white paper, rupak
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A WHITE PAPER PRESENTATION ON
CUSTOMER SATISFACTION LEVEL TOWARDSLIFE INSURANCE
SUBMITTED TO: Mrs. Sapna ModiSUBMITTED BY: Rupak ChoudharyTIMSR - PGDM (Marketing)
Objectives To study customer satisfaction of the life
insurance policies. To understand the customer attitude towards
different Life Insurance Policies. To understand the problem faced by the
customer while purchasing a Life Insurance policies.
To understand the unfulfilled expectations of the customers and to get Customer insight.
Introduction
• What is Insurance?
• Indian Insurance an Overview.
YearLife Insurance as % of Savings in Financial Assets
Life Insurance as % of GDP
1980 – 81 7.6 0.7
1985 – 86 7.0 0.7
1990 – 91 9.5 1.0
1994 – 95 8.1 1.2
1996 – 96 10.3 1.2
2002 – 03 11.8 1.3
2003 – 04 12.4 1.8
2004 – 05 13.0 2.1
Life Insurance, Household Savings & GDP
Purpose and Need of Insurance
I. House/Office/Factory or any movable assets destroyed in fire
Fire insurance
ii. Shipment or transportation of goods by ship, destroyed in catastrophe
Marine insurance
iii. Jewellery/Cash/Household goods stolen or robbed
Burglary insurance
iv. Goods in transit by road or railway destroyed
Carrier insurance
v. Theft are accident of vehicles Vehicle insurance
vi. Financial cover in ailments/surgery etc. Health insurance
CONTD…
• Insurance and Social Security
• Insurance and Financial Security
• Insurance and Economic Development
• Insurance and Employment
LIFE INSURANCE
• Term Insurance Policy
• Whole Life Policy
• Endowment Policy
• Money Back Policy
• Annuities and Pension
BENEFITS OF LIFE INSURANCE• Superior to Any Other Savings Plan
• Encourages and Forces Thrift
• Easy Settlement and Protection against Creditors
• Administering the Legacy for Beneficiaries
• Ready Marketability and Suitability for Quick Borrowing
• Disability Benefits
• Accidental Death Benefits
• Tax Relief
MAJOR PLAYERS & MARKET SHARE
Company Market Share Based on
Premium (%)
Tata-AIG 0.60
Om-Kotak 0.31
Birla-Sunlife 1.12
Max New York 0.75
ING Vyasa 0.15
HDFC-Standard 1.11
Met Life 0.05
Alianz Bajaj 0.43
ICICI Pru 3.41
SBI Life 0.73
Aviva 0.11
AMP Sanmar 0.04
Total 8.81
LIC 91.19
Grand Total 100
Hypothesis Statement
• The hypothesis formulated for the research is as below
H0: Consumers are satisfied with Life Insurance Policies.
H1: Consumers are not satisfied with Life Insurance Policies.
Literature Review
Topic 1: Insurance broker’s role not well understood.
Topic 2: How not to lose customers
Topic 3: Activity based costing for strategic decisions
support.
CONT…
Topic 4: Risk Perception and Reduction in the Purchase of Consumer Services.
Topic 5: Perception gap creates animosity among
consumers.
Topic 6: Insurance Company Effectiveness under
Extreme Conditions.
METHODOLOGY
• Research design• Sample Plan
• Data Analysis – Cross- tabulation.
– Hypothesis testing using z-Test: Two Sample for
Means.
n = N / {1+N (e) ^2}
Importance The benefit which the customer gets because of
the life insurance policies can be studied.
Customer awareness and perception various life Insurance policies can also be analyzed.
The unfulfilled expectations of the customers can be understood.
The factors which are considered important by the customers before buying life insurance policies can be understood.
Benefits of study
The study would provide an insight into the needs wants and desires of the consumers toward Life Insurance.
It will help to make the comparative analysis between various life insurance policies.
Advantages and disadvantages of these life insurance policies can be studied.
Limitations of the research
Possibility of data manipulation by customers.
Possibility of non disclosure of data by customers.
Unwillingness of the customers to provide information.
Customers located at remote places may not be considered
CONCLUSION
• This study will provide an overview of the satisfaction levels enjoyed by Life Insurance companies by its customers and also pin points those areas where the satisfaction levels are low and need to be worked upon so that it can provide customer delight. Service is the key to success in this industry and the earlier the players recognize this fact the better they will be.
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