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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
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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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