Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
EXECUTIVE SUMMARY
In todays corporate and competitive world, I find that insurance
sector has the maximum growth and potential as compared to the
other sectors. The main purpose of the study is to find the
customer buying behavior for Life Insurance of INGvysya Life
Insurance Company in Hubli region which has been done and will help
the company to make the marketing strategy for the different
segments. The study which has been made during this project will
help the company to make strategies for this region and emphasize
on their weaker areas. The Brand Image of various companies will be
known. The company can find out where their competitor stands in
the minds of the people. Research has been done by primary data
collection, and primary data has been collected by meeting with the
people in Hubli region. Data collection has been done through by
giving structured questionnaire. This study will be based on
sampling. This is a descriptivestudy.
Babasabpatilfreepptmba.com Page 1Study on Consumer Buying
Behaviour for Life Insurance of ING Vysya Life InsuranceCompany
Limited in Hubli
CHAPTER I: INTRODUCTION
1.1 The ThemeUnderstanding consumers needs and paying attention
to customer service a security for lifefor things you insuring of
consumer buying behaviour for life Insurance.
1.2 Introduction
Before business can develop marketing strategies, they must
understand what factors influence buyers behavior and how they make
purchase decisions to satisfy their needs and wants. Buyers are
moved by a complex set of deep and subtle emotions. Their behavior
result from deeply held values and attitudes their perception of
the world and their place in it.There are also several stages
through which the consumer exhibit before deciding to purchase
goods or services. These include 5 steps which are: problem or need
recognition, information search, alternative evaluation, purchase
and post-purchase evaluation.
1.3 The Background of the Current Work
Insurance is in a manner of speaking the last frontier in the
financial sector to open. It is also a sector, which leads to
benefits across the full spectrum, from the individual who now have
wider choices, to the economy, which see increased savings, to the
infrastructure sector, which can look forward to long term funding
being available. In an under-insured economy, newer channels of
distribution have to be utilized to intensify the reach of
insurance both in urban and rural markets. This will create huge
employment opportunities not only within insurance companies but
also as agents and consultants of insurance companies.
1.4 Objectives of the Work
To identify the main influences on customer buying behavior
To distinguish the factors influencing customer buying
behavior.
1.5 Scope of Work
Babasabpatilfreepptmba.com Page 2Study on Consumer Buying
Behaviour for Life Insurance of ING Vysya Life InsuranceCompany
Limited in Hubli
A big boom has been witnessed in Insurance Industry in recent
times. A large number of new players have entered the market and
are vying to gain market share in this rapidly improving market.
The study deals with ING Vysya Life Insurance in focus and the
various segments that it caters to not only hubli but it help to
other places also. The study then goes on to evaluate and analyze
the findings so as to present a clear picture of trends in the
Insurance sector.
1.6 Methodology
The methodology of this project is first conducted the market
survey which will be possible only through questionnaire design.
For finding of customer perception I meet lot of customers
personally and by phone as well as by interviewing them. For doing
market survey I selected the Hubli region as my target.
CHAPTER-II: LITERATURE REVIEW2.1 Introduction
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Behaviour for Life Insurance of ING Vysya Life InsuranceCompany
Limited in Hubli
The meaning of 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.
Consumer behavior refers to the mental and emotional process and
the observable behavior of consumers during searching, purchasing
and post consumption of a product or service.Consumer behavior
involves study of how people buy, what they buy, when they buy and
why they buy. It blends the elements from psychology, sociology,
psychology, anthropology and economics. It also tries to assess the
influence on the consumer from groups such as family, friends,
reference groups and society in general.Buyer behavior has two
aspects: the final purchase activity visible to any observer and
the detailed or short decision process that may involve the
interplay of a number of complex variables not visible to
anyone.
Marketing is a societal process by which individuals and groups
obtain what they need and want through creating offering and freely
exchanging products and services of value with others for a
managerial definition marketing has often been described as The art
of selling the productsbut people surprised when they hear that the
most important part of marketing is not selling isonly the trick of
the marketing iceberg.
Companies practising the marketing concept work at the level of
customer segments, a growing number of todays companies are now
shaping separate offers services and messages to individual
customers these companies collect information on each customers
past transaction demographics, psychographics and media and
distribution preference,. They hope to achieve profitable growth
through capturing a larger share of each customers expenditure by
building high customer loyalty and focusing on customer life time
value.Ability of a company to deal with customers one at time has
become practice as result of advances in factory customisation
computers the internet and data base marketing softwares yet the
practicing of a one to one marketing is not for every company the
required investment in information collection, hardware, and
software may exceed the pay out. it works best for companies that
normally collect a great deal of individual customer information,
carry a lot of products that can be cross sold carry products that
need periodic replacement or up grading and self product of high
value.
is the difference between the perspective customers evaluation
of all the benefits and all the costs of an offering and the
perceived alternatives total customer value is the perceived
monitory value of the bundle of economic, functional, and
psychological benefits customers except from a given market
offering total customer cost is the bundle of costs customer except
to incur in evaluating, obtaining, using and disposing of the given
market offering.CHAPTER III: Organizational Study
3.1 IntroductionIn the social sciences, organizations are
studied by researchers from several disciplines, the mostcommon of
which are sociology, economics, political science, psychology,
management, and
Babasabpatilfreepptmba.com Page 4
organizational communication. The broad area is commonly
referred to as organizational studies, organizational behaviour or
organization analysis.
ING in India:
In India, ING is present in all three fields of banking,
insurance and asset management in the form of ING, ING Vysya Life
Insurance and ING Investment Management respectively. The presence
in all three fields signifies the importance that the group
attaches to the Indian markets and the group's operations here, as
well as its bullish future outlook on the country.ING and ING Vysya
Life Insurance are headquartered at Bangalore, while the corporate
office of ING Investment Management is situated at Mumbai. The
synergies arising out of the three distinct but complimentary
businesses are bound to be an asset to the group in the changing
market dynamics of the future. The first such signs are already
visible on the horizon with combined products being successfully
launched by the different entities of the group in conjunction with
each other.
The origin of ING Group:
On the other hand, ING group originated in 1990 from the merger
between Nationale Nederlanden NV the largest Dutch Insurance
Company and NMB Post Bank Groep NV. Combining roots and ambitions,
the newly formed company called Internationale Nederlanden Group.
Market circles soon abbreviated the name to I-N-G. The company
followed suit by changing the statutory name to ING Group N.V..
Profile:
Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in HubliING has gained
recognition for its integrated approach of banking, insurance and
asset management. Furthermore, the company differentiates itself
from other financial service providers by successfully establishing
life insurance companies in countries with emerging economies, such
as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another
specialization
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is ING Direct, an Internet and direct marketing concept with
which ING is rapidly winning retail market share in mature markets.
Finally, ING distinguishes itself internationally as a provider
ofemployee benefits, i.e. arrangements of non wage benefits, such
as pension plans for companies and their employees.Mission:
ING`s mission is to be a leading, global, client-focused,
innovative and low-cost provider of financial services through the
distribution channels of the clients preference in markets where
ING can create value.
The immediate benefit to the bank, ING Vysya Bank, has been the
pride of having become a Member of the global financial giant ING.
As at the end of the year December 2008, ING's total assets
exceeded 1332 billion euros, employed over 125000 people, and
served over 85 million customers, across 50 countries. This global
identity coupled with the back up of a financial power house and
the status of being the first Indian International Bank, would also
help to enhance productivity, profitability, to result in improved
performance of the bank, for the benefit of all the stake
holders.
ING Vysya Bank Ltd., is an entity formed with the coming
together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian
Private Sector and a global financial powerhouse, ING of Dutch
origin, during Oct 2002. The origin of the erstwhile Vysya Bank was
pretty humble. It was in the year 1930 that a team of visionaries
came together to found a bank that would extend a helping hand to
those who weren't privileged enough to enjoy banking services.
It's been a long journey since then and the Bank has grown in
size and stature to encompass every area of present-day banking
activity and has carved a distinct identity of being India's
Premier Private Sector Bank.
In 1980, the Bank completed fifty years of service to the nation
and post 1985; the Bank made rapid strides to reach the coveted
position of being the number one private sector bank. In 1990, the
bank completed its Diamond Jubilee year. At the Diamond Jubilee
Celebrations, the then Finance Minister Prof. Madhu Dandavate, had
termed the performance of the bank Stupendous. The 75th
anniversary, the Platinum Jubilee of the bank was celebrated during
2005.
In terms of pure numbers, the performance over the decades can
better be appreciated from the following table:
YearNetworthDepositsAdvancesProfitsOutlets
19400.0010.4000.4000.0014
19501.405.303.800.0916
19601.6020.1013.500.1319
19703.0091.5062.800.7439
198011.501414.30813.701.13228
Rs. in millions
1990162.108509.404584.8050.3531920005900.0074240.0039380.00443.1048120016527.0081411.1043163.10371.9048420026863.2480680.0044180.00687.5048320037067.9091870.0056120.00863.5045620047473.20104780.0069367.30590.0152320057094.00125693.1090805.90(381.80)536200610196.70133352.50102315.2090.6562200711101.90154185.70119761.70889.0626200814260.00204980.00146500.001569.00677200915940.00248900.00167510.001888.00857*Source:www.inglife.co.in
* Outlets comprises of 441 branches, 37 ECs, 28 Satellite
Offices and 351 ATMs as of March
31st 2009. Additionally bank also has Internet Banking, my-bank
and Customer Service Line for
Phone Banking Service.
ING Vysya Life Insurance:
ING Vysya Life Insurance Company Limited a part of the ING Group
the worlds largest financial services provider entered the private
life insurance industry in India in September 2001. Headquartered
at Bangalore, ING Vysya Life is currently present in 246 cities and
has a network of over 300 branches, staffed by 7,000 employees and
over 51,000 advisors, serving over 5.5 lakh customers.
Product Portfolio:
ING Vysya Life follows a customer centric approach while
designing its products. The
Companys product portfolio offers products that cater to every
financial requirement, at all life
stages.
In fact, the company has developed the LifeMakerTM a simple tool
which can be used to choose a plan most suitable to a specific
customer based on his needs, requirements and current life stage.
This tool helps you build a complete financial plan for life at
every life stage, whether the requirement is Protection, Savings,
Investment or Retirement. Suitable products from ING Vysya Life
Insurances product portfolio for each such requirement, makes
selection of your plan an easy exercise.Distribution Channels:
ING Vysya Life has a diversified distribution platform. While
Tied Agency remains the strongest channel, the Alternate Channels
business within ING Vysya Life is one of the fastest growing
distribution channels. ING Vysya Life has strengthened its position
as the unparallel leader in the life insurance industry in
cooperative banks tie ups. The company currently has tie ups with
130 cooperative banks across the country. The Alternate Channels
division has Banc assurance, ING, Corporate Agents and SMINCE
The Brand Positioning:
In 2007, ING Vysya Life developed its unique brand positioning
Mera farz. This Positioning means, ING Vysya Life helps its
customers fulfil their responsibilities towards themselves and
their families. This powerful positioning has helped ING Vysya Life
create a distinct identity for itself. The latest brand campaign
with a very catchy jingle dwells on how a little planning and a
helping hand from ING Vysya life can help lighten the burden of
responsibilities that often come with happy moments and let you
enjoy your life without any worries.
Management:
Board of Directors (as on June 01, 2009):
Mr. Rajan Raheja: Chairman of the Board Mr. Kshitij Jain:
Managing Director & Chief Executive OfficerMr. N. N. Joshi:
Director Mr. Satish Raheja: Director Mr. Rajesh Kapadia: Director
Mr. S. B. Ganguly: Director Mr. Ron van Oijen: Director
Senior Management Team (as on June 01, 2009):
Mr. Kshitij Jain: Managing Director & Chief Executive
Officer
Mr. Rahul Agarwal: Chief Distribution Officer
Mr. B. Ashwin: Chief Operating Officer
Mr. John Boers: Chief Financial Officer
Ms. Hemamalini Ramakrishnan: Appointed Actuary and CIRO
(Chief
Insurance Risk Officer)
Mr. Marco Fredriks: Financial Controller
Mr. Amit Gupta: Director - Marketing & Communication Ms.
Priya Gopalakrishnan: Director - Human Resources Mr. T. K. Uthappa:
Director, Sales - Tied AgencyMr. Manoj Kaushik: Director -
Alternate Channels
Mr. Ravishankar Subramanian: Director - Information
TechnologyStudy on Consumer Buying Behaviour for Life Insurance of
ING Vysya Life InsuranceCompany Limited in Hubli
Mr. Joost van Beveren: Vice President - Business
Transformation
Corporate Objective:
At ING Life, we strongly believe that as life is different at
every stage, life insurance must offer flexibility and choice to go
with that stage. We are fully prepared and committed to guide you
on insurance products and services through our well-trained
advisors, backed by competent marketing and customer services, in
the best possible way.It is our aim to become one of the top
private life insurance companies in India and to become a
cornerstone of INGs integratedfinancial services business in
India.
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Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
3.2 ORGANIZATION STRUCTURE:
CEO
DIRECTOR- DIRECTOR- DIRECTOR-
CENTRAL RVP SALES
REGIONALVICE PRESIDENT
REGIONALVICE PRESIDENT
REGIONALVICE PRESIDENT
REGIONALVICE PRESIDENT
AREA MANAGER
AREA MANAGER
BRANCH MANAGER HUB/SPOKE LOCATION
FINANCIAL ADVISORS
SALES MANAGER
SALES MANAGER
SALES MANAGER
SENIOR SALES MANAGER
GROUP SALES MANAGER
ASSISTANT SM
AGENCY SM
AREA MANAGER
SENIOR BM
AGENCY MANAGER
AREA MANAGER
Babasabpatilfreepptmba.com Page 12Study on Consumer Buying
Behaviour for Life Insurance of ING Vysya Life InsuranceCompany
Limited in Hubli
Mission To set the standard in helping our customers manage
their financial future.
PARTNERS
ING Group:
ING is a global financial institution of Dutch origin offering
banking, insurance and asset management to over 85 million private,
corporate and institutional clients in over 50 countries. With a
diverse workforce of approximately 130,000 people, ING comprises a
broad spectrum of prominent companies that increasingly serve their
clients under the ING brand.
Strategy:
Our strategy is more relevant to consumers than ever before.
Their fundamental needs with regard to saving, investing and
preparing for retirement have not changedin fact, the crisis has
reinforced the basic need to save. It has also highlighted the
value of simplicity and transparency, which are two important
aspects of our goal to create an easier experience. More than ever,
our stakeholders want a financial partner they can trust. Given the
nature of our business, its our responsibility to shield our
customers from market risks and reduce the volatility of our
earnings for shareholders. As a result, we will put even more
emphasis on the way that we manage our risks, capital and
costs.
Responsibility:
ING strives to be a good citizen. Ethical, social and
environmental considerations play an integral part in our business
decisions. ING is committed to playing an active role as a
community sponsor. It does this through a wide range of local
sponsorships and through its global Chances for Children
initiative, which provides access to primary education to
underprivileged children in developing countries who would
otherwise not have the chance to attend school.
BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY ING VYSYA LIFE
INSURANCE
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Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
Insurance plans available: Individual ProductsING Life Insurance
aims to make customers look at life insurance afresh, not just as a
tax saving device but as a means to live life to the fullest. It
believes in enhancing the very quality of life, in addition to
safeguarding an individual's security. The Company follows a
customer centric approach while designing its life insurance
products. The ING Life product portfolio offers products that cater
to every financial requirement, at all life stages.
Protection Plans
It is the simplest form of insurance, where the Life Assured is
provided insurance cover and on his death during the policy term,
the sum assured under the policy is paid to his beneficiary. What
is more, the ING Term Life is one of the most affordable and
inexpensive ways of obtaining life insurance coverOur saving range
includes ING Term Life, ING Term Life Plus.
Savings Plans
Our Saving Plans help you achieve your life goals making them
cherished moments for you and your family. They provide you with
the flexibility to save for your future requirements while you
continue to improve your current lifestyle. Our plans help
discipline your savings approach and point your efforts towards
defined goals so that whatever stage of life you are in, you are
always in control and self-reliant.
Our saving range includes Unit Linked Insurance Plan,
Reversionary Bonus, Child ProtectionPlan, Money Back Plan,
Endowment Plan, Money Back Plan, Positive Life, Creating Star,
Retirement Plans
Our Retirement Plans ensure that you lead your life after
retirement on your own terms, doing things you have always dreamt
of. We also believe it is important to be in control of your
retirement planning. Our innovative features help you choose your
retirement age and also control the way your investments are
managed keeping in mind your retirement needs.
Our saving range includes Best Years, New Future Perfect and ING
Golden Life
Investment Plans
Our Investment Plans are created keeping your needs in mind. We
appreciate the flexibility required to suit your risk appetite and
the commitments you may want to make. Our global
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Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
expertise in managing wealth for individuals at all stages in
their life ensures that we have products to suit your taste
whatever your objective of investing may be.
Our savings range includes Powering Life, New Freedom Plan, New
One Life, Platinum LifePlan, High Life, High Life Plus, New
Fulfilling Life Plan,
Riders
Riders are the optional contracts, which offer additional
benefits for policyholders. They are always attached to a basic
policy. They cannot be bought separately or independently of a
basic policy. Each Rider will have its own premium rate and
separate policy conditions.
Our savings range includes Accidental Death Rider, Accidental
Death, Disability andDismemberment Rider.
Group Products
A variety of plans to provide a cost effective yet comprehensive
cover in an efficient manner to all your employees, helping you
attract and retain the best of talent.ING Smart ShieldGroup
GratuityEmployee Deposit Linked Insurance Group Term Life Insurance
Plan Single Premium Level Term Plan
Conclusions
Our exhaustive research in the field of Life Insurance threw up
some interesting trends which can be seen in the above analysis. A
general impression that we gathered during Data collectionwas the
immense awareness and knowledge among people about various
companies and their
Babasabpatilfreepptmba.com Page 15
insurance products. People are beginning to look beyond LIC for
their insurance needs and are willing to trust private players with
their hard earned money.
People in general have been impression by the marketing and
advertising campaigns of insurance companies. A high penetration of
print, radio and Television ad campaigns over the years is
beginning to have its impact now.
Another heartening trend was in terms of people viewing
insurance as a money back guaranty and investment instrument as
much as a protective one. A very high number of respondents have
opted for insurance for such purposes and it shows how insurance
companies have been successful to attract public money in recent
times.
The general satisfaction levels among public with regards to
policy and agents still requires improvement. But therein lies the
opportunity for a relative new comer like ING Vysya Life Insurance
Company Ltd. LIC has never been known for prompt service or
customer oriented methods and ING Vysya Life Insurance can build on
these factors.
3.6 Achievements & Accolade:
Launched the first CPPI product in the country
Launched the first global real estate strategy in the
country
Launched the most innovative product across the Asia Pacific
region Zoom
Investment Pac. Awarded as the Most Innovative Product by
AAM.
ING CUB Fund ranked among the Worlds 100 top performing equity
funds in 2007
Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubliby LIPPER.
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Babasabpatilfreepptmba.comPage 16
ING Domestic Opportunities Fund awarded with 5 star rating by
Value Research.
ING Income Fund-STP ranked a 5 star fund in the category of open
ended debt-short term for 3 year period ending 2007.Rated among Top
200 Brands in India for press coverage in 2007 and ranked No. 7 in
the asset management space ahead of all other MNCs.Executed Asias
first, largest and the most prestigious event that the Indian Asset
Management Industry has ever witnessed ING GLOBAL INVESTMENT
MARATHON. This was an ideal place for ING IM Indias existing &
prospective clients to meet IIM global portfolio specialists from
US, Europe and Asia.
CHAPTER IV: Project Task
4.1 Introduction
These are the main tasks, including the obvious ones. There are
probably other tasks that need to be defined also. Each task should
have some continually enhanced documentation about it, so that any
person can do the tasks.
4.2 Objectives
To identify reason for opting/buying Life Insurance.
To identify the best policy of ING Vysya from customer
perspective.
To diffrenciate on service provided by private insurance
companies with public sector insurance companies from customer
perspective.
4.2.1 Data Requirement Analysis
The data required is about the investment pattern of the
respondents, the income level underwhich they fall, the respondents
preferences to various companies and their preferences to various
types of insurance policies.
4.2.2 Data Collection
The data is collected through primary and secondary data.
The data is collected through primary data by doing field Survey
in Hubli region. And secondary data through INGVysya records like
text books, websites etc. The scope of research is restricted to
Hubli region and the research approach descriptive method.
CHAPTER-V: Analysis and Interpretation
Data gives preference of respondents of Insurance companies.
COMPANYS NAMENO.OF RESPONDENTSHARE (%)
ING VYSYA1919
ICICI PRUDENTIAL00
SBI LIFE INSURANCE1818
L.I.C4444
RELIANCE LIFE INSURANCE
0
0
TATA AIG LIFE00
ANY OTHER1919
TOTAL100100
INTERPRETATION
44% of the people contacted to prefer LIC policy to any other
and therefore it is ranked no.1 by that percent of respondents.
19% of the people contacted to prefer ING Vysya companys
policies.
18% of the people contacted to prefer SBI Life Insurance
companys policies.
19% of the people contacted to prefer any other policies of the
companies.
Data gives benefits of Insurance perceived by respondents.
BENEFITSNO.OF RESPONDENTSSHARE (%)
Cover Future Uncertainty
54
54
Tax Deductions2525
Future Investment2121
TOTAL100100
INTERPRETATION
54% of the respondents believe that covering future uncertainty
is the biggest benefit of an insurance policy.
25% of them believe that the other benefits are Tax
deduction.
Whereas, 21% of them believe that other benefits are future
investment.
Data gives people perception about Insurance.
RESPONSENO. OF RESPONDENTSSHARE (%)
A saving tool3131
A tax saving device4242
A tool to protect your family2727
Total100100
INTERPRETATION
31% of the respondents have perception of Insurance being a
saving tool.
And 42% of the respondents have perception of Insurance being a
tax saving device.
But 27% of the respondents have perception of Insurance is a
tool to protect your family.
Data shows buying process of the people.
BUYING PROCESSNO. OF RESPONDENTSSHARE (%)
After seeing the add in(T.V/Paper)2828
Insurance advisor approached customer7272
Total100100
INTERPRETATION:
28% of the respondents approached the after seeing the add in
(T.V/Paper)
Whereas, 72% of the respondents were approached by the Insurance
advisor approached customer.
Data shows features of your policy attracted to buy it.
RESPONSENO. OF RESPONDENTSSHARE (%)
Low premium00
High risk coverage99
Money back guarantee6868
Reputation of the company1212
Agents Conviction1111
Total 100 100
INTERPRETATION:
68% of the Respondents are attracted for Money back
guarantee.
9% of the Respondents are attracted for high risk coverage.
12% of the respondents are attracted for reputation of the
company.
And 11% of the respondents are attracted for agents beliefs.
Data shows satisfaction of respondents with to policy
RESPONSENO. OF RESPONDENTSSHARE (%)
Satisfied8282
Not satisfied1818
Not Responded00
Total100100
INTERPRETATION:
82% of the respondents are more or less satisfied with their
existing policy.
18% of the respondents are not satisfied with their existing
policy.
In this case all of those who have taken a policy have
responded.
Data shows satisfaction of respondents with respect to service
agents.
RESPONSENO. OF RESPONDENTSSHARE (%)
Satisfied6565
Not satisfied3434
Not Responded11
Total100100
INTERPRETATION:
65% of the respondents are satisfied with their existing service
agent.
34% of the respondents are not satisfied with their service
agent.
And 1% who has not responded.
Data gives people perception on appropriate age for buying
Insurance.
RESPONSENO. OF RESPONDENTSSHARE (%)
After 25 years5555
After 35 years11
After 45 years11
Anytime4343
Total100100
INTERPRETATION:
55% of the respondents are with the view that insurance should
be bought after the age of 25 years.
Whereas, 43% of the respondents are with the view that buying of
insurance do not have any thing to do with age i.e. there is no age
limitations. It can be purchased any time according to the
need.
And 1% of the respondents are with the view that insurance
should be bought after 35 and
45 years of age.
Data shows people opinion about Indian Insurance companies.
RESPONSENO. OF RESPONDENTSSHARE (%)
Rigid plans2222
Non user friendly99
Unsatisfactory services11
Non Aggressive1818
Satisfactory1111
Good3838
Very good11
Total100100
INTERPRETATION:
22% of the respondents have the opinion that Indian Insurance
Companies have rigid plans.
9% feel that Indian Insurance companies are Non-user
friendly.
18% of the respondents are with the view that Indian Insurance
companies are Non- aggressive.
11% of the respondents feel that products and services of Indian
Insurance companies is
Satisfactory.
Whereas, 38% feel that it is good enough.
And according to the data, only single person has felt that it
is very good.
And 1% of the respondents felt that it is unsatisfactory
service.
Data shows what people would look for in an Insurance
company.
RESPONSENO. OF RESPONDENT SSHARE (%)
A trusted name3535
Friendly service &responsiveness33
Good plans6161
Accessibility11
Total100100
INTERPRETATION:
35% customers look for a trusted name in a company for
insurance.
61% customers look for a good plan in a company for
insurance.
3% customer looks for Friendly service responsiveness.
And 1% customer looks for Accessibility.
Data shows people interested in going for Insurance if Insurance
Company away from your city & offers better services &
products.
RESPONSENO. OF RESPONDENTSSHARE (%)
Yes4646
No2424
Uncertain3030
Total 100 100
INTERPRETATION:
The interested customers i.e. 46% are ready to go for insurance
even away from a city if services and products.
24% of the customer is not ready to go for insurance away from a
city.
30% of the customer is not known about their decision.
1. Which company u prefers the most?
RESPONSE
after 25
after 35
after 45any time
ING VYSYA
20
0
0
0
ICICI PRUDENTIAL
0
0
0
0
SBI LIFE INSURANCE
10
0
0
10
L.I.C200020
RELIANCE LIFE INSURANCE
0
0
0
0
TATA AIG LIFE
0
0
0
0
ANY OTHER
0
0
0
20
TOTAL100
2. Data gives benefits of Insurance perceived by
respondents.
RESPONSE
after 25
after 35
after 45any time
Cover Future Uncertainty
30
0
0
40
TaxDeductions
10
0
0
0
FutureInvestment
10
0
0
10
TOTAL100
3. Data gives people perception about Insurance.
RESPONSE
after 25
after 35
after 45any time
A savingtool
30
0
0
0
A taxsaving device
10
0
0
30
A tool toprotect your family
10
0
0
20
TOTAL100
4. Data shows buying process of the people.
RESPONSE
after 25
after 35
after 45any time
After seeingthe add in(T.V/Paper)
30
0
0
0
Insuranceadvisor approached customer
20
0
0
50
TOTAL100
5. Data shows features of your policy attracted to buy it.
RESPONSE
after 25
after 35
after 45any time
Lowpremium
0
0
0
0
High riskcoverage
10
0
0
0
Money backguarantee
30
0
0
40
Reputationof the company
0
0
0
10
AgentsConviction
10
0
0
0
TOTAL100
6. Data shows satisfaction of respondents with to policy
RESPONSE
after 25
after 35
after 45any time
Satisfied400050
Notsatisfied
10
0
0
0
NotResponded
0
0
0
0
TOTAL500050
7. Data shows satisfaction of respondents with respect to
service agents.
RESPONSE
after 25
after 35
after 45any time
Satisfied500050
Notsatisfied
0
0
0
0
NotResponded
0
0
0
0
TOTAL100
8. Data shows people opinion about Indian Insurance
companies.
RESPONSE
after 25
after 35
after 45any time
Rigid plans
10
0
0
10
Non userfriendly
10
0
0
0
Unsatisfactoryservices
0
0
0
0
NonAggressive
20
0
0
0
Satisfactory
0
0
0
0
Good1004
Very good
0
0
0
0
TOTAL100
9. Data shows what people would look for in an Insurance
company.
RESPONSE
after 25
after 35
after 45any time
A trusted name
0
0
0
30
Friendlyservice &responsiveness
0
0
0
0
Good plans
50
0
0
20
Accessibility
0
0
0
0
TOTAL100
10. Data shows people interested in going for Insurance if
Insurance Company away from your city & offers better services
& products.
RESPONSE
after 25
after 35
after 45any time
Yes300010
No100010
Uncertain
10
0
0
30
TOTAL100
CHAPTER-VI: Solutions and Suggestions
Solutions:
44% of the people contacted to prefer LIC policy to any other
company so they need to improve in there benefits they provide and
product features.
54% of the respondents believe that covering future uncertainty
is the biggest benefit of an insurance policy so they should be
improve in tax deduction and price.
42% of the respondents have perception of Insurance being a tax
saving device so they need to come up new family products.
72% of the respondents were approached by the Insurance advisor
approached customer and not to by watching T.V and advertisement it
means the company should come up with different and attractive ads
in television as well as news paper.
68% of the Respondents are attracted for Money back guarantee no
other than that so they should work on building trust as well as
good relation with people.
82% of the respondents are more or less satisfied with their
existing policy. It tells about how the people are more conscious
about their health so insurance has good opening.
65% of the respondents are satisfied with their existing service
agent so they should give training to each agent it helps to reach
the customer need and can satisfy them.
55% of the respondents are with the view that insurance should
be bought after the age of
25 years it tells about the company should come up with new
products which should help to above 25years age group.
38% feel that it is good enough it means they should provide
good policy to people which should help there future as savings
etc.
61% customers look for a good plan in a company for insurance so
the company already has good plans but also when day goes they
should come up with new plans features as well.
The interested customers i.e. 46% are ready to go for insurance
even away from a city if services and products so people are more
interest which the service provide by company so they need to
improve in their customer satisfaction.
Suggestion:
The survey is important tool as clear perception of people about
the product can be estimated and known. The need levels of the
people regarding the insurance product been observed through
survey. It was very useful in knowing about the requirements of the
people.
CHAPTER VIII: SUMMARY OF WORK DONE AND CONCLUSIONS
8.1 Summary of the Work Done
In todays corporate and competitive world, I find that insurance
sector has the maximum growth and potential as compared to the
other sectors. The main purpose of the study is to find the
customer buying behavior for Life Insurance of INGvysya Life
Insurance Company in Hubli city which has been done and will help
the company to make the marketing strategy for the different
segments. The study which has been made during this project will
help the company to make strategies for this region and emphasize
on their weaker areas. The Brand Image of variousStudy on Consumer
Buying Behaviour for Life Insurance of ING Vysya Life
InsuranceCompany Limited in Hubli
companies will be known. The company can find out where their
competitor stands in the minds of the people. Research has been
done by primary data collection, and primary data has been
collected by meeting with the people in Hubli. Data collection has
been done through by giving structured questionnaire. This study
will be based on sampling.
8.2 Major Findings
1. Many are respondened that insurance is a tool to protect
their family & a tax saving device. They know the fact &
realizing its importance. The company should try to expand &
build up its infrastructure because there is a large potential for
insurance in India.
2. Company should come up with its new branches in Hubli region.
With the objective and goals to meet the demands & expectations
of the public. Because the entrance of private players willincrease
the competition and it would be a tough task to secure a good
position in market.
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Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
3. Since ING Vysya Life Insurance is leading with several
companiesand its policies should helps for them to penetrate into
the market and secure a good position if they pay greater attention
to the service part provided to their customer and thereby forming
a long and trusted relationship.
8.3 Scope for Future Work
It helps to know about customer buying behaviour with life
insurance and to know about customer perception towards life
insurance. it also helps to know about the market potential in the
Hubli. It can be apply by many life insurance companies. To know
the opening of new branches in Hubli region. It will help to
company to improve them selves in there targeting market and
targeting customer.
REFERENCES
Appendix A: 1.Business Research Methodology, INDIAN EDITION (7e)
by William G.
Zikmund.
2. Marketing Management, eleventh edition by Philip Kotler.
Appendix B: WWW.inglife.co.in WWW.money.cnn.com
WWW.insuranceinstituteofindia.com WWW.insurance.com
WWW.economywatch.com
Appendix C: Company Broachers
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Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
QUESTIONNAIRE
Dear Sir/Madam
Name: Location: Occupation:
1. Do you have any Insurance Policy?Yes ( ) No ( )
2. Which Insurance policy do you have?
Life ( ) General ( ) Both ( )
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Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
3.
Which Companys you prefer the most?
a) ING VYSYA LIFE( )
b) ICICIPRUDENTIAL( )
c) SBI LIFE INSURANCE( )
d) L.I.C( )
e) RELIANCE LIFE INSURANCE( )
f) TATA AIG LIFE( )
g) ANY OTHER (Specify)
4. For how many years form you would like to Insurance
courage?
a) 8,000 b) >8,000 to =25,000.
8. Do you really think the necessity Insurance policy cover in
todays scenario?
a) Very essential ( ) b) Essential ( ) c) Partially ( ) d) Not
required ( )e) If not required please give specific reason
9. What is your perception about Insurance?
a) A saving tool( )b) A tax saving device( )10.c) A tool to
protect futureHow you buy Insurance?( )Babasabpatilfreepptmba.com
Page 47Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
a) After seeing the add in (T.V/Paper) ( )
b) Insurance advisor approached customer ( )
11.Are you satisfied with the policy?
a) Satisfied( )
b) Not satisfied( )
c) Not responding( )
12. Are you satisfied with the service provided by Insurance
agents?
a) Satisfied ( ) b) Not satisfied ( ) c) Not responding ( )13.
Which is the best form of investments? (Give the rating No.1 as the
mostPreferred And No.6 last preferred among these)
a) Insurance
b) Bank deposits
c) Jewellery
d) Securities (Bonds, M.Fs)
e) Shares
f) Fixed assets
14. What is the right age to buy Insurance?
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Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
a) After25 Yrs
( )
b) After 35 Yrs( )
c) After 45 Yrs( )
d) Any time( )
15. How would you rate private life Insurance companies compare
to L.I.C?
a) Rigid plans( )
b) Non-user friendly( )
c) Unsatisfactory services( )
d) Non-aggressive( )
e) Satisfactory( )
f) Good( )
g) Very good( )
16. What would you look for in Insurance companies?
a) A trusted name ( )
b) Friendly service & responsiveness( )
c) Good plans( )
d) Accessibility( )
17.Would you go for Insurance if Insurance company away from
your city & Offers better services & products?
a) Yes( )
b) No( )
c) Uncertain( )
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Study on Consumer Buying Behaviour for Life Insurance of ING
Vysya Life InsuranceCompany Limited in Hubli
--- THANK YOU ---
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