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Consumer Behaviour

1 Consumer Behaviour

CHAPTER 1:

GENERAL

INTRODUCTION

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Consumer Behaviour


1.1 SUMMARY

(general outline of the full project)

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Consumer Behaviour


1.2 OBJECTIVES

To understand the scenario of insurance

industry in India .

To study ING, and the products offered

by ING Vysya .

To study the consumer behaviour

towards the product of Life Insurance

Offered by ING Vysya .

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Consumer Behaviour


1.3 SCOPE OF STUDY

This study on consumer behaviour that i have conducted is limited only to one

company out of the entire sector of insurance.

Moreover this study covers only the life insurance products offered by ING

Vysya.

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Consumer Behaviour


1.4 RESEARCH

METHODOLOGY 1.4. a. Primary Information:

This includes information collected for the project through a survey

conducted with the help of a questionnaire. The main aim of the questionnaire

was to understand and study the Consumer Behaviour towards INS Vysya¶s

Life insurance. The sample size for the survey was 20 people who have opted

for ING vysya¶s Life Insurance.

1.4. b. Secondary Information:

This includes information collected from various books, magazines

and websites regarding the various aspects of insurance and the role it plays in

the world today.

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Consumer Behaviour


CHAPTER 2

SCENARIO OF

INSURANCE IN INDIA

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Consumer Behaviour


CHAPTER 3

CONSUMER BEHAVIOUR

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ING in India:

In India, ING is present in all three fields of banking, insurance and asset

management in the form of ING, ING Vysya Life Insurance and ING

Investment Management respectively. The presence in all three fields signifies

the importance that the group attaches to the Indian markets and the group's

operations here, as well as its bullish future outlook on the country.

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

corporate office of ING Investment Management is situated at Mum bai. The

synergies arising out of the three distinct but complimentary businesses are

bound to be an asset to the group in the changing market dynamics of the future.The first such signs are already visible on the horizon with combined products

being successfully launched by the different entities of the group in conjunction

with each other.

The origin of ING Group:

People missed their intrinsic need for protection. And so the revolution began.

Triggered of by a handful of people, the objective of the mov ement was to

ensure that the people felt protected and at peace. To provide the same mergers,

acquisitions and organic growth took place to form a stronger, larger

organisation. The merger between Nationale ± Netherlanden NV the largest

Dutch Insurance Company and NMB Post Bank Groep NV. Combining roots

and ambitions, the newly formed company was called ³ International

Netherlanden Group´ in 1991. Market circles soon abbreviated the name to

I-N-G. The company followed suit by changing the statutory nam e to ³ING

Group N.V.´.

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Profile:

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

investments, life insurance and retirement services. They serve more than 85

million private, corporate and institutional customers in Europe, North a nd

Latin America, Asia and Australia. They draw on their experience and

expertise, their commitment to excellent service and their global scale to meet

the needs of a broad customer base, comprising individuals, families, small

businesses, large corporations, institutions and governments.

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

and asset management. Furthermore, the company differentiates itself from

other financial service providers by successfully establishing life ins urance

companies in countries with emerging economies, such as Korea, Taiwan,

Hungary, Poland, Mexico and Chile. Another specialization is ING Direct, an

Internet and direct marketing concept with which ING is rapidly winning retail

market share in mature markets. Finally, ING distinguishes itself internationally

as a provider of µemployee benefits¶, i.e. arrangements of non wage benefits,

such as pension plans for companies and their employees.

Mission:

ING aims to deliver its financial products and services in the way its customers

want them delivered: with exemplary service, convenience and at competitive

prices. This is reflected in our mission statement: ³to set the standard in

helping our customers manage their financial future´ .

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

provider of financial services through the distribution channels of the client¶s

preference in markets where ING can create value.

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

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

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

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

This global identity coupled with the backup of a financial power house and the

status of being the first Indian International Bank, would also help to enhance

productivity, profitability, to result in improved performance of the bank, for the

benefit of all the stake holders.

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

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

global financial powerhouse, ING of Dutch origin, during Oct 2002. The origin

of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a

team of visionaries came together to found a bank that would extend a helping

hand to those who weren't privileged enough to enjoy banking services.

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

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

identity of being India's Premier Private Sector Bank.

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

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

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

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

Dandavate, had termed the perform ance of the bank µStupendous¶. The 75th

anniversary, the Platinum Jubilee of the bank was celebrated during 2005.

ING GROUP

The philosophy of keeping it simple stems from a 150 year long history. A

history of understanding consumer needs and fulfilling the m. The ING Group,

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the worlds fourth largest financial service group. Also the worlds second largest

life insurance provider. While the ING Group is a global financial institution of

the Dutch origin, it stands today as a truly global entity. A series of a cquisitions

have enhanced the Group¶s strength manifold.

ING VYSYA GROUP

ING Vysya has four entities in India ± ING Vysya Bank, ING Vysya Life

Insurance, ING Vysya Mutual Funds and ING Vysya Financil Services.

Together they bring to a customer the power o f one. The power of the lion. The

power of integrated financial services. The power of the new face of money.

ING VYSYA BANK

ING Vysya bank has a 72 year old heritage. It is a premire bank in the Indian

Private Sector. Renowned for a traditional Indian, c ustomer - centric approach,

the bank is known for its innovations ± it was the first private bank to launch

credit ± cards start a housing finance subsidiary, and launch a merchant banking

and leasing subsidiary to meet the needs of the changing scenario.

ING took over the management of the bank in October 2002. As of now, the

bank with over 502 outlets & 300 centres, brings to its clients a wealth of global

banking expertise, backed by traditional Indian warmth.

ING VYSYA MUTUAL FUNDS

ING Vysya mutual funds commenced operations in

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Consumer Behaviour


CHAPTER 4

PRODUCTS OFFERED BY

³ ING VYSYA´

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Consumer Behaviour


CHAPTER 5

LIFE INSURANCE

PRODUCTS OFFERED BY

³ ING VYSYA´

100 mks ing

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