project report on customer satisfaction in insurance 2

8/3/2019 Project Report on Customer Satisfaction in Insurance 2

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INTRODUCTION TO THE COMPANY


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INTRODUCTION OF COMPANY

1.1 Background

Karvy Consultants Limited was established in 1982 at Hyderabad. It was established by a

group of Hyderabad-based practicing Chartered Accountants. At initial stage it was very

small in size. It was started with a capital of Rs. 1,50,000.

In starting it was only offering auditing and taxation services. Later, it acts into the

Registrar and Share transfer activities and subsequently into financial services and other

services like Financial Product Distribution, Investment Advisory Services, Demat

Services, Corporate Finance, Insurance etc.

All along, Karvys strong work ethics and professional background leveraged withInformation Technology enabled it to deliver quality to the individual. A decade of

commitment, professional integrity and vision helped Karvy achieving a leadership

position in its field when it handled largest number of corporate and retail that proved to

be a sound business synergy.

Today, Karvy has access to millions of Indian shareholders, besides companies, banks,

financial institutions and regulatory agencies. Over the past one and half decades, Karvy

has evolved as a veritable link between industry, finance and people.

In January 1998, Karvy became first Depository Participant in Andhra Pradesh. An ISO

9002 Company, Karvys commitment to quality and retail reach has made it an Integrated

Financial Services Company.

Today, company has 230 branch offices in 164 cities all over the India. The company

adds 5 new offices every month to the companys ever growing national network in every

nook and corner of the country. The company service over 16 million individual

investors, 180 corporate and handle corporate disbursements that exceed Rs.2500 Crores.


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WHERE KARVY STAND IN THE MARKET?

KARVY is a legendary name in financial services, Karvys credit is defined by its

mission to succeed, passion for professionalism, excellent work ethics and customer

centric values.

Today KARVY is well known as a premier financial services enterprise, offering a broad

spectrum of customized services to its clients, both corporate and retail. Services that

KARVY constantly upgrade and improve are because of companys skill in leveraging

technology. Being one of the most techno-savvy organizations around helps company to

deliver even more cost effective financial solutions in the shortest possible time.

What bears ample testimony to Karvys success is the faith reposed in company by

valued investors and customers, all across the country. Indeed, with Karvys wide

network touching every corner of the country, even the most remote investor can easily

access Karvys services and benefit from companys expert advice.

KARVY GROUP

Karvy Consultants Limited

Karvy Securities Limited

Karvy Investor Services Limited

Karvy Stock broking Limited

Karvy Computer Shares Pvt. Ltd.


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Board of Directors

[Table 1.1: BODs of Karvy Securities Limited]

Karvy Stock Broking Limited

Parthasarathy C

Yugandhar M

Ramakrishna M S

Ajay Kumar K

Kutumba Rao V

William Samuel

Nicholas Tully

Achievements

Among the top 5 stock brokers in India (4% of NSE volumes)

India's No. 1 Registrar & Securities Transfer Agents

Among the top 3 Depository Participants

Largest Network of Branches & Business Associates

ISO 9002 certified operations by DNV

Among top 10 Investment bankers

Largest Distributor of Financial Products

Adjudged as one of the top 50 IT uses in India by MIS Asia

Full Fledged IT driven operations


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Quality Policy

To achieve and retain leadership,Karvy shall aim for complete customer satisfaction,

by combining its human and technological resources, to provide superior quality financial

services. In the process, Karvy will strive to exceed Customer's expectations.

Quality Objectives

As per the Quality Policy, Karvy will :

Build in-house processes that will ensure transparent and harmoniousrelationships with its clients and investors to provide high quality of services.

Establish a partner relationship with its investor service agents and vendors thatwill help in keeping up its commitments to the customers.

Provide high quality of work life for all its employees and equip them withadequate knowledge & skills so as to respond to customer's needs.

Continue to uphold the values of honesty & integrity and strive to establishunparalleled standards in business ethics.

Use state-of-the art information technology in developing new and innovativefinancial products and services to meet the changing needs of investors and

clients.

Strive to be a reliable source of value-added financial products and services andconstantly guide the individuals and institutions in making a judicious choice of

same.

Strive to keep all stake-holders(shareholders, clients, investors, employees,suppliers and regulatory authorities) proud and satisfied.


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Mission Statement of Karvy

An organization exists to accomplish something or achieve something. The mission

statement indicates what an organization wants to achieve. The mission statement may be

changed periodically to take advantage of new opportunities or respond to new market

conditions.

Karvys mission statement is To Bring Industry, Finance and People together.

Karvy is work as intermediary between industry and people. Karvy work as investment

advisor and helps people to invest their money same way Karvy helps industry in

achieving finance from people by issuing shares, debentures, bonds, mutual funds, fixed

deposits etc.

Companys mission statement is clear and thoughtful which guide geographically

dispersed employees to work independently yet collectively towards achieving the

organizations goals.

Vision of Karvy

Companys vision is crystal clear and mind frame very directed. To be pioneering

financial services company. And continue to grow at a healthy pace, year after year,

decade after decade.Companys foray into IT-enabled services and internet business

has provided an opportunity to explore new frontiers and business solutions. To build a

corporate that sets benchmarks for others to follow.

Karvy Values:

Integrity, Responsibility, Reliability, Unity, Understanding, Excellence, Confidentiality.

Karvy has adequate internal control systems and procedures commensurate with the size

nature of its business. These system and procedures provide reasonable assurance of

maintenance of proper accounting records, reliability of financial information, protection

of resources and safeguarding of assets against unauthorized use.


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Karvy Group Companies

KARVY CONSULTANTS LIMITED

As the flagship company of the Karvy Group, Karvy Consultants Limited has

always remained at the helm of organizational affairs, pioneering business policies,

work ethic and channels of progress.

Having emerged as a leader in the registry business, the first

of the businesses that we ventured into, we have now transferred this business into a

oint venture with Computershare Limited of Australia, the worlds largest registrar.

With the advent of depositories in the Indian capital market and the relationships that

we have created in the registry business, we believe that we were best positioned to

venture into this activity as a Depository Participant. We were one of the early

entrants registered as Depository Participant with NSDL (National Securities

Depository Limited), the first Depository in the country and then with CDSL (Central

Depository Services Limited). Today, we service over 6 lakhs customer accounts in

this business spread across over 250 cities/towns in India and are ranked amongst the

largest Depository Participants in the country. With a growing secondary market

presence, we have transferred this business to Karvy Stock Broking Limited (KSBL),

our associate and a member of NSE, BSE and HSE.

KARVY STOCK BROKING

LIMITED

Member - National Stock Exchange (NSE), The Bombay Stock Exchange (BSE),

and The Hyderabad Stock Exchange (HSE).

Karvy Stock Broking Limited, one of the cornerstones of the

Karvy edifice, flows freely towards attaining diverse goals of the customer through

varied services. Creating a plethora of opportunities for the customer by opening up

investment vistas backed by research-based advisory services. Here, growth knows

no limits and success recognizes no boundaries. Helping the customer create waves in


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his portfolio and empowering the investor completely is the ultimate goal.

It is an undisputed fact that the stock market is unpredictable and

yet enjoys a high success rate as a wealth management and wealth accumulation

option. The difference between unpredictability and a safety anchor in the market is

provided by in-depth knowledge of market functioning and changing trends, planning

with foresight and choosing ones options with care. This is what we providein our Stock Broking services.

We offer services that are beyond just a medium for buying and

selling stocks and shares. Instead we provide services which are multi dimensional

and multi-focused in their scope. There are several advantages in utilizing our Stock

Broking services, which are the reasons why it is one of the best in the country.

KARVY GLOBAL SERVICES

LIMITED

The specialist Business Process Outsourcing unit of the Karvy Group . The

legacy of expertise and experience in financial services of the Karvy Group serves uswell as we enter the global arena with the confidence of being able to deliver and

deliver well.

Here we offer several delivery models on the understanding that business needs are

unique and therefore only a customized service could possibly fit the bill. Our service

matrix has permutations and combinations that create several options to choose from.

Be it in re-engineering and managing processes or delivering new efficiencies, our

service meets up to the most stringent of international standards. Our outsourcing

models are designed for the global customer and are backed by sound corporate and

operations philosophies, and domain expertise. Providing productivity improvements,

operational cost control, cost savings, improved accountability and a whole gamut of

other advantages.


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of relationships, both at the customer and trade levels because of unshakable integrity,

seamless service and innovative solutions that are tuned to meet varied needs. Team of

committed industry specialists, having extensive experience in capital markets, further

nurtures this relationship. Financial advice and assistance in restructuring, divestitures,

acquisitions, de-mergers, spin-offs, joint ventures, privatization and takeover defense

mechanisms have elevated relationship with the client to one based on unshakable trust

and confidence.


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PRODUCTS OF KARVY

MUTUAL FUND is an open ended fund operated by an investment company which

raises money from shareholders and invest in a group of assets, in accordance with astated set of objectives. Mutual funds raise money by selling shares of the fund to the

public, much like any other type of company can sell stock in itself to the public.

LIFE INSURANCEor life assurance is a contract between the policy owner and the

insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon

the occurrence of the insured individual's or individuals' death or other event, such as

terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated

amount (at regular intervals or in lump sums).

NON LIFE INSURANCEalso called property and casualty insurance, is a type of

coverage that is very common and covers businesses and individuals. It protects them,

monetarily, from disaster by providing money in the event of a financial loss. Before you

purchase this type of insurance or if you already own any kind of non-life insurance, you

should understand what it is

INITIAL PUBLIC OFFER (IPO), referred to simply as an "offering" or

"flotation", is when a company (called the issuer) issues common stock or shares to the

public for the first time. They are often issued by smaller, younger companies seeking

capital to expand, but can also be done by large privately-owned companies looking to

become publicly traded.In an IPO the issuer may obtain the assistance of an underwriting

firm, which helps it determine what type of security to issue (common or preferred), best

offering price and time to bring it to market.

An IPO can be a risky investment. For the individual investor it is tough to predict what

the stock or shares will do on its initial day of trading and in the near future since there is

often little historical data with which to analyze the company.


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DERIVATIVESIn finance, a derivative is a financial instrument (or, more simply, an

agreement between two parties) that has a value, based on the expected future price

movements of the asset to which it is linkedcalled the underlying asset such as a

share or a currency. There are many kinds of derivatives, with the most common being

swaps, futures, and options. Derivatives are a form of alternative investment.A derivative

is not a stand-alone asset, since it has no value of its own. However, more common types

of derivatives have been traded on markets before their expiration date as if they were

assets.

COMMODITIES Commodities are agreements to buy and sell virtually anything

except, for some reason, onions. The primary commodities that are traded are oil, gold

and agricultural products. Since no one really wants to transport all those heavy

materials, what is actually traded are commodities futures contracts or options. These are

agreements to buy or sell at an agreed upon price on a specific date.

REAL ESTATE is a legal term that encompasses land along with improvements to

the land, such as buildings, fences, wells and other site improvements that are fixed in

locationimmovable. Real estate law is the body of regulations and legal codes which

pertain to such matters under a particular jurisdiction and include things such as

commercial and residential real property transactions. Real estate is often considered

synonymous with real property (sometimes called realty), in contrast with property.

However, in some situations the term "real estate" refers to the land and fixtures together,

as distinguished from "real property", referring to ownership of land and appurtenances,

including anything of a permanent nature such as structures, trees, minerals, and the

interest, benefits, and inherent rights thereof. Real property is typically considered to be

Immovable property The terms real estate and real property are used primarily in

common law, while civil law jurisdictions refer instead to immovable property.

These all are the products offered by karvy securities but my project is on

insurance sector.


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Insurance Products

Aviva

Life Shield Plan

Young Achiever Plan

Bajaj

Life Long Gain Plan

Invest Gain Plan

Cash Gain Plan

Health Care Plan

Swarna Vishranthi Plan

Bharati AXA

Future Confident II

Future Confident

Secure Confident Plan

Wealth Confident Plan

Birla Sun Life

Life Companion-Money Back Plan

My Child Plan

Ladyguard Plan

Magnum Multiplier Plus

HDFC

Children's Plan

Single Premium Whole of Life Plan

Loan Cover Insurance Policy

The Money Back Plan

Endowment Assurance Plan


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Unit Linked Pension Plus

Unit Linked Endowment Suvidha Plus

ICICI Prudential

The Life Guard Plan

Cancer Care

Diabetes Care

Diabetes Care Plus

ING Vysya

The Conquering Life Plan

Kotak Kotak Flexi Plan

Safe Investment Plan

Child Advantage Plan

HeadStart Assure Wealth

Money Back Plan

LIC Jeevan Akshay

The Bima Gold Plan

Jeevan Nidhi Plan

Future Plus - ULPP

Jeevan Rekha Plan

Jeevan Bharathi

Jeevan Shree Policy

Jeevan Sathi Plan

Jeevan Anand Policy

Housing Loans


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New Child Plan - Jeevan Anurag

Endowment Assurance Policy

MNYL

Life Gain Plus

Life Maker

Child Money Back Plan

Whole Life Plan

The Life Gain Plus Policy

Magic of Whole Life

Easy Life Retirement Plan

Life Maker Pension Plan

Life Pay Money Back Plan

New Life Invest

Met - Life

Bhavishya Plan

Reliance Life Insurance

The Yuva Shree:Child Plan

Money Guarantee Plan

SBI

The Setubandhan Plan

Tata AIG

The Nirvana Plus Plan

Health Protector Plan

Mahalife Life Insurance Plan

Life Plus

Invest Assure II


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OTHER MARKET RUNNERS :-

Kotak Securities Sharekhan India Infoline Bonaza Emkay corporate service (p) Ltd. Motilal Oswal Religare India Bulls Anand Rathi Hem Securities


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INTRODUCTION TO PROJECT


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2.1 Customer Satisfaction

What is customer satisfaction?

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 bythe quality and type of customer experience but also by the customers expectations.

Customer satisfaction, a business term, is a measure of how products and services

supplied by a company meet or surpass customer expectation. It is seen as a key

performance indicator within business and is part of the four of a Balanced Scorecard.

In a competitive marketplace where businesses compete for customers, customer

satisfaction is seen as a key differentiator and increasingly has become a key element of

business strategy.However, the importance of customer satisfaction diminishes when a

firm has increased bargaining power.

Customer satisfaction is an abstract concept and the actual manifestation of the state of

satisfaction will vary from person to person and product/service to product/service. The

state of satisfaction depends on a number of both psychological and physical variables

which correlate with satisfaction behaviors such as return and recommend rate. The level

of satisfaction can also vary depending on other factors the customer, such as other

products against which the customer can compare the organization's products.

A customer may be defined as someone who:

has a direct relationship with, or is directly affected by your agency and receives or relies on one or more of your agencys services or products.

Customers in human services are commonly referred to as service users, consumers or

clients. They can be individuals or groups.An organisation with a strong customer service

culture places the customer at the centre of service design, planning and service delivery.

Customer centric organisations will:


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determine the customers expectations when they plan listen to the customer as they design focus on the delivery of customer service activities Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in Insurance

Sector:

Meeting the needs of the customer is the underlying rationale for the existence ofcommunity service organizations. Customers have a right to quality services that

deliver outcomes.

Organizations that strive beyond minimum standards and exceed the expectationsof their customers are likely to be leaders in their sector.

Customers are recognized as key partners in shaping service development andassessing quality of service delivery.

The process for measuring customer satisfaction and obtaining feedback on

organizational performance are valuable tools for quality and continuous service

improvement.

2.2 The meaning of insurance: Insurance is a policy from a large financial institution

that offers a person, company, or other entity reimbursement or financial protection

against possible future losses or damages. Insurance is important to understand for

anybody that is considering buying an insurance policy or simply understanding the

basics of finance. Insurance is a hedging instrument used as a precautionary measure

against future contingent losses. This instrument is used for managing the possible risks

of the future.

Insurance is bought in order to hedge the possible risks of the future which may or may

not take place. This is a mode of financially insuring that if such a incident happens then

the loss does not affect the present well-being of the person or the property insured. Thus,


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through insurance, a person buys security and protection. In law and economics,

Insurance is a form of risk management primarily used to hedge against the risk of a

contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a

loss, from one entity to another, in exchange for payment. An insurer is a company

selling the insurance; an insured, or policyholder, is the person or entity buying the

insurance policy. The insurance rate is a factor used to determine the amount to be

charged for a certain amount of insurance coverage, called the premium. Risk

management, the practice of appraising and controlling risk, has evolved as a discrete

field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small

loss in the form of payment to the insurer in exchange for the insurer's promise to

compensate (indemnify) the insured in the case of a loss. The insured receives a contract,

called the insurance policy, which details the conditions and circumstances under which

the insured will be compensated


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Types of Insurance:-

Fig 2.1 shows types of insurance

LIFE INSURANCE:-

All policies are not the same, some give coverage for your lifetime and others cover you

for a specific number of years.

Following are the different type of life insurance:-

Whole life policy:- Under this policy premiums are paid throughout life and thesum insured become payable only at the death of the insured.this is cheapest

policy as the premium charged is the lowest under this policy. This is also known

as ordinary lifepolicy.

TYPES OF

INSURANCE

LIFE

INSURANCE

-WHOLE LIFE POLICY

-ENDOWMENT POLICY

-JOINT LIFE POLICY

-LIMITED PAYMENTLIFE POLICY

-CONVERTIBLE WHOLE

LIFE POLICY

-SINKING FUND POLICY

ANNUTIES

GENERAL

INSURANCE

-FIRE INSURANCE

-MARINE INSURANCE

-MOTOR VEHICLE

INURANCE


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Endowment policy:- Under this policy the sum assured become payable if theassured reaches a particular age or after the expiry of a fix period called the

endowment period or at the death of the assured whichever is earlier. The

premium under this policy is to be paid up to the maturity of the policy.

Joint life policy:- This policy covers the risk on two lives and is generallyavailable to partners in business. Policies are however, issued on the lives of

husband and wife under specified circumstances. Sum assured becomes payable

at the end of the selected term or on the death of either of two lives assured, which

ever is earlier.

Limited payment life policy:- In the case of whole life policy there is onedisadvantage in that the assured must continue to pay the premium even during

his older age when he is no more employed. Under the limited payment life policy

premiums are payable for a selected number of years or until death, if, earlier.

Convertible whole life policy:- This policy initially provides maximuminsurance protection at minimum cost and offers a flexible contract which can be

altered at the end of the 5 year from the commencement of the policy to an

endowment insurance.

Sinking fund policy:- such a policy is taken with a view to provide for thepayment of liability or replacement of an asset.

Annuities:- it is a policy under which the insured amount Is payable to theassured by monthly or annually installments after he attains a certain age. The

assured may pay a lump sum of money at the outset. These policies are use full to

persons who wish to provide a regular income for themselves and their

dependents.


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IMPORTANCE OF THE LIFE INSURANCE:

Protection against untimely death: - Life insurance provides protection to the

dependents of the life insured and the family of the assured in case of his untimely death.

The dependents or family members get a fixed sum of money in case of death of the

assured.

Saving for old age: - After retirement the earning capacity of a person reduces. Life

insurance enables a person to enjoy peace of mind and a sense of security in his/her old

age.

Promotion of savings: - Life insurance encourages people to save money compulsorily.

When life policy is taken, the assured is to pay premiums regularly to keep the policy in

force and he cannot get back the premiums, only surrender value can be returned to him.

In case of surrender of policy, the policyholder gets the surrendered value only after the

expiry of duration of the policy.

Initiates investments: - Life Insurance Corporation encourages and mobilizes the public

savings and canalizes the same in various investments for the economic development of

the country. Life insurance is an important tool for the mobilization and investment of

small savings.

Credit worthiness: - Life insurance policy can be used as a security to raise loans. It

improves the credit worthiness of business.

Social Security: - Life insurance is important for the society as a whole also. Life

insurance enables a person to provide for education and marriage of children and forconstruction of house. It helps a person to make financial base for future.


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GENERAL INSURANCE:-

General insurance typically comprises any insurance that is not determined to be life

insurance. It is called property and casualty(P$C)insurance in the U.S. General

Insurance Policies, including automobile, accidents and home owners policies, provide

payments depending on the loss from a particular financial event.

Following are the types of General Insurance:-

Fire insurance:- A fire insurance contract may be defined as an agreementbetween the insurer and the insured whereby the insurer undertakes to

indemnify the insured for destruction of or damage to property caused by fire or

other specified perils during a stated period, in return for payment in lump sum

or by instalments.

Marine insurance:- A contract of marine insurance is defined as an agreementwhereby the insurer undertakes to indemnify the assured in the manner

incidental to marine adventure under section 3. It is, thus, a contract to

indemnify against loss from marine perils.

Motor vehicle insurance:- the motor vehicle act, 1988 has made it compulsoryfor the motorists to insure against the risk of liability to third parties.

The rate of premium under motor insurance is standardized because the business

is tariff . No insurer can charge lower rates than the tariff rates and no insurer

can grant benefits exceeding than those prescribed by the tariff.

Stages in Policy Issuance

1) Proposal

A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the

application form is received by COPS, but it is pending for issuance due to further

clarifications required from the customer.

2) Login

A proposal which is complete i.e., duly filled with all necessary documents attached to it

& accepted by the Branch ops, is called a Login


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3) Reject

An Application gets rejected at the Branch Ops level due to necessary details not filled in

the form or necessary documents not submitted is a Reject. It is then sent back to the

Advisor for completion.

4) Issuance

Issuance means a policy that is issued to the Customer by Central Ops.

5) Decline Status

When a customer refuses to take a policy post login but before Issuance is called a

Decline

6) Cancellation

When the cheque given by the customer bounces, it amounts to cancellation of the policy.

7) Lapse

A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.

8) Free look

Post issuance of the policy, the policyholder has the option to turn down the policy within

15 days from the date of issuance. This period of 15 days is called Free look Period.

9) Surrender:

When a customer wants to discontinue with the policy due to any reason .


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2.3 The Insurance Regulatory and Development Authority (IRDA)

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in

Parliament in December 1999. The IRDA since its incorporation as a statutory body inApril 2000 has fastidiously stuck to its schedule of framing regulations and registering

the private sector insurance companies.

The other decisions taken simultaneously to provide the supporting systems to the

insurance sector and in particular the life insurance companies were the launch of the

IRDAs online service for issue and renewal of licenses to agents.

The approval of institutions for imparting training to agents has also ensured that theinsurance companies would have a trained workforce of insurance agents in place to sell

their products, which are expected to be introduced by early next year.

Since being set up as an independent statutory body the IRDA has put in a framework of

globally compatible regulations. In the private sector 12 life insurance and 6 general

insurance companies have been registered.


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RESEARCH METHODOLOGY


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3.1 Objectives of the Study

To study the different insurance players in the market. To study the different insurance policies. To study the varied reasons of availing insurance policies. To study the awareness of customers about insurance policies. To study the satisfaction level of customers.


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3.2 RESEARCH METHODOLOGY

Research methodology is a careful investigation or inquiries in a systematic manner and

finding solution to problem under investigation. It is use for finding and re-finding the

solution for any problem which is occurred in our project.

3.3 RESEARCH DESIGN:

The research design of this project is exploratory. Though each research study has its

own specific purpose but the research design of this project on insurance sector is

exploratory in nature as the objective is the development of the hypothesis rather than

their testing.

Sampling Technique Used:

This research has used convenience sampling technique.

Convenience samplingtechnique: Convenience sampling is used in exploratory

research where the researcher is interested in getting an inexpensive approximation of the

truth. As the name implies, the sample is selected because they are convenient.

Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.

3.4 SOURCES OF DATA

PRIMARY DATA:

Questionnaire: Primary data was collected by preparing questionnaire for customers.

The questionnaire was filled through telephonic research.


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SECONDARY DATA:

Secondary data will consist of different literatures like books, articles, internet , the

company manuals and websites of companies.

In order to reach relevant conclusion, research work needed to be designed in a proper

way.

This research methodology also includes:

Familiarization with the concept of insurance and its various terms. Thorough study of the information collected. Conclusions based on findings.

RESEARCH INSTRUMENT:

Interviews

Surveys

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this project are:

Questionnaire Pie Charts Bar Diagrams


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3.5 Limitations of study

Due to the following unavoidable and uncontrollable factors the factors,the result might

not be accurate. Some of the problems faced while conducting the survey are as follows:-

Time was limited . High cost constraints are there. Chances of some biasness could not be eliminated. A Samples size of fifty has been use due to time limitations. Region considered is only Chandigarh.

A majority of respondents show lack of cooperation and are biased towards their

own opinions.


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DATA ANALYSIS & INTERPRETATION


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Q1: Are you currently insured?

Table 4.1 shows no. of insured person

Particulars No. of Respondents PercentageYes 41 82%

No 9 18%

Total 50 100%

Fig 4.1 shows no. of insured person

Interpretation: Above graph shows that 82% people are insured and 18%people

are not insured .

82%

18%

No. of Respondents

Yes

No


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Q2: Which one is their favored company?

Table 4.2 shows that the different insurance players

Particulars No. of respondents PercentageLIC 12 29%

ICICI 9 22%

HDFC 9 22%

Bajaj Allianz 6 15%

Kotak Securities 5 12%

Total 50 100%

Fig 4.2 shows that the different insurance players

Interpretation: Above graph shows that most of the people prefer LIC for insurance due

to the transparency.29% people prefer LIC and other people prefer some other

insurance companies.

29%

22%22%

15%

12%

No. of respondents

LIC

ICICI

HDFC

Bajaj Allianz

Kotak Securities


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Q3: Which type of insurance policy do they taken from their company?

Table 4.3 shows that the different insurance policies

Particulars No. of Respondents Percentage

Life insurance Policy 21 51%

General Insurance Policy 20 49%

Total 41 100%

Fig4.3 shows that the different insurance policies

Interpretation: Above data shows that which type of policy they taken from their

company on asking this question people prefer both type of insurance policies.51%

people prefer life insurance policy and 49% people prefer general life insurance policy.

51%49%

No. of Respondents

Life insurance Policy

General Insurance Policy


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Q4: What is their main concern while taking an insurance policy?

Table 4.4 shows that the main concern of respondents

Particulars No. of Respondents PercentageTax Benefit 12 29%

Security 18 44%

Investment Saving 11 27%

Total 50 100%

Fig 4.4 shows that the concern of respondents

Interpretation: Above graph shows that the concern of people towards insurance. On

asking this question people shows main concern towards security. 44% people take

insurance for security and other people for tax benefit and interest saving.

29%

44%

27%

No. of Respondents

Tax Benefit

Security

Interest Saving


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Q5: Are they aware about all the other benefit plans and schemes of their company?

Table 4.5 shows that the awareness of people towards insurance plans and schemes


No 7 17%

Total 41 100%

Fig 4.5 shows that the awareness of people towards insurance plans and schemes

Interpretation: Above graph shows that most of the people aware about the other

insurance plans and schemes of their company. Some people dont aware about the other

plans and schemes because they dont want to know they only concern about their

particular insurance policy.

83%

17%

No. of Respondents

Yes

No


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Q6: How do they come to know about the insurance policies of their company?

Table 4.6 shows that the different ways to know about insurance

Particulars No. of Respondents PercentageFriends and Relatives 8 20%

Direct selling Agents 15 36%

Advertisements 11 26%

Other 7 18%

Total 41 100

Fig 4.6 shows that the different ways to know about insurance

Interpretation: Above graph shows that most of the people know about the insurance

policy from the direct selling agents. On asking this question 36% people says that they

know about the insurance policy from the direct selling agents, 20% people from friends

and relatives, 26% people from advertisements, 18% from others.

8

15

11

7

0

2

4

6

8

10

12

14

16

18

Percentage

No. of Respondents


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Q7: To what extent are they satisfied with the insurance services of their Company ?

Table 4.7 shows that the satisfaction level towards insurance services

Particulars No. of respondents PercentageHighly satisfied 8 19%

Satisfied 9 22%

Neutral 14 34%

Dissatisfied 6 15%

Highly Dissatisfied 4 10%

Total 41 100%

Fig 4.7 shows that the satisfaction level towards insurance services

Interpretation: Above data shows that people are satisfied towards insurance service of

their company.19% people are highly satisfied, 22% people are satisfied, 34% people are

neutral, 15% people are dissatisfied, 10% people are highly satisfied.

19%

22%

34%

15%

10%

No. of respondents

Highly satisfied

Satisfied

Neutral

Dissatisfied

Highly Dissatisfied


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Q8: Do they receive statement regarding insurance premium on time?

Table 4.8 shows that no. of people who receive statement regarding insurance premium

on time

Particulars No. of Respondents Percentage

Yes 29 71%

No 12 29%

Total 41 100%

Fig 4.8 shows that no. of people who receive statement regarding insurance

premium on time.

Interpretation: Above graph shows that most of the people receive statement regarding

insurance premium on time.71% people says that they receive statement on time.

71%

29%

No. of Respondents

Yes

No


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Q9: Have they contacted their company through telephone or online for any information?

Table 4.9 shows that contact through telephone or online


No 4 10%

Total 41 100%

Fig 4.9 shows that contact through telephone or online

Interpretation: On asking this question whether they contact their company through

telephone or online for any information or not.90% people says that they contact their

company through telephone or online for any information on any time easily.

90%

10%

No. of Respondents

Yes

No


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Q10: To what extent are they satisfied with the professional and attractive appearance of

their company?

Table 4.10 shows that the satisfaction level towards professional and attractive

appearance

Particulars No. of respondents Percentage

Highly satisfied 3 7%

Satisfied 12 29%

Neutral 18 44%

Dissatisfied 8 20%

Highly Dissatisfied 0 0%

Total 41 100%

Fig 4.10 shows that the satisfaction level towards professional and attractive appearance

Interpretation: Above data shows that whether they satisfied towards professional and

attractive appearance of their company or not. 7% are satisfied, 29% satisfied, 44% are

neutral, 20% are dissatisfied.

7%

29%

44%

20%

0%

No. of respondents

Highly satisfied

Satisfied

Neutral

Dissatisfied

Highly Dissatisfied


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Q11: Please express their opinion for the premiums paid for the insurance

policy?

Table 4.11 shows that the opinion of people about insurance premium

Particulars No. of Respondents PercentageVery High 10 24%

High 8 19%

Moderate 15 37%

Low 6 15%

Very Low 2 5%

Total 41 100%

Fig 4.11 shows that the opinion of people about insurance premium

Interpretation: Above graph shows that opinion of people about insurance

premium.37% people says that insurance premium is moderate..

24%

19%37%

15%5%

No. of Respondents

Very High

High

Moderate

Low

Very Low


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Q12: According to you, in what areas should the insurance companies work upon?

Table 4.12 shows that in which area insurance companies work upon

Particulars No. of Respondents PercentageEasy procedures 8 20%

Fewer Premiums 5 12%

More Returns 16 40%

Transparency 12 28%

Total 41 100%

Fig 4.12 shows that in which area insurance companies work upon

Interpretation: This graph shows that most of people says that most of the insurance

companies work for more returns.40% people says that insurance companies work uponmore returns.20% for easy procedures, 12% for fewer premiums, 28% for transparency.

8

5

16

12

0

2

4

6

8

10

12

14

16

18

Easy

procedures

Fewer

Premiums

More Returns Transparency

No. of Respondents

Percentage


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Findings and suggestion


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Findings

1. A majority of the people are insured.2. Most of the people are satisfied with the company and their insurance policy incentives

and other benefit plans or schemes.

3. A majority of the people buy insurance for a security and other people buy insurancebecause of tax benefit and saving.

4. A majority of the people cant able say that they are satisfied with the incentivesassociated with their policy or not. Some people dont have knowledge about incentives

or other schemes..

5. 28% people want transparency from their company.6. Most of the people says that they come to know about the insurance policy from the

direct selling agents not from the advertisements.

7. Some people are not satisfied with the professional and attractive appearance of theircompany.

8. Some people feel reluctant to say anything about their company and insurance plansbecause of lack of knowledge.


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Suggestions

Following are the Suggestions:

1. Some people are not aware about the incentives so the company needs to provideproper information to customers about all incentives which are associated with theinsurance policy.

2. Company should provide proper insurance services to the customers.3. They give extra facilities for the attractions of the customers towards the company.4. They give more advertisements on the television for the promotion for the

insurance products and services.

5. Professional and attractive appearance of the company should be good.


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CONCLUSION

Insurance Sector has expanded the product segment to meet the different level of the

requirement of the customers. Indian insurance sector is likely to register unprecedentedgrowth of 200% and attain a size of Rs. 2000 billion ($51.2 billion) by 2009-10, in which

a private sector insurance business will achieve a growth rate of 140% as a result of

aggressive marketing technique being adopted by them against 35-40% growth rate of

state owned insurance companies. The rural market offers tremendous growth

opportunities for insurance companies and insurers should develop viable and cost-

effective distribution channels; build consumer awareness and confidence. The state

owned insurance companies such as LIC have limited number of policies to offer to their

subscribers while in case of private insurance companies, their policy numbers are many

more and the premium amount as well as the maturity period is much competitive as

against those of government insurance companies. The private sector insurance players

have started exploring the rural markets in which until recently, the state owned

companies had the monopoly. IRDA is also playing very comprehensive role by

regulating norms mandating to private players in this sector, that increases the confidence

level of the customers to the private players.


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BIBILOGRAPHY

Books:

Kothari C.R., Research Methodology, Methods and Techniques, New Delhi,New Age Publications Pvt. Ltd.(1985).

Beri G.C., Marketing Research, New Delhi, Tata Mc Graw Hill PublishingCompany 2005.

Brochures provided by the Karvy stock broking Ltd.

Sites:

www.karvy.com http://www.karvy.com/10basic.htm www.irdaindia.com www.insurance.co.in


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