project report in marketng - max new york
TRANSCRIPT
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Summer Training Report
On
NEED ANALYSIS OF THE CUSTOMERS IN
BHUBANESWAR HAVING LIFE INSURANCE
POLICIES
At
MAX NEW YORK LIFE
Bhubaneswar
UNDER THE GUIDANCE OF : Mr. MMMMMMM
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CONTENTS
Particulars Page No.
Declaration 3
Acknowledgement 4
List of Illustration / Tables 5
Abstract 6
Introduction1.1 Objective
1.2 Scope1.3 Limitation
7
Insurance industry in India2.1 Life Insurance2.2 Insurance sector reforms2.3 Major Policy Changes2.4 Protection of the Interest of the Policy
Holder2.5 Present Scenario
8 13
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11
12
13
Company Profile3.1 About the company3.2 Various plans
3.3 Vision3.4 Mission3.5 Values
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Research Methodology4.1 Title
4.2 Title justification
4.3 Research Design4.4 Sampling Methodology4.5 Survey
18 19
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1818
19
Data Analysis and Interpretation 20 28
Findings and Recommendations 29
Conclusion 30
Annexure 31-32Bibliography 33
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DECLARATION
I hereby declare that the project report entitled Need Analysis ofthe Customers having Life Insurance policies in
Bhubaneswar is the product of my sincere effort. This Summer
Training Report is being submitted by me alone, at Institute of
Business & Computer Studies, SOA University, Bhubaneswar,
for the partial fulfillment of the course MBA (Marketing), and the
report has not been submitted to any other educational institutions
for any other purpose.
Date:
Place:
Signature
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ACKNOWLEDGEMENT
I would like to express my gratitude to all those who gave me the possibilities to complete this report. I would like to thank
Prof. Dr. Subhasish Das, Dean, Institute of Business & Computer
Studies, Mr. Deepak Kanungo, Branch Manager, Max New York
Life Insurance, Bhubaneswar and college authorities first for
providing me the opportunity to work with one of the prestigious
organization.
I want to thank Recruitment Manager, Max New York Life,
Bhubaneswar Mr. Devendra Jena for giving me permission tocommence this report in the first instance, to do the necessary
research work and for being my Company Guide.
With a deep sense of gratitude and humble submission I would
like to express my heartiest gratefulness to my Faculty Guide
Prof. Alka Samantaray, Institute of Business & Computer Studies,
whose help, stimulating suggestions and encouragement helped
me in all the times of research for and writing of this report.
Date:
Signature:
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LIST OF ILLUSTRATION
/FIGURES
PARTICULARS PAGE NO
FIG: 1 :- Preference of life insurance company 21
FIG: 2 :-Purpose behind buying a life
insurance product22
FIG: 3 :-Attractive feature of the policy 23
FIG: 4 :-Satisfaction regarding the policy 24
FIG: 5 :-Satisfaction regarding the service
agent25
FIG: 6 :-What does people want from an
insurance company26
FIG: 7 :-People willing to go away from the
city if better service and product is provided
27
FIG: 8 :-People planning to go for new
investments28
FIG: 9 :-Perception towards ULIP 29
ABSTRACT
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In todays corporate and competitive world, insurance sector has
the maximum growth and potential as compared to the other
sectors. Insurance has the maximum growth rate of 70-80% whileas FMCG sector has maximum 12-15% of growth rate. This
growth potential attracts me to enter in this sector and MAX NEW
YORK LIFE INSURANCE has given me the opportunity to work
and get experience in highly competitive and enhancing sector.
The report prepared by me mainly emphasizes on the need
analysis of the customer that is to study why people go for buying
life insurance policy.
This report throws light on what is the primary reason for buying a
policy, whether a customer is satisfied with the policy and the
service agent and what are the features that a customer wants in a
life insurance company.
At the end the perception of the customers towards ULIP is also
studied. This helps to understand whether people are aware of it ornot, so that the company may work on it.
To do this a questionnaire was prepared and people were
interviewed. Based on their answers the analysis is done.
INTRODUCTION
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In India, insurance has a deep-rooted history. It findsmention in the writings of Manu (Manusmrithi),Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra).The writings talk in terms of pooling of resources that
could be re-distributed in times of calamities such as fire,floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian historyhas preserved the earliest traces of insurance in the formof marine trade loans and carriers contracts. Insurance inIndia has evolved over time heavily drawing from othercountries, England in particular.
LIFE INSURANCE
1818 saw the advent of life insurance business inIndia with the establishment of the Oriental LifeInsurance Company in Calcutta. This Company howeverfailed in 1834. In 1829, the Madras Equitable had beguntransacting life insurance business in the MadrasPresidency. 1870 saw the enactment of the BritishInsurance Act and in the last three decades of thenineteenth century, the Bombay Mutual (1871), Oriental(1874) and Empire of India (1897) were started in theBombay Residency. This era, however, was dominated byforeign insurance offices which did good business in India,namely Albert Life Assurance, Royal Insurance, Liverpooland London Globe Insurance and the Indian offices wereup for hard competition from the foreign companies.
In 1914, the Government of India started publishing
returns of Insurance Companies in India. The Indian LifeAssurance Companies Act, 1912 was the first statutorymeasure to regulate life business. In 1928, the IndianInsurance Companies Act was enacted to enable theGovernment to collect statistical information about bothlife and non-life business transacted in India by Indianand foreign insurers including provident insurancesocieties. In 1938, with a view to protecting the interestof the Insurance public, the earlier legislation was
consolidated and amended by the Insurance Act, 1938with comprehensive provisions for effective control overthe activities of insurers.
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The Insurance Amendment Act of 1950 abolished
Principal Agencies. However, there were a large numberof insurance companies and the level of competition was
high. There were also allegations of unfair trade practices.The Government of India, therefore, decided tonationalize insurance business.
An Ordinance was issued on 19th January, 1956nationalizing the Life Insurance sector and Life InsuranceCorporation came into existence in the same year. TheLIC absorbed 154 Indian, 16 non-Indian insurers as also75 provident societies245 Indian and foreign insurers in
all. The LIC had monopoly till the late 90s when theInsurance sector was reopened to the private sector.
Some of the important milestones in the lifeinsurance business in India are:
1912 - The Indian Life Assurance CompaniesAct enacted as the first statute to regulate the lifeinsurance business. 1928 - The Indian Insurance Companies Actenacted to enable the government to collectstatistical information about both life and non-lifeinsurance businesses. 1938 - Earlier legislation consolidated andamended to by the Insurance Act with the objectiveof protecting the interests of the insuring public. 1956 - 245 Indian and foreign insurers and
provident societies taken over by the centralgovernment and nationalized. LIC formed by an Actof Parliament, viz. LIC Act, 1956, with a capitalcontribution of Rs. 5 crore from the Government ofIndia.The General insurance business in India, on theother hand, can trace its roots to the TritonInsurance Company Ltd., the first general insurancecompany established in the year 1850 in Calcutta by
the British.
INSURANCE SECTOR REFORMS:
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In 1993, Malhotra Committee headed by former FinanceSecretary and RBI Governor R.N. Malhotra was formed toevaluate the Indian insurance industry and recommend itsfuture direction.
The Malhotra committee was set up with the objective ofcomplementing the reforms initiated in the financialsector. The reforms were aimed at "creating a moreefficient and competitive financial system suitable for therequirements of the economy keeping in mind thestructural changes currently underway and recognizingthat insurance is an important part of the overall financialsystem where it was necessary to address the need for
similar reforms"
In 1994, the committee submitted the report and some ofthe key recommendations included:
1) Structure
Government stake in the insurance Companies to bebrought down to 50%.
Government should take over the holdings of GICand its subsidiaries so that these subsidiaries can actas independent corporations.
All the insurance companies should be given greaterfreedom to operate.
2) Competition
Private Companies with a minimum paid up capital of
Rs.1bn should be allowed to enter the industry. No Company should deal in both Life and General
Insurance through a single entity.
Foreign companies may be allowed to enter theindustry in collaboration with the domesticcompanies.
Postal Life Insurance should be allowed to operate inthe rural market.
Only One State Level Life Insurance Company should
be allowed to operate in each state.
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3) Regulatory Body
The Insurance Act should be changed.
An Insurance Regulatory body should be set up.
Controller of Insurance (Currently a part from theFinance Ministry) should be made independent.
4)Investments
Mandatory Investments of LIC Life Fund ingovernment securities to be reduced from 75% to50%.
GIC and its subsidiaries are not to hold more than
5% in any company (There current holdings to bebrought down to this level over a period of time).
5) Customer Service
LIC should pay interest on delays in paymentsbeyond 30 days.
Insurance companies must be encouraged to set upunit linked pension plans.
Computerization of operations and updating oftechnology to be carried out in the insuranceindustry The committee emphasized that in order toimprove the customer services and increase thecoverage of the insurance industry should be openedup to competition.
But at the same time, the committee felt the need toexercise caution as any failure on the part of new players
could ruin the public confidence in the industry. Hence, itwas decided to allow competition in a limited way bystipulating the minimum capital requirement of Rs.100crores. The committee felt the need to provide greaterautonomy to insurance companies in order to improvetheir performance and enable them to act as independentcompanies with economic motives. For this purpose, ithad proposed setting up an independent regulatory body.
MAJOR POLICY CHANGES
Insurance sector has been opened up for competition
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from Indian private insurance companies with theenactment of Insurance Regulatory and DevelopmentAuthority Act, 1999 (IRDA Act). As per the provisions ofIRDA Act, 1999, Insurance Regulatory and Development
Authority (IRDA) was established on 19th April 2000 toprotect the interests of holder of insurance policy and toregulate, promote and ensure orderly growth of theinsurance industry. IRDA Act 1999 paved the way for theentry of private players into the insurance market whichwas hitherto the exclusive privilege of public sectorinsurance companies/ corporations. Under the newdispensation Indian insurance companies in private sectorwere permitted to operate in India with the following
conditions:
Company is formed and registered under theCompanies Act, 1956;
The aggregate holdings of equity shares by a foreigncompany, either by itself or through its subsidiarycompanies or its nominees, do not exceed 26%, paidup equity capital of such Indian insurance company;
The company's sole purpose is to carry on lifeinsurance business or general insurance business orreinsurance business.
The minimum paid up equity capital for life orgeneral insurance business is Rs.100 crores.
The minimum paid up equity capital for carrying onreinsurance business has been prescribed as Rs.200crores.
The Authority has notified 27 Regulations on variousissues which include Registration of Insurers, Regulationon insurance agents, Solvency Margin, Re-insurance,Obligation of Insurers to Rural and Social sector,Investment and Accounting Procedure, Protection of policyholders' interest etc. Applications were invited by theAuthority with effect from 15th August, 2000 for issue of
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the Certificate of Registration to both life and non-lifeinsurers. The Authority has its Head Quarter atHyderabad.
PROTECTION OF THE INTEREST OF THE POLICYHOLDERS:
IRDA has the responsibility of protecting the interest ofinsurance policyholders. Towards achieving this objective,the Authority has taken the following steps:
IRDA has notified Protection of Policyholders InterestRegulations 2001 to provide for: policy proposal
documents in easily understandable language;claims procedure in both life and non-life; setting upof grievance redressal machinery; speedy settlementof claims; and policyholders' servicing. TheRegulation also provides for payment of interest byinsurers for the delay in settlement of claim.
The insurers are required to maintain solvencymargins so that they are in a position to meet theirobligations towards policyholders with regard to
payment of claims. It is obligatory on the part of the insurance
companies to disclose clearly the benefits, terms andconditions under the policy. The advertisementsissued by the insurers should not mislead theinsuring public.
All insurers are required to set up proper grievanceredress machinery in their head office and at theirother offices.
The Authority takes up with the insurers anycomplaint received from the policyholders inconnection with services provided by them under theinsurance contract.
PRESENT SCENARIO:
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Life insurance market in semi-urban and rural territoriesis expected to rise to US$ 20 Billion mark in the upcomingfour years from the existing value of less than US$ five
Billion. This is because more semi-urban and ruralpopulace would opt insurance cover for a secure future,said Assocham. On the other hand, life insurance marketin urban zones is expected to surge to US$ 15 Billion. Anil K Agarwal, President, Assocham, reported that alarge segment of rural India is still untouched because oflong distances, poor distribution and high return costs.The paper disclosed that the life insurance premium inIndia is just 1.8% of the GDP as against 5.2% in US and8% in South Korea. A Research Analyst at RNCOS, who has recentlyresearched a report called "Indian Insurance IndustryForecast (2007-2009)", says that the progress in thesemi-urban and rural areas would largely fuel the growthin insurance sector. The other factors that would boostthe growth in this sector are improving economicscenario, increasing disposable incomes, and rising
product demands.Moreover in the present scenarioBank mergers in Indiaare likely to impact the insurance sector as many insurershave select banks as their bancassurance partners.Bancassurance is the sale of life, pension and investmentproducts through the branch network of a bank.After the opening up of the insurance sector, banks havecome to occupy an important role in insurancedistribution, particularly for private life insurers.
Banks procure nearly 40 percent of the fresh business forlife insurers. It is not surprising therefore to have lifeinsurers whose very lifeline is their banking partners.Insurers find recruiting and training individual agents atime-consuming and costly process. There are also issueslike agency attrition and small-sized policies procured byagents.For new private life insurers who want to achieve fastrevenue growth, banks are the only source of business.
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Banks also find that selling life insurance products is alucrative activity.Normally bancassurance deals are for three years andeach bank can represent only one insurer as a corporate
agent.However, new private life insurers are finding it difficult tosign up a banking partner to sell their products as earlyentrants have already inked distribution agreements withthem.Realizing their vital role, banks are now dictating theterms of the bancassurance deals. In some cases banksare demanding commission and other fees totaling nearly70 percent of the first year premium on a policy, say
industry experts.Some banks have started representing a new life insurerat regular intervals.
COMPANY PROFILE
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ABOUT THE COMPANY:
Max New York Life Insurance Company Limited is a jointventure between Max India Limited, which is a one ofIndia's leading multi-business corporate, and New YorkLife International, which is a Fortune 100 company &global expert in life insurance. Max New York LifeInsurance started its commercial operations in India in2001. The company has positioned itself on the qualityplatform. In line with its vision to be the most admired lifeinsurance company in India, it has developed a strong
corporate governance model based on the core values ofexcellence, honesty, knowledge, caring, integrity andteamwork. The strategy is to establish itself as a trustedlife insurance specialist through a quality approach tobusiness.
In line with its values of financial responsibility, Max NewYork Life has adopted prudent financial practices toensure safety of policyholder's funds. The Company's paid
up capital is Rs.907.4 crore, which is more than the normlaid down by IRDA.
Max New York Life has identified individual agents as itsprimary channel of distribution. The Company places a lotof emphasis on its selection process, which comprises fourstages - screening, psychometric test, career seminar andfinal interview. The agent advisors are trained in-house toensure optimal control on quality of training.
Max New York Life invests significantly in its trainingprogramme and each agent is trained for 152 hours asopposed to the mandatory 100 hours stipulated by theIRDA before beginning to sell in the marketplace. Trainingis a continuous process for agents at Max New York Lifeand ensures development of skills and knowledge througha structured programme spread over 500 hours in twoyears. 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 agentshave the highest productivity among private life insurers.
337 agent advisors have qualified for the Million Dollar
Round Table (MDRT) memberships in 2007. MDRT is anexclusive congregation of the worlds top selling insuranceagents and is internationally recognized as the standardof excellence in the life insurance business.
Having set a best in class agency distribution model inplace, the company is spearheading a major thrust intoadditional distribution channels to further grow itsbusiness. The company is using a five-pronged strategy to
pursue alternative channels of distribution. These includethe franchisee model, rural business, direct sales forceinvolving group insurance and telemarketingopportunities, bancassurance and corporate alliances.
Max New York Life offers a suite of flexible products. Itnow has 43 life insurance products and 8 riders that canbe customized to over 800 combinations enablingcustomers to choose the policy that best fits their need.
It is the first life insurance company in India to beawarded the IS0 9001:2000 certifications. The companyhas around 133 offices all over the country.
Max New York Life offers a variety of flexible productscovering both life and health insurance including 8 ridersthat can be customized to over 800 combinations whichenable the customers to choose the policy that suits theirneeds. Max New York Life also offers 6 products and 7riders in group insurance business. The company has aplan for every need, designed as to meet your long termfinancial goals & aspirations. They help you fulfilling yourdreams & commitments. The list of few plans provided byMax New York Life Insurance Company Limited is givenbelow:
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VARIOUS PRODUCTS OF MAX NEW YORK LIFE
Protection Plans
Five Yr Renewable & Convertible Plan Level Term Policy
Children Plans
Children's Endowment to 18 (Par) Plan Children's Endowment to 24 (Par) Plan SMART Steps SMART Steps Plus
Investment Plans
Life Maker Premium
Life Maker Gold Life Maker Platinum Life Invest
Retirement Plans
SMART Invest Pension Easy Life Retirement (Par) Plan
Health Plans
Lifeline Medicash Lifeline Wellness Plus Lifeline Medicash Plus
Lifeline Safety Net
Savings Plans
Whole Life Participating Life Gain Plus 25 Participating Plan 20 year Endowment (Par) Plan Life Pay Money Back Plan
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Strategic Products Plans
Bancassurance1. Capital Builder Plan
Partnership Distribution1. Max Mangal2. Capital Builder3. Max Vriksha4. Max New York Life Unit Builder Max Amsure1. Future Builder2. Business Builder3. Bonus Builder
4. Secure Returns Builder
Group Plans
Group Credit Life Unit Linked Group Superannuation Plan Group Gratuity cum Term Assurance Group Term Life
Unit Linked Group Gratuity Plan Employee Deposit Linked Insurance Max Super Life
VISION:
To become one of the most admired life InsuranceCompany of India.
MISSION:
Become one of the top quartile life insurancecompanies in India
Be a national player
Be the brand of first choice
Be the employer of choice
Become principal of choice for agents
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VALUES:
Knowledge:Knowledge leads to expertise; and our expertise is in
helping people protect them. Perfectly combining globalexpertise with local knowledge, we are Indias lifeinsurance specialist. Max New York Life believes that forknowledge to be of value it must be focused, current,tested and shared.
Caring:Max New York Life is redefining the life insurance
paradigm by focusing on customers first. The service process is responsive, personalized, humane andempathetic. Every individual who represents the companyis for us our brand champion.
Honesty:Honesty is the heart of the life insurance business. It is allabout trust. Transparency, integrity and dependabilityform the cornerstones of the Max New York Life
experience. The company ensures that everyone whorepresents the brand carries a promise: we care inword as well as deed.
Excellence:Excellence at Max New York Life implies the ability toperform at a consistently high level. Focused on the valueof continuous improvement in people, processes and theorganization, the company strives for the highest
standards of quality in every aspect of its business.
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RESEARCH METHODOLOGY
TITLE:
Need Analysis of the customers in Bhubaneswar havinglife insurance policy.
TITLE JUSTIFICATION:
The title is self explanatory. It analyses the need of thecustomer in Bhubaneswar for buying Life Insurance product that is for which particular requirements it isgoing for this products. It also studies whether theirneeds are satisfied or not.
RESEARCH DESIGN:
Non Probability Sampling
Exploratory and Descriptive Research
The research was both Exploratory and Descriptive. Thedata were collected from both primary and secondarysources.The survey was done by preparing well structuredquestionnaire and conducting personal interview to collectthe information regarding customers need.
SAMPLING METHODOLOGY:
SAMPLING TECHNIQUE
Initially, a rough draft was prepared keeping in mind theobjective of the research. A pilot study was done in orderto know the accuracy of the Questionnaire. The finalQuestionnaire was arrived only after certain importantchanges were done. Thus my sampling came out to bejudgmental and convenient.
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SAMPLEING UNIT
The respondents who were asked to fill the questionnairesare the sampling units. These comprise of employees of
MNCs, Govt. Employees, Self Employed etc including bothmale and female.
SAMPLE SIZE
The sample size was restricted to only 100, whichcomprised of mainly peoples from different regions ofBhubaneswar due to time constraints.
SAMPLEING AREA
The area of research was Bhubaneswar, India.
SURVEY:
This is a limited study which takes into consideration theresponses of 100 people. This data can be exported totake in the trends across the industry. The significance forthe industry lies in studying these trends that emergefrom the study. It is a rapidly changing and evolvingsector. People are only beginning to wake up to its vastpossibilities. A study like this can attempt to guide thefuture of the industry based on current trends. Tofacilitate and provide useful information for the study ofthe company and the insurance industry and also providerecommendations for Max New York Life.
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DATA ANALYSIS AND
INTERPRETATIONPREFERENCE OF RESPONDENTS OF INSURANCE
COMPANIES
COMPANY NO. OF RESPONDENT SHARE(%)
LIC 70 70
ICICI PRUDENTIAL 8 8
SBI LIFE 10 10
ING VYSYA LIFE 3 3
MAX NEW YORK LIFE 5 5
TATA AIG LIFE 4 4
FIG :1
LIC
ICICI PRUDENTIAL
SBI LIFE INSURANCE
ING VYSYA LIFE
MAX NEW YORK LIFE
TATA AIG LIFE
INTERPRETATION:
About 70% of the respondents preferred LIC, so ithas been ranked 1.
PURPOSE BEHIND BUYING A LIFE INSURANCE PRODUCT
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PURPOSE NO.OF RESPONDENTS SHARE (%)
COVER FUTUREUNCERTAINITY
49 49
TAX DEDUCTION32 32
FUTURE INVESTMENT19 19
FIG : 2
COVER FUTURE
UNCERTAINITY
TAX DEDUCTION
FUTURE INVESTMENT
INTERPRETATION:
About 49% of the respondents think that coveringof future uncertainty is the main purpose behind
buying a life insurance policy. Whereas 32% and 19% believe that life insurance
policy serves the purpose of Tax Deduction andFuture Investment respectively.
ATTRACTIVE FEATURE OF THE POLICY
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FEATURE NO. OF RESPONDENT SHARE (%)
LOW PREMIUM 11 11
LARGER RISK
COVERAGE20 20
MONEY BACK
GUARANTEE25 25
REPUTATION OF THE
COMPANY37 37
EASY ACCESS TO
AGENTS7 7
FIG : 3
LOW PREMIUM
LARGER RISK
COVERAGE
MONEY BACK
GUARANTEE
REPUTATION OF THE
COMPANY
EASY ACCESS TO
AGENTS
INTERPRETATION:
About 37% of the respondents think that Reputationof the Company is the most attractive feature of apolicy.
About 25% of the respondents give importance toMoney Back Guarantee.
Minimum respondent that is about 7% opted forEasy Access to Agents.
SATISFACTION REGARDING THE POLICY
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RESPONSENO.OF RESPONDENT SHARE (%)
SATISFIED 67 67
NOT SATISFIED 33 33
NO ANSWER 0 0
FIG : 4
SATISFIED
NOT SATISFIED
NO ANSWER
INTERPRETATION:
About 67% of the respondents are satisfied withtheir policies.
While rest of the respondent are not satisfied.
SATISFACTION REGARDING THE SERVICE AGENT
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REPONSES NO. OF RESPONDENTS SHARE (%)
SATISFIED 55 55
NOT SATISFIED 45 45
NO ANSWER 0 0
FIG : 5
SATISFIED
NOT SATISFIED
NO ANSWER
INTERPRETATION:
About 55% of the respondents are satisfied with
their service agents and rests are not satisfied. Every respondent have expressed their views
regarding the service agent so no answer is 0%.
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WHAT DOES PEOPLE WANT FROM AN INSURANCE
COMPANY
RESPONSENO. OF RESPONDENT SHARE (%)
A TRUSTED NAME 27 27
FRIENDLY SERVICE
AND RESPONSIVENESS23 23
GOOD PLANS 45 45
ACCESSIBILITY 5 5
FIG : 6
A TRUSTED NAME
FRIENDLY SERVICE AND
RESPONSIVENESS
GOOD PLANS
ACCESSIBILITY
INTERPRETATION:
About 45% of the customers look for Good Plan
while 27% gets importance to trusted name.
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PEOPLE INTERESTED IN GOING FOR INSURANCE IF A
SERVICE PROVIDER AWAY FROM THE CITY OFFERS
BETTER SERVICE & PRODUCTS
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
YES 23 23
NO 64 64
UNCERTAIN 13 13
FIG : 7
Yes
No
Uncertain
INTERPRETATION:
About 64% of the respondents are not willing to goaway from the city if the service provider offersbetter service or products.
While 23% are willing to go and 13% are uncertain.
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PEOPLE PLANNING FOR NEW INVESTMENT
RESPONSE NO. OF RESPONDENTS SHARE (%)
PLANNING 67 67
NOT PLANING 33 33
FIG : 8
PLANNING
NOT PLANING
INTERPRETATION:
About 67% of the customers are planning to go forsome new investment.
PERCEPTION TOWARDS ULIP
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PERCEPTION NO. OF RESPONDENT SHARE (%)
BETTER THAN
TRADITIONAL53 53
NOT BETTER THAN
TRADITIONAL13 13
NO IDEA 34 34
FIG : 9
BETTER THAN TRADITIONAL
NOT BETTER THAN
TRADITIONAL
NO IDEA
INTERPRETATION:
About 53% of the respondents think that ULIP isbetter than traditional while many people that isabout 34% of the respondents have no idea aboutULIP.
While about 13% thinks that ULIP is not better thantraditional policies.
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FINDINGS AND
RECOMMENDATIONS
The entrance of many private players has increasedthe competition and it has become tough to takegood position. Moreover most of the people inBhubaneswar prefer public sectors rather thanprivate. So it is the first requirement to erase outsuch a perception from the minds of the people.
As the people think that insurance is a tool to protect
their family & a tax saving device. They are aware ofthe fact & realizing its, importance. Most of thepeople who give importance to tax deduction areeager to buy policies only for the purpose of taxdeduction. So this section of people is a goodpotential for the company.
In spite of several advertisements some people inBhubaneswar are still not aware of Max New York
Life. So company has to pay attention towards thissegment.
Primarily people are looking for good plans from aninsurance company. Max New York already havewide variety of Good Plans. So this can work as abiggest strength to penetrate the market.
About 67% of the existing customers are planningfor new investment. So beside new customers theexisting one may also provide the company a goodpotential.
About 34% of the people have no idea regardingULIP .This shows lack of awareness among thepeople regarding ULIP. So if they are educated thenthis section may be a good potential for the
company.
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CONCLUSION
Our exhaustive research in the field of Life Insurancethrew up some interesting trends which can be seen inthe above analysis. A general impression that wegathered during Data collection was that awareness andknowledge among people about various companies andtheir insurance products. But some more awareness isrequired because still some people lacks knowledge aboutsome products like ULIP.
It is interesting to note that people have begin to lookbeyond LIC for their insurance needs and are willing totrust private players with their hard earned money. Thething they are looking upon is mainly Good plans.
People in general have been impressed by the marketingand advertising campaigns of insurance companies. Ahigh penetration of print, radio and TelevisionAdvertisements campaigns over the years has begun to
have its impact now.
It is good to see that people have started viewinginsurance products as tax saving and to some extendinvestment tool.A very high number of respondents haveopted for insurance for such purposes and it shows howinsurance companies have been successful to attractpublic money in recent times.Some attention is required towards the service agents.Therein lies the opportunity for a relative player like MaxNew York Life.
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ANNEXURE
This is the project report, which is consisting of some practical work and knowledge. It is fully based onmarketing & according to objective of the study someorganization taken into consideration for analysis andevaluate the demand and supply of Max Newyork LIFEINSURANCE. To shape the objective in to practice al somemethods are followed and analysis is done with full ofexposure.
After getting all informations from analysis, some inputsis given to organization to survive in the on competitivephenomenon. Certificate is assigned by the organizationto me due to satisfaction level of project. On the otherhand it is basically a learning project in managementstudy. Which is help for decades?
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QUESTIONNAIRE ON NEED ANALYSIS
NAME :_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
ADDRESS :_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ :_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
OCCUPATION : _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
AGE : _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
CELL NO. : _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
1. ARE YOU EMPLOYED/RETIRED?
YES NO (if YES, only then proceed)
2. DO YOU HAVE ANY LIFE INSURANCE POLICY?
YES NO (If YES ,only then proceed)
3. WHICH COS INSURANCE POLICY DO YOU HAVE?
a) LIC b) ICICI PRUDENTIAL c) SBI LIFE
INSURANCE
d) ING VYSYA LIFEe) MAX NEW YORK LIFE INSURANCE f)ANY_______( Specify)
4. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE
PLAN?
a) COVER FUTURE UNCERTAINITY b) TAX
DEDUCTIONS
c) FUTURE INVESTMENT d) ANY OTHER
_____(Specify)
5. WHICH FEATURE OF YOUR POLICY ATTRACTED YOU TO BUY
IT?
a) LOW PREMIUMb) LARGER RISK COVERAGE c)
MONEY BACK GUARNTEE
d) REPUTATION OF COMPANY d) EASY ACCESS TO AGENTS f)
ANY __________ (Specify)
6. AREYOU SATISFIED WITH YOUR POLICY?
a) SATISFIED b) NOT SATISFIED c) NOTRESPONDING
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7. ARE YOU SATISFIED WITH THE SERVICE AGENT?
a) SATISFIED b) NOT SATISFIED c) NOT
RESPONDING
8. WHAT WOULD YOU LOOK FOR IN AN INSURANCE COs?
a) A TRUSTED NAME b) FRIENDLY SERVICE &
RESPONSIVENESS
c) GOOD PLANS d) ACCESSIBILITY
9. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER
AWAY FROM THE CITY OFFERS BETTER SERVICE &
PRODUCTS?
a) YES b) NO c) UNCERTAIN
10. ARE YOU PLANNING FOR NEW INVESTMENTS?
a) PLANNING b) NOT PLANING
11. YOUR PERCEPTION TOWARDS ULIP
a) BETTER THAN TRADITIONAL. b) NOT BETTER THAN
TRADITIONAL c)NO IDEA
THANK YOU.
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BIBLIOGRAPHY
WEBSITES REFFERED:
www.indiamba.com
www.irda.gov.in
www.maxnewyork.com
www.thehindubusinessline.com
BOOKS REFFERED: RESEARCH METHODOLOGY by RANJIT
KUMAR
MANAGING LIFE INSURANCE by S.K.KUTTY
http://www.indiamba.com/http://www.irda.gov.in/http://www.maxnewyork.com/http://www.thehindubusinessline.com/http://www.indiamba.com/http://www.irda.gov.in/http://www.maxnewyork.com/http://www.thehindubusinessline.com/