White Paper, Rupak

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Information about White Paper, Rupak
mrs

Published on February 23, 2008

Author: rupakfeb7

Source: slideshare.net

A WHITE PAPER PRESENTATION ON CUSTOMER SATISFACTION LEVEL TOWARDS LIFE INSURANCE SUBMITTED TO: Mrs. Sapna Modi SUBMITTED BY: Rupak Choudhary TIMSR - 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.

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.

What is Insurance?

Indian Insurance an Overview.

Life Insurance, Household Savings & GDP 2.1 13.0 2004 – 05 1.8 12.4 2003 – 04 1.3 11.8 2002 – 03 1.2 10.3 1996 – 96 1.2 8.1 1994 – 95 1.0 9.5 1990 – 91 0.7 7.0 1985 – 86 0.7 7.6 1980 – 81 Life Insurance as % of GDP Life Insurance as % of Savings in Financial Assets Year

Purpose and Need of Insurance Health insurance vi. Financial cover in ailments/surgery etc. Vehicle insurance v. Theft are accident of vehicles Carrier insurance iv. Goods in transit by road or railway destroyed Burglary insurance iii. Jewellery/Cash/Household goods stolen or robbed Marine insurance ii. Shipment or transportation of goods by ship, destroyed in catastrophe Fire insurance I. House/Office/Factory or any movable assets destroyed in fire

CONTD … Insurance and Social Security Insurance and Financial Security Insurance and Economic Development Insurance and Employment

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

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

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 100 Grand Total 91.19 LIC 8.81 Total 0.04 AMP Sanmar 0.11 Aviva 0.73 SBI Life 3.41 ICICI Pru 0.43 Alianz Bajaj 0.05 Met Life 1.11 HDFC-Standard 0.15 ING Vyasa 0.75 Max New York 1.12 Birla-Sunlife 0.31 Om-Kotak 0.60 Tata-AIG Premium (%)   Market Share Based on Company

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.

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.

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.

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}

Research design

Sample Plan

Data Analysis

Cross- tabulation.

Hypothesis testing using z-Test: Two Sample for Means.

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.

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.

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

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.

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.

THANK YOU

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