summer project - copy of cholamandalam g.i.c

A Project Report On

“How To Increase General Insurance Sales In Market of Siliguri”

Undertaken at

Cholamandalam MS General Insurance Company Limited

Submitted by

Dipanjan Das

PGDM -420920247(092115)

Guided by

Dr.Sandhya R. Anvekar

M S Ramaiah Management Institute

M S Ramaiah Nagar,

MSRIT Post,

Bangalore – 560054

July Batch: 2009 – 2011

M.S.RAMAIAH INSTITUTE OF MANAGEMENT

STUDENTS DECLARATION

I declare that the project titled on “How To Increase General Insurance Sales In Market of Siliguri” is an original project done by me and no part of the project is taken from any other project or materials published or otherwise or submitted earlier to any other college or university.

Dipanjan Das

Student’s signature


CERTIFICATE BY THE GUIDE

Certified that this dissertation is based on an original project study conducted by Mr Dipanjan

Das under my guidance. This has not formed a basis for the award of any other degree/diploma

by the any university.

Place: Bangalore FACULTY GUIDE’S SIGNATURE

Date : Dr.Sandhya R. Anvekar


Acknowledgement

In the first place, I would like to express my sincere gratitude to all those who gave me the opportunity to complete this training. I want to thank my college for giving me permission to undergo training with Cholamandalam General Insurance Company.

I wish to thank Mr. Arindam Sarkar(BRANCH MANAGER OF CHOLAMANDALAM) and Mr. Biswajeet Bhowmik for their support and encouragement during the 45 days of this project work. They have provided an optimum working environment at the Sales market.

I wish to extend my special gratitude to our Dean Dr.C.S Thammaiah, Prof. Purnima Ramaswamy(Course-coordinator-AIMA). I express a deep sense of indebtedness to my Project Guide Dr. Sandhya R. Anvekar of MS Ramaiah Management Institute, Bangalore for their valuable guidance and constructive suggestions in the preparation of the Project Report. I also wish to thank Mr. Arindam Sarkar(BRANCH MANAGER OF CHOLAMANDALAM) and Mr. Biswajeet Bhowmik for their support and encouragement during the 45 days of this project work. They have provided an optimum working environment at the Sales market.

I also take this opportunity to thank Mrs. Sradha (HR MANAGER) and Duty managers at CHOLAMANDALAM for explaining the complete process of sales. I also extend my appreciation to all staff members of the Sales Department for their assistance and support.

I am thankful to CHOLAMNADLAM MS GENERAL INSURANCE COMPANY for allowing conducting survey at sales market.

Thank you

DIPANJAN DAS


BODY OF THE PROJECT

(Part I & II)

PART I : ORGANISATIONAL STUDY

The Organisational Study should include the following :

1) Mission, Vision & Objectives of the Organisation.

2) Organisation Structure & Culture

3) Key result areas of the department in which project is being done.

4) Financial highlights of the organisation during the last few years.

5) SWOT analysis of the department or organisation.


PART II : PROJECT REPORT :

1) Executive summary or Abstract.

2) Introduction / Background.

3) Statement of the Problem

4) Objectives of the study

5) Data Collection Methodology

6) Sampling Plan

7) Tools of data collection

8) Scope of the study

9) Analysis of Data

10) Findings and Conclusions

11) Suggestions and Recommendations.

Appendix.

Bibliography.


]

Overview of Insurance Sector


INSURANCE SECTOR

The opening up of Insurance sector was a part of the on going liberalization in the financial

sector of India. The changing face of the financial sector and the entry of several companies in

the field of life and non life Insurance segment are one of the key results of these liberalization

efforts. Insurance business by way of generating premium income adds significantly to be the

GDP. Over the past three years, more than thirty companies have expressed interest in doing

business in India. The IRDA (Insurance Regulatory Development Authority) is the regulatory

authority, which looks over all related aspects of the insurance business. The provisions of the

IRDA bill acknowledge many issues related to insurance sector. The IRDA bill provides

guidance for three levels of players - Insurance Company, Insurance brokers and Insurance

agent. Life Insurance sector is one of the key areas where enormous business potential exists. In

India currently the life insurance premium as a percentage of GDP is 1.3 % against, 5.2 per cent

in the US.


GENERAL INSURANCE

General Insurance is another segment, which has been growing at a faster pace. But as per the

current comparative statistics, the general insurance premium has been lower than life insurance.

General Insurance premium as a percentage of GDP was a mere 0.5 'per cent in 1996. In the

General Insurance Business, General Insurance Corporation (GIC) and its four subsidiaries viz.

New India Insurance, Oriental Insurance, National Insurance and United India Insurance, are

doing major business. The General Insurance Industry has been growing at a rate of 19 percent

per year.

The entry of several private insurance companies, particularly international insurance companies,

through joint ventures, will speed up the process of insurance mobilization. The competition will

unleash new schemes and benefits, which will give consumers a better Chance to save as well as

insure. The regulatory system in India is relatively new and takes some more time to make the

Insurance sector a perfectly competitive one. Insurance Regulatory Authority of India issued

regulations on 15 subjects which included appointed. Actuary, actuarial report, Insurance agents,

Solvency margins, reinsurance, registration of Insurers, and obligation of insurers to rural and

social sector, investment and accounting procedure. The reform in Insurance in India is guided

by factors like availability of a variety of products at a competitive price, improvement in the

quality of customer services etc. Also the employment opportunities in the Insurance sector wil1

increase as major players set their business plans in India. The policy of the government to open

up the financial sector and the Insurance sector is expected to bring greater FDI inflow into the

country. The increase in the investment limit in this vital sector has generated considerable

business interests among the foreign Insurance companies" Their entry wil1 certainly change the

Insurance sector considerably.


INSURANCE INDUSTRY: CLASSIFICATION


SOME PLAYERS IN THE INDUSTRY:

Life Insurance

General Insurance

Life Insurance Corporation of India General Insurance Corporation of India.

1. Oriental Insurance Company Ltd.

2. New India Assurance Company Ltd.

3. National Insurance Company Ltd.

4. United India Insurance Company Ltd.

New Entrants

ICICI Prudential Life Insurance Ltd. Bajaj Allianz General Insurance Company Ltd.

Tata AIG Life Insurance Corporation Ltd. Reliance General Insurance Company Ltd.


ING Vysya Life Insurance Corporation Ltd. Tata AIG General Insurance Company Ltd.

Om Kotak Mahindra Life Insurance

Corporation Ltd.

Max New York Life Insurance Ltd

Cholamandalam MS General Insurance Company

Limited.


INSURANCE NEED

Why is insurance necessary? The question contains the answer within itself. After all, life is

fraught with tensions and apprehensions regarding the future and what it holds for the individual.

Despite all the planning and preparation one might make, no one can accurately guarantee or

predict how or when death might result and the circumstances that might ensue in its aftermath.

We are not saying that life and existence are constantly fraught with danger and uncertainty. But

then it is essential that you plan for the future. The chances for a fatality or an injury to occur to

the average individual may not be particularly high but then no one can really afford to

completely disregard his or her future and what it holds.

People generally regard insurance as a scheme when and where you have to lose a lot to gain a

little. Nevertheless, insurance is still the most reliable tool an individual can use to plan for his

future.

And just why is it necessary to plan for the future with Insurance?

An Overview

Insurance business is divided into four classes:

1) Life Insurance business

2) Fire

3) Marine

4) Miscellaneous Insurance.

Life Insurers transact life insurance business; the rest is transacted by General Insurers. No

composites are permitted as per law.

The business of Insurance essentially means defraying risks attached to any activity over time

(including life) and sharing the risks between various entities, both persons and organisations.

Insurance companies (ICs) are important players in financial markets as they collect and invest

large amounts of premium. Insurance products are multi purpose and offer the following

benefits:

1. Protection to the investors 2. Accumulate savings


MARKETING STRATEGY:

A marketing strategy is a process that can allow an organization to concentrate its (always

limited) resources on the greatest opportunities to increase sales and achieve a sustainable

competitive advantage.

Marketing strategy as a key part of the general corporate strategy marketing strategy is most

effective when it is an integral component of corporate strategy, defining how the organization

will engage customers, prospects and competitors in the market arena for success. It is partially

derived from broader corporate strategies, corporate missions, and corporate goals. They should

flow from the firm's mission statement. They are also influenced by a range of micro

environmental factors.

Marketing strategy and sectarian tactics and actions:

A marketing strategy also serves as the foundation of a marketing plan. A marketing plan

contains a set of specific actions required to successfully implement a marketing strategy. For

example: "Use a low cost product to attract consumers. Once our organization, via our low cost

product, has established a relationship with consumers, our organization will sell additional,

higher-margin products and services that enhance the consumer's interaction with the low-cost

product or service."


A strategy consists of well thought out series of tactics. While it is possible to write a tactical

marketing plan without a sound, well-considered strategy, it is not recommended. Without a

sound marketing strategy, a marketing plan has no foundation. Marketing strategies serve as the

fundamental underpinning of marketing plans designed to fill market needs and reach marketing

objectives[3]. It is important that these objectives have measurable results.

A good marketing strategy should integrate an organization's marketing goals, policies, and

action sequences (tactics) into a cohesive whole. Many companies cascade a strategy throughout

an organization, by creating strategy tactics that then become strategy goals for the next level or

group. Each group is expected to take that strategy goal and develop a set of tactics to achieve

that goal. This is why it is important to make each strategy goal measurable.

Marketing strategies are dynamic and interactive. They are partially planned and partially

unplanned. See strategy dynamics.


TYPES OF MARKETING STRATEGIES:

Every marketing strategy is unique, but if we abstract from the individualizing details, each can

be reduced into a generic marketing strategy. There are a number of ways of categorizing these

generic strategies. A brief description of the most common categorizing schemes is presented

below:

Strategies based on market dominance - In this scheme, firms are classified based on their market

share or dominance of an industry. Typically there are three types of market dominance

strategies:

Leader

Challenger

Follower

Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength.

Strategic scope refers to the market penetration while strategic strength refers to the firm’s

sustainable competitive advantage.

Cost leadership

Product differentiation

Market segmentation

Innovation strategies - This deals with the firm's rate of the new product development and

business model innovation. It asks whether the company is on the cutting edge of technology and

business innovation.


There are three types:

Pioneers

Close followers

Late followers

Growth strategies - In this scheme we ask the question, “How should the firm grow?”. There are

a number of different ways of answering that question, but the most common gives four answers:

Horizontal integration

Vertical integration

Diversification

Intensification

A more detailed schemes uses the categories:

Prospector

Analyzer

Defender

Reactor


PART -1


MISSION, VISSION & OBJECTIVES:

This is a general insurance organization they are hardly believed on their services. Main mission of the organization is to maximize their wealth sector in short they are looking for wealth maximization not only their profit maximization. Through the wealth maximization the company believes to grow their public relationship with their clients & their stake holders which is the key factor of the company to grow & develop to establish their business.

The employees those who are engaging with the company they all believe that “this is not enough we want more than what we have got”, this line motivated them to work harder in a smartest way. Basically the employees are the key factor to made one of the fastest growing General Insurance Company. The next few year s they will try to develop their organization as a world largest General Insurance Company in the world.

Cholamandalam MS Vision

“We bring peace of mind to our clients through protection from financial risks”

In essence Peace of Mind means the following:

Hassle-free acceptance of proposal, issuance of policy, processing of endorsements and renewals.

Settlement of valid claims with empathy

Strong commitment to customer service

Advising risk management practices and techniques resulting in minimizing claims

In short, our vision is to help our clients lead happy wholesome lives and at the same time be by their side to provide financial support in their hour of need.


Cholamandalam MS Core Values

Their value system revolves around being an ever-evolving organization, dedicated to bringing

quality into the lives of our consumers as well as enriching our employees, by providing opportunities for their growth and development in a healthy, respectable atmosphere.

They will be a customer-centric organization

They will be known to be ethical, fair and transparent

They will strive to be innovative and responsive in all that we do

They will continually seek avenues of profitable growth They will ensure a congenial and empowered work environment to our employees while

providing opportunities for their learning and growth.


ORGANISATION STRUCTURE & CULTURE:

The energetic and vibrant families of 700 Cholamandalam MS employees across the country are responsible for the smooth and successful running of the organization.

This dynamic team is spearheaded by Mr. S S Gopalarathnam, Managing Director and his distinguished team.


Yu Kitai

(DIRECTOR)

Yu Kitai

(DIRECTOR)

Shivakumar

Shankar

(Senior Vice President

Retail Insurance)

Shivakumar

Shankar


Retail Insurance)

M Subramanian

(Senior Vice President -

Commercial Insurance)

M Subramanian

(Senior Vice President -

Commercial Insurance)

Sundar V

Vice President (IT)

Sundar V

Vice President (IT)

Raymund Lobo

vice president (HR)

Raymund Lobo

vice president (HR)

V.Suryanarayanan


Finance)

V.Suryanarayanan


Finance)

R Suresh

Vice President –

Claims

R Suresh

Vice President –

Claims

R Chandrasekaran

(Senior Vice President Underwriting &

Reinsurance)

R Chandrasekaran

(Senior Vice President Underwriting &

Reinsurance)

A Prabhakaran

Vice President

(Operations)

A Prabhakaran

Vice President

(Operations)

AREA OF THE STUDY:

The area of study related with getting correct information of general insurance policies of

different peoples in the region of North Bengal


REWARDS & ACHIVEMENTS:

They offer a unique combination of efficient insurance services and innovative risk management consultancy to our customers - Total Risk Management solutions. Their group company, Cholamandalam MS Risk Services offers consultancy in the area of risk identification, assessment and suggesting risk control and mitigation measures alongside the Insurance support services. This ensures long-term business continuity for all their corporate customers. Adding another feather to their cap, Cholamandalam MS Risk Services has won the prestigious “Risk Manager of the Year 2007” at the 11th Asian Insurance Industry Awards.


FINANCIAL HIGHLIGHTS:


SWOT ANALYSIS:

Strength

Strong brand name of Murugappa Group, 100 years business in this sector. In house claim settlement. Various range of product. 110 Branches accesses country. Fastest growing Insurance Company. Chola MS Risk Service.

Weakness-

Centralize policy issue. Restriction in commercial vehicle segment. Two wheeler markets not trapped.

Opportunity-

Can develop business in rural area through Central Bank tie up. Put car business share can grow in competent rating. Premium share can increase in commercial vehicle segment. Two wheeler markets can provide good business.

Threat-

New General Insurance Company appearing market with high discount & high commission.

Manpower retention is higher threat of the organization.

Policy services need to improve.


PART-2


SUMMERY OF THE PROJECT:

The Project basically involved increasing the sale of general insurance in the Siliguri market .

The following were the findings I came about after studying the market.

1. The study was conducted at Cholamandalam general insurance in Siliguri market, which

has 127 to 150 insurance care consultants only.

2. The consultants cannot communicate properly to the customers and that is the biggest

problem they face.

3. They require some agents, franchises for their brand promotion and advertisement.

4. Though their service is slow but customers are satisfied with their service.

5. The organisation has the chance to be a good market leader.


INTRODUCTION:

Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between the USD 3 billion Murugappa Group, one of India’s leading business conglomerates and Mitsui Sumitomo Insurance Company Limited, which is part of the Mitsui Sumitomo Insurance Group of Japan, the largest General Insurance Company in Japan and 5th largest insurance group globally.

Chola MS offers a wide range of products that include Accident, Engineering, Health, Liability and Marine, Motor, Property, Travel and Rural insurance for individuals, SME’s and corporate sector. .

They have achieved Rs. 785 crores Gross Written Premium (GWP) mark for 2009-10. Having posted a remarkable growth of 15% year-on-year, they have been one of the fastest growing General Insurance companies for the previous many quarters. They have network of 108 branches all over India.

They offer well-integrated operational capabilities to ensure the smooth performance of delivery like strong underwriting, tie-ups with global reinsurers, fast-track claims settlement and cash-free settlement for Health Insurance. With exposure to various industry sectors and services, Chola MS is fully equipped to provide world class customer service such as centralized policy issuance, renewal management through CRM Cell. A toll free helpline number accessible 24 X 7 X 365, and a completely interactive and user-friendly website which makes Chola SM accessible from anywhere in the world. Chola MS is also the first Private Insurance company in India to get the ISO 9001:2008 for the Motor Claims division.


http://www.cholainsurance.com/rural/ruralinsurance.aspx

http://www.cholainsurance.com/individual/travel.aspx

http://www.cholainsurance.com/corporate/propinsurance.aspx

http://www.cholainsurance.com/individual/motor.aspx

http://www.cholainsurance.com/corporate/marineinsurance.aspx

http://www.cholainsurance.com/corporate/liability.aspx

http://www.cholainsurance.com/individual/health.aspx

http://www.cholainsurance.com/corporate/enggoperation.aspx

http://www.cholainsurance.com/individual/indpersonal.aspx

Murugappa Group

The USD 3 billion Murugappa Group is today one of the country's biggest industrial houses.

The Group's business philosophy is inspired by this couplet from the ancient Indian treatise on wealth creation and governance, the Arthashastra:

"The fundamental principle of economic activity is that no man youtransact with will lose, then you shall not."

Conducting business by a clear set of values and beliefs, the Group has observed very high standards of ethics and transparency. Its belief in organizational renewal has allowed the Group to adapt itself to changing economic contexts and grow from strength to strength.

Headquartered in Chennai, the 29 companies of the group have manufacturing facilities spread across 13 states in India. They are the market leaders in India across a wide business spectrum including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals. Some of the country's best-known brands like BSA and Hercules in bicycles, Parrys Spirulina and Parrys Beta Carotene in nutraceuticals, Ballmaster and Ajax in abrasives, Gromor and Paramfos in fertilisers, and many more come from murugappa group.

The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.

The Group has forged strong joint venture alliances with leading international companies like Mitsui Sumitomo, Cargill and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business groups in India.

About Mitsui Sumitomo

The Mitsui Sumitomo Insurance Group (MSIG) is one of the most innovative and forward thinking insurers in the market today. It is the largest Insurance Group in Japan, with a Net Written Premium (NWP) of 12.64 billion USD in 2008.

The Company is the 5th largest insurance group globally and has 63 sales bases across 39 countries. MSIG is highly acknowledged for its proven expertise in Property and Marine risks. It has been listed as 10th amongst the World’s Most Admired Property & Casualty Insurance Companies across the world by the prestigious Forbes magazine.

It was awarded the “General Insurance Company of the Year” Award in 2005 at the 9th Asia Insurance Industry Award ceremony held in Singapore.


http://www.ms-ins.com/english/index.html

http://www.murugappa.com/

OBJECTIVES OF THE STUDY

To study the sales Strategy of field force of Cholamandalam General Insurance..

To study the process of selling of Insurance Policies by Advisors.

How they sales the general insurance to their clients?

What kind of strategy they are using?

How they are dealing with clients?

How they convince them to buy the service?

These type of questions I have got it through the study.

Now I have experienced that how to work in this this sector


COMPETITORS SHARES IN MARKET


Business mix of Cholamandalam

Motor insurance has the biggest share in general insurance market and show a high growth over

three years. Corporate claims showed a low depression in year 2008-09 due to the recession

period. Health insurance has shown constant


TYPES OF SERVICES:

INDIVIDUAL CORPORATE RURAL

MOTOR HEALTH RURAL

TRAVEL FIRE

HEALTH ENGENEERING PROJECTS

PERSONAL ACCIDENTAL ENGENEERING OPERATIONS

HOME CLAIM PROPERTY CRIME INSURANCE

RETAIL CLAIMS MARINE INSURANCE

CORPORATE CLAIMS


RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. Research methodology constitutes of research methods, selection criterion of research methods, used in context of research study and explanation of using of a particular method or technique so that research result are capable of being evaluated either by researcher himself or by others. Why a research study has been undertaken, how the research problem has been formulated, why data have been collected & what particular technique of analyzing data has been used & a best of similar other question are usually answered when we talk of Research methodology concerning a research problem or study. The main aim of research is to find out the truth which is hidden & which not been discovered as yet.


SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It refers to the

techniques or the procedure the researcher would adopt in selecting items for the sample. Sample

design may as well be drawn from the population to be included in the sample i.e. the size of the

sample. Sample design is determined before data are collected.

During my study I have taken 50 insurance care consultants as the size of sample.


TOOLS USED

To know the response, I have used the questionnaire method. If one wish to find what insurance

care consultants think or know, the logical procedure is to ask them. This has led marketing

researchers to use the questionnaire technique for collecting data more than any other method.

In this method questionnaire were distributed to the respondents and they were asked to answer

the questions in the questionnaire. The questionnaire were structured non disguised questionnaire

because the question which the questionnaire contained, were arranged in a specific order

besides every question asked were logical for the study, no question can be termed as irrelevant.

The questionnaire was non-disguised because the questionnaire was constructed so that the

objective is clear to the respondent. The respondents were aware of the objective. They knew

why they were asked to fill the questionnaire.

With the help of following techniques, which are using by Cholamandalam. I analyze that the

how techniques of sales promotion are useful.


DATA COLLECTION

PRIMARY DATA SOURCES:

Through interaction with insurance care consultant

Through questionnaires filled from the insurance care consultant.

SECONDARY DATA SOURCES:

Through internet, various official sites of the companies.

Through pamphlets and brochures of the companies.

Journals & Magazine

Telephone directory


DATA ANALYSIS AND INTERPRETATION

(Based on survey conducted for 50 insurance care consultants)

Q.1 Which technique of sales promotion you prefer?

Interpretation:

According to the study 40% insurance care consultants prefer display technique,20% insurance

care consultants prefer catalogues, 16% to the exhibition, 14% to the door to door demo and 10%

insurance care consultants prefer price off technique.


Options Response in %

Display 40%

Door to Door Demo 14%

Exhibition 16%

Catalogue 20%

Price Off 10%

Q.2 Which technique is giving good response from customers?


Display 18%


Exhibition 18%

Catalogue 16%

Price Off 12%

Interpretation:

According to the study 36% insurance care consultants say door to door demo techniques giving

good response, 18% insurance care consultants say to the display & exhibition, 16% to the

catalogues & 12% say to the price off technique.


Q.3 Which technique is economically beneficial?


Display 10%


Exhibition 10%

Catalogue 46%

Price Off 12%

Interpretation:

According to the 46% insurance care consultants, catalogue technique is economically

beneficial. 22% to the door-to-door demo and 12% insurance care consultants prefer price off

technique.10% to the exhibition & display technique.


Q.4 Which technique requires less time in sales promotion?


Display 22%


Exhibition 10%

Catalogue 16%

Price Off 14%

Interpretation:

According to the study 38% insurance care consultants say display technique requires less time

in sales promotion. 22% to the display technique, 16% insurance care consultants vote to the

catalogues, 14% insurance care consultants vote to the 10% to the exhibition.


Q5 Which technique is easily manageable?


Display 18%


Exhibition 10%

Catalogue 34%

Price Off 8%

Interpretation:

According to the study 34% insurance care consultants say that the catalogues is easily

manageable, 30% to the door to door demo,18% insurance care consultants prefer display

technique 10% to the exhibition, and 8% insurance care consultants say to the price off

technique.


Q.6 Which technique requires less knowledge to execute?


Display 14%


Exhibition 12%

Catalogue 22%

Price Off 40%

Interpretation:

According to the study 40% insurance care consultants vote to the price off technique is require

less knowledge to execute.22% insurance care consultants prefer catalogues, 14% to the display

and 12% to the exhibition & door to door.

Q.7 Which technique requires more knowledge to execute?



Display 20%


Exhibition 24%

Catalogue 10%

Price Off 4%

Interpretation:

According to the study 42% insurance care consultants vote to the door-to-door technique that it

requires more knowledge to execute than others. 24% to the exhibition, 20% to the display

technique, 10% insurance care consultants give vote to the catalogues and 4% insurance care

consultants prefer price off technique.


Q.8 Price off are necessary for sales promotion?

Options Responses in %

Yes 46%

No 40%

Can’t say 14%

Interpretation:

According to the study 46% insurance care consultants say yes that the price off are necessary

for sales promotion. 40% say no and 14% say can’t say.


Q.9 Do you think that sales promotion program that is presently undertaken by

Cholamandalam are satisfactory?


Yes 34%

No 46%

Can’t say 20%

Interpretation :

According to the study 46% insurance care consultants say No that the sales promotion program

that is presently undertaken by Cholamandalam are satisfactorily 36% say Yes and 20% say

can’t say.


Q.10 Should Cholamandalam take up new sales promotion program?


Yes 72%

No 22%

Can’t say 6%

Interpretation:

According to the study 72% insurance care consultants say yes installment offers are 22% say no

and 6% say can’t say.


LIMITATIONS OF THE STUDY

Following limitations were faced during the study:

6. While designing the questionnaire it was kept in mind to gather more and more

information from each target person. For the neither present nor descriptive questions

could have served the purpose. Therefore the questionnaire contained in the open-ended

questions.

7. The study was conducted on Cholamandalam general insurance in Siliguri market, which

has 127 to 150 insurance care consultants only. The sample size was of 50 insurance care

consultants only so that accuracy of data so collected could be absurd covered by

circulation of questionnaire.

8. The accuracy of indications given by the respondents may not be consider adequate as

whether the language used in the questionnaire is understood by the respondent cannot be

taken for granted.

9. The study is based on the information gathered from the insurance care consultants.

Therefore in such case it is possible that the information supplied might be biased

because the insurance care consultant might have shown partiality towards their

insurance policies.

10. Since the survey was limited to 60 insurance care consultants it is rather difficult to give a

precise conclusion but I have tried to the best of my capability to give the conclusion on a

comprehensive manner.


OBSERVATIONS & FINDINGS

This sales promotion process was very much satisfying for me not only practically and

academically but it also helped me in developing my communication skill and enriched

my knowledge also.

I have come to know about the importance of marketing especially with regard to Sales

Promotion on the most renowned organization like Cholamandalam. Especially because

of emergence of many competitor with excellence in services & competitive product. The

base of this chapter conclusion is on the data analysis or what we say findings.

I have finding from the insurance care consultants of the Cholamandalam and their insur-

ance policies on my topic.

When the insurance care consultant is asked why they are dealing in this particular insur-

ance policies (product) they mostly stressed on company’s image. They also said that all

income and age group of customers are attracted towards their product but buyers are

mainly from higher and middle-income group.

Insurance care consultants said that their sale is decreased in the last years because of

negative trend in market. Insurance care consultants said that the customer are curious in

getting insurance policies because they want more discounting on the products and low

claim time after any


SUGGESTIONS

Here are some suggestions, which may help to strengthen the firm further

Many of the insurance care consultants of the cholamandalam . Has the lack of good

communication skills and training. So training should be easy.

Cholamandalam. Should use new techniques of sales promotion.

Customer services should be more comfortable than others.

People must be made aware of the benefits of the policies of Cholamandalam.

The company should give personal attention to each customer.

Proper assistance should be provided to the customer at the time of claim settlement.

All the details about the company should be given to the customers.

Regular advertisement of the company should be given TV and Newspaper.

The company must try to find new markets especially in the rural areas.

The company should do frequent analysis of the competitors.

They should provide some franchises to increase their sales in rural & semi urban areas

also.

They should improve their service quality.


Questionnaire


Customer Details:

Name : ________________________________________ Age: _______

Occupation:____________________________________ Sex: _______(M/F)

Location: ______________________________________________________________________ ______________________________________________________________________

Contact no: _____________________

Q 1.Do u have a car?

Ans: YES NO

Q 2. If yes which types of car do u have?

Ans: Passenger car Lorry Private car

Q 3.Do u know about Cholamandalam General Insurance company?

Ans: YES NO

Q 4. If yes had you ever dealt with Cholamandalam General Insurance company?

Ans: YES NO

Q 5. If yes are u satisfied with the services provided by the company?

Ans: YES NO

Q 6.If not then why you are not satisfied with the services?

Ans:_________________________________________________________________________

_________________________________________________________________________

#Customer suggestion: _________________________________________________________

________________________________________________________________________

_________________________

Date______________ Customer signature


The numbers of interacted People

Through the chart it is showing below

I have interacted with around 50 persons among them 38 were Men &12 were Women.


Ages of those persons

It described through the chart & is given below


Occupation

There have 54% people those who were related with business, 26%related with service and other 20% were unemployed.


Car Insurance

Those who were interested on car insurance

Among the 9 cars there have 7 private cars,2 lorry & 2 passenger cars.


Existing Customers

Among the existing customers those who were satisfied or unsatisfied about their service are given below through a chart

Through the chart it is clear that more than 60% customer are satisfied with their service.


BIBILIOGRAPHY

BOOK REFERENCE:

Hitchings Thomas. (1991)Political Science

Research Methodology

Marketing Management :Kazmi

INTERNET

http:/www.google.com

http:/www.cholainsurance.com


summer project - copy of cholamandalam g.i.c

Documents

project report

project guide

project work

s ramaiah nagar

sales market

general insurance sales

original project study

s thammaiah