comparative survey of customer expectations, services offered and customer satisfaction across ulip,...

8/9/2019 Comparative Survey of Customer Expectations, Services Offered and Customer Satisfaction Across ULIP, Term and Endowment Life Insurance Policies Across Minimum Five Priva

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PRESENTATION ON

Comparative survey of customer expectations,services offered and customer satisfaction

across ULIP, Term and Endowment lifeinsurance policies across minimum five private

companies in Pune

SUBMITTED TO:Prof. Kingshuk Bhadury

SUBMITTED BY:Group No. 05


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GroupMembers

AMLAN NAYAKSNEHAL AWATE

KAMLESH PAGARIYA

ADIL MALIK

NARENDRA

NARANGWADE

RAJESH KUMAR

RAMESH SINGHSANDEEP PANDEY

SHILPA DALMIA

TRILOK MITTAL

D-06D-11

D-17

D-19

D-24

D-37

D-39D-44

D-49

D-61


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Companiesselected foroursurvey

BAJAJ ALLIANZ LIFE INSURANCE

BIRLA SUN LIFE INSURANCE

ICICI PRUDENTIAL LIFE INSURANCE

RELIANCE LIFE INSURANCE

TATA AIG LIFE


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INTRODUCTION TO INSURANCE

In India, Insurance is a national matter, in which

life and general insurance is yet a booming sector

with huge possibilities for different global

companies, as life insurance premiums account to

2.5% and general insurance premiums account to

0.65% of India's GDP. The Indian Insurance

sector has gone through several phases and

changes, especially after 1999, when the Govt. ofIndia opened up the insurance sector for private

companies to solicit insurance, allowing FDI up to

26%.


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INTRODUCTION TO LIFE INSURANCE

It deals with the insurance of human life. Whenever there is uncertainty, there is an

involvement of risk, security against such risk is

one of the basic motivating forces determining

human attitude . All life insurance companies in India have to

comply with the strict regulations laid out by

Insurance Regulatory and Development Authority

of India (IRDA). Two major types of insurance are:-

1. Unit Linked Insurance plans (ULIPs) .

2. Traditional plans


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SAMPLING

Sample Unit The sample unit in our survey was the plans

namely:

ULIP

Endowment

Term end

Across five private Insurance companies.Sample Size.

Sample size of the survey done is 120.


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SAMPLING

Sample Frame

Sample frame is related to Pune city only.

Sampling Method

In our research, method used is selectivesampling for plans across selective insurancecompanies. Non profitability purposive samplingmethod is used.


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COMPANYSVIEW POINT


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1.What Insurance plans do your company

Offer?

OBJECTIVE : This question wasasked toknow

whether theCompany we selected offers thethree Insurance plans , namely ULIP, TERM

AND ENDOWMENT.


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Insurance plans offered by Companies

COMPANIES

PLANS

BajajAllianzLife

BirlaSun Life ICICIPrudentialLife

RelianceLife TATAAIGLife

ULIP YES YES YES YES YES

TERM YES YES YES YES YES

ENDOWMENT YES YES YES YES YES


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2. Do you allow customer to switchannually?

Objective: This question was taken tounderstand theflexibility provided to customers by respective

companiesin case of ULIP.


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Number of Free switches allowed by companies

in per year.


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3.Whichadvertisement channels do you use toreachthe masses?

OBJECTIVE : To study companies way of

communication with customers as well as tounderstand whether they want to target massesor a specific segment.


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Advertisement channel used for Promotion


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4.Whatare the ways your company provide for

Premium payment?

OBJECTIVE : We have chosen this question to

know the convenience provided to customer forpayingpremiums.


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Convenience in premium payment facility.


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5. By whatmeans you pay backthe assured

money?

OBJECTIVE : By this question we wanted to

know the variousavailable options forredemptionof money provided by different

InsuranceCompanies.


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Reimbursement Channel used


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CUSTOMERS

VIEW POINT


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1.Whichofthe following goes with your priority

level in selecting an Insurance Policy?

Objective: The question wasasked inorder toknowcustomerspreference tovaluesgiven by insurance

company.


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CUSTOMERS PRFERENCE WHILE CHOOSING

INSURANCE PLANS

0

1

2

3

4

5

ULIP

TERM

END


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INFERENCE

CUSTOMERS NEEDS ARE DIFFERENT.

SOME BELIEVE IN LIFE COVERAGE , SOME IN

INVESTMENT AND SOME CHOOSE BOTH.

DEMOGRAPHICS PLAY A MAJOR ROLE IN

SELECTING A POLICY WHETHER ITS ULIP,

ENDOWMWENT OR TERM PLANS.


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2.A chance given, would you like to switch your planto any other companyand plan?

If yes, whichone?

Objective: Toknow the perceptionof thecustomers towards different insurance companies.

Plans

Companies

Bajaj Birla ICICI Reliance TATA AIG

Bajaj Allianz Life 0 1 2 0 1

Birla Sun Life 0 0 6 1 2

ICICI Prudential Life 7 4 0 2 1

Tata AIG Life 5 0 2 0 0

Reliance Life 1 1 9 0 6


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NO. OFCUSTOMERS WANT TO INVEST IN OTHER

LIFE INSURANC

EC

OMPANY


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INFERENCE

CUSTOMER EITHER UNHAPPY WITH THEIR

CURRENT INSURANCECOMPANY.

CUSTOMER WANTS TO DIVERSIFY THEIR

INVESTMENT FOR BETTER RETURNS.

INCASE OF ULIPCUSTOMER WANTSASSURITY IN RETURN ON INVESTMENT.


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NO. OF CUSTOMERS WILLING TO

CHANGE ACROSS PLAN


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INFERENCE

Satisfactionof customersacross ULIP planis highest.

Changing behavioris highest in ENDOWMENT plan

followed by the term plan.

Most of customerof ENDOWMENT and TERM END

plan want togo forULIP.


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3. According to you whatare the perceived risksyou may face while going for insurance?

Objective: What is customersperception whileGoingfor Insurance.


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PERCEIVED RISK BEFORE CHOOSING

INSURANCE

0

2

4

6

8

10

12

14

16

18

20

C C BAJAJ B A TATA

ACK OF FO AT O

AFTE SA E SE V CES

H DDEN CHA GES

DA

ONEY SEC TY


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INFERENCE

CUSTOMERS MAJORCONCERN AREHIDDENCHARGES LINKED WITH INSURANCE POLICY.

CUSTOMERS FEEL INFORMATION SHARED WITHTHEM ARE NOT ADEQUATE.

AFTER SALES SERVICE BY THEIR INSUREDCOMPANYCAN BE POOR.

CHANCES ARE THERECOMPANY MAY BECOMEINSOLVEMENT SOCUSTOMER MAY LOOSE THEIRMONEY.


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4. In whichareas do you want your insurancecompany should improve?

Objective: Customersinterpretationof Prospectivechancesofimprovement in Insurance companies.


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CHANCES OF IMPROVEMENT

0

2

4

6

8

10

12

14

16

ICICI BI L L B J J

S CL IM

SP C

F W P MIUM

FL XIBILI


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INFERENCE

COMPANIES LACK TRANSPARENCY IN INFORMATIONSHARING WITHCUSTOMERS BEFORECHOOSINGINSURANCE.

CLAIM PROCEDURE ARE TEDIOUS AND FULL OFHASSLE.

FLEXIBILITY PROVIDED BYCOMPANIES ARE

DIFFERENT AS EXPECTED BYCUSTOMER.

PREMIUMCHARGES SHOULD BE LESSCOMPARED ULIPTO TERM /ENDOWMENT.


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OBSERVATIONS AND FINDINGS

ULIP is the most preferred insurance policy by

the customers.

From the survey we conclude that customersmostly preferred ICICI prudential.

Term follows the ULIP and stood second by thecustomers preference.

We found from the survey that mostly customerprefer to buy the policies through agent.

From the survey we have come to know that64% of customer read IRDA before taking up thepolicy.

We also have come to know that mostly people

take insurance as for security purpose.


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SuggestionsAND RECOMMENDATIONS

The claim settlement procedure should not becomplex.

Complete clarity should be there between theinsurer and the insured.

There should be healthy relationship between theinsurer and the insured.

There should be no hidden charges to improvecompany's reliability.


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Thank you

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