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CUSTOMER-BUYING BEHAVIOR IN LIFE INSURANCE INDUSTRY Submitted to the SCHOOL OF MANAGEMENT In partial fulfillment of the requirements for the award of the degree Of MASTER OF BUSINESS ADMINISTRATION By Anand. N (Reg.No.35080039) Under the guidance of Prof S. Sundararajan PROFESSOR
SCHOOL OF MANAGEMENT SRM UNIVERSITY SRM NAGAR, KATTANKULATUR, KANCHIPURAM DISTRICT-603203 MAY-2010
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BONAFIDE CERTIFICATE
Certified that this project report titled CUSTOMER-BUYING BEHAVIOR IN LIFE INSURANCE INDUSTRY is the bonafide work of Anand. N who carried out the research under my supervision. Certified further, that to the best of my knowledge the work reported here in does not form part of any other Project report or dissertation on the basis of which a degree or award was conferred on an earlier occasion on this or any other candidate.
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EXTERNAL EXAMINER
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DECLARATION
We hereby declare that this project work entitled CUSTOMER-BUYING
Place: Chennai
Date:
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ACKNOWLEDGEMENT
I first thank my Almighty God and my parents for their sustained blessings and grace at all stages of my training.
I render my gratitude and special thanks to Mr. P. Ganesh Sachidanandhan (Business Manager) of Coimbatore regional office for his help and encouragement throughout the project completion.
I render my unfathomable gratitude and special thanks to Prof S. Sundararajan for his valuable guidance, remedial encouragement, timely suggestions and his deference shown during the preparation of this dissertation.
I render my special thanks to our College Management and to our beloved Dean Dr.Jayshree Suresh, for giving me this opportunity to carry out this Project.
Last but not the least, I thank my friends and well wisher for their good cooperation while I am doing my project.
CONTENTS
PARTICULARS
PAGE NO. 05 06 08 08 09 10 11 23 32 33 33 35 67 68 70 71 72
1.1 INTRODUCTION TO THE STUDY 1.2 OBJECTIVES OF THE STUDY 1.3 SCOPE OF THE STUDY 1.4 LIMITATIONS OF THE STUDY II INDUSTRY & COMPANY PROFILE 2.1 INDUSTRY PROFILE 2.2 COMPANY PROFILE III RESEARCH METHODOLOGY 3.1 RESEARCH DESIGN 3.2 METHODOLOGY IV V ANALYSIS AND INTERPRETATION 5.1 FINDINGS 5.2 SUGGESTIONS VI CONCLUSION BIBLIOGRAPHY ANNEXURE
LIST OF TABLES
TABLE NO. 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 PARTICULARS Age group of respondents Occupation of the respondents Respondents awareness of investment option Respondents having an insurance policy Respondents interest of investing options Term of investment preferred Perception about insurance Kind of buying process preferred What people look for in an insurance company Features made you to invest in HDFC-SLIC Perception towards HDFC-SLIC Satisfaction with respect to policies offered. Respondents preference for clarifying any query. Benefits of insurance perceived by respondents Satisfaction with current policy PAGE NO. 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64
LIST OF FIGURES
FIGURE NO. 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15
PARTICULARS Age group of respondents Occupation of the respondents Respondents awareness of investment option Respondents having an insurance policy Respondents interest of investing options Term of investment preferred Perception about insurance Kind of buying process preferred What people look for in an insurance company Features made you to invest in HDFC-SLIC Perception towards HDFC-SLIC Satisfaction with respect to policies offered. Respondents preference for clarifying any query. Benefits of insurance perceived by respondents Satisfaction with current policy
PAGE NO. 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65
EXECUTIVE SUMMARY:
In todays corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to enter in this sector and HDFC Standard Life Insurance Company Ltd has given me the opportunity to work and get experience in highly competitive and enhancing sector. The success story of good market share of different market organizations depends upon the availability of the product and services near to the customer, which can be distributed through a distribution channel. However understanding the market, consumer preference and introducing new products to suit different tastes and at the same time offering a value product would be the key steps to fight competition. Marketing is an important activity in any organizations sales strategy. Marketing helps in promoting the products in the targeted market and create a recall value and branding to the products. Marketing department perform the initial market study for the suitability of the product launches; study the market requirements in the existing markets to further strengthen the market capitalization identity the feature needed for a longevity of a product. Agents are the only way for a company of Insurance sector through which policies and benefits of the company can be explained to the Customer.
CHAPTER -- I INTRODUCTION
Customer is the king and it is the customer who decides what a business is and therefore a sound marketing programme starts with a careful analysis of habits, attitudes, motives and needs of the customers.
Buyers reactions to a firms marketing strategy has a great impact on the firms success.