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8/3/2019 Gyan Complete

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MARKET RESEARCH & CUSTOMER SATISFACTION

KOTAK LIFE INSUARANCE

Submitted in partial fulfillment of the requirements

for the award of the degree of

Bachelor of Business Administration

To

Guru Gobind Singh Indraprastha University, Delhi

Guide: Submitted by:

Guide name: Student Name: Gyan Prakash

Roll:- 09890301709

INSTITUTE OF INNOVATION IN TECHNOLOGY AND

MANAGEMENT

New Delhi110058

Batch (2009-2012)


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Certificate

I, Mr./Ms._______________________________, Roll No. ________________

certify that the Summer Training Report (Paper Code-------) entitled

________________________________ is done by me and it is an authentic work

carried out by me at ___________________________ (Name of the firm or

company). The matter embodied in this has not been submitted earlier for the award

of any degree or diploma to the best of my knowledge and belief.

Signature of the Student

Date:

Certified that the Summer Training Report (Paper Code-------) entitled

____________ done by Mr./Ms._______________________________, Roll

No. ___________, is completed under my guidance

Signature of the Guide

Date:

Name of the Guide

DesignatioN

Countersigned

Director


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ACKLOWLEDGEMENT

It is said, The most important single word is we and the zero important

single word is I .This true even in todays modern era. It is absolutely

impossible for a single individual to complete the assigned job without help

and assistance from others.

It is my greatest pleasure to acknowledge sincere gratitude towards Mr. Nikhil Shah

(Sales Manager) Kotak Mahindra Life Insurance Company Ltd. Pune, for the completion of the

project work.

I would also like to acknowledge to my sincere gratitude to the Director of my institute Dr.

Shard Joshi and my project guide Prof. Mahesh Halale for helping me in this project work.

I am thankful to all of my friends and batch mates for their help in completing this

project work. Finally, I am thankful to my entire family members for their great support and

encouragement.


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Executive Summary

The objective of the project was to do Market Research and customer

Satisfaction for Kotak Mahindra Life Insurance for that we have to

understand the customer needs, Income, constraints, response and emotions

so that they can contribute their time for becoming Life advisors for the

company. The objective of this study was to analyze consumer satisfaction

of mechanical splicing in Pune city with respect to the performance, sales

effort and sales service.

As the company was new and it was yet to be marketed to a large number of

customers, it was essential to know the feedback of customers in order to

formulate effective marketing and sales strategies in future and improve the

quality of service to achieve better consumer satisfaction.

The site visits and companing made us possible to measure the satisfaction of consumer by

identifying the attributes, which gave consumer-varying degrees of satisfaction.

Questionnaire based on company format some attributes like requirement of

customer and sales services offered by company were identified as critical

(motivational) factors for providing satisfaction to consumers, while other


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factors like excisable deposit center, premium collocation was time to time

and also intimation regaining before the collocation of premium. But

absence of such hygienic factors definitely results in a dissatisfied consumer


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These hygienic factors could result in selling but their absence can certainly

unseal the product offering.

For this a questionnaire was prepared which gave a vague idea about the

people who were really interested and wanted to know about various new

opportunities in the insurance sector. Go through questionnaire in different

different area and people in the Pune city. The study was undertaken for

pune region during two months. The researchers were given first 15 days for

collection of data and scanning the data. The questionnaire contains various

aspects like there. Address, their present age, profession, number of

dependents, Goals and also planning for old age (Retirement) etc.

The second part of the study that consists of 40 days contains scanning the

questionnaire and taking appointments. After that usually meeting the

persons and tell them about the company.

Most important part is analyzing the info


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.


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Life wasn t designed to be risk free. The key is not to eliminate risk, but to estimate it

Accurately and manage it wisely.


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A.

B.

C.

D. Experiencing so many ups and downs the insurance business was

found in changed shapes. Particularly after attaining independence

and to the more specific after nationalizing in 1956.

E.

F.


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INSURANCE SECTOR REFORMS:

1)

2)

Private companies with a minimum paid up capital of Rs. 1bn should be

allowed to enter the industry. No company should deal in both Life and

General Insurance though a single entity. Foreign companies may be


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allowed to enter the industry in collection with the domestic companies.

Postal Life Insurance Should be allowed to operate in the rural market. Only

One State Life Insurance Company should be allowed to operate in each

state.

3) Regulatory Body

- The Insurance Act should be changed

- An Insurance Regulatory body should be set up

- Controller of Insurance (Currently a part from the Finance Ministry)

should be made independent.

4) Investments

Mandatory Investment of LIC Life Fund in government securities to be reduced from 75%

to 50%.

5) 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 emphasized that in order to improve the


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customer services and increase the coverage of the insurance; industry should be opened up to

competition.


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ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS

India still has low insurance penetration of 1.95 percent, 51 st in the world.

Despite the fact that India boosts a saving rate of around 25 percent, less

than 5 percent is spent on insurance.

The insurance landscape in India is undergoing major changes. Close to foreign

competition since nationalization in 1956, the life insurance industry had been protected from

competitive pressures. Now, with the reopening of the sector, several new players have entered

the scene.

The acronym for the Insurance Regulatory and Development authority of India, it

overseeing the insurance business in India. It protects the interests of the policyholders

received and ensures orderly growth of the insurance industry and for matters connected there

thereto.

Beside Kotak Mahindra Life Insurance there are other 11 private players

working in life insurance sector, which are as follows.

Allianz Bajaj Life Insurance Company Ltd.


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Allianz Bajaj Life Insurance Company Ltd. is a joint venture between Allianz AG

(Largest insurer in Europe) and Bajaj Auto Ltd. incorporated on 12th

march 2001.

AMP Sanmar Assurance Company Ltd.

AMP Sanmar Assurance Company Ltd. is a joint venture between AMP,

largest life insurer in Australia and New Zealand, Sanmar is one of the


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largest industrial groups in South India dealing in chlorochemicals and

shipping and Engineering.

Aviva Life Insurance Company Ltd.

Aviva Life Insurance Company Ltd. is a joint venture between Dabur India and CGU, is a

wholly subsidiary of Aviva Plc (UK).

BI Life Insurance Company Ltd.

India s largest bank SBI and Cardiff S.A, a leading insurer in France came

together to from SBI Life.

Tata Life Insurance Company Ltd.

Tata Life Insurance Company Ltd. is capitalized at Rs. 185 crore; of which

74% has been brought in by TATA Sons and the American partner bring the

balance 26%.

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential equity based stands at Rs. 675 Cr. With ICICI group and Prudential Plc


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holding 74% and 26% stake respectively.

Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a 74:26 joint venture between Aditya

Birla Group and sun life financial services of Canada.

HDFC Standard Life Insurance Company


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HDFC Standard Life Insurance Company Ltd. was one of the first

companies to be granted license by the IRDA to operate in life insurance

sector. It was incorporated on 14th

august 2000. HDFC is the majority

stakeholder in insurance JV with 81.4% stake and Standard life (largest

mutual assurance company in Europe) has a stake of 18.6%.

ING Vysya Life Insurance Company Ltd.

ING Vysya Life Insurance Company Ltd. is expected to be first bank

assurance venture in the country. Together they have roped in GMR group,

which has wide-ranging interests in field such as power generation

infrastructure, manufacturing, software and banking. As per JV agreement

Vysya bank would hold 49% stake, ING (Europe, Dutch origin) 26% and

GMR group would hold 25% of the stake.

MAX New York Life Insurance Company Ltd.

It s a partnership between MAX India ltd and New York life, a Fortune 100

company.

Met Life India Insurance Company Ltd.

It was incorporated in April 2001 as a joint venture between Met Life


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International Holding, Inc, Jammu & Kashmir bank, and M. Pallonji and

company private Ltd.


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COMPANY PROFILE


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PRODUCT

a) Kotak Flexi plan

Advantages:

1 Choice of 5 professionally managed funds included Gilt Fund, Floating

Rate Fund, Bond Fund, Balanced Fund, Growth Fund.

2 Add lump sum injections as and when suitable 3 Premium

holiday facility

4 Riders options for enhanced protection

5 Loan facilities in case of emergencies

6 Simplified documentation and procedures


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b) Kotak Retirement Income Plan

The Kotak Retirement Income Plan is a savings plan designed to meet your

post retirement needs. It is a plan that gives you jeene Ki azaadi by giving

you the choice to remain independent even after retirement.

Advantages:

1 In this plan minimum age of 18 years of old and maximum age is 60 years. 2 You may buy an

annuity either from Kotak Life Insurance.

3 You can make lump sum injections into your policy at any time before

retirement.

4 For a with cover plan you have the facility of Automatic cover

Maintenance, which ensures that the cover remains in force even when you


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miss the premium payments. This facility is available after the first 3 years

of the term.

5 You may exercise the option of paying premium from the Supplementary

Accumulation Account, created from will be created from lump sum

injections, if the need arises.

c) Kotak Endowment Plan

An Endowment policy is a combination of savings along with risk cover.

These policies designed to accumulate wealth and at the same time cover

your life. In simple words, issued for specific time periods during which you

pay a regular premium. If you die during policy, your beneficiaries will

receive the sum assured along with the accumulated bonus a outlive the

policy tenure you will receive the sum assured along with accumulated

bonus.

Advantages:


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1 In this plan minimum age of 18 years of old and maximum age is 65 years.

2 You can take a loan against your policy has been in force for at least three

years.

3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the

benefit of a 15-day free look period.

d) Kotak Capital Multiplier Plan

The Kotak Capital Multiplier Plan is a participating plan that is built in such

a way that it allows your money to multiply, and gives you the flexibility of

using this money the way you need it, in regular and irregular withdrawals.


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This is an endowment plan, which is very flexible and has a lot of in-built benefits.

Advantages:


2 At the start of your withdrawals period, you can draw the full proceeds or

you can draw up to 50% of your basic sum assured or accumulation account,

whichever is higher.

3 In addition to the regular premiums, you can make lum sum injection into

your plan during the premium paying period. A Supplementary

Accumulation Account will be created.

4 You have the facility of Automatic Cover Maintenance, which ensures that

the policy remains in force even when you miss the premium payments. This facility is

available after the first 3 years of the term.

e) Kotak Child Advantage Plan

The Kotak Child Advantage Plan is an investment plan designed to meet

your child s future needs. It is a plan that gives your child the azaadi to

realise his/her dreams. This is an endowment plan where the life insured is

the child. This is a participating plan.

Advantages:


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2 You may take a loan against this plan, after the policy has been in force for at least three

years.

3 You have the option of paying premiums quarterly, half yearly or yearly. 4 You have the

benefit of a 15-day free look period.


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SCOPE OF STUDIES


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Need for measuring customer satisfaction.

Customers are too good to lose

---------- Lets keep them happy!

Customer is the king.

In the era of cutthroat competition and economic recession, above axiom has

more importance than ever before.

Marketing starts with the customer and ends the customer .

Peter Drucker.

So no organization, small or big ignores the customers.


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Earth is not the center of universe but revolves around the Sun .

-Copernicus.

Similarly, we have come to believe that business firm is not the center of

economic universe but revolves around the customer.

Build customer and not only products.

Building customers is not a single step exercise but a process ------.


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OBJECTIVE OF THE STUDY:

1) To determine the present position and satisfaction of customer in Kotak

Mahindra Life Insurance.

The main objective of the project was to analyze consumer satisfaction of

Kotak Mahindra Life Insurance with other services in Pune. And also

present position of the company.

2) To determine the market share of different brands.

The second objective of the project was to determine the market share of

different brands available in the market. There was a tough competition for

the brand in the market. Therefore to get establish, company had to make its

competitors analysis and need to determine where do they stand.

3) Responses of customer

Responses from them were collected through survey and for the

questionnaire were prepared for both of them.


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4) Benefits derived by assessing consumer satisfaction are:

- Feedback to organization regarding product.

- Understanding customer s requirements.

- Providing superior service to customer.

- Strengthen the relationship with customers.

- Formulating sales strategies.


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5) Identify pros and cons of the brand.

This was a fundamental objective of the whole research. Company wants to

identify that where does the brand lack. In other words, what are the brands

so that it can rectify them in order to establish the brand in the market.

6) Suggestions and recommendations.

The objective of the research was not only to find out the problem but also the

identification of solutions or suggestions of the problems.


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RESEARCH

METHODOLOGY


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RESEARCH METHODOLOGY

INTRODUCTION

Research is an art of scientific investigation through search for new facts in any branch of

knowledge. It is a moment from known to unknown.

Research always starts with a question or a problem.

Its purpose is to find answers to questions through the

application of the scientific method.

It is a systematic and intensive study directed towards a more complete

knowledge of the subject studied.

As marketing does not address itself to basic or fundamental question, it

does not qualify as basic research. On the contrary, it tackles problems,

which seem to have immediate commercial potential. In view of the major

consideration, marketing research should be regarded as applied research.

We may also say that marketing research is of both types problem solving


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and problem oriented.

Marketing research is as systematic and objectives study of the problems

pertaining to the marketing of the goods and services. It may be emphasized

that it is not restricted to any particular area of marketing, but is applied to

all the phases and aspects.


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METHOD OF DATA COLLECTION

1) Data to be collected.

Data includes facts and figures, which are required to be collected to

achiever the objectives of the project. In order to determine the present

position and satisfaction of customer of kotak Mahindra Life Insurance.

a) Primary Data

The data that is being collected for the first time or to particularly fulfill the

objectives of the project is known as primary data.

These types of data were,

- The market share of Kotak Mahindra Life Insurance.

- The market share of other brands available in the market. - Responses

of consumer.

- Identifying pros and cons of the brand.

The above primary data were collected through responses of consumer was

conducted through questionnaires prepared for them.

b) Secondary Data


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Secondary data are that type of data, which are already assembled and need not to collected

from outside. These types of data were

i) Company Profile

ii) Product Profile

iii) Competitors Profile

The aforesaid data were collected through Internet and company s financial

report.


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2) Data Collection Method

For given project, the primary data, which needed to collect for the first

time, were much significant. This type of information gathered through

Survey technique, which is the most popular and effective technique for

correct data collection. The survey was completed with the use of

questionnaires.

- Questionnaire for consumer.

3) Sampling

Sample is the small group taken under consideration from the total group.

This small group represents the total group. In the project the market

research, which was ask to be studied was pune market but as it was possible

to approach all the respondent s customer of the city, hence a sample was

selected which represents the whole city. The areas selected for the sample

are present further in the appendix. Sample size of customer list was taken

from Kotak Mahindra Life Insurance customer data basic.


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4) Data Evaluation

The data so collected were not simply accepted because it contained

unnecessary information and over or under emphasized facts. Therefore only

relevant data were included in the report, which helped in achieving the

objectives of the project.


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DATA INTERPRETATION

AND ANALYSIS


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Personal detail

Classes No of

(Age) Respondents

18-24 4

24-35 19

35-45 16

45-55 8

55-65 1

No. Of Respondant

20

18

16

14

12

10 No. Of Respondant

8

6


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4

2

0

18-24 24-35 35-45 45-55 55-65

ANALYSIS

Above diagram consist five classes of different age groups. Here customer 19 customer

biloges to 25-35 age groups, 16 customers fall in the age group 35-45 years.

Other 8 customer comes are in the class 45-55 years the age group of 18-24 consists four

customer reaming customer is in age group 55-65 years.

Here majority of customer belong to the group 25-35 years.


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Do you think is it essential to have Life Insurance?

YES NO

Yes No Total

No. of Respondents 45 5 50

% of Respondents 90 10 100

No. of Respondents

YES

NO


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ANALYSIS

To this question 45 consumers reported YES and 5 consumers reported NO .


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Which are the companies you invested your money for Life Insurance?

Companies No. of % of

Respondents Respondents

Kotak Mahindra Life Insurance 50 37.04

LIC 30 22.22

Bajaj Allianz - -

Tata AIG 10 7.41

Max New York Life Insurance 5 3.70

HDFC Life Insurance 10 7.41

ICICI Prudential Life Insurance 25 18.52

SBI 5 3.70

No. of Respondents

Kotak Mahindra Life

Insurance

LIC


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Bajaj Allianz

Tata AIG

Max New York Life

Insurance

HDFC Life Insurance

ICICI Prudential Life

Insurance

SBI


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ANALYSIS

From the above figure we come to know that customer are also investing money in other

life insurance companies. The major player in insurance is LIC holding 22.22% of total

sample. The second major player ICICI is holding 18.52%. HDFC and AIG are having

equal share of 7.41% & the Max New York & SBI are having 3.70%.


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Why did you choose Kotak Life Insurance?

No of % Of


ROI 18 36

Peer Pressure 15 30

Tax Benefit 10 20

Security /safety 2 24

Low Premium 5 10

TOTAL 50 100

No. of Respondents


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ROI

Peer Pressure

Tax Benefit

Security /safety

Low Premium

ANALYSIS

The above diagram shows 36% of respondents choose because of good

returns, 30% because of peer pressure and remaining 24% opt. Because of

tax benefit, safety and 100 premium respectively.


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Which of the following planed you is insured?

No o % Of


Kotak Flexi plan 25 40

Kotak Retirement Plan 19 30

Kotak Endowment Plan 3 5

Kotak Capital Multiplier Plan 6 10

Child Advantage Plan 10 15

No. of Respondents

Kotak Flexi plan


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Kotak retirement Plan

Kotak Endowment

Plan

Kotak Capital Multiplier

Plan

Child Advantage Plan

Note.

Some of customer are having more than one plan total survey customers are

50.


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ANALYSIS

From the total 63 respondents maximum i.e. 40% customers have opted for

Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30%

have customer are having endowment, multiplier and child advantage

respectively.


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What kind of services you expect from insurance provides

No of % Of


Easy access ability to Deposit Center 20 31

Time to time premium collection 12 19

Provision in case of Dues 8 13

Bonus & other schemes 24 37

TOTAL 64 100

No. of Respondents

Easy access ability to

Deposit Center


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Time to time

premium collection

Provision in case of

Dues

Bonus & other schemes

Note.

Some of customer are expecting more than single service.


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ANALYSIS

Out of total 50 respondents 37% like to have bonus and other service as a

prime concern, 13% like to have provision in case of dues and remaining

31% & 12% respondents say. They need time-to-time premium collection

and easy accessibility to deposit center as a concern before choosing

insurance provider.


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How will you rate the services given by Kotak Mahindra Life Insurance?

No of % Of


Poor - -

Average 16 32

Good 28 56

Excellent 6 12

TOTAL 50 100

No. of Respondents

Poor

Average

Good


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Excellent

ANALYSIS

Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance

services as good and 32% have ratted as average. And remaining 12% have

ratted as Excellent.


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What difference you find between Kotak & your previous Insurance

provider.

No of % Of


Good Returns 16 21

Effective Service/liquidity 12 15

Tax Planning 28 36

Security/ Safety Benefit 22 28

TOTAL 50 100

No. of Respondents


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Do have any suggestion for Kotak Mahindra Life Insurance?

YES NO

YES NO TOTAL

No of Respondents 39 11 50

% Of Respondents 78 22 100

No. of Respondents


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YES

NO

ANALYSIS



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In future, will you purchase policies from Kotak Mahindra Life Insurance?

YES NO

YES NO TOTAL

No of Respondents 32 18 50

% Of Respondents 64 36 100

No. of Respondents


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YES

NO

ANALYSIS



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OBSERVATION

AND

FINDINGS


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OBSERVATIONS

Majority of the customer s belonged to age group of 25-35 years that is 19

consumers.

45 consumers think Life Insurance is essential for them.

135 respondents are investing in life insurance companies like

Kotak Life Insurance, LIC, Tata Allianz, Max New York,

HDFC, ICICI and SBI.

36 percentages of the total respondents invest in Kotak

Mahindra Life Insurance for getting high ROI.

Most of respondent s preferred kotak Flexi Plan.

37.5 percentage respondents expect bonus and other schemes

from Kotak Mahindra Life Insurance.

56 percentage respondents satisfied with services given by

Kotak Mahindra Life Insurance.

As per 28% of despondence Kotak Mahindra Life Insurance

providers good tax benefits to the Investors.

64% of respondents are willing to purchased policies from


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LIMITATION

AND

RECOMMENDATIONS


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RECOMMENDATIONS

1) There is scope to sale insurance policy by concentrating on age group

18-24 years here potential of customers are there.(Example. Software

professional, BPO employees, and professionals) Flexi plan can be sold

by concentrating on age group 35-45 years. (Example. Government

employees, executives and businessman)

2) As major respondents think to have life insurance policy is very

essential there is lot of scope for insurance company.

3) Kotak Mahindra Life Insurance should try to build trust among the

public by making people aware of their investment is safe, high return on

investment, Tax Benefits.

4) As more respondents are investing in Kotak Mahindra Life Insurance

for getting high return on investment the company should try to provide

attractive returns on investments in future.

5) Kotak Mahindra Life Insurance should introduce attractive policies &

also attractive bonus on policies to attractive more potential customers.

6) Approx 36% of respondents differ with there previous insurance

provider, they field that Kotak Mahindra Life Insurance providing good

tax benefit for there investment so Kotak Mahindra Life Insurance if


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possible try to provided more tax benefit customer.

7) 64% respondents are willing to purchases Kotak Mahindra Life

Insurance policies in future this benefit Kotak Mahindra Life Insurance

as mort potential customer in future.


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CONCLUSION


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After conducting market research for Kotak Mahindra Life Insurance

Company we came to know different needs of consumers, their valuable

suggestions, responses to the different questions. With this information we

can conclude that there is good market awareness about Kotak Mahindra

Life Insurance Company in the market.

Customer satisfaction level of most respondents is higher for Kotak

Mahindra Life Insurance Company, which is provided by survey. Higher

satisfaction level of Kotak Mahindra life insurance company was monthly

due to Kotak provides good tax benefit for the consumers also ROI, security

etc.

Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak

Mahindra Life Insurance. This conveys that the customer s are switching to

retirement plan.


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BIBLIOGRAPHY


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REFERENCES

BOOKS

MAGAZINE

Business & Economy Magazine

COMPUTER WEBSITE

www.IRDA.com

www.licindia.com

www.hdfcinsurance.com

www.businessindiaonline.com

www.maxnewyorklife.com

www.brandonline.com

www.iciciprulife.com
http://www.irda.com/http://www.irda.com/http://www.licindia.com/http://www.licindia.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.businessindiaonline.com/http://www.businessindiaonline.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.brandonline.com/http://www.brandonline.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.brandonline.com/http://www.maxnewyorklife.com/http://www.businessindiaonline.com/http://www.hdfcinsurance.com/http://www.licindia.com/http://www.irda.com/


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ANNEXURE


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QUESTIONNAIRE

1. Personal detail

Name:

Age

18-24 25-35

45-55 55 and above

Phone No.

Email.

Office Address: -

35-45

Residential Address: -


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2. Do you think is it essential to have Life Insurance?

YES NO

3. Which are the companies you invested your money for Life Insurance?

a) Kotak Mahindra Life Insurance

b) LIC

c) Bajaj Allianz

d) Tata AIG

e) Max New York Life Insurance

f) HDFC Life Insurance

g) ICICI Prudential Life Insurance

h) SBI


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4. Why did you choose Kotak Life Insurance?

a) ROI

b) Peer Pressure

c) Tax Benefit

d) Security /safety

e) Low Premium

5. Which of the following planed you is insured?

a) Kotak Flexi plan

b) Kotak retirement Plan

c) Kotak Endowment Plan

d) Kotak Capital Multiplier Plan

e) Kotak Child Advantage Plan

6. What kind of services you expect from insurance provides

a) Easy access ability to Deposit Center

b) Time to time premium collection


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c) Provision in case of Dues

(Policy Lapse)

d) Bonus & other schemes

7. How will you rate the services given by Kotak Mahindra Life Insurance?

a) Poor

b) Average

c) Good

d) Excellent

8. What difference you find between Kotak & your previous Insurance

provider.

a) Good Returns (HIGHEST)

b) Effective Service/Liquidity

c) Tax Planning

d) Security/ Safety Benefit & Protection on your Capital

9. Do have any suggestion for Kotak Mahindra Life Insurance

YES NO


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10. In future, will you purchase policies from Kotak Mahindra Life

Insurance?

YES NO


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