Consumer Preferrence Towards Rsa

8/8/2019 Consumer Preferrence Towards Rsa

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CONSUMERPREFERRENCE

TOWARDS RSA


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OBJECTIVE OF STUDY

To study consumer awareness towards insurance products.

To identify customer perception about Royal Sundaram andits products.


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LIMITATIONS OF STUDY

The survey conducted may not be considered as comprehensive asonly limited respondents could be contacted because of the timeconstraint.

Objectives and purpose of study and the questions had to beexplained to the respondents and their responses may be biased.

Some of the respondents were reluctant to give their responses. Only limited sample size had been considered for study and

therefore conclusion drawn based on this may not be a reflectionof entire population


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INSURANCE

Insurance is defined as the equitable transfer of the risk of a loss,from one entity to another, in exchange for payment.

An insurer is a company selling the insurance. An insured or policyholder is the person or entity buying the

insurance policy. The insured receives a contract called the insurance policy which

details the conditions and circumstances under which the insuredwill be compensated.

In a laymans words, insurance means , a guard againstpecuniary loss arising on the happening of an unforseen event .


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TYPES OF INSURANCE

Home insurance

Life insurance Motor insurance Travel insurance Health insurance Property insurance


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ALLSECTECHNOLOGIES


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Founded in 1998 Allsec Technologies is an integrated contactmanagement services center headquartered in Chennai, India.

Allsec is a Public entity and has the pride of being the first pureplay BPO Company to be listed in the Stock Exchanges inIndia. Allsec has its contact-centers in Chennai, Bangalore and Trichy inIndia and Manila in Philippines

ALLSEC TECHNOLOGIES or ALLSEC is anIndia-basedBuisness Process Outsourcing (BPO) company that started itsoperations in Chennai, India and catered mainly to overseasclients.

Allsec Technologies Ltd (N

SE/BSEALLSEC) is a companythat nurtures growth, innovation and progress with vibrantemployees who are delighted to help drive customer and clientsatisfaction.


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SERVICES rendered by Allsec Technologies are in the

following manner :- Banking, Financial services andInsurance-for acquisition,retention and collectionCollections- for account payables and recievables.

Technical support- for sign up and troubleshooting services. Quality Assurance- provides quality assurance of voice and

email service across multiple buisness segments.Sales or Telemarketing


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ROYAL SUNDARAM

ALLIANCE INSURANCE

COMPANY


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Royal Sundaram AllianceInsurance Company Ltd. Is a leading privateinsurance company inIndia.

It is the firstIndian private insurer to get license in the post-privatizationera in 2001.

Royal Sundaram was also the first to introduce various useful services likecashless hospitalization, co-branded credit cards, segment specific buisness

solutions and industry specific proposition etc. Royal Sundaram brings to you the golden heritage and reliability of

SundaramFinance (AAA), one of the most respected non-banking financial institution inIndia, and RSA, one of the oldest and thesecond largest general insurer in the UK.

It is a joint venture between these two financial giants which allows themto offer the best global practices in insurance industry, innovation in termsof products and services, and unmatched, personalized customer service


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PRODUCTS


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HOSPITAL

CASH / SMARTCASH / DAILY CASH


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It is a benefit plan that provides cash benefit for each and every completed day ofhospitalization, which can be used to meet various expenses incurred duringhospitalization. In other words it compliments the current medical insurance plan.

FEATURESOFSMART CASH PLAN

Require 24 hrs of hospitalization which is mandatory. Minimum age in enrolling into this policy is one year and maximum is seventy i.e 70 yrs. It can be taken by a person for

Himself and his spouse Dependent children ( 1- 21 yrs) Close relatives Parents upto 70 yrs

Provides instant coverage i.e the time you log in or the transaction is made the policy startsfrom that particular day.

Applying for the policy is very easy. No need for filling up a lengthy application form or providing documents. No medical checkup is required. If the person enroll for 3 or more members of his family in the plan then he gets a 10%

discount on the total premium.


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MEDICLAIM OR HEALTHFOREEVER POLICY


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It is a comprehensiveHealth CareInsurance package offering

personal health & medical cover. It is specially designed to offer complete protection to the

insured and his family. In this aHealth CareInsurance Card is specially designed

exclusively for all insured customers of Royal Sundaram. It enables one to use the services of theNetworkHospitals

and provides one with Cashless facility at over 3000hospitals across 166 cities inIndia.


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KEY FEATURES OF INDIVIDUAL HEALTH INSURANCE POLICY

InstantIndividualHealthInsurance Coverage. No Documentation required forIndividualHealthInsurance. PersonalHealth Cover, No Medical Examination required Family Discount of 10% for covering 3 or more family members under a

single personal health insurance policy. Offers health coverage for your spouse, children (above 90 days) and

parents (up to 50 years). Pre and PostHospitalization cover up to 30 days prior and 60 days

respectively. Coverage for Pre-existing diseases after4 consecutive years of insurance 24-hour help line number Provides income tax benefit under section 80D upto Rs. 15,000. After every claim free year the sum insured is increased by 15% in the next

year i.e provides no claim bonus.


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RESEARCH METHODOLOGY


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RESEARCH DESIGN:It is the blue print for collection, measurement and analysis of data. It

is the plan and structure of investigation so conceived to obtainanswers to research question. The structure of research is a more specificoutline and the strategy out, specifying the methods to be used inconnection and analysis of data.

DESCRIPTIVE RESEARCH DESIGNThe type of research design used in this study is the descriptive reseach.

As the study has been undertaken based on opinion of consumer so thisresearch study is categorized as Descriptive Research Method. It is

more statistical in nature and focus more on quantitative application.


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DATA COLLECTION

The main soure of infomaton for this study is based on datacollection. Data collected are both primary and secondary innature.

Primary Data:- Primary Data have been collected from theclients of RSA as well as clients of other insurance companiesby survey method through undisguised structuredquestionnaire.

Open ended , closed ended, multiple choice questions have beenused for data collection

Secondary data :- Secondary data have been collected fromofficial website of RSA and also from other official websiterelated to general insurance industry.


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TYPES OF QUESTIONS

OPENENDED: These are the type of question used to getsuggestion from the respondent in order to give feedback to theorganization.

CLOSE ENDED: These type of questions have a clear declinedset of alternatives that confine the respondents to choose one ofthem.

MULTIPLE CHOICE: These consists of multiple choices inwhich the respondents can choose more than one options.


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SAMPLINGIt is the process of obtaining information about an entire

population by examining only a part of it.

Convenience sampling is been used in the study. The samplecomprises subjects who are simply available in a convenient way

to researchers. However, this method is often the only feasibleone, particularly for students or others with restricted time andresources.

SAMPLE SIZEIt is the total no. of samples selected for the study fromsampling population. Sample size for the study was taken 120


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METHODS / TOOLS OFANALYSIS


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Tools used for analysis are:-

1. Chi-square test

2. Interval estimation3. Karl Pearsons coefficient of correlation4. Graphs

5. Percentage (%)


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CHI- SQUARE TEST

It is an important test among the several test of significance.It is a non- prametric test i.e do not depend on any assumptions about the

parameters of parent population.This test enables us to explain whether or not two attributes areassociated.Whether or not a calculated value of X2 is significant can be ascertained bylooking at the tabulated values of X2for given degrees of freedom at acertain level of significance.If the calculated value of X2 is equal to or exceeds the table value, the

difference between the observed and expected frequencies is taken assignificant, but if the table value is more than the calculated value, then itis considered as insignificant.d.f. = (c-1) (r-1)

X2= (Oi Ei)2/ Ei


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INTERVAL ESTIMATION

It is an estimate which provides the range in which thepopulation parameter is expected to fall. It is uncertain i.e cantake up any value within that range.

pZpq/nwhere, p= sample proportion of success

q= sample proportion of failure i.e 1-pZ= the value of standard variate at a given confidence

leveln = size of sample


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KARL PEARSONS COEFFICIENT OF

CORRELATION

The correlation coefficient summarises not only the degree ofcorrelation but also the direction i.e whether correlation is

positive or negative. Coefficient of correlation always liebetween 1. When r = +1, it means there is perfect positivecorrelation between the variables. When r = -1, it means thee is

perfect negative correlation between the variables. r is known as

Pearsonian coefficient of correlation.r = xy / x2y2


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GRAPHS

It is used in order to represent the factors in various graphicalmethods like pie- charts, bar diagrams, cylinders, line, bubbleetc

PERCENTAGE ANALYSIS

It shows the entire population in terms of %.

% = no. of respondents / total respondents 100


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FINDINGS


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1. It was found that middle income(2-5 lakhs) groups (followed bylower middle class) show highest tendency to buy the GeneralInsurance product. Now, this may sound surprising, as a commonnotion is that rich people usually take GeneralInsurance plans.However, it could be explained on the fact that middle class are mostvulnerable towards any mishappening.

2. It was found that the families with 2-4 members usually buy the generalInsurance more , this may be contributed to the fact that thenumber of nuclear families inIndia are increasing, rapidly. Also, veryhigh premium costs for a family of more than 4 members could beanother deterent..


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3. RSA enjoys highest reputation among customers. However, it must be notedthat 120 customers surveyed 60 were from RSA itself. Also, MAX Bupa has least

reputation, but it could be contributed to the fact that it is relatively a newentrant in the market.

4. Almost, 80% RSA customers think that it offers customer centric product,which is great by all the means, but nearly 9.9%(3.3+6.6) are not satisfied,

therefore company should concentrate on them also.

5. As inferred from the survey, large part (33.33+50) of RSA customers areextremely satisfied through the service rendered by the company. However, 5%still think that there service is poor.

6. Large part (41.67%) of the RSA customers, have come to know about thecompany from their friends and relatives, which means that their customers are

glad with the services of company and so they are recommending it to others also.However, it also shows another aspect about its poor marketing strategies.


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7. From the survey, it is found that nearly 65% of RSAcustomers have the view that the premiums are high as

against 20% for other companies.8. As can be seen from the survey, REPUTATIONand then

comes the service, is the most important factor for thecustomer before buying any policy.

9. A surprising fact could be seen as that people are moreinterested in AutoInsurance thanHealthInsurance.However, it may be due compulsory nature of AutoInsurance while buying a vehicle.


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SUGGESTIONS


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1. The present scenario demands almost all the customer have a general insurance inorder to protect from future uncertainity. The company always has an opputunity to

grow and expand its operations in non-life insurance segment. Hence, the company can

seize this oppurtunity and pay attention to introduce more insurance covers to cater tothe needs of various classes of people.

2. Majority of respondents, who are policy holder with RSA have felt that thepremium being paid is comparatively higher than other insurance companies. Hence

amendments can be made in this regard by offering insurance cover at reasonablepremium to consumers.3. The promptness of claim settlement procedure can be maintained as it is one of theimportant aspects which would enhance the reputation of company as well as buildtrust in minds of customers. Also it helps to retain existing customers and attract new

customers4. The company has to focus more on the auto/car insurance segment and healthinsurance segment. Majority of the respondents have preferrence towards auto/ carinsurance as it is must to have car insurance for their vehicles by law. Therefore , thecompany has got enough opportunities to earn huge profits from both these segments.


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5. Company can create more awareness about its products among potentialcustomers by means of advertisements and efficient insurance agents, which in

turn will help in increasing its customer base.6. It must make its policy exclusive by including Dental Treatment, MaternityBenefits and Lifestyle Diseases like Diabeties, Hypertension etc, under itscover.

7. A special plan for New Borns, could also be provided wherein the company

will cover all the expenses of the baby till five years, including the expenses ofvaccination.8. Company should provide RegularHealth Check-Up Vouchers Health Club

Memberships, to its customers, this will be benefitial not only for thecustomer but also for the company, as it would reduce the possibility of the

customer fallin ill and thus reduce the number of claims.9. As a goodwill gesture, RSA could provide Health Club Memberships

including that of Yoga and Meditation Classes, Gym Sessions, DietClasses etc, to the customers, this will reduce the number of claims,

phenominally.


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CONCLUSION


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The outcome of the study has proved the performance ofcompany is good in general insurance segment and has a highreputation among customers.

It is concluded that company could initiate various stepsbased on recommendation given in ths report which can helpin further improving its performance and occupy a leading

position in general insurance market in future years to come.


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THANK U

Documents

Consumer Preferrence Towards Rsa