Chapter I

Introduction

INTRODUCTION
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Wherever there is uncertainty there is risk. The risk cannot be averted. The health risk is uncertainty of the financial loss. We don t have any command on uncertainties. This makes it essential that we think in favor of a device that becomes instrumental in spreading the loss. It is in this context that we think about insurance. Protection against the possible chances of generating uncertain losses. It eliminates worries and miseries of losses or destruction of property and death. Health insurance is a contract between you and a health insurance company, which provided you a death during the contract term. Buying insurance is extremely useful if you are the principal earning member in the family unfortunate premature demise, your family can remain financially secure because of the health insurance that you have purchased. The primary purpose of health insurance is therefore protection of the family in the even insurance is also seen as a tool to plan effectively for your future years. Your retiren children s future needs. Today, the market offers insurance plans that not just cover your same time grow your wealth too. If you have dependants and financial responsibilities toward them, then you Certainly need. Having a family means dependant, which in turn means financial commitments. Finance comes in the form of loans, children s education, medical expenses etc. Imagine what would happen if you were to lose your life suddenly or become disabled being insured in a situation like this is a necessity. When you insured your life, in effect what you are doing insuring your earning capacity that your dependents will be able to continue living without financial hardships even in case. Most insurance plans available today come with a savings element built into it. These policies not only for a financially independents future, which were have a comfortable retirement.( For example. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. Most insurance plans available today have a bailt in saving elements. Kotak preferred Retirement plans meet your dual financial goals of life cover and savings for the future.) Collateral security. Life wasn t designed to be risk free. The key is not to eliminate risk, but to estimate it Accurately and manage it wisely. Insurance sector have characteristic that give can boost to the growth of any economy .it is due to the savings done at the individual level and at micro level it generates funds for infrastructure building as the cash flow is constant while the payout is differed, so that the insurance companies are becoming biggest investors in long gestation infrastructure development projects and hence have a great Importance to the developing economy like India. Insurance sector with an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge. INTRODUCTION OF THE TOPIC The purpose of this training was to have practical experience of working within the organization, in the field of marketing and to have exposure to the important management practices in field of marketing. While writing this report the language has been keep simple and the entire discussion has been logical and has coherent outlines. The main motto of the project work was study of sales and distribution of financial product of Mahindra insurance Broker Ltd. It includes through market Research in various plans of Mahindra Insurance broker Ltd. And in detail distributer (Satisfaction) responses analysis, by surveying number of consumers. The project report is divided into two parts, first part consists market research for finding out be sold plan of Mahindra Health Insurance, And second consist survey report of various consumers about there responses about satisfaction towards Mahindra Health Insurance Company..

Concept and context of the study:2

Selling of any product, there is needed to build relationship with distributer. For building a relationship there is need for knowing the distributer behavior and how will be they satisfied? This project is undertaken to know the sales and distribution channel of financial product in pune.Also through this project get awareness that which factors affect on the selling of Mahindra insurance.. There were some limitations while doing the project. The data was collected by personal interviews of the respondents. It was very challenging to fill up the questionnaire as many of them did not show any interest in filling questionnaires. This study will help Mahindra insurance to know the most popular way by which they are providing services and quality to the customers and to know various customers Perceptions. From the study, we found that, the customers were highly satisfied with the products and service of Mahindra insurance The present is the era of distributer. Distributer are more knowledgeable than ever before and because the customer is more knowledgeable, companies must be faster, more agile and more creative than few years ago. So companies should strive to enhance customer satisfaction through knowing their expectations regarding products.

Chapter II

Objectives and Scope

OBJECTIVE OF THE PROJECT:

To know market position of Mahindra insurance Products in the market. To know distributer behavior for selling of Mahindra insurance. Identify the factors which influences on distributer decision. To study whether distributers are satisfied with staff and services or not. 4

 Identifying possible areas of improvement. To know the status of different offers. To study about service provided to distributers by the company.

SCOPE OF THE PROJECT:

This report help to make to identify future needs of the distributer, Help to make more stand able as per changing environment to the organization. Help to make better decision in field of financial sector or in share market in order to provide better return to the distributer. Help to make more better and long-term healthy relation with distributer.

Chapter III

Profile of the organization

Logo

Name Address Phone No. Fax No. Company type Total turnover No. of Employees Industry founded Web site

Mahindra Insurance Broker Ltd Mahindra & Mahindra Finance,101/102,Snehganga Near Income Tax Office,Shankarsheth Road,Swargate,pune 0129 42990000 0129 2309050 Subsidiary company of Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) 31,864 Lacs 5,08,878 Insurance 2004 insurance_support@mahindra.com

Key Executives:Mr.Jaideep Devare Mr.Bharat Doshi Chief Executive Officer Chairman of board

Mr.Uday Phadke Mr. Rama Bijopurkar Mr. Piyush Mankar

Vice Chairman of board Director Director

Mission:-

Our Vision:

Slogon:
Insurance is the subject matter of solicitation

Historical Background:8

Mahindra Insurance Brokers Ltd. (MIBL) is a wholly owned subsidiary company of Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) - India's leading rural Non-Banking Finance Company that focuses on the rural and semi-urban Indian market. MIBL was granted a Direct Brokers License by the Insurance Regulatory and Development Authority (IRDA) in May 2004, for undertaking direct insurance broking in Life and Non-Life businesses. MIBL has empanelled itself with various public and private insurance companies to offer customised solutions to customers. As a Total Insurance Risk Solutions provider, MIBL plays an integral role in the Risk Management portfolio of customers. MIBL is one of the few insurance broking companies in India to have been awarded the prestigious ISO 9001:2008 Certification for Quality Management Systems. MIBL is committed to providing value to its customers by understanding their insurance needs and risk profile, and providing innovative, cost effective, customised solutions to ensure total customer satisfaction. Our role, in short, encompasses various activities right from risk profiling to claims administration for customers. Our aim is to play a predominant role in the insurance broking industry in India with a focus on giving more value to customers, innovative solutions, superior services, a professional team, and corporate social responsibility. The company provides direct insurance broking for Corporate and Retail customers and offers a range of products for the Non-Life and Life segments. In addition, MIBL also offers value-added services like Risk Management / Audit which include risk inspection and gap analysis, and portfolio management which includes claims handling. The Life Insurance retail products cover Childrens Plans, Endowment, Money Back, Retirement Plans, Term, Unit Linked Plans and Whole-Life Plans. The Group Policies include Credit Cover, Employees Term Cover, Gratuity and Superannuation. Under the Non-life Insurance category, Personal, Industrial, Commercial, Social and Liability products are available. In addition to regular products, customised solutions are also developed for clients after consulting them. Mahindra Loan Suraksha is a customised, cost-effective life insurance solution offering Group Credit Term Cover to retail customers availing of auto and tractor loans from Mahindra Finance

Chapter IV

Conceptual Background

What is Sales ?
It is a process by which -one identifies the people, who have a need. [ PROSPECTING] -one determines the needs of the people.[ NEEDS ] -one determines a way of finding a solution to the prospect's problem.[ PROPOSE] -one determines the way of communicating your product as a solution. [RECOMMENDING] -one determines the value for the product for the prospect.[ ADVOCATING YOUR 10

PRODUCT]. -one determines / sells benefits of the product to the prospect. [ SELLING BENEFITS] and then creating a transaction for exchanging the product for a value. [ CLOSING THE SALE ] and thus creating a satisfaction to the buyer's needs/wants. [ CREATING CUSTOMER SATISFACTION] DEFINITION OF DISTRIBUTION THE ACT OF DISTRIBUTION MEANS ; apportionment. Something distributed; over -The geographic occurrence -The customers occurrence -The usage occurence -Others The process of distribution of goods/services could include -logistics -warehousing -transportation -order processing/ servicing etc etc Traditionally, distribution has been seen as dealing with LOGISTICS: how to get the product or service to the customer. It must answer questions such as: The two-step channel of distribution is for the producers to give the retail small quantities. Should the product be sold through a retailer? Should the product be distributed through wholesale? Should multi-level channels be used? How long should the channel be (how many members)? etc etc The distribution channel Frequently there may be a chain of intermediaries, each passing the product down the chain to the next organization, before it finally reaches the consumer or end-user. This process is known as the 'distribution chain' or, rather more exotically, as the 'channel'. Each of the elements in these chains will have their own specific needs; which the producer must take into account, along with those of the all-important end-user. Channels A number of alternative `channels' of distribution may be available: Selling direct Mail order (including Internet and telephone sales) Retailer Wholesaler Agent (who acts on behalf of the producer) 11

Chapter V

12 Research Design & Methodology

Research Design
A Research design is the detailed blue print used to guide a research guide a research study towards its objectives. It helps to collect, measure and analysis of data. The present study seeks to find out the distributer attitude towards selling of insurance. The study also aims at findings out the drawbacks of the distributers of Mahindra insurance broker limited. So this makes the study a descriptive one.

Type of Research
The study undertaken is of Descriptive Research in nature.

Nature of Research
The study is quantitative in nature. It is structured, standardized, question based interview.

Types of Question
The types of question asked during the study are Straight forward and limited probing. Total number of questions: 15 13

Total number of closed ended questions: 14 Total number of open ended questions: 01

Sources of Data
Secondary Source
In this study the secondary data is collected from the following sources. 1. 2. 3. 4. Companys Website Reports of Company Discussion with marketing and sales staff Books on marketing and Research Methodology

Primary Source
The Primary source of collecting data for Research is: Questionnaire filled by the customers.

Primary Data Collection

Research Technique Contact Method
In this study the survey method is used as a Research technique. This method helps to obtain right information from respondent. In this study Personal interview is taken as a tool for the contact method.

Sampling Plan
Sampling is a process of obtaining the information about the entire population by examines a part of it. The effectiveness of the research depends on the sample size selected for the survey purpose.

(A)Population:The survey was conducted in Pune.

(B)Sampling Unit:14

It means who is to be surveyed. Here target population is decided and it is who interested to purchase Insurance and sampling frame is developed so that everyone in the target population has known chance to being sampled. So the survey is conducted particularly in pune.

(C)Sample Size:For the purpose of proper survey, there is need of perfect research instruments to find out sample size for more accurate result about dealer survey for Mahindra insurance broker ltd . The sample size is 100respondents.

(D)Sample Element:The sample element of research is dealers of Mahindra insurance broker ltd..

(E) Sample Extent:The sample extent is limited to Pune.

(F) Sample Duration:The sample duration between May2011 and July 2011.

(G)Sampling Procedure:-

The sampling procedure followed is convenience.

Research Instrument
In this study the research instrument is Questionnaire. It consists of set of question presented to respondents. The questionnaire is structured & combinations of various close and open ended questions. Close ended question already have the possible answers and the open ended question allow the respondents to answer in their own word.

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Chapter VI

Data interpretation and Analysis

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LIC No of 20 responde nts Percentag 20% e

CHOLA 15 15%

BAJAJ Allianz 5 5%

STAR HEALT H 5 5%

More than one 35 35%

All 20 20%

1. What are the different insurance policies you have?

Analysis:-

Interpretation:In the study show 35% distributer have more than one policy,20% have lic,20% haveall,15% have only chola,5% have only bajaj alliance,5% have only star health.

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2. Which our insurance policy is most accepted by the customer?

NON LIFE INSURANCE No of respondents Percentage Analysis:50 50%

LIFE INSURANCE
20 20%

Both
30 30%

Interpretation:In this study we saw that non life insurance is most accepted by the customer in compare with life insurance& both.50% customer accept non life insurance,20% accept life insurance,30% customer accept both non life insurance & life insurance.

3.Which non life insurance insurance policy do you recommend to the customer? No of respondents Health plus medical 40 expenses insurance House holder 5 insurance Life insurance 20 Motor insurance 20 Money back 5 insurance
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Percentage 40% 5% 20% 20% 5%

Personal accident Analysis:-

10

10%

Interpretation:In this study distributer recommended Health plus medical expenses insurance to 40% of customer, House holder insurance to 5% of customer, life insurance to 20% of customer, Motor insurance to20% of customer,money back insurance to 5% of customer,personal accident to10% of customer.

4. Recommendation is on the basis of the factor?

No of respondents Percentage Analysis:-

company pressure 30 30%

Good margin 50 50%

Customer requirement 20 20%

Interpretation:In this study distributer recommended 30% on the basis of company pressure,50% 0n good margin, 20% on customer requirement.

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5.What is your average sales per month? Below 3 lacs No of respondents Percentage Analysis:20 20% 3-5 lacs 50 50% More than 5 lacs 30 30%

Interpretation:In this study 50% of distributer have average sales per month between 3-5 lacs,30% of distributer have average sales per month below 3lacs,20% of distributer have average sales per month more than 5lacs.

6.Do you get any credit period from the company? Yes 95 95% No 5 5%

No of respondents Percentage Analysis:-

20

Interpretation:In this study 95% of distributers are getting credit period & 5% of distributer are not getting credit period.

7.If yes , what is the credit period you get?

Up to 20 days No of respondents

20-30 days

More than 30 days

80 80%

10 10%

5 5%

Percentage Analysis:-

Interpretation:In this study among 95% of distributer 80% of distributers are getting up to 20days credit period, 10% of distributers are getting 20-30days credit period, 5% of distributers are getting more than 30days credit period

8. Give rating to the following offers that attract you most. Attribute s Excellenc Very e Good Good Average Poor

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Festival Offer Special Discount Cash Discount Analysis:-

10 25 20

15 30 35

25 20 25

40 15 15

10 10 5

Interpretation:-

This study shows that out of 100 respondent 25 gives excellence to special discount offer and only 10 has given excellence to festival offer and only 5 respondent has given poor to cash discpunt.

9. How Frequency Company collect feedback from you?

Weekly
No of respondents

Monthly 30 30%

Quarterly 60 60%

10 10%

Percentage

Analysis:-

Interpretation:22

In case of How Frequency Company collect feedback from you 30% said monthly, 10% said weekly and only 60% said quarterly.

10. How will you rate the following aspect of your channel member ? Excellent 20 20% Good 40 40% Fair 30 30% Poor 10 10%

No of respondent s Percentage Analysis:-

Interpretation:This study show that 0ut of 100 distributers, 20 distributers given excellent, 40 distributers given good and only 10% distributers given poor rating to channel members.

11. What is the margin that you get from the company? Less than 10% 20 10-20% 40 40%
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20-30% 30 30%

No of responde nts Percentag 20%

more than 30% 10 10%

e Analysis:-

Interpretation:In case of what is the margin that you get from the company 40% distributers said that they get margin between 10-20% and only 10% distributers said that they get margin more than 30%.

12. What would you rank the service provided to you by the company? Very good 30 30% Satisfactory 50 50% Poor 20 20%

No of respondents Percentage Analysis:-

Interpretation:In case of rank the service provider 50% distributers satisfy, 20% poor and only 30% given very good.

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13. Do you receive any support from the company to help in promotional activities Yes 95 95% No 5 5%

No of respondents Percentage Analysis:-

Interpretation:In case of receive any support from the company to help in promotional activities 95% distributors said yes and only 5% said no.

14. What difference you find between Mahindra Insurance Broker Ltd. & your previous insurance provider. Good return Effective service 20 40 20% 40% Tax planning 10 10% Security/saf ety benefit 30 30%

No of respondent s Percentage

25

Analysis:-

Interpretation:In case of difference between Mahindra insurance broker limited and the previous insurance company, 30% distributers are agree with effective service, 20% agree with good return and 30% agree with security/safety benefit.

Chapter VII

Findings

26

Findings: In the study shows that 35% distributer have more than one policy,20% have lic,20% haveall,15% have only chola,5% have only bajaj alliance,5% have only star health. In this study we seen that non life insurance is most accepted by the customer in compare with life insurance& both.50% customer accept non life insurance,20% accept life insurance,30% customer accept both non life insurance & life insurance. In this study we find that distributer recommended Health plus medical expenses insurance to 40% of customer, House holder insurance to 5% of customer, life insurance to 20% of customer, Motor insurance to20% of customer,money back insurance to 5% of customer,personal accident to10% of customer. In this study we find that 30%distributer recommended insurance on the basis of company pressure,50% 0n good margin, 20% on customer requirement. In this study 50% of distributer have average sales per month between 3-5 lacs,30% of distributer have average sales per month below 3lacs,20% of distributer have average sales per month more than 5lacs. In this study 95% of distributers are getting credit period & 5% of distributer are not getting credit period. In case of How Frequency Company collect feedback from you 30% distributer said monthly, 10% said weekly and only 60% said quarterly. In case of what is the margin that you get from the company 40% distributers said that they get margin between 10-20% and only 10% distributers said that they get margin more than 30%.

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 In case of rank the service provider 50% distributers satisfy, 20% poor and only 30% given very good. In case of receive any support from the company to help in promotional activities 95% distributors said yes and only 5% said no.

Chapter VIII

Limitations

28

Limitations of the Study: The time period is limited. The sample size is small. Research work was carried out in Pune of Maharashtra only the finding. may not be applicable to the other parts of the country because of social and cultural differences. The views of the people are biased therefore it may not be reflecting true picture.

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Chapter IX

Suggestions

30

Suggestions
Distributer has to focus on House holder insurance and money back insurance. Company has to build relationship with their distributer those are working under pressure. Company has to fix a standard timing to collect the feedback like as 15 days or monthly. Company has to set the standard margin according to the distributer business. Some distributer are not satisfy with company has to give some extra benefit to those distributors.

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Chapter X

Bibliography

32

Books:-

Research Methodology by C R Kothari

Websites:-

www.google.com www.mahindrainsurance.com www.mahindra.co.in www.wikipidia.com

Newspaper:Times of india Economic Times

Chapter XI
33

Annexure

Questionnaire
Name of respondent:________________________________
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Name of organization:_______________________________ Designation:_______________________________________ Address:__________________________________________ Mobile No.:_______________________________________

1. What are the different insurance policy you have?

( ) LIC ( ) BAJAJ Allianz ( ) More than one

( ) CHOLA ( ) STAR HEALTH ( ) All

2. Which our insurance policy is most accepted by the

customer? ( ) NON LIFE INSURANCE ( ) LIFE INSURANCE

3. Which non life insurance insurance policy do you

recommend to the customer? ( ) Health plus medical expences insurance holder insurance ( ) Life insurance insurance ( ) Money back insurance Personal accident

( ) House ( ) Motor ( )

4. Recommendation is on the basis of the factor? 35

( ) company pressure ( ) Customer requirement 5. What is your average sales per month? ( ) Below 3 lacs ( ) More than 5 lacs

( ) Good magin

( ) 3-5 lacs

6. Do you get any credit period from the company?

( ) Yes

( ) No

7. If yes , what is the credit period you get? ( ) Up to 20 days days ( ) 20-30 days ( ) More than 30

8. Give rating to the following offers that attract you most. Attribute s Festival Offer Special Discount Cash Discount Excellenc Very e Good Good Average Poor

9. How Frequency Company collect feedback from you?

( ) Weekly Quarterly

( ) Monthly

( )

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10.How will you rate and rank the following aspect of your channel member ? ( ) Excellent ( ) Fair ( ) Good ( ) Poor

11. What are the margin that you get from the company?

( )Less than 10% ( )20-30% 30%

( ) 10-20% ( ) more than

12. What would you rank the service provided to you by the company? ( ) Very good ( ) Satisfactory ( ) Poor

13. Do you receive any support from the company to help in promotional activities ( ) Yes ( ) No

14. What difference you find between Mahindra Insurance Broker Ltd. & your previous insurance provider. ( ) Good return service ( ) Tax planning ( ) Security/safety benefit 15. Do have any suggestion for Mahindra non-life insurance policy ( ) Effective

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_____________________________________________________________ _____________________________________________________________ ________________________________________

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