White Paper, Rupak

A WHITE PAPER PRESENTATION ON

CUSTOMER SATISFACTION LEVEL TOWARDSLIFE INSURANCE

SUBMITTED TO: Mrs. Sapna ModiSUBMITTED BY: Rupak ChoudharyTIMSR - PGDM (Marketing)

Objectives To study customer satisfaction of the life

insurance policies. To understand the customer attitude towards

different Life Insurance Policies. To understand the problem faced by the

customer while purchasing a Life Insurance policies.

To understand the unfulfilled expectations of the customers and to get Customer insight.

Introduction

• What is Insurance?

• Indian Insurance an Overview.

YearLife Insurance as % of Savings in Financial Assets

Life Insurance as % of GDP

1980 – 81 7.6 0.7

1985 – 86 7.0 0.7

1990 – 91 9.5 1.0

1994 – 95 8.1 1.2

1996 – 96 10.3 1.2

2002 – 03 11.8 1.3

2003 – 04 12.4 1.8

2004 – 05 13.0 2.1

Life Insurance, Household Savings & GDP

Purpose and Need of Insurance

I. House/Office/Factory or any movable assets destroyed in fire

Fire insurance

ii. Shipment or transportation of goods by ship, destroyed in catastrophe

Marine insurance

iii. Jewellery/Cash/Household goods stolen or robbed

Burglary insurance

iv. Goods in transit by road or railway destroyed

Carrier insurance

v. Theft are accident of vehicles Vehicle insurance

vi. Financial cover in ailments/surgery etc. Health insurance

CONTD…

• Insurance and Social Security

• Insurance and Financial Security

• Insurance and Economic Development

• Insurance and Employment

LIFE INSURANCE

• Term Insurance Policy

• Whole Life Policy

• Endowment Policy

• Money Back Policy

• Annuities and Pension

BENEFITS OF LIFE INSURANCE• Superior to Any Other Savings Plan

• Encourages and Forces Thrift

• Easy Settlement and Protection against Creditors

• Administering the Legacy for Beneficiaries

• Ready Marketability and Suitability for Quick Borrowing

• Disability Benefits

• Accidental Death Benefits

• Tax Relief

MAJOR PLAYERS & MARKET SHARE

Company Market Share Based on

  Premium (%)

Tata-AIG 0.60

Om-Kotak 0.31

Birla-Sunlife 1.12

Max New York 0.75

ING Vyasa 0.15

HDFC-Standard 1.11

Met Life 0.05

Alianz Bajaj 0.43

ICICI Pru 3.41

SBI Life 0.73

Aviva 0.11

AMP Sanmar 0.04

Total 8.81

LIC 91.19

Grand Total 100

Hypothesis Statement

• The hypothesis formulated for the research is as below

H0: Consumers are satisfied with Life Insurance Policies.

H1: Consumers are not satisfied with Life Insurance Policies.

Literature Review

Topic 1: Insurance broker’s role not well understood.

Topic 2: How not to lose customers

Topic 3: Activity based costing for strategic decisions

support.

CONT…

Topic 4: Risk Perception and Reduction in the Purchase of Consumer Services.

Topic 5: Perception gap creates animosity among

consumers.

Topic 6: Insurance Company Effectiveness under

Extreme Conditions.

METHODOLOGY

• Research design• Sample Plan

• Data Analysis – Cross- tabulation.

– Hypothesis testing using z-Test: Two Sample for

Means.

n = N / {1+N (e) ^2}

Importance The benefit which the customer gets because of

the life insurance policies can be studied.

Customer awareness and perception various life Insurance policies can also be analyzed.

The unfulfilled expectations of the customers can be understood.

The factors which are considered important by the customers before buying life insurance policies can be understood.

Benefits of study

The study would provide an insight into the needs wants and desires of the consumers toward Life Insurance.

It will help to make the comparative analysis between various life insurance policies.

Advantages and disadvantages of these life insurance policies can be studied.

Limitations of the research

Possibility of data manipulation by customers.

Possibility of non disclosure of data by customers.

Unwillingness of the customers to provide information.

Customers located at remote places may not be considered

CONCLUSION

• This study will provide an overview of the satisfaction levels enjoyed by Life Insurance companies by its customers and also pin points those areas where the satisfaction levels are low and need to be worked upon so that it can provide customer delight. Service is the key to success in this industry and the earlier the players recognize this fact the better they will be.