“ THE CUSTOMER BEHAVIOUR AND CUSTOMER SATISFACTION” SPECIAL REFERENCE TO AVIVA A Major Project Report Submitted in partial fulfillment of the requirements for BBA (Banking & Insurance) Semester VI Programme of G.G.S.Indraprastha University, Delhi. Submitted by: Sachin Teotia BBA(B&I) Semester VI Enrl. No: 0751241808 1
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The Customer Behaviour & Custmer Satisfaction at Aviva
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“ THE CUSTOMER BEHAVIOUR AND CUSTOMER
SATISFACTION”
SPECIAL REFERENCE TO AVIVA
A Major Project Report
Submitted in partial fulfillment of the requirements for BBA (Banking & Insurance) Semester VI Programme of G.G.S.Indraprastha University, Delhi.
Submitted by:Sachin Teotia
BBA(B&I) Semester VIEnrl. No: 0751241808
Delhi Institute OF Rural Development
Nangli PoonaDelhi - 110036
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DECLARATION
I hereby declare that the major project report, entitled “THE CUSTOMER BEHAVIOUR
AND CUSTOMER SATISFACTION WITH SPECIAL REFERENCE TO AVIVA”, is
based on my original study and has not been submitted earlier for award of any degree or
diploma to any institute or university.
The work of other author(s), wherever used, has been acknowledged at appropriate place(s).
Place: New Delhi Candidate’s Signature
Date: 31st March 2011 Name: Sachin Teotia
Enrol. No. : 0751241808
Countersigned
Name: Name:
Supervisor Director
Delhi Institute of Rural Development Delhi Institute of Rural Development
PREFACE
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Talent & capabilities are of course necessary but opportunities and good
guidance are two very important things without which no persons can
climb those infant ladders towards progress. First of all I am very much
indebted and thankful to my parents and God for giving me strength for
completion of my Internship.
I am really thankful to AVIVA LIFE INSURANCE .
For giving me the permission to carry out my summer internship in their
esteemed organization. I wish to express my deep sense of gratitude to the
management and staff of AVIVA , especially to MR. RAJESH KACHRU
company guide for the support , cooperation , and briefings they provided
during internship to make it a success.
ACKNOWLEDGEMENT
With profound sense of gratitude and regard, I express my sincere thanks to my
guide and mentor Mrs. Manisha for her valuable guidance and the confidence
he instilled in me, that helped me in the successful completion of this project
report. Without her help, this project would have been a distant affair.
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Her thorough understanding of the subject and the professional guidance is
indeed of immense help to me.
SACHIN TEOTIA
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INDEX
S.NO CONTENT
1. Introduction of Project
2. Objectives of Project
3. Company Logo
4. Company’s Profile
4.1 About AVIVA
4.2 History
4.3 Board of Directors
4.4 Management
4.5 Awards Received
4.6 What is AVIVA’S Life Insurance
5. ULIP Plans of AVIVA
5.1 Aviva New Young Scholar
5.2 Aviva New Life Saver Plus
5.3 Aviva New Sachin Century Plan
5.4 Aviva New Safe Guard
5.5 Aviva New Life Line
5.6 Aviva Life Bond Plus
5.7 Aviva New Freedom Life Plan
5.8 Aviva New Pension Plus
5.9 Aviva New Pension Elite
6. Research Methodology
6.1 Research Design
6.2 Steps for research methodlogy
6.3 Data Sources
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6.4 Data Analysis and Interpretation
6.5 Conclusion
6.6 Suggestions and recommendations
7. Annexure
7.1 Questionnaire
7.2 Bibliography
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INTRODUCTION OF PROJECT:-
The project was basically “A survey of customer satisfaction”. The study was
done to the geographical boundaries of DELHI.
PROJECT TITLE:-
“To Study the Customer Behaviour and Customer Satisfaction”
OBJECTIVES OF THE PROJECT:-
To know the feedback of customers regarding the services which are
being provided by the company?
To understand the importance of customer relationship with the
company.
To understand customer satisfaction regarding the products offered
by the company.
To understand the reasons for demand of a particular product.
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COMPANY PROFILE
This is a Project report on the study conducted on the
Unit Linked Insurance plans of AVIVA.
So, first of all we would like to discuss a few things about AVIVA, the company.
This section precisely studies the company, its objectives,
its operations, its achievements and also analyse its income and expenditure in a
precise manner .
ABOUT AVIVA
Aviva is UKs largest and the world’s fifth largest insurance Group. It is one of
the leading providers of life and pensions products to Europe and has substantial
businesses elsewhere around the world. With a history dating back to 1696,
Aviva has a 40 million-customer base worldwide. It has more than 364 billion of
assets under management.
In India, Aviva has a long history dating back to 1834. At the time of
nationalization it was the largest foreign insurer in India in terms of the
compensation paid by the Government of India. Aviva was also the first foreign
insurance company in India to set up its representative office in 1995.
In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest
Group of companies. A professionally managed company, Dabur is the country's
leading producer of traditional healthcare products.
In accordance with the government regulations Aviva holds a 26 per cent stake in
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the joint venture and the Dabur group holds the balance 74 per cent share.
With a strong sales force of over 27,000 Financial Planning Advisers (FPAs),
Aviva has initiated an innovative and differentiated sales approach to the
business. Through the Financial Health Check (FHC) Aviva’s sales force has
been able to establish its credibility in the market. The FHC is a free service
administered by the FPAs for a need-based analysis of the customer’s long-term
savings and insurance needs. Depending on the life stage and earnings of the
customer, the FHC assesses and recommends the right insurance product for
them.
Aviva pioneered the concept of Ban assurance in India, and has leveraged its
global expertise in Ban assurance successfully in India. Currently, Aviva has Ban
assurance tie-ups with ABN Amro Bank, American Express Bank, Canara Bank,
Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind
Bank, Co-operative Banks in Gujarat, Rajasthan, DELHI & Kashmir, Bihar,
West Bengal, Andhra Pradesh and Maharashtra and regional Banks.
History
Aviva can trace its heritage back over 300 years.
The group was formed as CGNU in 2000 following the merger of CGU and
Norwich Union. CGU was itself the result of an earlier
merger, between Commercial Union and General Accident in 1998.
Key dates in the company history are as follows:
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1696
The Hand-in-Hand was formed at Tom's coffee house, in London. It is the oldest
of the many companies that have been absorbed into
what is now Aviva.
1797
Norwich Union was founded as a mutual fire insurance society by Thomas
Bignold in Norwich, Norfolk.
1808
A particularly severe winter involving widespread suffering and loss of life
prompted Thomas Bignold to establish the Norwich Union Life Insurance
Society, again on the mutual principle.
1824
Norwich Union's first overseas agency was opened, in Portugal. Eventually the
Norwich Union name spread across mainland Europe to the Middle East, Africa,
India, the Far East, Australia, New Zealand, the United States, Canada and South
America.
1863
Commercial Union continued its overseas expansion and within two years had
agencies in India, South Africa, the Caribbean.
1994
Commercial Union acquired French asset manager Groupe Victoire.
1997
In the year of its bicentenary, Norwich Union demutualised and floated as
2004
Aviva sells its general insurance businesses in Asia, its Your Move estate agency
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and e.surv surveying businesses in the UK. It also acquires HPI Group Holdings
Ltd, the UK’s leading provider of vehicle status checks for used-car purchasers,
and closes UK broker subsidiary Hill House Hammond.
2005
Aviva brings together Norwich Union Insurance and RAC in the UK for about
£1.1 billion. Aviva appoints new chairman. In Ireland, Hibernian enters a
bancassurance joint venture with AIB.
2006
Aviva announces changes to group organisation to create Aviva UK and Aviva
International. Aviva partners with Centurion Bank of Punjab in India and
announces an acquistion and bancassurance deal in Sri Lanka. Aviva receives a
licence in Russia and acquires AmerUs in the US.
2009
Aviva Australia is acquired by National Australia Bank (NAB), one of
Australia’s major banks. Together with Aviva, MLC and NAB Wealth (the
wealth management division of the NAB) will have the largest combined life
insurance book in Australia with market leading individual and group insurance
offers and will be the largest investment platform provider in Australia.
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Board of Directors
Lord Sharman of Redlynch OBE,
Chairman
View Lord Sharman of Redlynch's full biography and recent interviews
born February 1943
Appointed to the board in January 2005 and became chairman in January 2006.
Currently an independent non-executive director of BG Group plc (utility) and
Reed Elsevier plc (publishing). Former chairman of Aegis Group plc (media
services) and KPMG International (auditors), former deputy chairman of Group 4
Securicor plc (security services), former member of the supervisory board of
ABN AMRO NV (banking) and is a former independent non-executive director
of Young & Co’s Brewery plc (drinks) and AEA Technology plc