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! To study consumer awareness towards insurance products.

! To identify customer perception about Royal Sundaram and

its products.
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! The survey conducted may not be considered as comprehensive as
only limited respondents could be contacted because of the time
constraint.
! Objectives and purpose of study and the questions had to be
explained to the respondents and their responses may be biased.
! Some of the respondents were reluctant to give their responses.
! Only limited sample size had been considered for study and
therefore conclusion drawn based on this may not be a reflection
of entire population


! Rnsurance is defined as the equitable transfer of the risk of a loss,
from one entity to another, in exchange for payment.
! An insurer is a company selling the insurance.
! An insured or policyholder is the person or entity buying the
insurance policy.
! The insured receives a contract called the insurance policy which
details the conditions and circumstances under which the insured
will be compensated.
! Rn a layman·s words, insurance means , ¶a guard against
pecuniary loss arising on the happening of an unforseen event ¶.
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! Gome insurance
! Life insurance
! Motor insurance
! Travel insurance
! Gealth insurance
! Property insurance
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! ounded in 1998 Allsec Technologies is an integrated contact
management services center headquartered in Chennai, Rndia.
! Allsec is a Public entity and has the pride of being the first pure
play BPO Company to be listed in the Stock Exchanges in Rndia.
! Allsec has its contact-centers in Chennai, Bangalore and Trichy in
Rndia and Manila in Philippines
! ALLSEC TECG OLOGRES or ALLSEC is an Rndia-based
Buisness Process Outsourcing (BPO) company that started its
operations in Chennai, Rndia and catered mainly to overseas
clients.
! Allsec Technologies Ltd ( SE/BSE³ALLSEC) is a company
that nurtures growth, innovation and progress with vibrant
employees who are delighted to help drive customer and client
satisfaction.
SERVRCES rendered by Allsec Technologies are in the
following manner :-
^ Banking, inancial services and Rnsurance-for acquisition,
retention and collection
^Collections- for account payables and recievables.
^ Technical support- for sign up and troubleshooting services.
^ Quality Assurance- provides quality assurance of voice and
email service across multiple buisness segments.
^Sales or Telemarketing
  

 
 

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! Royal Sundaram Alliance Rnsurance Company Ltd. Rs a leading private
insurance company in Rndia.
! Rt is the first Rndian private insurer to get license in the post-privatization
era in 2001.
! Royal Sundaram was also the first to introduce various useful services like
cashless hospitalization, co-branded credit cards, segment specific buisness
solutions and industry specific proposition etc.
! Royal Sundaram brings to you the golden heritage and reliability of
Sundaram inance (AAA), one of the most respected non-
banking financial institution in Rndia, and RSA, one of the oldest and the
second largest general insurer in the UK.
! Rt is a joint venture between these two financial giants which allows them
to offer the best global practices in insurance industry, innovation in terms
of products and services, and unmatched, personalized customer service
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Rt is a benefit plan that provides cash benefit for each and every completed day of
hospitalization, which can be used to meet various expenses incurred during
hospitalization. Rn other words it compliments the current medical insurance plan.

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  Require 24 hrs of hospitalization which is mandatory.
  Minimum age in enrolling into this policy is one year and maximum is seventy i.e 70 yrs.
  Rt can be taken by a person for
! Gimself and his spouse
! Dependent children ( 1- 21 yrs)
! Close relatives
! Parents upto 70 yrs
  Provides instant coverage i.e the time you log in or the transaction is made the policy starts
from that particular day.
  Applying for the policy is very easy.
  o need for filling up a lengthy application form or providing documents.
  o medical checkup is required.
  Rf the person enroll for 3 or more members of his family in the plan then he gets a 10%
discount on the total premium.
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! Rt is a comprehensive Gealth Care Rnsurance package offering
personal health & medical cover.
! Rt is specially designed to offer complete protection to the
insured and his family.
! Rn this a Gealth Care Rnsurance Card is specially designed
exclusively for all insured customers of Royal Sundaram.
! Rt enables one to use the services of the etwork Gospitals
and provides one with Cashless facility at over 3000
hospitals across 166 cities in Rndia.
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! Rnstant Rndividual Gealth Rnsurance Coverage.

! o Documentation required for Rndividual Gealth Rnsurance.
! Personal Gealth Cover, o Medical Examination required
! amily Discount of 10% for covering 3 or more family members under a
single personal health insurance policy.
! Offers health coverage for your spouse, children (above 90 days) and
parents (up to 50 years).
! Pre and Post Gospitalization cover up to 30 days prior and 60 days
respectively.
! Coverage for Pre-existing diseases after4 consecutive years of insurance
! 24-hour help line number
! Provides income tax benefit under section 80D upto Rs. 15,000.
! After every claim free year the sum insured is increased by 15% in the next
year i.e provides no claim bonus.




 
!   
Rt is the blue print for collection, measurement and analysis of data. Rt
is the plan and structure of investigation so conceived to obtain
answers to research question. The structure of research is a more specific
outline and the strategy out, specifying the methods to be used in
connection and analysis of data.

!    

The type of research design used in this study is the descriptive reseach.
As the study has been undertaken based on opinion of consumer so this
research study is categorized as Descriptive Research Method. Rt is
more statistical in nature and focus more on quantitative application.
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The main soure of infomaton for this study is based on data

collection. Data collected are both primary and secondary in
nature.
! Primary Data:- Primary Data have been collected from the
clients of RSA as well as clients of other insurance companies
by survey method through undisguised structured
questionnaire.
Open ended , closed ended, multiple choice questions have been
used for data collection
! Secondary data :- Secondary data have been collected from
official website of RSA and also from other official website
related to general insurance industry.
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OPE E DED: These are the type of question used to get

suggestion from the respondent in order to give feedback to the
organization.

CLOSE E DED: These type of questions have a clear declined

set of alternatives that confine the respondents to choose one of
them.

MULTRPLE CGORCE: These consists of multiple choices in

which the respondents can choose more than one options.
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Rt is the process of obtaining information about an entire
population by examining only a part of it.

Convenience sampling is been used in the study. The sample

comprises subjects who are simply available in a convenient way
to researchers. Gowever, this method is often the only feasible
one, particularly for students or others with restricted time and
resources.

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Rt is the total no. of samples selected for the study from
sampling population. Sample size for the study was taken 120


 
 
Tools used for analysis are:-

1. Chi-square test
2. Rnterval estimation
3. Karl Pearsons coefficient of correlation
4. Graphs
5. Percentage (%)
 
 

Rt is an important test among the several test of significance.

Rt is a non- prametric test i.e do not depend on any assumptions about the
parameters of parent population.
This test enables us to explain whether or not two attributes are
associated.
Whether or not a calculated value of X2 is significant can be ascertained by
looking at the tabulated values of X2 for given degrees of freedom at a
certain level of significance.
Rf the calculated value of X2 is equal to or exceeds the table value, the
difference between the observed and expected frequencies is taken as
significant, but if the table value is more than the calculated value, then it
is considered as insignificant.
d.f. = (c-1) (r-1)
X2 = ƴ (Oi ² Ei)2/ Ei
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Rt is an estimate which provides the range in which the

population parameter is expected to fall. Rt is uncertain i.e can
take up any value within that range.

p±Z¥pq/n
where, p= sample proportion of success
q= sample proportion of failure i.e 1-p
Z= the value of standard variate at a given confidence
level
n = size of sample
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The correlation coefficient summarises not only the degree of

correlation but also the direction i.e whether correlation is
positive or negative. Coefficient of correlation always lie
between ± 1. When r = +1, it means there is perfect positive
correlation between the variables. When r = -1, it means thee is
perfect negative correlation between the variables. r is known as
Pearsonian coefficient of correlation.

r = ƴxy / ¥ƴx2 ƴy2


Rt is used in order to represent the factors in various graphical
methods like pie- charts, bar diagrams, cylinders, line, bubble
etc

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Rt shows the entire population in terms of %.

% = no. of respondents / total respondents × 100


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Rt was found that middle income(2-5 lakhs) groups (followed by
lower middle class) show highest tendency to buy the ¶General
Rnsurance· product. ow, this may sound surprising, as a common
notion is that rich people usually take ¶General Rnsurance· plans.
Gowever, it could be explained on the fact that middle class are most
vulnerable towards any mishappening.

2. Rt was found that the families with 2-4 members usually buy the ¶
general Rnsurance· more , this may be contributed to the fact that the
number of nuclear families in Rndia are increasing, rapidly. Also, very
high premium costs for a family of more than 4 members could be
another deterent..
å. RSA enjoys highest reputation among customers. Gowever, it must be noted
that 120 customers surveyed 60 were from RSA itself. Also, MAX Bupa has least
reputation, but it could be contributed to the fact that it is relatively a new
entrant in the market.

4. Almost, 80% RSA customers think that it offers customer centric product,
which is great by all the means, but nearly 9.9%(3.3+6.6) are not satisfied,
therefore company should concentrate on them also.

5. As inferred from the survey, large part (33.33+50) of RSA customers are
extremely satisfied through the service rendered by the company. Gowever, 5%
still think that there service is poor.

6. Large part (41.67%) of the RSA customers, have come to know about the
company from their friends and relatives, which means that their customers are
glad with the services of company and so they are recommending it to others also.
Gowever, it also shows another aspect about its poor marketing strategies.
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rom the survey, it is found that nearly 65% of RSA
customers have the view that the premiums are high as
against 20% for other companies.
8. As can be seen from the survey, REPUTATRO and then
comes the service, is the most important factor for the
customer before buying any policy.
9. A surprising fact could be seen as that people are more
interested in Auto Rnsurance than Gealth Rnsurance.
Gowever, it may be due compulsory nature of Auto
Rnsurance while buying a vehicle.

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The present scenario demands almost all the customer have a general insurance in
order to protect from future uncertainity. The company always has an opputunity to
grow and expand its operations in non-life insurance segment. Gence, the company can
seize this oppurtunity and pay attention to introduce more insurance covers to cater to
the needs of various classes of people.

2. Majority of respondents, who are policy holder with RSA have felt that the
premium being paid is comparatively higher than other insurance companies. Gence
amendments can be made in this regard by offering insurance cover at reasonable
premium to consumers.
3. The promptness of claim settlement procedure can be maintained as it is one of the
important aspects which would enhance the reputation of company as well as build
trust in minds of customers. Also it helps to retain existing customers and attract new
customers
4. The company has to focus more on the auto/car insurance segment and health
insurance segment. Majority of the respondents have preferrence towards auto/ car
insurance as it is must to have car insurance for their vehicles by law. Therefore , the
company has got enough opportunities to earn huge profits from both these segments.
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Company can create more awareness about its products among potential
customers by means of advertisements and efficient insurance agents, which in
turn will help in increasing its customer base.
6. Rt must make its policy exclusive by including Dental Treatment, Maternity
Benefits and Lifestyle Diseases like Diabeties, Gypertension etc, under its
cover.
7. A special plan for ¶ ew Borns·, could also be provided wherein the company
will cover all the expenses of the baby till five years, including the expenses of
vaccination.
8. Company should provide ¶Regular Gealth Check-Up Vouchers· ¶Gealth Club
Memberships·, ¶· to its customers, this will be benefitial not only for the
customer but also for the company, as it would reduce the possibility of the
customer fallin ill and thus reduce the number of claims.
9. As a goodwill gesture, RSA could provide ¶Gealth Club Memberships·
including that of Yoga and Meditation Classes, ¶Gym Sessions·, ¶Diet
Classes· etc, to the customers, this will reduce the number of claims,
phenominally.
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! The outcome of the study has proved the performance of
company is good in general insurance segment and has a high
reputation among customers.

! Rt is concluded that company could initiate various steps

based on recommendation given in ths report which can help
in further improving its performance and occupy a leading
position in general insurance market in future years to come.
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