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A
Summer Training Report
On
CUSTOMER PERCEPTION ABOUT INSURANCE
AT
MAX NEW YORK LIFE INSURANCE
KARNAL
In partial fulfillment of the requirement for the Degree
Of
MASTERS OF BUSINESS ADMINISTRATION
SESSION (2009-2011)
SUBMITTED TO: - SUBMITTED BY:-KURUKSHETRA UNIVERSITY SONIKA KALYAN
KURUKSHETRA MBA 2ND YEAR
DEPARTMENT OF BUSINESS ADMINSTRATION
GEETA INSTITUTE OF MANAGEMENT & TECHNOLOGY
KANIPLA , KURUKSHETRA
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ACKNOWLEDGEMENT
It is my pleasure to be indebted to various people, who directly or indirectly
contributed in the development of this work and who influenced my thinking, behavior, and
acts during the course of study.
I express my sincere gratitude to Dr.Sourabh Gupta, worthy Principal for
providing me an opportunity to undergo summer training at
Max life insurance.
I want to convey my gratitude to my guide HODDr. Pooja Malhotra for her
support and guidance.
I am thankful to Mr Vikas Chauhan for his support, cooperation, and
motivation provided to me during the training for constant inspiration, presence and
blessings.
Lastly, I would like to thank the almighty and my parents for their moral support
and my friends with whom I shared my day-to-day experience and received lots of
suggestions that improved my quality of work.
Sonika kalyan
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DECLARATION
I, Sonika Kalyan, student of MBA IInd year, studying at Geeta Institute of management &
technology , Kurukshetra, hereby declare that the summer training report on customer
perception in insurance regarding max life insurance submitted to Kurukshetra University,
Kurkshetra in partial fulfillment of Degree of Masters of Business Administration is the
original work conducted by me.
The information and data given in the report is authentic to the best of my knowledge.
This summer training report is not being submitted to any other University for award of any
other Degree, Diploma and Fellowship.
Sonika kalyan
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TABLE OF CONTENTS
CHAPTER
NO. TITLE
PAGE
NO.
1 INTRODUCTION 6
2 RESEARCH METHODOLOGY 25
3 INDUSTRY PROFILE 28
4 COMPANY PROFILE 37
5 DATA ANALYSIS 43
6 FINDINGS & SUGGESTIONS 54
7 CONCLUSION 66
BIBLIOGRAPHY 68
ANNEXURES 70
ABBREVATIONS 72
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CHAPTER -1
INTRODUCTION
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CONSUMER PERCEPTION
Indian insurance industry is emerging rapidly after year 2000. To survive in these highly
competitive scenario managers will bring pressure to improve quality and skilled people.
Collective efforts of the employer manager and other relative people assume relevance in this
context and thus their marketing management and human resources play an important role.I
have made an attempt to study this aspect of insurance industry in my project.
Perception is a mental process, whereby an individual selects data or information from the
environment, organizes it and draws significance or meaning from it.
Perception is a basically a cognitive or thinking process and an individuals activities,
emotions, feelings etc. are based on his perception of his perception of his surroundings or
environment.
Perception being an intellectual and cognitive process will be subjective in nature. This
means that different people may perceive the same environment differently based on the
effect of the environment.
Characteristics Affecting Perception:
Characteristic effecting perception can be divided into sensory elements and structural
elements.
Colourhas important sensory connotations. Evidence suggests that red is regarded as warm,
sensual and not intimidating. Blue is seen as conforming and is regarded to be colour that
attempts to convey friendlier image. Pepsi attempt to cash on the blue colour of the Indian
cricket team during the recent World Cup cricket matches has received a similar response.
Many retailers in Mumbai call it Ghaslet Pepsi. This is because Indians are more used to
identify blue with kerosene and their long term association with blue colour of kerosene led
to call blue Pepsi as Ghaslet Pepsi.
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Taste is another sensory factor that will condition consumers brand perceptions. The
importance of taste is illustrated by P&G blunder when it first introduced Pringles potato
chips. The chips were packed in an easy-to-stack cylindrical can to avoid breakage of chips.
The consumers responded by saying that the packaging resembles a tennis ball can. Further
consumers felt that the chips tasted like tennis ball.
Smell is important for food products and cosmetics products. In one study, two fragrances
were added to the same facial tissue. Consumers perceived one facial issue as elegant and
expensive and the other as a product to use in the kitchen.
Sound is another important sensory stimulus. Advertisers have traditionally used accent to
convey status and authority. Even in case of serials, voice is being used to create an impact
on the masses. The Binaca geetmala was characterised by the voice of Amin Sayani.
Feel of certain products will also influence consumers perceptions. Softness is considered a
desirable attribute in many paper products. Feel is also a means of determining quality.
Consumer often use of a textile fabric, clothing, carpeting, or furniture to evaluate quality.
For example, a smooth, velvety feel in textile fabrics is considered an indication of quality.
Consumer Characteristics Affecting Perception:
Stimulus Discrimination: One of the basic questions regarding the effect of marketing
stimuli. The ability to discriminate among stimuli is learned. Generally, frequent users of a
product are better able to notice small difference in product characteristic between brands.
Threshold levels: The ability of consumer to detect the various in sensory elements is
determined by their threshold level. Some consumers are more sensitive to these stimuli than
others. This will be quite clear from the fact tea and coffee companies employ persons called
tea or coffee tasters.
Webers Law: It states that the stronger the stimulus, the greater the change required for the
stimulus to be seen as different. The most important application of this law is in price. One
critical implication is that the higher the original price of an item, the greater the markdown
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required to increase sales. For e.g. If price of a Mercedes Benz S class is reduced by 25000/-,
it will not have any impact on sales because the basic price is in several Lakhs that a
difference of Rs25000/- may not be noticeable for consumers. On the other hand a price
reduction of even Rs5000/- for a maruti 800 is seen to push sales substantially because of its
low original price.
Absolute Threshold:It is stimulus below which consumers cannot detect the stimulus at all.
It is also referred to as subliminal perception .i.e. perception of stimulus below the conscious
level. One of the major controversies regarding consumer perceptions is whether consumers
can actually perceive marketing stimuli below their absolute level.
Adaptation law: It is the level at which consumers no longer notice a frequently repeated
stimulus. An individual walking into an air-conditioned room, kitchen full of fragrance, or a
noisy party will notice these stimuli after a period of time. Consumer differs in their level of
adaptation. Some tune out more quickly then others. Novelty, humour, contrast, and
movement are all stimulus effects that may gain consumers attention and reduce their
attention and reduce their adaptation.
Price and Quality Perceptions:Price perceptions directly influence consumers perceptions
of brand quality and determine their purchasing behaviour. For e.g. Parker pens were
positioned as expensive, hand finished pens. In order to achieve large volume of growth and
to share a pie of the explosive growing ballpoints, Parker entered this market for cheap pens
moving away from its traditional positioning. The results were disastrous because companys
image was not consistent with its price. In the late eighties, it moved back to its strength, high
priced fountain pens, with an ad campaign featuring style and luxury. This shift made the
company profitable again.
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Customer perception of relationship between buyer and
seller
It is impossible to set up any yardstick for relationship between a buyer and a seller. No two
organizations can have similar set of rules for maintaining relationship. Even if on a
particular occasion a situation prompted a particular behavior, it is not necessary that a
similar behavior is necessary on another occasion. The time, place and group of person might
be the same but behave in different way, though circumstances and situations might be
identical.
To a great extent relationship depends upon the: character of contracting parties. This is thus
a study of human behavior and forms part of the behavioral science. Here the contracting
parties do not mean only those who are in direct contact but also include those who might be
present around. No person is acting in isolation. Therefore, there is always an influence of
surroundings on human behavior.
A buyer is also a seller. A seller is also a buyer. Both could also be customers. To make the
point clear let us take the example of a trader who buys goods for resale or a buyer who buys
goods and then sells it after value addition. Therefore , you can not show same behavior when
you are in the role of a buyer as then your priorities are different then when you are in the
role of a seller.
Let us for some time consider our own behavior in our own house with our family members.
Are we at all times act in similar manner in a given set of situation? Perhaps not! What are
the factors that motivate our behavior?
It is my sincere opinion that our senses, mental state of mind and our capacity of physical
endurance to react to given situation play an important role in our behavior as seller, buyer or
customer. At no two given time perhaps we are in alike condition. Our behavior will
therefore, show different relationships. The relationship is product of our own emotions. We
may be have more or less in similar given condition if we can control our emotions. This is
very difficult if perhaps not impossible.
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CHAPTER-2
RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY
Research methodology refers to the search for Knowledge. It is a way to systematically solve
the research problem. In it we study the various steps that are generally adopted by the
researcher in studying his research problem along with logic behind them.
Research Methodology concerning a research problem or study provide answers to various
questions like; why a research study has been undertaken, how the research problem has been
defined, what data have been collected and what particular method has been adopted to
collect the data, what technique has been used for analyzing the data and a host of similarother questions
OBJECTIVE OF THE STUDY
To know about the various investment alternatives that is mostly preferred by the
people.
To find out the important criteria that the people think about before investing in a life
insurance policy.
To find out whether gender bias involved in investing life insurance or not.
To find out the awareness of Max New York Life Insurance among the people
Research Design
The research problem having been formulated in clear cut terms, the researcher will be
required to prepare a research design i.e., he will have to state the conceptual structure with in
which research would be conducted. The preparation of such a design facilitates research to
be as efficient as possible yielding maximal information. But how all there can be achieved
depends mainly on the research purpose. Research purpose may be grouped into four
categories.
1. Exploration
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2.Description
Exploratory research studies are those whose main purpose is that of formulating a
problem for more precise investigation or of developing the working hypotheses from on
operational point of view.
Descriptive research studies are those studies which are concerned with describing the
characteristics of a particular individual, or of a group.
Scope of the study
The result of this research would help the company to have a better understanding
about the consumers perception towards life insurance.
The study helps the company by creating awareness about the consumers of different
ages and income levels.
The study also enables the company to focus the consumers preferences and
expectations on the product which they offer.
Sample Design
All the items under consideration in any field of inquiry constitute a Universe or
Population. A complete enumeration of all the items in the population is known as a census
inquiry. This type of inquiry involves a great ideal of time, money and energy. Hence quite
often a few items so selected constitute what is technically called a sample.
Probability samples are those based on simple random sampling, systematic sampling , etc
where as non probability samples are those based on convenient sampling, judgment
sampling etc.
Data collection techniques
The required data is collected both from primary as well as secondary sources.
Primary Sources: The primary data was collected through structured unbiased questionnaire
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and personal interviews of investors. For this purpose questionnaire included were both open
ended & close ended & multiple-choice questions.
Secondary Sources: Secondary data is the data, which is collected and complied for
different purposes, which are used in research for this study. The secondary data includes
material collected from:-
Megazines & Bulletines- Brochure of max life insurance
Size of samples
The overall sample involved in the study consisted of 50 individuals. Keeping in view the
limited resources of time, a limited sample of individuals. It was fixed before hand and every
effort was made to cover the given number of individuals with available time for the
collection of data for this project. The data was collected with the help of the questionnaire
herself by the researcher.
Method used for analysis of study
The methodology used for this purpose is Survey and Questionnaire Method. It is a time
consuming and expensive method and requires more administrative planning and supervision.
It is also subjective to interviewer bias or distortion.
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CHAPTER-3
INDUSTRY PROFILE
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INSURANCE INDUSTRY IN INDIA
The business of insurance is related to the protection of the economic values of assets. Every
asset has a value. The asset would have been created through the efforts of the owner. The
asset is valuable to the owner, because he expects to get some benefits from it. The benefit
may be an income or some thing else. It is a benefit because it meets some of his needs. In the
case of a factory or a cow, the product generated by it sold and income generated. In the case
of motor car, it provides comfort and convenience in transportation. There is no direct
income.
Every asset is expected to last for a certain period of time during which it will perform. After
that, the benefit may not be available. There is a life-time for a machine in a factory or a cow
or a motor car. None of them will last for ever. The owner is aware of this and he can so
manage his affairs that by the end of that period or life-time, a value or income is not lost.
However, the asset may get lost earlier. An accident or some other unfortunate event may
destroy it or make it non-functional. In that case, the owner and those deriving benefits there
from, would be deprived of the benefit and the planned substitute would not have been ready.There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the
effect of such adverse situations.
Brief history of insurance
The business of insurance started with marine business. Traders, who used to gather in the
Lloyds coffee house in London agreed to share the losses to their goods while being carriedby ships. The losses used to occur because of pirates who robbed on the high seas or because
of bad weather spoiling the goods or sinking the ship. The first insurance policy was issued in
1583 in England. In India insurance began in 1870 with life insurance being transacted by an
English company, the European and the Albert. The first Indian insurance company was the
Bombay Mutual Assurance Society Ltd, formed in 1870. This was followed by the Oriental
Life Assurance co. in 1874, the Bharat in 1896 and the Empire of India in 1897.
Later, the Hindustan Cooperative was formed in Calcutta, the United India in Madras, the
Bombay Life in Bombay, the National in Calcutta, the New India in Bombay, the Jupiter in
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Bombay and the Lakshmi in New Delhi. These were all Indian companies, started as a result
of the swadeshi movement in the early 1900s. by the year 1956, when the life insurance
business was nationalized and the Life Insurance corporation of India (LIC) was formed on
1st September 1956, there were 170 companies and 75 provident fund societies transacting
life insurance business in India. After the amendments to the relevant laws in 1999, the L.I.C.
did not have the exclusive privilege of doing life insurance business in India. By 31.3.2002,
eleven new insurers had been registered and had begun to transact life insurance business in
India.
Insurance Sector Reforms In India
In 1993, Malhotra Committee- headed by former Finance Secretary and RBI Governor R.N.
Malhotra- was formed to evaluate the Indian insurance industry and recommend its future
direction. The Malhotra committee was aimed at creating a more efficient and competitive
financial system suitable for the requirements of the economy keeping in mind the structural
changes currently underway and recognizing that insurance is an important part of the overall
financial system where it was necessary to address the need for similar reforms. In 1994, the
committee submitted the report and some of the key recommendations included:
i) Structure: Government stake in the insurance Companies to be brought down to 50%.
Government should take over the holdings of GIC and its subsidiaries so that these
subsidiaries can act as independent corporations. All the insurance companies should be
given greater freedom to operate.
ii) Competition: Private Companies with a minimum paid up capital of Rs.1bn should be
allowed to enter the sector. No Company should deal in both Life and General Insurance
through a single entity. Foreign companies may be allowed to enter the industry in
collaboration with the domestic companies. Postal Life Insurance should be allowed to
operate in the rural market. Only one State Level Life Insurance Company should be allowed
to operate in each state.
iii) Regulatory Body: The Insurance Act should be changed. An Insurance Regulatory body
should be set up. Controller of Insurance- a part of the Finance Ministry- should be made
independent.
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iv) Investments: Mandatory Investments of LIC Life Fund in government securities to be
reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any
company (there current holdings to be brought down to this level over a period of time).
v) Customer Service: LIC should pay interest on delays in payments beyond 30 days.
Insurance companies must be encouraged to set up unit linked pension plans.
Computerization of operations and updating of technology to be carried out in the insurance
industry.
The committee felt the need to provide greater autonomy to insurance companies in order to
improve their performance and enable them to act as independent companies with economic
motives. For this purpose, it had proposed setting up an independent regulatory body- The
Insurance Regulatory and Development Authority.
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA since its incorporation as a statutory body in April
2000 has fastidiously stuck to its schedule of framing regulations and registering the private
sector insurance companies. Since being set up as an independent statutory body the IRDA
has put in a framework of globally compatible regulations. The other decision taken
simultaneously to provide the supporting systems to the insurance sector and in particular thelife insurance companies was the launch of the IRDA online service for issue and renewal of
licenses to agents. The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce of insurance agents in
place to sell their products.
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PRIVATE PLAYERS IN THE LIFE INSURANCE
SECTOR
The different private players in the life insurance sector and their associations with foreign
companies are being given below:
COMPANY INDIAN
PROMOTER/PARTNER
FOREIGN
INSURER
TOTAL
CAPITAL
(RS MN.)
FDI
(%)
FOREIGN
CAPITAL
(RS MN.)
AMP
SANMAR
RELIANCE
GROUP(ADAG)
None 2,170 0 0
Aviva Life Dabur Aviva (UK) 4,590 26 1193.4
Bajaj-
Allianz
Bajaj Auto Allianz
(Germany)
3680 26 960
Birla Sun
Life
Aditya Birla Group SunLife (Canada) 4,000 26 1,040
HDFCStandard
HDFC StandardLife(UK)
2,500 18.9 470
ICICI
Prudential
ICICI Bank Prudential (UK) 10,850 26 2,820
ING Vysya Vysya Bank ING Ins.
(Netherlands)
4,400 26 680
Kotak
Mahindra
Old Mutual
Kotak Mahindra Bank OldMutual (South
Africa)
2,600 26 680
Max
Newyork
Max India NewYorkLife
(US)
5,000 26 1,300
Met Life J&K Bank Met Life (US) 3,550 26 920
Sahara Life
Ins. I
Sahara India None 1,000 0 0
SBI Life SBI Cardiff (France) 3,500 26 910
TATA AIG TATA Group AIG (US) 3,810 26 990
Shriram Shriram Sanlam Life Ins.
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Bharti AXA Bharti Group AXA(Australia)
Source-www.max newyorklife.com
Some of the new companies who are waiting to come in to the life insurance sector are:a. IDBI-FORTIS.
b. Syndicate Bank
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CHAPTER- 4
COMPANY PROFILE
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INTRODUCTION
Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a
Fortune 100 company and Max India Limited, one of India's leading multi-business
corporations. The company has positioned itself on the quality platform. In line with its
vision to be the most admired life insurance company in India, it has developed a strong
corporate governance model based on the core values of excellence, honesty, knowledge,
caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance
specialist through a quality approach to business.
In line with its values of financial responsibility, Max New York Life has adopted prudent
financial practices to ensure safety of policyholder's funds. The Company's paid up capital is
Rs. 657 crore, which is more than the norm laid down by IRDA.
Max New York Life has identified individual agents as its primary channel of distribution.
The Company places a lot of emphasis on its selection process, which comprises four stages -
screening, psychometric test, career seminar and final interview. The agent advisors are
trained in-house to ensure optimal control on quality of training.
Max New York Life invests significantly in its training programme and each agent is trainedfor 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before
beginning to sell in the marketplace. Training is a continuous process for agents at Max New
York Life and ensures development of skills and knowledge through a structured programme
spread over 500 hours in two years. This focus on continuous quality training has resulted in
the company having amongst the highest agent pass rate in IRDA examinations and the
agents have the highest productivity among private life insurers.
201 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership
in 2005. MDRT is an exclusive congregation of the worlds top selling insurance agents and
is internationally recognized as the standard of excellence in the life insurance business.
Having set a best in class agency distribution model in place, the company is spearheading a
major thrust into additional distribution channels to further grow its business. The company is
using a five-pronged strategy to pursue alternative channels of distribution. These include the
franchisee model, rural business, direct sales force involving group insurance and
telemarketing opportunities and corporate alliances.
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Max New York Life offers a suite of flexible products. It now has 26 life insurance products
and 8 riders that can be customized to have more than 400 products.
Company vision, mission and values:
Vision
To become the most admired life Insurance Company in India.
Mission
To become one of the top quartile life Insurance companies in India.
Be a national player.
Be the brand of the first Choice.
Be the Employer of the Choice.
Become principal of choice for agents.
Values
This vision to become India's most admired life insurance company will be realized
through our unique set of values, which are as follows:
Achievements
1 First life insurance Company in India to have IS0 9001:2000 certifications.
2 Top five most respected private life insurance in India according to Business World
survey.
3 Continuous presence in Top 50 MDRT global list.
Board of directors
Mr. Analjit Singh is the Founder and Executive Chairman of the Max India Group. He has
been the driving force behind the Max Group's sustained growth and success since Mid 80s.
In 2000 The Company reinvented and restructured itself. Today Max India is in the
business of 'Life':
Protecting Life through Max New York Life
Caring for Life through Max Healthcare
Improving Life through Neeman Medical International - Clinical Research
He is a member of the Prime Minister's 10 member Joint Indo US CEOs Forum; Indo
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Italian CEO Forum; Director on the Board of IDBI, Vodafone Essar, Hero Honda Motors
Limited; Member Governing Board of Bharti Foundation; Chairman - International, CII;
Member - Overseas Indian Facilitation Centre (OIFC), Ministry of Overseas Indian Affairs,
GOI; Member, CII - Singapore CEO Group; Member Executive, National Council and
Healthcare committee of CII. In addition, Chairman, Board of Governors of the Doon
School and an Executive Board member of the Board of Governors of the Indian School of
Business.
Mr. Anuroop Singh was appointed as a Chief Executive Officer and Managing Director of
the company with effect from February 23, 2001 till December 31, 2004. He is currently
the Vice Chairman of the company. He is also a Director on the Board of other corporate
entities including philanthropies.
Mr. Anuroop Singh is a Chartered Accountant with over three decades of experience in
the financial services sector . Hehas been the Country General Manager for retail banking
at Bank of America for five years. Mr. Singh worked for 15 years in various positions with
American Express, establishing the company in several countries. Mr. Singh worked with
A.F. Ferguson and Co., a leading firm of public accountants in India, as a Management
Consultant for two years. He also worked overseas, with Ernst & Young.
Having built a number of successful businesses, he is now pursuing Board level
engagements with select professionally managed and value driven organizations, which aim
to leverage the full potential of an active Board
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REWARD AND RECOGNITION
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1) Premium Leader
Qualifying Criteria- Rs. 1 Lakh AFYP in a month
Reward and Recognition- Mention in leaders Report, Lunch
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2) Ten-A-Monther
Qualifying Criteria- 10 applications in a month and Rs. 30,000 AFYP
Reward and Recognition- MNYL Crystal Glass, mention in Leaders Report,
Lunch.
3) Hi-Flier
Qualifying Criteria- 20 applications in a month
Reward and Recognition- MNYL Silver Medal, MNYL Crystal Glass, Mention in
Leaders Report, Lunch
4) Career Success Award
Qualifying Criteria- 15 paid cases & Rs. 40,000 FYC at the end of month 3
Reward and Recognition- Recognition Award
5) Career Producer Award
Qualifying Criteria- 25 paid cases & Rs. 80,000 FYC at the end of month 6
Reward and Recognition- Recognition Award
6) Career Foundation Club
Qualifying Criteria- 50 paid cases & Rs. 1.8 lakhs FYC in July- June for
Recruits during this period.
Reward and Recognition- Attend CFC meeting to be held at Zone level
7) Paid Case, FYC, Persistency, rider, Referral and CEIP Leader
Qualifying Criteria- Top Agent in each category in each GO
Reward and Recognition- Recognition Plaque
8) Agent of the Year
Qualifying Criteria- Highest Points in each GO
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Reward and Recognition- Recognition Award
9) Centurion
Qualifying Criteria- 100 net paid cases in a year
Reward and Recognition- Centurion Trophy
10) Paul Cogan Trophy
Qualifying Criteria- Highest FYC with 100 or more paid cases and 95%
Or more 13th month persistency
Reward and Recognition- Recognition Trophy
11) Executive Council
Qualifying Criteria- July 2006 to June 2007: 4,30,000 Council Credits
January 07 to June 07: 1,60,000 Council Credits
40 paid cases in the Council
Period.
Reward and Recognition- Trip to Malaysia to attend the Executive Council
Meeting.
12) MDRT (Million Dollar Round Table)
Qualifying Criteria- MDRT FYC Rs. 7,19,800 Premium Rs.14,39,600
Reward and Recognition- MDRT dues for all qualifiers. Top 35 by FYC will
Bear domestic travel and visa costs. Next 15 will bear
Registration fees, domestic travel and visa costs. Rest
All will bear international airfare, domestic travel andVisa costs.
PRODUCTS OF MAX NEW YORK LIFE INSURANCE
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Life Plans
Life is full of surprises. Unexpected events that strike without warning can disrupt the
smooth rhythm of life. You must be prepared at all times. As the primary earning
member, you need to make sure that your family is never lacking in anything even if you
are taken away from them forever. Do your best today to ensure that your family can
always enjoy a comfortable lifestyle. In double income families, both spouses should get
adequate life covers especially if there are dependent children involved. We have plans
that guarantee maximum protection at a low cost.
Five Yr Renewable and Convertible
Level Term Policy
Whole Life Participating
Life Gain Plus 25 (Par)
20 year Endowment (Par)
Life Pay Money Back
Endowment to Age 60 (Par)
Life Gain Endowment
Life Gain Plus 20 (Par)
Life Partner Plus
OTHER PLANS
1 Whole Life Plans
2 Unit Linked Insurance Plans
3 Endowment Plans
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4 Children Plan
5 Money Back Plans
6 Pension Plans
7 Health & Accident Related Riders
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Fig. No.5.1
ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 62% of the respondents are already insured.
b) 38% of the respondents are not insured.
No. of Respondents
Yes
No
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Satisfaction level of current insurer
Table No.2Particulars No. of Respondents Percentage
Yes 28 56%
No 22 44%
Total 50 100%
Source: Survey Result
Fig. No. 2
ANALYSIS:
No. of Respondents
Yes
No
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From the survey it was found that amongst 50 respondents
a) 82% of the respondents are satisfied.
b) 18% of the respondents are not satisfied.
Favorite insurance company
Table No.3
Particulars No. of Respondents Percentage
LIC 24 48%
MAX new York life 7 14%
HDFC 5 10%
Birla Sun Life 4 8%
Bajaj Allianz 4 8%
Others 6 12%
Total 50 100%
Source: Survey Result
Fig.No.3
Share in %
AA
From the survey it was found that amongst 50 respondents
a) 48% of the respondents likes LIC.
b) 14% of the respondents likes mnyl.c) 10% of the respondents likes HDFC.
0
0.1
0.2
0.3
0.4
0.5
0.6
LIC MYNL HDFC Birla Sun BajajAllianz
Others
Insurance companies
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d) 8% of the respondents likes Birla Sun Life.
e) 8% of the respondents likes Bajaj Allianz.
Interest in the products offered by Max New York
Table No.4
Particulars No. of Respondents Percentage
Yes 30 60%
No 12 24%
Cant Say 8 16%Total 50 100%
Source: Survey Result
Fig. No.4
ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 60% of the respondents are attracted towards MNYL products.
b) 24% of the respondents are not attracted towards MNYL products.
c) 16% of the respondents Cant Say about it.
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Main concern while taking an insurance policy
Table No.5
Particulars No. of Respondents Percentage
Tax Benefit 20 40%
Security 16 32%Investments/Savings 14 28%
Total 50 100%
Source: Survey Result
Fig. No.5
No. of Respondents
2016 14
0
5
10
15
20
25
TaxBe
nefit
Securit
y
Inve
stmen
t/Saving
s
Series1
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ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 40% of the respondents are concerned about Tax Benefit.
b) 32% of the respondents are concerned about their Security.
c) 28% of the respondents are concerned about Investment/Savings.
Satisfaction of financial needs (Please rate on the scale)
Table No.5.6
Rating No. of Respondents Percentage
1 9 18%
2 9 18%
3 8 16%
4 10 20%
5 14 28%Total 50 100%
Source: Survey Result
Fig. No.5.6
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ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 18% of the respondents are Highly unsatisfied.
b) 18% of the respondents are Unsatisfied.
c) 16% of the respondents are Moderate.
d) 20% of the respondents are Satisfied.
e) 28% of the respondents are Highly satisfied.
Premiums paid for the policy
Table No. 5.7
Particulars No. of Respondents Percentage
Very High 14 28%
High 11 22%Moderate 13 26%
1
2
3
4
5 1
2
3
4
5
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Low 8 16%
Very Low 4 8%
Total 50 100%
Source: Survey Result
Fig. No.5.7
ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 28% of the respondents think that Premium is Very High.
b) 22% of the respondents think that Premium is High.
c) 23% of the respondents think that Premium is Moderate.
d) 15% of the respondents think that Premium is Low.
e) 12% of the respondents think that Premium is Very Low.
Policy recommendations
Table No.5.8
Particulars No. of Respondents Percentage
Advertisements 10 20%
Friends and Relatives 12 24%
Direct Selling Agents 21 42%
Others 7 14%
Total 50 100%Source: Survey Result
14
1113
8
4
No. o f Respondents
Very High
High
Moderate
Low
Very Low
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Fig.No.5.8
ANALYSIS: From the survey it was found that amongst 50 respondents
a) 20% of the respondents know about it from Advertisements.
b) 24% of the respondents know about it from Friends and Relatives.
c) 42% of the respondents know about it from Direct Selling Agents.
d) 14% of the respondents know about it from Other Sources.
Incentives (tax benefits or Bonuses)
Table No.5.9
Rating No. of Respondents Percentage
Highly satisfied 9 18%
Satisfied 12 24%
Moderate 10 20%
Unsatisfied 11 22%
Highly Unsatisfied 8 16%
Total 50 100%
Source: Survey Result
No. of Respondents
10
1221
7
Advertisements
Friends and Relatives
Direct Selling Agents
Others
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Fig. No.5.9
ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 18% of the respondents are Highly Satisfied.
b) 24% of the respondents are satisfied.
c) 20% of the respondents are Moderate.
d) 22% of the respondents are Unsatisfied.
e) 16% of the respondents are Highly Unsatisfied.
Work areas of Insurance companies
Table No. 5.10
Particulars No. of Respondents Percentage
Easy Procedures 14 28%
Fewer premiums 10 20%
More Returns 9 18%
Transparency 17 34%
Total 50 100%
Source: Survey Result
Fig. No.5.10
No. of Respondents
No. of Respondents
9
12
10
11
8
Highly Satisfied
Satisfied
Moderate
Unsatisfied
Highly Unsatisfied
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ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 28% of the respondents want Easy procedures.
b) 20% of the respondents want Fewer premiums.
c) 18% of the respondents want More returns.
d) 34% of the respondents want Transparency.Improvement after allowing private players in insurance sector
Table No.5.11
Particulars No. of Respondents Percentage
Yes 40 80%
No 10 20%
Total 50 100%
14
10 9
17
0
2
4
6
8
10
12
14
16
18
Easy Returns Fewer
premiums
More Returns Transparency
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Source: Survey Results
.
No. of Respondents
Yes
No
Total
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CHAPTER-6FINDINGS & SUGGESTIONS
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FINDINGS & SUGGESTIONS
Findings
According to my survey the noteworthy points are:
1 Most of the people buy life insurance as just a tax benefit tool or as a life cover while
only a few of the respondent take it as a saving option. The reason for this is lack of
knowledge of insurance benefits among the people.
2 A Majority of the respondent buy insurance products because of the need reason
while rest of the respondents buy for the brand purpose.
3 A Majority of the people come to know about the policies from the Direct Selling
Agents.
4 A Majority of the people are satisfied by the incentives associated with their policies.
5 Most of the respondents are satisfied by the services offered by there insurance
company while some says that they are not satisfied by the services.
6 Most of the respondents want more Transparency from the side of the company.
Suggestions
Max New York Life as an insurance firm has a very strong presence in India and is rapidly
expanding its operations in India. After working on this project I feel that following are some
of the ways in which the company can improve the current market base and selection
procedure for AAs, the key revenue generating resource for the company:
1. Increase the awareness among the public
Since the diagrams above states that brand awareness among the general people was
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high in case of LIC and was the least in case of Max New York Life and although
most of the people are covered by insurance and most of them do invest in insurance
for security being the main reason the company should in a way try to increase its
awareness among the people that would help them capture a place in their minds and
would help the company in recruiting agent advisors This could be done in various
ways may be through advertisements, promotions etc.
2. Highlighting core strengths
As per the findings we know that many people to invest in insurance sector for their
own reasons whereas the most common reason was due to Security and since most of
the people are covered by Insurance thus Max New York Life should try highlighting
its core points of its products that would make a need be felt to general people even if
they are covered by insurance. In order to do this they should the core strengths of the
company and its products that would help them getting more Deals as well as Agent
advisors.
3. Creating products for mass class
Since Majority of people in India belong to the lower lower and lower-middle class
therefore Max New York Life should design a few such products that would secure
their future as well.
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BILIOGRAPHY
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BIBLIOGRAPHY
BOOKS
Kothari C R, Research and Methodology- Methods & Techniques, New Age International
(P) Ltd., 2008
MAGZINE
Brochures provided by the MNYL Insurance
WEB SITES
en.wikipedia.org/wiki/Main_Page
www.maxnewyorklife.com
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ANNEXURE
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QUESTIONNAIRE
Name - _____________
Age - _____________
Occupation - _____________
Q1. Are you currently insured?
- Yes
1 No
If yes, please give the details of company, plan, premium etc.
Q2. Are you satisfied with your current insurer ?
- Yes
- No
Q3. Which is your favored insurance company ?
1 LIC
2 Max New York life
3 HDFC
4 Birla sun life
5 Bajaj Allianz
6 Others
Q4 Are you interested in the products offered by MNYL Prudential?
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7 Yes
8 No
9 Cant say
Q5. What is your main concern while taking an insurance policy?
10 Tax benefit
11 Security
12 Investment/Savings
Q.6 Does this policy satisfy your financial needs? (Please rate on the scale of 1 to 10 with 1
being least satisfied)
Q.7 Please express your opinion for the premiums paid for the above policy?
-Very high [ ]
-High [ ]
-Moderate [ ]
-Low [ ]
-Very Low [ ]
Q.8 How do you come to know about this policy? (Please tick).
-Advertisements [ ]
-Friends and relatives [ ]
-Direct selling agents [ ]
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- Others (please specify) _____________________.
Q.9 Are there any incentives (tax benefits or Bonuses) associated with this policy? (Pleasegive appropriate details about it).
____________________________________________________________________
______________________________________________________
10. Are you satisfied with the incentives associated with your policy?
-Highly satisfied [ ]
-Satisfied [ ]
-Moderate [ ]
-Unsatisfied [ ]
-Highly Unsatisfied [ ].
Q11. According to you, in what areas should the insurance companies work upon?
14 Less complicated procedures
15 Fewer premiums
16 More returns
17 Transparency
Q12. Do you think that services have improved after allowing private players in insurance
sector?
- Yes
- No
Your comments on MNYL Insurance
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__________________________________________________________________
LIST OF ABBERIVATIONS
MNYL Max New York Life
AA Agent Advisor
PO Personal Observation
NAT Numerical Ability Test
FCS Fundamental Career Seminar
IRDA Insurance Regulatory & Development Authority
COI Centre of Influence
ATP Annual Target Premium
IRDP Integrated Rural Development Programme
PAB Personal Accident Benefit
ATP Annual Target Premium
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