Project on customer Satisfaction Towards Service Provided by Aegon Religare pvt.ltd.

7/28/2019 Project on customer Satisfaction Towards Service Provided by Aegon Religare pvt.ltd.

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Customer satisfaction towards the services rendered by the AEGON RELIGARE Life

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TABLE OF CONTENTS

SL.NO. PARTICULARS PAGE NO.

1 INTRODUCTION

2 RESEARCH DESIGN

3 COMPANY PROFILE

4 DATA ANALYSIS ANDINTERPRETATION

5 OBERVATIONS ANDFINDINGS

6 CONCLUSION AND SUGGESTIONS

7 BIBLIOGARAPHY

8 ANNEXURE




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LIST OF TABLES

TABLES PARTICULARS PAGE NO. TABLE 4.1TABLE 4.2TABLE 4.3TABLE 4.4TABLE 4.5TABLE 4.6TABLE 4.7TABLE 4.8TABLE 4.9TABLE 4.10TABLE 4.11TABLE 4.12TABLE 4.13TABLE 4.14TABLE 4.15TABLE 4.16TABLE 4.17TABLE 4.18




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LIST OF GRAPHS

GRAPHS PARTICULARS PAGE NO. GRAPHS 4.1GRAPHS 4.2GRAPHS 4.3

GRAPHS 4.4GRAPHS 4.5GRAPHS 4.6GRAPHS 4.7GRAPHS 4.8GRAPHS 4.9GRAPHS 4.10GRAPHS 4.11GRAPHS 4.12

GRAPHS 4.13GRAPHS 4.14GRAPHS 4.15GRAPHS 4.16GRAPHS 4.17GRAPHS 4.18






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Introduction to the topic

This chapter will outline and overview the research topic and rational of this study, the objectives

and the reason for the personal interest of the author for this study and will help readers to

understand what is going to follow in this project.

Insurance is a federal subject in India and has a history dating back to 1818.Life and general

insurance in India is still a nascent sector with huge potential for various global players with the

life insurance premiums accounting to 2.5% of the country's GDP while general insurance

premiums to 0.65% of India's GDP. The Insurance sector in India has gone through a

number of phases and changes, particularly in the recent years when the Govt. of India in 1999

opened up the insurance sector by allowing private companies to solicit insurance and also

allowing FDI up to 26%.

Defi ni tions and theoretical concept fr amework

Customer loyalty has been examined by many researchers in the past and many of them have

given various definitions around this concept. According to Heskett (2002), customer loyalty has

been regarded as the sina qua non of an effective business strategy. Dick and Basu (1994, p.99)

give a stronger conceptualization for customer loyalty. They view it as the “strength of the

relationship between an individual’s relative attitude towards an entity (brand, Products, store,

or vendor) and repeat patronage” .

Customer satisfaction




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What is customer satisfaction?

Social psychologists, marketing researchers, and students of consumer behaviour, have

extensively studied the concepts of customer satisfaction and dissatisfaction. The increasing

importance of quality in both Products and manufacturing industries has also created a

proliferation of research, with more than 15,000 academic and trade articles having been

published on the topic of customer satisfaction in the past two decades (Peterson and

Wilson, 1992). Several conferences have been devoted to the subject and extensive literature

reviews have been published (Day, 1977; Hunt, 1977; LaTour and Peat, 1979; Smart, 1982;

Ross, et al ., 1987, Barsky, 1992: Oh and Parks, 1997) The result of all this research has been thedevelopment of nine distinct theories of customer satisfaction. The majority of these theories

are based on cognitive psychology, some have received moderate attention, while other theories

have been introduced without any empirical research.

The nine theories include:

expectancy disconfirmation;

assimilation or cognitive dissonance;

contrast;

assimilation-contrast;

equity;

attribution;

comparison-level;

generalized negativity; and

value-precept (Oh and Parks, 1997)

.




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Recently, numerous researchers have attempted to apply CS theories developed by consumer

behaviourists in the areas of lodging (Barsky, 1992; Barsky and Labagh, 1992; Saleh and Ryan,

1991; Ekinci and Riley, 1998), restaurant (Dube et al ., 1994; Bojanic and Rosen, 1994; Lee and

Hing, 1995; Oh and Jeong, 1996), foodProducts (Almanza et al ., 1994), and tourism

(Pizam and Milman, 1993; Danaher and Arweiler, 1996; Ryan and Cliff, 1997; Hudson and

Shepard, 1998) in order to investigate CS applicability to the hospitality and tourism industries.

For several decades the word or concept customer satisfaction was of crucial importance for

marketing, managers and the organizations and it is regarded today central issue to many

definitions (Parker and Mathews, 2001). The Oxford Library of Words and Phrases (1993)

emphasize satisfaction as a ―release from uncertainty . Customer satisfaction can be defined inmanyways. Kotler (2000, pg.36) defines customer satisfaction as one of which is

“a person's feelings of pleasure or disappointment from comparing a product's perceived

performance (or outcome) in relation to his or her expectations” . Another conceptualization

given from Homburg et al. (2005) is that customer satisfaction is a cumulative, worldwide

assessment based on different experiences with a firm. Similarly, Kotler (1991) and Fornell

(1992) characterized satisfaction as an evaluation of quality of products after customers purchase

them and he argues that “high customer satisfaction ratings are widely believed to be the best

indicator of a company’s future profits” (Kotler 1991, pg.19).

Customer perception of value




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Theoretical concept fr amework and defi ni tions

The creation of consumer value has been taken into consideration from many managers during

the 1990s and it was the result of companies‘ need to be more competitive and to fulfill the

increasing customer demands (Cravens and Piercy, 2003). Consumer perceived value depends on

“how the customer perceives the benefits of an offering and the sacrifice that is associated with

its purchase” (Jobber, 2004, pg.13). That‘s why, Monroe (1991) and Sweeney (1994) define

customer perceived value as the ratio between perceived benefits and perceived sacrifice. Also,

Monroe and Chapman (1987) suggest that perceived value is a weighted sum of acquisition and

transaction value.

“Customer perceived value can be broadly defined as the customer’s overall assessment of the

utility of a product based on perceptions of what is received and what is given ”

(Zeithaml,1988,p. 14).

I mportance of customer perception of valu e

Many discounters, retail stores and supermarkets now focus to the offering of value-added

Productss and highlight the importance of them to become more competitive (Kim and Jin,

2002). Examining the effects and impact of consu mers‘ perception of value, generally value is

very important and crucial to marketers for the success of companies (Dodds, 1991; Fredericks

and Salter, 1995).




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Th e relationship between customer perception of value and customer

satisfaction

McDougall and Levesque (2000, p. 394) argued that “customers who perceive they received

value for money are more satisfied than customers who do not perceive they received value for

money” .

Backgrounds of the study

After we have referred to the Introduction (Chapter 1) about the background of this research

project and determine the research problem that we are going to analyze, we are moving to the

part of the Literature Review. In this chapter we are going to find and say about the relevant past

research in regard to our research problem, a fact that will help to the better understanding and

clarification of the topic and how we proceed in the next chapters.

INSURANCE

Insurance , in law and economics, is a form of risk management primarily used to hedge against

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

from one entity to another, in exchange for a premium, and can be thought of as a guaranteed

small loss to prevent a large, possibly devastating loss. An insurer is a company selling

the insurance; an insured is the person or entity buying the insurance. 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.




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Characteristics of insurance

Commercially insurable risks typically share seven common characteristics.

1. A large number of homogeneous exposure units .

2. Definite Loss .

3. Accidental Loss .

The event that constitutes the trigger of a claim should be fortuitous, or at least outside the

control of the beneficiary of the insurance. The loss should be ‗pure,‘ in the sense that it results

from an event for which there is only the opportunity for cost. Events that contain speculative

elements, such as ordinary business risks, are generally not considered insurable.

4. Large Loss .

The size of the loss must be meaningful from the perspective of the insured. Insurance premiums

need to cover both the expected cost of losses, plus the cost of issuing and administering the

policy, adjusting losses, and supplying the capital needed to reasonably assure that the

insurer will be able to pay claims. For small losses these latter costs may

be several times the size of the expected cost of losses. There is little point in paying such costs

unless the protection offered has real value to a buyer.

5. Affordable Premium .




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If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting

premium is large relative to the amount of protection offered, it is not likely that anyone will buy

insurance, even if on offer. Further, as the accounting profession formally recognizes in financial

accounting standards, the premium cannot be so large that there is not a reasonable chance of a

significant loss to the insurer. If there is no such chance of loss, the transaction may have the

form of insurance, but not the substance. (See the U.S. Financial Accounting Standards Board

standard number 113)

6. Calculable Loss .

There are two elements that must be at least estimable, if not formally calculable: the probability

of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost

has more to do with the ability of a reasonable person in possession of a copy of the insurance

policy and a proof of loss associated with a claim presented under that policy to make a

reasonably definite and objective evaluation of the amount of the loss recoverable as a result of

the claim.

7. Limited risk of catastrophically large losses .

The essential risk is often aggregation. If the same event can cause losses to numerous

policyholders of the same insurer, the ability of that insurer to issue policies becomes

constrained, not by factors surrounding the

individual characteristics of a given policyholder, but by the factors surrounding the sum of all

policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single

event to some small portion of their capital base, on the order of 5 percent. Where the loss can




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be aggregated, or an individual policy could produce exceptionally large claims, the capital

constraint will restrict an insurer's appetite for additional policyholders. The classic example is

earthquake insurance, where the ability of an underwriter to issue a new policy depends on the

number and size of the policies that it has already underwritten. Wind insurance in hurricane

zones, particularly along coast lines, is another example of this phenomenon. In extreme cases,

the aggregation can affect the entire industry, since the combined capital of insurers and

reinsurers can be small compared to the needs of potential policyholders in areas exposed to

aggregation risk. In commercial fire insurance it is possible to find single properties whose total

exposed value is well in excess of any individual insurer‘s capital constraint. Such properties are

generally shared among several insurers, or are insured by a single insurer who syndicates the

risk into the reinsurance market.

Indemnification

The technical definition of "indemnity" means to make whole again. There are two types of

insurance contracts;

1. an "indemnity" policy and

2. a "pay on behalf" or "on behalf of" policy.

The difference is significant on paper, but rarely material in practice. An "indemnity" policy will

never pay claims until the insured has paid out of pocket to some third party; for example, a

visitor to your home slips on a floor that you left wet and sues you for $10,000 and wins. Under

an "indemnity" policy the homeowner would have to come up with the $10,000

to pay for the visitor's fall and then would be "indemnified" by the insurance carrier for the out of

pocket costs (the $10,000). Under the same situation, a "pay on behalf" policy, the insurance

carrier would pay the claim and the insured (the homeowner) would not be out of






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The most complicated aspect of the insurance business is the underwriting of policies. Using a

wide assortment of data, insurers predict the likelihood that a claim will be made against their

policies and price products accordingly. To this end, insurers use actuarial science to quantify the

risks they are willing to assume and the premium they will charge to assume them. Data is

analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial

science uses statistics and probability to analyze the risks associated with the range of perils

covered, and these scientific principles are used to determine an insurer's overall exposure. Upon

termination of a given policy, the amount of premium collected and the investment gains thereon

minus the amount paid out in claims is the insurer's underwriting profit on that policy. Of course,

from the insurer's perspective, some policies are winners (i.e., the insurer pays out less in claimsand expenses than it receives in premiums and investment income) and some are losers (i.e., the

insurer pays out more in claims and expenses than it receives in premiums and investment

income).

An insurer's underwriting performance is measured in its combined ratio. The loss ratio (incurred

losses and loss-adjustment expenses divided by net earned premium) is added to the expense

ratio (underwriting expenses divided by net premium written) to determine the company's

combined ratio.

The combined ratio is a reflection of the company's overall underwriting profitability. A

combined ratio of less than 100 percent indicates underwriting profitability, while anything over

100 indicates an underwriting loss.

Insurance companies also earn investment profits on ―float . ―Float or available reserve is the

amount of money, at hand at any given moment, that an insurer has collected in insurance

premiums but has not been paid out in claims. Insurers start investing insurance premiums as

soon as they are collected and continue to earn interest on them until claims are paid out. The




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Association of British Insurers (gathering 400 insurance companies and 94% of UK insurance

services) has almost 20% of the investments in the London Stock Exchange.

In the United States, the underwriting loss of property and casualty insurance companies was

$142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4

billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do

not believe that it is forever possible to sustain a profit from float without an underwriting profit

as well, but this opinion is not universally held. Naturally, the ―float method is difficult to carry

out in an economically depressed period. Bear markets do cause insurers to shift away from

investments and to toughen up their underwriting standards. So a poor economy generally means

high insurance premiums. This tendency to swing between profitable and unprofitable periodsover time is commonly known as the "underwriting" or insurance cycle.

Property and casualty insurers currently make the most money from their auto insurance line of

business. Generally better statistics are available on auto losses and underwriting on this line of

business has benefited greatly from advances in computing. Additionally, property losses in the

United States, due to unpredictable natural catastrophes, have exacerbated this trend.

Claims

Finally, claims and loss handling is the materialized utility of insurance; it is the actual "product"

paid for, though one hopes it will never need to be used. Claims may be filed by insureds directly

with the insurer or through brokers or agents. The insurer may require that the claim be filed on

its own proprietary forms, or may accept claims on a standard industry form such as

those produced by ACORD. Insurance company claim departments employ a large number of

claims adjusters supported by a staff of records management and data entry clerks. Incoming

claims are classified based on severity and are assigned to adjusters whose settlement authority

varies with their knowledge and experience. The adjuster undertakes a thorough investigation of




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each claim, usually in close cooperation with the insured, determines its reasonable monetary

value, and authorizes payment. Adjusting liability insurance claims is particularly difficult

because there is a third party involved (the plaintiff who is suing the insured) who is under no

contractual obligation to cooperate with the insurer and in fact may regard the insurer as a deep

pocket. The adjuster must obtain legal counsel for the insured (either inside "house"

counsel or outside "panel" counsel), monitor litigation that may take years to complete, and

appear in person or over the telephone with settlement authority at a mandatory settlement

conference when requested by the judge. In managing the claims handling function, insurers seek

to balance the elements of customer satisfaction, administrative handling expenses, and

claims overpayment leakages. As part of this balancing act, fraudulent insurance practices are a

major business risk that must be managed and overcome. Disputes between insurers andinsured‘s over the validity of claims or claims handling practices occasionally escalate into

litigation; see insurance bad faith.

History of insurance

In some sense we can say that insurance appears simultaneously with the appearance of human

society. We know of two types of economies in human societies: money economies (with

markets, money, financial instruments and so on) and non-money or natural economies (without

money, markets, financial instruments and so on). The second type is a more ancient form

than the first. In such an economy and community, we can see insurance in the form of people

helping each other. For example, if a house burns down, the members of the community help

build a new one. Should the same thing happen to one's neighbour, the other neighbours must

help. Otherwise, neighbours will not receive help in the future. This type of insurance has

survived to the present day in some countries where modern money economy with its financial

instruments is not widespread (for example countries in the territory of the former Soviet Union).




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Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which

insurance is part of the financial sphere), early methods of transferring or distributing risk were

practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,

respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares

across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians

developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and

practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his

shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to

cancel the loan should the shipment be stolen.

Achaemenian monarchs of Iran were the first to insure their people and made it official byregistering the insuring process in governmental notary offices. The insurance tradition was

performed each year in Norouz (beginning of the Iranian New Year); the heads of different

ethnic groups as well as others willing to take part, presented gifts to the monarch. The most

important gift was presented during a special ceremony. When a gift was worth more than

10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was

advantageous to those who presented such special gifts. For others, the presents were fairly

assessed by the confidants of the court. Then the assessment was registered in special offices.

The purpose of registering was that whenever the person who presented the gift registered by the

court was in trouble, the monarch and the court would help him. Jahez, a historian and writer,

writes in one of his books on ancient Iran : "Whenever the owner of the present is in trouble or

wants to construct a building, set up a feast, have his children married, etc. the one in charge of

this in the court would check the registration. If the registered amount exceeded 10,000 Derrik,

he or she would receive an amount of twice as much".

A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'.

Merchants whose goods were being shipped together would pay a proportionally divided




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premium which would be used to reimburse any merchant whose goods were jettisoned during

storm or sink age.

The Greeks and Romans introduced the origins of health and life insurance 600 AD when they

organized guilds called "benevolent societies" which cared for the families and paid funeral

expenses of members upon death. Guilds in the Middle Ages served a similar purpose. The

Talmud deals with several aspects of insuring goods. Before insurance was established in the

late 17th century, "friendly societies" existed in England, in which people donated amounts of

money to a general sum that could be used for emergencies.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by

pledges of landed estates. These new insurance contracts allowed insurance to be separated from

investment, a separation of roles that first proved useful in marine insurance. Insurance

became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.

Toward the end of the seventeenth century, London's growing importance as a centre for trade

increased demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house

that became a popular haunt of ship owners, merchants, and ships‘ captains, and thereby a

reliable source of the latest shipping news. It became the meeting place for parties wishing to

insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of

London remains the leading market (note that it is not an insurance company) for marine and

other specialist types of insurance, but it works rather differently than the more familiar kinds of

insurance.

Insurance as we know it today can be traced to the Great Fire of London,which in 1666 devoured

13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure

buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to






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certain legal claims against the owner, and even a small amount of coverage for medical

expenses of guests who are injured on the owner's property.

Business insurance can be any kind of insurance that protects businesses against risks. Some

principal subtypes of business insurance are (a) the various kinds of professional liability

insurance , also called professional indemnity insurance , which are discussed below under that

name; and (b) the business owner's policy (BOP), which bundles into one policy many of the

kinds of coverage that a business owner needs, in a way analogous to how homeowners

insurance bundles the coverage‘s that a homeowner needs.

Auto insurance

Auto insurance protects you against financial loss if you have an accident. It is a contract

between you and the insurance company. You agree to pay the premium and the insurance

company agrees to pay your losses as defined in your policy. Auto insurance provides property,

liability and medical coverage:

1. Property coverage pays for damage to or theft of your car.

2. Liability coverage pays for your legal responsibility to others for bodily injury or property

damage.

3. Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost

wages and funeral expenses.

An auto insurance policy is comprised of six different kinds of coverage .Most countries require

you to buy some, but not all, of these coverage‘s . If you're financing a car, your lender may also

have requirements. Most auto policies are for six months to a year.




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In the United States, your insurance company should notify you by mail when it‘s time to

renew the policy and to pay your premium.

Home insurance

Home insurance provides compensation for damage or destruction of a home from disasters. In

some geographical areas, the standard insurances excludes certain types of disasters, such as

flood and earthquakes, that require additional coverage. Maintenance-related problems are the

homeowners' responsibility. The policy may include inventory, or this can be bought as a

separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage

caused by members of the household, including pets.

Health

Health insurance policies by the National Health Service in the United Kingdom (NHS) or other

publicly-funded health programs will cover the cost of medical treatments. Dental insurance, likemedical insurance, is coverage for individuals to protect them against dental costs. In the U.S.,

dental insurance is often part of an employer's benefits package, along with health insurance.

Disability

Disability insurance policies provide financial support in the event the policyholder is unable towork because of disabling illness or injury. It provides monthly support to help pay such

obligations as mortgages and credit cards.






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proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. Annuities

provide a stream of payments and are generally classified as insurance because they are issued

by insurance companies and regulated as insurance and require the same kinds of actuarial and

investment management expertise that life insurance requires. Annuities and pensions

that pay a benefit for life are sometimes regarded as insurance against the possibility that a

retiree will outlive his or her financial resources. In that sense, they are the complement of life

insurance and, from an underwriting perspective, are the mirror image of life insurance.

Certain life insurance contracts accumulate cash values, which may be taken by the insured if the

policy is surrendered or which may be borrowed against. Some policies, such as annuities and

endowment policies, are financial instruments to accumulate or liquidate wealth when it is

needed. In many countries, such as the U.S. and the UK, the tax law provides that theinterest on this cash value is not taxable under certain circumstances. This leads to widespread

use of life insurance as a tax-efficient method of saving as well as protection in the event of early

death.

In U.S., the tax on interest income on life insurance policies and annuities is generally deferred.

However, in some cases the benefit derived from tax deferral may be offset by a low return. This

depends upon the insuring company, the type of policy and other variables (mortality, market

return, etc.). Moreover, other income tax saving vehicles (e.g., IRAs, 401(k) plans, Roth IRAs)

may be better alternatives for value accumulation. A combination of low-cost term life insurance

and a higher-return tax-efficient retirement account may achieve better investment return.

Property

Property insurance provides protection against risks to property, such as fire, theft or weather

damage. This includes specialized forms of insurance such as fire insurance , flood insurance,

earthquake insurance, home insurance, inland marine insurance or boiler insurance.




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· Automobile insurance , known in the UK as motor insurance , is probably the most common

form of insurance and may cover both legal liability claims against the driver and loss of or

damage to the insured's vehicle itself. Throughout the United States an auto insurance policy is

required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury

compensation for automobile accident victims has been changed to a no-fault system,

which reduces or eliminates the ability to sue for compensation but provides automatic eligibility

for benefits. Credit card companies insure against damage on rented cars.

O Driving School Insurance insurance provides cover for any authorized driver whilst

undergoing tuition, cover also unlike other motor policies provides cover for instructor liabilitywhere both the pupil and driving instructor are equally liable in the event of a claim.

· Aviation insurance insures against hull, spares, deductibles, hull wear and liability risks.

· Boiler insurance (also known as boiler and machinery insurance or equipment breakdown

insurance) insures against accidental physical damage to equipment or machinery.

· Builder's risk insurance insures against the risk of physical loss or damage to property during

construction. Builder's risk insurance is typically written on an "all risk" basis covering damage

due to any cause (including the negligence of the insured) not otherwise expressly

excluded.

· Crop insurance "Farmers use crop insurance to reduce or manage various risks associated with

growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost

damage, insects, or disease, for instance.




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· Earthquake insurance is a form of property insurance that pays the policyholder in the event of

an earthquake that causes damage to the property. Most ordinary homeowners insurance policies

do not cover earthquake damage. Most earthquake insurance policies feature a high

deductible. Rates depend on location and the probability of an earthquake, as well as the

construction of the home.

· A fidelity bond is a form of casualty insurance that covers policyholders for losses that they

incur as a result of fraudulent acts by specified individuals. It usually insures a business for

losses caused by the dishonest acts of its employees.

· Flood insurance protects against property loss due to flooding. Many insurers in the U.S. do not provide flood insurance in some portions of the country. In response to this, the federal

government created the National Flood Insurance Program which serves as the insurer of last

resort.

· Home insurance or homeowners' insurance: See "Property insurance".

· Landlord insurance is specifically designed for people who own properties which they rent out.

Most house insurance cover in the U.K will not be valid if the property is rented out therefore

landlords must take out this specialist form of home insurance.

· Marine insurance and marine cargo insurance cover the loss or damage of ships at sea or on

inland waterways, and of the cargo that may be on them. When the owner of the cargo and the

carrier are separate corporations, marine cargo insurance typically compensates the owner

of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered

from the carrier or the carrier's insurance. Many marine insurance underwriters will include

"time element" coverage in such policies, which extends the indemnity to cover loss of profit and

other business expenses attributable to the delay caused by a covered loss.




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· Surety bond insurance is a three party insurance guaranteeing the performance of the principal.

· Terrorism insurance provides protection against any loss or damage caused by terrorist

activities.

· Volcano insurance is an insurance that covers volcano damage in Hawaii.

· Windstorm insurance is an insurance covering the damage that can be caused by hurricanes and

tropical cyclones.

Liability

Liability insurance is a very broad superset that covers legal claims against the insured. Many

types of insurance include an aspect of liability coverage .For example, a homeowner's insurance

policy will normally include liability coverage which protects the insured in the event of a claim

brought by someone who slips and falls on the property; automobile insurance also includes an

aspect of liability insurance that indemnifies against the harm that a crashing car can cause to

others' lives, health, or property. The protection offered by a liability insurance policy is twofold:

a legal defense in the event of a lawsuit commenced against the policyholder and

indemnification (payment on behalf of the insured) with respect to a settlement or court verdict.

Liability policies typically cover only the negligence of the insured, and will not apply to results

of willful or intentional acts by the insured.




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· Directors and officers liability insurance protects an organization (usually a corporation) from

costs associated with litigation resulting from mistakes made by directors and officers for which

they are liable. In the industry, it is usually called "D&O" for short.

· Environmental liability insurance protects the insured from bodily injury, property damage and

cleanup costs as a result of the dispersal, release or escape of pollutants.

· Errors and omissions insurance: See "Professional liability insurance "under "Liability

insurance".

· Prize indemnity insurance protects the insured from giving away a large prize at a specificevent. Examples would include offering prizes to contestants who can make a half-court shot at a

basketball game, or a hole-in-one at a golf tournament.

· Professional liability insurance, also called professional indemnity

insurance , protects insured professionals such as architectural

corporation and medical practice against potential negligence claims

made by their patients/clients. Professional liability insurance may

take on different names depending on the profession. For example,

professional liability insurance in reference to the medical profession

may be called malpractice insurance. Notaries public may take out

errors and omissions insurance (E&O). Other potential E&O

policyholders include, for example, real estate brokers, Insurance

agents, home inspectors, appraisers, and website developers.

Credit

Credit insurance repays some or all of a loan when certain things happen to




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the borrower such as unemployment, disability, or death.

· Mortgage insurance insures the lender against default by the borrower.

Mortgage insurance is a form of credit insurance, although the name

credit insurance more often is used to refer to policies that cover other

kinds of debt.

Insurance in India

Insurance is a federal subject in India and has a history dating back to 1818. Life and generalinsurance in India is still a nascent sector with huge potential for various global players with the

life insurance premiums accounting to 2.5% of the country's GDP while general insurance

premiums to 0.65% of India's GDP. The Insurance sector in India has gone through a

number of phases and changes, particularly in the recent years when the Govt. of India in 1999

opened up the insurance sector by allowing private companies to solicit insurance and also

allowing FDI up to 26%. Ever since, the Indian insurance sector is considered as a booming

market with every other global insurance company wanting to have a lion's share. Currently, the

largest life insurance company in India is still owned by the government.

History of Insurance in India

Insurance in India has its history dating back till 1818, when Oriental Life Insurance Company

was started by Europeans in Kolkata to cater to the needs of European community. Pre-

independent era in India saw discrimination among the life of foreigners and Indians with higher

premiums being charged for the latter. It was only in the year 1870, Bombay Mutual Life

Assurance Society, the first Indian insurance company covered Indian lives at normal rates.




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At the dawn of the twentieth century, insurance companies started mushrooming up. In the year

1912, the Life Insurance Companies Act, and the Provident Fund Act were passed to regulate the

insurance business. The Life Insurance Companies Act, 1912 made it necessary that the premium

rate tables and periodical valuations of companies should be certified by an actuary. However,

the disparage still existed as discrimination between Indian and foreign companies. The oldest

existing insurance company in India is National Insurance Company Ltd, which was founded in

1906 and is doing business even today. The Insurance industry earlier consisted of only

two state insurers: Life Insurers i.e. Life Insurance Corporation of India (LIC) and General

Insurers i.e. General Insurance Corporation of India (GIC). GIC had four subsidiary companies.

With effect from December 2000, these subsidiaries have been de-linked from parent company

and made as independent insurance companies: Oriental Insurance Company Limited, New IndiaAssurance Company Limited, National Insurance Company Limited and United India Insurance

Company Limited.

Related Acts

The insurance sector went through a full circle of phases from being unregulated to completely

regulated and then currently being partly deregulated. It is governed by a number of acts, with

the first one being the Insurance Act, 1938.

The Insurance Act, 1938

The Insurance Act, 1938 was the first legislation governing all forms of insurance to providestrict state control over insurance business. You can download the act by clicking here

Life Insurance Corporation Act, 1956




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Even though the first legislation was enacted in 1938, it was only in 19 January 1956, that life

insurance in India was completely nationalized, through a Government ordinance; the Life

Insurance Corporation Act, 1956 effective from 1.9.1956 was enacted in the same year to, inter-

alia, form LIFE INSURANCE CORPORATION after nationalization of the 245 companies into

one entity. There were 245 insurance companies of both Indian and foreign origin in 1956.

Nationalization was accomplished by the govt. acquisition of the management of the companies.

The Life Insurance Corporation of India was created on 1 September, 1956, as a result and has

grown to be the largest insurance company in India as of 2006.

General Insurance Business (Nationalization) Act, 1972

The General Insurance Business (Nationalization) Act, 1972 was enacted to nationalize the 100

odd general insurance companies and subsequently merging them into four companies. All the

companies were amalgamated into National Insurance, New India Assurance, Oriental Insurance,

United India Insurance which were headquartered in each of the four metropolitan cities.

Insurance Regulatory and Development Authority (IRDA) Act,

1999

Till 1999, there were not any private insurance companies in Indian insurance sector. The Govt.

of India, then introduced the Insurance Regulatory and Development Authority Act in 1999,

thereby de-regulating the insurance sector and allowing private companies into the insurance.




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Further, foreign investment was also allowed and capped at 26% holding in the Indian insurance

companies. In recent years many private players entered in the Insurance sector of India.

Companies with equal strength competing in the Indian insurance market. Currently, in India

only 2 million people (0.2 % of total population of 1 billion), are covered under Med claim,

whereas in developed nations like USA about 75 % of the total population are covered

under some insurance scheme. With more and more private players in the sector this scenario

may change at a rapid pace.

Existing Insurance Companies/Corporations

· Bajaj Allianz Life Insurance Company Limited

· Birla Sun Life Insurance Co. Ltd

· KOTAK Life Insurance Co. Ltd

· ICICI Prudential Life Insurance Co. Ltd.

· Life Insurance Corporation of India

· Max New York Life Insurance Co. Ltd

· Met Life India Insurance Company Ltd.




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· Kotak Mahindra Old Mutual Life Insurance Limited

· SBI Life Insurance Co. Ltd

· .Tata AIG Life Insurance Company Limited

· Aviva Life Insurance Co. India Pvt. Ltd.

· Sahara India Life Insurance Co, Ltd.

· Shriram Life Insurance Co, Ltd.

· Bharti AXA Life Insurance Company Ltd.

· Future Generali Life Insurance Company Ltd.

· IDBI Fortis Life Insurance Company Ltd.

· Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd

· AEGON RELIGARE Life Insurance Company Limited.

· DLF Pramerica Life Insurance Co. Ltd.

· Star Union Dai-ichi Life Insurance Comp. Ltd.






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2.1. TITLE OF THE STUDY

2.2. STATEMENT OF PROBLEM

2.3. OBJECTIVES OF STUDY

2.4. REVIEW OF LITERATURE

2.5 NEED FOR THE STUDY

2.6 RESEARCH DESIGN OF THE STUDY

2.7 SOURCES OF DATA

2.8 METHODOLOGY OF RESEARCH STUDY

2.9 SAMPLING DESIGN PLAN

2.10 DATA COLLECTION INSTRUMENT




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2.1 TITLE OF THE STUDY

Customer satisfaction towards the services rendered by the AEGON RELIGARE Life Insurance.

2.2STATEMENT OF THE PROBLEM

Research problem is selected for the purpose of this project is to study the consumer

satisfaction towards the services rendered by AEGON RELIGARE Life Insurance in relation to

their opinion about the before sales service and after sales service provided by the e-zone. This

study endeavors to collect the information customer satisfaction on services of AEGON

RELIGARE Life Insurance, its product and its preferences, important of various product

attributes etc, from the respon dents. As the Company is unaware of its customer‘s satisfaction of

the services, company face the problem of lack of information on the above matter.

2.3 OBJECTIVES OF STUDY

o To check the satisfaction of the customer about services!

o To analyze the customer perception about the AEGON RELIGARE Life

Insurance ! Product.

o To know the customers satisfaction with the performance of the product.




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o To know the various factor that influence to purchase the product of the

particular organization.

2.4 REVIEW OF THE LITERATURE

Literature from marketing background was reviewed in order to collect information

suitable to the study. Certain concepts and definition regarding marketing were collect from the

11 th edition marketing management book of Phillip kotler and I referred two project reports of

my seniors one is on customer satisfaction and another one is on customer services which are

helped me a lot to do this dissertation report. The literature regarding the profile of the

organization was reviewed from the Brochure and article .

2.5 NEED FOR THE STUDY

Today most of the business enterprises realize that the customer Awareness about

business and the product is the one of the key issues. Today the highly competitive business

environment retaining the customer is very distrust, only the satisfied customer retain in the

business, if the customer is highly satisfied they will buy again.

This study helps us to know the customer satisfaction about its products and services.

It helps to acquire practical knowledge and working experience in the organization. It helps to achieve exposure towards the management of the organization.




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It helps to find out variation (difference) from actual & theoretical organization. It helps the compress to know the expectation of the customer and take suitable decisions

to design the product as they satisfied the customer needs.

2.6 RESEARCH DESIGN OF THE STUDY

Description of Research Design

According to Graham "Research Design is the specification of method and procedure for

acquiring the information needed. It is the overall operational pattern or framework of the project

that stipulates what information is to be collected from which source by what procedure".

Research Design is a statement or specific of procedure for collecting and analyzing the

information required for the solution of a specific problem. It provides scientific framework for

conducting some research investigation. The procedure and plan for collecting & analysis of the

information can be outlined once the problem is formulated and the objectives of theinvestigation should take into consideration the resource and time available for a study.

To Design is to plan . Designing is the process of making decisions before the situation

arises, in which the decision has to be carried out. Designing is thus a process of deliberate

anticipation towards bringing an expected situation under control.

If we anticipate before we conduct a research inquiry, the various difficulties that may

have to be encountered in the course of this exercise and decide what to do about these problems,

and then we increase to the extent Our chances of rationally controlling and articulating theresearch procedure and forecasting the possibilities of failure.




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Designing a research plan calls for the decision on the following:-

Data Sources: Secondary or Primary data.

Researches Approaches : Observation, survey, focus group and experiment. Research

Instruments: Questionnaire.

Sampling plan : Sampling unit, Sampling size, sampling procedure. A research design is a planthat specifies the objectives of the study. It is an outline that specifies the sources and types of

information relevant to research questions and it is a blueprint specifying the method to be

adopted for gathering and analyzing the data. This chapter briefly describes the design of the

study beginning from the title of the study and goes on to explain the sampling, fieldwork,

analysis and finally the limitations of the study.

In this particular study survey approach is adopted. It stands between observational and

Focus group research on one hand and experimental research on the other hand. Observation andfocus are best suited for exploratory research. Surveys are best suited for descriptive research &

experiments are best suited for cause & effect relationship.

Companies undertake surveys to learn about people's knowledge, beliefs, preferences,

satisfaction & to measure their magnitudes in the population.




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2.7 SOURCES OF DATA

For the purpose of this study, data from two sources have been gathered namely:-

(1) Primary Data

(2) Secondary Data

Primary Source: - are original source, which are collected directly from the respondents. Thisinformation is collected through questionnaire, personal interview and through observation.

Secondary Source: - are those that containing data which have been collected and compiled for

another purpose. These sources consist of readily available information and already complied

statistical statement whose data may be used by the researchers for their study.

The secondary sources include Annual Reports, Journals, Articles as well as magazines

and manuals.

As this is an exploratory study, the mode of collecting the data was mainly through

questionnaire. The Data was collected through the company journal, company brochure, and

website apart from the questionnaire.

A Survey Method was selected for the research because of the following characteristics:

It is always conducted in natural settings; it is always a filed study.

It seeks response directly from respondents.

It covers a definite geographical area a city a district or a state.




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The analysis of data may be made using simple statistical technique with special

reference to the objectives of the study.

2.8 METHODOLOGY OF RESERCH STUDY

Methodology of Research study adopted was survey method. For primary data a sample

size of hundred customers were contacted & data were obtained from them through a

questionnaires prepared in English. Respondents were contacted at the AEGON RELIGARE

Life Insurance itself, depending upon their Convenience. For secondary data marketing books,

magazines, Journals were referred .

2.9 SAMPLING DESIGN PLAN

Sampling is one of the major tools for marketing research, which is connected with collecting

analyzing and interpreting data. It involves the study, in considerable details, of relatively

small numbers of information taken from a larger group it is a process of extracting sample

from a population. Defining the population requires that one can describe the characteristicsof the group from which information is required in clear unambiguous terms. The population

comprises individuals, households, firms or other organization.




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There are two types of sampling methods:-

Probability sampling and Non-probability sampling.

Particulars types of probability samples are:

1) Simple Random Sampling.

2) Systematic Random Sampling.

3) Stratified Random Sampling.

4) Cluster Sampling

Simple Random Sampling:

This refers to that sampling technique in which each and every unit of the population has

an equal opportunity selected in the sample. It is the simplest form of random sampling .

Stratified Random Sampling:




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This is one of the random method, which by using the available information concerning

the population; attempt to design a more efficient sample than obtained by the simple random

procedure. Here, the universe to be sample is subdivided into groups, which are mutually

exclusive & include all items in the universe. A simple random sample is then chosen

independently from each group.

Systematic Random Sampling:

Is formed by selecting one unit at random and then selecting additional units at evenly

spaced intervals until the sample has been formed .

Cluster Sampling:

It involves the process of selection of two or more successive stage. At each stage, a

sample is taken until the final sampling until are achieved. In this type of sampling, there is no

need to have a sample frame covering the entire population.

Here, in this project convenience sampling was adopted for the collection of data. The

samples were chosen based on the availability of customers at places in company, their

offices and in their residence. The sample size is restricted to 50 respondents only.

2.10 Data Collection Instruments

To get the response, the questionnaire method was used. In this study the questionnaire

were distributed to respondents who are the customers of the company (ARLIL) and asked to

answer the questions. They were also




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Contacted personally to get the necessary data or information required of the completion of the

survey.

The questionnaire used in this study was a structured one. Here the questions were

arranged in a specific order and were logically interconnected for the research study. The

advantage of the structured questionnaire lies in the reduction of interviewers and interpreters

bias. The questionnaire was framed by keeping in the mind the objective of employee

satisfaction.

Actual collection of data:

A Survey Method was selected for the research because of the following characteristics:

It is always conducted in natural settings; it is always a filed study.

It seeks response directly from respondents.

It covers a definite geographical area a city a district or a state.

The analysis of data may be made using simple statistical technique with special

reference to the objectives of the study. Both primary and secondary data were collected.

Primary data is the original source collected directly from respondents. Secondary data from

company reports, journals and Internet.

Organization of the Field Work

The study involved a fieldwork of around 20 days. The methodology applied is a

personal one. Various customers were contacted individually and convinced to provide the

information through the questionnaire and try to educate them about counter and its product.




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2.11 OPERATIONAL DEFINATION OF THE CONCEPT

a. Introduction to marketing

Marketing is a social and managerial process by which individuals and groups obtain what

they need want through creating, offering and exchanging products of value with others.

Marketing is to identify customer needs and satisfy those needs.

b. Market

A market consists of all the potential customers sharing a particular need or want who

might be willing and able to engage in exchange to satisfy that need or want. Originally, the

term market stood for the place where buyers and sellers gathered to exchange their

goods.

c. Marketing concept

The purpose of modern business is to create a customer. Marketing should aim at producing

that which the customer needs. The marketing concept in a customer needs and wants

orientation aimed at generating customer satisfaction as the key to satisfying organizational

goals.

d.Marketing research .




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Like any type of research, marketing research is simply a scientific research for knowledge

especially in the areas related to functions of marketing. Marketing research

As a separate department can be a source of great help to management‘s decision making.

―Marketing research is the systematic and Objective search and analysis of information

relevant to the identification and solution of any problem in the field of marketing .

SCOPE OF MARKETING

Marketing is typically seen as the task of creating, promoting, and delivering goods and

services to consumers and businesses. Marketers are skilled in stimulating demand for a

company‘s products, but this is too limited a view of the tasks marketers performs. Just as

production and logistics professionals are responsible for supply management, marketers are

responsible for demand management. Marketing managers seek to influence the level, timing

and composition of demand to meet the organization‘s objectives.

Marketing people are involved in marketing 10 types of entities: goods, services,

experiences, events, persons, places, properties, organizations, information and ideas.

GOODS - Physical goods constitute the bulk of most countries‘ production and

marketing effort. Each year U.S. companies alone market billions of canned andfrozen food products, millions of tons of steel, millions of hair dryers, cars, television

sets , machines, and various other mainstays of a modern economy. Not only do




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companies market their goods, but thanks to the Internet, even individuals can market

goods.

SERVICES - As economies advance, a growing proportion of their activities is

focused on the production of services. The U.S. economy

Today consists of a 70-30 services-to-goods mix. Services include the work of airlines,

hotels, car rental firms, barbers and beauticians, maintenance and repair people, dog

kennels and dog therapists, as well as professionals working within or for companies,

such as accountants, lawyers, engineers, doctors, software programmers, and

management consultants.

EXPERIENCES - By orchestrating several services and goods, a firm can create,

stage, and market experiences. There is also a market for customized experiences,

such as spending a week on baseball camp playing with some retired baseball greats,

playing to conduct the Chicago Symphony Orchestra for five minutes, or climbing

Mount Everest.

EVENTS - Marketers promote time based events, such as the Olympics, company

anniversaries, major trade shows, sports events, and artistic performances. There is a

whole profession of meeting planners who work out the details of an event and make

sure it comes off perfectly.

PERSONS- Celebrity marketing is a major business. Years ago, someone seeking famewould hire a press agent to plant stories in newspapers and magazines. Today every

major film star has an agent, a personal manager, and ties to a public relations agency.




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Artists, musicians, CEO‘s, physicians, high -profile lawyers and financiers, and other

professionals are also getting help from celebrity marketers .

PLACES - Places — cities, states, regions, and whole nations — compete activity to

attract tourists, factories, company headquarters, and new residents. Place marketers

include economic development specialists, real estate agents, commercial banks, local

business associations, and advertising and public relations agencies .

PROPERTIES- Properties are intangible rights of ownership of either real property (real

estate) or financial property (stocks and bonds). Properties are bought and sold, and

this requires marketing. Investment companies and banks are involved in marketingsecurities to both institutional and individual investors.

ORGANIZATIONS - Organizations actively work to build a strong, favorable image

in the minds of their publics. Companies spend money on corporate identity ads.

Philips, the Dutch electr onics company, puts out ads with the tag line Let‘s Make

Things Better .

INFORMATION - Information can be produced and marketed as a product. This is

essentially what schools and universities produce and distribute at a price to parents,

students, and communities. Encyclopedias and most nonfiction books market

information. The production, packaging, and distribution of information are one of

our society‘s major industries.

IDEAS - Every market offering includes a basic idea. Charles Reason of Revlonobse rved: In the factory, we make cosmetics; in the store we sell hope. Products

and services are platforms for delivering some idea or benefit. Social marketers are






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It is difficult to evaluate a marketing system in terms of how much satisfaction it delivers

to its citizens. Consumer satisfaction depends on the relationship between consumer‘s

expectations and the product perceived performance. If the product matches expectations, the

consumer is satisfied, if it exceeds then the consumer is highly satisfied but if it falls short the

consumer is dissatisfied.

c. Types of Consumers-

The term consumer is often used to describe two different kinds of consuming entities. The

personal consumer and the organizational consumer.

1. Personal Consumer

Personal consumer buys goods and services for his or her own use. Here the goods are brought

for final use by individuals, who are referred to as ‘end users’ or ultimate consumers.

2. Organizational Consumer

The organizational consumer encompasses profit and non-profit business, government

agencies and institutions all of which mostly buy products, equipments and services in order to

run their organizations.

d. Consumer Research-




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Consumer research is the methodology used to study consumer behavior. Consumer

behavior research enables marketers to carve new market segments based on variables that

emerge as important discriminators among consumers for specific product or product category.

e. Consumer Perception-

Perception is defined as the process by which an individual selects, organizes and

interprets stimuli into a meaningful and co-here not picture of the world. A stimulus is any units

of input to any of the senses.

3. a. Advertising

Advertising has been defined as any paid form of non-personal presentation or promotion

of ideas, goods or services by an identified sponsor. It has a strong persuasion power. It is a

common technique for mass selling. Any way advertisement has its own importance.

Advertisement makes the people aware of the product, it promotes competition and therefore

many advantages of competition may follow. Advertising is a peculiar attractive alternative to price competition .






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INTRODUCTION TO THE COMPANY






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a view to expand to expand , diversify and introduce offerings benchmarkedagainst global best practices , RELIGARE operates in the wealth managementspace under the brand name ‘ RELIGARE MACQUARIE PRIVATE

WEALTH’.RELIGARE has a pan India presence ,1837 locations across 498cities and towns. It also currently operates from nine international locationsfollowing its acquisition of London ‗s brokerage & investment firm , Hichens,Harrisons & co.plc. (now RELIGARE HICHENS , HARRISON PLC).http://www.religare.in

BENNEETH , COLEMAN & CO. Ltd( BBCL), Part of the mammoth Times Groups , is

India‘s largest media house. It reaches out to 2468 cities and towns all over India. The groupsowns and manages powerful media brands like The Times Of India, The Economic Times,Maharashtra Times, Navbharat Times, Femina, Filmfare, Grazia, Top Gear, Radio Mirchi,Zoom, Times Now, Times Music, Times OOH, Private Treaties, and Indiatimes.com. All of its

brands are multinational in spirit. From the very first edition on November 3, 1838 the mammothBBCL Groups has come a long way. By the way of the innovative venture of Times PrivateTreaties (http://www.timesprivatetreaties.com ), the BBCL Groups holds 30% equity in our company.

MILESTONES OF THE HISTORY:

RELIGARE is a diversified financial services groups of India offering multitude of investment options.

RELIGARE has a pan India presence , 1837* locations across 498* cities and towns .Italso currently operates from nine international locations following its acquisitions of London‘s brokerage & investment firms , HARRISON & CO. PLC.(NOW

RELIGARE HICHENS, HARRISON PLC).

AEGON RELIGARE LIFE INSURANCE launched its Pan-India multi-channeloperations in July, 2008 with over 30 branches spread across India in day 1.

http://www.religare.in/


http://www.timesprivatetreaties.com/








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AEGON RELIGARE is also the first company to include the customer‘s medical reportin the policy kit.

3.2 Role of IT at Aegon Religare Life Insurance :-

1. Inter Office Connectivity:-

All their branch / Area and Regional offices will be interconnected to their Data Center with a 24x7 access to Core Applications like Lotus Mail, Life – Asia and Internet

Applications. This will enable their associates to work faster and better with high speedInternet connectivity and also ensure faster turn Around Times for their customers.

2. Web Portal:-

This Portal will be an interface between both internal employees and their external users.

Some of the functions include in their Portal and Policy Tracking System, Corporate News ,Quality Checking System, Under Writing Medicals System , and AgentManagement System etc.

3. Customer Care Centre:-

They will host a centralized Customer Care Centre at Navi Mumbai, which cater services to internal and external queries and complication. A Customer RelationshipManagement Tool (CRM) and Lead Management System (LMS) are in progress.




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4. SMS Alerts:-

SMS Alerts will be provided to their Sales Manager about the latest happenings likecontests and campaigns, Employee Alerts will include company news and Welcome /Birthday/ Anniversary message etc. Customer Alerts will include Welcome / Birthday/Anniversary message , Policy Dispatch details, Policy servicing SMS like PremiumReceipt and Renewal Premium reminder etc.

5. Advisor Lounge:-

It is a dedicated area for AEGON RELIGARE LIFE INSURANCE Agent/Advisorsin all the branches across India . This Lounge will be equipped with desktops and

printers with internet connectivity , where their Advisors can brings in the prospectsand can have discussions across the table and they can create and prints quotes .TheAgents/Advisors can use this area to service their existing customers.

6. Document Management System:-

DMS will enable both policy issuance and contract servicing through an automatedworkflow, which yields a faster Turn around Time to both internal and external users.This applications will enable them to have a paperless office and thus mitigate the risk of losing vital records/papers.

3.3 Core Values :-




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AEGON RELIGARE LIFE INSURANCE COMPANY LIMITED has some core valueswhich are listed as follows:

1) Result Oriented.

2) Performance Driven.3) Customer Focused.4) Learning and Development Oriented .5) Employee Centric.6) Informal and Fun.

3.4 Subsidiary Companies :-

1. Religare Securities Limited:

Equity Broking. Online Investment Portal. Portfolio Management Services

Depository Services.

2. Religare Securities Limited:

Commodity Broking .

3. Religare Capital Markets limited:

Investment Banking. Proposed Institutional Broking.




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4. Religare Realty Limited:

In house Real Estate Management Company.

5. Religare Hichens Harrison:

Corporate Broking. Institutional Broking. Derivatives Sales.

Corporate Finance .

6. Religare Finvest limited:

Lending and Distribution business. Proposed Custodial business.

7. Religare Insurance Broking Limited :

Life Insurance . General Insurance. Peinsurance

8. Religare Arts Initiative limited:

Business of Arts. Gallery launched – arts-i.




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9. Religare Venture Capital Limited:

Private Equity and Investment Manager.

10. Religare Asser Management*

Religare Asset Management Company (P) Limited is a wholly ownedsubsidiary of Religare Securities Limited (RSL), which in turns is a 100%subsidiary of Religare Enterprises Limited.

Religare Hichens , Harrison plc. (RHH) is a part of Religare Enterprises

Limited (REL) – a leading integrated financial services group of india.Hichens Harrison & Co.plc. (HH), established in 1803 in London‘s oldest

brokerage and investment firm with a global footprint . Post its acquisitionthrough REL‘s indirect subsidiary – Religare Capital Markets International(UK) Limited, HH has been rechristened as Religare Hichens Harrison plc.

Associates companies :-

Fortis HealthCare Limited.

Super Religare Laboratories Limited ( Formerly SRL Ranbaxy) .

Religare Wellness Limited ( Formerly Fortis Healthworld).

Religare Technova Limited.

Religare Voyages Limited.






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3.5 Head Offices And Branches:-

There are 49 branches in 19 states through out India.

Corporate and Registered Office:-

AGEON RELIGARE LIFE INSURANCE,

2nd floor, Paranjpe B Scheme,

Subhash Road , Near Garware House,

Vile Parle(E),

Mumbai-400057.

Other Branches:-

Ahmadabad.

Amritsar.

Bangalore – Brigade.

Bangalore – J.P.Nagar.

Bhopal.




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Bhubaneswar.

Chandigarh.

Chennai- Mount Road.

Coimbatore.

Dehradun.

Faridabad.

Gurgaon.

Guwahati.

Hubli

. Hyderabad – Paniagut.

Hyderabad- Secunderabad.

Indore.

Jaipur.

Jalandhar.

Jamshedpur.




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Kanpur.

Kochi.

Kolkata – Dalhousie.

Kolkata – Garihat.

Lucknow – Sikanderbad.

Lucknow - Vidhan Sabha Road.

Ludhiana.

Mangalore.

Mumbai – Dadar.

Mumbai – Belapur.

Mumbai – Kandivali.

Nagpur.

Nashik.

New Delhi – Kailash Colony.




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New Delhi – Pitampura.

Noida.

Panipat.

Panjim.

Pune – Koregaon Road.

Pune – Sachapir Street.

Raipur.

Rajkot.

Ranchi.

Salem.

Surat.

Thriuvananthapuram.

Thrissur .

Vadodara.

Varanasi.




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Data Analysis and Interpretation

1) What type of products have you taken from AEGON RELIGARE Life Insurance ?

TABLE NO.4.1

Protection plans 20Children’s plans 20Retirement plans 10Savings and Investment plans 33Health plans 17




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GRAPH NO.4.1

INTERPRETATION:-

It has been found that majority of respondent have use Saving and Investment plansProducts from AEGON RELIGARE Life Insurance.

0

5

10

15

20

25

30

35

Protectionplans

Children'splans

Retirementplans

Savings andInvestment

plans

Health Plans










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INTERPRETATION:-

20% of respondents feel that the products provided by AEGON RELIGARE Life Insurance areexcellent where as 45% thinks that they are very good , 30% respondents think that it is good and5% respondent think that it is bad.

4) What are the responses of the agents?

0

5

10

15

20

25

30

35

40

45

50

Excellent Very Good Good Bad




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TABLE NO.4.4

Option No. of Respondents Percentagea) Excellent 25 25%b) Very Good 40 40%c) Good 25 25%d) Bad 10 10%

Total 100 100%

GRAPH NO.4.4




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INTERPRETATION:-

25% of the respondents found that the responses are excellent and 40% of therespondents found that it very good, 25% of the respondents is good and 10%respondents with the opinion that the products are bad quality.

0

5

10

15

20

25

30

35

40





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5) What do you think regarding the personal attention by the agents of AEGONRELIGARE Life Insurance towards the customers?

TABLE NO.4. 5


Total 100 100%

GRAPH NO.4.5




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INTERPRETATION:-

35% of respondents found the personal attention by the agents of AEGON RELIGARELife Insurance towards customers are excellent , 20% of the respondents found it is verygood, 30 % of the respondents found are good and 15% respondents found that it is bad.

6) What do you think about the returns of different plans of AEGON RELIGARE LifeInsurance?

0

5

10

15

20

25

30

35

40





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TABLE NO.4.6

Option No. of Respondents percentagea) Excellent 37 37%b) Very Good 37 37%c) Good 26 26%d) Bad 0 0%

Total 100 100%

GRAPH NO.4.6




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INTERPRETATION:-

37% of respondents found the returns of different plans of AEGON RELIGARE LifeInsurance are excellent,37% of the respondents found it very good, 26% of therespondents found that the returns of different plans of AEGON RELIGARE LifeInsurance is good.

Excellent, 37

Very Good, 37

Good, 26

Bad, 0




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7) How will you rate the after sale facilities provided by AEGON RELIGARE LifeInsurance?

TABLE NO.4.7

Option No .of Respondents Percentagea) Excellent 38 38%

b) Very Good 26 26%c) Good 30 30%d) Bad 6 6%

Total 100 100%

GRAPH NO.4.7




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INTERPRETATION:-

38% of respondents found the rate after sale facilities provided by the AEGONRELIGARE Life Insurance are excellent, 26% of the respondents found it is very good ,30% of the respondents found it is good and 6% of the respondents it is bad.

8) Are you satisfied with the AEGON RELIGARE Life Insurance agency/dealer?

0 10 20 30 40

Excellent

Very Good

Good

Bad




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TABLE NO.4.8

Option No. of Respondents Percentagea) Yes 89 89%b) No 11 11%

Total 100 100%

GRAPH NO.4.8




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INTERPRETATION:-

89% respondents are satisfied with AEGON RELIGARE Life Insurance agency/dealer and 11% are not satisfied with AEGON RELIGARE Life Insurance agency/dealer.

9) Are you satisfied with the different plans of AEGON RELIGARE Life Insurance?

89%

11%




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TABLE NO.4.9


Total 100 100%

GRAPH NO.4.9




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INTERPRETATION:-

70% respondents are satisfied with the charges of AEGON RELIGARE Life Insurance whereas30% are not satisfied.

0

10

20

30

40

50

60

70

Yes No




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10) How will you rate the overall products of AEGON RELIGARE Life Insurance?

TABLE NO.4.10


Total 100 100

GRAPH NO. 4.10




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INTERPRETATION:-

30% of respondents rate the overall products of AEGON RELIGARE Life Insurance areexcellent,20% of the respondents found it is very good, 37% of respondents found it isgood and 13% of the respondents found that the returns of different plans of AEGONRELIGARE Life Insurance is bad.

11) Do you think that AEGON RELIGARE Life Insurance is preferred because of itsreturns?

Excellent30%

Very Good20%

Good37%

Bad13%




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TABLE NO.4.11


Total 100 100%

GRAPH NO.4.11




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INTERPRETATION:-

85% respondents think that AEGON RELIGARE Life Insurance is Preferred because of its returns.

0

10

20

30

40

50

60

70

80

90

Yes No




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12)Are you happy with the services provided by AEGON RELIGARE Life Insurance?

TABLE NO.4.12


Total 100 100%






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13)Are you happy with the processing time?

TABLE NO.4.13


Total 100 100%




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GRAPH NO.4.13

INTERPRETATION:-

95% of the respondents are happy with the processing time of the AEGON RELIGARE LifeInsurance and 5 are not happy.

Yes95%

No5%




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14) what type of customers are attracted towards AEGON RELIGARE Life Insurance?

TABLE NO.4.14

Professional 65

House wife 3Others 32




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GRAPH NO.4.14

INTERPRETATION:-

65% of respondents are professional, 3% of respondents are house wife and 32% of respondentsare others.

0

10

20

30

40

50

60

70

Professional House Wife Others




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15)Is the company logo attractive?

TABLE NO.4.15


Total 100 100%

GRAPH NO.4.15




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INTERPRETATION:-

55% of the respondents are satisfied with the company logo of the AEGON RELIGARE LifeInsurance and 45 % are not satisfied.

0

10

20

30

40

50

60

Yes No




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16)Do you have life insurance policy?

TABLE NO.4.16


Total 100 100%




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GRAPH NO.4.16

INTERPRETATION:-

61 % of the respondents are having life insurance policy at AEGON RELIGARE Life Insuranceand 39% are having others policies.

0

10

20

30

40

50

60

70

Yes No




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17)Is the response time for the insurance claim satisfacts

TABLE NO.4.17

Option No. of Respondents percentagea) Yes 92 92%b) No 8 8%

Total 100 100




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GRAPH NO.4.17

INTERPRETATION:-

92% of the respondents are satisfied with the response time for the insurance claim and 8% arenot satisfied.

Yes No

92

8






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INTERPRETATION:-

32% of feedback by the respondents of AEGON RELIGARE Life Insurance are excellent,35%feedback by the respondents are very good, 33% of feedback by the respondents are good .

Excellent32%

Very Good35%

Good33%

Bad0%




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OBSERVATIONS AND FINDINGS




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INTERPRETATIONS:-

It has been found that majority of respondent have use Saving and Investment plansProducts from AEGON RELIGARE Life Insurance.

INTERPRETATION:-

75% of respondents are satisfied with the products provided by AEGON RELIGARELife Insurance.

INTERPRETATION:-

20% of respondents feel that the products provided by AEGON RELIGARE LifeInsurance are excellent where as 45% thinks that they are very good , 30% respondentsthink that it is good and 5% respondent think that it is bad.

INTERPRETATION :-

25% of the respondents found that the responses are excellent and 40% of therespondents found that it very good, 25% of the respondents is good and 10%respondents with the opinion that the products are bad quality.

INTERPRETATION:-

35% of respondents found the personal attention by the agents of AEGON RELIGARELife Insurance towards customers are excellent , 20% of the respondents found it is verygood, 30 % of the respondents found are good and 15% respondents found that it is bad.




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INTERPRETATION:-

37% of respondents found the returns of different plans of AEGON RELIGARE LifeInsurance are excellent,37% of the respondents found it very good, 26% of therespondents found that the returns of different plans of AEGON RELIGARE LifeInsurance is good.

INTERPRETATION:-

38% of respondents found the rate after sale facilities provided by the AEGONRELIGARE Life Insurance are excellent, 26% of the respondents found it is very good,30% of the respondents found it is good and 6% of the respondents it is bad.

INTERPRETATION :-

89% respondents are satisfied with AEGON RELIGARE Life Insurance agency/dealer and 11% are not satisfied with AEGON RELIGARE Life Insurance agency/dealer.

INTERPRETATION:-

70% respondents are satisfied with the charges of AEGON RELIGARE Life Insurancewhereas 30% are not satisfied.

INTERPRETATION :-

30% of respondents rate the overall products of AEGON RELIGARE Life Insurance areexcellent,20% of the respondents found it is very good, 37% of respondents found it isgood and 13% of the respondents found that the returns of different plans of AEGONRELIGARE Life Insurance is bad.




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INTERPRETATION :-

85% respondents think that AEGON RELIGARE Life Insurance is Preferred because of its returns.

INTERPRETATION:-

75% of the respondents are happy with services provided by the AEGON RELIGARELife insurance and 25% are not happy.

INTERPRETATION:-

95% of the respondents are happy with the processing time of the AEGON RELIGARELife Insurance and 5 are not happy.

INTERPRETATION:-

65% of respondents are professional, 3% of respondents are house wife and 32% of respondents are others.

INTERPRETATION:-

55% of the respondents are satisfied with the company logo of the AEGON RELIGARELife Insurance and 45 % are not satisfied.




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INTERPRETATION:-

61 % of the respondents are having life insurance policy at AEGON RELIGARE LifeInsurance and 39% are having others policies.

INTERPRETATION:-

92% of the respondents are satisfied with the response time for the insurance claim and8% are not satisfied.

INTERPRETATION:-

32% of feedback by the respondents of AEGON RELIGARE Life Insurance areexcellent,35% feedback by the respondents are very good, 33% of feedback by therespondents are good .






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Customer Satisfaction is a measure of how products and products 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 perspectives 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. For this we have done project on customer satisfaction of AEGONRELIGARE Life Insurance. It is found that majority of respondent have use Saving andInvestment plans products from AEGON RELIGARE Life Insurance. 33% respondentthink that AEGON RELIGARE Life Insurance is preferred because of its returns. Sofinally both below the hypothesis are proved.

It has been found that majority of respondents have use Savings & Investment plans products from AEGON RELIGARE Life Insurance.

75% of respondents are satisfied and 25% of respondents are not satisfied with the products provided by AEGON RELIGARE Life Insurance .

20% of respondents feel that the products provided by AEGON RELIGARE LifeInsurance are excellent where as 45% thinks that they are very good 30% respondentsthink that it is good and 5% respondent thinks that it bad.

25% of respondent found that the responses are excellent ,40% of the respondent found itvery good,25% of the respondents is good and 10% of the respondents is with the opinionthat products are of bad quality.

35% of the respondents found the personal attention by the agents of AEGONRELIGARE Life Insurance towards customers are excellent, 20% of the respondentsfound it very good,30% of the respondents found are good and 15% of respondents iswith the opinion that the personal attention are bad.

37% of respondents found the returns of different plans of AEGON RELIGARE LifeInsurance are excellent, 37% of the respondents found it very good, 26% of the




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respondents found that the returns of different plans of AEGON RELIGARE LifeInsurance is good.

38% of respondents found the rate after sale facilities provided by the AEGON

RELIGARE Life Insurance are excellent,26 % of the respondents found it very good,30% of the respondents found the is good and 6% of the respondents is with the opinionthat sales facilities are of bad .

89% of respondents are satisfied and 11% of respondents are not satisfied with AEGONRELIGARE Life Insurance agency /dealer.

70% of respondents are satisfied and 30% are not satisfied with the different plans of AEGON RELIGARE Life Insurance.

30% of respondents found the rate the overall Products of AEGON RELIGARE LifeInsurance are excellent, 20% of the respondents found it very good, 37% of therespondents is good and 13% found that it is bad.

85% of respondent think that AEGON RELIGARE Life Insurance is preferred because of its returns.

75% of the respondents are happy with services provided by the AEGON RELIGARELife insurance and 25% are not happy.

95% of the respondents are happy with the processing time of the AEGON RELIGARELife Insurance and 5 are not happy.

65% of respondents are professional, 3% of respondents are house wife and 32% of respondents are others.






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On the basis of extensive study and research, here are some recommendation andsuggestion which may help the company to market the product and service more

profitability and increase its share in the insurance market.

PROMOTIONAL ACTIVITIES

The company expands the budget allocation for promotional campaign incenter Bhopal. It has affected the sale service brand image of kotak insuranceespecially in Bhopal. Low supports in promotion have lead to fluctuation insale.

There may be some useful tools which can be summed as follows:-

Advertising –

Advertising should have a clear objective and message, which has not been found inrecent ads. Insurance is a faster growing provider service in each state .every offers andschemes they should show with proper message for benefit to the customer. In busy lifecustomer do not remembered any offer sand which service we can provided for thecustomer therefore they should by force showing advertisement in growing market andamong customer. Customers want continuously exposure in Cable and Local newspapers.

Persuasive Advertising: -

Now there is a need of persuasive advertising for Reliance service which can be movedinto the category of ―comparative advertising . It will help the company to establish thesuperiority of its brand service through specific comparison of one or more attributes andfeatures.

Technical Expertise: -




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The advertisement should show the companies expertise, experience and pride in marketthe product service sale.

Limitation of the study

In this research, researcher may under take some sort of preliminary survey. It could not do inthis study. The time devoted in the reviewing of research already on related problem. Studies onrelated problem are useful for indicating the type of difficulties that may be in countered in the

present study as also the possible analytical short coming. At time such study mayalso suggest useful and even new line of approach to the present problem.

After the receiving the questionnaire, The researcher think that some point must be incorporatedin this study. what effect is on their business, and what effect on the social status and how muchgrowth is generated in their economy. Time factor save by the consumer. How they spent their time which they have save and what way they utilized. Such type of finding may

be asked in the questionnaire.




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REFERENCES & BIBLIOGRAPHY




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Published Sources

Aaker (1991) Building Strong Brands; New York: Free Press

C.R. Kothari (1985) Methods of Data Collection: ResearchMethodology – Methods & Techniques, pp 95-96.

C.R. Kothari (1985), Research Design: Research Methodology – Methods & Techniques, pp 31-32.

Chatterjee, Jauchius, Kaas and Satpathy no. 1, (2002): 'Revving upauto branding', McKinsey Quarterly.

David. A. Aaker, V.Kumar & George S. Day, (2001) DescriptiveResearch: Marketing Research, Seventh Edition, pp 17

David. A. Aaker, V. Kumar & George S. Day, (2001) Samplingfundamentals : Marketing Research, pp 379

Donald S. Tull & Del I. Hawkins, (2004) Sampling & Data analysis :Marketing Research – Measurement & Method, pp 537

Fink, Arlene (2002). How to sample in surveys, Vol. 7. ThousandOaks, CA: Sage Publications.




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QUESTIONNAIRE




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QUESTIONNAIRE

Customer satisfaction towards the services rendered by the AEGON RELIGARE LIFEInsurance.

Dear Sir/Madam,

I am RAJAT TOKAS student of CMR Institute of management studies, Bangaloreperusing my 6 th SEM B.B.M, as a part of curriculum; I am conducting a survey toprepare a Project Report on “ CUSTOMER SATISFACTION TOWARDS THESERVICE RENDERED BY THE AEGON RELIGARE LIFE INSURANCE.

Personal Details :

NAME :

AGE :

SEX :




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QUESTIONS

1 ) What type of AEGON RELIGARE Life Insurance Products have you purchase?

Protection Plans Children‘s Plans

Retirement Plans Savings & Investment Plans

Health Plans

2) Are you satisfied with these Products?

Yes

No

3) How will you rate the Products of AEGON RELIGARE Insurance?

Excellent

Very Good

Good

Bad

4) What is the responses of the agents?

Excellent

Very Good

Good




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Bad

5) What do you think regarding the personal attention by the by the agents of AEGONRELIGARE Life Insurance towards the customers?

Excellent

Very Good

Good

Bad

6) What do you think about the returns of different plans of AEGON RELIGARE LifeInsurance?

Excellent

Very Good

Good

Bad

7) How will you rate the after sale facilities provided by the AEGON RELIGARELifeInsurance?

Excellent

Very Good

Good

Bad




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8) Are you satisfied with the AEGON RELIGARE Life Insurance agency/dealer?

Yes

No

9) Are you satisfied with the different plans of AEGON RELIGARE Life Insurance?

Yes

No

10) How will you rate the overall plans of AEGON RELIGARE Life Insurance?

Excellent

Very Good

Good

Bad

11) Do you think that AEGON RELIGARE Life Insurance is preferred because of itsreturns?

Yes

No

12)Are you happy with the services provided by the AEGON RELIGARE Life Insurance?




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Yes

No

13)Are you happy with the processing time?

Yes

No

14)What type of customer attracted towards AEGON RELIGARE Life Insurance?

Professional

House Wife

Others

15) Is the company logo is attractive?

Yes

No

16)Do you have life insurance policy?

Yes

No



17)Is the response time for the insurance claim satifacts?

Yes

No

18)How‘s the feedback by the customers?

Excellent

Very Good

Good

Bad

THANKYOU

Project on customer Satisfaction Towards Service Provided by Aegon Religare pvt.ltd.

Documents