customer perfection in ing vsya
TRANSCRIPT
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CUSTOMER PERFECTIONPerfection
Perfection in psychology, mental organization and interpretation of sensory information.
The Gestalt psychologists studied extensively the ways in which people organize and
select from the vast array of stimuli that are presented to them, concentrating particularly
on visual stimuli. Perception is influenced by a variety of factors, including the intensity
and physical dimensions of the stimulus; such activities of the sense organs as effects of
preceding stimulation; the subjects past experience; attention factors such as readiness to
respond to a stimulus; and motivation and emotional state of the subject. Stimulus
elements in visual organization form perceived patterns according to their nearness to
each other, their similarity, the tendency for the subject to perceive complete figures, and
the ability of the subject to distinguish important figures from background. Perceptual
constancy is the tendency of a subject to interpret one object in the same manner,
regardless of such variations as distance, angle of sight, or brightness. Through selective
attention, the subject focuses on a limited number of stimuli, and ignores those that are
considered less important. Depth perception, considered innate in most animals, is
produced by a variety of visual cues indicating perspective, and by a slight disparity in
the images of an object on the two retains. An absolute threshold is the minimal physical
intensity of a stimulus that a subject can normally perceive, whereas a difference
threshold is the minimal amount of change in a stimulus that can be consciously detected
by the subject. Recent studies have shown that stimuli are actually perceived in the brain.
While sensory organs merely gather the signals. William Do belles research, for
instance, has offered significant hope for the blind.
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Consumer behavior is the study of individuals, groups or organizations and the Process
they use to select, secure, use and dispose of product, services, experience, or idea to
satisfy need and the impacts that these processes have on the consumer Behaviour, and
the marketing strategy used.
This project in aimed at studying the consumer perception towards Life insurance in the
customer. Many feature influence consumer behaviour. Such as
Cultural Factors
Social Factors
Personal Factors
Psychological Factors
The most important factor, which is determines the consumer behaviors is Psychological
factors.
Motivation
Perceptions
Learning
Beliefs and Attitudes
The perception of the individuals regarding insurance was more liken obligation and were
aware towards it. They feel it to be a liability like paying tax for life.
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ANALYSIS
OF
DATA
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Classification of respondents according their income level.
TABLE 10.1
0 6,00,000 71
6,00,000 1,50,000 16
1,50,000 5,00,000 12
5,00,000 > 2
TOTAL 100
CHART 10.1
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INCOME LEVEL
0 - 6,00,00
6,00,000 - 1,50,000
1,50,000 - 5,00,000
5,00,000 >
Analysis:
According to the respondents 71% of them are below income level of Rs 60,000.
In addition, 16% of are still in between 60,000 to 1, 50,000. There is a wide scope for
lower middle class people. Simultaneously 11% and 2% of the respondents who are
between the income of 1, 50,000 to 5, 00,000 and above, for them its creating a from of
a niche market requirement.
Classification of respondents preference according to investment
options.
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TABLE 10.2
GOVT SAVING 35
INSURANCE 17
MUTUAL FUNDS 12
LAND 31
OTHER 5
CHART 10.2
INVESTMENT OPTIONS
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GOVT SAVING
INSURANCE
MUTUAL FUNDS
LAND
OTHER
Analysis:
According to the respondents, approximately 35% of the respondents wanted to
invest in Government saving, as they perceived them to be secured than any other
investment options. The second option Insurance which 17% respondents preferred for to
investment. 12% of the respondents wanted to invest in mutual funds. A second measure
part of the respondents are interested to investment in land because it could be higher
appreciation value of lands and 36 of the respondents showed interest in Gold, Chit
Funds etc.
Classification of Respondents according To Age and Opinion
Insurance as Saving Option.
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TABLE 10.3
AGE Yes No Total20-30 17 6 23
30-40 31 4 35
40-50 29 3 32
50 > 9 1 10
Total 86 14 100
CHART 10.3
Insurance as Investment Option VS Age
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0
10
20
30
40
20 - 30 30 - 40 40 - 50 50 >
Yes
No
Analysis:
20% of the respondents in the age group of consider insurance as a good option
for savings and investment. Approximately 35% of the respondents in each of the other
age group also consider insurance as a good option for investment. Thus, insurance has a
wide scope in Indian market, as people are ready to buy insurance policies.
Classification of Respondents according To Age and Opinion
Insurance Preference.
TABLE 10.4
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OPTIONS/AGE 20 - 30 30 - 40 40 - 50 50 > TOTAL
SAVING FOR CHILD MAR/EDU 2 8 7 4 21
SECURITY TO FAMILY 4 15 5 2 26
RETIREMENT PLANNING 1 3 11 17 32
TAX BENEFIT 0 2 6 13 21
TOTAL 7 28 29 36 100
CHART 10.4
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THE NEED OF THE INSURANCE
0
5
10
15
20
25
30
35
40
20 - 30 30 - 40 40 - 50 50 >
TAX BENEFIT
RETIREMENT
PLANNING
SECURITY TO FAMILY
SAVINGS FOR CHILD
MAR/EDU
Analysis:
21% of the respondents consider insurance as a good option of savings for
children marriage and educations. Between the age group of 20-40 year, 27% of
respondents are relate the need of insurance as a security to there family. In other ward,
approximately 85% of respondents in the group of 40 above consider insurance policy as
a tax benefit options. Thus, insurance has a better scope in employee segment. This is
ensures a wide market for Private Insurance Companies.
Classification of Respondents according to income level and
opinion on advantage of insurance.
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TABLE 10.5
OPTIONS TOTAL
BENEFITS 8 11 30 9 58
SERVICE 1 3 6 1 11BRAND 2 3 8 2 15
OBLIGATIONS 3 4 7 2 16
TOTAL 14 21 49 14 100
CHART 10.5
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Analysis:
According to the income wise, 58% respondents have given important towards
benefits, 16% of respondents buys the insurance policy for the obligation, 15% for brand
and 11% for service. It ensures that a wide scope for the private insurance companies
because of the benefit and differentiations policy provided by the private company.
Classification of Respondents according to the having of policies
in different companies.
TABLE 10.6
OPTIONS VS AGE
0
20
40
60
< 60,000 60,000 -
1,50,000
1,50,000 -
5,00,000
5,00,000 >
OBLIGATIONS
BRAND
SERVICE
BENEFITS
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AGE 20 - 30 30 - 40 40 - 50 50 > TOTAL
ICICI PRUDE 5 36 21 13 76
AMP SANMA 4 3 0 0 7
ING VYSYA 3 2 1 0 3
BIRLA SUN 2 2 1 0 5
BAJAJ AL 1 1 0 0 2
OTHER 1 0 0 0 1
TOTAL 18 45 23 13 100
CHART 10.6
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MARKET SHARE OF INSURANCE
COMPANY
0
5
10
15
20
25
30
3540
LIC
ICICIPRU
DE
AMPSAN
MA
ING
VYS
YA
BIRL
AS
UN
BAJAJ
AL
OTH
ER
50 >
40 - 50
30 - 40
20 - 30
Analysis:
According to RESPONDENTS, 76% are more trust worthy towards LIC. It has
been functioning for several year of performance and able to establish a large market
share in insurance field. ICICI Prudential, who has the share of 7%, According to ING
VYSYA who has obtain 6%, is in between the Birla sun life and ICICI Prudential who
were 5% and 7% respectively. Also BAJAJ in an initial stage of 2% and other are 1%.
But private insurance companies have the opportunity of growth because of the vast
population which is still too insured.
Classification on awareness of ING VYSYA brand among
consumers.
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TABLE 10.7
YES NO
76 24
CHART 10.7
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AWARENESS OF ING VYSYA
BRAND
NO
24%
YES
76%
Analysis:
According to the chart it clearly shows that ING VYSYA brand having a better
brand having a better brand positioning in financial aspect 76% of the respondent are able
to recall the ING VYSYA brand, which is over all deals with Mutual Funds, Banks,
Insurance etc.
Classification on awareness of ING VYSYA brand as a life
insurance product among consumers.
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TABLE 10.8
YES NO
62 38
CHART 10.8
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AWARENESS OF ING VYSYA
AS A LIFE INSURANCE
NO
38%
YES
62%
Analysis:
According to the respondents 62% of them only aware of ING VYSYA as
insurance company. Comparing to brand of ING VYSYA insurance product having lesser
awareness among the people.
Classification of influencer according to the respondents to go for
an Insurance policy.
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TABLE 10.9
INFLUENCER NO. OF RESPONDENT
RELATIVE & FRIENDS 62
ADVERTISEMENT 8
ADVISOR 22
OTHER 9
TOTAL 100
CHART 10.9
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INFLUENCER FOR OBTAIN AN
INSURANCE POLICY
RELATIVE & FRIENDS
ADVERTISEMENT
ADVISOR
OTHER
Analysis:
62% respondents are influenced by relatives and friends. According to the analysis its
shows that for having a insurance policy have impact of friends and relatives. 21% of the
respondents are influenced are influenced by the advisor body and 8% of the respondents
are influenced by the advertisement renders by ING VYSYA.
Suggestions
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People are more worried about the benefits of a policy and tax
exemptions rather then brand image or other aspects. Thus, private
insurance companies can win their share, if they provide better
benefits and better services.
The company should organize a get to gather from time to time by
doing, so it can highlight their plans and policies easily.
People are more skeptical about the role3 of private insurance
companies and thus these companies need to work to win the
confidence of people.
It will be a better step for ING Vysya to advertise itself aggressively
to capture the attention of the consumer. It is a known fact
advertisement on mass media definitely affects the mindset of the
consumers.
The company should send theirs ads in the pamphlet from in one of
the selected newspaper in a certain frequency.
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Conclusion
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Conclusion
Majority of the people believe in government-backed institutions like
LIC, yet they want to products of private insurance companies.
Customer may switch over to any brand against the benefits provided by
the insurance company.
Majority of the people are insurable age with handsome income.
Majority of the people wants to invest in government savings and land.
Insurance is the third priority.
Most of the respondents buy a policy based on the benefits provide by it.
Advisor, relatives and friends play an important role in influencing the
buyer behaviors.
People are aware about the ING VYSYA Brand only 80 percent in
Visakhapatnam.
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LIMITATIONS OF THE STUDY
A limited period allocated for the survey is not sufficient.
Due to the irrelevant sample, the results derived may not be appropriate.
The survey was under process in limited areas of Visakhapatnam only.
The survey was conducted only for people who were in age of 30-55.
The sample product that was limited to 100 units.
Some respondents refused to give information.
Some respondents were not having time for the process.
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REFERENCES
BOOK AUTHOR
Customers Behaviors martin khan
Customers Behaviors DAVID.L.LOUDON
Marketing Management Philip Kotler
ICFAI Journals ICMR Publications
Management of Insurance
Companies VIVEK GUPTA
WEBSITES:
www.insuranceindia.comwww.ingvysyalife.com
www.indiainfionline.com
www.ingvysya.com
www.knowledgedigest.com
www.quoteland.com
http://www.insuranceindia.com/http://www.ingvysyalife.com/http://www.indiainfionline.com/http://www.ingvysya.com/http://www.knowledgedigest.com/http://www.quoteland.com/http://www.insuranceindia.com/http://www.ingvysyalife.com/http://www.indiainfionline.com/http://www.ingvysya.com/http://www.knowledgedigest.com/http://www.quoteland.com/ -
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ANNEXURE
Annexure 1: Questionnaire on recruiting Advisor.
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MARKET SURVEY FORM
Name:
Home Address:
Educational Qualification:
Occupation:
Spouses name:
Spouses Qualification:
Spouses Occupation:
1. What is your income level ?
(a) 0-60000 (b) 60000-150000
(c) 150000-500000 (d) 500000 >
2. What is your investment option?
(a) Govt. savings (b) insurance
(c) Mutual funds (d land
3. What is the need for insurance policy?
(a) Tax benefit (b) retirement plan(c) Security to family (d) savings for child marriage
4. Are you aware of ING VYSYA brand?
(a) Yes (b) No
5. Are you aware of ING VYSYA brand as an life insurance sector?
(a)Yes (b) No
6. What influenced you the most to buy an insurance policy?(a) Relatives and friends (b) Advertisement
(d) Advisor (d) Other