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“To Study the Perception and Satisfaction Level of Policy Holder towards the Service of Reliance General Insurance” A Project Report Submitted In the Partial Fulfillment of the Requirements For the Degree of Masters of Business Administration By Namrata Diwan (Y142820141) MBA-1 st Semester Under the Guidance of: Mr. Ashish Gupta (Assistant Professor)

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“To Study the Perception and Satisfaction Level of

Policy Holder towards the Service of Reliance

General Insurance”

A Project Report Submitted

In the Partial Fulfillment of the Requirements

For the Degree of

Masters of Business Administration

By

Namrata Diwan(Y142820141)

MBA-1st Semester

Under the Guidance of:Mr. Ashish Gupta(Assistant Professor)

Department of Business Management

Dr. Hari Singh Gour Central University

Sagar (MP), India

Year 2014

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DECLARATION BY THE CANDIDATE

Dated: _____________

I declare that the Project Report titles “ To study the perception and satisfaction

level of Policy holder towards the service of Reliance General Insurance” is my own work

conducted under the supervision of Mr. Ashish Gupta, Department of Business

Management, Dr. Hari Singh Gaur Central University, Sagar.

To the best of my knowledge the report does not my work which has been

submitted for the award of any degree , anywhere.

Name of the student: Namrata Diwan

Signature of the student:

Registration Number

Semester:

Batch:

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CERTIFICATE

The project Report Titled “To study the perception and satisfaction level of Policy

holder towards the service of Reliance General Insurance” Prepared by Namrata Diwan

Under the guidance of Mr. Ashish Gupta sir Assistant Professor Department of Business

Management, Dr. Hari Singh Gour University Sagar (M.P.) For the partial fulfilment of the

Degree of Master of Business Administration is satisfactory.

Signature of the Supervisor: - Signature of the Examiner:-

Signature of Head of the Department

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ACKNOWLEDGEMENT

It is my proud privilege to release the feelings of my gratitude to several persons who

helped me directly or indirectly to conduct this project work. I express my heart full indebtness

and owe a deep sense of gratitude to my teacher and my faculty guide Mr. Ashish Gupta,

Assistant Professor, Dr. Hari Singh Gour Central University Sagar (M.P.), and to my

Project In charge Mrs. Babita Yadav, for their sincere guidance and inspiration in completing

this project.

I am extremely thankful to the Head of the Department Professor Dr. Y.S.

Thakur and faculties of Department Of Business Management Dr. Hari Singh Gour Central

University Sagar (M.P.) for Higher Education for their coordination and cooperation and

thankful for their kind guidance and encouragement.

I am also extremely thankful to all those persons who have positively helped me

and customers who responded my questionnaire, around whom the whole project cycle

revolves.

I also thank all my friends who have more or less contributed to the preparation

of this project report. I will be always indebted to them.

Thanking You

Namrata Diwan

MBA 1st Sem

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PREFACE

In this project report every possible effort has been made to highlight the major aspects related to the

topic “To study the perception and satisfaction level of Policy holder towards the service of Reliance

General Insurance” The deals with the introductory part related to the company.

The based on the research carried out for the project. This tells the details of data, how is it collected,

what are the methods have been used over here, and finally also tell the limitations of the company that were

found during the research work besides the limitation found in undertaking the survey.

This is the most important part of the project as it involves the actual working and findings of the

project.

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Table of Contents

Cover Page (i)Declaration (ii)Certificate (iii)Acknowledgement (iv) Preface Chapter 1 Introduction

1.1.1 Background of the study1.1.2 Service sector1.1.3 Scope of the study

Chapter 2 Review of Literature 2.1 Introduction2.2 Customer Perception & Satisfaction in General Insurance2.3 Customer perception in Service sector2.4. Determinants of Customers Perception2.4.1 Service Quality and Satisfactory

Chapter3 Industry Analysis and Industry Profile3.1 Introduction of Indian Insurance Sector 3.1.1 Growth Scenario3.1.2 Global perception3.2. Major Private & Public share3.3 Future Perception

Chapter4. Research Methodology 4.1 Introduction of Research methodology4.2. Research objectives4.3 Research Hypothesis

4.3 Sampling Design & Techniques

4.4 Sample Description:

Chapter 4 Data Analysis and Interpretation

Findings

Limitation

Suggestions

Chapter 5 Conclusions

Bibliography

Questionnaire

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CHAPTER-1

INTRODUCTION1.1 Background Of The Study Service Sector

In 1962, DhirubhaiAmbani started the Reliance Commercial Corporation with the capital of Rs

15000. The primary business of Reliance Commercial Corporation was to import polyester

yarn and export spices. The business was setup in partnership with ChampaklalDamani, his

second cousin. In1965 Champaklal Damani and Dhirubhai ended their partnership and

Dhirubhai started on his own. In1968, he moved to an up market apartment at Alta mount

Road in South Mumbai.Ambani’s net worth was estimated at about Rs. 10 lakh by late 1960s.

Initial Public Offering

DhirubhaiAmbani is credited with starting the equity cult in India. More than 58,000 investors

from various parts of India subscribed to Reliance’s IPO’s in 1977. Reliance Industries holds

distinction that it is the only private sector company whose several annual general meetings

were held in stadiums. In 1986, Dhirubhai managed to convince a large no. of first time retail

investors to participate in the unfolding Reliance story and put their hard earned money in the

Reliance Textile IPO, promising them, in exchange for their trust, substantial returns on their

investments. Ambani’s net worth was estimated at about Rs.1 billion by early 1980’s.

Diversification

Over time Dhirubhai diversified his business with the core specialization being in

petrochemicals and additional interest in telecommunications, information technology, energy,

power, retail, textiles, infrastructure services, capital markets and logistics. The company as a

whole by BBC as “a business empire with an estimated annual turnover of $12 million, and an

85,000 strong workforce”

Reliance Capital

Reliance Life Insurance

Reliance General

Insurance Insurance

Reliance Money

Reliance Consum

er Finance

Reliance Mutual fundMutual Fund

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Reliance general insurance is one of the leading private general insurance companies of

India, in the present times. It was amongst the first companies to apply for, and obtain, a

license for insurance business, after the liberalization of insurance sector,in 2000. The

company continued to growth with the passing time, widening the scope of its insurance

policies. Today, it offers over 94 customized insurance products catering to need of the

corporate, SME and individual customers. Reliance general insurance also boasts of being

the first insurance company in India to be awarded the ISO 9001:2000 certification across

all functions, processes, products and location pan-India.

Vision

To be an insurer of World Standards and the most preferred choice for clientele at the

domestic and global level.

mission

Companies’ mission is to keep the customer satisfaction as focal point of all our

operations, adopt the best international practices in underwriting, claims and customer

service, be the most innovative in product development, establish presence all over India,

ensure sustained value addition to all stake holders and to uphold Corporate Value &

Corporate Governance.

Goals

Make affordable insurance accessible to all

Keep customer as focal point for all operations

Protect policy holders interests

Adopt best international practices in claims, underwriting and policy servicing

Be the most innovative in product development

Establish Pan India presence

Growth and innovation

Reliance general insurance company Ltd has grown over time, to set up as many as 2000

offices, which have spread across 173 cities, in 22 states of India. Such a wide distribution

channel network, along with 24x7 customer service assistance and a fully fledged website,

has added to its success. As the same time, the company continuous to launce innovative

products, like Indies first Over-The-Counter health and home insurance policies, to woo

potential customers and keep the present ones satisfies and pleased.

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Customer Focus

The brand philosophy of reliance general insurance company is “Protecting what u value”.

The company aims at helping individuals;Corporates as well as SMEs protect their dreams

and accomplishments; that too though a hassle frees buying process. With the concept of

online buying, Reliance has made it possible for the potential customers to book the

policies from within the confines of their home/office. At the same time, the insurance

company intends to make the claim settlement as prompt, transparent and speedy as

possible.

1.2 SERVICES

Reliance general insurance company offers a wide range of innovative products to the

potential customers. Right from health and home insurance to car/motor and travel

insurance, we can get almost all types of individual policies with reliance, that too as the

premium rate. Apart from that, the company also caters to corporate and SME clients,

providing end to end insurance solutions. The product basket includes fire, engineering,

liability, marine, travel and other types of insurance, for organization risk management.

1.3 Customer Perception Andsatisfaction In Service Sector

Perception is the process by which organisms interpret and organize sensation to produce a

meaningful experience of the world. Sensation usually refers to the immediate, relatively

unprocessed result of stimulation of sensory receptors in the eyes, ears, nose, tongue, or

skin. Perception, on the other hand, better describes one's ultimate experience of the world

and typically involves further processing of sensory input. In practice, sensation and

perception are virtually impossible to separate, because they are part of one continuous

process.

Thus, perception in humans describes the process whereby sensory stimulation is translated

into organized experience. That experience, or percept, is the joint product of the

stimulation and of the process itself. Relations found between various types of stimulation

(e.g., light waves and sound waves) and their associated percepts suggest inferences that

can be made about the properties of the perceptual process; theories of perceiving then can

be developed on the basis of these inferences. Because the perceptual process is not itself

public or directly observable (except to the perceiver himself, whose percepts are given

directly in experience), the validity of perceptual theories can be checked only indirectly.

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Historically, systematic thought about perceiving was the province of philosophy.

Philosophical interest in perception stems largely from questions about the sources and

validity of what is called human knowledge (epistemology). Epistemologists ask whether a

real, physical world exists independently of human experience and, if so, how its properties

can be learned and how the truth or accuracy of that experience can be determined. They

also ask whether there are innate ideas or whether all experience originates through contact

with the physical world, mediated by the sense organs.

As a scientific enterprise, however, the investigation of perception has especially

developed as part of the larger discipline of psychology. For the most part, psychology

bypasses the questions about perceiving raised by philosophy in favors of problems that

can be handled by its special methods. The remnants of such philosophical questions,

however, do remain; researchers are still concerned, for example, with the relative

contributions of innate and learned factors to the perceptual process.

Such fundamental philosophical assertions as the existence of a physical world, however,

are taken for granted among most scientific students of perceiving. Typically, researchers

in perception simply accept the apparent physical world particularly as it is described in

those branches of physics concerned with electromagnetic energy, optics, and mechanics.

The problems they consider relate to the process whereby percepts are formed from the

interaction of physical energy (for example, light) with the perceiving organism. Of further

interest is the degree of correspondence between percepts and the physical objects to which

they ordinarily relate.

In philosophy, psychology, and cognitive science, perception is the process of attaining

awareness or understanding of sensory information. The word "perception" comes from the

Latin words perceptio, percipio, and means "receiving, collecting, action of taking

possession, apprehension with the mind or senses.

Perception is one of the oldest fields in psychology. The oldest quantitative law in

psychology is the Weber-Fetcher law, which quantifies the relationship between the

intensity of physical stimuli and their perceptual effects. The study of perception gave rise

to the Gestalt school of psychology, with its emphasis on holistic approach.

1.4 SCOPE

From the study, I came to know about the different services offered by various insurance

companies in connection with home insurance, shopkeepers insurance, and office

insurance.

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The study will help to know the trend of insurance industry few years down the

line.

The data was enough to fulfill the objective of the study and to carry out the project

efficiently.

The study helps to learn the work culture in and around the organization.

The study will help to know the customer expectation and behavior.

The study provides first hand information regarding the required services.

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CHAPTER-2

REVIEW OF LITERATURE

2.1 Introduction

Perception is the process by which organisms interpret and organize sensation to produce a

meaningful experience of the world. Sensation usually refers to the immediate, relatively

unprocessed result of stimulation of sensory receptors in the eyes, ears, nose, tongue, or skin.

Perception, on the other hand, better describes one's ultimate experience of the world and

typically involves further processing of sensory input. In practice, sensation and perception are

virtually impossible to separate, because they are part of one continuous process.

Thus, perception in humans describes the process whereby sensory stimulation is translated

into organized experience. That experience, or percept, is the joint product of the stimulation

and of the process itself. Relations found between various types of stimulation (e.g., light

waves and sound waves) and their associated percepts suggest inferences that can be made

about the properties of the perceptual process; theories of perceiving then can be developed on

the basis of these inferences. Because the perceptual process is not itself public or directly

observable (except to the perceiver himself, whose percepts are given directly in experience),

the validity of perceptual theories can be checked only indirectly.

Historically, systematic thought about perceiving was the province of philosophy.

Philosophical interest in perception stems largely from questions about the sources and validity

of what is called human knowledge (epistemology). Epistemologists ask whether a real,

physical world exists independently of human experience and, if so, how its properties can be

learned and how the truth or accuracy of that experience can be determined. They also ask

whether there are innate ideas or whether all experience originates through contact with the

physical world, mediated by the sense organs.

As a scientific enterprise, however, the investigation of perception has especially developed as

part of the larger discipline of psychology. For the most part, psychology bypasses the

questions about perceiving raised by philosophy in favors of problems that can be handled by

its special methods. The remnants of such philosophical questions, however, do remain;

researchers are still concerned, for example, with the relative contributions of innate and

learned factors to the perceptual process.

Such fundamental philosophical assertions as the existence of a physical world, however, are

taken for granted among most scientific students of perceiving. Typically, researchers in

perception simply accept the apparent physical world particularly as it is described in those

branches of physics concerned with electromagnetic energy, optics, and mechanics. The

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problems they consider relate to the process whereby percepts are formed from the interaction

of physical energy (for example, light) with the perceiving organism. Of further interest is the

degree of correspondence between percepts and the physical objects to which they ordinarily

relate.

In philosophy, psychology, and cognitive science, perception is the process of attaining

awareness or understanding of sensory information. The word "perception" comes from the

Latin words perceptio, percipio, and means "receiving, collecting, action of taking possession,

apprehension with the mind or senses.

Perception is one of the oldest fields in psychology. The oldest quantitative law in psychology

is the Weber-Fetcher law, which quantifies the relationship between the intensity of physical

stimuli and their perceptual effects. The study of perception gave rise to the Gestalt school of

psychology, with its emphasis on holistic approach.

Types of Perception:-

Two types of consciousness are considerable regarding perception:

Phenomenal (any occurrence that is observable and physical) and

Psychological.

The difference every sighted person can demonstrate to him- or herself is by the simple

opening and closing of his or her eyes: phenomenal consciousness is thought, on average,

to be predominately absent without senses such as sight. Through the full or rich sensations

present in senses such as sight, nothing by comparison is present while the senses are not

engaged, such as when the eyes are closed. Using this precept, it is understood that, in the

vast majority of cases, logical solutions are reached through simple human sensation. The

analogy of Plato's Cave was coined to express these ideas.

Passive perception can be surmised as the following sequence of events:--

Surrounding → Input (senses) → processing (brain) → Output (re-action).

Although still supported by mainstream philosophers, psychologists and neurologists, this

theory is nowadays losing momentum. The theory of active perception has emerged from

extensive research of sensory illusions, most notably the works of Richard L. Gregory.

This theory, which is increasingly gaining experimental support, can be surmised as

dynamic relationship between "description" (in the brain) ↔ senses ↔ surrounding, all of

which holds true to the linear concept of experience.

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Perception and reality

In the case of visual perception, some people can actually see the percept shift in their

mind's eye. Others, who are not picture thinkers, may not necessarily perceive the 'shape-

shifting' as their world changes. The 'simplistic' nature has been shown by experiment: an

ambiguous image has multiple interpretations on the perceptual level. The question, "Is the

glass half empty or half full?" serves to demonstrate the way an object can be perceived in

different ways.

Just as one object can give rise to multiple percepts, so an object may fail to give rise to

any percept at all: if the percept has no grounding in a person's experience, the person may

literally not perceive it.

The processes of perception routinely alter what humans see. When people view something

with a preconceived concept about it, they tend to take those concepts and see them

whether or not they are there. This problem stems from the fact that humans are unable to

understand new information, without the inherent bias of their previous knowledge. A

person’s knowledge creates his or her reality as much as the truth, because the human mind

can only contemplate that to which it has been exposed. When objects are viewed without

understanding, the mind will try to reach for something that it already recognizes, in order

to process what it is viewing. That which most closely relates to the unfamiliar from our

past experiences, makes up what we see when we look at things that we don’t comprehend.

This confusing ambiguity of perception is exploited in human technologies such as

camouflage, and also in biological mimicry, for example by European Peacock butterflies,

whose wings bear eye markings that birds respond to as though they were the eyes of a

dangerous predator. Perceptual ambiguity is not restricted to vision. For example, recent

touch perception research Robles-De-La-Torre & Hayward 2001 found that kinesthesia

based hapticHYPERLINK "http://en.wikipedia.org/wiki/Haptic_perception" perception

strongly relies on the forces experienced during touch.

Cognitive theories of perception assume there is a poverty of stimulus. This (with reference

to perception) is the claim that sensations are, by themselves, unable to provide a unique

description of the world. Sensations require 'enriching', which is the role of the mental

model. A different type of theory is the perceptual ecology approach of James J. Gibson.

Gibson rejected the assumption of a poverty of stimulus by rejecting the notion that

perception is based in sensations. Instead, he investigated what information is actually

presented to the perceptual systems. He and the psychologists who work within this

paradigm detailed how the world could be specified to a mobile, exploring organism via

the lawful projection of information about the world into energy arrays. Specification is a

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1:1 mapping of some aspect of the world into a perceptual array; given such a mapping, no

enrichment is required and perception is direct perception.

Preconceptions can influence how the world is perceived. For example, one classic

psychological experiment showed slower reaction times and less accurate answers when a

deck of playing cards reversed the color of the suit symbol for some cards (e.g. red spades

and black hearts).

There is also evidence that the brain in some ways operates on a slight "delay", to allow

nerve impulses from distant parts of the body to be integrated into simultaneous signals.

2.2 Customer perception & Satisfaction in General insurance

Perception-in-action

An ecological understanding of perception derived from Gibson's early work is that of

"perception-in-action", the notion that perception is a requisite property of animate action;

that without perception action would be unguided, and without action perception would

serve no purpose. Animate actions require both perception and motion, and perception and

movement can be described as "two sides of the same coin, the coin is action". Gibson

works from the assumption that singular entities, which he calls "invariants", already exist

in the real world and that all that the perception process does is to home in upon them. A

view known as constructivism (held by such philosophers as regards the continual

adjustment of perception and action to the external input as precisely what constitutes the

"entity", which is therefore far from being invariant.

Glasersfeld considers an "invariant" as a target to be homed in upon, and a pragmatic

necessity to allow an initial measure of understanding to be established prior to the

updating that a statement aims to achieve. The invariant does not and need not represent an

actuality, and Glasersfeld describes it as extremely unlikely that what is desired or feared

by an organism will never suffer change as time goes on. This social constructionist theory

thus allows for a needful evolutionary adjustment.

A mathematical theory of perception-in-action has been devised and investigated in many

forms of controlled movement, and has been described in many different species of

organism using the General Taw Theory. According to this theory, taw information, or

time-to-goal information is the fundamental 'percept' in perception.

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Theories of Perception

Two major classes:

Bottom-up: perception builds up hierarchically from a set of primitive "features" to our internal

representations.

Top-down: perception starts with a set of primitives, but our perceptual experience is

influenced by higher-level processes, such as knowledge and context.

Bottom-up theories

All bottom-up theories rely on the notion that perception builds upwards from a foundation of

primitives to a representation our cognitive system can use. This takes place without any

influence from higher cognitive processes.

2.3 Customer Perception In Insurance Service Sector

General Insurance

General (non-life) insurance provides a short-term coverage, usually for a period of one year.

General insurers transact fire insurance, motor insurance, marine insurance, and miscellaneous

insurance business. Among these categories fire and motor insurance business are

predominant. Motor vehicle insurance is compulsory in India and the motor insurance industry.

Moreover, motor insurance due to third party liability claims has substantially contributed to

underwriting losses.

General Insurance Products

Fire Insurance:

Fire Insurance is a comprehensive policy which covers loss on account of fire, earth quake,

riots, floods, strikes, and malicious intent. It can be taken only by the owner of the premises to

be insured.

Motor Insurance: This covers:

In motor insurance, the rates were revised. Upwards twice, once in 1982 and then in1990 as

the high cost of repairs coupled with third party claims had adversely affect the insured loss

ratio. Motor insurance is mandatory leading to good amount of premium collection but it is not

being fancied upon as it could lead to litigation problem.

Marine Cargo Insurance: This covers:

Cargo in Transit.

Cargo Declaration policy.

It includes insurance of Marine Hull Insurance Inland Vessels, Ocean going Vessels, fishing

and scaling vessels, freight at risk, construction of ships, voyage insurance of various

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vessels, ship breaking insurance, oil and energy in respect of onshore and offshore risks,

including construction risk.

2.4 Determinants of Customer Perception

Wherever there is uncertainty there is risk. We do not have any control over uncertainties

which involves financial losses. The risks may be certain events like death, pension, retirement

or uncertain events like theft, fire, accident, etc.

Insurance is a financial service for collecting the savings of the public and providing them with

risk coverage. The main function of Insurance is to provide protection against the possible

chances of generating losses. It eliminates worries and miseries of losses by destruction of

property and death. It also provides capital to the society as the funds accumulated were

invested in productive heads. Insurance comes under the service sector and while marketing

this service, due care is to be taken in quality product and customer satisfaction. While

marketing the services, it is also pertinent that they think about the innovative promotional

measures. It is not sufficient that you perform well but it is also important that you let others

know about the quality of your positive contributions. The creativity in the promotional

measures is the need of the hour. The advertisement, public relations, word of mouth

communication needs due care and personal selling requires intensive care. 

INSURANCE MARKETING: The term Insurance Marketing refers to the marketing of

Insurance services with the aim to create customer and generate profit through customer

satisfaction. The Insurance Marketing focuses on the formulation of an ideal mix for Insurance

business so that the Insurance organization survives and thrives in the right perspective. 

MARKETING --MIX FOR INSURANCE COMPANIES: The marketing mix is the

combination of marketing activities that an organization engages in so as to best meet the

needs of its targeted market. The Insurance business deals in selling services and therefore due

weight-age in the formation of marketing mix for the Insurance business is needed. The

marketing mix includes sub-mixes of the 7 P's of marketing i.e. the product, its price,

place, promotion, people, process & physical attraction. The above mentioned 7 P's can be

used for marketing of Insurance products, in the following manner: 

1. Product: 

A product means what we produce. If we produce goods, it means tangible product and when

we produce or generate services, it means intangible service product. A product is both what a

seller has to sell and a buyer has to buy. Thus, an Insurance company sells services and

therefore services are their product. 

In India, the Life Insurance Corporation of India (LIC) and the General Insurance Corporation

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(GIC) are the two leading companies offering insurance services to the users. Apart from

offering life insurance policies, they also offer underwriting and consulting services. When a

person or an organization buys an Insurance policy from the insurance company, he not only

buys a policy, but along with it the assistance and advice of the agent, the prestige of

the insurance company and the facilities of claims and compensation. It is natural that the users

expect a reasonable return for their investment and the insurance companies want to maximize

their profitability. Hence, while deciding the product portfolio or the product-mix, the services

or the schemes should be motivational. The Group Insurance scheme is required to be

promoted, the Crop Insurance is required to be expanded and the new schemes and policies for

the villagers or the rural population are to be included.  The Life Insurance Corporation has

intensified efforts to promote urban savings, but as far as rural savings are concerned, it is not

that impressive. The introduction of Rural Career Agents Scheme 

has been found instrumental in inducing the rural prospects but the process is at infant stage

and requires more professional excellence. The policy makers are required to activate the

efforts. It would be prudent that the LIC is allowed to pursue a policy of direct investment for

rural development. Investment in Government securities should be stopped and the investment

should be canalized in private sector for maximizing profits. In short, the formulation of

product-mix should be in the face of innovative product strategy. While initiating the

innovative process it is necessary to take into consideration the strategies adopted by private

and foreign insurance companies. 

2. Pricing: 

In the insurance business the pricing decisions are concerned with:

i) The premium charged against the policies,

ii) Interest charged for defaulting the payment of premium and credit facility, and 

iii) Commission charged for underwriting and consultancy activities. With a view of

influencing the target market or prospects the formulation of pricing strategy becomes

significant. In a developing country like India where the disposable income in the hands

of prospects is low, the pricing decision also governs the transformation of potential

policyholders into actual policyholders. The strategies may be high or low pricing keeping in

view the level or standard of customers or the policyholders. The pricing in insurance is in the

form of premium rates. The three main factors used for determining the premium rates under a

life insurance plan are mortality, expense and interest. The premium rates are revised if there

are any significant changes in any of these factors. 

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3. Place: 

This component of the marketing mix is related to two important facets -- 

i) Managing the insurance personnel, and

ii) Locating a branch. The management of agents and insurance personnel is found

significant with the viewpoint of maintaining the norms for offering the services. This is

also to process the services to the end user in such a way that a gap between the services-

promised and services -- offered is bridged over. In a majority of the service generating

organizations, such a gap is found existent which has been instrumental in making worse

the image problem. The transformation of potential policyholders to the actual

policyholders is a difficult task that depends upon the professional excellence of the

personnel. The agents and the rural career agents acting as a link, lack professionalism. The

front-line staff and the branch managers also are found not assigning due weight-age to the

degeneration process. The insurance personnel if not managed properly would make all

efforts insensitive. Even if the policy makers make provision for the quality upgrading the

promised services hardly reach to the end users. 

4. Promotion: 

The insurance services depend on effective promotional measures. In a country like India,

the rate of illiteracy is very high and the rural economy has dominance in the national

economy. It is essential to have both personal and impersonal promotion strategies. In

promoting insurance business, the agents and the rural career agents play an important role.

Due attention should be given in selecting the promotional tools for agents and rural career

agents and even for the branch managers and front line staff. They also have to be given

proper training in order to create impulse buying. 

Advertising and Publicity, organization of conferences and seminars, incentive to

policyholders are impersonal communication. Arranging Kirtans, exhibitions, participation

in fairs and festivals, rural wall paintings and publicity drive through the mobile publicity

van units would be effective in creating the impulse buying and the rural prospects would

be easily transformed into actual policyholders.

 5. People: 

Understanding the customer better allows designing appropriate products. Being a service

industry which involves a high level of people interaction, it is very important to use this

resource efficiently in order to satisfy customers. Training, development and strong

relationships with intermediaries are the key areas to be kept under consideration.

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2.4.1 Service Quality and Satisfactory

RELIANCE POLICIES

Car Insurance

Reliance Private Car Insurance Policy

Introducing Anywhere Assist, providing free roadside* assistance in case of Car break

down.

Cashless facility @ network garages

Optional Personal Accident cover of upto Rs. 10 lakh

Reimbursement of towing charges up to Rs. 1,500

Your car/vehicle is more than a means of transport. It is a valued possession which is dear to

you and your family. Any damage to your car or vehicle by way of an accident/ natural

calamity or loss because of theft not only hits your pride and joy but also makes a deep hole in

your pocket. Drive to safety with Reliance Private Car Insurance. Not only do we cover

benefits of comprehensive motor insurance but also provide post accident assistance. With

our Car Insurance policy you get complete and maximum coverage for your car.

Car Insurance Policy - Key Highlights

Instant online policy issuance or over IVR call us on 1800 3009

No documentation

Cashless facility at 2100 Network Garages

Reimbursement of towing charges up to Rs. 1,500

Survey within 48 working hours

24/7 service

Hassle free claim settlement 

Speedy Car claim settlement via NEFT

Attractive discounts

Complete car insurance, on and off the road

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Other Benefits of Buying Car Insurance

 

 

No Claim Bonus Retention Cover

Accidents occur, whether due to your fault or someone else's, but even a single claim on your

policy can snatch away the hard earned No Claim Bonus from you, making you start all over

again, from Zero, literally.

Car Insurance - Key Advantages

Complete Car Cover

Reliance Private Car Insurance gives you complete insurance cover for your car, on and off the

road.

It covers your car against accidents, theft, natural calamities etc.

It will also give you Personal Accident Insurance cover and third party liability cover.

Facilities for your convenience

We provide Cashless facility across 2100 network garages in India

The Survey of your vehicle is arranged within 48 working hours

We also provide an allowance of Rs. 1500 towards towing charges if required

Whenever you need us, we are just a phone call away. Call us at 1800 103 1999

(Claims) or 1800 3009(inquiry) and 022 41112600 (Charges apply).

Immediate response to any call for claims

We have a dedicated help line for emergency services

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Two Wheeler Insurance

Reliance Two Wheeler Insurance Policy

Comprehensive insurance of your two wheeler

Optional Personal Accident cover of Rs. 2 lakh

Super fast Service with 24/7 emergency helpline service

Two wheelers are convenient and exuberant. However, damage of your vehicle due to natural

calamities/ accidents and loss by way of theft, can make your smooth ride jerky.

Ensure your peace of mind with Reliance Two Wheeler Insurance. We cover you against

various kinds of losses and liability. Get comprehensive coverage for the liability arising out of

the third party and the loss or damage to your two-wheeler. 

Two Wheeler Insurance - Key Highlights

Instant Policy Issuance through online and on call (1800 3009)

Speedy claims settlement

No documentation

Attractive Discounts

Comprehensive insurance of your Two-wheeler, on and off the road

Super fast Service with 24/7 emergency helpline service

Two Wheeler Insurance - Key Advantages

Complete Cover

Reliance Two Wheeler Package Policy gives you complete insurance cover on the road and off

it.

It covers your two-wheeler against accidents, theft, natural calamities etc

It will also gives you personal accident insurance cover and third party liability cover

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Facilities for your convenience

Whenever you need us, we are just a phone call away. Call us at 1800 103 1999

(Claims) and 022 41112600 (Charges apply)

Super-fast service

Instant policy issuance through online and on call (1800 3009)

We value your time and when you call in a claim we respond immediately

We also make sure that a survey is done in the quickest possible time

Attractive Discounts

Avail the 'No Claim Bonus', if no claims were made the previous year on your existing 2

wheeler insurance policy. Option of transferring 'No Claim Bonus' to your new vehicle also

available.

Reliance Goods Carrying Vehicle Package Policy

(GCV)

Reliance Passenger Carrying Vehicle Package Policy

(PCV)

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A good vehicle insurance is probably one of the best companion during your journey and an

equally good partner in your business. A Commercial Vehicle Insurance helps you complete

your journey ad also achieve new heights in your business, by all means. Our Goods Carrying

Vehicle / Passenger Carrying Vehicle Package Policy is one such companion during your

journey which covers your legal liability towards third parties for personal injury, death and

property damage from any accident involving your vehicles. Your motor insurance with us

would mean a peace of mind.

We cover you against various kinds of losses and liability. Get comprehensive coverage for the

liability arising out of the third party and the loss or damage to your GCV/PCV.

Commercial Vehicle Insurance – Key highlights

Liability to third party

death of or bodily injury to any person caused by or arising out of your insured vehicle

damage to third party's property by use of your insured vehicle

Loss or damage to vehicle due to:

fire explosion self ignition or lightning

burglary, housebreaking, theft

riot, strike

earthquake

flood, typhoon, hurricane, storm, tempest, inundation cyclone, hailstorm, frost

accidental external means

malicious act

terrorist activity

landslide rockslide

Personal Accident Cover for Owner-Driver

Additional towing cover

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What we do not cover in Commercial Vehicle Insurance?

Any accidental loss or damage and/ or liability caused sustained or incurred outside the

geographical area

Loss or damage due to war or nuclear risks

Consequential loss

Deductible as stated in the policy

Loss/ damage due to ionizing radiation

Vehicles being used other than in accordance with the limitations as to use

Vehicle driven by someone other than the driver as stated in the 'Driver's Clause'.

Read Commercial Auto Insurance Policy document for more details

How to ensure a good commercial auto insurance for your vehicle?

It is a known fact that anyone who owns or drives a car should have a motor insurance. The

same rule applies to commercial vehicle owners and/or drivers as well. Like motor insurance

even a commercial vehicle insurance falls in the category of general insurance, however, the

two are different in many aspects. For instance, unlike motor insurance, a commercial vehicle

insurance, as the name suggests, is meant for vehicles used for commercial purpose only .i.e.

goods carrying vehicles and/or passenger carrying vehicles.

Majority of the auto insurance companies provide commercial auto insurance. Therefore,

deciding on which auto insurance company should you buy your commercial auto insurance

from is a task in itself. Such a decision requires good research and comparison of the products

available in the market. A good homework will only help you find the best coverage, with a

good company at the right price.

Before buying or picking your commercial auto insurance, it is always wise to look around for

the insurance premium quotes. The best way of doing so is by comparing different auto

insurance companies. A commercial vehicle insurance and/or van insurance generally offers

following coverages.

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Bodily injury to any person

Third party property damage liability

Personal injury protection

Own-damage

Towing and Labor

As a part of comparative study it is also important to understand the reason behind the cheaper

rates offered by the auto insurance companies. For instance, ensure you are comparing the

same types and length of coverage. At times the tenure of a coverage may vary, which is why

you may find one quote significantly cheaper than others. 

In addition, find out about the financial stability of the auto insurance company before buying

the policy. In order to scale up their business, some companies may try to lure the customers

by offering cheaper rates. However, do an online search on the company ratings and reviews.

This would give you fairly a better idea about the authenticity and trust factor of the company. 

Last but not the least, as a part of your comparative study and research on the insurance

company and its policies, it is also important to understand what risks are not covered in the

commercial vehicle insurance plan offered to you. The more complete and detail information

you have about the plan you buy the more you can be sure about the money you will be

investing in the policy. This will not only protect you and/or you vehicle at the time of

unforeseen event, but will also offer you a peace of mind. 

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CHAPTER-3

INDUSTRY ANALYSIS / INDUSTRY PROFILE

3.1 Introduction of Indian Insurance Sector

The Indian life insurance industry has its own origin and history, since its inception. It has

passed through many obstacles to attain the present status. The income earning capacity of an

individual citizen of a nation, the eagerness and awareness of general public are the two key

determinants of growth of any insurance industry.Insurance is a social devise where uncertain

risks ofindividuals may be combined in a group and thus made more certain-SmallPeriodic

contributions by the Individuals provide a found out of which those who suffer losses may be

reimbursed. Life insurancemade its debut in India well over 100 years ago. Today, it is widely

accepted as one of the most attractive financial instruments in and individual’s part police.

That provides an assurance of security with attractive returns.

History of Life Insurance

Risk protection has been a primary goal of humans and institutions throughout history.

Protecting against risk is what insurance is all about.

Over 5000 years ago, in China, insurance was seen as a preventative measure against

piracy on the sea. Piracy, in fact, was so prevalent, that as a way of spreading the risk, a

number of ships would carry a portion of another ship's cargo so that if one ship was captured,

the entire shipment would not be lost.

In another part of the world, nearly 4,500 years ago, in the ancient land of Babylonia,

traders used to bear risk of the caravan trade by giving loans that had to be later repaid with

interest when the goods arrived safely.

Life insurance came about a little later in ancient Rome, where burial clubs were formed to

cover the funeral expenses of its members, as well as help survivors monetarily. With Rome's

fall, around 450 A.D., most of the concepts of insurance were abandoned, but aspects of it did

continue through the Middle Ages, particularly with merchant and artisan guilds. These

provided forms of member insurance covering risks like fire, flood, theft, disability, death, and

even imprisonment.

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During the feudal period, early forms of insurance ebbed with the decline of travel and

long-distance trade. But during the 14th to 16th centuries, transportation, commerce, and

insurance would again reemerge.

Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of

Life Insurance Corporation of India's corporate headquarters, is derived from the Rig Veda.

The term suggests that a form of "community insurance" was prevalent around 1000 BC and

practiced by the Aryans.

And similar to ancient Rome, burial societies were formed in the Buddhist period to help

families build houses, and to protect widows and children.

Modern Insurance

Illegal almost everywhere else in Europe, life insurance in England was vigorously

promoted in the three decades following the Glorious Revolution of 1688. The type of

insurance we see today owes its roots to 17th century England. Lloyd's of London, or as they

were known then, Lloyd's Coffee House, was the location where merchants, ship owners and

underwriters met to discuss and transact business deals.

While serving as a means of risk-avoidance, life insurance also appealed strongly to the

gambling instincts of England's burgeoning middle class.

Gambling was so rampant, in fact, that when newspapers published names of prominent

people who were seriously ill, bets were placed at Lloyd’s on their anticipated dates of death.

Reacting against such practices, 79 merchant underwriters broke away in 1769 and two years

later formed a “New Lloyd’s Coffee House” that became known as the “real Lloyd’s.” Making

wagers on people's deaths ceased in 1774 when parliament forbade the practice.

3.1.1 Growth Scenario

The general insurance industry grew by 12 per cent in the first nine months of current fiscal led

by Anil Ambani group firm Reliance General Insurance, which recorded the highest growth of

149 per cent in gross premium as compared to last fiscal.

The 13 non-life insurers collected Rs 20,796 crore first premium in the first three quarters. Of

the total premium, the share of nine private sector players stood at Rs 8,305 crore while

remaining was contributed by four public sector players.

3.1.2 Global perception

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The industry has of late achieved a yearly growth rate within 32 and 34 percent and this makes

it the 5th best among emerging economies around the world. The various entities of the industry

are also bringing out newer products on a regular basis to attract their customers. 

As per rules, the upper limit of foreign direct investment permitted in this sector is 26 percent.

However, this has to be done through the automatic route and the investor needs a license from

Insurance Regulatory and Development Authority (IRDA).

At present there are 22 life insurers in India. The IRDA has recently taken away the tariffs of

the interest rates and this has provided insurers greater independence when it comes to

deciding the price of their insurance policies. The insurance industry has also become more

competitive as a result. 

Yet another important factor affecting this sector has been the recent financial meltdown. 

India insurance industry growth in last few years

The life insurance companies have performed the best when it comes to growth with an

increase of almost 70% in new premium that has been collected in the initial 5 months of

2012. 

As per IRDA data, in April-August 2010 the insurance companies earned $11.73 billion in new

premium - in the corresponding period in the previous year the amount stood at 6.9 billion

dollars. 

LIC, a state held insurer, had been the biggest profit maker at that time with an addition of

88% to their existing business. The privately owned insurers together had seen a leap of 34%

to their policy sales. 

ICICI Prudential earned 576.60 million dollars at that time. During April-August 2009 SBI

Life had earned $379.20 million in sales of new policies and that figure went up to $531.87

million in the corresponding period in 2010 making it an increase of 40%. HDFC Standard

Life also experienced a good growth of 54% in new sales. –

IRDA data shows that between April and October 2010 the general insurance industry

experienced a year-on-year growth of 22.76% with regards to underwritten gross premium. 

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The total value of that premium was 5.29 billion dollars while the same figure stood at $4.31

billion in April-October 2009. For the public sector companies the year-on-year growth rate

was 21.09 percent between April-October 2010 and April-October 2009. 

In the same period the privately held insurers saw an increase of 25.19 percent in terms of

premium collected. Among the publicly owned entities, New India Insurance was one of the

better performers with a premium income of 916.77 million dollars in April-October 2010. 

At the same period in 2009 they had earned 770.25 million dollars which implies a growth rate

of 19.04%. The IRDA Summary Report of Motor Data of Public and Private Sector Insurers

2009-10 states that in the same period almost 28.4 million policies were sold and the aggregate

worth of premium collected was $2.31 billion. 

The health insurance sector, according to the RNCOS' research report named "Booming Health

Insurance in India" posted unprecedented growth rates in 2008-09 and 2009-10. The report

also estimates that between the 2009-10 and 2013-14 the sector would see a compound annual

growth rate (CAGR) of at least 25%.

3.2 Major Private & Public share

General Insurance Companies in India

Bajaj Allianz General Insurance

Bajaj Allianz General Insurance is a joint venture of Allianz SE and Bajaj Finserv, which has

recently established its separate identity from Bajaj Auto Limited. Both Allianz SE and Bajaj

Finserv are reputed to be expert, stable, and strong entities in their respective domains. 

The Insurance Regulatory and Development Authority (IRDA) provided Bajaj Allianz General

Insurance its Certificate of Registration on May 2, 2001, which enabled to start its operations

in India. At present its paid up and authorized capital is equal to INR 180 crores. 

Allianz SE owns 26 percent of the organization's shares and the remaining 74% are owned by

Bajaj Finserv. The insurer has been a leading name in the insurance sector by achieving a

regular level of growth along with substantial profits. 

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At present the insurer is operating across 200 towns across India and has been employing the

very best in technology to make sure it can respond and communicate in the shortest possible

time with its customers and interested parties. Its headquarters are at Pune.

ICICI Lombard

ICICI Lombard is a collaboration of Fairfax Financial Holdings Limited from Canada and

ICICI Bank Limited. ICICI Bank is the second biggest bank of India and as of March 31, 2012

owns consolidated assets worth more than 91 billion US dollars. It is a diversified financial

services provider engaged in several sectors such as general insurance, management of

investment claims, reinsurance, and investment management. 

The insurer offers instant policy renewal and issuance facilities from its official website. This

facility is available for the following forms of retail insurance such as:

Car insurance

Two wheeler insurance

Health insurance

Home insurance

Travel insurance

It also offers several payment options such as internet banking, debit cards, credit cards, and

cash cards.

National Insurance

National Insurance was set up in 1906 and had its corporate headquarters at Kolkata. After the

General Insurance Business Nationalization Act was passed in 1972, 11 Indian insurers and 21

international insurers were included in its fold. At that point of time National Insurance

operated as a subsidiary of the General Insurance Corporation of India that was wholly owned

by the Indian Government. 

Once the General Insurance Business (Nationalization) Act was passed on August 7, 2002 the

insurer started to operate as an independent entity and is presently held by the Union

Government. It is one of the top non life insurers of India in the public sector. 

It has approximately 1000 offices and in excess of 16 thousand officials in far flung rural areas,

metros, and townships. Its international operations are executed from its Nepal based offices. It

has 14 million policyholders and offers at least 200 different products that take care of their

different requirements. 

It has a paid up share capital of INR 100 crores. In addition to usual general insurance plans it

offers fire, miscellaneous, and marine insurance. National Insurance also provides various risk

protection services and caters to the following sectors of the national economy:

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Banking

Space research

Plantations

Telecom

Foreign trade

Aviation

Shipping

Healthcare

Information technology

Tea

Power

Automobile

Oil and energy

Education

Agronomy

Environment

National Insurance is the second largest among non life insurers in India and majority of its

operations are based in eastern and northern India.

New India Assurance

New India Assurance was established during 1919 by Sir Dorab Tata and is the first insurer to

be completely owned by an Indian. It is a groundbreaker when it comes to Indian insurers - in

1946 it had insured the first Indian airlines and in 1980 it started issuing satellite insurance. 

It offers a diverse array of plans and is presently one of the biggest names in the non life sector

in India as well as Afro-Asia.

Oriental Insurance

Oriental Insurance was established on September 12, 1947 in Mumbai and was a totally owned

subsidiary of the Oriental Government Security Life Assurance Company Ltd. its main

purpose on inception was to execute the general insurance operations of its parent company. 

From 1956 to 1973 it served as a LIC subsidiary before the general insurance business was

also taken over by the government. In 2003 its shares were transferred to the Union

Government from the General Insurance Corporation. 

The organization is a leader when it comes to creating fluent and structured business

operations. Its main area of strength is its work force that is highly motivated and well trained

with the capability of covering several areas of the insurance business proficiently. 

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Its major area of strength is creating specialized cover plans for major projects such as power

plants, steel, petrochemical, and chemical plants. Till now it has come up with products that

are suited to the distinct requirements of both rural and urban population. The company also

provides a high level of customer service through its team of experienced and technologically

educated employees. Its headquarters are at New Delhi - it also has more than 900 offices in

various cities across India as well as 30 regional offices. Its international operations are

performed from its offices at Nepal, Dubai, and Kuwait. It has at least 15 thousand

professionals. 

Reliance General Insurance

Reliance General Insurance is one of the leading general insurers of India in the private sector.

It provides a wide range of customized insurance products in the following segments:

Motor

Travel

Health

Student travel

It caters to corporate, individual, and small medium enterprises. It is among the first companies

to have started the home and health insurance plans that are provided on an over-the-counter

basis. It has 152 offices in 119 cities spread around 24 states. It also provides customers with

the following facilities:

24X7 call center

Channel partner

Transaction based website

Brokers

Tie-ups with banks

Following are the other general insurers operating in India:

IFFCO TOKIO

L&T General Insurance

Royal Sundaram Alliance Insurance

Star Health and Allied Insurance

Tata AIG General Insurance

Apollo Munich Health Insurance

United India Insurance

Future Generali India Insurance

Cholamandalam MS General Insurance

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Universal Sompo General Insurance

HDFC ERGO General Insurance

Shriram General Insurance

Export Credit Guarantee Corporation of India

Bharti AXA General Insurance

Agricultural Insurance Co of India

Max Bupa Health Insurance

3.3 Future Perception

The Reliance General Insurance is a well established private general insurance company in

India and a part of the Reliance Capital Limited of the Reliance Anil Dhirubhai Ambani

Group.

Reliance General Insurance Company Ltd. offers a multitude of insurance products such as

health insurance, travel insurance, motor insurance and home insurance. Reliance General

Insurance Company has also introduced India’s first Over-The-Counter health & home

insurance policies, thus encouraging innovation and enabling convenience to the customers.

Rakesh Jain is the Executive Director & CEO of Reliance General Insurance Company.

The company has been awarded the ISO 9001:2008 certification by Det Norske Veritas

(DNV), a reputed global quality standards auditing organization, for its streamlines processes

and speedy transparent claim procedures.

Reliance General Insurance - Product Portfolio

Reliance Health Plans:

Health Insurance plans help to protect your family against financial emergencies and provides

financial assistance to you and your family covers you against hospitalization expenses

towards diseases / illness / injury.

Reliance Health Insurance Policy

Reliance Critical Illness Insurance Policy

Reliance Individual Personal Accident Policy

Reliance Individual Mediclaim Insurance Policy

Reliance Car Insurance Plans:

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Car insurance plans help you to escape from expenses on your car or any other vehicle due to

any calamity and cover benefits of comprehensive motor insurance but also provide post

accident assistance.

Reliance Private Car Insurance Policy

Reliance Two Wheeler Insurance Policy

Reliance Travel Insurance Plans:

Reliance plans give you the benefit of travelling with confidence either abroard or domestic

thereby ensuring you a complete hassle free travel with peace of mind.

Reliance Overseas Travel Insurance

Reliance Student Travel Insurance

Reliance Annual Multi-trip travel insurance plan

Reliance  Senior citizens Travel Insurance

Reliance Home Insurance Plans:

Reliance Plans plan give you comprehensive cover for your home and its contents at a

reasonable premium and help to safeguard your home and its contents in case of an ill fated

event.

Reliance Householders' Package Policy

Reliance Personal Accident Plans:

It is advisable to compare all Reliance General insurance plans from other General insurance

companies in India to choose the best insurance plan that suits you the most.

Reliance Distribution Network:

The Reliance General Insurance Company operates with the help of more than 200 branch

offices spread across 173 cities and 22 states throughout the country. Moreover, company

provides for its customers easy channels of access to its products through its 24x7 call center

and a transactional website.

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CHAPTER-4 RESEARCH METHODOLOGY

4.1 Introduction of Research methodology:

The Research methodology used for the study was very rigorous. Questionnaires were

made, interviews with customers were held and various books and websites were consulted for

any type of information related to the study. The methodology so applied is briefly discussed

below step-by-step.

Therefore Marketing research can be defined as the systematic design, collection,

analysis, and reporting of the data and finding relevant to a specific marketing situation

facing the company.

4.2. Research objectives

To study the perception and satisfaction level of policy holders towards the

service of Reliance General Insurance Corporation Ltd.

4.3 Research Hypothesis

Research Design:

Research design is the basic plan which guides the researchers in the collection and

analysis of data required for practicing the research product. In fact the research design is

the conceptual structure with which research is conducted. It consist the blue print for the

collection, measurement and analysis of the data that was followed completing the study to

ensure that study is relevant to the problem and will follow the predetermined and set data.

4.3 Sampling Design & Techniques

DATA COLLECTION TECHNIQUES

Research design

The framework of conducting research is known as research design.

“Research design is the plan, structure, and strategy of investigation conceived so as

to obtain answers to research question and to control variance.”

Method

There are two types of data collection method use in my project report.

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– Primary data

For my project, I decided on primary data collection method for observing the working of

company and approaching customers directly in the field with the help of questionnaire

prepared.

– Secondary data.

I decided on Secondary data collection method by referring to various websites for

collecting information regarding project under study.

4.4 Sample Description:

Sample Method: Random sampling was chosen as the sample selection procedure.

Sample universe: My sample universes for research are customer of Sagar city.

Sample unit: The respondents (20 Respondents) who were asked to fill out

questionnaires are the sampling units.

Sample Frame: Sample frame of this project is Existing customers of Reliance General

Insurance.

Sample size: The sample size was taken to be 20 customers. Some of the customers were

interviewed individually everyday and asked to fill the questionnaires.

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CHAPTER-5

DATA ANALYSIS AND INTERPRETATIONQ1. Are you a Job Holder?

YES NO

83% 17%

INTERPRETATION

It was founded that 83% customers are job oriented while 17% are not.

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Q2. Are you aware of Reliance General Insurance?

Particulars PercentagesYes 85%No 15%

According to survey we find that 85% customers are aware about Reliance General Insurance

while 15% are not aware.

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Q3. If Yes, How do you come to know about Reliance General Insurance?

Media PercentagesTV 65%News Paper 15%Agents 20%

According to survey we find that 65% customers are aware about RGI from TV, 15% are of by

Newspaper while 20% are of by agents.

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Q4. Mode of buying life insurance policy

The question was asked to know that how a customer bought the policy weather it was

customer approach to company or company approach to customer.

INTERPRETATION

It was founded that 58% people have taken policy because of company approach and rest

bought either by their approach or other reasons.

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Q5. Which factor is important in your eye for purchasing General insurance policy?

Factors PercentagesCompany 55%Premium 20%Service 25%

According to survey we find that 55% customers are having RGI because of Company, 20%

are of by Premium. While 25% are of by Service.

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Q6. Satisfied with the policy

Satisfied 44%

Not Satisfied 47%

Cant Say 9%

The question was asked to know that what percentage of customers is satisfied with the

policies.

INTERPRETATION

It was founded that majority of customer are not satisfied with their current policy.

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Q7. From whose suggestion have the respondents taken a policy?

Company Approach 58%

Influence of advertisement 24%

Friends & Family 18%

It was asked to gain an insight from the respondents that on whose suggestion they opted

for a life insurance.

INTERPRETATION

After the survey it was founded that 58% of the respondents took policy cover from the

suggestions of company approach. And only 24% respondents took policy on the

recommendation of the agents. Other sources like banks, corporate tie-ups and etc. play a

minute role in reaching out people for General insurance policy.

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Q8. Which sector customer chose public or private?

Private 44%

Public 56%

INTERPRETATION

According to survey we find that 44% customers are having General Insurance from Private

company while 56% are from public.

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FINDINGS

It is found the Customers are satisfied with the Reliance General insurance service.

Reliance General insurance gives best satisfaction to its customers.

Most of the customers want Reliance General insurance service again.

It is found that life cover plan, investment plan attract customer.

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LIMITATIONS OF THE RESEARCH

Some of the difficulties and limitations faced during my training are as follows:

Lack of awareness among the people – This is the biggest limitation found in this

sector. Most of the people are not aware about the importance and the necessity of the

insurance in their life.

Perception of the people towards Insurance sector – People still consider insurance

just as a Tax saving device. So today also there is always a rush to buy an Insurance

Policy only at the end of the financial year.

Lack of awareness about the earning opportunity in the Insurance sector – People

still today are not aware about the earning opportunity that the Insurance sector gives.

Companies in order to beat the competition and to increase their Insurance Advisors

and increase their reach to the customers are giving very high commission but people

are not aware of that.

Increased competition – Today the competition in the Insurance sector has became

very stiff. Currently there are more than 20 General Insurance companies working in

India. Today each and every company is trying to increase their Insurance Advisors so

that they can increase their reach in the market. This situation has created a scenario in

which to recruit General insurance Advisors and to sell life Insurance Policy has

became very very difficult.

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SUGGESTION As majority of the population lives in rural areas so they should be targeted simple and

affordable plans for them.

Life Advisor is the one which brings majority of the business for the company. So more

and more advisors should be recruited and paid good commission for their work.

In today’s corporate world customer satisfaction is the key element to earn profit and

run the business. So the best service should be given before and after the

commencement of the policy.

Better service quality should include-issuing policy on time, providing claims on time,

proper communication via mail or courier on timely basis to aware customer about the

policy status.

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CHAPTER-5

CONCLUSIONS

General insurance is a relatively low involvement product, even for those who have

voluntary cover.

It is not something that occupies consumers’ minds at times other than the time of

consideration / purchase. The result of this is a low level of awareness and understanding of

life insurance products, and more generally, of the operation of life insurance companies.

There is confusion in the minds of consumers between life insurance, general insurance,

health insurance, and some investment products (such as endowment products). Life insurance

companies, therefore, are subject to odium emanating from problems in the general insurance

sector, such as the collapse of HIH, increasing general insurance premiums, and obscenely

large director salaries and bonuses. This is the case even among apparently erudite individuals.

In this knowledge vacuum, people make incorrect assumptions and attributions about life

insurance. These ill-formed and uninformed attitudes then act as barriers to life insurance

product take-up.

A similar line of reasoning is applicable to genetic testing. A lack of knowledge about the

details and potential benefits of genetic testing leads people to associate genetic testing with

unrelated areas such as organ farming, human cloning, ‘Dolly the sheep’ and so on.

It should not be surprising, therefore, that there is a significant level of opposition in the

community to the use of human genetic information by life insurers. It is effectively the fusion

of two areas of uncertainty, coupled with cynicism towards financial institutions.

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BIBLIOGRAPHY

https://www.google.co.in/?

gfe_rd=cr&ei=RDhXVJynMMXM8ge1zYCADA&gws_rd=ssl#q=MAJOR+PRIVATE+

SHARE+OF+GENERAL+INSURANCE+COMPANY

http://business.mapsofindia.com/insurance/general-insurance-companies.html

https://www.reliancegeneral.co.in/insurance/motor-insurance/commercial-vehicle-

insurance.aspx

http://www.policybazaar.com/general-insurance/companies/reliance-general-insurance-

company-ltd/

http://www.insurancepandit.com/insurer/reliance-general-insurance.php

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QUESTIONNAIRE

Name:- Age:.

Gender:- Occupation:-

Q1. Are you a policy holder of Reliance General Insurance?

a. Yes b. No

Q2. Q2. Are you aware of Reliance General Insurance?

a. Yes b. No

Q3. If Yes, How do you come to know about Reliance General Insurance?

a. TV b. Newspaper c. Agent

Q4. Why which mode of buying insurance policy?

a. Company approach b. others

Q5. Which factor is important in your eye for purchasing General insurance policy?

a. Company b. Premium c. Services

Q6. Q6. Are you Satisfied with the your general insurance policy?

a. Satisfied b. Not Satisfied c. Cant Say

Q7. From whose suggestion you have the respondents taken a policy?

a. Company Approach b. Influence of advertisement c. Friends & Family

Q8. Q8. Which sector customer chose public or private?

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a. Public b. Private