Santosh Project

8/3/2019 Santosh Project

1/38

Chapter I

INTRODUCTION

1

Introduction


2/38

Wherever there is uncertainty there is risk. The risk cannot be averted. The health risk isuncertainty of the financial loss. We don t have any command on uncertainties. This makes itessential that we think in favor of a device that becomes instrumental in spreading the loss. It isin this context that we think about insurance.Protection against the possible chances of generating uncertain losses. It eliminates worries andmiseries of losses or destruction of property and death. Health insurance is a contract betweenyou and a health insurance company, which provided you a death during the contract term.Buying insurance is extremely useful if you are the principal earning member in the familyunfortunate premature demise, your family can remain financially secure because of the healthinsurance that you have purchased.The primary purpose of health insurance is therefore protection of the family in the eveninsurance is also seen as a tool to plan effectively for your future years. Your retiren children sfuture needs. Today, the market offers insurance plans that not just cover your same time growyour wealth too. If you have dependants and financial responsibilities toward them, then youCertainly need. Having a family means dependant, which in turn means financial commitments.Finance comes in the form of loans, children s education, medical expenses etc. Imagine whatwould happen if you were to lose your life suddenly or become disabled being insured in a

situation like this is a necessity. When you insured your life, in effect what you are doinginsuring your earning capacity that your dependents will be able to continue living withoutfinancial hardships even in case.Most insurance plans available today come with a savings element built into it. These policiesnot only for a financially independents future, which were have a comfortable retirement.( Forexample. Kotak preferred Retirement plans such as income plan and kotak Multiplier plan. Mostinsurance plans available today have a bailt in saving elements. Kotak preferred Retirementplans meet your dual financial goals of life cover and savings for the future.) Collateral security.Life wasn t designed to be risk free. The key is not to eliminate risk, but to estimate it Accuratelyand manage it wisely. Insurance sector have characteristic that give can boost to the growth ofany economy .it is due to the savings done at the individual level and at micro level it generatesfunds for infrastructure building as the cash flow is constant while the payout is differed, so thatthe insurance companies are becoming biggest investors in long gestation infrastructuredevelopment projects and hence have a great Importance to the developing economy likeIndia. Insurance sector with an annual growth rate of 15-20% and the largest number of lifeinsurance policies in force, the potential of the Indian insurance industry is huge.

INTRODUCTION OF THE TOPICThe purpose of this training was to have practical experience of working within the organization,in the field of marketing and to have exposure to the important management practices in field ofmarketing. While writing this report the language has been keep simple and the entirediscussion has been logical and has coherent outlines. The main motto of the project work wasstudy of sales and distribution of financial product of Mahindra insurance Broker Ltd. It

includes through market Research in various plans of Mahindra Insurance broker Ltd. And indetail distributer (Satisfaction) responses analysis, by surveying number of consumers. Theproject report is divided into two parts, first part consists market research for finding out besold plan of Mahindra Health Insurance, And second consist survey report of various consumersabout there responses about satisfaction towards Mahindra Health InsuranceCompany..

Concept and context of the study:-

2


3/38

Selling of any product, there is needed to build relationship with distributer. For building arelationship there is need for knowing the distributer behavior and how will be they satisfied?

This project is undertaken to know the sales and distribution channel of financial product inpune.Also through this project get awareness that which factors affect on the selling of Mahindrainsurance..

There were some limitations while doing the project. The data was collected by personalinterviews of the respondents. It was very challenging to fill up the questionnaire as many ofthem did not show any interest in filling questionnaires.

This study will help Mahindra insurance to know the most popular way by which they areproviding services and quality to the customers and to know various customers Perceptions.From the study, we found that, the customers were highly satisfied with the products and serviceof Mahindra insuranceThe present is the era of distributer. Distributer are more knowledgeable than ever before andbecause the customer is more knowledgeable, companies must be faster, more agile and more

creative than few years ago. So companies should strive to enhance customer satisfactionthrough knowing their expectations regarding products.

Chapter II

3


4/38

OBJECTIVE OF THE PROJECT:

To know market position of Mahindra insurance Products in the market. To know distributer behavior for selling of Mahindra insurance. Identify the factors which influences on distributer decision. To study whether distributers are satisfied with staff and services or not.

4

Objectives and Scope


5/38

Identifying possible areas of improvement. To know the status of different offers.

To study about service provided to distributers by the company.

SCOPE OF THE PROJECT:

This report help to make to identify future needs of the distributer, Help to make more stand able as per changing environment to the organization. Help to make better decision in field of financial sector or in share market in order to

provide better return to the distributer. Help to make more better and long-term healthy relation with distributer.

Chapter III

5


6/38

6

Profile of the organization


7/38

7

Logo

Name Mahindra Insurance Broker Ltd

Address Mahindra & MahindraFinance,101/102,Snehganga Near Income TaxOffice,Shankarsheth Road,Swargate,pune

Phone No. 0129 42990000

Fax No. 0129 2309050

Companytype

Subsidiary company of Mahindra & Mahindra FinancialServices Ltd. (Mahindra Finance)

Totalturnover

31,864 Lacs

No. ofEmployees

5,08,878

Industry Insurance

founded 2004

Web site [email protected]
mailto:[email protected]:[email protected]:[email protected]


8/38

Key Executives:-Mr.Jaideep Devare Chief Executive Officer

Mr.Bharat Doshi Chairman of board

Mr.Uday Phadke Vice Chairman of board

Mr. Rama Bijopurkar Director

Mr. Piyush Mankar Director

Mission:-

Our Vision:

Slogon:

Insurance is the subject matter of solicitation

Historical Background:-

8
http://investing.businessweek.com/research/stocks/private/person.asp?personId=47260533http://investing.businessweek.com/research/stocks/private/person.asp?personId=47260539http://investing.businessweek.com/research/stocks/private/person.asp?personId=47260533http://investing.businessweek.com/research/stocks/private/person.asp?personId=47260539


9/38

Mahindra Insurance Brokers Ltd. (MIBL) is a wholly owned subsidiary company of Mahindra &Mahindra Financial Services Ltd. (Mahindra Finance) - India's leading rural Non-BankingFinance Company that focuses on the rural and semi-urban Indian market.

MIBL was granted a Direct Brokers License by the Insurance Regulatory and DevelopmentAuthority (IRDA) in May 2004, for undertaking direct insurance broking in Life and Non-Life

businesses. MIBL has empanelled itself with various public and private insurance companies tooffer customised solutions to customers. As a Total Insurance Risk Solutions provider, MIBLplays an integral role in the Risk Management portfolio of customers.

MIBL is one of the few insurance broking companies in India to have been awarded theprestigious ISO 9001:2008 Certification for Quality Management Systems. MIBL iscommitted to providing value to its customers by understanding their insurance needs and riskprofile, and providing innovative, cost effective, customised solutions to ensure total customersatisfaction. Our role, in short, encompasses various activities right from risk profiling to claimsadministration for customers. Our aim is to play a predominant role in the insurance brokingindustry in India with a focus on giving more value to customers, innovative solutions, superiorservices, a professional team, and corporate social responsibility.

The company provides direct insurance broking for Corporate and Retail customers and offers arange of products for the Non-Life and Life segments. In addition, MIBL also offers value-addedservices like Risk Management / Audit which include risk inspection and gap analysis, andportfolio management which includes claims handling.

The Life Insurance retail products cover Childrens Plans, Endowment, Money Back, RetirementPlans, Term, Unit Linked Plans and Whole-Life Plans. The Group Policies include Credit Cover,Employees Term Cover, Gratuity and Superannuation. Under the Non-life Insurance category,Personal, Industrial, Commercial, Social and Liability products are available.

In addition to regular products, customised solutions are also developed for clients afterconsulting them. Mahindra Loan Suraksha is a customised, cost-effective life insurance solutionoffering Group Credit Term Cover to retail customers availing of auto and tractor loans fromMahindra Finance

Chapter IV

9


10/38

What is Sales ?

It is a process by which

-one identifies the people, who have a need. [ PROSPECTING]-one determines the needs of the people.[ NEEDS ]

-one determines a way of finding a solution to the prospect's problem.[ PROPOSE]

-one determines the way of communicating your product as a solution. [RECOMMENDING]

-one determines the value for the product for the prospect.[ ADVOCATING YOUR

10

Conceptual Background


11/38

PRODUCT].

-one determines / sells benefits of the product to the prospect. [ SELLING BENEFITS]

and then creating a transaction for exchanging the product fora value. [ CLOSING THE SALE ]

and thus creating a satisfaction to the buyer's needs/wants.[ CREATING CUSTOMER SATISFACTION]

DEFINITION OF DISTRIBUTION

THE ACT OF DISTRIBUTION MEANS ; apportionment. Something distributed; over-The geographic occurrence-The customers occurrence-The usage occurence

-OthersThe process of distribution of goods/services could include-logistics-warehousing-transportation-order processing/ servicingetc etc

Traditionally, distribution has been seen as dealing with LOGISTICS: how to get the product orservice to the customer. It must answer questions such as:The two-step channel of distribution is for the producers to give the retail small quantities.Should the product be sold through a retailer?Should the product be distributed through wholesale?Should multi-level channels be used?How long should the channel be (how many members)?etc etcThe distribution channelFrequently there may be a chain of intermediaries, each passing the product down the chain tothe next organization, before it finally reaches the consumer or end-user. This process is knownas the 'distribution chain' or, rather more exotically, as the 'channel'. Each of the elements inthese chains will have their own specific needs; which the producer must take into account, alongwith those of the all-important end-user.

ChannelsA number of alternative `channels' of distribution may be available:Selling directMail order (including Internet and telephone sales)RetailerWholesalerAgent (who acts on behalf of the producer)

11


12/38

Chapter V

12Research Design & Methodology


13/38

Research DesignA Research design is the detailed blue print used to guide a research guide a research studytowards its objectives. It helps to collect, measure and analysis of data.The present study seeks to find out the distributer attitude towards selling of insurance. The studyalso aims at findings out the drawbacks of the distributers of Mahindra insurance broker limited.So this makes the study a descriptive one.

Type of ResearchThe study undertaken is of Descriptive Research in nature.

Nature of ResearchThe study is quantitative in nature.It is structured, standardized, question based interview.

Types of QuestionThe types of question asked during the study are Straight forward and limited probing.Total number of questions: 15

13


14/38

Total number of closed ended questions: 14Total number of open ended questions: 01

Sources of Data

Secondary Source

In this study the secondary data is collected from the following sources.

1. Companys Website

2. Reports of Company

3. Discussion with marketing and sales staff

4. Books on marketing and Research Methodology

Primary Source

The Primary source of collecting data for Research is:Questionnaire filled by the customers.

Primary Data Collection

Research TechniqueIn this study the survey method is used as a Research technique. This method helps to obtainright information from respondent.

Contact MethodIn this study Personal interview is taken as a tool for the contact method.

Sampling PlanSampling is a process of obtaining the information about the entire population by examines apart of it. The effectiveness of the research depends on the sample size selected for the survey

purpose.

(A)Population:-

The survey was conducted in Pune.

(B)Sampling Unit:-

14


15/38

It means who is to be surveyed. Here target population is decided and it is who interested topurchase Insurance and sampling frame is developed so that everyone in the target populationhas known chance to being sampled. So the survey is conducted particularly in pune.

(C)Sample Size:-

For the purpose of proper survey, there is need of perfect research instruments to find out samplesize for more accurate result about dealer survey for Mahindra insurance broker ltd . The samplesize is 100respondents.

(D)Sample Element:-

The sample element of research is dealers of Mahindra insurance broker ltd..

(E) Sample Extent:-

The sample extent is limited to Pune.

(F) Sample Duration:-

The sample duration between May2011 and July 2011.

(G)Sampling Procedure:-

The sampling procedure followed is convenience.

Research Instrument

In this study the research instrument is Questionnaire . It consists of set of question presented to respondents.

The questionnaire is structured & combinations of various close and open ended questions. Closeended question already have the possible answers and the open ended question allow therespondents to answer in their own word.

15


16/38

Chapter VI

16

Data interpretation and Analysis


17/38

1. What are the different insurance policies you have?

Analysis:-

Interpretation:-In the study show 35% distributer have more than one policy,20% have lic,20% haveall,15%have only chola,5% have only bajaj alliance,5% have only star health.

17

LIC CHOLA BAJAJAllianz

STARHEALTH

Morethanone

All

No ofrespondents

20 15 5 5 35 20

Percentage 20% 15% 5% 5% 35% 20%


18/38

2. Which our insurance policy is most accepted by the customer?

NON LIFEINSURANCE

LIFEINSURANCE

Both

No ofrespondents

50 20 30

Percentage 50% 20% 30%

Analysis:-

Interpretation:-In this study we saw that non life insurance is most accepted by the customer in compare withlife insurance& both.50% customer accept non life insurance,20% accept life insurance,30%customer accept both non life insurance & life insurance.

3.Which non life insurance insurance policy do you recommendto the customer?

No of respondents PercentageHealth plus medical

expenses insurance

40 40%

House holderinsurance

5 5%

Life insurance 20 20%Motor insurance 20 20%Money backinsurance

5 5%

18


19/38

Personal accident 10 10%

Analysis:-

Interpretation:-In this study distributer recommended Health plus medical expenses insurance to 40% ofcustomer, House holder insurance to 5% of customer, life insurance to 20% of customer, Motorinsurance to20% of customer,money back insurance to 5% of customer,personal accident to10%of customer.

4. Recommendation is on the basis of the factor?

companypressure

Good margin Customerrequirement

No ofrespondents

30 50 20


Analysis:-

Interpretation:-In this study distributer recommended 30% on the basis of company pressure,50% 0n good

margin, 20% on customer requirement.

19


20/38

5.What is your average sales per month?

Below 3 lacs 3-5 lacs More than 5lacs

No ofrespondents

20 50 30


Analysis:-

Interpretation:-In this study 50% of distributer have average sales per month between 3-5 lacs,30% of distributerhave average sales per month below 3lacs,20% of distributer have average sales per month morethan 5lacs.

6.Do you get any credit period from the company?

Yes NoNo ofrespondents

95 5

Percentage 95% 5%

Analysis:-

20


21/38

Interpretation:-In this study 95% of distributers are getting credit period & 5% of distributer are notgetting credit period.

7.If yes , what is the credit period you get?

Up to 20 days 20-30 days More than 30daysNo ofrespondents

80 10 5


Analysis:-

Interpretation:-In this study among 95% of distributer 80% of distributers are getting up to 20days credit period,10% of distributers are getting 20-30days credit period, 5% of distributers are getting more than30days credit period

8. Give rating to the following offers that attract you most.

Attributes

Excellence

VeryGood

Good Average Poor

21


22/38

FestivalOffer

10 15 25 40 10

SpecialDiscount

25 30 20 15 10

CashDiscount 20 35 25 15 5

Analysis:-

Interpretation:-This study shows that out of 100 respondent 25 gives excellence to special discount offer and

only 10 has given excellence to festival offer and only 5 respondent has given poor to cashdiscpunt.

9. How Frequency Company collect feedback from you?

Weekly Monthly QuarterlyNo ofrespondents 10 30 60


Analysis:-

Interpretation:-

22


23/38

In case of How Frequency Company collect feedback from you 30% said monthly, 10%said weekly and only 60% said quarterly.

10. How will you rate the following aspect of your channel member?

Excellent Good Fair Poor

No ofrespondents

20 40 30 10

Percentage 20% 40% 30% 10%

Analysis:-

Interpretation:-

This study show that 0ut of 100 distributers, 20 distributers given excellent, 40 distributers givengood and only 10% distributers given poor rating to channel members.

11. What is the margin that you get from the company?

Less than10%

10-20% 20-30% more than30%

No ofrespondents

20 40 30 10

Percentag 20% 40% 30% 10%

23


24/38

e

Analysis:-

Interpretation:-In case of what is the margin that you get from the company 40%distributers said that they get margin between 10-20% and only 10%distributers said that they get margin more than 30%.

12. What would you rank the service provided to you by the company?

Very good Satisfactory PoorNo of

respondents

30 50 20


Analysis:-

Interpretation:-In case of rank the service provider 50% distributers satisfy, 20% poor and only 30% given verygood.

24


25/38

13. Do you receive any support from the company to help in promotionalactivities

Yes NoNo of respondents 95 5Percentage 95% 5%

Analysis:-

Interpretation:-

In case of receive any support from the company to help in promotionalactivities 95% distributors said yes and only 5% said no.

14. What difference you find between Mahindra Insurance Broker Ltd.& your previous insurance provider.

Good return Effective

service

Tax

planning

Security/saf

ety benefitNo ofrespondents

20 40 10 30

Percentage 20% 40% 10% 30%

25


26/38

Analysis:-

Interpretation:-In case of difference between Mahindra insurance broker limited and theprevious insurance company, 30% distributers are agree with effectiveservice, 20% agree with good return and 30% agree with security/safetybenefit.

Chapter VII

26

Findings


27/38

Findings:-

In the study shows that 35% distributer have more than one policy,20% have lic,20%haveall,15% have only chola,5% have only bajaj alliance,5% have only star health.

In this study we seen that non life insurance is most accepted by the customer in comparewith life insurance& both.50% customer accept non life insurance,20% accept lifeinsurance,30% customer accept both non life insurance & life insurance.

In this study we find that distributer recommended Health plus medical expensesinsurance to 40% of customer, House holder insurance to 5% of customer, life insuranceto 20% of customer, Motor insurance to20% of customer,money back insurance to 5% ofcustomer,personal accident to10% of customer.

In this study we find that 30%distributer recommended insurance on the basis ofcompany pressure,50% 0n good margin, 20% on customer requirement.

In this study 50% of distributer have average sales per month between 3-5 lacs,30% ofdistributer have average sales per month below 3lacs,20% of distributer have averagesales per month more than 5lacs.

In this study 95% of distributers are getting credit period & 5% of distributer are notgetting credit period.

In case of How Frequency Company collect feedback from you 30% distributer said

monthly, 10% said weekly and only 60% said quarterly.

In case of what is the margin that you get from the company 40% distributers said thatthey get margin between 10-20% and only 10% distributers said that they get marginmore than 30%.

27


28/38

In case of rank the service provider 50% distributers satisfy, 20% poor and only 30%given very good.

In case of receive any support from the company to help in promotional activities 95%distributors said yes and only 5% said no.

Chapter VIII

28

Limitations


29/38

Limitations of the Study:-

The time period is limited. The sample size is small. Research work was carried out in Pune of Maharashtra only the finding. may not be

applicable to the other parts of the country because of social and cultural differences. The views of the people are biased therefore it may not be reflecting true picture.

29


30/38

Chapter IX

30

Suggestions


31/38

Suggestions

Distributer has to focus on House holder insurance and money back insurance.

Company has to build relationship with their distributer those are working underpressure.

Company has to fix a standard timing to collect the feedback like as 15 days or monthly.

Company has to set the standard margin according to the distributer business.

Some distributer are not satisfy with company has to give some extra benefit to thosedistributors.

31


32/38

Chapter X

32

Bibliography


33/38

Books:-Research Methodology by C R Kothari

Websites:-www.google.comwww.mahindrainsurance.comwww.mahindra.co.inwww.wikipidia.com

Newspaper:-Times of indiaEconomic Times

Chapter XI

33
http://www.google.com/http://www.mahindrainsurance.com/http://www.wikipidia.com/http://www.google.com/http://www.mahindrainsurance.com/http://www.wikipidia.com/


34/38

QuestionnaireName of respondent:________________________________

34

Annexure


35/38

Name of organization:_______________________________

Designation:_______________________________________

Address:__________________________________________

Mobile No.:_______________________________________

1. What are the different insurance policy you have?

( ) LIC ( ) CHOLA

( ) BAJAJ Allianz ( ) STAR HEALTH

( ) More than one ( ) All

2. Which our insurance policy is most accepted by the

customer?

( ) NON LIFE INSURANCE ( ) LIFE INSURANCE

3. Which non life insurance insurance policy do you

recommend to the customer?

( ) Health plus medical expences insurance ( ) Householder insurance

( ) Life insurance ( ) Motorinsurance

( ) Money back insurance ( )Personal accident

4. Recommendation is on the basis of the factor?

35


36/38

( ) company pressure ( ) Good magin

( ) Customer requirement

5. What is your average sales per month?( ) Below 3 lacs ( ) 3-5 lacs

( ) More than 5 lacs

6. Do you get any credit period from the company?

( ) Yes ( ) No

7. If yes , what is the credit period you get?

( ) Up to 20 days ( ) 20-30 days ( ) More than 30

days

8. Give rating to the following offers that attract you most.

Attribute

s

Excellenc

e

Very

Good

Good Average Poor

FestivalOfferSpecialDiscountCashDiscount

9. How Frequency Company collect feedback from you?

( ) Weekly ( ) Monthly ( )Quarterly

36


37/38

10.How will you rate and rank the following aspect of yourchannel member ?

( ) Excellent ( ) Good

( ) Fair ( ) Poor

11. What are the margin that you get from the company?

( )Less than 10% ( ) 10-20%

( )20-30% ( ) more than30%

12. What would you rank the service provided to you by the

company?

( ) Very good ( ) Satisfactory ( ) Poor

13. Do you receive any support from the company to help inpromotional

activities

( ) Yes ( ) No

14. What difference you find between Mahindra InsuranceBroker Ltd.

& your previous insurance provider.

( ) Good return ( ) Effectiveservice

( ) Tax planning ( )Security/safety benefit

15. Do have any suggestion for Mahindra non-life insurancepolicy

37


38/38

__________________________________________________________________________________________________________________________________________________________________

Documents

Santosh Project