(manoj)presentation of disertation

8/9/2019 (MANOJ)Presentation of Disertation

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THE PRESENTATION OF

DISERTATION PROJECT

PRESENTED BY:

Gour Manoj Kumar

Bharatiya Vidya Bhavan

Bhubaneswar

BIM0106BM012


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Name of the Topic:- The Comparative Study Of Service Quality Provided

By The Insurance Industry

Considering Life Insurance Corporation Of India (LIC) and Reliance Life

Insurance Company Ltd.,at Bhubaneswar, Orissa.

The Insurance sector is one of the booming sectors of the Indian economy

and is growing at a speedy rate of 15-20%. Together with banking

services, insurance services add about 7% to the countrys GDP. This all

about possible only for the Indian big market size, market segmentation

and in other words Qualitative Service Marketing, though the focus ofthese market research report Indian Insurance Sector is on the potential

growth.


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Objectives of The Study

Need and Importance of The Study

To know about the Insurance Industry of India and what is the uniqueness

among the individual insurance companys.

To know the service qualitys of Insurance Industry.

To know the consumer behaviors about the services, provided by the Insurance

Industry.

1. To identify, how much importance is given by the people to insure their life

under Insurance Industry and what is consumer behavior?

2. To identify, how much customer are satisfied on services, which are provided

by the insurance Industry?

3. To identify, what is the unique difference between the Life InsuranceCorporation India (LIC) and Reliance life Insurance Company Ltd.?

4. To identify, which Insurance Company is more loyal and reliable to customer

and why?

5. To identify, whose product mix, product promotion and presentation is best

and why?


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Methodology Adopted

For achieving the objectives of the study, researcher was prepared a questionnairerelating with the objectives.

For collecting information the researcher was adopted the Descriptive Research

Design Method and which helps in providing a sharper focus of the situation and a

clear definition of the problem at hand.

According to research design method the researcher collected information form both

Primary and Secondary sources.

Based on Descriptive Research Design Method, for achieving the objectives of the

study, the researcher was adopting instrument or tool is the Questionnaire which was

prepared according to objectives. From the questionnaire, researcher was able to collect

information from Insurance Industry of Orissa market. The information or data are

collected form customers and prospects and from the experienced individuals of the

Industry.


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Major Finding(1) According to the comparative study of mapping the service quality of insurance

industry, the researcher knew that each and every individual are interested to do

the insurance policys and it is very necessary to all. From the research, 68%peoples are doing policys under LIC, 20% people doing policys doing under

Reliance Life Insurance, 8% peoples doing policys under ICICI Prudential life

Insurance and 4% peoples doing policys under HDFC Standard Life

Insurance. All the above percentage based on providing better service, huge

product line, and more interest rate and giving more profit and good brandname.

(2) In different Insurance Companys of Orissa insurance market, the researcher

knew that, 65% of people did life insurance policies, 35% peoples did pension

plan policies, 72% peoples did money plan (unit linked endowment plan)

policys and 78% peoples did child future plan policies. The above data iscollected from the 25-50 range age group peoples.

(3) According to the survey, 58% people did the policies under short term (10-15

years) and42% peoples did the policies under long term (15-30 years). This

data is collected out of 100 samples.


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Cont

(4)According to the research, the researcher was taken four dimensions of service

quality of insurance industry, those aspects are Maturity benefit, bonus, up-to-

date information providing and relationship between customer & company.

According to these four dimensions of service quality;

a) The responds of LIC (68) customers; 8 (11.67%), 35 (51.47%), 5

(7.35%) & 20 (29.41%) said good, very good, average, & excellent

respectively.

b) The responds of Reliance Life Insurance (20) customers; 2 (10%), 6

(30%), 10 (50%) & 2 (10%) said good, very good, average, &

excellent respectively.

c) The responds of ICICI Prudential Life Insurance (8) customers; 2

(25%), 4 (50%), & 2 (25%) said good, very good, & excellent

respectively.

d) The responds of HDFC Standard Life Insurance (4) customers; 1(25%), 3 (75%) said good, very good respectively.


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Cont

(5) From the survey the researcher take the overall ranking out of 100 samples

a) 18%, 30%, & 20% peoples of LIC said good, very good, & excellent

respectively and on an average 27% peoples of Orissa has prefer LIC.

b) 2%, 8%, & 10% peoples of Reliance Life Insurance said good, very

good, & excellent respectively and on an average 7% peoples of Orissahas prefer Reliance Life Insurance.

c) 4% and 4%, peoples of ICICI Prudential Life Insurance said good and

very good respectively and on an average 4% peoples of Orissa has

prefer ICICI Prudential Life Insurance.

d) 4% peoples of HDFC Standard Life Insurance said very good and on an

average 4% peoples of Orissa has prefer HDFC Standard Life Insurance.


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CONCLUSION FROM ANALYSIS

Finally after from all above findings, the researcher able to knew that, the peoples

of Orissa mostly preferred on Life Insurance Corporation of India (LIC), because of

their good brand name, huge product line, giving more interest rates, more reliable

and effective in nature. Another cause is that LIC is only one government sector of

India and offering good opportunities to the customer as comparison to the all other

private sector Insurance Companys.


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Implications of the Study1. In this study the researcher has analyzed the present stage of the service quality

providing by the Orissa Insurance Industry for that the researcher was take

only two insurance companys i.e. LIC and Reliance Life Insurance companyPvt. Ltd. and the major Implications from it, to know the present level of

performance and a service quality has providing by the insurance industry.

2. At the time of research work in Orissa market the researcher was able to know

that, there is a 27% of market is covered by LIC, which on of the government

sector of India. So that each and every individual perception is that, this

organization is managed by the India government and having a very good

market strategy as comparisons to other private insurance companys. LIC is

one of the oldest experienced insurance company which having the huge

product line, reliable interest rates, rules etc. and more number of policy

holder/ customers.

3. So from the researcher point of view, the entire private insurance sector should

try to improve their service marketing strategies, try to give good opportunities

to the customers/ prospects with good assurance and service which will be

reliable for prospects.


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Company Scores Ranks

ICICI Prudential Life Insurance Co Ltd 139.8 1

HDFC Standard Life Insurance Company Ltd 137.6 2

Life Insurance Corporation of India 136.7 3

Aviva Life Insurance 135 4

Birla Sun life 132.7 5

Iffco Tokio General Insurance 131.1 6

Bharti AXA Life Insurance Pvt Ltd 130 7

The Oriental Insurance Company Limited 128.1 8

Metlife India Insurance Company Pvt Ltd 126 9

Tata AIG General Company Limited 125.5 10


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The scores are on the basis of data collected through recent surveys (2006-2007) andstudies conducted by; Business Today, Hewitt Associations, IDC Data Quest,NASSCOM.


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