Manoj Report

7/30/2019 Manoj Report

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SUMMER INTERNSHIP PROJECT

ON

Brand Awareness-with Special

reference to BhartiAXA Life Insurance (In Partial Fulfillment of Beachlor of Business Administration)

Faculty Guide: Submitted By:Mr. Nikilesh Sharma Manoj Sharma

BBA VI-SemRoll No. 08440566

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GLOBAL INSTITUTE OF INFORMATION &TECHNOLOGY

32-A, KNOWLEDGE PARK-1 st Gr.Noida (U.P.)

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ACKNOWLEDGEMENTACKNOWLEDGEMENT

The Project title brand awareness-with special reference to Bharti AXA Life

Insurance has been conducted by me during 2nd May 2007 to 30th June 2007 at Bharti

AXA life insurance . I have completed this project, based on primary and secondary

research, under the guidance of Mr. Rohit Sexena.

I, owe enormous intellectual debt towards my guides Mr. Rohit Sexena who have

augmented my knowledge in the field of Marketing. They have helped me learn about

the processes and given me valuable insight into the study of channel development

activities conducted in on premises. .

I am obliged to the Bharti AXA Life Insurance staff for their cooperation during the

internship. My increased spectrum of knowledge in this field is the result of their

constant supervision and direction that has helped me to absorb the high quality

information.

I would like to thank Mr. Rakesh Singh (Senior Branch Sales Manager) for their

enlightening guidance and enriching my thoughts in this field from different prospective.

I would like to thank all the respondents, without whose co-operation, my study

would not have been possible.

Last but not the least I feel indebted to all those persons and organizations which

have helped directly or indirectly in successful completion of this study.

MANOJ SHARMA

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08440566

CONTENTS

Acknowledgement

Certificate from Faculty

Certificate from Industry

Executive Summary

1. Introduction1.1 Concept of Insurance1.2 Regulatory Body1.3 Benefits of Insurance

2. Company Profile2.1 Introduction2.2 Products

3. Objectives and Rationale3.1 Sub-Objectives

4. Review Study

5. Research Methodology

6. Data Analysis6.1 Introduction

7. Conclusion & Recommendations

8. Limitations

9. Annexure

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EXECUTIVESUMMARY

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EXECUTIVE SUMMARY

Insurance industry has seen an explosive growth since the sector was opened

to private participation. It has taken private players some time, but finally players

like BHARTI AXA LIFE, KOTAK LIFE INSURANCE, ICICI prudential life

insurance, Bajaj Allianz, HDFC STANDARD,TATA AIG etc have been able to

carve out there niche in this huge and still to be fully tapped Indian market.

The objective of this project was to know brand awareness Bharti AXA Life

Insurance possess in expanding Insurance market in the country. It needs to

undergo more and more advertising to get some new customers and to get some

new ideas. Moreover insurance is such a growing sector that it has full potential

to have new customers, as about 86% of people in India are still uninsured. So it

is very essential to have new people in the system that can add new customers to

the company. Jobs in insurance involve helping people and businesses manage

risks to protect themselves from disaster and lose to anticipate potential risk

problems.

This was achieved through three-pronged efforts. The First

objective of the study is to gauge brand recall ability of the company. The Second

objective of the project is to analyze the different ways it can adopt to reach

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the masses. The Third objective of the project is to finally know their

perception about the company .

INTRODUCTIO

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CONCEPT OF INSURANCE :

Insurance is an arrangement to deal with unpleasant contingencies. It is contractual

arrangement which provide partial or total protection against adverse, typically financial

outcomes. While there are many outcomes of risks which are insurable, there are many

more against which there can be no insurance. Broadly insurance contracts can be

divided into

1) LIFE INSURANCE

2) NON- LIFE INSURANCE

INDIAN INSURANCE INDUSTRY

Insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:

Life Insurers: Life Insurance Corporation of India (LIC)

General Insurers: General (with effect from Dec'2000, a National Reinsure)

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GIC had four subsidiary companies, namely (with effect from Dec'2000, these

subsidiaries have been de-linked from the parent company and made as independent

insurance companies.

1. The Oriental Insurance Company Limited

2. The New India Assurance Company Limited,

3. National Insurance Company Limited

4. United India Insurance Company Limited

REGULATORY BODY

INSURANCE REGULATORY & DEVELOPMENT AUTHORITY (IRDA)

ACT, 1999.

Under this Act an authority called IRDA has been set up.

This is a corporate body established for the purpose and objects as set out in the

explanation to the title.

The Authority replaces Controller under Insurance Act 1938.

The first schedule amends Insurance Act 1938.

It states that if Authority is super ceded by Central Government, the Controller of

Insurance may be appointed till such time as Authority is reconstituted.

PURPOSE AND NEED FOR INSURANCE

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http://www.orientalinsurance.nic.in/http://www.niacl.com/http://www.niacl.com/http://www.nationalinsuranceindia.com/http://www.uiic.co.in/http://www.orientalinsurance.nic.in/http://www.niacl.com/http://www.nationalinsuranceindia.com/http://www.uiic.co.in/


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Assets are likely to be destroyed or made non-functional due to perils like fire,

floods, breakdowns, lightning and earthquake.

Damage to assets caused by any peril is the risk that assets are exposed to.

Insurance becomes relevant only if there are uncertainties of occurrence of event

leading to loss.

We can say that human life is an income generating assets which can be lost on

early death or disabilities caused by accidents.

Insurance does not protect the assets but only compensates the economic or

financial loss.

Benefits of life insurance

1) Superior to an ordinary saving plan : Life insurance has better emerged as a

saving plan as it provides full protection against the risk of loss of life. Besides it

provides the low cost insurance plan to high risk coverage purposes.

2) Encourages and forces thrifts: A savings deposit can be too easily withdrawn.

Many people may not be able to resist the temptation of using the balance for

some other purposes. On the other hand the payment of life insurance premium is

viewed with seriousness and becomes a compulsion. Thus, insurance brings

about compulsory savings.

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3) Easy settlement and protection against some condition : The insured can name

a person (nominee) to whom the policy money would be payable in the event of

his death. The process of a life insurance policy can be protected, against the

claims of condition of condition of life insured by effecting a valid assignment of

policy. The beneficiaries are fully protected from condition except to the extent

of any interest in the policy retained by the insured.

4) Administering the legacy of beneficiaries : it often happens that the provision

which a husband or father has made through insurance is quickly lost through

speculative or non wise investment or by unnecessary expenditures on luxuries.

The policy holder can arrange that in the event of his death the beneficiary should

receive , instead of a single sum the following:

a) Payment of the net claim amount by equal installments over a specified

period of years.

b) Payment of the claim amount by smaller monthly installments over the

selected period followed by a lump sum at the end.

5) Ready marketability and suitability for quick borrowing : after an initial period, if the policy holder finds himself unable to continue payment of premium

he can surrender the policy alternatively, he can confide over a temporary

difficulty by taking loan.

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COMPANY

PROFILE

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Introduction

Bharti AXA Life Insurance Company Ltd. is a joint venture between Bharti

Enterprises and AXA, world leader in financial protection and wealth management. The

joint venture company has a 74% stake from Bharti and 26% stake of AXA Asia Pacific

Holdings Ltd (APH).

The company has positioned itself on the quality platform. In line with its vision to

be a leader and the preferred company for financial protection and wealth management

in India, it has developed a strong corporate governance model based on the core values

of Professionalism, Innovation, Team Spirit, Pragmatism and Integrity

The strategy is to establish itself as a trusted life insurance specialist through a

quality approach to business.

Bharti AXA Life Insurance has identified individual agents as its primary channel of

distribution. The Company places a lot of emphasis on its selection process, which

comprises four stages - screening, psychometric test, career seminar and final interview.

The agent advisors are trained in-house to ensure optimal control on quality of training.

Bharti AXA Life Insurance invests significantly in its training program and each

agent is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the

IRDA before beginning to sell in the marketplace. Training is a continuous process for

agents at Bharti AXA Life Insurance and ensures development of skills and knowledge

through a structured program spread over 500 hours in two years. This focus on

continuous quality training has resulted in the company having amongst the highest

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agent pass rate in IRDA examinations and the agents have the highest productivity

among private life insurers.

Having set a best in class agency distribution model in place, the company is

spearheading a major thrust into additional distribution channels to further grow its

business. The company is using a five-pronged strategy to pursue alternative channels of

distribution. These include the franchisee model, rural business, direct sales force

involving group insurance and telemarketing opportunities, bancassurance and corporate

alliances.

Bharti AXA Life Insurance offers a suite of flexible products. It has 7 life insurance

products and 8 riders that can be customized to over 400 combinations enabling

customers to choose the policy that best fits their need.

V ision

To be a leader and the preferred company for financial protection and wealth

management in India

Values

Professionalism

Innovation Team Spirit

Pragmatism

Integrity

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Strategy

To achieve a top 5 market position in India through a multi-distribution, multi-

product platform

To adapt AXA's best practice blueprints as a sound platform for profitable

growth

To leverage Bharti's local knowledge, infrastructure and customer base

To deliver high levels of shareholder return

To build long term value with our business partners by enhancing the proposition

to their customers

To be the employer of choice to attract and retain the best talent in India

To be recognized as being close and qualified by our customers

Products

In product training the candidate become aware of the various products being offered

by the company. Product training is important as it makes the candidate aware of the

various products in market and helps him suggesting the right product to the customer

according to the customers need. BHARTI AXA LIFE INSURANCE provides a wide

range of products under Individual Insurance such as:

Dream Life Pension , Bharti AXA Life Insurances unique pension product ensures

that your retirement life is your Dream Life.

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Key Benefits:

Unmatched flexibility for retirement wealth creation

o Pay one time lump sum or regular premiums

o At the inception systematically increase your premiums by 5 % or 8%

each year with the Accumulator Option

o Increase/decrease premiums any time after the 2nd policy year

o Add top up premiums any number of times after the 1st policy year

Dream Life Pension enhances your retirement kitty by providing special addition,

starting from the end of 10th policy year

Change your planned retirement age any time during the policy term

Obtain tax benefits as per the prevailing tax laws on the premiums paid and the

benefits received under the policy

Invest Confident , a unique single premium, unit linked investment and protection

product which not only strives to maximize your investment returns but also gives you

an enhanced flexibility to suit it according to your protection needs, because we at Bharti

AXA Life Insurance, believe that your hard earned money deserves nothing but the best.

Key Benefits:

Convenient single premium product with policy benefit period till the age of 70.

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Unique special additions starting from the end of 5th policy year and thereafter at

the end of every 5 years till the maturity date.

3 investment fund options as per your investment preferences.

Basic Sum Assured of five times the single premium.

Unique option of investing additional amount at your convenience through Top

up Premiums.

Flexibility of partial withdrawals after the third Policy Year

Additional benefit of Rs.5, 00,000 in the event of death due to an accident.

Tax benefits under section 80C and 10(10D) of Income Tax Act.

Wealth Confident , a unit-linked investment cum protection product, with its limited

period premium payment facility of 5 years, premium payment flexibility, higher

allocation of your premium for investment, unique special additions and life insurance

benefit, not only makes your money grow but also provides your investment the special

treatment that it deserves.

Key Benefits:

Pay premium for five years, while your policy continues for ten years.

Higher allocation of your premium up to 88% for investment.

Special additions of units added every year from 6th Year for incremental wealth

creation.

Choose from four different investment funds to meet your financial objectives.

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Five times the life cover of your annual premium.

Tax benefit under 80C and 10(10D).

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Future Confident

Key Benefits:

Life insurance benefit of up to 420 times the monthly premium.

Comprehensive overall protection through "Protection Enhancers" in the form of

riders.

Wealth creation for your long term financial needs.

Special additions at regular intervals, starting from 7th year, to enhance your

wealth.

Four different investment funds to meet your financial objectives.

Tax benefit under 80C and 10(10D).

Future Confident II

Key Benefits:

Build Wealth for your long term financial needs with enhanced financial

protection.

Sum assured up to 420 times the monthly premium.

Life insurance benefit as Sum assured PLUS Policy fund value.

Four different investment funds to meet your financial objectives.

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Comprehensive overall protection through "Protection Enhancers" in the form of

riders.

Special additions at regular intervals, starting from the end of 7th year, to

enhance your wealth.

Tax benefit under sections 80C and 10(10D) of Income Tax Act.

Save Confident , a traditional money back insurance product, offers you a perfect

combination of liquidity, long term savings and life insurance benefit.

Save Confident with its unique liquidity feature of guaranteed payment for 10

continuous years, annually compounded bonus accumulation, and a guaranteed life

insurance benefit offers a perfect three-in-one solution for your financial needs.

Key Benefits:

Traditional money back product with payment term of 10 years.

Get guaranteed amount back on specified intervals, starting from 6th policy year

till maturity.

Amount equal to 110% of Sum Assured paid across 10 years.

Secured growth on savings with Annual Reversionary Bonus, if declared, every

year.

Savings enhanced by Terminal Bonus, if any, payable at maturity.

Total protection for your family with guaranteed sum assured plus accrued

bonuses.

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Added protection in the event of death due to an accident with payment of

additional amount equal to the basic Sum Assured, subject to maximum of Rs 10

Lakh.

Tax benefit under sections 80C and 10(10D) of Income Tax Act, 1961.

Secure Confident , a simple long-term life insurance product that aims to ensure that

the dreams that you aspired for your family in your lifetime, dont remain unfulfilled by

the financial void which might get created due to unfortunate event of death.

Key Benefits:

Term Assurance for 5, 10,15,20,25 years.

Financial protection against unfortunate event of death at an affordable cost.

Comprehensive overall protection with help of riders.

Tax benefit under section 80C and 10(10D) of Income Tax Act.

Bharti AXA Life Insurance Growing Presence

Number of cities - 66

Number of offices - 77

Number of Agents - 12,000 PLUS

Number of Policies - 8,00,000 PLUS.

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OBJECTIVES

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MAIN OBJECTIVE

Brand Awareness of Bharti AXA Life Insurance Company

Sub-Objectives:

To look for all segments of people that can be considered for conducting the

primary research

To gauge the penetration level of other insurance companies

To determine whether the company is doing enough to spread its awareness in

the market.

To determine what are their (respondents) expectations from the company.

To determine that what factors should the company focus on to attract more and

more clientele base.

Scope:

To study the Awareness Level of people with respect to the Insurance products

To study the customer satisfaction with respect to the product and the company

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REVIEW STUDY

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India being the second biggest market for Life Insurance in the world after China has

attracted many companies from all over the world. Currently the FDI restricts the foreign

players to enter India directly. They have to form a JV with an Indian company with total

capital limit of maximum 26% in the whole newly formed business. All over there are 19

registered Life Insurance companies in the country. The next 5 years will see huge

growth in this sector. The CAGR is expected to be 45%.the reason for such huge

potential is its low penetration in the Indian market. As per the reports the penetration

rate in the country is just around 4%. These registered 19 players are facing cut throat

competition. Thus to win this competition it is very important to make your presence feel

to the customers. Brand awareness plays a very vital role in this industry. This is one of

those industry where product is not sold as per the demand, but vice-versa i. e. initiation

is taken to sell not the customer asks for it.

Another feature of this industry is its purpose, while buying the buyer considers its

add on features as the main aim of buying, which is tax rebate. There are various tax

benefits available with the insurance policy which leads to make taxable income zero.

This is the reason why insurance is sold maximum in the month of January, February,

March as the investor gets maximum opportunity to zero down its taxable income.

Facing growing competition even as many consumers are yet to feel the need for

their products, insurance companies are looking at television reality shows to get their

message across.

Engaging consumers: Max New York Life is in talks for advertiser funded

programmes on the lines of HULs.ICICI Prudential Life Insurance Co. Ltd is funding a

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reality show, loosely based on the bonding between fathers and sons, called Papa Aur

Mein (My father and I).

Another private insurance company, Max New York Life Insurance Co. Ltd, is also

readying a TV show to promote its offerings.

We are in talks to make a reality show for ICICI Prudential Life. The show based on

the father-son relationship will likely be aired this year, says Deepak Dhar, country

head, Endemol India Pvt. Ltd, the Indian subsidiary of the Netherlands-based TV content

producer Endemol Group.

We have not finalized anything yet. Right now, we are talking to Endemol and our

media buying agency Mindshare to see if it will work, says Sujit Ganguli, senior vice-

president and marketing head, ICICI Prudential.

Industry executives say the shows theme has been finalized and it will have the

companys products woven into the content, albeit discreetly.

Meanwhile, we are in talks with some TV channels and producers about funding a

show. The idea is to engage consumers at a broader level, says Debashis Sarkar,

director, marketing, product management and corporate affairs, Max New York Life.

To be sure, advertiser funded programmes, or AFPs, are not a new phenomenon on

Indian TV. Consumer products maker Hindustan Unilever Ltd, or HUL, has been

succcessful with programmes such as Wheel Smart Srimatiji and Rin Mera Super Star.

HUL is said to be working on 15 such programmes woven around its different brands.If ICICI and Max launch their shows, it will be the first time financial services

companies are piggybacking on commercial TV shows.

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One goal is to try and reach out to those, especially in rural areas, who are still not

insured.

In rural areas, for instance, only around 25% people have bought insurance of any

kind and in low-income households, insurance penetration stands at around 30%.

Meanwhile, the market is still dominated by state-run Life Insurance Corp. of India,

which accounts for 70% of the Indian insurance market.

Plain-vanilla advertising will only build the brand whereas such programmes will

help build the awareness about our products and services, says Maxs Sarkar. It is the

next level of marketing.

Indian television reaches at least 55% of the population, some 120 million of 212

million households.

TV as a medium will help us get through to a wider audience quite effectively and

efficiently, adds ICICIs Ganguli.

Financial planners say such advertising will work, at least initially.

Such efforts are likely to get companies a lot of mileage in terms of building

consumer connect. But once such shows become common and the consumers are able to

see through the idea, it might lose its efficacy, says Gaurav Mashruwala, a Mumbai-

based financial planner.

Financial product companies have so far been focused on building their brand

awareness in the market. Whereas now they need to build awareness about their productsand services. AFPs are a good strategy to achieve that goal, says Mozez Singh, vice-

president, B6 India, the branded entertainment network of media buying firm Havas

Media.

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Service Offerings versus Products

Most physical goods tend to be relatively high in search qualities; these are attributes

that a customer can determine prior to purchasing a product, such as colour, style, shape,

price, fit, feel, hardness and smell. Services, by contrast, may emphasise experience

qualities, which can only be discerned after purchase or during consumption; as with

taste, wearability, ease of handling, quietness and personal treatment. Finally, there are

credence qualities-characteristics that customers find hard to evaluate even after

consumption like surgery, legal services, etc.

Since services are very competitive and there is a very high level of replication of

products, consumers do not perceive a drastic fall in quality with falling price. For highly

intangible service offerings in particular, organisation-wide factors, such as the level of

functional service quality, may be emphasised when adding value (Gronroos, 1984;

Parasuraman et al, 1991). Zeithaml, Parasuraman and Berry (1985) also highlighted the

uniqueness of service offerings in terms of their intangibility, non-standardisation,

perishability and inseparability of production and consumption. In addition,

contributions from Bharadwaj et al (1993), and Zeithaml (1988) suggest that extrinsic

cues such as image and reputation may be particularly important in adding value in cases

where consumer understanding of service offerings is limited. This is likely to be thecase, in particular, where service offerings are complex and, as a result, highly mentally

intangible to the average consumer. Leonard L Berry, in his model shown above,

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highlights the importance of the customers experience, which in turn is based on the

service performance.

The presented brand is the companys controlled communication of its identity

through advertisement while the external brand communication refers to the information

customers absorb about the company that essentially is uncontrolled by the company.

These factors, combined with the customers experience, lead to increased brand

awareness and brand meaning. Brand meaning refers to the customers dominant

perceptions of the brand and hence differs from awareness. Both these factors put

together lead to development of brand equity. In services marketing, unlike in product

marketing, it is the customers experience that plays a very important role and even if his

services experience differs from the advertising message, he will go more by his

experience. Thus, the main differentiating role is played by the service performance.

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RESEARCH

METHODOLOGY

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Research Design: I have used a Descriptive research design as the problem is

already known. The problem is that BALIC does not have enough recall ability to

tap the huge market of insurable people. So a Descriptive research design is used

to find solution to this problem and determine the best possible alternatives.

Target Population : Target population for this research was the people who do

financial planning and reside in the area of Delhi and NCR.

Sampling Technique : Random sampling is used to conduct the survey of the

research.

Sample size : A sample size of 100 people was chosen who were willing to share

information and wanted to be a part of the survey.

Research Tools and Questionnaire : For this research, Personal contacts,

personal observation and market survey tools were used. We have personally

contacted the Financial Advisors of the company after getting the data from the

company and got the questionnaires filled.

The plan of action is as follows :

1. Collection of information from primary sources.

2. Compilation of the collected information.

3. Interpreting the available information so as to suit needs of research.

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4. Finally analyzing the information collected and drawing conclusions.

Data Analysis and Report Preparation: After collecting the data, SPSS which

is analytical software, was used to analyze the data. SPSS is a very scientific and

accurate tool to analyze huge amounts of data with ease. The data collected

through the survey was first scientifically fed into the software and then it was

analyzed with the help of graphs and tables which include frequency graphs and

cross tabular graphs.

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DATA

ANALYSIS

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Introduction

The project is to gauge the brand awareness of Bharti AXA in the market. Since

the company is one and half years old, its less awareness in the minds of the

consumer is a bottleneck in its development process. As per the company

development plans, the

Company is expanding through investing more and more in manpower

recruitment and infrastructure development. Company believes in expansion by

developing good infrastructure and recruiting the best people in the industry. One of

the most important tools which companies normally employ is huge advertisements.

The company has laid stress more on other aspects rather than on advertisements

Services marketing has a very sensitive aspect where the strategy revolves around

the customer. Building a strategic relationship with the customer is very essential. By

identifying the drivers of consumer choice, a service marketer can identify the factors

that can be leveraged in different service conditions to add value to the consumer and

thus differentiate the offering. The process of adding value is in essence differentiating

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ones offerings effectively in the eyes of the consumer, and this is where branding

services becomes important.

Some of the reasons that make branding a valuable proposition for services are:

Strong brands increase customers trust of the invisible purchase.

Strong-brand companies have high mind share with targeted customers, which

contributes to market share.

They enable customers to better visualize and understand intangible products.

They reduce customers perceived monetary, social and safety risks in buying

services.

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Q1 In which of the following options you invest in?

It is seen from the graph that the preference of the investor is changing. From fixed

deposits and other traditional products, the preference has shifted to Mutual Funds and

shares.

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Q2. Reasons for investing?

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Indian market being highly volatile is b

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ecoming riskier now days. The investor is now days more interested in good returns that

too in short span of time.

Q3 . Have you taken any Life insurance policy?

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The analysis clearly shows awareness of Life Insurance is around 80%.the

penetration of insurance industry is increasing day by day and thus gives a lot of

opportunities to insurance companies to market themselves.

Q4 . If yes, chose from the option below?

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LIC being 60 year old company still holds monopoly position in this sector. It clearly

shows the slow changing trend of preference shifting from public to private. The second

position is hold by ICICI which is also at the first position in the private insurance

companies.

Q5. What percentage of your yearly income you are willing to

spend for buying Life Insurance policy?

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Majority of the respondents are willing to invest maximum 20% of their annual

income. This shows the positivity in investing in the financial instruments by the

respondents, though the market being very volatile.

Q6. How would you rate their products?

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The majority of the respondents consider their investment as good, i.e. they are quite

satisfied with the products with respect to the return on the investments. No matter

whatever be the market conditions the returns these investment tools are providing, the

consumer feels good about the returns.

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Q7 . Are you satisfied with the products?

The respondents are satisfied with products, as the product is fetching good returns

and this shows the level of knowledge the investor has about the product he/she buys.

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Q8. If you have not taken any insurance policy, please specify the

reason below?

The majority of those who dont invest are not investing because of improper

knowledge. Being these products ULIP in nature, they were totally fluctuating with the

market conditions.

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Q9. According to you, which business is Bharti into?

The much hype created due to Bharti-Wal mart JV has been perceived Bharti as

Retail joint. But its flagship business (Tele communications-Airtel) has not been affected

much. The Tele Communication business holds a strong position in the market and this

is the business which took Bharti group to this position.

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Q10. is the tag line of which insurance

company?

The respondents are aware about the tagline, as the respondents were engaged in the

financial sector. The aggressive ads started by the company have helped in capturing the

mind share of the consumer.

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Q11. Are you aware of Bharti AXA Life Insurance Co. Limited?

The graph shows the awareness level of the respondents about the company is quite

high. Financial investments require proper knowledge and the knowledge about the

providers of it.

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Q12. From where you get to know about it?

The graph shows TV as the 1st source of information for the majority of the

respondents. Compared to ad frequency given earlier and now the frequency has

increased. Company has now started investing in the TV ads and has become one of the

official partner with its sister concern Airtel in the show Kya aap Paanchvi paas se tez

hain

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Q13. According to you, apart from Life Insurance, what else BALIC

is into?

The graph shows that General Insurance gets maximum preference which was

recently launched by the company. As far as Mutual Fund is concerned company few

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days ago launched it. Thus it makes the company a complete Wealth Management

company.

Q 14 What is your age?

The majority of the respondents were in the age group of 20-35 years. This shows the

respondents are young and are engaged in the financial sector.

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Q 14 What is your age? * Q1 In which of the following options you invest in? Crosstabulation

Count Q1 In which of the following options you invest in?

TotalFixed Deposits Savings Mutual Funds Insurance Any Other

Q 14 What is your age? 20-35 1 8 9 10 2 30

36-50 1 4 6 3 4 18

51-65 0 3 1 3 2 9

>65 0 0 2 1 0 3Total 2 15 18 17 8 60

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Q2 Reasons for investing? * Q 14 What is your age? Crosstabulation

Count Q 14 What is your age?

Total20-35 36-50 51-65 >65

Q2 Reasons for investing? tax rebate 11 6 3 2 22

good returns 14 8 5 1 28

Any other 5 4 1 0 10Total 30 18 9 3 60

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Q 14 What is your age? * Q3 Have you taken any Life insurance policy?

Crosstabulation

CountQ3 Have you taken any Life

insurance policy?TotalYes No

Q 14 What is your age? 20-35 22 8 30

36-50 15 3 18

51-65 7 2 9

>65 3 0 3Total 47 13 60

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Q 14 What is your age? * Q4 If yes, chose from the option below? Crosstabulation

Count Q4 If yes, chose from the option below?

TotalLIC Bharti AXA ICICI Prudential

Max New York

LifeQ 14 What is your age? 20-35 18 3 7 2 30

36-50 7 4 6 1 18

51-65 5 2 1 1 9

>65 2 0 1 0 3Total 32 9 15 4 60

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Q 14 What is your age? * Q5 What percentage of your yearly income you are willing to

spend for buying Life Insurance policy? Crosstabulation

CountQ5 What percentage of your yearly income you

are willing to spend for buying Life Insurance policy?Total0-20% 21-40% 41-60%

Q 14 What is your age? 20-35 21 6 3 30

36-50 14 4 0 18

51-65 5 3 1 9

>65 1 2 0 3Total 41 15 4 60

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Q 14 What is your age? * Q6 How would you rate their products? Crosstabulation

Count Q6 How would you rate their products?

TotalExcellent Good Average

Q 14 What is your age? 20-35 0 12 14 4 30

36-50 1 5 12 0 18

51-65 0 8 1 0 9

>65 0 0 2 1 3Total 1 25 29 5 60

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Q 14 What is your age? * Q7 Are you satisfied with the products?

Crosstabulation

CountQ7 Are you satisfied with the

products?TotalYes No

Q 14 What is your age? 20-35 18 12 30

36-50 11 7 18

51-65 2 7 9

>65 3 0 3Total 34 26 60

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Q 14 What is your age? * Q9 According to you, which business is Bharti into? Crosstabulation

Count Q9 According to you, which business is Bharti into?

Total

Tele

communications Retail

Telephone

Instruments Insurance

Q 14 What is your age? 20-35 7 11 5 7 30

36-50 8 5 3 2 18

51-65 0 3 4 2 9

>65 1 2 0 0 3Total 16 21 12 11 60

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Q 14 What is your age? * Q10 "be life confident" is the tag line of which insurance company? Crosstabulation

Count Q10 "be life confident" is the tag line of which insurance company?

TotalLIC Bharti AXA ICICI Prudential

Max New York

Life

Q 14 What is your age? 20-35 8 11 7 4 30

36-50 2 5 9 2 18

51-65 1 3 4 1 9

>65 0 3 0 0 3Total 11 22 20 7 60

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Q 14 What is your age? * Q11 Are you aware of Bharti AXA Life Insurance

Co. Limited? Crosstabulation

CountQ11 Are you aware of Bharti

AXA Life Insurance Co. Limited?TotalYes No

Q 14 What is your age? 20-35 18 12 30

36-50 10 8 18

51-65 6 3 9

>65 0 3 3Total 34 26 60

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Q 14 What is your age? * Q12 From where you get to know about it? Crosstabulation

Count Q12 From where you get to know about it?

TotalNewspaper TV Cold Calling

Outdoor

advertising

Q 14 What is your age? 20-35 0 5 12 10 3 30

36-50 1 2 6 5 4 18

51-65 0 2 3 2 2 9

>65 0 1 0 2 0 3Total 1 10 21 19 9 60

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Q 14 What is your age? * Q13 According to you, apart from Life Insurance, what else BALIC is into?

Crosstabulation

CountQ13 According to you, apart from Life Insurance, what else BALIC

is into?

TotalMutual Funds

Wealth

management

General

Insurance All of the above

Q 14 What is your age? 20-35 9 4 13 4 30

36-50 4 5 4 5 18

51-65 0 6 2 1 9

>65 0 1 2 0 3Total 13 16 21 10 60

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CONCLUSION

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&

RECOMMANDATION

S

From this survey the following results has been found out:

Mutual Funds are the latest investment tools for investors.

These investments are not done as an additional investment, but as a serious

source of income.

Majority of the respondents have taken insurance policy.

LIC hold the market leader position

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But ICICI is more popular in the age group of 20-35.

LIC is slowly losing its market share due to increase in the entry of the private

players.

They can invest maximum 20% of the yearly income.

Majority of the respondents are satisfied with products and the return they fetch.

All those who have not taken Life Insurance Policy reason it due to improper

knowledge.

Respondents know Bharti group as a retail and tele communication company.

Majority of respondents know about Bharti AXA Life Insurance Company.

And the main source of information is through Television.

Apart from Life Insurance Bharti is into General Insurance, which the company

launched recently.

The recent venture that Bharti took is Mutual Funds which is gaining popularity

slowly.

People have wrong perception about the industry which makes it tough for the

companies to sell. The bottleneck is that the consumer is scared of the private

insurers as they may run away; Peerless is the company which did it.

As more and more private companies are entering this sector, it makes necessary

for the company to advertise a lot to capture the mind share of the consumer.

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Recommendations

Company should invest more in advertising as it is in its developing stages.

More and more TV and newspaper advertising is required to reach the interiors of

the population.

This will help the company in increasing its penetration.

As per the regulatory obligations the company needs achieve a target of selling

policy in the rural sector too, which thus can be achieved through rural

marketing.

More and more outdoor advertisements are required to attract customers.

The company should provide proper knowledge about the products, as the

investor is not too interested in buying the policy due to improper knowledge

The company should start rural education programs to make aware about the

Insurance industry and thus it would increase its market awareness.

The insurance companies should focus less on the tax rebate part and should

focus more on the financial safety.

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Limitations

Less participation from the respondents

Less time to conduct surveys

People were reluctant to answer the questions.

Area covered was confined to some regions only.

Time was less so conversion rate was less.

People didnt have much knowledge about the company.

People have perception that insurance selling for a private company is very

difficult besides existence of IRDA.

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BIBLIOGRAPHY

www.google. com

www.bharti-AXALife. com

www.irda.gov.in

www.insuranceguide.com

IC-33.

Marketing Management by PHILIP KOTLER.

MARKET RESEARCH, NARESH MALOHTRA

www.icfdc.com/factsheet

www.imrb.org

Brand Management by Keller Lane

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http://www.google./http://www.bharti-axalife./http://www.insuranceguide.com/http://www.google./http://www.bharti-axalife./http://www.insuranceguide.com/


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ANNEXURE

BHARTI AXA LIFE INSURANCE COMPANY

PLEASE ANSWER THE FOLLOWING QUESTIONS.

Name_____________________

Occupation___________________

Contact No.________________ Email________________________

Q1 In which of the following options you invest in?

Fixed Deposits Savings

Mutual Funds Insurance

Shares

Any other, please specify_______________________

Q2 Reasons for investing?

Tax Rebate

Good returns


Q3 Have you taken any Life insurance policy?

Yes No

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Q4 If yes, chose from the option below?

LIC

Bharti AXA Life Insurance

ICICI Prudential

Max New York Life Insurance

Any other, please specify______________________

Q5 What percentage of your yearly income you are willing to spent for buying Life

Insurance policy?

0-20% 21%-40% 41%-60% 61%-80% 80% and above

Q6 How would you rate their products?

Excellent

Good

Average

Poor

Q7 Are you satisfied with the products?

Yes No

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Q8 If you have not taken any insurance policy, please specify the reason below?

_________________________________________________________________

Q9 According to you, which business is Bharti into?

________________________________________________________________

Q10 is the tag line of which insurance company?

__________________________________________________________

Q11 Are you aware of Bharti AXA Life Insurance Co. Limited?

Yes No

Q12 From where you get to know about it?

Newspapers

TV

Outdoor Advertising

Friends

Cold calling

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Q13 According to you, apart from Life Insurance, what else BALIC is into?

Mutual Funds

Wealth Management

General Insurance


THANK YOU

Manoj Report

Documents

Transcript of Manoj Report