Puneet Project

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    A

    PROJECT REPORT

    ON

    CUSTOMER SATISFACTION TOWARDS INSURANCE INDUSTRY .

    Submitted to

    CENTRAL UNIVERSITY OF HIMACHAL PRADESH

    (In partial fulfilment of requirement of the prescribed course)

    Masters of Business Administration

    (2010-2012)

    Supervised By: Submitted by:

    Mr. Shabab Ahmed PUNEET SHARMA

    Roll No. CUHP10MBA18

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    PREFACE

    The liberalization of the Indian insurance sector has been the subject of much heated debate for some years.

    The policy makers where in the catch 22 situation wherein for one they wanted competition, development

    and growth of this insurance sector which is extremely essential for channelling the investments in to the

    infrastructure sector. At the other end the policy makers had the fears that the insurance preemie, which are

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

    participation in the sector.

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

    light thanks to the maturing polity emerging consensus among factions of different political parties. Though

    some changes and some restrictive clauses as regards to the foreign participation were included the IRDA

    has opened the doors for the private entry into insurance.

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

    challenges and opportunities. But the key issues, possible trends, opportunities and challenges that insurance

    sector will have still remains under the realms of the possibilities and speculation. What is the likely impact

    of opening up Indias insurance sector?

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

    insurers. Therefore, potential private entrants expect to score in the areas of customer service, speed and

    flexibility. They point out that their entry will mean better products and choice for the consumer. The critics

    counter that the benefit will be slim, because new players will concentrate on affluent, urban customers as

    foreign banks did until recently. This seems to be a logical strategy. Start-up costs-such as those of settingup a conventional distribution network-are large and high-end niches offer better returns. However, the

    middle-market segment too has great potential. Since insurance is a volumes game. Therefore, private

    insurers would be best served by a middle-market approach, targeting customer segments that are currently

    untapped.

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    ACKNOWLEDGEMENT

    The project period has been a great platform for me since it makes me experience certain things which could

    not be experienced during the studies in the university.

    The project was a great help in learning since it made me to observe and understand practical things which

    were far away from our course books.

    My foremost thanks to our Vice Chancellor Mr. FURQAN QAMAR who provided us an opportunity and

    gave me the permission for this survey. I would like to thank Mr. SHABAB AHMAD (In charge) who

    guided me at all stages in the preparation of this dissertation. This project would not have been possible

    without his valuable suggestion and encouragement.

    This whole effort is the result of guidance, assistance and inspiration of several people who helped me

    during my preparation of this report.

    I found no words to express my gratitude & thanks to all of them.

    Last but not the least all that I am capable of doing I owe to THE ALMIGHTY. I request the readers to

    excuse for the short comings.

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    EXECUTIVE SUMMARY

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

    potential as compared to the other sectors. Insurance has the maximum growth rate of 70- 80% while as

    FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to enter in this sector

    and get experience in highly competitive and enhancing sector.

    The success story of good market share of different market organizations depends upon the availability of

    the product and services near to the customer, which can be distributed through a distribution channel. In

    Insurance sector, distribution channel includes only agents or agency holders of the company. If a particular

    insurance company has adequate agents in the market it can capture big market as compared to the other

    companies. For long run stay in insurance sector company must be loyal for its customers and provide them

    best services to compete with its competitors, otherwise it will lose its recognition from this corporate world.

    Agents are the only way for a company of Insurance sector through which policies and benefits of thecompany can be explained to the customer. Thus every company wants that it have best agents with them

    which serve its customer in best way than any other company can serve. Its directly related to feel the

    customer satisfy.

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    TABLE OF CONTENT

    1. INTRODUCTION

    1.1 TOPIC INTRODUCTION......................................................................... ..................................................6

    1.2 THE NEED TO MEASURE CUSTOMER SATISFACTION.................. ..................................................7

    1.3 SERVICE QUALITY AND CUSTOMER SATISFACTION................................................... .................8

    1.4 EXPECTATIONS AND CUSTOMER SATISFACTION..........................................................................8

    1.5 MARKETING OF INSURANCE IN INDIA............................................................. ...........................9

    1.10 MAJOR COMPAINES IN INSURANCE INDUSTRY.......................................................... ................11

    1.11 SWOT ANALYSIS OF INSURANCE INDUSTRY....................................................... .....................13

    1.12 MAJOR STEPS TAKEN BY INSURANCE INDUSTRY FOR CUSTOMER SATISFACTION........15

    2. LITERATURE REVIEW....................................................................................................... ......................17

    3.1 NEED OF THE STUDY........................................................................................................ ....................20

    3.2 TITLE JUSTIFICATION.......................................................................................................... .................20

    3.3 OBJECTIVES OF THE STUDY......................................................................................... ......................21

    3.4 SCOPE OF THE STUDY............................................................................................................. .............22

    3.5 SIGNIFICANCE OF THE STUDY........................................................................................ ...................22

    3.6 RESEARCH METHODOLOGY..................................................................................................... ..........23

    4. DATA ANALYSIS.............................................................................................. ............................... .........24

    5.1 FACTS/FINDINGS................................................................................................................... .................34

    5.2 SUGGESTION.............................................. ..................................................................................... ........35

    5.3 LIMITATION OF RESEARCH........................................................................................................ ........36

    5.4CONCLUSION............................................................................................................................. ..............37

    6. BIBLIOGRAPHY................................................................................................... .............................. .......38

    7. ANNEXURE

    7.1 QUESTIONNAIRE................................................................................................................................ ....39

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    1. INTRODUCTION

    1.1 TOPIC INTRODUCTION

    The meaning of satisfaction: "Satisfied" has a range of meanings to individuals, but it generally seems to be

    a positive assessment of the service. The word "satisfied" itself had a number of different meanings for

    respondents, which can be split into the broad themes of contentment/happiness, relief, and achieving aims

    and happy with outcome.

    It's a well known fact that no business can exist without customers. Its important to work closely with your

    customers to make sure the service you create or provide for them is as close to their requirements as you

    can manage. Because it's critical that you form a close working relationship with your client, customer

    service is of vital importance. What follows are a selection of tips that will make your clients feel valued,

    wanted and loved.

    Thus the customer satisfaction refers to how satisfied customers are with the products or services they

    receive from a particular agency. The level of satisfaction is determined not only by the quality and type of

    customer experience but also by the cust