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8/3/2019 Marketing Consumer Buying Behavior Ing
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Study on Consumer Buying Behaviour for Life Insurance.
Customer Segment of High Income Group and Middle
Income Group
Report submitted to
By
Under the guidance of
CONTENTS
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Certificate 4
Acknowledgement
5
Executive Summary
6
Table of Contents
CHAPTER I: INTRODUCTION
1.1 The Theme 7
1.2 Introduction
7
1.3 The Background of the Current Work
7
1.4 Objectives of the Work
7
1.5 Scope of Work
8
1.6 Methodology
8
CHAPTER-II: LITERATURE REVIEW
2.1 Introduction 9
CHAPTER III: Organizational Study
3.1 Introduction 10
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3.8 Conclusions 10-21
CHAPTER IV: Project Task
4.1 Introduction 23
4.2 Objectives
23
4.2.1 Data Requirement Analysis
23
4.2.2 Data Collection
23
CHAPTER-V: Analysis and Interpretation
24-45
CHAPTER-VI: Solutions and Suggestions
46-47
CHAPTER VIII: SUMMARY OF WORK DONE AND
CONCLUSIONS
8.1 Summary of the Work Done
48
8.2 Major Findings
49
8.3 Scope for Future Work
49
REFERENCES 50
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Appendix A
Appendix B
Appendix C
Questionnaire51-55
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Certificate
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Acknowledgement
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I sincerely extend my thanks to Mr. Prashantsingh Rajput, Senior Sales
Manager, INGvysya Hubli, who mixed delicate mix of freedom, guidance and
monitoring to make this project a great success.
I thank our head of the department Dr. S.V. Patil and all the professors who
showed keen interest in giving their valuable guidance and constant
encouragement during the project work.
I take this opportunity to express my profound gratitude to our Prof
G.Hiremath, BVBCET Department of Management Studies, who has always been a
constant source of inspiration to me with his innovative ideas and guide me through
out my project work.
I sincerely thank all the Respondents who have spared their valuable time
and have provided all the information required by me.
Last but not the least I am very grateful to my non-teaching staff, parents
and friends for their co-operation and invariable support.
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EXECUTIVE SUMMARY
In todays corporate and competitive world, I find that insurance sector has
the maximum growth and potential as compared to the other sectors. The
main purpose of the study is to find the customer buying behavior for Life
Insurance of INGvysya Life Insurance Company in Hubli region which has
been done and will help the company to make the marketing strategy for the
different segments. The study which has been made during this project will
help the company to make strategies for this region and emphasize on their
weaker areas. The Brand Image of various companies will be known. The
company can find out where their competitor stands in the minds of the
people. Research has been done by primary data collection, and primary
data has been collected by meeting with the people in Hubli region. Data
collection has been done through by giving structured questionnaire. This
study will be based on sampling. This is a descriptive study.
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CHAPTER I: INTRODUCTION
1.1 The ThemeUnderstanding consumers needs and paying attention to customer service a
security for life for things you insuring of consumer buying behaviour for life
Insurance.
Introduction
Before business can develop marketing strategies, they must understand what
factors influence buyers behavior and how they make purchase decisions to
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satisfy their needs and wants. Buyers are moved by a complex set of deep and
subtle emotions. Their behavior result from deeply held values and attitudes
their perception of the world and their place in it.
There are also several stages through which the consumer exhibit beforedeciding to purchase goods or services. These include 5 steps which are:
problem or need recognition, information search, alternative evaluation,
purchase and post-purchase evaluation.
1.2 The Background of the Current Work
Insurance is in a manner of speaking the last frontier in the financialsector to open. It is also a sector, which leads to benefits across the full
spectrum, from the individual who now have wider choices, to theeconomy, which see increased savings, to the infrastructure sector, whichcan look forward to long term funding being available. In an under-insuredeconomy, newer channels of distribution have to be utilized to intensifythe reach of insurance both in urban and rural markets. This will createhuge employment opportunities not only within insurance companies butalso as agents and consultants of insurance companies.
1.3 Objectives of the Work
To identify the main influences on customer buying behavior
To distinguish the factors influencing customer buying behavior.
1.4 Scope of Work
A big boom has been witnessed in Insurance Industry in recent times. A
large number of new players have entered the market and are vying to
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gain market share in this rapidly improving market. The study deals with
ING Vysya Life Insurance in focus and the various segments that it caters
to not only hubli but it help to other places also. The study then goes on
to evaluate and analyze the findings so as to present a clear picture of
trends in the Insurance sector.
1.6 Methodology
The methodology of this project is first conducted the market survey which will
be possible only through questionnaire design. For finding of customer perception I
meet lot of customers personally and by phone as well as by interviewing them. For
doing market survey I selected the Hubli region as my target.
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CHAPTER-II: LITERATURE REVIEW
2.1 Introduction
The meaning of insurance is important to understand for anybody that is
considering buying an insurance policy or simply understanding the basics of
finance. Insurance is a hedging instrument used as a precautionary measure
against future contingent losses. This instrument is used for managing the possible
risks of the future.
Consumer behavior refers to the mental and emotional process and the observablebehavior of consumers during searching, purchasing and post consumption of a
product or service.
Consumer behavior involves study of how people buy, what they buy, when they
buy and why they buy. It blends the elements from psychology, sociology,
psychology, anthropology and economics. It also tries to assess the influence on the
consumer from groups such as family, friends, reference groups and society in
general.
Buyer behavior has two aspects: the final purchase activity visible to any observer
and the detailed or short decision process that may involve the interplay of anumber of complex variables not visible to anyone.
Marketing is a societal process by which individuals and groups obtain what
they need and want through creating offering and freely exchanging products and
services of value with others for a managerial definition marketing has often been
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described as The art of selling the products but people surprised when they hear
that the most important part of marketing is not selling is only the trick of the
marketing iceberg.
Companies practising the marketing concept work at the level of customer
segments, a growing number of todays companies are now shaping separate offers
services and messages to individual customers these companies collect information
on each customers past transaction demographics, psychographics and media and
distribution preference,. They hope to achieve profitable growth through capturing a
larger share of each customers expenditure by building high customer loyalty and
focusing on customer life time value.
Ability of a company to deal with customers one at time has become practice as
result of advances in factory customisation computers the internet and data basemarketing softwares yet the practicing of a one to one marketing is not for every
company the required investment in information collection, hardware, and software
may exceed the pay out. it works best for companies that normally collect a great
deal of individual customer information, carry a lot of products that can be cross
sold carry products that need periodic replacement or up grading and self product
of high value.
is the difference between the perspective customers evaluation of all the benefits
and all the costs of an offering and the perceived alternatives total customer valueis the perceived monitory value of the bundle of economic, functional, and
psychological benefits customers except from a given market offering total
customer cost is the bundle of costs customer except to incur in evaluating,
obtaining, using and disposing of the given market offering.
CHAPTER III: Organizational Study
3.1 Introduction
In the social sciences, organizations are studied by researchers from several
disciplines, the most common of which are sociology, economics, political science,
psychology, management, and organizational communication. The broad area is
commonly referred to as organizational studies, organizational behaviour or
organization analysis.
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ING in India:
In India, ING is present in all three fields of banking, insurance and asset
management in the form of ING, ING Vysya Life Insurance and ING InvestmentManagement respectively. The presence in all three fields signifies the importance
that the group attaches to the Indian markets and the group's operations here, as
well as its bullish future outlook on the country.
ING and ING Vysya Life Insurance are headquartered at Bangalore, while the
corporate office of ING Investment Management is situated at Mumbai. The
synergies arising out of the three distinct but complimentary businesses are bound
to be an asset to the group in the changing market dynamics of the future. The first
such signs are already visible on the horizon with combined products being
successfully launched by the different entities of the group in conjunction with each
other.
The origin of ING Group:
On the other hand, ING group originated in 1990 from the merger between
Nationale Nederlanden NV the largest Dutch Insurance Company and NMB Post
Bank Groep NV. Combining roots and ambitions, the newly formed company called
Internationale Nederlanden Group. Market circles soon abbreviated the name to I-
N-G. The company followed suit by changing the statutory name to ING Group
N.V..
Profile:
ING has gained recognition for its integrated approach of banking, insurance and
asset management. Furthermore, the company differentiates itself from other
financial service providers by successfully establishing life insurance companies in
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countries with emerging economies, such as Korea, Taiwan, Hungary, Poland,
Mexico and Chile. Another specialization is ING Direct, an Internet and direct
marketing concept with which ING is rapidly winning retail market share in mature
markets. Finally, ING distinguishes itself internationally as a provider of employee
benefits, i.e. arrangements of non wage benefits, such as pension plans for
companies and their employees.
Mission:
ING`s mission is to be a leading, global, client-focused, innovative and low-cost
provider of financial services through the distribution channels of the clients
preference in markets where ING can create value.
The immediate benefit to the bank, ING Vysya Bank, has been the pride of having
become a Member of the global financial giant ING. As at the end of the year
December 2008, ING's total assets exceeded 1332 billion euros, employed over
125000 people, and served over 85 million customers, across 50 countries. This
global identity coupled with the back up of a financial power house and the status of
being the first Indian International Bank, would also help to enhance productivity,
profitability, to result in improved performance of the bank, for the benefit of all the
stake holders.
ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile,
Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial
powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya
Bank was pretty humble. It was in the year 1930 that a team of visionaries came
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together to found a bank that would extend a helping hand to those who weren't
privileged enough to enjoy banking services.
It's been a long journey since then and the Bank has grown in size and stature toencompass every area of present-day banking activity and has carved a distinct
identity of being India's Premier Private Sector Bank.
In 1980, the Bank completed fifty years of service to the nation and post 1985; the
Bank made rapid strides to reach the coveted position of being the number one
private sector bank. In 1990, the bank completed its Diamond Jubilee year. At the
Diamond Jubilee Celebrations, the then Finance Minister Prof. Madhu Dandavate,
had termed the performance of the bank Stupendous. The 75th anniversary, the
Platinum Jubilee of the bank was celebrated during 2005.
In terms of pure numbers, the performance over the decades can better be
appreciated from the following table:
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Rs. in millions
Yea
r
Networ
thDeposits
Advance
sProfits
Outle
ts
194
00.001 0.400 0.400 0.001 4
195
01.40 5.30 3.80 0.09 16
196
01.60 20.10 13.50 0.13 19
197
03.00 91.50 62.80 0.74 39
198
0 11.50 1414.30 813.70 1.13 228
199
0162.10 8509.40 4584.80 50.35 319
200
0
5900.0
0
74240.0
0
39380.0
0
443.1
0481
200
1
6527.0
0
81411.1
0
43163.1
0
371.9
0484
200
2
6863.2
4
80680.0
0
44180.0
0
687.5
0483
200
3
7067.9
0
91870.0
0
56120.0
0
863.5
0456
200
4
7473.2
0
104780.
00
69367.3
0
590.0
1523
200
5
7094.0
0
125693.
10
90805.9
0
(381.8
0)
536
200
6
10196.
70
133352.
50
102315.
2090.6 562
200
7
11101.
90
154185.
70
119761.
70889.0 626
200
8
14260.
00
204980.
00
146500.
00
1569.
00677
200
9
15940.
00
248900.
00
167510.
00
1888.
00857*
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Source:www.inglife.co.in
* Outlets comprises of 441 branches, 37 ECs, 28 Satellite Offices and 351
ATMs as of March 31st 2009. Additionally bank also has Internet Banking,
my-bank and Customer Service Line for Phone Banking Service.
ING Vysya Life Insurance:
ING Vysya Life Insurance Company Limited a part of the ING Group the
worlds largest financial services provider entered the private life insurance
industry in India in September 2001. Headquartered at Bangalore, ING Vysya
Life is currently present in 246 cities and has a network of over 300
branches, staffed by 7,000 employees and over 51,000 advisors, serving
over 5.5 lakh customers.
Product Portfolio:
ING Vysya Life follows a customer centric approach while designing its products.
The Companys product portfolio offers products that cater to every financial
requirement, at all life stages.
In fact, the company has developed the LifeMakerTM a simple tool which can be
used to choose a plan most suitable to a specific customer based on his needs,
requirements and current life stage. This tool helps you build a complete financial
plan for life at every life stage, whether the requirement is Protection, Savings,
Investment or Retirement. Suitable products from ING Vysya Life Insurances
product portfolio for each such requirement, makes selection of your plan an easy
exercise.
18
http://www.inglife.co.in/lifemaker.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/lifemaker.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htmhttp://www.inglife.co.in/productcenter.htm8/3/2019 Marketing Consumer Buying Behavior Ing
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Distribution Channels:
ING Vysya Life has a diversified distribution platform. While Tied Agency remains
the strongest channel, the Alternate Channels business within ING Vysya Life is one
of the fastest growing distribution channels. ING Vysya Life has strengthened its
position as the unparallel leader in the life insurance industry in cooperative banks
tie ups. The company currently has tie ups with 130 cooperative banks across the
country. The Alternate Channels division has Banc assurance, ING, Corporate
Agents and SMINCE
The Brand Positioning:
In 2007, ING Vysya Life developed its unique brand positioning Mera farz. This
Positioning means, ING Vysya Life helps its customers fulfil their responsibilities
towards themselves and their families. This powerful positioning has helped ING
Vysya Life create a distinct identity for itself. The latest brand campaign with a very
catchy jingle dwells on how a little planning and a helping hand from ING Vysya life
can help lighten the burden of responsibilities that often come with happy moments
and let you enjoy your life without any worries.
Management:
Board of Directors (as on June 01, 2009):
Mr. Rajan Raheja: Chairman of the
Board
Mr. Kshitij Jain: Managing Director &
Chief Executive Officer
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Mr. N. N. Joshi: Director
Mr. Satish Raheja: Director
Mr. Rajesh Kapadia: DirectorMr. S. B. Ganguly: Director
Mr. Ron van Oijen: Director
Senior Management Team (as on June 01, 2009):
Mr. Kshitij Jain: Managing Director & Chief Executive Officer
Mr. Rahul Agarwal: Chief Distribution Officer
Mr. B. Ashwin: Chief Operating Officer
Mr. John Boers: Chief Financial Officer
Ms. Hemamalini Ramakrishnan: Appointed Actuary and CIRO
(Chief Insurance Risk Officer)
Mr. Marco Fredriks: Financial Controller
Mr. Amit Gupta: Director - Marketing & Communication
Ms. Priya Gopalakrishnan: Director - Human Resources
Mr. T. K. Uthappa: Director, Sales - Tied Agency
Mr. Manoj Kaushik: Director - Alternate Channels
Mr. Ravishankar Subramanian: Director - Information
Technology
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Mr. Joost van Beveren: Vice President - Business
Transformation
Corporate Objective:
At ING Life, we strongly believe that as life is different at every stage, life insurance
must offer flexibility and choice to go with that stage. We are fully prepared and
committed to guide you on insurance products and services through our well-
trained advisors, backed by competent marketing and customer services, in the
best possible way.It is our aim to become one of the top private life insurance
companies in India and to become a cornerstone of INGs integrated financial
services business in India.
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3.2 ORGANIZATION STRUCTURE:
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Mission To set the standard in helping our customers manage their financial
future.
PARTNERS
ING Group:
ING is a global financial institution of Dutch origin offering banking, insurance and
asset management to over 85 million private, corporate and institutional clients in
over 50 countries. With a diverse workforce of approximately 130,000 people, INGcomprises a broad spectrum of prominent companies that increasingly serve their
clients under the ING brand.
Strategy:
Our strategy is more relevant to consumers than ever before. Their fundamental
needs with regard to saving, investing and preparing for retirement have not
changedin fact, the crisis has reinforced the basic need to save. It has also
highlighted the value of simplicity and transparency, which are two importantaspects of our goal to create an easier experience. More than ever, our
stakeholders want a financial partner they can trust. Given the nature of our
business, its our responsibility to shield our customers from market risks and
reduce the volatility of our earnings for shareholders. As a result, we will put even
more emphasis on the way that we manage our risks, capital and costs.
Responsibility:
ING strives to be a good citizen. Ethical, social and environmental considerationsplay an integral part in our business decisions. ING is committed to playing an
active role as a community sponsor. It does this through a wide range of local
sponsorships and through its global Chances for Children initiative, which provides
access to primary education to underprivileged children in developing countries who
would otherwise not have the chance to attend school.
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BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY ING VYSYALIFE INSURANCE
Insurance plans available:
Individual Products
ING Life Insurance aims to make customers look at life insurance afresh, not just as
a tax saving device but as a means to live life to the fullest. It believes in enhancing
the very quality of life, in addition to safeguarding an individual's security.
The Company follows a customer centric approach while designing its life
insurance products. The ING Life product portfolio offers products that cater to
every financial requirement, at all life stages.
Protection Plans
It is the simplest form of insurance, where the Life Assured is provided insurance
cover and on his death during the policy term, the sum assured under the policy is
paid to his beneficiary. What is more, the ING Term Life is one of the most
affordable and inexpensive ways of obtaining life insurance cover
Our saving range includes ING Term Life, ING Term Life Plus.
Savings Plans
Our Saving Plans help you achieve your life goals making them cherished moments
for you and your family. They provide you with the flexibility to save for your future
requirements while you continue to improve your current lifestyle. Our plans help
discipline your savings approach and point your efforts towards defined goals so
that whatever stage of life you are in, you are always in control and self-reliant.
Our saving range includes Unit Linked Insurance Plan, Reversionary Bonus, Child
Protection Plan, Money Back Plan, Endowment Plan, Money Back Plan, Positive Life,
Creating Star,
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Retirement Plans
Our Retirement Plans ensure that you lead your life after retirement on your own
terms, doing things you have always dreamt of. We also believe it is important to be
in control of your retirement planning. Our innovative features help you choose your
retirement age and also control the way your investments are managed keeping in
mind your retirement needs.
Our saving range includes Best Years, New Future Perfect and ING Golden Life
Investment Plans
Our Investment Plans are created keeping your needs in mind. We appreciate the
flexibility required to suit your risk appetite and the commitments you may want to
make. Our global expertise in managing wealth for individuals at all stages in theirlife ensures that we have products to suit your taste whatever your objective of
investing may be.
Our savings range includes Powering Life, New Freedom Plan, New One Life,
Platinum Life Plan, High Life, High Life Plus, New Fulfilling Life Plan,
Riders
Riders are the optional contracts, which offer additional benefits for policyholders.
They are always attached to a basic policy. They cannot be bought separately or
independently of a basic policy. Each Rider will have its own premium rate and
separate policy conditions.
Our savings range includes Accidental Death Rider, Accidental Death, Disability and
Dismemberment Rider.
Group Products
A variety of plans to provide a cost effective yet comprehensive cover in an efficient
manner to all your employees, helping you attract and retain the best of talent.
ING Smart Shield
Group Gratuity
Employee Deposit Linked Insurance
Group Term Life Insurance Plan
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Single Premium Level Term Plan
Conclusions
Our exhaustive research in the field of Life Insurance threw up some interesting
trends which can be seen in the above analysis. A general impression that we
gathered during Data collection was the immense awareness and knowledge among
people about various companies and their insurance products. People are beginning
to look beyond LIC for their insurance needs and are willing to trust private players
with their hard earned money.
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People in general have been impression by the marketing and advertising
campaigns of insurance companies. A high penetration of print, radio and Television
ad campaigns over the years is beginning to have its impact now.
Another heartening trend was in terms of people viewing insurance as a money
back guaranty and investment instrument as much as a protective one. A very high
number of respondents have opted for insurance for such purposes and it shows
how insurance companies have been successful to attract public money in recent
times.
The general satisfaction levels among public with regards to policy and agents still
requires improvement. But therein lies the opportunity for a relative new comer like
ING Vysya Life Insurance Company Ltd. LIC has never been known for prompt
service or customer oriented methods and ING Vysya Life Insurance can build on
these factors.
3.6 Achievements & Accolade:
Launched the first CPPI product in the country
Launched the first global real estate strategy in the country
Launched the most innovative product across the Asia Pacific region Zoom
Investment Pac. Awarded as the Most Innovative Product by AAM.
ING CUB Fund ranked among the Worlds 100 top performing equity funds in
2007 by LIPPER.
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ING Domestic Opportunities Fund awarded with 5 star rating by Value
Research.
ING Income Fund-STP ranked a 5 star fund in the category of open ended
debt-short term for 3 year period ending 2007.
Rated among Top 200 Brands in India for press coverage in 2007 and
ranked No. 7 in the asset management space ahead of all other MNCs.
Executed Asias first, largest and the most prestigious event that the Indian
Asset Management Industry has ever witnessed ING GLOBAL
INVESTMENT MARATHON. This was an ideal place for ING IM Indias
existing & prospective clients to meet IIM global portfolio specialists from
US, Europe and Asia.
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CHAPTER IV: Project Task
4.1 Introduction
These are the main tasks, including the obvious ones. There are probably other
tasks that need to be defined also. Each task should have some continually
enhanced documentation about it, so that any person can do the tasks.
4.2 Objectives
To identify reason for opting/buying Life Insurance.
To identify the best policy of ING Vysya from customer perspective.
To diffrenciate on service provided by private insurance companies with
public sector insurance companies from customer perspective.
4.2.1 Data Requirement Analysis
The data required is about the investment pattern of the respondents, the
income level under
which they fall, the respondents preferences to various companies and their
preferences to
various types of insurance policies.
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4.2.2 Data Collection
The data is collected through primary and secondary data.
The data is collected through primary data by doing field Survey in Hubli
region. And
secondary data through INGVysya records like text books, websites etc. The
scope of
research is restricted to Hubli region and the research approach descriptivemethod.
CHAPTER-V: Analysis and Interpretation
Data gives preference of respondents of Insurance companies.
COMPANYS NAMENO.OFRESPONDENT
SHARE (%)
ING VYSYA 19 19
ICICI PRUDENTIAL 0 0
SBI LIFE INSURANCE18 18
L.I.C 44 44
RELIANCE LIFEINSURANCE
0 0
TATA AIG LIFE 0 0
ANY OTHER 19 19
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TOTAL 100 100
INTERPRETATION
44% of the people contacted to prefer LIC policy to any other and
therefore it is ranked no.1 by that percent of respondents.
19% of the people contacted to prefer ING Vysya companys policies.
18% of the people contacted to prefer SBI Life Insurance companys
policies.
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19% of the people contacted to prefer any other policies of the
companies.
Data gives benefits of Insurance perceived by respondents.
BENEFITSNO.OFRESPONDENTS
SHARE (%)
Cover FutureUncertainty
54 54
Tax Deductions 25 25
Future Investment 21 21
TOTAL 100 100
INTERPRETATION
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54% of the respondents believe that covering future uncertainty is the
biggest benefit of an insurance policy.
25% of them believe that the other benefits are Tax deduction.
Whereas, 21% of them believe that other benefits are future
investment.
Data gives people perception about Insurance.
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
A saving tool31 31
A tax saving device42 42
A tool to protect your family27 27
Total 100 100
INTERPRETATION
31% of the respondents have perception of Insurance being a saving tool.
And 42% of the respondents have perception of Insurance being a tax saving
device.
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But 27% of the respondents have perception of Insurance is a tool to protect
your family.
Data shows buying process of the people.
BUYING PROCESS NO. OF
RESPONDENTS
SHARE (%)
After seeing the add
in(T.V/Paper)
28 28
Insurance advisor
approached customer
72 72
Total 100
INTERPRETATION:
28% of the respondents approached the after seeing the add in (T.V/Paper)
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Whereas, 72% of the respondents were approached by the Insurance advisor
approached customer.
Data shows features of your policy attracted to buy it.
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Low premium
0 0
High risk coverage9 9
Money back guarantee68 68
Reputation of the company12 12
Agents Conviction11 11
Total 100 100
INTERPRETATION:
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68% of the Respondents are attracted for Money back guarantee.
9% of the Respondents are attracted for high risk coverage.
12% of the respondents are attracted for reputation of the company.
And 11% of the respondents are attracted for agents beliefs.
Data shows satisfaction of respondents with to policy
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Satisfied 82 82
Not satisfied 18 18
Not Responded 0 0
Total 100
INTERPRETATION:
82% of the respondents are more or less satisfied with their existing policy.
18% of the respondents are not satisfied with their existing policy.
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In this case all of those who have taken a policy have responded.
Data shows satisfaction of respondents with respect to service
agents.
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Satisfied65 65
Not satisfied34 34
Not Responded1 1
Total 100
INTERPRETATION:
65% of the respondents are satisfied with their existing service agent.
34% of the respondents are not satisfied with their service agent.
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And 1% who has not responded.
Data gives people perception on appropriate age for buying
Insurance.
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
After 25 years 55 55
After 35 years 1 1
After 45 years 1 1
Anytime 43 43
Total 100 100
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INTERPRETATION:
55% of the respondents are with the view that insurance should be bought
after the age of 25 years.
Whereas, 43% of the respondents are with the view that buying of insurance
do not have any thing to do with age i.e. there is no age limitations. It can be
purchased any time according to the need.
And 1% of the respondents are with the view that insurance should be bought
after 35 and 45 years of age.
Data shows people opinion about Indian Insurance companies.
RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Rigid plans 22 22
Non user friendly 9 9
Unsatisfactory services 1 1
Non Aggressive 18 18
Satisfactory 11 11
Good 38 38
Very good 1 1
Total 100 100
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INTERPRETATION:
22% of the respondents have the opinion that Indian Insurance Companies
have rigid plans.
9% feel that Indian Insurance companies are Non-user friendly.
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18% of the respondents are with the view that Indian Insurance companies
are Non-aggressive.
11% of the respondents feel that products and services of Indian Insurance
companies is Satisfactory.
Whereas, 38% feel that it is good enough.
And according to the data, only single person has felt that it is very good.
And 1% of the respondents felt that it is unsatisfactory service.
Data shows what people would look for in an Insurance company.
RESPONSE NO. OF
RESPONDENT
S
SHARE (%)
A trusted name 35 35
Friendly service & 3 3
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responsiveness
Good plans 61 61
Accessibility 1 1
Total 100 100
INTERPRETATION:
35% customers look for a trusted name in a company for insurance.
61% customers look for a good plan in a company for insurance.
3% customer looks for Friendly service responsiveness.
And 1% customer looks for Accessibility.
Data shows people interested in going for Insurance if Insurance
Company away from your city & offers better services & products.
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RESPONSE NO. OF
RESPONDENTS
SHARE (%)
Yes 46 46
No 24 24
Uncertain 30 30
Total 100
INTERPRETATION:
The interested customers i.e. 46% are ready to go for insurance even
away from a city if services and products.
24% of the customer is not ready to go for insurance away from a city.
30% of the customer is not known about their decision.
1. Which company u prefers the most?
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RESPONSE after
25
after
35
after
45
any
time
ING VYSYA 20 0 0 0ICICI
PRUDENTI
AL 0 0 0 0
SBI LIFE
INSURANC
E 10 0 0 10
L.I.C 20 0 0 20
RELIANCELIFE
INSURANC
E 0 0 0 0
TATA AIG
LIFE 0 0 0 0
ANY
OTHER 0 0 0 20
TOTAL 100
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2. Data gives benefits of Insurance perceived by respondents.
RESPONS
E
after
25
after
35
after
45
any
time
Cover
FutureUncertain
ty 30 0 0 40
Tax
Deduction
s 10 0 0 0
Future
Investme
nt 10 0 0 10
TOTAL 100
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3. Data gives people perception about Insurance.
RESPON
SE
after
25
after
35
after
45
any
time
A saving
tool 30 0 0 0
A tax
saving
device 10 0 0 30
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A tool to
protect
your
family 10 0 0 20
TOTAL 100
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4. Data shows buying process of the people.
RESPONSE after
25
after
35
after
45
any
time
After
seeing the
add
in(T.V/Pape
r) 30 0 0 0
Insurance
advisorapproache
d customer
20 0 0 50
TOTAL 100
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5. Data shows features of your policy attracted to buy it.
RESPONS
E
after
25
after
35
after
45
any
time
Low
premium 0 0 0 0
High risk
coverage10 0 0 0
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Money
back
guarante
e 30 0 0 40
Reputatio
n of the
company
0 0 0 10
Agents
Convictio
n 10 0 0 0
TOTAL 100
6. Data shows satisfaction of respondents with to policy
RESPON
SE
after
25
after
35
after
45
any
time
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Satisfied 40 0 0 50
Not
satisfied 10 0 0 0
Not
Respond
ed 0 0 0 0
TOTAL 50 0 0 50
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7. Data shows satisfaction of respondents with respect to serviceagents.
RESPONSE
after25
after35
after45
anytime
Satisfied 50 0 0 50
Not
satisfied 0 0 0 0
Not
Responde
d 0 0 0 0
TOTAL 100
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8. Data shows people opinion about Indian Insurance companies.
RESPONSE after
25
after
35
after
45
any
time
Rigid plans10 0 0 10
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Non user
friendly10 0 0 0
Unsatisfactory services
0 0 0 0
Non
Aggressive20 0 0 0
Satisfactory0 0 0 0
Good 1 0 0 4
Very good0 0 0 0
TOTAL 100
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9. Data shows what people would look for in an Insurance company.
RESPONSE after25 after35 after45 anytime
A trusted
name0 0 0 30
Friendly
service &
responsivene
ss0 0 0 0
Good plans50 0 0 20
Accessibility0 0 0 0
TOTAL 100
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10. Data shows people interested in going for Insurance ifInsurance Company away from your city & offers better services &products.
RESPON
SE
after
25
after
35
after
45
any
time
Yes 30 0 0 10
No 10 0 0 10
Uncertai
n 10 0 0 30
TOTAL 100
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CHAPTER-VI: Solutions and Suggestions
Solutions:
44% of the people contacted to prefer LIC policy to any other company
so they need to improve in there benefits they provide and product
features.
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54% of the respondents believe that covering future uncertainty is the
biggest benefit of an insurance policy so they should be improve in tax
deduction and price.
42% of the respondents have perception of Insurance being a tax saving
device so they need to come up new family products.
72% of the respondents were approached by the Insurance advisor
approached customer and not to by watching T.V and advertisement it
means the company should come up with different and attractive ads in
television as well as news paper.
68% of the Respondents are attracted for Money back guarantee no other
than that so they should work on building trust as well as good relation with
people.
82% of the respondents are more or less satisfied with their existing policy. It
tells about how the people are more conscious about their health so
insurance has good opening.
65% of the respondents are satisfied with their existing service agent so they
should give training to each agent it helps to reach the customer need and
can satisfy them.
55% of the respondents are with the view that insurance should be bought
after the age of 25 years it tells about the company should come up with new
products which should help to above 25years age group.
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38% feel that it is good enough it means they should provide good
policy to people which should help there future as savings etc.
61% customers look for a good plan in a company for insurance so the
company already has good plans but also when day goes they should
come up with new plans features as well.
The interested customers i.e. 46% are ready to go for insurance even away
from a city if services and products so people are more interest which the
service provide by company so they need to improve in their customer
satisfaction.
Suggestion:
The survey is important tool as clear perception of people about the product can be
estimated and known. The need levels of the people regarding the insurance
product been observed through survey. It was very useful in knowing about the
requirements of the people.
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CHAPTER VIII: SUMMARY OF WORK DONE AND
CONCLUSIONS
8.1 Summary of the Work Done
In todays corporate and competitive world, I find that insurance sector
has the maximum growth and potential as compared to the other sectors.
The main purpose of the study is to find the customer buying behavior for
Life Insurance of INGvysya Life Insurance Company in Hubli city which has
been done and will help the company to make the marketing strategy for the
different segments. The study which has been made during this project will
help the company to make strategies for this region and emphasize on their
weaker areas. The Brand Image of various companies will be known. The
company can find out where their competitor stands in the minds of the
people. Research has been done by primary data collection, and primary
data has been collected by meeting with the people in Hubli. Data collection
has been done through by giving structured questionnaire. This study will be
based on sampling.
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8.2 Major Findings
1. Many are respondened that insurance is a tool to protect their family & a tax
saving device. They know the fact & realizing its importance. The company should
try to expand & build up its infrastructure because there is a large potential for
insurance in India.
2. Company should come up with its new branches in Hubli region. With the
objective and goals to meet the demands & expectations of the public. Because the
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entrance of private players will increase the competition and it would be a tough
task to secure a good position in market.
3. Since ING Vysya Life Insurance is leading with several companiesand its policies
should helps for them to penetrate into the market and secure a good position if
they pay greater attention to the service part provided to their customer and
thereby forming a long and trusted relationship.
8.3 Scope for Future Work
It helps to know about customer buying behaviour with life insurance and to
know about customer perception towards life insurance. it also helps to know about
the market potential in the Hubli. It can be apply by many life insurance companies.
To know the opening of new branches in Hubli region. It will help to company to
improve them selves in there targeting market and targeting customer.
REFERENCES
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Appendix A: 1.Business Research Methodology, INDIAN EDITION (7e) by William
G.
Zikmund.
2. Marketing Management, eleventh edition by Philip Kotler.
Appendix B: WWW.inglife.co.in WWW.money.cnn.com WWW. insuranceinstituteofindia .com
WWW. insurance .comWWW. economywatch .com
Appendix C: Company Broachers
63
http://www.inglife.co.in/http://www.money.cnn.com/http://www.insuranceinstituteofindia.com/http://www.insurance.com/http://www.economywatch.com/http://www.inglife.co.in/http://www.money.cnn.com/http://www.insuranceinstituteofindia.com/http://www.insurance.com/http://www.economywatch.com/8/3/2019 Marketing Consumer Buying Behavior Ing
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QUESTIONNAIRE
Dear Sir/Madam
I am N H.CHINNAKATTI Student of B.V.B.C.E.T Department of Management Studies
undertaking a project on Study on Consumer Buying Behaviour for Life Insurance
of ING Vysya Life Insurance Company Limited in Hubli as a part of my MBAcurriculum. I therefore request you to give your most candid and thorough response
to the questions below. Rest assured that the information you share is confidential
and academic in nature.
Name:
Location:
Occupation:
1. Do you have any Insurance Policy?Yes ( ) No ( )
2. Which Insurance policy do you have?
Life ( ) General ( ) Both ( )
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3. Which Companys you prefer the most?
a) ING VYSYA LIFE ( )
b) ICICIPRUDENTIAL ( )
c) SBI LIFE INSURANCE ( )
d) L.I.C ( )
e) RELIANCE LIFE INSURANCE ( )
f) TATA AIG LIFE ( )
g) ANY OTHER ________ (Specify)
4. For how many years form you would like to Insurance courage?
a)
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5. What do you think are the benefits of Insurance cover?
a) Cover future uncertainty ( )
b) Tax deduction ( )
c) Future investment ( )
d) Any other _________ (Specify)
6. Which feature of your policy attracted you to buy it?
a) Low premium ( )
b) High risk coverance ( )
c) Money back guarantee ( )
d) Reputation of the company ( )
e) Agents conviction ( )
f) Any other _________ (Specify)
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7. Your monthly income?
a) >8,000 b) >8,000 to =25,000.
8. Do you really think the necessity Insurance policy cover in todays scenario?
a) Very essential ( )
b) Essential ( )
c) Partially ( )
d) Not required ( )
e) If not required please give specific reason_______________________________________________________________
9. What is your perception about Insurance?
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a) A saving tool ( )
b) A tax saving device ( )
c) A tool to protect future ( )
10. How you buy Insurance?
a) After seeing the add in (T.V/Paper) ( )
b) Insurance advisor approached customer ( )
11. Are you satisfied with the policy?
a) Satisfied ( )
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b) Not satisfied ( )
c) Not responding ( )
12. Are you satisfied with the service provided by Insurance agents?
a) Satisfied ( )
b) Not satisfied ( )
c) Not responding ( )
13. Which is the best form of investments? (Give the rating No.1 as the
most
Preferred And No.6 last preferred among these)
a) Insurance ____
b) Bank deposits ____
c) Jewellery ____
d) Securities (Bonds, M.Fs) ____
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e) Shares ____
f) Fixed assets ____
14. What is the right age to buy Insurance?
a) After25 Yrs ( )
b) After 35 Yrs ( )
c) After 45 Yrs ( )
d) Any time ( )
15. How would you rate private life Insurance companies compare to L.I.C?
a) Rigid plans ( )
b) Non-user friendly ( )
c) Unsatisfactory services ( )
d) Non-aggressive ( )
e) Satisfactory ( )
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c) Uncertain ( )
--- THANK YOU ---