Inference:
Of the respondents 88% prefer that LIC is the best insurance company, followed by Bajaj Allianz
with 7%, ICICI prudential with 3% votes, Tata AIG with 2% votes and kotak with only 1%
votes.
L IC
Bajaj Allianz
ICIC I prudential
Tata AIG
K otak Mahindra
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Q12. While selecting an insurance company for investments what is that you consider the
most?
Table 12:
OptionsNo of
respondents
Percentage
of respondents
Brand Name 30 30%
Market Share/ Size 10 10%
Returns/Benefits offered 24 24%
Policy charges/ track record 36 36%
Total 100 100%
Chart 12:
Inference:
While selecting an insurance company for investments majority of 35% look for policy
charges/track records, 30% look out for brand name, 24% prefer returns and benefits offered and
10% look for market share /size.
Brand Name
Market Share/ Size
Returns/Benefits offered
Policy charges/ track record
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Q13. Do you consider market condition as an important tool for investment in Insurance
policies?
Table 13:
Options No of respondents Percentage of respondents
Yes 76 30%
No 24 24%
Total 100 100%
Chart 13:
Inference:
From the survey data we can conclude that 76% of the respondents consider the market condition
before investing and only 24% say no.
No of respondents0
50
100
YesNo
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Q14. At what market condition do you prefer to invest in Insurance?
Table 14:
OptionsNo of
respondents
Percentage of
respondents
Boom 29 29%
Slack 31 31%
Cant say 40 40%
Total 100 100%
Chart 14:
Inference:
Majority of the people cant trust in the market condition for investing because its alwaysfluctuating, 31% say that they invest when the market is in slack state, 29% invest when market
is in boom.
0 10 20 30 40
Boom
Slack
Cant say
No of respondents
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Q15. Your view about private insurance companies and their services.
Table 15:
Brand
ImageNo of respondents Percentage of respondents
Level 10 3 3%
Level 20 7 7%
Level 30 9 9%
Level 40 4 4%
Level 50 4 4%
Level 60 12 12%
Level 70 21 21%
Level 80 13 13%
Level 90 11 11%
Level 100 16 16%
Total 100 100%
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Chart 15:
Inference:
A majority of 21% have an average opinion of private insurance firms with a brand image of
level 70. Followed by 16% of them giving level 100. Overall there is a good opinion about
private banks.
0
5
10
15
2025
Level1
0
Level2
0
Level3
0
Level4
0
Level5
0
Level6
0
Level7
0
Level8
0
Level9
0
Level1
00
No of res pondents
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Statistical tools
1. INTERVAL ESTIMATION:
Q4. Are you aware of latest updates in insurance policies and schemes?
Table 4:
OptionsNo of
respondents
Percentage
of
respondents
Yes 44 44%
No 56 56%
Total 100 100%
Standard Error = (PQ/N)
= (0.44*0.56/100)
= 0.0496
P- (1.96* 0.0496) = 0.44(1.96* 0.0496)
= 0.44(0.09729)
= 0.34271
= 34%
P+ (1.96* 0.0496) = 0.44 + (1.96* 0.0496)
= 0.44 + (0.09729)
= 0.53729
= 53%
INFERENCE: Interval Estimation of the awareness of latest updates in insurance policies andschemes lies between 34% and 53%.
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Q5. Do you have any Insurance Policy?
Table 5:
OptionsNo of
respondentsPercentage
Yes 78 78%
No 22 22%
Total 100 100%
Standard Error = (PQ/N)
= (0.78*0.22/100)
= 0.0414
P- (1.96* 0.0414) = 0.78(1.96* 0.0414)
= 0.78(0.08114)
= 0.69886
= 70%
P+ (1.96* 0.0496) = 0.78 + (1.96* 0.0414)
= 0.78 + (0.09729)
= 0.86114
= 86%
INFERENCE: Interval Estimation of having insurance policies and schemes lies between 70%
and 86%.
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Q 8 Do you have any ULIP policy?
Table 8:
OptionsNo of
respondents
Percentage
of
respondents
Yes 44 44%
No 56 56%
Total 100 100%
Standard Error = (PQ/N)
= (0.44*0.56/100)
= 0.0496
P- (1.96* 0.0496) = 0.44(1.96* 0.0496)
= 0.44(0.09729)
= 0.34271
= 34%
P+ (1.96* 0.0496) = 0.44 + (1.96* 0.0496)
= 0.44 + (0.09729)
= 0.53729
= 53%
INFERENCE: Interval Estimation of having ULIP policies lies between 34% and 53%.
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Q13. Do you consider market condition as an important tool for investment in Insurance
policies?
Table 13:
Options No of respondents Percentage of respondents
Yes 76 30%
No 24 24%
Total 100 100%
Standard Error = (PQ/N)
= (0.76*0.24/100)
= 0.0427
P- (1.96* 0.0427) = 0.76(1.96* 0.0427)
= 0.76(0.0837)
= 0.6763
= 67%
P+ (1.96* 0.0427) = 0.76 + (1.96* 0.0427)
= 0.76 + (0.0837)
= 0.8437
= 84%
INFERENCE: Interval Estimation for considering market condition as important tool liesbetween 67% and 84%.
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CHI-SQUARE TEST:
Table 1:
Q2. Rank the following investments according to your preference (1-5)?
Table 2:
Options No of respondents Percentage of respondents
Bank Deposit 8 8%
Stocks/Shares 11 11%
Mutual Funds 21 21%
Gold/ Commodities 28 28%
Insurance 32 32%
Total 100 100%
H0: There is no association between saving percentage of income and investments of preference.
H1: There is association between saving percentage of income and investments of preference.
Saving percentage of incomeNo of
respondents
Percentage
of
respondents
5% - 10% 7 7%
10 % - 25% 27 27%
5% - 40% 45 45%
>45% 21 21%
Total 100 100%
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5% - 10%
(A)
10 % - 25%
(B)
25% - 40%
(C)
>45%
(D)
Bank Deposit 1 3 2 2 8
Stocks/Shares 1 4 2 4 11
Mutual Funds 1 5 7 8 21
Gold/
Commodities
1 8 15 428
Insurance 3 7 19 3 32
7 27 45 21 100
Since the values in the table are less, the chi-square test can be implemented by merging the cells
A & B and C & D.
20-30 Yrs
(A&B)
30-40 yrs
(C&D)
Bank Deposit 4 4 8
Stocks/Shares 5 6 11
Mutual Funds 6 15 21
Gold/
Commodities
9 1928
Insurance 10 22 32
34 66 100
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Formulate an Analysis:
Significance level 0.05
Degree of freedom (d.o.f) = (2-1) * (5-1) = 4
E r, c = (nr * nc)/ n
E11 = (8 * 34) / 100 = 3
E12 = (8 * 66) / 100 = 5
E21 = (11 * 34) / 100 = 4
E22 = (11 * 66) / 100 = 7
E31 = (21 * 34) / 100 = 7
E32 = (21 * 66) / 100 = 14
E41 = (28 * 34) / 100 = 10
E42= (28 * 66) / 100 = 18
E51 = (32 * 34) / 100 = 11
E52= (32 * 66) / 100 = 21
X^2 = [(O-E)2/ E]
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O E O-E (O-E) (O-E) / E
4 3 1 1 0.33
4 5 -1 1 0.2
5 4 1 1 0.25
6 7 -1 1 0.143
6 7 -1 1 0.143
15 14 1 1 0.071
9 10 -1 1 0.1
19 18 1 1 0.056
10 11 -1 1 0.091
22 21 1 1 0.048
Total 1.432
Calculated2
value = 1.432
Degree of Freedom = 4
Table value = 2.131847
Result = Significant at 5% level
INFERENCE
The calculated value of 2
< Table value of 2
the null hypothesis is accepted. There is noassociation between saving percentage of income and investments of preference.
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CHAPTER 5
FINDINGS
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5.0 FindingsMost people have savings of around 5-40% of their income.
Our survey has revealed that majority of the people prefer insurance as the best mode of
investment.
A majority of persons feel that insurance policy is very important in the present world as
it has a risk free saving.
Majority of the people in the current world have insurance policies.
Life insurance has turned out to be a favorite type of investment.
Conventional insurance has majority of customers.
A majority of the respondents say that switch options is the most important feature in
insurance policy.
Company references and media campaigns have good weight age in creating awareness
among the public.
LIC is the largest insurance company with no close competitor.
Policy charges/ track record and brand name attract the customer the most.
Referring Market condition is an important tool in investing money.
Private insurance companies have a good image among the people.
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CHAPTER 6
RECOMMENDATIONS
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6.0 Recommendations
The most vital problem spotted is of ignorance. Insurer should be made aware of the benefits.
Nobody will invest until and unless he is fully convinced. Insured should be made to realize that
ignorance is no longer bliss and what they are losing by not taking insurance.
Companies have to add some extra features in it with aggressive marketing promotionalstrategy.
The company should concentrate more towards promotional tools and increase its focuson product awareness rather than brand awareness. Product must be improved
Media Advertisement and Agents is the main source of attraction so the company mustadvertise its products heavily.
Create awareness: The Company has to take care of awareness creation about theproducts and services among the Advisors or Agents.
Charges: The Company has to reduce the mortality and administration charges. The company has to give periodic training.
Product promotion strategies should be improved.
Company should consider the present competition and should act according to thecustomer needs.
Insurance companies must promote their in a wider arena and attract more customers asinsurance is being termed as a safe way to invest.
Insurance companies must promote general insurance and health insurance among thepeople.
Companies must introduce more flexible insurance policies. Insurance companies other than LIC must concentrate on attracting more customers.
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CHAPTER 7
CONCLUSION
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7.0 Conclusion
With the globalized economy and immense competition among countries for faster development
of their respective economies, the significance of Insurance and Foreign investment has taken
manifold. Importance and the role of Insurance, Mutual funds and FIIs play in the Indian stock
market can be seen from the fact that the recent surge in Sensex and NIFTY is attributed to the
active participation of FIIs in the Stock Market
All though relatively new entrants are in the market, companies are slowly but surely
gaining a strong hold because it is finally able to grasp the investment climate in Chennai.
Secondly, the branch managers at all the branches are very knowledgeable with a lot of
experience in the financial markets so under their leadership can definitely expand its base.
A good brand is always welcomed here and people are more aware and conscious for
the brand so they go for they are ready to spend some extra bucks for the quality. Right now
private players are at its nascent stage and will surely grab the major market under its belt very
soon like in other fields At last all cons are concluded by that companies are still growing
industry in India and is still exploring its potential and prospects in here.
I thank the God almighty for completing this thesis project successfully, also my parents and
faculties whose guidance has brought up me to this level as a professional.
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CHAPTER 8
APPENDICES
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QUESTIONNAIRE
Dear Sir/Madam,
Im A.Arunpursuing MBA in IIPM (As part of my final 6thSemester, Im doing a thesis titled
STRATEGY FOR INSURANCE COMPANIES TO ATTAIN MARKET LEADERSHIP
POSITION. In continuation with my thesis work, Ive prepared a questionnaire, which will
help me to gather more information based on the individual perspective. The Information given
by you will be kept truly confidential, no names will be revealed. I request you to kindly spare
few minutes of your time in filling this questionnaire. Please ensure factual replies, which alone
will result for trustworthy conclusion in my study.
Thank you in advance for your co-operation.
1. What percentage of your income do you save normally?
5% - 10% 10 % - 25% 2 5% - 40% >45%
2. Rank the following investments according to your preference (1-5)?a) Bank Deposit .b) Stocks/Shares .c) Mutual Funds .d) Bullions/Foreign Exchange .e) Insurance .
3. Do you think insurance policies are necessary in present world?
No Yes To some extent cant say
4. Are you aware of latest updates in insurance policies and schemes?Yes No
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5. Do you have any Insurance Policy?Yes No
6. If yes which type of policy do you have?Life Insurance Health Insurance General Insurance others
7. What type of Insurance do you prefer?ULIP Conventional
8. Do you have any ULIP policy?Yes No
9. If yes, which are the factors that you prefer the most?Returns Risk raiders switch options others
10.Your mode of awareness about Insurance companies?
Media Advertising friends& relatives Company reference Agents
11.Among life insurance companies which one do you prefer the most (rank them)?LIC .
Tata AIG .
SBI Life .
Bajaj Allianz .
Kotak Mahindra .
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12.While selecting an insurance company for investments what is that you consider themost?
i. Brand Nameii. Market Share/ Size
iii. Returns/Benefits offerediv. Brand Loyalty
13.Do you consider market condition as an important tool for investment in Insurancepolicies?
Yes No
14.At what market condition do you prefer to invest in Insurance?Boom Slack cant say
15.Your view about private insurance companies and their services.
Bad I-------I-------I-------I-------I-------I-------I-------I-------I------IG ood
10 20 30 40 50 60 70 80 90 100
16.Write a few lines suggesting for the benefit of public about insurance companies and itsservices.
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
________________________________________________________________________
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Personal Details
1. Name: ___________________________2. Age of the person?
__________________Years
3. Educational Background?S.S.L.C H.S.C UG PG
4. Years of work experience?__________________Years
5. Mobile no: ___________________
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Thesis Response sheet
RESPONSE SHEET-1
1) Name: A.ARUN
2) ID Number: SS810/01347/MKT
3) The Topic of the study: Strategy for insurance companies to attain market
leadership position
4) Questionnaire made to collect Primary Data (in the first or the second response
sheet): Collected input to frame the questionnaire.
5) Date when the Guide was consulted: 28/03/2010
6) The outcome of the discussion:
Framing questionnaire Analysis
7) The Progress of the Thesis: 1st
discussion of thesis, started the thesis based on the input
given by External guide MR. JAGANATHAN R
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RESPONSE SHEET-2
1) Name: A.ARUN2) ID Number: SS810/01347/MKT
3) The Topic of the study: Strategy for insurance companies to attain market
leadership position
4) Questionnaire made to collect Primary Data (in the first or the second response
sheet): Collected input to frame the questionnaire.
5) Date when the Guide was consulted: 28/03/2010
6) The outcome of the discussion: Literature review and data analysis
7) The Progress of the Thesis: 2nd discussion of thesis, a valuable suggestions and
corrections for literature review and data analysis
RESPONSE SHEET-3
1) Name: A.ARUN2) ID Number: SS810/01347/MKT
3) The Topic of the study: Strategy for insurance companies to attain market
leadership position
4) Questionnaire made to collect Primary Data (in the first or the second response
sheet): Framed the Questionnaires and External guide has approved it.
5) Date when the Guide was consulted: 28/03/2010
6) The outcome of the discussion:
Analysis Gaining knowledge to develop
Questionnaire
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7/31/2019 Lic Insurance
67/70
~ 67 ~
7) The Progress of the Thesis: 3rddiscussion of thesis, taking survey.
RESPONSE SHEET-4
1) 1) Name: A.ARUN
2) ID Number: SS810/01347/MKT
3) The Topic of the study: Strategy for insurance companies to attain market
leadership position
4) Questionnaire made to collect Primary Data (in the first or the second
response sheet):
Tips to conduct interview. Tips to collect secondary data
5) Date when the Guide was consulted: 28/05/2010
6) The outcome of the discussion:
Analysis Getting appointments with managers of
mobile brands and making note of their
feedback.
7) The Progress of the Thesis: 4th
discussion of thesis, conducting Interviews.
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7/31/2019 Lic Insurance
68/70
~ 68 ~
RESPONSE SHEET-5
1) Name: A.ARUN2) ID Number: SS810/01347/MKT
3) The Topic of the study: Strategy for insurance companies to attain market
leadership position
4) Date when the Guide was consulted: 28/03/2010
5) The outcome of the discussion: Findings and Recommendations
6) The Prog