mrp presentation final

8/10/2019 Mrp Presentation Final

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Customer Satisfaction

Towards Insurance SectorSubmitted To:- Vipul sir

Submitted by:-

Harsh kapadia (12)

Tejal patel (34)

Garima pundir (36)Mohini shah (39)

10/23/2014customer satisfaction towards insurancesector 1



What do you mean by

customer satisfaction.?

•The degree of satisfaction provided by

the goods or services of a company as measured bythe number of repeat customers.

•The level of satisfaction is determined not only bythe quality and type of customer experience but alsoby the customer’s expectations



Marketing mix

Product:- The development of flexibleproducts to suit individual requirements

is what will differentiate the winners from

the also-rans. The key to success is inproviding insurance solutions, not

standardized insurance products. The

concept of riders/optional benefits has

already been a huge innovation broughtabout by the new players, which has led

to customization of products for

individual needs 10/23/2014customer satisfaction towards insurancesector 3



Conti…..

Place:-Different companies may

however choose different channels and

different geographies to focus on. The

channel options are - tied agency force,corporate agents and brokers and this

is an area where different companies

will make different choices.




Conti…..

Price:-Price is a relevant differentiatoronly in two segments - pure term

insurance and in pure annuities. Here

too, service delivery and financialstrength will need to be present at a

minimum acceptable level for price to

be a relevant differentiator. In case of

savings oriented products, long-termreturns generated are more relevant

than just the price of the product.




Conti…..

Promotion and Advertising:-The level ofdemand is latent and will have to beactivated considerably. The market needsto be developed. Greater awareness of

insurance and the need to have it as aprotection tool rather than as a taxplanning measure needs to beappreciated by the Indian people. Various

communication tools including advertising,direct marketing and road showscontribute to all this and differentcompanies take different approaches on

these. 10/23/2014customer satisfaction towards insurancesector 6



Conti…. Process: -Cashless settlement: One of the

most defining and customer-friendly changesthat we’ve seen indecent years relates to theway claims settlements are made. The adventof the third-party administrator (TPA) regimehas facilitated the transition to the hugely

convenient era of cashless settlement of healthand auto insurance claims. TPAs are entitieswho process claims on behalf of insurers: theIRDA licenses them after it is satisfied that theyhave the financial strength, the trained

manpower, the infrastructure and the skills toundertake this activity.

Likewise, with auto insurance, the TPA ties upwith garages and authorized service centresfor cashless settlement of auto insurance

claims. 10/23/2014customer satisfaction towards insurancesector 7



Conti….

People:-The most important factor thatmaterializes sales and maintains

customer relationships on a long- term

basis is this factor. No matter whatdistribution strategy a company adopts,

customer relationship has to be taken

care of in order to maintain the

customer base on a long-term basis.




Major Insurance companies

Life Insurance Corporation of India (LIC) Max New York Life Insurance Co. Ltd.

ICICI Prudential Life Insurance Company Ltd.

Om Kotak Mahindra Life Insurance Co. Ltd.

Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd.

SBI Life Insurance Company Limited

ING Vysya Life Insurance Company PrivateLimited

Allianz Bajaj Life Insurance Company Ltd.

MetLife India Insurance Company Pvt. Ltd.

AMP SANMAR Assurance Company Ltd.

Dabur CGU Life Insurance Company Pvt. Ltd.



http://slidepdf.com/reader/full/mrp-presentation-final 10/4218/4/2014

customer satisfaction towards insurancesector 10



STRENGTH

1. Domestic image of companies supported byPrudential’s international image is strength of the

company.2. Strong and well spread network of qualified

intermediaries and sales person.

3. Strong capital and reserve base.

4. The companies provide customer service of thehighest order

WEAKNESS

1.Heavy management expenses and administrative costs.

2. Low customer confidence on the private players.

3. Vertical hierarchical reporting structure with manydesignations and cadres leading to power politics at alllevels without any exception.

4. Poor retention percentage of tied up agents.




OPPORTUNITIES

1. There will be inflow of managerial and financial expertise fromthe world’s leading insurance markets. Further the burden ofeducating consumers will also be shared among many players.

2. International companies will help in building world classexpertise in local market by introducing the best globalpractices.

3. Insurance liberalization in India is expected to result in a widerchoice of major commercial insurance covers, such as fire,export credit etc.

THEARTS

1. Large numbers of competitor’s especially major threat from theIndia’s biggest insurance company i.e. LIC.

2. Entrance of many more companies in insurance sector withbetter plans and schemes which attracts most of customer.

3. Switching of customers from one to other insurance companybecause of better schemes provided by other companies.

4. Because of fraud done by fake companies many of customersdoes not trust easily on private companies.




MAJOR STEPS TAKEN BY INSURANCE SECTOR

FOR CUSTOMER SATISFACTION

1. ENCOURAGE FACE-TO-FACE DEALINGS

2. RESPOND TO MESSAGES PROMPTLY &

KEEP CLIENTS INFORMED

3. BE FRIENDLY AND APPROACHABLE

4. HAVE A CLEARLY-DEFINED CUSTOMER

SERVICE POLICY

5. ATTENTION TO DETAIL

6. ANTICIPATE CLIENT'S NEEDS & GO OUTOF YOUR WAY TO HELP THEM OUT

7. HONOUR PROMISES




OBJECTIVE OF THE STUDY

To know the customer satisfactiontowards insurance industry.

To examine the determinants of

customer satisfaction To examine the influence of

satisfaction on consumers’ behaviourintentions.

To study the types of benefits providedby insurance services.

To know how insurance companies

can reach to a maximum level of18/4/2014customer satisfaction towards insurancesector 14



RESEARCH METHODOLOGY

Type of research design: Exploratory and conclusive researchdesign

Exploratory research: Secondary data

Secondary data: Proquest and internet data(computerized data)

Conclusive research: Descriptive research design

Descriptive research design: Single cross sectional design

Method of Data Collection: Survey method Survey method: Personal interview

Survey instrument: Questionnaire

Target Population: The customers of different insurancecompanies having different policies.

Sampling method: Probability sampling method Probability sampling method: Simple random sampling method

Sample size: 100

Scaling techniques: Likert scale

Software for data analysis: SPSS

10/23/2014customer satisfaction towards insurance sector 15



Data analysis

0

5

10

15

20

25

30

35

40

45

20-29 30-39 40-49 50 yearsand

above

Age

Series 1


MALE71%

FEMALE29%

GENDER

Gender Male Female Total

Frequency 71 29 100

Age Group 20-29 30-39 40-49 50 andabove

Total

Frequency 41 20 18 21 100



Conti...

Education

under graduate

graduate

post graudate


student3%

profesional14%

buisness32%govt

employee28%

private firm23%

Occupation

Education Undergraduate Graduate Postgraduate Total

Frequency 10 56 34 100

Occupatio

n

Student

Professiona

l

Business

Govt. Employee

Employee

Working With

Private Firm

Total

Frequency

3

14

32

28

23

100



Conti...

only 1

51%

226%

316%

more than 47%


Income Below 2 lacks

2-4 lacks

4-6 lacks

Above 6 lacks

Total

Frequency

8

27

40

25

100

No of insurance

Policy

Only 1

2

3

More Than

4

Total

Frequency

51

26

16

7

100



Conti...

64%5%

31%

Type of insurancelife ins non life ins both


No.of years

Below 20-years

20-29 years

30-39 years

40-49 years

Total

Frequency

65

20

14

1

100

Type of insurance

policy

Life Insurance

Non-Life

Insurance

Both

Total

Frequency 64 5 31 100



Conti...


Reason for

investment

Return and

Saving

Tax Benefit

By Known

Agent

Security

Total

Frequency

33

26

5

36

100

Service

expectation

Much Worse

Than

Expected

Worse Than

expected

Equal to

my

Expectatio

n

Better

Than

expected

Much

Better Than

expected

Total

Frequency

3

6

46

38

7

100



Conti...


Intention for

switching

Definitely

Yes

A bit Yes

Neutral

A bit No

Definitely

No

Total

Frequency

9

11

26

35

19

100

Intention for

repurchase

Very

Unlikely

Unlikely

Neither

Likely

Very

Likely

Total

Frequency

5

7

31

43

14

100



Conti...


Recommend

to others

Very

Unlikely

Unlikely

Neither

Likely

Very Likely

Total

Frequency 7 6 16 52 19 100

Overall

satisfaction

Very

Dissatisfied

Dissatisfied

Neither

Satisfied

Very

Satisfied

Total

Frequency

5

2

16

61

16

100



0

5

10

15

20

25

30

35

40

45

50

ability to give you access to

information

visually attractive, offices, and

etc

ability to providing variety of

entertainmentfacilities, etc

very dissatisfied

dissatisfied

niether

satisfied

very satisfied

Tangible

Very

dissatisfied

Dissatisfied

Neither

Satisfied

Very

satisfied

Total

Ability to give you access to information

5

6

39

47

3

100

Visually attractive, office, etc

6

7

46

36

5

100

Ability to providing variety of

entertainment facilities, etc

5

16

34

40

5

100

Conti...




0

10

20

30

40

50

60

70

timely delivery of insurance services Loyalty (keeping to promises) of your dependability and consistency of solving the customer complaints

very dissatisfied

dissatisfied

neither

satisfied

very satisfied

reliability

Very dissatisfied

Dissatisfied

Neither

Satisfied

Very satisfied

Total

Timely delivery of insurance services 3 7 15 59 16 100

Loyalty (keeping to promises) of your

3

10

18

49

20

100

Dependability and consistency of

solving the customer complaints

2 7 25 44 22 100

Conti...




0

20

40

60

80

100

120

customers exactly

when services will beperformed

ability to give prompt

customer services andattend to customers

willingly help

customers inemergency situations

Easy of approach to

contact the insurancecompanies

ability to communicate

clearly with you

very satisfied

satisfied

neither

dissatisfied

very dissatisfied

Responsiveness

Very

Dissatisfied

Dissatisfied

Neither

Satisfied

Very

satisfied

Total

Ability to tell the customers exactly when services will be

performed

0

11

25

44

20

100

Ability to give prompt customer

services and attend to customers

3

6

20

51

20

100

Willingly help customers in

emergency situations

2

9

18

46

25

100

Easy of approach to contact the insurance companies

4

13

24

46

13

100

Ability to communicate clearly with you

4

10

27

42

17

100

Conti...




0

20

40

60

80

100

120

favorable terms and

Conditions

operating hours

convenient to allcustomers

individual customer

attention by employees

understand specific

customer needs

apologies for

inconvenience causedto customer

very satisfied

satisfied

neither dissatisfied

very dissatisfied

Emphaty

Verydissatisfied

Dissatisfied

Neither

Satisfied

Very satisfied

Total

Favorable terms and Conditions

2

20

35

36

7

100

Operating hours convenient to all customers

0

16

30

46

8

100

Individual customer attention by employees

3

11

22

46

18

100

Efforts to understand specific customer needs

5

11

16

52

16

100

Apologies for inconvenience caused to customer

6

8

20

42

24

100

Conti...




0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Ability to provide variety of value added services to

customers

Sincerity and patience in resolving customers’ complaints/problems

very satisfied

satisfied

neither

dissatisfied

very dissatisfied

Assurance

Very

dissatisfied

Dissatis

fied

Neither

Satisfied

Very

satisfied

Total

Ability to provide variety of value

added services to customers

0

17

36

40

7

100

Sincerity and patience in resolving

customers’ complaints/ problems 2

15

33

42

8

100

Conti...




0

5

10

15

20

25

30

35

40

45

50

Charges for insurance premium Charges for other services customers receive

very dissatisfied

dissatisfied

neither

satisfied

very satisfied

Price

Verydissatisfied

Dissatisfied

Neither

Satisfied

Verysatisfied

Total

Charges for insurance premium

1

19

27

44

9

100

Charges for other services

customers receive

1 24 33 34 8 100

Conti...




0

5

10

15

20

25

30

35

40

45

50

completing insurance

claims settlements

knowledge and skills

in solving customer problem

ability to provide

insurance products/

technology to improve

services.

Provision of adequate

variety of insurancepolicies.

very dissatisfied

dissatisfied

neither

satisfied

very satisfied

Techincal quality

very

dissatisfied

dissatisfied

Neither

Satisfied

Very

satisfied

total

Completing insurance claims settlements

2

17

33

36

12

100

Knowledge and skills in solving customer problem

2 12 33 44 9 100

Ability to provide insurance products

1

14

32

43

10

100

Technology to improve services.

1

9

36

44

10

100

Provision of adequate variety of insurance policies

1

5

37

44

13

100

Conti...




0

5

10

15

20

25

30

35

40

45

50

Success Rate of your insurance company

Reputation of your insurancecompany

Brand image of your insurance company

Social responsibility of your insurance company

very dissatisfied

dissatisfied2

neither

satisfied

very satisfied

Image

verydissatisfied dissatisfied Neither Satisfied

Verysatisfied total

Success rate of insurance company 2 6 18 47 27 100

Reputation of your insurance company

3 5 11 47 34 100

Brand image of your insurance company 2 6 13 44 35 100

Social responsibility of your insurance company 4 4 29 39 24 100

Conti...




Hypothesis testing




Reliability testing


Factors

Alpha

No. of Items

Tangible 0.870 3

Reliability 0.869 3

Responsiveness 0.870 5

Empathy 0.820 5

Assurance 0.832 2

Price 0.855 2

Technical Quality 0.889 5

Image 0.930 4



No. Hypothesis Significance

Level

Accept/Reject

1Ho:-There is no impact of age on Tangibility

H1:-There is impact of Age on Tangibility

0.323>0.05 Accept-H0

Reject-H1

2Ho:-There is no impact of age on Reliability

H1:-There is impact of Age on Reliability

0.213>0.05 Accept-H0

Reject-H1

3Ho:-There is no impact of age on Responsiveness

H1:-There is impact of Age on Responsiveness

0.256>0.05 Accept-H0

Reject-H1

4Ho:-There is no impact of age on Empathy

H1:-There is impact of Age on Empathy

0.147>0.05 Accept-H0

Reject-H1

5Ho:-There is no impact of age on Assurance

H1:-There is impact of Age on Assurance

0.864>0.05 Accept-H0

Reject-H1

6 Ho:-There is no impact of age on Price

H1:-There is impact of Age on Price

0.017<0.05 Accept-H1

Reject-H0

7 Ho:-There is no impact of age on Technical quality

H1:-There is impact of Age on Technical quality

0.033<0.05

Accept-H1

Reject-H0

8Ho:-There is no impact of age on Image

H1:-There is impact of Age on Image

0.189>0.05 Accept-H0

Reject-H1


No Hypothesis Significance Level Accept/Reject



No. Hypothesis Significance Level Accept/Reject

1Ho:-There is no impact of education on Tangibility

H1:-There is impact of education on Tangibility

0.547>0.05 Accept-H0

Reject-H1

2 Ho:-There is no impact of education on Reliability

H1:-There is impact of education on Reliability

0.605>0.05

Accept-H0

Reject-H1

3Ho:-There is no impact of education on Responsiveness

H1:-There is impact of education on Responsiveness

0.821>0.05 Accept-H0

Reject-H1

4Ho:-There is no impact of education on Empathy

H1:-There is impact of education on Empathy

0.868>0.05

Accept-H0

Reject-H1

5Ho:-There is no impact of education on Assurance

H1:-There is impact of education on Assurance

0.186>0.05 Accept-H0

Reject-H1

6Ho:-There is no impact of education on Price

H1:-There is impact of education on Price

0.192>0.05 Accept-H0

Reject-H1

7Ho:-There is no impact of education on Technical quality

H1:-There is impact of education on Technical quality

0.635>0.05 Accept-H0

Reject-H1

8Ho:-There is no impact of education on Image

H1:-There is impact of educationo n Image

0.619>0.05 Accept-H0

Reject-H1


No.

Hypothesis

Significance

L l

Accept/Reject



Level

1Ho:-There is no impact of occupation on tangible

H1:-There is impact of occupation on tangible

0.907>0.05 Accept-H0

Reject-H1

2 Ho:-There is no impact of occupation on reliability

H1:-There is impact of occupation on reliability. 0.221>0.05

Accept-H0

Reject-H1

3Ho:-There is no impact of occupation on responsiveness

H1:-There is impact of occupation on responsiveness

0.355>0.05 Accept-H0

Reject-H1

4

Ho:-There is no impact of occupation on empathy

H1:-There is impact of occupation on empathy

0.267>0.05 Accept-H0

Reject-H1

5Ho:-There is no impact of occupation on assurance

H1:-There is impact of occupation on assurance

0.601>0.05 Accept-H0

Reject-H1

6Ho:-There is no impact of occupation on price

H1:-There is impact of occupation on price

0.647>0.05 Accept-H0

Reject-H1

7Ho:-There is no impact of occupation on technical quality

H1:-There is impact of occupation on technical quality

0.610>0.05 Accept-H0

Reject-H1

8Ho:-There is no impact of occupation on Image

H1:-There is impact of occupation on Image

0.132>0.05 Accept-H0

oReject-H1




No. Hypothesis Significance Level Accept/Reject

1 Ho:-There is no impact of income on tangible

H1:-There is impact of income on tangible

0.002<0.05

Accept-H1

Reject-H0

2 Ho:-There is no impact of income on reliability

H1:-There is impact of income on reliability

0.050=0.05 Accept-H1

Reject-H0

3 Ho:-There is no impact of income on responsiveness

H1:-There is impact of income on responsiveness

0.001<0.05 Accept-H1

Reject-H0

4Ho:-There is no impact of income on empathy

H1:-There is impact of income on empathy

0.159>0.05 Accept-H0

Reject-H1

5Ho:-There is no impact of income on assurance

H1:-There is impact of income on assurance

0.243>0.05 Accept-H0

Reject-H1

6 Ho:-There is no impact of income on price

H1:-There is impact of income on price

0.000<0.05 Accept-H1

Reject-H0

7 Ho:-There is no impact of income on technical quality

H1:-There is impact of income on technical quality

0.000<0.05 Accept-H1

Reject-H0

8 Ho:-There is no impact of income on Image

H1:-There is impact of income on Image

0.007<0.05 Accept-H1

Reject-H0 18/4/2014

customer satisfaction towards insurancesector 36



1 As the people think that insurance is a tool to protect their family & a tax saving device. They areaware of the fact & realizing its, importance. The company should try to expand & build up itsinfrastructure because there is a large potential for insurance in India.

2. Companies should come up with more branches in INDIA with the objective and goals to meetthe demands & expectations of the public. Because the entrance of private players will increasethe competition and it would be a tough task to secure a good position in market.

3. Since Insurance industry is leading with several other sectors, it should be easy for them topenetrate into the market and secure a good position if they pay greater attention to the servicepart provided to their customer and thereby forming a long and trusted relationship.

4. Major factors that can be determine from the survey data are:Tangible

Reliability

Responsiveness

Empathy

Assurance

Price

Technical qualityImage




Conti…. If we talk about reliability test so all factor value is more than 0.06

so the reliability test is positive

While we talk about the anova testing

We had find that the there is no impact of age on empathy and

image.

All the factors have impact on education.

All the factors have impact on occupation.

There is no impact has been seen of occupation on tangibility,

reliability, responsiveness, price, technical quality and image.




Insurance industry is highly service baseindustry and in this segment customer ratiowho inhabit the condition of acceptance in

insurance company. The subject matter thatallows the customer to convert in decision inprocess or might say factors that influencecustomer buying behaviour. Insurancecompany efficiently or measure customer

need over insurance product and how muchthey feel self righteous toward their decision.

Insurance company have hatched almostmaximum market proceeding value addingservice over primary product

Now day’s companies do not provideinsurance but lots more than that insurance isproviding secondary or supplementingservices.


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