Consumer Behaviour Towards Different Financial Products

7/26/2019 Consumer Behaviour Towards Different Financial Products

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Acknow !"#!$!n%

# 9ould like to thank #DB# /ederal 0ife #nsurance -o for :ivin: me the opportunit to 9ork in

this field #n particular # 9ould like to thank m "eportin: mana:er MR. MANAS DAS 9hose

:uidance has helped me in completin: the pro;ect

# 9ould also like to thank m industr mentor MR. SACHIN GARG 9ho has provided me

valuable information about the all the products and ho9 to :enerate prospects and leads

#t is m profound privile:e and pleasure to e


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E(ECUTIVE SUMMARY

#n toda =s corporate and competitive 9orld, # find that insurance sector has the

mae on their 9eaker areas !he Brand #ma:e of various companies 9ill be

kno9n !he compan can find out 9here their competitor stands in the minds of the

people "esearch has been done b primar data collection, and primar data has been

collected b meetin: 9ith the people in .ubli re:ion Data collection has been donethrou:h b :ivin: structured questionnaire !his stud 9ill be based on samplin: !his is

a descriptive stud

#n this sector the visibilit of the brand matters the most and is of utmost importance

Since, insurance is the backup plan for more risk propositions like shares and stocks

.ence the customers 9ho 9ant to :o for these propositions too are e


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CHAPTER)* INTRODUCTION

1 1 '&%"%? '/ !.% #NDUS!"+

CHAPTER)+ COMPANY PROFILE

5 1 '"#G#N

5 5 *#SS#'N

5 6 A-.#%&%*%N!S

5 4 '"GAN#SA!#'N S!"U-!U"% '/ !.% -'*$AN+

5 3 S?'! ANA0+S#S

5 @ $"'DU-! ANA0+S#S

5 #N!"'DU-!#'N !' !.% !'$#-

CHAPTER), RESEARCH METHOLOGY

6 1 'B %-!#&% '/ !.% S!UD+

6 5 "%S%A"-. D%S#GN AND *%!.'D'0'G+

6 6 0#*#!A!#'NS '/ !.% S!UD+

CHAPTER)- DATA ANALYSIS AND INTERPRETATION

CHAPTER) CONCLUSION AND RECOMMENDATIONS

ANNE(URE

)/UESTIONNAIRE

BIBLIOGRAPHY

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CHAPTER)*

INTRODUCTION

*.* OVERVIEW OF THE INDUSTRY

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!he histor of #nsurance in #ndia is deep rooted Since the earliest times insurance has been

carried out in some form or the other #nsurance in #ndia has developed overtime and has taken

ideas from other countries %n:land in particular

!he histor of insurance is divided into three phases as follo9s

P012! I P3!) L45!31 461%4on

*7*7) *7+8 F432% In2931nc! co$:1n; 4n *7*7 %0! O34!n%1 L4

&o k1%1 =%0!n C1 c9%%1> w12 %0! 4n 4n"41. How!?!3@ %0! co$:1n;

*8*+

!he #ndian 0ife Assurance -ompanies Act 1 15 9as the first statutor measure to

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$.AS% # E $re 0iberali>ation

$.AS% ## E 0iberali>ation

$.AS% ### E $ost 0iberali>ation


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re:ulate 0ife Business .

*8+7 !he #ndian #nsurance -ompanies act 1 5C :ave the Government the po9er to

collect staticall information above both life and non life business transacted in

#ndian b #ndian and forei:ner insurers, includin: provident insurance societies

*8,7 !o protect the interest of the insurin: public, the earlier le:islation 9as consolidated

and amended b the #nsurance Act 1 6C 9hich :ave the Government effective

control over the activities of insurers

*8 2 #n the 1 32s, competition in the insurance business 9as ver hi:h and there 9ere

alle:ations of unfair trade practices !he :overnment of #ndia therefore decided to

nationali>e insurance business

*8 /ormation of the G!n!31 4n2931nc! Co9nc4 =GI Co9nc4 > the G# council

represents the collective interests of the non life insurance companies in #ndia !he

council speaks out on issues of common interest, participates in discussions related

to polic formation, and acts as an advocate for hi:h standards of customer service

in the insurance industr

*8 + !he General #nsurance Business (Nationali>ation) Act 1 5 9as passed !he

G!n!31 4n2931nc! Co3:o31%4on o< In"41 9as formed in pursurance of Section

(1) of G#BNA #t 9as incorporated on 55 November 1 5 under the companies Act

1 3@ as a private compan limited b shares

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PHASE II) L45!31 461%4on

T0! 2%13% o< 3!


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holder s interest

R!c!n% "!?! o:$!n%2 4n %0! 4n2931nc! 4n"92%3;

B 5212 #ndia 9as the Hfth lar:est insurance market in the 9orld and it is still :ro9in: rapidl

!here has been a lot of chan:e in the decade since the market 9as opened up to the private

sector

/urther 9e 9ill look at some of the important developments of the last fe9 ears

G3ow4n# 4$:o3%1nc! o< IT A 4n2931nc! co$:1n4!2 now 92! 4n %o

5!n! % %0!43 5924n!22 1n" %o 4$:3o?! con?!n4!nc!


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M4c3o In2931nc!

*icro insurance products provide insurance protection to people in

lo9er income :roups, such as self help :roup (S.G) members, farmers,

ricksha9 pullers and others a:ainst the risks that the and their assets are

e


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CHAPTER)+

COMPANY PROFILE

+.* ORIGIN

522@

#DB# si:ns *oU 9ith /ortis

#DB# !ripartite *'U 9ith /ederal Bank I /orties #nsurance

#nternational

#DB#, /ederal Bank and /ortis Si:n oint &enture A:reement !o

%stablish A Ne9 0ife #nsurance -ompan #n #ndia

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522

#DB# /ederal 0ife launches ne9 plan for senior citi>ens

#DB# /ortis redefines endo9ment I mone back 9ith #ncomesuranceJ

#DB# /ortis launches !ermsuranceJ $rotection $lan

#DB# /ortis ba:s bron>e Dra:on at K$*AA 522 K

#DB# /ortis 0ife #nsurance uses an interactive application to help users easil calculate their

ta


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- #DB# /ederal launches a plan 9ith double life cover and no medicals

- #DB# /ederal makes its online debut

- #DB# /ederal BondsuranceJ plan offers attractive :uaranteed !a< /ree "eturns, 0ife

-over

- #DB# /ederal and #DB# Bank reaches out to Surli throu:h !ermsurance Grameen

Suraksha

5216

#DB# /ederal breaks even in /ive ears posts maiden profit of "s 54 crore

#DB# /ederal in association 9ith $hoeni< /oundation or:anises a trek for the ph sicall

challen:ed

5214

#DB# /ederal launches ne9 plans

#DB# /ederal backs home :ro9n talent elevates &i:hnesh Shahane as -%'

IDBI F!"!31 L4


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in ;ust five months of inception, #DB# /ederal became one of the fastest :ro9in: ne9 insurance

companies b :arnerin: "s 122 -r in premiums !hrou:h a continuous process of innovation in

product and service deliver #DB# /ederal aims to deliver 9orld class 9ealth mana:ement,

protection and retirement solutions that provide value and convenience to the #ndian customer

!he compan offers its services throu:h a vast nation9ide net9ork 5,62C partner bank branches

of #DB# Bank and /ederal Bank in addition to a si>eable net9ork of advisors and partners As on

61st December 5216, the compan has issued nearl 3 3 lakh policies 9ith a sum assured of over

"s 65,112 4C crores

About the sponsors of #DB# /ederal 0ife #nsurance -o 0td

IDBI B1nk L%".

continues to be, since its inception, #ndiaKs

premier industrial development bank #t came into bein: as on ul 21, 1 @4 to support

#ndiaKs industrial backbone !oda , it is amon:st #ndiaKs foremost commercial banks, 9ith

a 9ide ran:e of innovative products and services, servin: retail and corporate customers

in all corners of the countr from 1521 branches and 513@ A!*s !he Bank offers its

customers an e


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is one of #ndiaKs

leadin: private sector banks, 9ith a dominant presence in the state of 8erala #t has a stron:

net9ork of over 1,145 branches and 1,615 A!*s spread across #ndia !he bank provides over

four million retail customers 9ith a 9ide variet of financial products /ederal Bank is one of the

first lar:e #ndian banks to have an entirel automated and interconnected branch net9ork #n

addition to interconnected branches and A!*s, the Bank has a 9ide ran:e of services like

#nternet Bankin:, *obile Bankin:, !ele Bankin:, and An ?here Bankin:, debit cards, online

bill pa ment and call centre facilities to offer round the clock bankin: convenience to its

customers !he Bank has been a pioneer in providin: innovative technolo:ical solutions to its

customers and the Bank has 9on several a9ards and recommendations

AGEAS

is an international insurance :roup 9ith a herita:e spannin: more

than 1C2 ears "anked amon: the top 52 insurance companies in %urope, A:eas has chosen to

concentrate its business activities in %urope and Asia, 9hich to:ether make up the lar:est share

of the :lobal insurance market !hese are :rouped around four se:ments Bel:ium, United

8in:dom, -ontinental %urope and Asia and served throu:h a combination of 9holl o9ned

subsidiaries and partnerships 9ith stron: financial institutions and ke distributors around the

9orld A:eas operates successful partnerships in Bel:ium, U8, 0u


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+.+ MISSION

MISSION

!o continuall strive to enhance customer e


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HONESTY

O#s the heart of the 0ife #nsurance businessP #DB# /ederal believes that above all, 0ife #nsurance

is based on trust !ransparenc , Dependabilit and #nte:rit 9ill form the cornerstones of the

#DB# /ederal e


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< -ommitment to published value s stem

TECHNOLOGY

!o monitor and mana:e its net9ork equipment across 64 sites, #DB# /ederal uses !ulip $roactive

*ana:ed -% solution !he solution includes device mana:ement, proactive troubleshootin: and

notification support ?ith the implementation of the solution, #DB# has reported improvement of

net9ork performance and availabilit , 9ith a faster, more effective chan:e and confi:uration

mana:ement

PRODUCTS

#DB# /ortis launched its first set of products across #ndia in *arch 522C, after receivin: the requisite

approvals from the #nsurance "e:ulator and Development Authorit (#"DA) #DB# /ederal offers

services throu:h a nation9ide net9ork across the branches of #DB# Bank and /ederal Bank in addition toa net9ork of advisors and partners #DB# /ederal has @2 branches across the countr

+., ACHIEVEMENTS

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#DB# /ederal 0ife #nsurance has achieved break even in 5215 16, its fifth ear of operations !he

compan has reported a maiden profit of "s 54 crore in 5215 16, thus makin: it one of the

fastest to break even in the 0ife #nsurance industr #n an industr challen:ed b fallin: mar:ins,

shrinkin: ne9 business volumes, hi:h cost ratios and lo9 profitabilit , this is a si:nificant

achievement

#DB# /ederal started its operations in *arch 522C and is amon:st the most successful start ups in

the #ndian 0ife #nsurance market A pioneer in product innovation, #DB# /ederal s approach is

ver innovative and reflects a fresh 9a of lookin: at and thinkin: about life insurance !he

-ompan s innovative products 9ith trademarked names such as ?ealthsurance !* ,

#ncomesurance !* , "etiresurance !* , etc have been 9ell received b its customers and have been

an important contributin: factor to its success

#DB# /ederal s Ne9 Business $remium (A$%) :re9 b 56F in 5215 16, 9hich compares 9ith

the ne:ative :ro9th of 13F posted b the industr !he compan also 9itnessed a 44F increase

in the number of ne9 business policies sold as compared to the previous ear #DB# /ederal has

also been drivin: profitabilit throu:h the ri:ht product mi< !he product mi< has continuousl

been shifted to lon: term, traditional products Share of traditional products in the ne9 business

premium increased to C6F as compared to @ F in the previous ear Share of re:ular premium

products increased to CF as compared to @ F in the previous ear

*r G & Na:es9ara "ao, *ana:in: Director I -%', #DB# /ederal 0ife #nsurance, said, Q# am

e


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132F *r "ao said, Q# am deli:hted to sa that #DB# /ederal en;o s a comfortable solvenc

ratio to take care of its ne


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*r "ao added, Q!his performance is testimon to our constant focus to9ards innovation,

offerin: tailor made financial solutions that create value for our customers and help them to

reali>e their dreams and aspirations ?e entered as the 1Cth pla er in the industr and

differentiation 9as the ke to our success 'ur approach of product brandin: is unique in the

industr and has helped us achieve a stron: mindshare amon: tar:et audiences R

SPONSORSHIPS@ AWARDS

#DB# /ortis 0ife #nsurance -ompan 9as selected as the title sponsor for the #ndia Sri 0anka

-ricket Series !his 9as follo9ed b the #DB# /ortis ?ealthsurance !9ent 52 =?ealthsurance

*ade %as (?*%), a kno9led:e aid b #DB# /ortis for its sales force, 9on !he Bron>e Dra:on

in the cate:or for =Best Dealer Sales /orce activit at the $romotion *arketin: A9ards of Asia

($*AA)

+.- ORGANISATIONAL STRUCTURE OF THE COMPANY

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+. SWOT ANALYSIS OF IDBI

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CHIEF E(ECUTIVEOFFICER

M3.N1#!20w131 R1o

COUNTRY HEAD

M3.M931 4

HUMAN RESOURCES HEAD

M32. R1"04k1 V!nk1%31$1n

MAR&ETING HEAD

M3. A$4% T34:1%04

TRAINING HEAD

M32. V14201 4


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STRENGTH

Superior customer service vs competitors

$roducts have required accreditations

.i:h de:ree of customer satisfaction

Good place to 9ork

0o9er response time 9ith efficient and effective service

Dedicated 9orkforce aimin: at makin: a lon: term career in the field

0ar:e pool of technicall skilled manpo9er 9ith in depth kno9led:e and under

standin: of the market

WEA&NESSES

Some :aps in ran:e for certain sectors

-ustomer service staffs need trainin:

$rocesses and s stems, etc

*ana:ement cover insufficient

Sectoral :ro9th is constrained b lo9 unemplo ment levels and competition for staff

0o9 customer confidence on the private pla ers

OPPORTUNITUES

#nsurable population Accordin: to #"DA onl 12F of the population is insured 9hich

represent around 62F of the insurable population !his su::ests more than 622m

people, 9ith the potential to bu insurance, remain uninsured

#nternational companies 9ill help in buildin: 9orld class e


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An applied research centre to create opportunities for developin: techniques to provide

added value services

THREATS

Bi: public sector insurance companies like 0ife #nsurance -orporation (0 #-) of #ndia,

National #nsurance -ompan 0imited, 'riental #nsurance 0imited, Ne9 #ndia

Assurance -ompan 0imited and United #ndia #nsurance -ompan 0imited $eople

trust and :o to them more

0e:islation could impact and Great risk involved

&er hi:h competition prevailin: in the industr

&ulnerable to reactive attack b ma;or competitors

0ack of infrastructure in rural areas could constrain investment

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+. PRODUCT ANALYSIS

IDBI F!"!31 Inco$!2931nc! G9131n%!!" Mon!; B1ck In2931nc! P 1n (U#N No

163N261&21) is a non linked non participatin: mone back plan 9hich :ives ou

:uaranteed T returns on our investment, so that ou stop 9orr in: about the future ?ith

#ncomesurance, ou can :uarantee a secure future for our famil even 9hen ouare not around

IDBI F!"!31 L4

participatin: plan that provides ou the t9in benefits of lon: term savin:s and life cover

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.o9 does 0ife insurance 9orkP

IDBI F!"!31 W!1 %02931nc! S9?4"01 G3ow%0 In2931nc! P 1n (U#N 1630266&21)

is a simple unit linked plan that helps ou take our first step to9ards 9ealth creation

and that too, 9ith ease ?hat s more, the life cover 9ith this plan provides financial

protection to our loved ones

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.o9 does 9ealthsurance 9orkP

IDBI F!"!31 C04 "2931nc! S1?4n#2 P3o%!c%4on P 1n is a non linked participatin:

endo9ment plan that ensures a child s future financial needs are fulfilled -hildsuranceM

Savin:s, is desi:ned to :ive :uaranteed annual pa outs and aid the important milestones

in a child s life

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-onsumer Behaviour ma be defined as Qthe interpla of forces that takes place durin: a

consumption process, 9ithin a consumers self and his environment this interaction takes place bet9een three elements vi> kno9led:e, affect and behaviour it continues throu:h pre purchase activit to the post purchase eational

consumers

-onsumer behaviour e


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sales and therefore more profit Not onl is it important to improve :oods and services it is

necessar to kno9 9hat t pe of products and 9hat t pe of service to offer!he -onsumer behaviour is stron:l tied to their phase in the life c cle $atterns of spendin: are

dictated b 9hat is happenin: at a :iven time +oun:er couples 9ith no children have different

needs than those 9ho have started a famil ?hile teena:ers and elderl people have more

discretionar income and can spend more freel8no9in: this 9ill help us decide 9ho our core customer is B usin: this information to

influence bu in: decisions 9e can increase sales

#t is also important to plan marketin: strate:ies that are focused on this :roup !hese strate:ies

should tar:et our market and focus on niche marketin: "esources should not be spent marketin:

to consumers outside of our tar:et!he idbi federal be:in to understand our market 9hen 9e have satisfied certain questions about

our customers ?h do the choose one product over the ne


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CHAPTER),

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RESEARCH METHODOLOGY

,.* OB'ECTIVES OF STUDY

!o identif the main influences on customer bu in: behavior!o distin:uish the factors influencin: customer bu in: behavior!o stud brand a9areness of #DB# /ederal amon: people!o conduct in depth intervie9s 9ith the mana:ement of #DB# /ederal 0ife #nsurance

-o 0td and understand insi:hts about :eneratin: leads!o use various activities planned at different locations across Delhi to :enerate leads and

:et business for #DB# /ederal 0ife #nsurance -o 0td!o find out important factors 9h people bu and not bu insurance!o find ho9 people rate insurance as investment mode over other modes like /D, NS-,

$$/ etc

,.+ R!2!13c0 "!24#n "esearch desi:n is simpl the frame9ork or plan for a stud , Used

:uide in collectin: and anal sin: data

Fo3 %0! 2%9"; for conductin: that research # selected the Descriptive research desi:n

D!2c34:%4?! 3!2!13c0 is also called Statistical "esearch !he main :oal of this t pe of research

is to describe the data and characteristics about 9hat is bein: studied !he idea behind this t pe

of research is to stud frequencies, avera:es, and other statistical calculations Althou:h this

research is hi:hl accurate, it does not :ather the causes behind a situation Descriptive research

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is mainl done 9hen a researcher 9ants to :ain a better understandin: of a topic !hat is,

anal sis of the past as opposed to the future

Descriptive research is the e


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B13 c013%

!his is another 9a of representin: data :raphicall As the name implies, it consist of a number

of 9hispered bar, 9hich ori:inate from a common base line and are equal 9idths !he len:ths of

the bards are proportional to the value the represent

P3!:131%4on o< 3!:o3%

!he report 9as based on the anal sis and presented 9ith the findin:s and su::estions !he

sample of the questionnaires is attached 9ith the report itself

SAMPLE PLANNING

SAMPLE UNIT

-ustomers of # D B # /%D%"A0 0#/% #NSU"AN-% -' 0!D

SAMPLING METHOD

"andom Samplin: method

SAMPLE SIJE

32 -onsumers

RESEARCH TOOL

uestionnaire

RESEARCH AREA

Delhi and N-"

TIME FRAME

@ to C 9eek

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,., LIMITATIONS OF THE STUDY

Althou:h the stud 9as carried out 9ith e,

Acc931c; #t is difficult to kno9 if all the respondents :ave accurate information some

respondents tend to :ive misleadin: information Some of the respondent 9ere reluctant

to share their investment information

A?14 154 4%; #t 9as difficult to find respondents as the 9ere bus in their schedule, and

collection of data 9as ver difficult Sometimes 9hen # entered in a shop for the surve ,

the o9ners tend to ask their emplo ees to fill the surve instead of fillin: themselves

.o9ever, most of the emplo ees responded 9ell and depicted more interest than the

o9ners of shops

L1ck o< 1w13!n!22 4n 0o92!0o " 1"4!2 Some of the samples 9ere taken from the

households in da time 9hen onl house 9ife 9as found !he had little understandin:about the insurance and the policies taken b their husbands *ost of them 9ere not

a9are about the investment done b their husbands

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CHAPTER)-

DATA ANALYSIS AND INTERPRETATION

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D1%1 An1 ;242 K In%!3:3!%1%4on

No9 9e do a surve 9ith appro< 32 people re:ardin: their behavior to9ards different financial

products in # D B # /%D%"A0 0#/% #NSU"AN-% -' 0!D 9ith the help of these follo9in:

questions

/*. W04c0 : 1n2 o< I.D.B.I

P 1n2 No. o< 3!2:on"!n% P!3c!n%1#!0ifesurance 3 12#ncomesurance 13 53-hilsurance 6 3

?ealthsurance 5 @2!otal 32 122

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lifesurance incomesurance childsurance wealthsurance0

10

20

30

40

50

60

70

Column1

/+. I2 %0! :3!$49$ :1;$!n% $o"! o< IDBI

R!2:on2! No o< 3!2:on"!n% P!3c!n%1#!

+es 32 122

No 2 2

!otal 32 122

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yes no0

20

40

60

80

100

120

Column2

/,. W01% 42 %0! %4$! :!34o" o< %0! :o 4c; o< IDBI

T4$! :!34o" No. o< 3!2:on"!n% P!3c!n%1#!3 ears 52 423 12 ears 13 620ife time 13 62!otal 32 122

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5 years 5-10 years life time0

5

10

15

20

25

30

35

40

45

eries 3

/-. W01% "o ;o9 4k! 15o9% %0! :o 4c; o< I.D.B.I

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te! "ene#t high return short term0

10

20

30

40

50

60

70

eries 3

/ . A3! ;o9 21%42


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yes no0

10

20

30

40

50

60

70

80

$0

eries 3

/ . A3! %0! 4n2931nc! : 1n2 1n" :3oc!"93! o< IDBI 4n2931nc! co$:1n; 9n"!32%1n"15 !

!124 ;

R!2:on2! No. o< 3!2:on"!n%2 P!3c!n%1#!+es 42 C3

No 12 13!otal 32 122

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yes no0

10

20

30

40

50

60

70

80

$0

eries 3

/ . A3! ;o9 21%42


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yes no0

10

20

30

40

50

60

70

eries 3

/7. How "o ;o9 31%! %0! :3o"9c%2 o< IDBI

Good 13 62Satisfactor 12 13$oor 53 43!otal 32 122

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good satisfactory %oor0

5

10

15

20

25

3035

40

45

50

eries 3

/8. Do ;o9 %04nk IDBI

+es 62 @2 No 52 42!otal 32 122

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yes no0

10

20

30

40

50

60

70

eries 3

/* . Wo9 " ;o9 4k! %o 01?! 1no%0!3 4n2931nc! :o 4c; 4n IDBI

No 63 @2!otal 32 122

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yes no0

10

20

30

40

50

60

70

eries 3

CONCLUSION

/uture is al9a s uncertain and full of risk #t is not certain that 9hat is :oin: to happen

tomorro9 !herefore a man is al9a s 9orried about securit of propert and life #nsurance is a

means of meetin: out loss caused b future risks and uncertainties 0ife insurance is the

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necessar and considerable factor for an person for coverin: the risk of life and for future

securit

!he conclusion of this pro;ect report is that consumer bu in: behaviour to9ards the products in

#DB# /ederal and its products is ver lo9 $eople look for trusted name and a:ent accessibilit

as the most important factor to invest in an insurance compan Bein: a @ ear old compan ,

#DB# /ederal has not able to succeed itself in placin: as a trusted name !hat could be the reason

9h ma;orit of people still not interested in investin: in #DB# /ederal !he compan has :ot

ver lo9 products a9areness Until unless people are not a9are about the products, the 9ill be

reluctant in investin: in an compan

!he customer perception about insurance has become ver positive no9 *ore and more peopleare interested in takin: insurance not onl to cover uncertaint but also for future investment

Based on the report, it 9as chosen as the most preferred investment mode no9 !he perception

about #ndian private insurance companies has been positive as 9ell !9o third of people said

#ndian companies are either :ood or satisfactor *ost of the people 9ere satisfied 9ith their

current policies !his has been made possible b the constant efforts b the companies to focus

on their services

S9##!2%4on2

!he surve find that the most important reason for customer dissatisfaction 9as the poor

returns and promises broken b their respective companies #DB# /ederal need to ensure

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that its policies should have :ood returns and its a:ent do not make e


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ANNE(URE

SAMPLE /UESTIONNAIRE

Con29$!3 5!01?4o93 %ow13"2 "4 4 4nco$!2931nc! = > w!1 %02931nc! = >

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Consumer Behaviour Towards Different Financial Products