insurance ppt
DESCRIPTION
the ppt is about peoples perception towards insurance.TRANSCRIPT
A STUDY ON PEOPLES PRECEPTION TOWARDS INSURANCE INSURANCE
BYBALAJI.G
Register No:1062202
INTERNAL GUIDE Mrs.J.SHALINI
INTRODUCTION. The study was a modest attempt to understand the people’s
perception towards insurance by largest insurance company in the
country. The study was conducted in the form of survey in around
130 peoples in various parts of Chennai District. . Many banking
sectors and other financial institutions have setup insurance
services that specialize to some degree in various style of money
planning. Most of the peoples have savings but they are not aware
about insurance benefits and its various schemes.
.
This report consists of techniques and methodology used analysis, f
indings, suggestions and constraints for the study that will help in
improving the service being offered by the company
OBJECTIVE OF THE STUDY
PRIMARY To study the perception of public towards insurance policies in Chennai
District. A study on national insurance companies’ ltd in Chennai. Over all View of on Organization
SECONDARY To study the investment policies of the people in Chennai District. To identify how many people are aware about insurance and
investment. To understand the value for investment in future. To analysis SWOT Analysis Give the better Suggestion and decision in
the company. To provide suggestion to the company.
NEED OF THE STUDY
• The study was held at NationalInsurance, Chennai to know the perception of people towards insurance. • This study helps the researcher to know the overall view of
insurance in people National Insurance provides various types of insurance products and services .
• The company wishes to expand their business and their services for increasing sales. Most of the peoples have savings but they are not aware about insurance benefits and its various schemes.
• So the researcher’s intention is to find out remedies for creating better sales. This research analyzes the perceptions and preferences of the public which helps them to gain competitive advantage over their competitors.
SCOPE FOR THE STUDY • The result of this research would help the company to have a
better understanding about the consumer’s perception towards insurance.
• The study helps the company by creating awareness about the consumers of different ages and income levels.
• The study also enables the company to focus the consumer’s preferences and expectations on the product which they offer.
INDUSTRIAL PROFILE After the passing of the General Insurance Business
Nationalization Act in 1972, National Insurance Company Limited, (which was incorporated in 1906 and registered in Kolkata) became one of the four subsidiaries of General Insurance Corporation of India (GIC). Wholly owned and controlled by the Government of India, it continued its operation as a General Insurance Company subsidiary, until the August of 2002. Subsequent to the notification of the General Insurance Business (Nationalization) Amendment Act, on August 7, 2002 . National Insurance Company Limited (NIC) de-linked from its holding company GIC and started operating, as a Government of India undertaking. National Insurance Company has its head quarters in Kolkata. Being one of the leading public sector insurance companies of India, it effectively carries out the general insurance business in India. With a workforce of more than 16,000 personnel. National Insurance Company’s has about 1000 offices, covering almost the entire country. Right from the metropolitan cities to the rural areas and remote townships . National Insurance Company has enveloped the length and breadth of India. While the domestic operations are carried out by the offices in india. The foreign operations are controlled from its branch offices in Nepal.
COMPANT PROFILE National Insurance Company Limited was incorporated in
1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalization Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India.
After the notification of the General Insurance Business (Nationalization) Amendment Act, on 7th August 2002, National has been de-linked from its holding company GIC and presently operating as a Government of India undertaking. National Insurance Company Limited (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 16,500 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities, NIC's foreign operations are carried out from its branch offices in Nepal.
Befittingly, the product ranges, of more than 200 policies offered by NIC cater to the diverse insurance requirements of its 14 million policyholders. National Insurance Company, a 103 years old organization is the second largest non life insurance company in India. Headquartered in Kolkata,
National Insurance Company’s network of about 1000 offices,
manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities
The Company is privileged to cater its services to almost every
industry in the Indian Economy viz Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc.Having regard to its obligations under the corporate social responsibility, the company is also extending its services to the citizens of India living below the poverty line in a big way. This is done by way of providing various policies like UHIS, RSBY etc.
RESEARCH METHODOLOGY Methodology is a systematic way of solving a problem it
includes the research methods for solving a problem it includes the research methods for solving the problem.
Type of research Descriptive research
Descriptive research Data source Primary and Secondary data
Data collection method
Interview and survey
Data collection tools Questionnaires
Sampling universe Chennai
Sample size 130
LIMITATIONS OF THE STUDY
• The present study is based on the data’s collected from Chennai so its results may not be applicable to other areas.
• Validity and reliability of the obtained depends on the responses from the respondent.
• The size of the sample compare to the population is very less and hence it may not represent whole population.
• Convenience sampling was used so all the limitations pertaining to this
may also became a part in the findings of this study. • At times the question had to be explained to the respondents due to
their ignorance that could have influenced their views. • The time span was the another constraint, for the preparation of the
questionnaire lot of study and consultation were required, so that it could be presented in such a way that could be acceptable to the respondent
FINDINGSThe findings that can be drawn from the survey conducted by us
can be summarized inThe following way: Bank Deposits are the most preferred investment alternative
which is available to people followed by alternatives such as Insurance, Real Estate, Gold and Silver, Mutual etc.
It was found that 83% of the respondents were willing to take insurance under National insurance.
82% of the respondent believes in money planning. 50% of the respondents are preferred short term investments. The scheme mostly preferred by insurance holders was life
protection schemes like death benefits followed by retirement plans, wealth creation and high return plans.
It was found that nearly 51% of the respondents usually save 15- 20 %.
According to the survey safety is the most important criterion which is excepted among all the respondents towards their investment alternatives followed by Return, Brand Name, Tax Benefits, Liquidity and Capital Growth.
94% of the respondents are aware of the insurance. According to the study company image is to be the highly important criteria which
we consider before taking up a insurance this is mainly because people expect safety and security for their money which they invest, followed by the factor Premium which we pay to the insurer and then Bonus and Interest paid by the company, services etc.
It was found that 83% of the respondents were willing to take insurance under National insurance.
People who belong to different age groups have different perception regarding the most important criteria before taking the decision on a insurance policy.
80% of the respondent believes that good insurance plan in benefit for there family.
25% of the respondent prefers national insurance for its utmost good faith
SUGGESTIONS Consumer should be aware of company’s profile and
returns associated with insurance. The Financial advisor should be right enough to serve
the consumers. The consumer should also be aware of the advisor or
others who is looking after their investments. Company should publish their performance by
comparing it with their competitors. Company should adopt strategies to explore that
private insurance companies are safer and securer than public insurance company like LIC.
Middle income people suggest that premium can be collected on monthly basis instead of twice a year.
Company’s reputation is more important because bad impression on image or brand name is considered while decision making among consumers.
CONCLUSION
• Insurance is a tool by which fatalities of a small number are compensated out of funds collected from plenteous. Insurance is a safeguard against uncertain events that may occur in the future. Over the last 5 to 6 years, the National insurance companies have tripled investor’s money than the other competent; this progress leads to increase the company image and makes a way to lead the total insurance market.
• Thus the study also comprise company image is the highly important criteria that consumers consider before taking up a life insurance. This is mainly because people expect safety and secure for their money which they invest, followed by the factor Premium which we pay to the insurer and then Bonus and Interest paid by the company, services etc.
Questions?
THANKING YOU