Executive Summary
The Velocity Group is a SBU (strategic business unit) which was established in India
in 2004 of Support direct India Pvt Limited, which is one of the world’s largest face
to face marketing companies.
The entire research was carried out for the velocity group with Future Generali as its
client.
Future Generali is a 178 year old Italian based MNC trying to penetrate into the
indian market with its new “Future Accident Suraksha” plan and thereby securing
entire liabilities of an individual and his entire family.
The entire research project was carried out in the field of marketing with respect to
marketing of insurance policies for Future Generali by the Velocity group
During the two months training at the velocity group,
The research project was aimed at studying the marketing strategy and customer’s
buying behavior with respect to insurance policies. The marketing strategy adopted
was meeting around 80 customers on a daily basis and giving the presentation to
almost 25 of them. The number used to vary from place to place and people living in
that territory. The main technique was to create awareness about the product amongst
maximum number of people.
1
The Entire Promotional Campaign of the product was devised into three stages.
1. Commercial Campaign- The Researcher used to approach the Shop proprietors with
the plan on the weekdays.
2. Residential Campaign-The End Customers and Working professionals on weekends
were being approached.
3. Corporate Campaign- We used to meet the Big Corporate houses and meet the
concerned proprietor or their HR Executive.
Firstly a structured questionnaire was made to suit the objectives of the study, for
which an intensive study of the “Accidental protection plan” and consumer’s
perception was made with regards to the insurance sector.
It was indeed a challenge to work in this sector because Indians have a Traditional
mentality with respect to Insurance where “No” comes before a “yes”.
The Sample Size taken was 360 customers per week.
Data Collection technique used was Random sampling.
Based on analysis that was done, it was observed that trust in the company played a
very vital role in decision making of the customers.
The new product was very well accepted because of its striking distinguishing
features like income protection and child education support.
2
It was also observed during the study that there was an set mentality amongst many,
wherein LIC was preferred by the masses.
The Results obtained by us were indeed interesting.
In Indian market where people think twice with regards to insurance, velocity group
signing up almost 150 customers every week.
The Findings were on the basis of the survey which will provide the company a strong
base to work with more ease and comfort with the help of interpretations, analysis ,
suggestions , findings and recommendations.
Findings:
The product received a tremendous response in the market due to its
distinguishing features. Price was not such an important factor in making decision
for the consumer because of its affordability. The product was preferred by people
over its largest competitor LIC, despite future generali being a private player. It
clearly showed people were willing to trust the private brands in the Insurance
Sector.
3
INDEX
Chapter No Chapter Page No
1. Introduction 1-3
2. Industry profile 4-8
3. Company Profile 9-19
4. Objectives of Study 20-21
5. Research Methodology 22-25
6. Project work Undertaken 26-30
7. Data Analysis and Interpretation 31-42
8. Suggestions and conclusions 43-45
9. Bibliography 46
10. Appendix 47-50
11. Indices 51-52
4
Introduction
Insurance is a federal subject in India. The insurance sector has gone through a
number of phases and changes. Since 1999, when the government opened up the
insurance sector by allowing private companies to solicit insurance and also allowing
foreign direct investment of up to 26%, the insurance sector has been a booming
market. However, the largest life-insurance company in India is still owned by the
government.
History
Insurance in India has its history dating back until 1818, when Oriental Life Insurance
Company was started by Anita Bhavsar in Kolkata to cater to the needs of European
community. The pre-independence era in India saw discrimination between the lives
of foreigners (English) and Indians with higher premiums being charged for the latter.
In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.
The product is a need in today’s scenario:
According to an article in Pune mirror Dated Nov.30 2009, pune has been declared as
“Nation’s Accidental Capital” where almost 90% of people meeting accident result in
death.
5
With this as a backdrop it was a joint initiative of future group and Generali to come
up with a product to secure the common man and all his liabilities at a very
economical cost and the result was “Future Accidental Suraksha”
Accident Suraksha
Accidents can happen to anyone anywhere. They come unasked for and leave an
"imprint" on lives for years to come. The Value of Human Life and Sufferings cannot
be measured with money, but with a view to provide some relief to the injured person
or members of his family in the event of an unfortunate accident, we have designed an
insurance cover, known as "Personal Accident Insurance".
Scope of Cover
The plan covers the risks of
Accidental Death
Permanent Total Disablement
Permanent Partial Disability
Temporary Total Disablement
Income protection plan
Child Education support
Family transportation Allowance.
It was indeed a great experience to understand the marketing strategy of Velocity
group about how they go about reaching to a large population and the way the
6
consumer thinks in making decisions with respect to the Insurance sector in the Indian
markets.
The Findings were on the basis of my survey which will provide the company a
strong base to work with more ease and comfort with the help of interpretations,
analysis , suggestions , findings and recommendations.
7
Industry Profile
At the dawn of the twentieth century, many insurance companies were founded. In the
year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed
to regulate the insurance business. The Life Insurance Companies Act, 1912 made it
necessary that the premium-rate tables and periodical valuations of companies should
be certified by an actuary.
However, the disparity still existed as discrimination between Indian and foreign
companies. The oldest existing insurance company in India is the National Insurance
Company Ltd., which was founded in 1906. It is in business. Before that, the industry
consisted of only two state insurers: Life Insurers (Life Insurance Corporation of
India, LIC) and General Insurers (General Insurance Corporation of India, GIC). GIC
had four subsidiary companies.
With effect from December 2000, these subsidiaries have been de-linked from the
parent company and were set up as independent insurance companies: Oriental
Insurance Company Limited, New India Assurance Company Limited, National
Insurance Company Limited and United India Insurance Company Limited.
8
Industry structure
Currently, a $41 billion industry, India is the world's fifth largest life insurance market
and growing at a rapid pace of 32-34% annually as per Life Insurance Council
studies.
Currently, in India only two million people (0.2 % of the total population of 1 billion)
are cover under Medi-claim, whereas in developed nations like USA about 75 % of
the total population is covered under some insurance scheme. With more and more
private companies in the sector, the situation may change soon.
Specialization
ECGC, ESIC and AIC provide insurance services for niche markets. So, their scope is
limited by legislation but enjoy special powers.
Acts
The insurance sector went through a full circle of phases from being unregulated to
completely regulate and then currently being partly deregulated. It is governed by a
number of acts.
The Insurance Act of 1938 was the first legislation governing all forms of insurance to
provide strict state control over insurance business.
Life insurance in India was completely nationalized on January 19, 1956, through the
Life Insurance Corporation Act. All 245 insurance companies operating then in the
country were merged into one entity, the Life Insurance Corporation of India
9
The General Insurance Business Act of 1972 was enacted to nationalize the about 100
general insurance companies then and subsequently merging them into four
companies. All the companies were amalgamated into National Insurance, New India
Assurance, Oriental Insurance and United India Insurance, which were headquartered
in each of the four metropolitan cities.
Until 1999, there were not any private insurance companies in India. The government
then introduced the Insurance Regulatory and Development Authority Act in 1999,
thereby de-regulating the insurance sector and allowing private companies.
Furthermore, foreign investment was also allowed and capped at 26% holding in the
Indian insurance companies.
In 2006, the Actuaries Act was passed by parliament to give the profession statutory
status on par with Chartered Accountants, Notaries, Cost & Works Accountants,
Advocates, Architects and Company Secretaries.
Authorities
The industry recognizes examinations conducted by IAI (for actuaries), III (for
agents, brokers and third-party administrators) and IIISLA (for surveyors and loss
assessors). TAC is the sole data repository for the non-life industry.
IBAI gives voice for brokers while GI Council and LI Council are platforms for
insurers.
AIGIEA, AIIEA, AIIEF, AILICEF, AILIEA, FLICOA, GIEAIA, GIEU and NFIFWI
cater to the employees of the insurers.
In addition, there are a dozen Ombudsman offices to address client grievances.
10
Major Insurance players in the Indian Market
Aviva Life Insurance India
Bajaj Allianz
Birla Sun Life Insurance
HDFC Life Insurance
ICICI Prudential
ING Vysya Life Insurance
Kotak Mahindra Old Mutual
LIC
Max New York Life Insurance
MetLife India Insurance
Reliance Life Insurance
SBI Life Insurance
Shriram Life Insurance
Tata AIG Life Insurance
Agriculture Insurance Co of India
Apollo DKV Insurance
Cholamandalam MS General
HDFC Ergo General Insurance
11
ICICI Lombard General Insurance
IFFCO Tokio General Insurance
National Insurance Company Ltd
New India Assurance
Oriental Insurance Company
Reliance General Insurance
Royal Sundaram Alliance Insurance
Shriram General Insurance Co Ltd
Tata AIG General Insurance
United India Insurance
Universal Sompo
Bharti AXA Life Insurance
Canara HSBC OBC
DLF Pramerica Life Insurance
Future Generali Life Insurance
IDBI Fortis Life Insurance
Religare Life Insurance
Sahara India Life Insurance
Star Union Dai-ichi Life Insurance
12
Company Profile
About Future Generali
Future Generali is a joint venture between the India-based Future Group and the Italy-
based Generali Group.
Future Generali is present in India in both the Life and Non-Life businesses as Future
Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.
FUTURE GROUP
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of
India’s leading business houses with multiple businesses spanning across the
consumption space. While retail forms the core business activity of Future Group,
group subsidiaries are present in consumer finance, capital, insurance, leisure and
entertainment, brand development, retail real estate development, retail media and
logistics.
Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million
square feet of retail space in 71 cities and towns and 65 rural locations across India.
Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people
and is listed on the Indian stock exchanges. The company follows a multi-format
retail strategy that captures almost the entire consumption basket of Indian customers.
13
In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and
Central, a chain of seamless malls. In the value segment, its marquee brand, Big
Bazaar is a hypermarket format that combines the look, touch and feel of Indian
bazaars with the choice and convenience of modern retail.
The group’s specialty retail formats include sportswear retailer, Planet Sports,
electronics retailer, eZone, home improvement chain, Home Town and rural retail
chain, Aadhaar, among others. It also operates popular shopping portal,
www.futurebazaar.com.
Future Capital Holdings, the group’s financial arm, provides investment advisory to
assets worth over $1 billion that are being invested in consumer brands and
companies, real estate, hotels and logistics. It also operates a consumer finance arm
with branches in 150 locations.
Other group companies include, Future Generali, the group’s insurance venture in
partnership with Italy’s Generali Group, Future Brands, a brand development and IPR
company, Future Logistics, providing logistics and distribution solutions to group
companies and business partners and Future Media, a retail media initiative.
14
The group’s presence in Leisure & Entertainment segment is led through, Mumbai-
based listed company Galaxy Entertainment Limited. Galaxy leading leisure chains,
Sports Bar and Bowling Co. and family entertainment centers, F123. Through its
partner company, Blue Foods the group operates around 100 restaurants and food
courts through brands like Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon,
Copper Chimney and Gelato.
Future Group’s joint venture partners include, US-based stationery products retailers,
Staples and Middle East-based Axiom Communications. Future Group believes in
developing strong insights on Indian consumers and building businesses based on
Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s
corporate credo is, ‘Rewrite rules, Retain values.’
THE GENERALI GROUP
The Generali Group is a leading player in the global insurance and financial markets.
Established in Trieste in 1831, today the Group is one of Europe’s largest insurance
providers and the European biggest Life insurer. It is also one of the world’s top asset
managers with assets totaling more than € 400 billion. With an employed sales force
of more than 100,000 people serving 70 million clients in 68 countries, the Group
occupies a leadership position in Western Europe and an increasingly important place
in Eastern Europe and Asia.
15
The Group strategy aims to consolidate Generali’s pre-eminence on its key markets
and achieve a premier position on markets with high growth potential, establishing its
leadership in profitability.
IDENTITY CARD
Since its establishment, the Generali Group has always held a reputation for its capital
and financial strength. Its solidity derives from prudent investment management and a
focus on achieving a correct match between risk and medium/long-term profitability.
Generali Group is one of the leading insurance groups in Europe, with a 2009 total
premium income of more than € 70 billion
It is present in 68 countries
It has 70 million clients worldwide
It has 85,322 employees (15,956 in Italy)
It has over € 400 billion of assets under management
High rating assigned by the international rating agencies:
A.M. BEST: A+ STABLE
Standard & Poor’s: AA- STABLE
Fitch Ibca: AA- NEGATIVE
Moody’s: Aa3 STABLE
The Generali group being an Italian based firm, wanted to expand its roots in the
Indian scenario and it achieved by having a merger and acquisition with the future
group to have an entry in the Indian market. Future group known for its quality in
marketing segment and the generali group known for the best quality in terms of the
insurance sector merged together to produce one of the best Insurance companies in
16
india and it has been making great strides of progress in the Indian segment and eating
fair share of customers from the largest competitor.
Vision & Values
Vision Statement:
"Pledged to provide financial security to all people & enterprises through total
insurance solutions".
Values:
Respect: for all our stakeholders- employees, customers, for all rules and regulations
both internal and external.
Indianess: We understand India in all its diversity and different facets and will use for
our local understanding to respond to our specific markets, design our products and
craft our processes.
Nimbleness: A combination of speed and quality, and ability to overcome all
obstacles which come in the way of the achievement of our vision.
"Can do”: An attitude which demonstrates our passion, entrepreneurship, and positive
thinking.
Future Group under Mr.Kishore Biyani has made rapid strides of progress in the field
of retail sector and has come up with a large number of outlets and is ever expanding
17
and growing at a rapid pace. Future group firmly believes in giving its best to the
society and all its retail outlets are a prime example of the same fact.
From Big Bazaar to Future generali, future group has come a long way and has almost
45 different and popular brand outlets in the country today providing the best facilities
to the customer in almost all sectors.
Shaping Great Careers
Career management and counseling skills are critical for our people and we make a
significant investment in helping our people to develop these skills. Our career
development program for our trainees has already had a significant impact in
contributing to our success.
Fig.3.1
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About Velocity Group, Pune
The Velocity Group was established in India in 2004 under the dynamic leadership of
Mr.Amit Baid, Oraganisational head, Velocity Group organization.
It is a SBU (strategic business unit) of Support direct India Pvt Limited, which is one
of the world’s largest face to face marketing companies.
Support Direct is renowned in India for excellent customer service and large volume
of sales satisfying both the consumer and the buyer.
The Researcher was working for Velocity group with Future Generali as its client.
Future Generali is a 178 year old Italian based MNC trying to penetrate into the
Indian market with its new “Future Accident Suraksha” plan and thereby securing
entire liabilities of an individual and his entire family.
The main research was carried out by researcher for velocity group wherein the
promotion of the new protection plan was done by meeting customers directly without
any prior appointment.
19
The company had provided a “On spot Registration” form along with the brochure
and the research team used to go out with an initiative to sign up maximum number of
customers on the spot on a daily basis.
Velocity group provided excellent training with respect to the approach and
methodology needed to be adopted to attain our goals.
Velocity Group works on a 5 step formula which makes the task a cakewalk.
This 5 step “Success Mantra” was:
Step 1: Introduction
We used to introduce ourselves to the customer with SEE factor.
S-Smile
E-Proper Eye to Eye Contact
E-Enthusiasm
Step 2: Relation Building
We used to build rappo with the customer by getting into his comfort zone and there
by winning his trust and generating his interest in having conversation with us.
Step 3: Short story
20
The main purpose of this was to create the need of the product. This was done by
making people realize that accidents are a unforeseen phenomenon happening and it
cannot be avoided but its aftereffects can be. With this as an intention a large number
of policies were being sold by future generali. The main purpose was to make people
realize what the product was all about and reach out to a large number of people.
Step 4: Presentation
We used to explain our product ant its features to our customers and what benefit do
they incur from it.
Step 5: Close
We used to sign up the customer on spot and thereby close the deal. Only when
cheque was issued by the customer for the corresponding deal, the deal was said to be
closed.
Velocity group used to work on a system of meeting almost 80 people a day and
thereby also do a word of mouth publicity of the product.
The Results were indeed interesting. In Indian market where people think twice with
regards to insurance, We were signing up almost 150 customers every week .
The product was indeed an amazing one wherein the income, child education and loan
protection of a person is secured at a Nominal cost of Rs. 5 a day, wherein the
company was providing a entire cover of almost 17 lacs for a entire year. It was not
21
just about the amount but also the fact that all liabilities of an individual were being
covered. Right from Income protection of a person to his children education and his
complete loan protection for a complete year would be covered by the company at a
very economical cost.
During survey it was also found that there is a orthodox mentality in the Indian
market with regard to insurance sector and people are willing to put faith in the old
horse LIC. It was indeed a challenging task to make people realize that LIC was an
investment plan and not as protection one. The domination of LIC in the market has
been to such an extent that people are willing to invest only in that company
irrespective of the policy. To educate people regarding this and then signing them up
that to on the spot was a very difficult task.
The aggressive marketing strategy adopted by velocity group was indeed a cost
effective, efficient and result-oriented one. It saved the Advertising cost and conveyed
complete information to people and it gave a personal touch to selling as the
customers were being approached directly by a reputed multi-national at their
doorstep. It was like service is walking to you.
Support Direct is popular in India for excellent customer service and with this as the
backdrop velocity group made rapid strides of progress and achieved large volumes of
sales.
The product was very well designed by underwriters of future generali after doing an
in-depth market research as they went out to people asking what they require. The
product covered all liabilities of person and provided him with security when he
22
needed them the most during the accident period; this indeed was unique selling
preposition of the product that made it stand out compared to others.
The very fact that future generali was awarded by the Economic times as one of the
fastest claim settling companies in this calendar year made it easier for us to approach
the masses with our new product.
The greatest challenge for the research team was the fact to convince customers with
respect to claims settled by the company. Future generali deals in the corporate sector
with companies like Coca-cola, Cap Gemini and Fiat and it was a privilege to work
with a company of this stature.
The only grey area wherein future generali is lacking was to ensure faith in customers
with respect to settling of claims, because amount to be paid was not a big issue but
while settling claim, the amount to be settled was always a issue.
It was also a part of Corporate Social Responsibility of the Future group wherein it
was giving back something to the society from where it has earned millions.
It was a great learning experience to get a brief insight of how the corporate world
works.
23
Objectives of Study
Primary objective:
To study and analyze the consumer buying behavior with respect to Insurance
sector in the Indian Market.
To analyze the Marketing plan adopted by the velocity group with regard to
their new product.
Secondary objective:
To find if the product is satisfying the customer’s needs and requirements as was
found in the marketing research
Analyze how customers react to the new plan in the market .
To estimate the future prospects in the insurance sector.
To find out the range of investment made by the customers in the insurance sector.
To study the aggressive promotion of product and its reach to the large number of
consumers.
24
Scope of the project:
In sixty days project there was an interaction with a variety of respondents and also
visited various shop like retailers, distributors and large corporate houses.
The main objective of the project is “A study of Marketing strategy and factors
influencing consumer buying behavior for future Accident Suraksha of Future
Generali”.It also included a plan to compare the New Accidental protection Plan with
one of our best Competitors in the country.
In today’s market situation, Customers have a wide range of options to choose from.
In India there is a different mindset amongst people when it comes to dealing in
Insurance Sector and LIC seems the most common go to deal.
It was indeed a challenging task undertaken by the Velocity group to promote this
new product of Future Generali wherein the Marketing Strategy adopted by them was
indeed a commendable one.
25
Research Methodology
Methodology used in study
The Research method calls for gathering data. In this project data collected was of
two types:
Primary data
Secondary data
Primary Data
Primary data was collected through questionnaire prepared under the guidance of
Organisational head of Velocity Group Mr.Amit Baid and my project guide
Prof.Rashmi Mahajan. For the primary data collection, the entire end customer target
in kothrud to warje was being targeted.
In Mumbai, andheri region was targeted for the purpose of collecting as it all three
campaigns could be carried out on a wide scale in this region.
The entire campaign was carried out in residential, commercial and corporate sectors
and managers who had a decision making powers were administered a questionnaire.
26
As mentioned, the entire survey was carried out in three different campaigns in
Commercial, residences and large and medium scale corporate houses, with a
intention to target large number of people. The main intention was to cover maximum
population in a minimum time.
The sample size of respondents was as follows:
Table 4.1
Serial No Campaign Type Number of
Customers
(Weekly basis)
Day
1 Commercials 210 Monday-Wednesday
2 Corporate 50 Thursday
3 Residences 100 Friday-Saturday
Total 360
The sample size of the customers was 360 customers on a weekly basis and the
sampling technique adopted was random sampling as the availability of customers
and their willingness to spare time to listen to us was a major factor in deciding the
number of presentations we make.
The presentations made for each customer were around 20 minutes and it was indeed
very frustrating for us if the customer said ‘no’ to the product after completing the
27
presentation. The virtue of maintaining a calm approach was learnt during this
process, because sale or no sale we had to leave customer with a smile.
Secondary data
It includes collection of data through various sources like books, brouchers and
catalogues, different websites, etc.
Research Approach
The research approach used in the project was face-face communication. This is the
approach best suited for gathering descriptive information.
A company that wants to know about people’s knowledge, attitudes, preferences or
buying behavior can often get information by asking those questions directly.
The marketing strategy of the company which was a face-face marketing was closely
evaluated during this process and was found out to be cost-effective and an efficient
one in terms of cost and customer satisfaction.
Research Instrument
The research instrument used to collect the primary data was questionnaire.
The form of questions used in questionnaire was not open ended and direct opinions
of customers were taken into consideration.
Sales promotion opportunities and Limitations:
Sales promotion activities:
28
Increase in sales by visiting more number of customers on a day-day basis,
with focus on increasing sales and customer satisfaction.
A suitable system of five steps was followed by the entire team to achieve
targets.
The main aim was to provide excellent customer satisfaction and reach to
maximum number of people.
On-spot registration techniques were used to maximize number of sales.
Limitations:
There is orthodox mentality in the Indian market with respect to Insurance sector.
Meeting almost hundred people a day was a challenge amidst their hectic schedule
without prior appointment
On-spot registrations were a great challenge because customer in most of the
cases needed time to think and consult others before taking a final decision to
go with the product.
There was no promotion through Advertisements so creating company
awareness and trust worthiness was a great challenge.
Good quality of product proved to a great hurdle because of the large number
of services being provided at a economical cost was indeed a surprise to the
customer
29
Project Work Undertaken
In sixty days project there was an interaction with a variety of respondents and also
visited various shop like retailers, distributors and large corporate houses.
The main objective of the project is “A study of Marketing strategy and factors
influencing consumer buying behavior for future Accident Suraksha of Future
Generali”.It also included a plan to compare the New Accidental protection Plan with
one of our best Competitors in the country.
In today’s market situation, Customers have a wide range of options to choose from.
In India there is a different mindset amongst people when it comes to dealing in
Insurance Sector and LIC seems the most common go to deal.
It was indeed a challenging task undertaken by the Velocity group to promote this
new product of Future Generali wherein the Marketing Strategy adopted by them was
indeed a commendable one.
30
The Marketing Strategy Included targeting Pune and Mumbai which were precisely
the areas selected as the target market. Velocity group had 18 researchers going out
everyday and each one of them used to meet more than 80 customers on a daily basis
and give the complete presentation about the company’s product to more than 25
people and sign up at least three customers on a daily basis.
In a week on average velocity group ended up signing up more than 150 customers.
The marketing strategy adopted by Velocity group was a face to face marketing and it
was one of the most cost-effective and efficient ways of Marketing as customer could
get all his queries sorted out on the spot and it was this very reason that prompted
them to register with us without any delay.
The respondents were from varied background and the most important part was that
all were our potential customers because this product was targeted at the common
masses and literally anyone could afford this one.
Data Collection Method:
The data was collected from respondents from Commercials, residences and Working
professionals with the help of different methods:
Personal Interview
Questionnaire Method
Schedule of Project:
31
During the initial period of the first week training was imparted about company
profile and product knowledge from the company. The company had launched a new
accidental protection plan in the market and we had to conduct the survey of how
consumer reacted to this new product which was prepared by the underwriters of the
company after doing a detailed market research of the product.
Support Direct is a company renowned for aggressive marketing and during the stay
with the company one could learn all the Seven P’s of marketing and how they are
implemented in the corporate world. The marketing strategy adopted by the company
at the start looked quite challenging but as the time progressed it was really interesting
to know that this was the most effective and indeed an efficient way to reach the
customer by providing him with all the required information and minimizing the
advertising cost. This was also a result oriented technique because all the queries
which a customer had in his mind were solved through this method and if he was
really interested in the product he used to sign up on spot with us.
This strategy was indeed an effective one and it used to attract a lot of customers
because customers were really satisfied with the product and the most important part
was that service was reaching out to you without any cost
Then after Questionnaire was prepared keeping in mind the objective of study in
consultation with the company and my project guide. In the next 45 days, the time
was utilized for visiting the respondents to collect different ideas and study the factors
that influence consumer’s decision making ability especially when it comes to
32
deciding on spot schemes. The last 5 days data was analyzed that was collected using
different statistical tools and synchronized conclusion and suggestions.
During the project it was also a fortunate opportunity to work with the Vice-President
of the group Mr.Sai Prakash, who was humble enough to work with us on field in
Mumbai and it was indeed a great learning experience and a knowledgeable trip to
work with the person who initiated the company from its inception to where it has
established itself today.
It was also found that consumer’s perception about this particular product varied from
pune region as compared to Mumbai. People in Mumbai were more willing to accept
the new product without a second thought and were willing to register with us for 5
units but people in pune were more conservative and were playing it safe by first
going down and registering with us only for one unit and once the company had
established itself firmly in the market would then think of going ahead and enhancing
the plan for larger number of units.
It clearly showed how the consumer’s behavior with respect to the same product
changes from one location to another. Also people in Mumbai were more interested in
what we could provide them and wanted our pitch to be short and simple, they were
also willing to experiment and prefer this product over LIC in most of the cases.
The greatest motivation with regards to the project was there was something new to
learn on a daily basis by meeting respondents from varied backgrounds and the most
exciting thing was that my profile kept changing from time to time wherein initially
33
training was given to me and then in the later stages, was actively involved in training
people.
At every stage there was something new to learn and it was indeed a great opportunity
for me to get an insight into the corporate life and how an organization runs.
Analysis and Interpretation:
On the basis of data collected from the respondents an analysis of the given data was
done and then it was interpreted in the most simplified manner. The analyzed data is
presented with the help of statistical tools through bar graphs and charts.
Suggestions and Conclusion:
The data was interpreted to understand the findings of the study on the basis of which
suggestion in accordance with the objective of the research were proposed and certain
conclusions were obtained.
34
1. Accidental Protection plan- The “opinion poll”.
Table No: 8.1
Parameter Number of Respondents Opinion
Excellent 76 21%
Good 119 33%
Average 93 26%
Poor 72 20%
Chart No 8.1
35
21%
33%
26%
20%
Excellent
Good
Average
Poor
Interpretation:
The product was very well accepted by the common masses and it proved to be a
break through in the field of insurance
2. Preferential Rating of parameters.
Table No: 8.2
Parameter Number of
Respondents
Rating
Income Protection 72 9
Child Education Support 61 8
Death benefit 45 6
Loan protection 54 8
Family Transportation
Allowance
46 6
Funeral Expenses. 48 7
Total Disablement Benefit. 33 5
36
Chart No: 8.2
9
8
68
6
7
5
Income P r otection
Chi ld E ducation Suppor t
Death benefi t
Loan pr otection
Family T r anspor tation
Al lowance
Funer al E xpenses.
T otal Disablement Benefi t.
Interpretation:
Income protection and Child Education Support were the two most important
parameters that attracted people towards this plan as they covered all the liabilities of
an Individual.
3. Rating the Accidental Protection plan.
Table No: 8.3
37
Chart No: 8.3
86
10175
36
61
9
8
5
3
Others
Interpretation:
The product was indeed widely expected and rated highly by the majority of the
respondents as it was prepared by the underwriters taking the consumer’s basic needs
into consideration
4. Future Generali- Market Status
Table No: 8.4
Market Status Number of RespondentsPercentage wise
Distribution
Reliable 100 28%
Trustworthy 76 21%
Not Dependable 90 25%
Never Heard of 94 26%
Chart No: 8.4
38
28%
21%
25% 26%
0%
5%
10%
15%
20%
25%
30%
Reliable Trustworthy Not Dependable Never Heard of
Series1
Interpretation:
Despite being in the India market for over a period of just 4 years, future generali has
firmly established itself amongst the masses.
5. Consumer preference over LIC
Table No: 8.5
Preference Number of RespondentsPercentage wise
Distribution
Yes 263 73%
No 97 27%
Chart No: 8.5
39
Interpretation:
The product was preferred by people over its largest competitor LIC, despite future
generali being a private player. It clearly showed people were willing to trust the
private brands in the Insurance Sector
6. Yearly premium paid out on your LIC (yearly basis)
Table No: 8.6
Chart No: 8.6
73%
27%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Yes No
Annual premiumNumber of
RespondentsPercentage wise
Distribution
<10000 83 23%
10000-50000 122 34%
50000> 83 23%
None of the Above 72 20%
40
Interpretation:
The orthodox mentality of people with regards to Insurance made them Invest a lot in
LIC, as it was an investment plan and not a protection one.
7. Let’s make it a Family protection plan.
Table No: 8.7
Response Number of RespondentsPercentage wise
Distribution
Yes 295 82%
No 65 18%
23%
34%
23%20%
0%
5%
10%
15%
20%
25%
30%
35%
40%
<10000
10000-50000
50000>
None of the Above
41
Chart No: 8.7
82%
18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Yes No
Series1
Interpretation:
Those who liked the plan were very much willing to extend the plan for the entire
family considering its distinguishing features and Versatility.
8. Medi-claim Insurance of Respondents
Insurance Company Number of Respondents
Percentage wise Distribution
ICICI 83 23%
Max New York 43 12%
HDFC 54 15%
Others 86 24%
Do not Have 94 26%
Table No: 8.8
42
Chart No: 8.8
23%
12%
15%
24%
26%
0% 5% 10% 15% 20% 25% 30%
ICICI
Max New York
HDFC
Others
Do not Have
Series1
Interpretation:
All players have a fair share in terms of its customer base and almost
One-fourth of population have no idea about Insurance.
9. Gross Annual Income of the Respondents
Table No: 8.9
Gross Annual Income Number of Respondents
Percentage wise
Distribution
<1.2 lacs 83 23%
2.0-3.0 lacs 115 32%
3.0-4.0 lacs 54 15%
>4.0 lacs 108 30%
Chart No: 8.9
43
23%
32%15%
30%
<1.2 lacs
2.0-3.0 lacs
3.0-4.0 lacs
>4.0 lacs
Interpretation:
People with all income brackets were targeted during the survey as it helped us in
deciding the number of units we could sign them up for.
10. Target market (age group) for the Accidental protection plan.
Table No: 8.10
Target MarketNumber of
RespondentsPercentage wise
Distribution
18-35 166 46%
35-55 119 33%
55-75 75 21%
44
Chart No: 8.10
46%
33%
21%
18-35
35-55
55-75
Interpretation:
The youth seemed to be the most appropriate target market to promote the plan
because they are always on the move.
11. Register with us on-spot for this plan for a safe and secure life.
Table No: 8.11
On-spot RegistrationNumber of
Respondents Percentage wise Distribution
Yes137
38%
No223
62%
Chart No: 8.11
45
38%
62%
0%
10%
20%
30%
40%
50%
60%
70%
Yes No
Series1
Interpretation:
A large population was willing to register on spot which speaks about the changing
trends in Insurance sector and the faith people have in company.
Findings:
The product received a tremendous response in the market due to its
distinguishing features.
Price was not such an important factor in making decision for the consumer
because of its affordability.
The product was preferred by people over its largest competitor LIC, despite
future generali being a private player. It clearly showed people were willing to
trust the private brands in the Insurance Sector.
Income protection and Child Education Support were the two most Important
parameters that attracted people towards this plan.
46
The youth seemed to be the most appropriate target market to promote the
plan because they are always on the move.
Many were willing to register on spot for this plan, which clearly shows about
the changing trends in the insurance sector.
Those who liked the plan were very much willing to extend the plan for the
entire family.
Suggestions & Conclusion
During Every survey there are some positive and negative aspects which are
highlighted. Now these highlighted points are discussed and certain inferences are
drawn from it. In case of such discussions people related or facing problems gives
some tips or solutions to problems faced by them from their point of view. The
solutions are nothing but recommendations or suggestions obtained from the survey.
47
The suggestions also are very important as they are the outcome of survey and
cooperation of helpful people.
So in every survey suggestion plays a major part as on that suggestion the quality of
survey or project can be concluded.
The most effective recommendations or suggestions together make the conclusion.
Suggestions based on the researcher’s Observations:
The plan must be promoted in market also through other means like advertisement
and other promotional tools to create a awareness amongst the common masses about
the product and company
Provide more flexible schemes to the corporate sectors as their purchase is in
bulk for large number of customers.
Company must be a bit flexible with respect to their “On-Spot” Registration
and must give sufficient space and time for customer to think about the plan.
Motivate the employees to treat the customer in the best possible manner
irrespective of the sale of the product.
Maintain a more effective feedback network and thereby improve customer
satisfaction levels with respect to after sales service.
Provide Various Training sessions in maintaining a positive attitude and improving
various aspects of body language to improve the confidence of individual and thereby
increasing the sales.
48
It was a challenging task to make people understand about the Accidental protection
plan as it was a protection plan and not a investment one as compared to LIC.
Conclusion:
The plan was very well received and appreciated by people who understood the plan
and went on to register on spot with us.
The sample size was quite large in number, but it equally gave a wide target
market to increase our sales.
The plan is a breakthrough in the field of insurance as it secures the entire
liabilities of an individual at a very nominal cost (Rs 5/- day).
The plan was prepared by the underwriters of future generali keeping in mind
to secure the common man’s need and cover his liabilities in case of any
accident and it was very well accepted and received in the Indian market.
The company must lay emphasis on tapping the corporate sector to a larger
extent to increase the customer base which will boost up their sales
From all the information gathered, problems discussed, suggestion considered it can
be said there are a lot of pros and cons that go into making of a successful marketing
strategy and understand the consumer buying behavior and velocity group is making
progress on the right strides towards achieving their targets,
49
Bibliography
Books Referred:
Kothari,C.R: Research Methodology, Wiley Easter Limited, New Delhi, 1986
Ramaswamy and Namakumari: Marketing Management
Schiffman and Kaunk: Consumer Behaviour
50
Websites:
1.www.velocity-group.org
2.www.futuregenerali.in
3.www.google.com
4.www.cobragroup.com
Questionnaire
“Future Accident Suraksha”
Personal Details
Name: Gender:
Age: Mobile No.
1. Describe the “Accidental Protection plan” in one word?
Excellent
Good
Average
51
Poor
2. Rate the following parameters on the scale of 1 to 10 in order of your preference. (1
being the most important and 10 being the least important)
Parameters Ratings
Income Protection
Child Education Support
Death benefit
Loan protection
Family Transportation Allowance
Funeral Expenses.
Total Disablement Benefit.
3. How would you rate the product on a scale of 1-10? (10 being the best and 1 being
the worst)
4. What is your opinion about Future Generali?
Reliable
Trustworthy
Not dependable
Never heard about it
52
5. Will you prefer this product over LIC?
Yes
No
6. What is the yearly premium you are paying out on your LIC (yearly basis)?
<10000
i0000-50000
>50000
7. Do you want to extend the protection plan for your entire family?
Yes
No
8. Do you have a medi-claim of some company? If yes, which one?
ICICI
Max New York life
Others(please specify)______________
9. What is your Gross Annual Income?
53
<1.2 lacs
1.2-2.0 lacs
2.0-3.0 lacs
>3.0lacs
10. What is the appropriate age of people to whom we can recommend this product
to?
18-35
35-55
55-70
11. Would you like to go-Ahead and register with us on-spot for this plan?
Yes
No
12. Would you like to refer any of your relatives or friends for this plan?
Kindly give their details.
Name:
54
Mobile No:
Relationship with him/her: ____________
Table of Indexes:
List of Tables:
SL.No Table No. Page No.
1 4.1 22
2 8.1 29
3 8.2 30
4 8.3 31
5 8.4 32
55
6 8.5 33
7 8.6 34
8 8.7 35
9 8.8 36
10 8.9 37
11 8.10 38
12 8.11 39
List of Charts and Figures:
SL.No Charts and Figures Page No.
1 3.1 14
2 8.1 29
3 8.2 30
4 8.3 31
5 8.4 32
6 8.5 33
56
7 8.6 34
8 8.7 35
9 8.8 36
10 8.9 37
11 8.10 38
12 8.11 39
57